NorthWest International Healthcare Properties REIT releases second quarter 2013 results

TSX-V: MOB.UN

TORONTO, Aug. 30, 2013 /CNW/ - NorthWest International Healthcare Properties REIT ("NWI" or the "REIT") announced today that it has released its results for the three and six month period ended June 30, 2013.

During the second quarter, the REIT solidified its position as a leading investor in international healthcare real estate as well as continued to season in the Canadian capital markets by delivering strong and stable financial and operating results for the three months ended June 30, 2013 highlighted as follows:

  • NOI of $4,545,692, representing a 213% increase over the same period in the prior year
  • AFFO / unit of $0.047, consistent with the prior quarter
  • AFFO to distribution payout ratio of approximately 85%, consistent with the prior quarter
  • Continued near full portfolio occupancy at 93.9% (Canada = 91.6%; International = 99.2%)
  • Weighted average lease term of 7.2 years (Canada = 4.9 years; International = 12.8 years)

In addition to delivering consistent financial and operating results at or above expectations, the REIT completed the $157 million acquisition of a long-term strategic interest in NorthWest Healthcare Properties REIT ("NWHP REIT") late in the second quarter. With year to date acquisition activity of approximately $165 million, the REIT has grown its asset base by approximately 50% in since January 1, 2013 and is currently evaluating a series of accretive acquisition opportunities in each of its international markets.

With the broader Canadian REIT landscape facing evolving capital market conditions underpinned by expectations of rising interest rates, NWI is uniquely positioned to deliver accretive growth opportunities while maintaining its objective of providing unitholders with stable and growing distributions over an increasingly diverse and sizeable portfolio.  

Reader Advisory

This news release contains "forward-looking statements" within the meaning of applicable securities laws. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the ability of the REIT to pay the distribution on the date specified. The statements in this news release are made as of the date of this release. Although the REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A discussion of the risk factors applicable to the REIT is contained under the heading "Risk Factors" in the short-form prospectus of the REIT dated August 23, 2013, the REIT's annual information form dated March 11, 2013 and audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2012, a copy of which may be obtained on the SEDAR website at www.sedar.com.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.

SOURCE NorthWest International Healthcare Properties REIT



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