NorthWest International Provides Update on Vital Trust December 2012 Half Year Results
TORONTO, Feb. 26, 2013 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV: MOB.UN) ("NorthWest International" or the "REIT") is pleased to announce financial results from NSX-listed Vital Healthcare Property Trust ("Vital Trust") for the six months ended December 31, 2012. The REIT has an exposure to an approximate 20% interest in Vital Trust. Vital Trust is also managed by an affiliate of the REIT's external manager - NorthWest International Asset Management Inc.
For the six months ended December 31, 2012, Vital Trust increased its net property income by 21.9% to NZ$28.3 million which was was underpinned by an increase in portfolio occupancy to 99.5% from 99.3% as well as a market leading weighted average lease term of 12.1 years from 11.9 years, respectively. Vital Trust confirmed its forecast guidance range of NZ$0.077 to NZ$0.079 of net distributable income per unit for the 12 months ending June 30, 2013. Vital Trust also announced a second quarter cash distribution of NZ$0.01925 cents per unit which is payable on March 28, 2013 to unitholders of record as at March 14, 2013. Details on Vital Trust's December 2012 half year results are available on the SEDAR website at www.sedar.com under the REIT's profile, as well as on Vital Trust's website at www.vitalhealthcareproperty.co.nz.
Vital Trust's financial results for the six months ended December 31, 2012 reinforce the unique combination of stability and growth which is inherent in the REIT's portfolio of international healthcare real estate. Including its investment in Vital Trust, the REIT's portfolio consists of interests in 31 income-producing properties comprising 1.9 million square feet of gross leasable area located in Australia / New Zealand, Brazil and Germany. The REIT's portfolio has an average occupancy of 99.5%, an average lease term of 13.8 years and approximately 99% of its income is indexed to inflation.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Including its investment in Vital Healthcare Property Trust (NZX: VHP), the REIT holds interests in a portfolio of 31 income-producing properties, with a focus on internationally-located medical office buildings and healthcare real estate, comprising approximately 1.9 million square feet of gross leasable area located in Australia / New Zealand, Brazil and Germany.
Forward Looking Information
Certain statements contained in this news release may contain projections and "forward looking statements" within the meaning of that phrase under Canadian securities laws. When used in this new release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward looking statements. Those statements reflect the REIT's current views with respect to future events or conditions, including the future financial performance of Vital Trust . By their nature, forward looking statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the short-form prospectus of the REIT dated December 7, 2012 and in the REIT's other public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The REIT does not intend to nor assume any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
The information concerning Vital Trust contained in this press relesae has been taken from, or is based upon, publicly available documents and records on file with regulatory bodies. Although the REIT has no knowledge that would indicate that any of such information is untrue or incomplete, the REIT was not involved in the preparation of any such publicly available documents and neither the REIT, nor any of its officers or trustees, assumes any responsibility for the accuracy or completeness of such information or the failure by Vital Trust to disclose events which may have occurred or may affect the completeness or accuracy of such information but which are unknown to the REIT.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NorthWest International Healthcare Properties Real Estate Investment Trust