TORONTO, Nov. 21, 2013 /CNW/ - NorthWest International
Healthcare Properties REIT ("NWI" or the "REIT") announced today
that it has released its results for the three and nine month
period ended September 30, 2013.
Q3-2013 marked another successful quarter for
the REIT where it continued to diversify its portfolio of
international healthcare real estate, deliver stable operating
performance and execute on accretive growth opportunities.
Highlights from the REIT's financial and operating results for the
three months ended September 30, 2013
include:
- NOI of $4,282,008, representing a
204% increase over the same period last year
- AFFO / unit of $0.044, in line
with the prior quarter
- Annualized AFFO to distribution payout ratio of approximately
87%, in line with the prior quarter
- Continued near full portfolio occupancy at 95.3% (Canada = 92.0%; International = 98.8%)
- Weighted average lease term of 9.3 years (Canada = 4.8 years; International = 14.0
years)
In addition to delivering consistent financial
and operating results at or above expectations, during the quarter
the REIT also reported a fair market value gain of approximately
$25 million related to its two
Brazilian hospitals, which represents an approximate 15% increase
relative to their purchase price. This increase reinforces the
REIT's ability to drive increases in net asset value through
focused and disciplined investment in international healthcare real
estate markets.
Subsequent to the quarter, the REIT announced a
$205 million sale leaseback of a
portfolio of leading Brazilian Hospitals from Rede D'Or Sao Luiz
S.A. (the "Rede D'Or Hospital Portfolio Acquisition"), which
is expected to close in Q4-2013. Upon completion of the Rede D'Or
Hospital Portfolio Acquisition, the REIT will have completed more
than $500 million of acquisitions
since its repositioning to focus on international healthcare real
estate in October 2012 and will have
increased its pro-forma AFFO/unit by 47%.
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