TSX-V: MOB.UN
TORONTO,
Feb. 18, 2014 /CNW/ - NorthWest
International Healthcare Properties Real Estate Investment Trust
(TSXV: MOB.UN) (the "REIT") is pleased to announce financial
results from NSX-listed affiliate Vital Healthcare Property Trust
("Vital Trust") for the six months ended December 31, 2013. The REIT has an exposure to an
approximate 24% interest in Vital Trust. Vital Trust is also
managed by an affiliate of the REIT's external manager - NWI Asset
Management Inc.
For the six months ended December 31, 2013, Vital Trust delivered strong
financial results as well as successfully executed on its
operational plan. Vital Trust increased rental income by 3.8% to
NZ$ 29.9 million in the first half of fiscal year 2014, and
operating profit increased 3.6% to NZ$25.7 million during the same
period. The positive operating results are underpinned by a
portfolio occupancy of 99.4%, which remained consistent with the
same period of the prior year, and a notable increase in the
weighted average lease term of 14.9 years from 12.1 years the prior
year, due to the releasing of a key New
Zealand hospital asset. Vital Trust continues to deliver on
its extensive development program, completing three development
projects for A$19.4 million that
provide initial yields over 10% per annum and commencing new
development projects totaling approximately A$30 million that are also expected to yield
approximately 10%. Vital Trust's balance sheet remains very strong
with a debt to asset ratio of 33.9% and an interest cover ratio of
3.1 times at December 31, 2013. Vital
Trust confirmed its distribution guidance for the fiscal year
ending June 30, 2014 of NZ$0.079 per
unit per annum. Vital Trust also announced a second quarter cash
distribution of NZ$0.01975 cents per unit which is payable on
March 18, 2014. Details on Vital
Trust's December 2013 half year
results are available on Vital Trust's website at
www.vitalhealthcareproperty.co.nz and on the REIT's website at
www.nwireit.com.
Vital Trust's financial results for the six
months ended December 31, 2013
reinforces 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 114 income-producing properties
comprising 7.7 million square feet of gross leasable area located
in Australia / New Zealand, Canada, Brazil and Germany. The REIT's portfolio has a weighted
average occupancy of 96.3%, and an average lease term of 12.4
years.
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. The REIT's
objectives are to: (i) provide its unitholders with stable and
growing cash distributions from investments focused on
international healthcare properties, on a tax efficient basis; (ii)
enhance the value of the REIT's assets and maximize long-term unit
value; and (iii) expand the asset base of the REIT.
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 12, 2013, the REIT's annual
information form dated March 11, 2013
and the audited consoliated financial statements and management's
discussion and analysis for the year ended December 31, 2012, copies of which may be
obtained on the SEDAR website at www.sedar.com. 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