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Classified in: Health, Business
Subject: ERN

NorthWest Healthcare Properties Real Estate Investment Trust Delivers Strong Third Quarter 2019 Results


TORONTO, Nov. 14, 2019 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX: NWH.UN), Canada's leading global diversified healthcare real estate investment trust, today announced its results for the three months ended September 30, 2019.

Commenting on the quarter, Paul Dalla Lana, CEO of the REIT, said:

"On top of delivering strong operating results, the REIT also advanced a number of key strategic initiatives, including integrating the $1.2 billion Healthscope hospital portfolio acquisition, increasing Australian JV capital commitments by $1.6 billion, and successfully completing more than $600 million in accretive debt and equity financings.

Meanwhile the REIT continues to see significant opportunities to capitalize on its differentiated healthcare real estate platform, making substantial progress towards attracting an additional $3.0 billion of institutional capital commitments and identifying a significant pipeline of attractive investment opportunities. Taken together, these initiatives provide the REIT with significant runway and resources to continue to scale its business in both the near and long-term."

2019 Third Quarter Financial and Operational Highlights:

The REIT's strong results derive from a 171 property, $6.2 billion defensive healthcare infrastructure portfolio having long-term, inflation-indexed net leases with leading healthcare operators as well as a rapidly growing asset management platform with $3.6 billion of third-party capital commitments, including $1.6 billion of available capacity.

For the three months ended September 30, 2019, the REIT delivered another quarter of strong financial and operating results with key highlights as follows:

During the third quarter and subsequent to quarter end, the REIT has continued to execute on expanding institutional capital commitments, advancing low-risk development and expansion projects, completing accretive debt and equity financings and pursuing select accretive acquisitions. Significant achievements included:

Looking forward, the opportunities in front of the REIT continue to grow as it benefits from constructive healthcare industry trends resulting in a broader opportunity set. With deep relationships, best-in class regional operating platforms and strong access to public and increasingly attractively priced private capital, the REIT is well positioned to continue executing on accretive growth while prudently managing its balance sheet and delivering long term value for Unitholders.

Selected Financial Information:

(unaudited)

($000's, except unit and per unit amounts)

Three months ended
September 30, 2019

Three months ended
June 30, 2019

Number of properties

171

169

Gross leasable area (sf)

13,977,942

13,758,818

Occupancy (1)

97.1%

97.2%

Weighted Average Lease Expiry (Years)

13.7

14.0

Net Operating Income

$69,787

$70,457

Net Income attributable to unitholders

$18,562

$49,613

Funds from Operations ("FFO")

$26,494

$31,147

Adjusted Funds from Operations ("AFFO")

$31,286

$30,360

Debt to Gross Book Value - Declaration of Trust

45.4%

45.5%

Debt to Gross Book Value - Including Convertible Debentures

52.8%

53.7%

 

The REIT invites you to participate in its conference call with senior management to discuss our third quarter 2019 results on Friday, November 15, 2019 at 10:00 AM (Eastern).

The conference call can be accessed by dialing by dialing 416-764-8609 or toll-free 1 (888) 390-0605, conference ID# 74911950.

A recording of this call will be made available Friday, November 15, 2019 beginning at 12:30 pm (ET) through to Friday, December 16, 2019. To access the recording, please call 1 (888) 390-0541 or (416) 764-8677 and use the reservation number 473952#.

In conjunction with the release of the REIT's third quarter 2019 financial results, the REIT will post a current investor update presentation to its website where additional information on the REIT's investments and operating performance may be found. Please visit the REIT's website at www.nwhreit.com/Investors/Presentations

Vital Healthcare Property Trust

On November 12, 2019, Vital Trust also announced its financial results for the three months ended September 30, 2019. Details on Vital Trust's financial results are available on Vital Trust's website at www.vitalhealthcareproperty.co.nz

About NorthWest Healthcare Properties Real Estate Investment Trust

NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (NorthWest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. As at September 30, 2019 the REIT provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 171 income-producing properties and 14.0 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Europe, Australia and New Zealand. The REIT's portfolio of medical office buildings, clinics, and hospitals is characterized by long term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 200 professionals in nine offices in five countries to serve as a long term real estate partner to leading healthcare operators.

Non-IFRS Measures

Some financial measures used in this press release, such as Operating Income, adjusted same-property NOI, FFO, AFFO, Normalized AFFO, Net Asset Value per Unit, portfolio occupancy and weighted average lease expiry, are used by the real estate industry to measure and compare the operating performance of real estate companies, but they do not have any standardized meaning prescribed by IFRS. As such, they are unlikely to be comparable to similar measures presented by other real estate companies. These non-IFRS measures are more fully defined and discussed in the REIT's Management's Discussion and Analysis ("MD&A") for the second quarter ending September 30, 2019, which is available on the SEDAR website at www.sedar.com. Also on SEDAR are the condensed consolidated unaudited interim financial statements of the REIT for the three months ended September 30, 2019.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to the REIT, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe", "normalized", "contracted", "stabilized" or "continue" or the negative thereof or similar variations. The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risks and Uncertainties" in the REIT's Annual Information Form and the risks and uncertainties set out in the MD&A which are available on www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and, except as expressly required by applicable law, the REIT assumes no obligation to update such statements.

SOURCE NorthWest Healthcare Properties Real Estate Investment Trust


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