Le Lézard
Classified in: Health, Business, Covid-19 virus
Subject: ERN

NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST REPORTS STRONG SECOND QUARTER RESULTS AND CONTINUED PROGRESS ON STRATEGIC INITIATIVES


TORONTO, Aug. 11, 2022 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX: NWH.UN), today announced its results for the three and six months ended June 30, 2022.

NorthWest's inflation indexed $10.2 billion, 232 property portfolio performed well in the second quarter of 2022 and the REIT delivered strong financial results, highlighted by AFFO per unit of $0.20 (see Exhibit 2) and year over year NAV per unit growth of 8.0% (see Exhibit 4). These results are underpinned by the REIT's foundational pillars including:

Defensive Real Estate Portfolio:

The REIT's high-quality and defensive portfolio delivered strong operational results including 3.6% same property NOI growth which is up 120 bp from last quarter as leases that pass the annual rent review dates begin to roll at higher rates. The REIT continues to have market leading cash flow stability with portfolio occupancy at 97%, a weighted average lease expiry of 14.1 years and 82% of the portfolio subject to rent indexation.

Capital Formation:

The REIT completed a series of important initiatives during the quarter including supporting Vital's $175 million (NZ$200 million) equity offering that closed on May 6, 2022 with an approximately $50 million  (NZ$55.0 million) lead order to maintain its pro-rata ownership. This investment will support the next leg of Vital's growth which is underpinned by approximately $240 million (NZ$293 million) of committed development projects along with a potential future development pipeline of approximately $1.5 billion (NZ$1.8 billion), both of which are key drivers of the REIT's management fee income.

Following on the success of its initial Australian Institutional joint venture with GIC, Singapore's sovereign wealth fund, on May 10, 2022 the REIT entered into a joint venture agreement to form a second Australian Core Hospital Joint Venture with a total initial commitment of $2.1 billion (A$2.4 billion) to continue the successful relationship in Australia.

Additionally, the REIT's UK and US joint venture initiatives continue to progress at pace despite macro?economic uncertainty. The REIT is actively engaged with a short list of qualified partners and is working towards finalizing terms and completing these initiatives by year-end.

Building on its experience investing in healthcare precincts, the REIT is working on a new $5 billion Global Healthcare Precinct Fund focusing on the development of new generation assets at the intersection of healthcare, research and education. The REIT is in early-stage discussions with institutional investors and has identified a seed portfolio with which to launch the fund.

Funds Management:

In-place capital commitments and deployed fee bearing capital total $10.8 billion and $5.6 billion, respectively. The REIT's funds management business continues to rapidly scale up and on completion of the UK and US joint ventures is expected to have deployed and committed capital of $14.1 billion and $7.3 billion, respectively. At a target ownership level of between 20% - 30% across its capital platforms the REIT anticipates generating market leading growth in both AFFO and NAV on a per unit basis as a result of leveraging its capital light model and internally generated capital to fund growth.

Growth:

In Q2, the REIT completed acquisitions totaling approximately $870 million ($934 million YTD) including its initial US acquisition for $775 million (US$602 million) that closed April 14, 2022. While the rising interest rate environment is resulting in lower near-term transaction volume, the REIT remains constructive on the long-term demand factors that drive value creation in healthcare real estate. With a growing investment pipeline the REIT continues to evaluate new investment opportunities within its fee bearing capital vehicles on an opportunistic basis while remaining disciplined in its capital allocation strategies.

Balance Sheet Initiatives

Year-to-Date the REIT has refinanced or extended more than 93% of its 2022 maturing debt and has increased its weighted average term to maturity ("WATM") to 3.3 years.

With proportionate debt outstanding of $3.6 billion, a 54.2% LTV ratio and 64% of its debt at floating rates, the REIT expects leverage to decrease to approximately 45% and exposure to floating rate to decline by 34 percentage points to 30% of the REIT's total debt upon completion of both the UK and US JV initiatives.

Commenting on NorthWest's strong results and progress on key strategic initiatives Paul Dalla Lana, Chairman and CEO said:

"We are pleased with portfolio's performance with occupancy and WALE holding at market leading levels but more important is that same-property NOI growth has increased which demonstrates the value of the REIT's indexed cash flows in an inflationary environment."

2022 Second Quarter Financial and Operational Highlights:

For the three and six months ended June 30, 2022, the REIT delivered strong financial and operational performance with an increasingly conservative balance sheet across an expanded 232 property, 18.5 million square foot defensive acute healthcare real estate portfolio underpinned by long-term inflation indexed leases. Key highlights are as follows:

Selected Financial Information:

(unaudited)

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

Three months ended
June 30, 2022

Three months ended
June 30, 2021

Number of properties

232

190

Gross leasable area (sf)

18,519,707

16,086,368

Occupancy

97 %

97 %

Weighted Average Lease Expiry (Years)

14.1

14.2

Net Operating Income

$88,883

$69,826

Net Income (Loss) attributable to unitholders

$69,625

$81,090

Funds from Operations ("FFO") (1)

$46,090

$42,293

Adjusted Funds from Operations ("AFFO") (1)

$46,814

$43,236

Debt to Gross Book Value - Declaration of Trust (1)

44.8 %

39.7 %

Debt to Gross Book Value - Including Convertible
Debentures (1)

46.4 %

43.1 %

(1) See Performance Measurement in the REIT's MD&A.



Q2 2022 Conference Call: 

The REIT invites you to participate in its conference call with senior management to discuss our second quarter 2022 results on Friday, August 12, 2022 at 10:00 AM (Eastern).

The conference call can be accessed by dialing 416-764-8609 or 1 (888) 390-0605. The conference ID is 01667744#.

Audio replay will be available from August 12, 2022 through August 19, 2022 by dialing 416-764-8677 or 1 (888) 390-0541. The reservation number is 667744#.

In conjunction with the release of the REIT's second quarter 2022 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 August 12, 2022 Vital Trust also announced its financial results for the fiscal year ended June 30, 2022. 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 June 30, 2022, 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 232 income-producing properties and 18.5 million square feet of gross leasable area located throughout major markets in Canada, The United States, 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 250 professionals in nine offices in five countries to serve as a long term real estate partner to leading healthcare operators.

Non-IFRS Financial Measures

Some financial measures used in this press release, such as SPNOI, Constant Currency SPNOI, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, NAV, NAV 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 exhibits to this news release and in the REIT's Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2022, in the "Performance Measurement" and "Results from Operations" sections. The MD&A is available on the SEDAR website at www.sedar.com.

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", or "continue" or the negative thereof or similar variations. Examples of such statements in this press release may include statements concerning the REIT's position as a leading healthcare real estate asset manager globally, geographic expansion, ESG initiatives, expanding AUM, balance sheet optimization arrangements, the proposed U.K. joint venture and potential acquisitions, dispositions and other transactions, including a potential UK joint venture and a potential transaction involving Australian Unity. The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. The forward-looking statements contained in this press release are based on numerous assumptions which may prove incorrect and which could cause actual results or events to differ materially from the forward-looking statements. Such assumptions include, but are not limited to (i) assumptions relating to completion of anticipated acquisitions, dispositions, development, joint venture, deleveraging and other transactions (some of which remain subject to completing documentation) on terms disclosed; (ii) the REIT's properties continuing to perform as they have recently, (iii) the REIT successfully integrating past and future acquisitions, including the realization of synergies in connection therewith; (iv) various general economic and market factors, including exchange rates remaining constant, local real estate conditions remaining strong, interest rates remaining at current levels, the impacts of COVID-19 on the REIT's business ameliorating or remaining stable; and (vii) the availability of equity and debt financing to the REIT. Such forward-looking 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.


NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST

Condensed Consolidated Interim Statements of Income (Loss)

(in thousands of Canadian dollars)






Unaudited







             For the three months ended June 30,

            For the six months ended June 30,



2022

2021

2022

2021








Net Property Operating Income






Revenue from investment properties

$                    111,826

$                      90,092

$              214,503

$              182,691


Property operating costs

22,943

20,266

48,553

42,301



88,883

69,826

165,950

140,390








Other Income






Interest and other

2,472

1,402

4,038

1,756


Development revenue

1,182

1,312

3,746

3,165


Management fees

10,404

5,496

16,451

9,052


Share of profit (loss) of equity accounted investments

16,570

41,342

23,730

47,487



30,628

49,552

47,965

61,460








Expenses and other






Mortgage and loan interest expense

34,524

22,647

57,911

45,758


General and administrative expenses

12,830

11,239

23,139

21,396


Transaction costs

6,519

11,640

12,118

13,433


Development costs

1,082

924

3,430

2,229


Foreign exchange (gain) loss

(4,005)

(1,187)

(4,599)

(13,647)



50,950

45,263

91,999

69,169








Income before finance costs, fair value
adjustments, and net gain (loss) on financial
instruments

68,561

74,115

121,916

132,681


Finance costs






Amortization of financing costs

(2,746)

(4,683)

(4,967)

(8,740)


Amortization of mark-to-market adjustment

329

112

419

209


Class B exchangeable unit distributions

(342)

(342)

(684)

(684)


Fair value adjustment of Class B exchangeable units

2,924

342

2,958

(222)


Accretion of financial liabilities

(1,473)

(904)

(10,046)

(4,986)


Fair value adjustment of convertible debentures

6,875

(1,185)

9,725

1,465


Net gain (loss) on financial instruments

20,463

(939)

49,433

14,550


Fair value adjustment of investment properties

50,826

148,329

133,167

170,649


Fair value adjustment of deferred unit plan liability

3,405

49

3,616

(550)








Income before taxes from continuing operations

148,822

214,894

305,537

304,372








Current tax expense

7,234

3,391

14,427

6,192


Deferred tax expense (recovery)

24,859

28,250

51,046

41,338


Income tax expense (recovery)

32,093

31,641

65,473

47,530


Net income from continuing operations

$                    116,729

$                    183,253

$              240,064

$              256,842








Net income (loss) from discontinued operations

?

?

?

?








Total net income

$                    116,729

$                    183,253

$              240,064

$              256,842








Net income attributable to:






Unitholders

$                      69,625

$                      81,090

$              157,879

$              134,047


Non-controlling interests

47,104

102,163

82,185

122,795



$                    116,729

$                    183,253

$              240,064

$              256,842









Financial Exhibits

Exhibit 1 ? Funds From Operations Reconciliation

FFO is a supplemental non-IFRS industry wide financial measure of a REIT's operating performance. The REIT calculates FFO based on certain adjustments to net income (computed in accordance with IFRS) as detailed below. FFO is more fully defined and discussed in the REIT's MD&A (see "Performance Measurement" and "Funds From Operations").

FUNDS FROM OPERATIONS (1)


Expressed in thousands of Canadian dollars,
except per unit amounts

Three months ended June 30,


Six months ended June 30,


2022


2021


Variance


2022


2021


Variance















Net income (loss) attributable to
unitholders

$        69,625


$         81,090


$       (11,465)


$        157,879


$       134,047


$        23,832


Add / (Deduct):













(i) Fair market value losses (gains)

(84,493)


(146,596)


62,103


(198,899)


(185,892)


(13,007)


Less: Non-controlling interests' share
of fair market value losses (gains)

49,142


110,470


(61,328)


86,701


130,132


(43,431)


(ii) Finance cost - Exchangeable Unit
distributions

342


342


?


684


684


?


(iii) Revaluation of financial liabilities

1,473


904


569


10,046


4,986


5,060


(iv) Unrealized foreign exchange loss
(gain)

(4,202)


(1,167)


(3,035)


(2,385)


(16,443)


14,058


Less: Non-controlling interests' share
of unrealized foreign exchange loss
(gain)

(1)


(2)


1


(172)


1,402


(1,574)


(v) Deferred taxes

24,859


28,250


(3,391)


51,046


41,338


9,708


Less: Non-controlling interests' share
of deferred taxes

(8,971)


(13,020)


4,049


(16,872)


(18,507)


1,635


(vi) Transaction costs

6,624


15,003


(8,379)


12,321


19,248


(6,927)


Less: Non-controlling interests' share
of transaction costs

(41)


?


(41)


262


(167)


429


(vii) Net adjustments for equity
      accounted investments

(8,741)


(34,090)


25,349


(8,501)


(32,846)


24,345


(viii) Internal leasing costs

544


658


(114)


1,450


1,503


(53)


(ix) Net adjustment for discontinued
     operations

?


?


?


?


?


?


* Net adjustment for lease amortization

(70)


(2)


(68)


(142)


(86)


(56)


(xi) Other FFO adjustments

?


453


(453)


?


1,224


(1,224)


Funds From Operations ("FFO") (1)

$        46,090


$         42,293


$          3,797


$         93,418


$        80,623


$        12,795


FFO per Unit - Basic

$            0.19


$             0.21


$           (0.02)


$             0.40


$            0.42


$           (0.02)


FFO per Unit - fully diluted (3)

$            0.19


$             0.21


$           (0.02)


$             0.40


$            0.41


$           (0.01)


Adjusted weighted average units
outstanding
(2)         













Basic

239,660,302


201,034,657


38,625,645


233,029,149


192,738,298


40,290,851


Diluted (3)

251,977,578


219,242,308


32,735,270


245,020,957


210,706,528


34,314,429















Notes













(1) FFO is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS.  See Performance Measurements section in the REIT's MD&A.


(2) Under IFRS the REIT's Class B LP Units are treated as a financial liability rather than equity. The REIT has chosen to present an adjusted basic and diluted per unit measure
that includes the Class B LP Units in basic and diluted units outstanding/weighted average units outstanding. There were 1,710,000 Class B  LP Units outstanding as at March 31, 2022
and 1,710,000 outstanding as at March 31, 2021.


(3) Diluted units includes vested but unissued deferred trust units and the conversion of the REIT's Convertible Debentures that would have a dilutive effect upon conversion at the
holders' contractual conversion price. Convertible Debentures are dilutive if the interest (net of tax and other changes in income or expense) per unit obtainable on conversion is less
than the basic per unit measure.













Exhibit 2 ? Adjusted Funds From Operations Reconciliation

AFFO is a supplemental non-IFRS financial measure of a REIT's operating performance and is intended to reflect a stabilized business environment. The REIT calculates AFFO as FFO, plus/minus certain adjustments as detailed below. AFFO is more fully defined and discussed in the REIT's MD&A (see "Performance Measurement" and "Adjusted Funds From Operations").


ADJUSTED FUNDS FROM OPERATIONS (1)














Expressed in thousands of Canadian dollars,
except per unit amounts

Three months ended June 30,


Six months ended June 30,


2022


2021


Variance


2022


2021


Variance















FFO (1)

$        46,090


$        42,293


$        3,797


$        93,418


$        80,623


$      12,795















Add / (Deduct):













(i) Amortization of marked to market
adjustment

(329)


(112)


(217)


(419)


(209)


(210)


(ii) Amortization of transactional deferred
financing charges

1,642


217


1,425


2,974


976


1,998


(iii) Straight-line revenue

(297)


519


(816)


236


956


(720)


 Less: non-controlling interests' share of
straight-line revenue

(513)


(466)


(47)


(940)


(874)


(66)


(iv) Leasing costs and non-recoverable
maintenance capital expenditures

(3,337)


(2,875)


(462)


(6,074)


(5,490)


(584)


 Less: non-controlling interests' share of
actual capex and leasing costs

178


381


(203)


284


511


(227)


(v) DUP Compensation Expense

3,557


3,383


174


5,205


5,041


164


(vi) Debt repayment costs

?


?


?


?


30


(30)


(vii) Net adjustments for equity accounted
investments

(177)


(104)


(73)


(420)


(304)


(116)


Adjusted Funds From Operations ("AFFO") (1)      

$        46,814


$        43,236


$        3,578


$        94,264


$        81,260


$      13,004















AFFO per Unit - Basic

$            0.20


$            0.22


$         (0.02)


$            0.40


$            0.42


$         (0.02)


AFFO per Unit - fully diluted (3)

$            0.19


$            0.21


$         (0.02)


$            0.40


$            0.41


$         (0.01)


Distributions per Unit - Basic

$            0.20


$            0.20


$             ?


$            0.20


$            0.20


$             ?















Adjusted weighted average units
outstanding:
(2)













Basic

239,660,302


201,034,657


38,625,645


233,029,149


192,738,298


40,290,851


Diluted (3)

251,977,578


219,242,308


32,735,270


245,020,957


210,706,528


34,314,429















Notes













(1) FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. See Performance Measurement section
in the REIT's MD&A.


(2) Under IFRS the REIT's Class B LP Units are treated as a financial liability rather than equity. The REIT has chosen to present an adjusted basic and diluted per unit
measure that includes the Class B LP Units in basic and diluted units outstanding/weighted average units outstanding. There were 1,710,000 Class B  LP Units outstanding
as at March 31, 2022 and 1,710,000 outstanding as at March 31, 2021.


(3) Distributions per units is a non-IFRS ratio calculated as sum of the distributions on the REIT's units and finance costs on Class B LP Units. Management does not consider
finance costs on Class B LP units to be an financing cost of the REIT but rather component of the REIT's total distributions. Distributions is not defined by IFRS and does not
have a standard meaning and may not be comparable with similar measures presented by other issuers.
















Exhibit 3 ? Constant Currency Same Property NOI

Constant Currency Same Property NOI, sometimes also presented as "Same Property NOI" or "SPNOI", is a non-IFRS financial measure, defined as NOI for investment properties that were owned for a full reporting period in both the current and comparative year, subject to certain adjustments including: (i) straight-line rental revenue recognition; (ii) amortization of operating leases; (iii) lease termination fees; and (iv) non-recurring transactions that are not expected to recur (v) excluding properties held for redevelopment and (vi) excluding impact of foreign currency translation by converting the foreign currency denominated SPNOI from comparative period at current period average exchange rates. Management considers. SPNOI is more fully defined and discussed in the REIT's MD&A (see "Performance Measurement").

SAME PROPERTY NOI
























In thousands of CAD

Three months ended June 30,


Six months ended June 30,


2022


2021


Var %


2022


2021


Var %













Same property NOI (1)












Americas

$     29,222


$     27,603


5.9 %


$      56,874


$      54,274


4.8 %

Europe

13,970


14,476


(3.5) %


28,247


29,283


(3.5) %

Australasia

24,006


22,789


5.3 %


48,071


46,033


4.4 %

Same property NOI (1)

$       67,198


$       64,868


3.6 %


$      133,192


$      129,590


2.8 %

Impact of foreign currency translation on
Same Property NOI

?


1,150




?


2,776



Straight-line rental revenue recognition

(233)


109




(310)


367



Amortization of operating leases

(49)


(83)




(104)


(167)



Lease termination fees

?


?




?


31



Other transactions

352


(9)




198


(183)



Developments

3,692


2,809




7,500


5,976



Acquisitions

17,957


431




25,187


563



Dispositions

(452)


83




(542)


560



Intercompany/Elimination

418


468




829


877



NOI

$       88,883


$       69,826


27.3 %


$      165,950


$      140,390


18.2 %













Notes:

(1) Same property NOI is a non-IFRS measure, defined and discussed in the REIT's MD&A.

(2) NOI is an additional IFRS measure presented on the consolidated statement of income (loss) and comprehensive income (loss).
NOI is defined and discussed in the REIT's MD&A.


Exhibit 4 ? Net Asset Value ('NAV') per Unit

"NAV per Unit" or sometimes presented as "NAV/unit" is an extension of NAV and defined as NAV divided by the number of units outstanding at the end of the period. NAV and NAV/unit is more fully defined and discussed in the REIT's MD&A (see "Performance Measurement" and "Part IX ? Net Asset Value").

Expressed in thousands of Canadian dollars, except per unit amounts




Q2 2022



Q4 2021








Total Assets


$              8,123,898



$           7,064,401

less: Total liabilities


(4,343,602)



(3,540,827)

less: Non-controlling interests


(1,254,189)



(1,131,443)

Unitholders' equity


2,526,107



2,392,131








Add/(deduct):







Goodwill


(36,999)



(41,671)


Deferred unit plan liability


26,533



26,223


Deferred tax liability

422,865



374,845



less NCI

(103,598)

319,267


(91,052)

283,793









Financial instruments - net

(26,498)



22,602



less NCI

11,638

(14,860)


(15,363)

7,239









Exchangeable Units


20,623



23,581


Global Manager valuation adjustment


576,318



576,318


Other


?



?

Net Asset Value ("NAV")


$              3,416,989



$           3,267,614








Adjusted Units Outstanding (000s)- period end  (1)


240,760



225,837

NAV per Unit


$                     14.19



$                  14.47















Notes







(1)

Under IFRS the REIT's Class B LP Units are treated as a financial liability rather than equity.
The REIT has chosen to present an adjusted basic per unit measure that includes the
Class B LP Units in basic units outstanding/weighted average units outstanding.



Exhibit 5 ? Proportionate Management Fees

"Proportionate Management Fees" is a non-IFRS financial measure defined as the REIT's total management fees earned from third parties adjusted to be reflected on a proportionately consolidated basis at the REIT's ownership percentage (see "Performance Measurement" "PART III ? RESULTS FROM OPERATIONS ? NET INCOME").

GLOBAL MANAGER FEES


Expressed in thousands of Canadian dollars

Three months ended June 30,


Six months ended June 30,


2022


2021


Variance


2022


2021


Variance













Base fee

$          7,893


$        6,715


$        1,178


$       27,645


$      23,158


$          4,487

Incentive and performance fee

4,799


6,917


(2,118)


17,155


5,324


11,831

Trustee fees

269


226


43


944


828


116

Project and Acquisition fees

3,293


1,920


1,373


14,485


10,888


3,597

Other fees

3,118


?


3,118


4,411


?


4,411

Total Management Fees

$         19,372


$       15,778


$         3,594


$         64,640


$       40,198


$         24,442

less: inter-company elimination (1)

(13,325)


(12,222)


(1,103)


(48,095)


(28,532)


(19,563)

Consolidated Management Fees (2)

$           6,047


$         3,556


$         2,491


$         16,545


$       11,666


$           4,879

add: fees charged to non-controlling interests               

8,852


8,246


606


32,133


19,011


13,122

Proportionate Management Fees (3)

$         14,899


$       11,802


$         3,097


$         48,678


$       30,677


$         18,001













Notes












(1) Management fees charged to Vital Trust and to the JVs are eliminated on consolidation as an inter-company transaction.

(2) Represents the reported consolidated management fees.

(3) See Performance Measurements in the REIT's  MD&A.

SOURCE NorthWest Healthcare Properties Real Estate Investment Trust


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