Northwest Healthcare Properties Real Estate Investment Trust Releases Third Quarter Results

TORONTO, Nov. 7, 2014 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX: NWH.UN), Canada's largest non-government owner and operator of medical office buildings and healthcare real estate, today announced its results for the third quarter ended September 30, 2014.

Highlights of the Quarter:

• AFFO per unit for the quarter was $0.21, consistent with that of the previous quarter.
• FFO per unit for the quarter was $0.25, consistent with that of the previous quarter.
• Occupancy was 91.8%, a slight decrease from that of the previous quarter at 92.1%. 
• During the quarter the REIT completed the financing of its Mira Health Centre with a $15 million fixed rate mortgage, at 3.22% for a 5 year term. The previous mortgage of $10.5 million at 5.76% was early repaid in the second quarter of 2014.
• During the quarter, the REIT early refinanced its New Glasgow Medical Centre with a fixed rate mortgage of $7.3 million at 3.90% (previous rate at 5.07%) for 10 year terms, resulting in net proceeds to the REIT of approximately $0.7 million.
• The REIT paid distributions of $0.06667 per Unit on July 15, 2014, August 15, 2014 and September 15, 2014 consistent with its annualized target of $0.80 cents per Unit.

Peter Riggin, CEO, commented that "While the quarter appeared somewhat uneventful, we did make progress on various value creation initiatives that should, in due course, result in improved portfolio quality and performance."

Selected Financial Information:

(unaudited)	Three Months Ended	Three Months Ended
($000's, except unit and per unit amounts)	September 30, 2014	September 30, 2013^(1)
# of Properties	74	78
Revenue	$37,103	$37,683
Net Operating Income	$19,994	$20,729
Funds from Operations ("FFO")	$11,655	$12,329
Adjusted Funds from Operations ("AFFO")	$9,574	$9,945
Debt to Gross Book Value	55.1%	52.9%
Per unit data
FFO	$0.25	$0.27
AFFO	$0.21	$0.22
Distributions	$0.20	$0.20
AFFO Payout ratio	97%	93%
^(1)FFO and AFFO for the three months ended September 30, 2013 have been restated to conform with current year presentation.

Some financial measures used in this press release, such as FFO and AFFO, 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 discussion and analysis (the "MD&A") for the third quarter of 2014, which is available on the SEDAR website at www.sedar.com.  Also on SEDAR are the interim financial statements of the REIT.

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", 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.

The REIT invites you to participate in its conference call with senior management to discuss our third quarter 2014 results on Monday, November 10, 2014 at 11:00 a.m. (Eastern). The conference call can be accessed by dialing 416-204-9269 or 800-499-4035. The conference ID is 1536962.

Audio replay will be available until Sunday, November 16 by dialing 647-436-0148 or 888-203-1112. The passcode is 1536962.

Following the call, the webcast can be accessed from the "Investor Relations" page, under "Webcasts & Presentations", of the REIT's web site at www.nwhp.ca, and will be archived for 30 days.

About NorthWest Healthcare Properties Real Estate Investment Trust

NorthWest Healthcare Properties Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT holds a portfolio of 74 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.6 million square feet of gross leasable area located in British Columbia, Alberta, Manitoba, Ontario, Québec, Nova Scotia and New Brunswick.

SOURCE: NorthWest Healthcare Properties Real Estate Investment Trust

Peter Riggin, Chief Executive Officer, [phone] or www.nwhp.ca