NorthWest International Healthcare Properties REIT releases third quarter 2013 results
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
Paul Dalla Lana, CEO, (416) 366-8300 x1001
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