Canada NewsWire
TORONTO, Nov. 10, 2016
TORONTO, Nov. 10, 2016 /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 and nine months ended September 30, 2016.
2016 Third Quarter Financial and Operational Highlights:
For the three and nine months ended September 30, 2016, the REIT delivered strong financial and operating results with key highlights as follows:
During both the third quarter and subsequent to the quarter, the REIT executed on a number of strategic and accretive investments, and financing initiatives, expanding the REIT's high-growth, high-yielding international portfolio and improving its financial position. Key initiatives include completion of:
"The third quarter of 2016 was particularly active for the REIT with the successful completion of its previously announced $350 million strategic investment and financing initiatives" said Paul Dalla Lana, the REIT's Chairman and CEO. "I was especially pleased with the REIT's strong underlying operating and financial performance post the accretive redeployment of its successful $146 million July financing. Looking forward, with its defensive healthcare real estate portfolio, the REIT is well positioned to weather any near-term economic or political uncertainties as well deliver continued growth in earnings and unit values over the longer term through both ongoing value-add initiatives and attractive investment opportunities."
Selected Financial Information:
(unaudited) |
Three Months Ended |
Three Months Ended | |||
($000's, except unit and per unit amounts) |
September 30, 2016 |
June 30, 2016 | |||
Number of properties(1) |
135 |
120 | |||
Gross leasable area (sf) (1) |
9,023,392 |
7,815,316 | |||
Occupancy(1) |
95.9% |
94.9% | |||
Weighted Average Lease Expiry (Years) (1) |
10.8 |
10.0 | |||
Net Operating Income |
$48,277 |
$46,056 | |||
Net (Loss) Income attributable to unitholders |
($5,285) |
($7,160) | |||
Funds from Operations ("FFO") |
$21,432 |
$17,710 | |||
Adjusted Funds from Operations ("AFFO")(2) |
$17,708 |
$17,325 | |||
Debt to Gross Book Value – Declaration of Trust |
43.1% |
48.1% | |||
Debt to Gross Book Value – Including Convertible Debentures |
51.2% |
54.2% | |||
Per unit data |
|||||
FFO |
$0.25 |
$0.22 | |||
AFFO |
$0.21 |
$0.22 | |||
Distributions |
$0.20 |
$0.20 | |||
AFFO Payout ratio |
98% |
91% | |||
(1) |
Stated at 100% of Vital Trust and GHC, excludes acquisitions completed subsequent to September 30, 2016 and contracted acquisitions/dispositions |
(2) |
AFFO amounts are calculated utilizing leasing and capital reserves of 6% of revenue in Canada and Germany |
The REIT invites you to participate in its conference call with senior management to discuss our third quarter 2016 results on Friday, November 11, 2016 at 10:00 AM (Eastern).
The conference call can be accessed by dialing 647-427-7450 or 1-888-231-8191. The conference ID is 435 923 48.
Audio replay will be available until August 19, 2016 by dialing 416-849-0833 or 1-855-859-2056. The passcode is 435 923 48.
In conjunction with the release of the REIT's third quarter 2016 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 10, 2016, Vital Trust also announced its financial results for the 3 months ended September 30, 2016. Details on Vital Trust's financial results are available on Vital Trust's website at www.vitalhealthcareproperty.co.nz.
Generation Healthcare REIT
On November 10, 2016, Generation also announced its financial results for the 3 months ended September 30, 2016. Details on Generation's financial results are available on Generation's website at www.generationreit.com.au.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. 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 135 income-producing properties and 9.0 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Germany, 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 180 professionals across 9 offices in 5 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 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 third quarter ending September 30, 2016, 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 and nine months ended September 30, 2016.
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