NorthWest International Healthcare Properties REIT Announces Implementation of Distribution Reinvestment Plan
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TORONTO, Jan. 23, 2013 /CNW/ - NorthWest International Healthcare Properties REIT (the "REIT") (TSX-V: MOB.UN) announced today that it has implemented a distribution reinvestment plan (the "DRIP") that takes effect with the distribution of $0.013334 per trust unit that is payable on February 15, 2013 to those unitholders of record on January 31, 2013.
Eligible unitholders (which will include holders of Class B limited partnership units of NWI Healthcare Properties LP that are exchangeable into units of the REIT) that elect to participate in the DRIP will have their cash distributions used to purchase units of the REIT and will also receive a "bonus distribution" of units equal in value to 3% of each distribution. Unitholders wishing to participate should contact their investment advisors to enroll in the DRIP.
The REIT may initially issue up to 10,000,000 units of the REIT under the DRIP. The REIT may increase the number of units available to be issued under the DRIP at any time in its discretion subject to (a) the approval of the REIT's board of trustees, (b) the approval of any stock exchange upon which the Trust Units trade, and (c) public disclosure of such increase.
The REIT has not yet been informed of the extent to which insiders of the REIT will participate in the DRIP. However, in accordance with TSX Venture Exchange policy, the REIT will disclose insider participation in the DRIP on a monthly basis.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Including its investment in Vital Healthcare Property Trust (NZX: VHP), the REIT holds interests in a portfolio of 32 income-producing properties, with a focus on internationally-located medical office buildings and healthcare real estate, comprising approximately 1.8 million square feet of gross leasable area located in Australia / New Zealand, Brazil and Germany.
Forward Looking Information
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 REIT's short-form prospectus dated December 7, 2012, a copy of which may be obtained on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: NorthWest International Healthcare Properties Real Estate Investment TrustFor further information:
Paul Dalla Lana
CEO, NorthWest International Healthcare Properties REIT
(416) 366-8300 ext. 1001