• Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Cision Canada
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • Analytics
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • Analytics
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Northwest Healthcare Properties Real Estate Investment Trust Releases First Quarter Results


News provided by

NorthWest Healthcare Properties Real Estate Investment Trust

May 08, 2012, 17:06 ET

Share this article

Share this article


TORONTO, May 8, 2012 /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 first quarter ended March 31, 2012.

Highlights of the Quarter:

  • AFFO per unit for the quarter was $0.20, consistent with the previous quarter.
  • Occupancy decreased slightly to 90.9% from the previous quarter, primarily due to the vacancy of a large, single tenant at a property in Calgary.
  • On January 19, 2012 the REIT acquired Centre Medicale de l'Hetriere, a 36,502 square foot medical office building located in Greater Quebec City. The property was acquired for $7.0 million free and clear of mortgages, with the REIT subsequently securing 10-year mortgage financing for $4.6 million at a fixed interest rate of 4.23%. Centre Medicale de L'Hetriere is a newer development and is the only prominent medical building in its fast growing market.
  • On January 23, 2012 the REIT completed its acquisition of Moncton Medical Clinic in Moncton, New Brunswick for $7.86 million. The REIT assumed and subsequently increased the vendor's existing mortgage to an aggregate principal amount of approximately $5.1 million, a weighted average interest rate of 4.71% and a 2016 maturity. Comprising 42,729 square feet, Moncton Medical Clinic is a premiere medical office building in its market due to favourable scale, design and location.
  • On February 1, 2012, the REIT amended, expanded and extended its Revolving Credit Facility.  The Revolving Credit Facility was expanded to $50 million, the interest rate was reduced, and the term was extended to March 25, 2014.  As part of the expansion, Polyclinique Val-Belair and Canamera Medical Centre were added to the security pool.
  • On March 14, 2012, the REIT refinanced Clinique Bois-de-Boulogne (1575 Henri-Bourassa Blvd. West), Montreal with a $10.5 million 10 year mortgage loan at an interest rate of 4.01%.
  • On March 30, 2012 the REIT acquired the 53,082 square foot Springbank Medical Centre in London, Ontario. The property was acquired for $24 million free and clear of mortgages, with the REIT subsequently entering into a commitment for a two year, $13 million floating rate mortgage loan secured against the property. Springbank Medical Centre has quickly become one of the dominant medical office buildings in London due to its new construction, appealing design and diversified healthcare tenant mix.
  • The REIT paid distributions of $0.06667 per unit on January 13, 2011, February 15, 2011 and March 15, 2011, consistent with its annualized target of $0.80 cents per unit.

Selected Financial Information:

     
(unaudited) Three Months Ended Three Months Ended
($000's, except unit and per unit amounts) March 31, 2012 March 31, 2011
     
Revenue       $32,515       $27,102
Net Operating Income       $17,248       $14,652
Funds from Operations ("FFO")       $10,111       $7,900
Adjusted Funds from Operations ("AFFO")(2)            $8,411            $6,746 
Debt to Gross Book Value            51%            48%
           
Per unit data                     
FFO            $0.24            $0.21
AFFO       $0.20       $0.18
Distributions       $0.20       $0.20
AFFO Payout ratio       102%       110%
                      

Subsequent Events:

  • On April 10, 2012, a two year, $13.0 million floating rate mortgage loan secured against the Springbank Medical Centre funded.
  • On April 10, 2012 the REIT completed the acquisition of Willow Brook Medical Centre, a 34,800 square foot medical office and retail property in Airdrie, Alberta. The purchase price was $14.5 million and the property was acquired free and clear of mortgage financing.  Subsequent to the acquisition, the REIT entered into a six year, $9.55 million mortgage at a fixed interest rate of 3.62% which funded on April 16, 2012.
  • On May 7, 2012 a 10 year $11.7 million mortgage on the Malvern Medical Arts property at a fixed rate of 4.31% funded.
  • Subsequent to the quarter following the mortgage financings of the Willow Brook Medical Centre and the Malvern Medical Arts property, the Revolving Credit Facility was paid down to $15.5 million.
  • Subsequent to the quarter, the REIT entered into an agreement in principle with NorthWest Value Partners Inc.  ("NWVP") to acquire the GT Canada Medical Properties REIT ("GT Canada") portfolio of twelve medical office buildings from GT Canada conditional upon more than two-thirds of GT Canada unitholders tendering their units to NWVP in accordance with NWVP's public offer to acquire such units.  The purchase price for the portfolio is $87.3 million.  The twelve properties comprise approximately 280,000 square feet of rentable area and over 170 tenants and are approximately 98% leased to primarily healthcare related tenants.  The purchase price will be satisfied by the assumption of approximately $49.5 million of mortgage debt and the issue of REIT units to GT Canada (at GT Canada's option) and cash.
  • The REIT declared distributions of $0.06667 per unit to unitholders of record as at April 30, 2012.

Peter Riggin, CEO, commented that "We are well-positioned to achieve this year's plan of improved operational and financial performance, particularly in the second half of the year."

The non-GAAP measures used in this press release, such as FFO and AFFO, are key financial measures 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 Canadian generally accepted accounting principles ("GAAP").  As such, they are unlikely to be comparable to similar measures presented by other real estate companies.  These non-GAAP measures are more fully defined and discussed in the REIT's management discussion and analysis (the "MD&A") for the first quarter of 2012, which is available on the SEDAR website at www.sedar.com.

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 "Risk Factors" in REIT's Prospectus 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 first quarter 2012 results on Wednesday, May 9, 2012 at 11:00 a.m. (Eastern). The conference call can be accessed by dialing (416) 640-3404 or 1-866-322-1159. The conference ID is 2744448.

Audio replay is available until May 16, 2012 by dialing 647-436-0148 or 1-888-203-1112. The passcode is 2744448.

The webcast of the conference call can be accessed from the "Investor Relations" page 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 62 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.2 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick. 

For further information:

Ernie Spraggs, CFO, (416) 366-2000 ext. 2002, or www.nwhp.ca

Modal title

Organization Profile

NorthWest Healthcare Properties Real Estate Investment Trust

    Also from this source

  • NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES MARCH 2023 DISTRIBUTION

  • NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES TIMING OF FOURTH QUARTER AND FULL YEAR 2022 RESULTS RELEASE AND CONFERENCE CALL

  • NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES FEBRUARY 2023 DISTRIBUTION

Contact Cision

  • 877-269-7890
    from 8 AM - 10 PM ET

  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2023 CNW Group Ltd. All Rights Reserved. A Cision company.