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TORONTO, June 29, 2015 /CNW/ - NorthWest Healthcare Properties REIT (TSX:NWH.UN) (the "REIT") announced today that it intends to make a normal course issuer bid ("NCIB") for a portion of its trust units ("Units") as appropriate opportunities arise from time to time. The REIT's normal course issuer bid is expected to be for up to 10% of its public float, will be made in accordance with the requirements of the Toronto Stock Exchange (the "TSX") and remains subject to TSX approval. Further details regarding the NCIB will be provided following TSX approval.
The REIT also announced today that it has authorized the use by its insiders (including NorthWest Value Partners Inc. ("NWVP"), a corporation wholly-owned by Paul Dalla Lana) of automatic securities purchase plans pursuant to applicable securities laws, including the guidance under Ontario Securities Commission Staff Notice 55-701. Applicable securities laws allow insiders to adopt automatic securities purchase plans with an independent brokerage firm which provide for the purchase of securities in a systematic matter based upon predetermined criteria on an automatic basis regardless of whether the insider may, subsequent to adopting the plan, receive material non public information, provided that the insider was not in possession of material, non-public information at the time the plan was adopted. Once a plan is established, the insider is not permitted to exercise any further discretion or influence over how purchases or dispositions will occur under the plan. Insiders of the REIT that adopt such a plan will disclose the establishment of the plan in insider reports filed in accordance with applicable Canadian securities laws and the REIT may from time to time disclose the adoption of such plans in the future.
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 123 income-producing properties and 7.8 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.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the number of trust units to be acquired under the normal course issuer bid, the TSX's approval of the NCIB, the adoption of automatic securities purchase plans and other related matters.
The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs.
Although the forward-looking statements contained in this news release are based upon assumptions that management of the REIT believe are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, including, among other things, the risks identified in materials filed under the REIT's profile at www.sedar.com from time to time. The forward-looking statements made in this news release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
For further information: Paul Dalla Lana, CEO at (416) 366-8300 x 1001