TORONTO, Feb. 27, 2015 /CNW/ - NorthWest International Healthcare Properties REIT (the "REIT") announced today the following:
Vital Healthcare Property Trust ("Vital Trust") Interim Results for the Six Months Ended December 31, 2014
The REIT is pleased to announce financial results from NSX-listed Vital Trust for the interim six month period ended December 31, 2014, released on February 26, 2015. The REIT has an exposure to an approximate 24% interest in Vital Trust. Vital Trust is also managed by a subsidiary of the REIT.
For the six months ended December 31, 2014, Vital achieved gross rental revenue of NZ$30.8 million, a growth of 3.0% versus the same period last year, driven by a combination of a part period contribution from the Marian Centre acquisition in Perth, Australia, development (or capital expansion) income and rental growth. Vital's operating profit before interest and tax increased by NZ$1.0 million, or 4.0%, to NZ$26.7 million. Revenue growth was driven by a portfolio occupancy of 99.5%, up 0.1% relative to the same period last year, and an achievement in the average increase in rents of 2.1% for the interim period. Further, Vital Trust continued to deliver on asset management activities, commencing with A$40.8 million of brownfield developments at five hospitals which upon completion is forecast to yield approximately 9.0% per annum, divesting a non-core asset at Whangaparaoa, Auckland for NZ$4.2 million, and acquiring a strategic property to be part of the future expansion of the adjacent Epworth Eastern Hospital in Melbourne for A$3.5 million.
Details on Vital Trust's interim half-year results ending December 31, 2014 are available on the SEDAR website at www.sedar.com under the REIT's profile, as well as on Vital Trust's website at www.vitalhealthcareproperty.co.nz.
For fiscal year 2014, the REIT has determined that 100% of the distributions paid are deemed return of capital and thus tax deferred. The Statement of Trust Income Allocations is now available on the REIT's website: http://www.nwireit.com/Investors/Distribution-History.aspx
Timing of Fourth Quarter 2014 Financial Results
The REIT will issue its financial results for the three months and year ending December 31, 2014 on Tuesday, March 10, 2014.
A conference call will be held on Wednesday, March 11, 2015 at 3:00 pm (ET). Participating on the call will be members of the REIT's senior management team.
Investors are invited to access the call by dialing 647-427-7450 or toll-free 1-888-231-8191, conference ID# 975 927 16. A recording of this call will be made available Wednesday, March 11, 2015 beginning at 6:00 pm (ET) through to Wednesday, March 25, 2015 at 11:59 pm (ET). To access the recording, please call 1-855-859-2056 or 416-849-0833 and use the reservation number 975 927 16.
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. The REIT's objectives are to: (i) provide its unitholders with stable and growing cash distributions from investments focused on international healthcare properties, on a tax efficient basis; (ii) enhance the value of the REIT's assets and maximize long-term unit value; and (iii) expand the asset base of the REIT. For more information on the REIT, visit www.nwireit.com.
SOURCE NorthWest International Healthcare Properties REIT
For further information: Paul Dalla Lana, CEO, (416) 366-8300 x1001, Teresa Neto, CFO, (416) 366-8300 x1002