TORONTO, May 27, 2013 /CNW/ - NorthWest International Healthcare Properties REIT ("NWI" or the "REIT") announced today that it has released its results for the three month period ended March 31, 2013.
With the transformational changes of 2012 and the REIT's reconfiguration to focus on high quality international healthcare assets now complete, NWI delivered strong financial results for the three months ended March 31, 2013 highlighted as follows:
- NOI of $4,343,063, representing a 289% increase over the same period last year
- AFFO / unit of $0.047, representing a 137% increase over the same period last year
- AFFO to distribution payout ratio of approximately 85%
Paul Dalla Lana, CEO, commented:
|"We are very happy with the first full quarter of operations of the REIT's international healthcare real estate portfolio including Hospital e Maternedade Brasil, the 342,000 square foot Sao Paulo hospital acquired in late Q4-2012. This diversified portfolio of assets in Australia/New Zealand, Brazil, and Germany is currently underpinned by a 99.3% occupancy level and a 12.9 year weighted average lease term."|
The REIT's outlook for 2013 and beyond remains positive, with all of its investments meeting or exceeding expectations during the three months ended March 31, 2013.
Supported by a solid existing business with many accretive growth opportunities, including the REIT's recently announced acquisition of a strategic interest in NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN), Canada's largest healthcare real estate company, NWI continues to work towards its objective to deliver stable and growing distributions over an increasingly diverse and sizeable portfolio.
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 annual information form dated March 11, 2013 and audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2012, a copy of which may be obtained on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.
SOURCE: NorthWest International Healthcare Properties REIT
For further information:
Paul Dalla Lana, CEO, (416) 366-8300 x1001