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SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
TORONTO, March 6, 2013 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX: NWH.UN), Canada's largest non-government owner and manager of medical office buildings and healthcare real estate, today announced its results for the three month period and year ended December 31, 2012.
Highlights of the Quarter:
Peter Riggin, CEO, commented that "The fourth quarter was a positive conclusion to a productive 2012 that saw the REIT enhance our market leading position in the ownership of healthcare real estate through accretive acquisitions of approximately $170 million, while also maintaining a reasonable 51.6% debt to gross book value ratio and reducing our weighted average mortgage interest rate to 4.93% as we took advantage of favourable borrowing conditions. While operationally we would have preferred to see more improvement in our portfolio occupancy, we are encouraged by momentum achieved in the fourth quarter and we remain disciplined about increasing the healthcare quotient of our tenant base, whenever possible."
Selected Financial Information:
|(unaudited)||Three Months Ended||Three Months Ended|
|($000's, except unit and per unit amounts)||December 31, 2012||December 31, 2011|
|Net Operating Income||20,075||17,013|
|Funds from Operations ("FFO")||11,651||10,055|
|Adjusted Funds from Operations ("AFFO")(1)||9,664||8,504|
|Debt to Gross Book Value||51.6%||50.2%|
|Per unit data (Annualized, fully diluted)|
|AFFO Payout ratio||94%||101%|
|(1)||AFFO amounts are calculated utilizing leasing and capital reserves of 4.5% of revenue.|
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 fourth quarter of 2012, which is available on the SEDAR website at www.sedar.com. Also on SEDAR are the audited 2012 year-end financial statements of the REIT.
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 fourth quarter 2012 results on Thursday, March 7, 2013 at 9:00 a.m. (Eastern).
The conference call can be accessed by dialing (416) 640-5926 or 1-800-820-0231. The conference ID is 2084332.
Audio replay is available until March 13, 2013 by dialing 647-436-0148 or 1-888-203-1112. The passcode is 2084332.
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 76 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.6 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
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