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Northwest International Healthcare Properties REIT Releases Fourth Quarter 2013 Results

TSX-V: MOB.UN

TORONTO, April 23, 2014 /CNW/ - NorthWest International Healthcare Properties REIT ("NWI" or the "REIT") announced today that it has released its results for the three and twelve months period ended December 31, 2013.

Q4-2013 marked another quarter of significant growth for the REIT with the closing of the sale leaseback transaction of three hospitals in Brazil, increasing its asset base by over $200 million, representing a 35% increase from the prior quarter. This acquisition, representing the REIT's third acquisition in Brazil in just over one year delivers on the REIT's commitment to continue to diversify its portfolio of international healthcare real estate, deliver stable operating performance and accretive growth opportunities. Reflecting on 2013 results, Paul Dalla Lana, Chairman & Chief Executive Officer of the REIT commented:

"We are excited to conclude another year of significant growth in our portfolio and its underlying profitability. During the year, the REIT added key properties in each of its core markets that are accretive in terms of both quality and return.   We begin 2014 even better positioned to deliver on our key business objective of providing investors with stable, growing cash flow distributions through long-term healthcare real estate investments."

Key highlights from the REIT's financial and operating results for the three and twelve months ended December 31, 2013 include:

  • NOI of $4,855,484 in Q4'13, representing a 334% increase over the same period last year and a 13% increase quarter over quarter;
  • NOI for the fiscal year 2013 of $18,026,247;
  • AFFO / unit of $0.18 for fiscal year 2013 and AFFO / unit of $0.04 for Q4'13, in line with the prior quarter;
  • Annual AFFO to distribution payout ratio of approximately 90%, in line with the REIT's quarterly trends ;
  • Leading portfolio occupancy at 96.0% (Canada = 91.3%; International = 99.2%), up 70 bps from prior quarter;
  • Weighted average lease term of 12.4 years (Canada = 4.8 years; International = 17.7 years), an increase of 3.1 years from the prior quarter;
  • Closed the previously announced $205 million sale leaseback of a portfolio of leading Brazilian Hospitals from Rede D'Or Sao Luiz S.A.;
  • Closed a $24 million credit facility; and
  • Completed an equity offering generating $19.7 million of gross proceeds after inclusion of the over-allotment option.

Subsequent to the quarter, the REIT announced a distribution increase of 37% effective January 2014, and in February 2014, the REIT announced the acquisition of 16 medical office buildings of nearly $100 million (the "German MOB Portfolio"), which is expected to close some time in the second quarter of 2014. Upon completion of the German MOB Portfolio, the REIT will have completed more than $600 million of acquisitions since its repositioning to focus on international healthcare real estate in October 2012.

FINANCIAL HIGHLIGHTS

             
    As at
Dec. 31, 2013
  As at
Dec. 31, 2012
Operational Information (1)            
   Number of Properties - 100% of associates     113     31
   Gross Leasable Area (sf) - 100% of associates     7,664,605     1,873,571
   Occupancy % - 100% of associates     94.4%     99.5%
             
Summary of Financial Information            
   Gross Book Value (2)    $ 756,258,230    $ 349,554,285
   Debt - Declaration of Trust (3)    $ 437,642,389    $ 148,144,630
   Debt to Gross Book Value - Declaration of Trust     57.9%     42.4%
   Debt - Including convertible debentures (3)    $ 473,065,389    $ 148,144,630
   Debt to Gross Book Value - Including convertible debentures     62.6%     42.4%
             
   Percentage of Mortgages and Loans Payable at Fixed Rates     59.1%     77.1%
   Weighted-Average Interest Rate on Fixed Rate Mortgages and Loans Payable   6.11%     5.50%
   Adjusted Units Outstanding - period end (4)            
       Basic     146,046,705     98,541,704
       Diluted (7)     146,347,916     98,541,704
             
    For the three
months ended
Dec. 31, 2013
  For the twelve
months ended
Dec. 31, 2013
             
Operating Results            
   Net Income / (Loss)     $ (26,809,534)    $ 21,077,009
   NOI from Continuing Operations (5)    $ 4,855,484    $ 18,026,247
   Funds From Operations ("FFO") (5)(6)    $ (815,635)    $ 10,779,626
   Adjusted Funds From Operations ("AFFO") (5)    $ 5,639,399    $ 21,224,235
   Distributions (7)    $ 5,590,562    $ 19,501,964
             
Per Unit Amounts (4)            
   FFO per unit - Basic (6)    $ (0.01)    $ 0.09
   FFO per unit - Adjusted fully diluted  (8)    $ (0.01)    $ 0.09
   AFFO per unit - Basic    $ 0.04    $ 0.18
   AFFO per unit - Adjusted fully diluted  (8)    $ 0.04    $ 0.18
   Distributions per unit     $ 0.04    $ 0.16
   AFFO Payout Ratio      98%     90%
   AFFO Payout Ratio - Adjusted fully diluted  (8)     98%     90%
             
Adjusted Weighted Average Units Outstanding (4)            
   Basic      138,120,778     119,519,921
   Diluted (8)     138,228,362     119,616,222

 

Full financial statements and MD&A will be available on SEDAR (www.sedar.com) as well as the Investors section of the REIT's website (www.nwireit.com).

Notes

(1)      Operational information includes 100% of Vital Trust and NWHP REIT. The REIT has an exposure to an approximate 24% interest in Vital Trust and approximate 26% interest in NWHP REIT.
(2)      Gross Book Value is defined as total assets.
(3)      Indebtedness as defined in the Declaration of Trust includes the principal balance of mortgages, securities lending agreement, margin facilities, term loan, line of credit, and deferred consideration. The REIT's total debt also includes convertible debentures (at fair value).
(4)      Under IFRS the REIT's Class B LP exchangeable units are treated as a financial liability rather than equity. As permitted under IFRS the REIT has chosen to present an adjusted basic and diluted per unit measure that includes the Class B LP exchangeable units in basic and diluted units outstanding/weighted average units outstanding. There were 91,068,320 Class B LP exchangeable units outstanding as at December 31, 2013 and 55,944,444 Class B LP exchangeable units outstanding at December 31, 2012.
(5)      NOI, FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. NOI, FFO and AFFO as computed by the REIT may differ from similar computations as reported by other real estate investment trusts and, accordingly, may not be comparable to NOI, FFO and AFFO as reported by other such issuers. These terms are defined in this MD&A and reconciled to IFRS-based amounts reported in the consolidated financial statements of the REIT.
(6)      FFO and FFO per unit for both the three months and year ended December 31, 2013 includes the incentive fee expense of $4,103,617. For the three months ended December 31, 2013, excluding the incentive fee, FFO and FFO per unit (basic) would be $3,287,982 and $0.02 respectively. For the year ended December 31, 2013, excluding the incentive fee, FFO and FFO per unit (basic) would be $14,883,243 and $0.12 respectively.
(7)      Represents distributions to Unitholders and Class B LP exchangeable unitholders on an accrual basis. Distributions are payable as at the end of the period in which they are declared by the Board of Trustees, and are paid on or around the 15th day of the following month.
(8)      Diluted units include the conversion of the REIT's convertible debentures and warrants if the conversion price or exercise price is greater than the closing price of the Trust Unit as at the end of the reporting period. Otherwise the convertible debentures and warrants are considered anti-dilutive.

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.

Reader Advisory

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 April 23, 2014 and audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2013, copies of which each 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

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