07:13:44 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Northwest International Healthcare Properties
Symbol MOB
Shares Issued 56,379,473
Close 2014-04-22 C$ 2.13
Market Cap C$ 120,088,277
Recent Sedar Documents

Northwest Int'l earns $21.07-million in 2013

2014-04-23 22:14 ET - News Release

Mr. Paul Lana reports

NORTHWEST INTERNATIONAL HEALTHCARE PROPERTIES REIT RELEASES FOURTH QUARTER 2013 RESULTS

Northwest International Healthcare Properties REIT has released its results for the three- and 12-month period ended Dec. 31, 2013.

Fourth quarter 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-per-cent 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 health care real estate and deliver stable operating performance and accretive growth opportunities.

Reflecting on 2013 results, Paul Dalla Lana, chairman and 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 health care real estate investments."

Key highlights from the REIT's financial and operating results for the three and 12 months ended Dec. 31, 2013, include:

  • Net operating income of $4,855,484 in fourth quarter 2013, representing a 334-per-cent increase over the same period last year and a 13-per-cent increase quarter over quarter;
  • Net operating income for the fiscal year 2013 of $18,026,247;
  • Adjusted funds from operations per unit of 18 cents for fiscal year 2013 and adjusted funds from operations per unit of four cents for fourth quarter 2013, in line with the prior quarter;
  • Annual adjusted funds from operations to distribution payout ratio of approximately 90 per cent, in line with the REIT's quarterly trends;
  • Leading portfolio occupancy at 96.0 per cent (Canada: 91.3 per cent and international: 99.2 per cent), up 70 basis points from prior quarter;
  • Weighted-average lease term of 12.4 years (Canada: 4.8 years and 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;
  • Completed an equity offering generating $19.7-million of gross proceeds after inclusion of the overallotment option.

Subsequent to the quarter, the REIT announced a distribution increase of 37 per cent, effective January, 2014, and in February, 2014, the REIT announced the acquisition of 16 medical office buildings of nearly $100-million, 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 health care real estate in October, 2012.

                                         FINANCIAL HIGHLIGHTS                                                                                                   
                                                                             As at Dec. 31, As at Dec. 31, 
                                                                                      2013           2012
Operational information  
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%

                                      For the three months        For the 12 months
                                       ended Dec. 31, 2013      ended Dec. 31, 2013
Operating results
Net income/(loss)                             $(26,809,534)             $21,077,009
NOI from continuing operations                   4,855,484               18,026,247
Funds from operations (FFO)                       (815,635)              10,779,626
Adjusted funds from operations (AFFO)            5,639,399               21,224,235
Distributions                                    5,590,562               19,501,964
Per unit amounts
FFO per unit -- basic                                (0.01)                    0.09
FFO per unit -- adjusted fully diluted               (0.01)                    0.09
AFFO per unit -- basic                                0.04                     0.18
AFFO per unit -- adjusted fully diluted               0.04                     0.18
Distributions per unit                                0.04                     0.16
AFFO payout ratio                                       98%                      90%
AFFO payout ratio -- adjusted fully diluted             98%                      90%

Full financial statements and management's discussion and analysis will be available on SEDAR, as well as the investors section of the REIT's website.

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