Mr. Paul Dalla Lana reports

NORTHWEST INTERNATIONAL HEALTHCARE PROPERTIES REIT RELEASES THIRD QUARTER 2014 RESULTS

Northwest International Healthcare Properties REIT (NWI) has released its results for the three- and nine-month periods ended Sept. 30, 2014.

The REIT delivered solid financial results in the third quarter of 2014, posting an 8.4-per-cent increase in net operating income (NOI) over the second quarter of 2014, nearly one and a half times the NOI relative to the same quarter last year. Further, adjusted funds from operations (AFFO) grew approximately 1 per cent relative to the second quarter of 2014 and approximately 42 per cent relative to the same quarter of last year, largely due to the strength of the REIT's growing NOI.

Key highlights from the REIT's financial and operating results for the three- and nine-month periods ended Sept. 30, 2014, include:

• Growth in total assets to $863.8-million, up $107.5-million from the beginning of 2014;
• Closed the $16.1-million acquisition of the Hohenschoenhausen medical office building in the city of Berlin;
• Recognition of a $16-million valuation gain in Brazilian portfolio of five hospital assets, largely driven by incremental NOI as a result of increased rents associated with the portfolio's indexed leases;
• NOI of $10.5-million in the third quarter of 2014, representing a 144.5-per-cent increase over the same quarter last year (year-to-date NOI of $29.4-million);
• AFFO per unit (basic) of five cents for the third quarter of 2014, or 21 cents per unit on an annualized basis, largely consistent with the previous two quarters of 2014 (AFFO per unit of 16 cents for the nine months ended Sept. 30, 2014);
• AFFO payout ratio of 104 per cent (AFFO payout ratio of 101 per cent for the nine months ended Sept. 30, 2014);
• Same-property NOI growth of 9.7 per cent, driven by indexation of approximately 99 per cent of the REIT's international property revenues;
• Leading portfolio occupancy at 96 per cent on a proportionate share basis (Canada -- 91.8 per cent; international -- 98.3 per cent), consistent with the second quarter of 2014;
• Weighted average lease term to maturity of 11.4 years on a proportionate share basis (Canada -- 4.6 years; international -- 15.3 years), consistent with the second quarter;
• In September, 2014, the REIT closed a successful $38.75-million bought-deal unsecured convertible debt offering.

Subsequent events

In the third quarter of 2014 and subsequently, the REIT successfully refinanced all 2014 loan maturities. The REIT extended three corporate loans with 2014 maturities, both in Canada and New Zealand, each extending for a further one-year period. In addition, subsequent to the third quarter of 2014, the REIT entered contracts to renew its existing Brazilian term loans for a one-year period and entered into new long-term financing arrangements that will provide stable, 12-year financing over the majority of its Brazilian portfolio and that will significantly extend the REIT's overall debt maturity profile.

On Oct. 17, 2014, the REIT announced the appointment of Vincent Cozzi as co-president and chief investment officer of the REIT. Prior to joining the REIT, Mr. Cozzi was a senior vice-president of Ventas Inc., a U.S. health care REIT, and executive vice-president and chief investment officer of its Lillibridge Healthcare Services subsidiary. Mr. Cozzi will lead the REIT's international investment initiatives as well as oversee its strategic investments in Canada and Australia/New Zealand.

On Nov. 25, 2014, the REIT closed an equity offering of 13,954,000 trust units. The trust units were issued at a price of $2.15 per trust unit, for gross proceeds of $30,001,100.

"In the third quarter of 2014 and in the months subsequent, the REIT delivered on its commitments to successfully refinance its 2014 debt maturities and to close the final property of its significant German medical office portfolio acquisition this year," said Paul Dalla Lana, chief executive officer of the REIT. "The REIT can now look forward to the final months of the year and continue to focus on a number of initiatives, including the completion of the long-term refinancing of its Brazil term loans and its management internalization initiative, as well as continuing to source new accretive acquisition and development opportunities for 2015."

                                           FINANCIAL HIGHLIGHTS

                                                          As at Sept. 30, 2014           As at Dec. 31, 2013
Operational information(1)
Number of properties -- 100% of associates                                 122                           113
Gross leasable area (sf) -- 100% of associates                       7,891,572                     7,664,605
Occupancy % -- 100% of associates                                         94.7%                         94.4%
Summary of financial information
Gross book value(2)                                  $             863,768,660      $            756,258,230
Debt -- declaration of trust(3)                      $             483,808,250      $            437,642,389
Debt to gross book value -- declaration of trust                          56.0%                         57.9%
Debt -- including convertible debentures(3)          $             557,153,810      $            473,065,389
Debt to gross book value -- including convertible
debentures                                                                64.5%                         62.6%
Percentage of mortgages and loans payable at
fixed rates                                                               65.6%                         59.1%
Weighted-average interest rate on fixed-rate
mortgages and loans payable                                               5.59%                         6.11%


                                                                 For the three                  For the nine
                                                                  months ended                  months ended
                                                                Sept. 30, 2014                Sept. 30, 2014
Operating results
Net income/(loss)                                    $             (11,922,697)     $            (47,842,286)
NOI                                                  $              10,470,000      $             29,360,454
Funds from operations (FFO)(5)                       $               3,878,945      $             11,696,515
Adjusted funds from operations (AFFO)(5)             $               8,620,918      $             25,321,184
Distributions(6)                                     $               8,981,352      $             25,711,881
Per-unit amounts(4)
FFO per unit -- basic                                $                    0.02      $                   0.08
FFO per unit --  fully diluted(7)                    $                    0.02      $                   0.08
AFFO per unit -- basic                               $                    0.05      $                   0.16
AFFO per unit -- fully diluted(7)                    $                    0.05      $                   0.16
Distributions per unit                               $                    0.06      $                   0.17
AFFO payout ratio                                                          104%                          101%
AFFO payout ratio -- fully diluted(7)                                      104%                          101%

(1) Operational information includes 100 per cent of Vital Trust and Northwest Healthcare Properties REIT 
    (NWHP REIT). The REIT has exposure to an approximate 24-per-cent interest in Vital Trust and an 
    approximate 26-per-cent 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 agreements, margin facilities, term loans, lines of credit and deferred consideration. 
    The REIT's total debt also includes convertible debentures (at fair value).
(4) Under IFRS (international financial reporting standards), the REIT's Class B LP and Class D GP 
    exchangeable units are treated as a financial liability rather than equity. The REIT has chosen to 
    present an adjusted basic and diluted per-unit measure that includes the Class B LP and Class D GP 
    exchangeable units in basic and diluted units outstanding/weighted average units outstanding. There were 
    91,068,320 Class B LP and 1,110,580 Class D GP exchangeable units outstanding as at Sept. 30, 2014, and 
    91,068,320 Class B LP exchangeable units outstanding at Dec. 31, 2013.
(5) FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by 
    IFRS. 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 with FFO and AFFO as reported by other 
    such issuers. These terms are defined in the REIT's third quarter 2014 MD&A (management's discussion and
    analysis) and reconciled to IFRS-based amounts reported in the consolidated financial statements of the 
    REIT.
(6) Represents distributions to unitholders and Class B LP and Class D GP 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.
(7) Diluted units include the conversion of the REIT's convertible debentures if the closing price of the 
    trust unit is greater than the conversion price or exercise price as at the end of the reporting period. 
    Otherwise the convertible debentures are considered anti-dilutive.

Full financial statements and the MD&A will be available on SEDAR as well as the investor section of the REIT's website.

In conjunction with the release of the REIT's third quarter 2014 financial results, the REIT will be posting a current investor update presentation to its website, where additional information on the REIT's investments and operating performance may be found.

We seek Safe Harbor.