Mr. Paul Dalla Lana reports

NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES THAT THE REIT AND THE PREVIOUSLY REFERENCED INSTITUTIONAL INVESTOR WILL NOT BE PROCEEDING WITH THE UK JOINT VENTURE

Northwest Healthcare Properties Real Estate Investment Trust and the previously referenced institutional investor will no longer be proceeding with the REIT's previously disclosed United Kingdom joint venture.

The REIT continues to believe in the attractiveness of the U.K. health care real estate market fundamentals, its diversified high-quality hospital portfolio and strong record of active asset management in the region. Having undertaken a robust capital formation process and met with numerous qualified investors that expressed interest in a U.K. joint venture, the REIT will continue to source an alternative partner to recapitalize its U.K. portfolio. Accordingly, the REIT remains committed to its long-term capital-light objective targeting an approximately 30-per-cent look-through ownership level across its global portfolio.

Operationally, the REIT's high-quality and defensive portfolio remains in excellent shape with in-place occupancy of 97 per cent, underpinned by a weighted average lease expiry of 13.6 years and 82.6 per cent of leases with annual rent indexation which contributed to 4.4-per-cent same-property NOI (net operating income) growth, on a year-over-year basis, in Q1 2023.

About Northwest Healthcare Properties Real Estate Investment Trust

Northwest is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. As at March 31, 2023, the REIT provides investors with access to a portfolio of high-quality international health care real estate infrastructure comprising interests in a diversified portfolio of 233 income-producing properties and 18.6 million square feet of gross leasable area located throughout major markets in Canada, the United States, Brazil, Europe, Australia and New Zealand. The REIT's portfolio of medical office buildings, clinics and hospitals is characterized by long-term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 300 professionals in 10 offices in eight countries to serve as a long-term real estate partner to leading health care operators.

We seek Safe Harbor.