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
TORONTO, June 21, 2023 /CNW/ - Northwest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX: NWH.UN), announced today that the REIT and the previously referenced Institutional Investor will no longer be proceeding with the REIT's previously disclosed UK joint venture.
The REIT continues to believe in the attractiveness of the UK healthcare real estate market fundamentals, its diversified high-quality hospital portfolio and strong track record of active asset management in the region. Having undertaken a robust capital formation process and met with numerous qualified investors who expressed interest in a UK joint venture, the REIT will continue to source an alternative partner to recapitalize its UK portfolio. Accordingly, the REIT remains committed to its long-term capital light objective targeting a ~30% 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% underpinned by a weighted average lease expiry of 13.6 years and 82.6% of leases with annual rent indexation which contributed to 4.4% same-property NOI growth, on a year over year basis, in Q1 2023.
About Northwest Healthcare Properties Real Estate Investment Trust
Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (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 healthcare real estate infrastructure comprised of 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 ten offices in eight countries to serve as a long-term real estate partner to leading healthcare operators.
Forward Looking Information
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to exploring capital alternatives, the strength of the REIT's high quality and defensive portfolio, the attractiveness of the UK healthcare real estate market fundamentals and sourcing an alternative partner to recapitalize its UK portfolio.
The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs.
Although the forward-looking statements contained in this news release are based upon assumptions that management of the REIT believe are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, including, among other things, the risks that the REIT may not be able to find suitable long-term capital alternatives or a partner for its UK portfolio, the transactions contemplated by this news release will not be completed, and other risks identified in the REIT's annual information form (including without limitation the risks outlined under the heading "Risks Relating to the Business of the REIT") filed under the REIT's profile at www.sedar.com. The forward-looking statements made in this news release relate only to events or information as of the date hereof. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
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