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