NorthWest International Healthcare Properties REIT ("NWI" or the "REIT") announced today that it has released its results for the three and six month period ended June 30, 2013.
During the second quarter, the REIT solidified its position as a leading investor in international healthcare real estate as well as continued to season in the Canadian capital markets by delivering strong and stable financial and operating results for the three months ended June 30, 2013 highlighted as follows:
-
NOI of $4,545,692, representing a 213% increase over the same period in the prior year
-
AFFO / unit of $0.047, consistent with the prior quarter
-
AFFO to distribution payout ratio of approximately 85%, consistent with the prior quarter
-
Continued near full portfolio occupancy at 93.9% (Canada = 91.6%; International = 99.2%)
-
Weighted average lease term of 7.2 years (Canada = 4.9 years; International = 12.8 years)
In addition to delivering consistent financial and operating results at or above expectations, the REIT completed the $157 million acquisition of a long-term strategic interest in NorthWest Healthcare Properties REIT ("NWHP REIT") late in the second quarter. With year to date acquisition activity of approximately $165 million, the REIT has grown its asset base by approximately 50% in since January 1, 2013 and is currently evaluating a series of accretive acquisition opportunities in each of its international markets.
With the broader Canadian REIT landscape facing evolving capital market conditions underpinned by expectations of rising interest rates, NWI is uniquely positioned to deliver accretive growth opportunities while maintaining its objective of providing unitholders with stable and growing distributions over an increasingly diverse and sizeable portfolio.