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NorthWest Healthcare Properties Real Estate Investment Trust releases first quarter results

  //business-finance.news-articles.net/content/201 .. stment-trust-releases-first-quarter-results.html
  Published in Business and Finance on Friday, May 14th 2010 at 14:40 GMT by Market Wire
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 - Completed the IPO of 17.5 million units of the REIT ("Units") on March 25, 2010 for gross proceeds of $175.0 million, concurrently acquiring 45 healthcare real estate properties in six provinces totaling 2.7 million square feet of rentable area and repaying $47.7 million of mortgage debt. - Subsequent to the end of the quarter, on April 7, 2010 the REIT issued an additional 1.25 million Units for gross proceeds of $12.5 million pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the IPO. - Secured a revolving credit facility with a maximum principal amount of $35 million for future acquisitions and working capital purposes. - Debt to gross book value ratio decreased to 54%. - Continued focus on strong acquisition pipeline, including several potential transactions currently in due diligence. - Operating Results and AFFO consistent with FOFI. - Distribution of $0.0837 per Unit declared for the period from IPO closing to the end of April ($0.80 per unit on an annualized basis). 

 - Renewed approximately 50% of 2010 expiries. - 92% tenant retention rate of leased area that expired in the first quarter. - New leasing activity of approximately 30,000 square feet, although some occupancy dates delayed as against expectations. - In aggregate, renewal and new leasing rents in line with expectations. - Portfolio occupancy rate of 90.7%.