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NorthWest Healthcare Properties Real Estate Investment Trust releases second quarter results

^{Published on 2010-08-12 16:35:46 - Market Wire}
 

 - 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. - Following from the REIT's IPO, the REIT and NW Trust have agreed to a working capital adjustment in favour of the REIT of approximately $11.2 million. - On June 4, 2010 the REIT announced, and subsequent to quarter end closed, the acquisition of a newly constructed, multi-tenant medical office building, Queen Street Place, just outside of Edmonton, Alberta for $21.2 million, subject to closing adjustments. Queen Street Place is the dominant medical building in its market and is the REIT's third asset in the Edmonton market. - On July 19, 2010, subsequent to quarter end, the REIT announced that it waived conditions and expects to close in the third quarter the acquisition of a 117,000 square foot property portfolio of two buildings in the Montreal and Quebec City areas respectively, for a total purchase price of $21.1 million, subject to closing adjustments. Both properties are fully leased to government tenants, newly constructed, and collectively have an average remaining lease term of approximately 12.7 years. - Continued focus on strong acquisition pipeline, including several potential transactions currently under review. - Debt to gross book value ratio decreased to 52.9%. - Operating Results and AFFO generally in line with FOFI. - Quarter-end occupancy rate of 90.3%, with current contracted occupancy rate of 90.9% - The REIT has completed 71% of all renewal leasing and 45% of all new leasing budgeted for the calendar year 2010. - Solid progress on head lease space, with 70% (35,428 sf) of Rockyview Professional Centre II in Calgary currently leased or conditionally leased to third party tenants and with an announcement subsequent to quarter end that approximately 6,000 sf at HealthPark in Sydney will be leased by a local healthcare institution. - Distributions paid at the monthly rate of $0.06667 per unit consistent with annualized target of $0.80 per unit. SELECTED FINANCIAL INFORMATION ------------------------------------------------------------------------- (unaudited) Three Months Ended ($000's, except unit and per unit amounts) June 30, 2010 ------------------------------------------------------------------------- Revenue 19,801 Net Operating Income 11,725 Funds from Operations ("FFO") 6,998 Adjusted Funds from Operations ("AFFO") 5,212 Debt to Gross Book Value 52.9% Per unit data (Annualized, Fully diluted) ----------------------------------------- FFO $1.06 AFFO $0.79 Distributions $0.80 AFFO Payout ratio 101.7% ------------------------------------------------------------------------- -------------------------------------------------------------------------