TSX-V: MOB.UN
TORONTO,
Feb. 27, 2015 /CNW/ - NorthWest
International Healthcare Properties REIT (the "REIT") announced
today the following:
Vital Healthcare Property Trust ("Vital Trust")
Interim Results for the Six Months Ended December 31, 2014
The REIT is pleased to announce financial results
from NSX-listed Vital Trust for the interim six month period ended
December 31, 2014, released on
February 26, 2015. The REIT has an
exposure to an approximate 24% interest in Vital Trust. Vital Trust
is also managed by a subsidiary of the REIT.
For the six months ended December 31, 2014, Vital achieved gross rental
revenue of NZ$30.8 million, a growth of 3.0% versus the same period
last year, driven by a combination of a part period contribution
from the Marian Centre acquisition in Perth, Australia, development (or capital
expansion) income and rental growth. Vital's operating profit
before interest and tax increased by NZ$1.0 million, or 4.0%, to
NZ$26.7 million. Revenue growth was driven by a portfolio occupancy
of 99.5%, up 0.1% relative to the same period last year, and an
achievement in the average increase in rents of 2.1% for the
interim period. Further, Vital Trust continued to deliver on asset
management activities, commencing with A$40.8 million of brownfield developments at five
hospitals which upon completion is forecast to yield approximately
9.0% per annum, divesting a non-core asset at Whangaparaoa,
Auckland for NZ$4.2 million, and
acquiring a strategic property to be part of the future expansion
of the adjacent Epworth Eastern Hospital in Melbourne for A$3.5
million.
Details on Vital Trust's interim half-year
results ending December 31, 2014 are
available on the SEDAR website at www.sedar.com under the REIT's
profile, as well as on Vital Trust's website at
www.vitalhealthcareproperty.co.nz.
2014 Distributions
For fiscal year 2014, the REIT has determined
that 100% of the distributions paid are deemed return of capital
and thus tax deferred. The Statement of Trust Income Allocations is
now available on the REIT's website:
http://www.nwireit.com/Investors/Distribution-History.aspx
Timing of Fourth Quarter 2014 Financial
Results
The REIT will issue its financial results for the
three months and year ending December 31,
2014 on Tuesday, March 10,
2014.
A conference call will be held on Wednesday, March 11, 2015 at 3:00 pm (ET). Participating on the call will be
members of the REIT's senior management team.
Investors are invited to access the call by
dialing 647-427-7450 or toll-free 1-888-231-8191, conference ID#
975 927 16. A recording of this call will be made available
Wednesday, March 11, 2015 beginning
at 6:00 pm (ET) through to
Wednesday, March 25, 2015 at
11:59 pm (ET). To access the
recording, please call 1-855-859-2056 or 416-849-0833 and use the
reservation number 975 927 16.
About NorthWest International Healthcare
Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real
estate investment trust established under the laws of the Province
of Ontario. The REIT's objectives
are to: (i) provide its unitholders with stable and growing cash
distributions from investments focused on international healthcare
properties, on a tax efficient basis; (ii) enhance the value of the
REIT's assets and maximize long-term unit value; and (iii) expand
the asset base of the REIT. For more information on the REIT, visit
www.nwireit.com.
SOURCE NorthWest International Healthcare Properties REIT