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Northwest Healthcare Properties Real Estate Investment Trust Announces Acquisition of Prominent Edmonton Medical Complex
TORONTO, May 6, 2011 (Canada NewsWire via COMTEX) -- NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has entered into an agreement to acquire Tawa Centre, a 94,500 square foot medical office complex immediately adjacent to one of Edmonton's primary hospitals. The purchase is expected to close in the second quarter of 2011, subject to customary closing conditions and is expected to be immediately accretive.
Located in south-east Edmonton, alongside the Grey Nuns Community Hospital, Tawa Centre is well-positioned to serve its numerous hospital-related tenancies. The property benefits from the integration of medical consultation, diagnostic imaging, laboratory, pharmacy and ancillary retail services. Tawa Centre is 89% leased to a quality roster of tenants, of which the majority are healthcare related. This investment presents an opportunity for the REIT to leverage its healthcare relationships and enhance value by increasing occupancy.
The purchase price will be approximately $25.9 million, subject to adjustments. NorthWest expects to assume the vendor's existing mortgage. The equity portion of the REIT's investment will be funded from existing resources.
This investment will be the REIT's fifth Edmonton area property and its tenth asset in the Province of Alberta. The REIT believes that the acquisition of Tawa Centre will further solidify its market leadership in healthcare real estate in Edmonton, in Alberta and in Canada.
About NorthWest Healthcare Properties Real Estate Investment Trust NorthWest Healthcare Properties Real Estate Investment Trust, "Canada's Healthcare Landlord", is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT holds a portfolio of 53 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
Forward-Looking Information This press release may contain forward-looking statements with respect to the REIT, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe", or "continue" or the negative thereof or similar variations. The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are not completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors (including changes in interest rates), competition, changes in government regulations, the performance of the acquired property, and the factors described under "Risk Factors" in the Short Form Prospectus dated March 2, 2011, including the risks and uncertainties set out in the Management Discussion and Analysis dated March 9, 2011 for the period ending December 31, 2010, which are available on www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and, except as expressly required by applicable law, the REIT assumes no obligation to update such statements. Certain statements included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release.
"Capitalization rate", "AFFO" and "Net operating income" (or NOI) are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP. Capitalization rate and NOI are presented in this press release because management of the REIT believes that these non-GAAP measures are relevant in interpreting the purchase price of the property being acquired. Capitalization rate, and NOI, as computed by the REIT, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to capitalization rate and NOI reported by such organizations. For additional information regarding each of the foregoing non-GAAP measures, including the definitions thereof, refer to the REIT's management's discussion and analysis for the period ended December 31, 2010, a copy of which is filed on
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SOURCE: NorthWest Healthcare Properties Real Estate Investment Trust
Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust
(416) 366-2000 ext. 243, or