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NorthWest Healthcare Properties REIT Provides Update on Vital Healthcare Property Trust's Strong Half Year Results
NorthWest Healthcare Properties REIT Provides Update on Vital Healthcare Property Trust's ...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n\n\n\nNorthWest Healthcare Properties REIT Provides Update on Vital Healthcare Property Trust's Strong Half Year Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 26, 2018\n\n\n\nTORONTO, Feb. 26, 2018 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the \"REIT\") is pleased to announce financial results from NSX-listed Vital Healthcare Property Trust (\"Vital Trust\") for the interim six month period ended December 31, 2017, released on February 27, 2018 in New Zealand. The REIT owns an approximate 25% interest in Vital Trust. Vital Trust is also managed by a wholly owned subsidiary of the REIT.\n\nVital Trust\n\nVital Trust continues to be regarded as one of the top performing healthcare property trusts in the region, with strong and improving financial results, a loan to value ratio of 36.8%, a weighted average lease term of 18.6 years, continued high occupancy at 99.3%, and same property NOI growth of 3.5% over the prior year period.\n\nHighlights from Vital Trust's financial reporting for the six months ended December 31, 2017 include the following: \n\n\nNet distributable income per unit increased by 3.5% over the prior year period (after adjusting for a one-time lease termination penalty received in the prior year period);\nThe Board confirmed the quarterly cash distribution of $0.02125 per unit and reiterated its full year guidance for $0.085 per unit representing a 79% AFFO per unit payout ratio; and\nThe fair value of the portfolio increased by 2.9% (NZ$42.8 million; weighted average cap rate of 5.85%). \n\nThe increase is over and above acquisitions and development expenditures incurred in the period.\n\nVital Trust also continues to leverage its management platform for future growth, with:\n\n\nAcquisition of the Acurity New Zealand Hospital portfolio, Eden Rehabilitation Clinic and the Hills Clinic in Australia for NZ$187 million;\nDevelopment completions of A$20 million;\nDevelopment pipeline (6 projects) totaling approximately NZ$144 million; and\nManagement integration further str...