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Recommendation Changes

Northwest Heatlthcare Properties REIT - Q2-2019 Earnings, Price Target Update

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Northwest Healthcare Properties REIT (NWH.UN-TSX) has interests in a portfolio of 169 properties comprising 13.8M sq. ft. located major markets in Canada, Brazil, Europe (Germany and the Netherlands), Australia, and New Zealand.

In Canada they are the largest non-government owner/manager of medical office buildings and healthcare related facilities supported by the Canadian publicly funded healthcare system. In Brazil they own institutional quality, core healthcare infrastructure properties located in São Paulo, Brasilia and Rio de Janiero with long-term, triple-net, inflation-indexed leases. In Europe properties consist of medical office buildings rehabilitation clinics located in Berlin, Hamburg, Frankfurt, Ingolstadt, and Leipzig in Germany and Rotterdam and Brunssum in the Netherlands. In Australia/New Zealand they own interests in a portfolio of hospitals, medical centers and aged care facilities through Northwest Healthcare Properties Australia REIT (Australia REIT), an approximate 25% interest in New Zealand Stock Exchange (NZX) listed Vital Healthcare Properties Trust (Vital Trust) which is consolidated by the REIT for financial reporting purposes, and a 30% interest in a joint venture with an institutional investor. Leases are long-term with inflation indexing. The also manage $3.1B of third-party assets (Jun-2018- $1.5B), is a fully integrated operation with offices in Melbourne and Auckland. Total assets as of Jun-30-2019 are $5.2B compared to $5.1B at Dec-31-2018 and $4.7B as at Jun-30-2018. Approximately 73% of the total portfolio (95% of the International Portfolio) is subject to inflationary adjustments and market reviews. Approximately 95% of AFFO is earned in currencies other than Canadian dollars. This includes AUD/NZD – 28%, Euro – 17%, Brazil REAL - 25% and CAD-30%. NorthWest Value Partners Inc. (NWVP) owns 19% of Northwest Healthcare Properties REIT.

The Canadian portfolio includes 55 medical office buildings, properties located in Brazil are all hospitals. European properties are mainly medical office buildings. The 71 properties located in Australia and New Zealand is held through a 25% ownership in Vital Trust and 30% interest in Northwest Health Care Properties Australia REIT. Of the properties held in these two, 70% are hospitals and 30% are medical office buildings. Australia REIT is a recently formed joint venture formed on in Sept-2018 with an institutional partner.

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