The REIT remains focused on the health and safety of its tenants and employees and the global effort to mitigate the impact of COVID-19. NorthWest is well positioned with a strong balance sheet and a defensive portfolio that is 97.3% occupied by a diverse 1,900 tenant roster substantially underpinned by public healthcare care funding. Within our hospital portfolio, governments in
Tenants representing approximately 93% of contracted net rent have met or are expected to meet their rental obligations during the month or
The REIT continues to monitor the impact of the COVID-19 pandemic on its business and is actively working to increase liquidity and fortify its balance sheet by executing upon its previously announced strategic initiatives which will increase the REIT's current
- The approximately
$550 million sale of Australian and European assets to an institutional partner which remains on track to close in Q2 2020, subject to typical conditions including regulatory approvals and generate net proceeds of approximately$180 million ; - The approximately
$65 million financing of its portfolio of 6 UK hospitals that is expected to close in lateApril 2020 .
For further information please refer the REIT's investor presentation available on its website.
First Quarter 2020 Results and Conference Call
The REIT will issue its first quarter 2020 financial results for the three months ending
A conference call will be held on
Investors are invited to access the call by dialing (416) 764-8609 or toll-free 1 (888) 390-0605, conference ID# 59244209. A recording of this call will be made available
About
Non-IFRS Measures
Some financial measures used in this press release, such as Operating Income, adjusted same-property NOI, FFO, AFFO, Normalized AFFO, Net Asset Value per Unit, portfolio occupancy and weighted average lease expiry, are used by the real estate industry to measure and compare the operating performance of real estate companies, but they do not have any standardized meaning prescribed by IFRS. As such, they are unlikely to be comparable to similar measures presented by other real estate companies. These non-IFRS measures are more fully defined and discussed in the REIT's Management's Discussion and Analysis ("MD&A") for the three months ended
Forward-Looking Statements
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", "normalized", "contracted", "stabilized" 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 completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risks and Uncertainties" in the REIT's Annual Information Form and the risks and uncertainties set out in the MD&A 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.
SOURCE
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