Hi Pat: Could you give an opinion on NorthWest HealthCare Properties REIT? I understand that it has recently purchased many new rental properties. Thanks.
NorthWest HealthCare Properties REIT, $13.36, symbol NWH.UN on Toronto (Units outstanding: 38.5 million; Market cap: $514.4 million; www.nwhp.ca), owns 77 income-producing properties, with a focus on medical office buildings. The real estate investment trust (REIT) is Canada’s largest non-government owner and operator of medical office buildings.
In all, NorthWest’s properties contain about 4.6 million square feet of leasable area. The REIT’s properties are located in B.C., Alberta, Ontario, Quebec, Nova Scotia and New Brunswick. NorthWest has a 91.3% occupancy rate.
The REIT first sold units to the public for $10 each and began trading on Toronto on March 25, 2010.
NorthWest continues to grow rapidly through acquisitions. In the first nine months of 2012, it bought six medical office properties for $73.3 million.
Thanks to these purchases, NorthWest’s revenue rose 6.5% in the three months ended September 30, 2012, to $32.7 million from $30.7 million a year earlier. Cash flow rose 13.6%, to $9.5 million from $8.4 million. NorthWest typically…
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