Investor Presentation

Q3 2015
INVESTOR UPDATE
November 12, 2015
DISCLAIMER
This presentation provides a summary description of Northwest Healthcare Properties Real Estate Investment Trust (“NWH” or the “REIT”). This presentation should be read in
conjunction with and is qualified in its entirety by reference to the REIT’s most recently filed financial statements, management’s discussion and analysis, management information
circular (the “Circular”) and annual information form (the “AIF”).
This presentation contains forward-looking statements. These statements generally can be identified by the use of words such as “expect”, “anticipate”, “believe”, “foresee”, “could”,
“estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “would”, “might”, “potential”, “should”, “stabilized”, “contracted”, “guidance”, “normalized”, or “run rate” or variations
of such words and phrases. Examples of such statements in this presentation may include statements concerning: (i) the REIT’s financial position and future performance, including,
normalized financial results, in-place and contracted run rates, payout ratios and other metrics; (ii) the REIT’s property portfolio, cash flow and growth prospects, (iii) liquidity, leverage
ratios, future refinancings, fees earned by the asset manager to Vital Trust, anticipated capital expenditures, future general and administrative expenses, including estimated
synergies and contracted acquisition and development opportunities, and (iv) the REIT’s intention and ability to distribute available cash to security holders.
Such forward-looking information reflects current beliefs of the REIT and is based on information currently available to the REIT. Other unknown or unpredictable factors could also
have material adverse effects on future results, performance or achievements of the REIT. Forward-looking information involves significant risks and uncertainties should not be read
as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not, or the times at which, or by which, such performance or results
will be achieved, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are based
on numerous assumptions which may prove incorrect and which could cause actual results or events to differ materially from the forward-looking statements. Although these
forward-looking statements are based upon what the REIT believes are reasonable assumptions, the REIT cannot assure investors that actual results will be consistent with this
forward-looking information. Such assumptions include, but are not limited to, the assumptions set forth in this presentation, as well as assumptions relating to (i) the REIT
successfully realizing the operational and financial benefits described herein, including the realization of synergies, completion of anticipated acquisition and development
opportunities, and generation of cash flow; and (ii) general economic and market factors, including exchange rates, local real estate conditions, interest rates and the availability of
equity and debt financing to the REIT. These forward-looking statements may be affected by risks and uncertainties in the business of the REIT and market conditions, including that
the assumptions upon which the forward-looking statements in this presentation may be incorrect in whole or in part, as well as risks related to increases or decreases in the prices of
real estate; currency risk; project development, expansion targets and operational delays; marketability; additional funding requirements; governmental regulations, licenses and
permits; environmental regulation and liability; competition; uninsured risks; contingent liabilities and guarantees, including the outcome of pending litigation; litigation; health and
safety; trustees’ and officers’ conflicts of interest; the ability of the REIT to integrate the operations of NWI; the ability of the REIT to continue to develop and grow; and management
of the REIT’s success in anticipating and managing the foregoing factors, as well as the risks described in the Circular and the AIF. The reader is cautioned that the foregoing list of
factors is not exhaustive of the factors that may affect forward-looking statements. Other risks and uncertainties not presently known to the REIT or that the REIT presently believes
are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors
that could affect the operations or financial results of the REIT are included in reports filed by the REIT with applicable securities regulatory authorities.
These forward-looking statements, which reflect the REIT’s expectations only as of the date of this presentation. The REIT disclaims any obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except as required by law.
Certain information concerning Vital Trust contained in this presentation has been taken from, or is based upon, publicly available documents and records on file with regulatory
bodies. Although the REIT has no knowledge that would indicate that any of such information is untrue or incomplete, the REIT was not involved in the preparation of any such
publicly available documents and neither the REIT, nor any of their officers or trustees, assumes any responsibility for the accuracy or completeness of such information or the failure
by Vital Trust to disclose events which may have occurred or may affect the completeness or accuracy of such information but which are unknown to the REIT.
Funds from operations (“FFO”), adjusted funds from operations (“AFFO”) and net operating income (“NOI”) are not measures recognized under International Financial Reporting
Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. FFO, AFFO and NOI are supplemental measures of a real estate investment trust’s performance and the
REIT believes that FFO, AFFO and NOI are relevant measures of its ability to earn and distribute cash returns to unitholders. The IFRS measurement most directly comparable to FFO,
AFFO and NOI is net income. A reconciliation of NOI, FFO and AFFO to net income is presented in the REIT’s management’s discussion and analysis of financial condition and results
of operations of the REIT for the period ended September 30, 2015, as filed on SEDAR.
1
CORE HEALTHCARE INFRASTRUCTURE IN MAJOR MARKETS
TORONTO
NorthWest Healthcare Properties Real
AUCKLAND
Estate Investment Trust (TSX: NWH.UN)
SÃO PAULO
provides investors with access to a portfolio
of high quality international healthcare real
estate infrastructure located throughout
major markets in Canada, Brazil, Germany,
B E R L I N
SYDNEY
Australia and New Zealand.
ESTABLISHED RELATIONSHIPS WITH LEADING HEALTHCARE OPERATORS
NWH AT A GLANCE
1.
2.
3.
8.0M
123
$2.5BN
SQUARE FEET
PROPERTIES
TOTAL ASSETS
95.8%
9.9
7.4%
OCCUPANCY (3)
YEAR WALE (3)
IFRS CAP RATE
$620M
9.3%
MARKET CAP
DISTRIBUTION YIELD
NOI
DIVERSIFICATION (3)
REGIONS
95.7%
(1)
PAYOUT RATIO (2)
2
Based on NWH.UN’s closing unit price of $8.60/unit as of November 3, 2015.
Based on the REIT’s distribution policy of $0.80/unit per annum and based on normalized AFFO of $0.84/unit.
Occupancy ,WALE, and NOI diversification metrics have been adjusted to exclude the 16 assets held for sale in Canada. NOI diversification is based on the REIT’s 24.5% proportionate ownership of Vital Trust.
ASSET MIX
Q3 2015 SIGNIFICANT EVENTS
NWH HAS MADE
SIGNIFICANT
PROGRESS ON ITS
CORE MANAGEMENT
INTIATIVES:
 Completed $105M of property level debt refinancing
BALANCE SHEET
OPTIMIZATION
 Completed ~$26M out of the ~$77M in accretive expansion projects in Australia
PORTFOLIO
REPOSITIONING
MERGER
INTEGRATION AND
SYNERGIES
– Estimated annual interest savings of $0.02/unit of AFFO
 Significant progress on non-core Canadian asset dispositions
– 1 asset sold in Q3-15 and 7 under firm contract expected to close by Q1-16
– 4 assets under conditional contract
– Generated an increase of rent of ~$2.5M, improving same store NOI
– Additional ~$51M of expansion projects more than half-way complete with expected timing
ranging from Q4-15 to Q2-16.
– Continued progress on the REIT’s Canadian development projects
 Enhanced liquidity achieved through ~$125M of corporate financing
– Renewed and increased the REIT’s revolving credit facility to $75M
– Successful issuance of $53M of 5.50% convertible debentures
 Purchased 700K of NWH REIT units at ~15% discount to Q3-15 NAV
– Pursuant to the REIT’s normal course issuer bid
– Average unit purchase price of $8.01
3
DASHBOARD
As Reported


Annualized
AFFO/unit
Deliver stable property
operating performance, cash
flow and distributions
Normalized

Reflects impact of completed
transactions
Capital markets seasoning


12 – 18 month target
Renewed emphasis on capital
allocation – target 50%
International asset mix
$0.80/unit
$0.84/unit
57.1%
57.1%
~50.0%
NAV
$9.49/unit
~$9.49/unit
~$10.00/unit
Occupancy
/ WALE (1)
95.8%
9.9 years
95.8%
9.9 years
~96.0%
~10.5 years
LTV (1)
Portfolio
Quality
1.
Run Rate Portfolio
Occupancy and WALE metrics have been adjusted to exclude the 16 assets held for sale in Canada.
4
$0.90 to $0.95/unit
GOAL TRACKING
Progress on 12-18 Month Priorities
Portfolio Repositioning
Balance Sheet Optimization

Goal


Progress
Execute early
refinancings
Refinance high
interest rate
corporate debt
Extend maturities

Issued C$53M
convertible debentures
at 5.50% to repay 8.95%
Brazil debt

Refinanced ~$50M
German debt at lower
interest rates and
lengthened the overall
term





Execute on contracted
expansions and
development
Non-core asset
dispositions and select
accretive international
acquisitions
8 of the 17 assets
identified sold or under
firm contract totaling
~$45M and additional 4
assets under conditional
contract.
~65% completion on
developments in
Australia and Canada.
Commitments for
Canadian 2016
refinancings to reduce
rates from ~5.4% to
~3.3%
5
Integration & Synergies



Deliver $1.5M of G&A
synergies
Leverage platform for
institutional investment and
strategic partnerships
Achieve seasoned multiple
in 12-18 months

Reduced listing, audit, and
other G&A costs due to
single entity

Initiated research
coverage from National
Bank Financial and
Canaccord Genuity with
others expected in Q3/Q4
on back of property tours
to Brazil and Germany in
October 2015.
Q3 2015 HIGHLIGHTS
FINANCIAL PERFORMANCE (1)
NOI
HIGH QUALITY PORTFOLIO
Payout Ratio
$44.1M
95.7%
AFFO
LTV (2)
$15.0M
57.1%
AFFO / Unit
NAV 2)
$0.20/Unit
95.8%
$2.5B
POSITIVE HEALTHCARE FUNDAMENTALS
Stability
&
Growth
Gross Assets
STRATEGY & OUTLOOK
 Core healthcare infrastructure and major market focus
Aging
Population
Increased
Healthcare
Spending
WALE
9.9
$9.49/Unit
Occupancy
– Improve portfolio quality and reduce risk
 Capital markets seasoning
–
The Rise of
Private
Healthcare
Deliver stable property operating performance, cash flow and
distributions
 Reiterate run rate AFFO guidance of $0.90 - $0.95/unit
Growing
Populations &
Wealth Creation
–
12 to 18 month target
–
Combination of balance sheet optimization, portfolio
repositioning and merger integration
–
Target ~50% leverage and NAV growth through execution of
contracted development and expansion projects
6
1.
2.
Financial metrics are presented on a normalized basis for the quarter ended September 30, 2015.
LTV and NAV have been presented on a fully consolidated basis including 100% of Vital Trust. On a proportionate basis, the REIT’s LTV and NAV/unit would be 63.0% and $9.50/unit, respectively.
REGIONAL DASHBOARD
C A N A D A
NOI Growth
Occupancy
WALE
(1)
2.9%
90.9%
4.5YR
B R A Z I L
STRONG
RELATIONSHIPS WITH
LEADING OPERATORS
LEADING MEDICAL
OFFICE PLATFORM
Occupancy
WALE
AUSTRALASIA
LEADING PUBLICLY
LISTED HEALTHCARE
TRUST
NOI Growth (1)
Occupancy
WALE
1.
NOI Growth (1)
6.2%
100%
21.5YR
GERMANY
3.2%
99.4%
17.3YR
NOI Growth (1)
Occupancy
WALE
1.5%
94.9%
4.8YR
CONSOLIDATION OF
MEDICAL OFFICE
BUIDLINGS
Represents annualized same property NOI growth (“SPNOI”) for three months ended September 30, 2015 in source currency. For Germany, SPNOI for the quarter reflects normalized operating cost
adjustments; excluding these adjustments SPNOI for the quarter is 9.4%. For Australia, SP NOI for the quarter reflects an adjustment for the increased rent due to the completion of the Hurstville
development project; excluding these adjustments SPNOI is 7.5%.
7
F I N A N C I A L OV E RV I E W
8
FINANCIAL HIGHLIGHTS
Q3-15
Q3-15
As Reported
Normalized
NOI
$43.6M
$44.1M
FFO
$15.5M
$16.1M
AFFO
$14.4M
$15.0M
W.A Units Outstanding (1)
71,927
71,748
AFFO / Unit
$0.20/unit
$0.21/unit
Payout Ratio
99.8%
95.7%
LTV (2)
57.1%
57.1%
Net Asset Value / Unit
$9.49/unit
$9.49/unit
POSITIVE FINANCIAL
OPERATING RESULTS IN
LINE WITH
MANAGEMENT
GUIDANCE
NORMALIZED RESULTS
HAVE BEEN ADJUSTED
TO REFLECT THE
IMPACT OF RECENTLY
COMPLETED
TRANSACTIONS
NORMALIZATION ADJUSTMENTS

Normalization adjustments: principally relate to:
-
Repayment of Brazil debt at 8.95% with newly issued convertible debentures at 5.50%
-
Accrued rent to Q3 2015 based on contract rental indexation adjustments in Brazil and Australia/New Zealand
-
Public company G&A synergies from the recent business combination
-
Non-recurring items that will not have an on-going impact in future quarters
9
1.
2.
Units outstanding has been adjusted for unit purchases under the REIT’s NCIB estimated to October 15, 2015. The REIT had 71,748 basic units outstanding as at September 30, 2015.
LTV is presented on a fully consolidated basis including 100% of Vital Trust. On a proportionate basis, the REIT’s LTV is 63.0%.
SEGMENTED FINANCIAL INFORMATION
Canada (1)
Brazil
Germany
Australasia(2)
Vital Mgr.
Corporate (3)
Combined
NORMALIZED INCOME SUMMARY:
NOI
$20.6
$7.8
$2.5
$13.2
Nil
Nil
$44.1
FFO
$15.2
$3.7
$1.5
$1.8
$1.9
($8.0)
$16.1
AFFO
$10.2
$5.0
$1.3
$1.9
$1.9
($5.3)
$15.0
$1,291.4
$318.1
$153.5
$666.5
$46.8
$44.9
$2,521.2
Adjusted Liabilities (4)
$772.2
$168.7
$83.3
$576.8
Nil
$239.2
$1,840.1
Net Assets
$519.2
$149.5
$70.2
$89.8
$46.8
($194.3)
$681.1
BALANCE SHEET SUMMARY:
Gross Assets
1.
2.
3.
4.
Reflects a full quarter of normalized income for the Canadian region for the three months ended September 30, 2015.
Represents Vital Trust on a fully consolidated basis.
Includes goodwill related to the business combination and Corporate debt including the four series of convertible debentures.
Total liabilities have been reduced by the deferred tax liability, derivative financial instruments and deferred unit liability to arrive at adjusted liabilities.
10
CAPITALIZATION
Market
Capitalization
$620M
Enterprise Value
$2.0BN
IFRS Gross Book
Value
$2.5BN
LTV
(Consolidated)
DEBT MATURITY PROFILE (1)
57.1%
% of debt
maturing
LTV
(Proportionate)
W.A. Interest
Rate
% Unsecured
% Fixed
1.
2.
2.8%
16.0%
18.8%
10.4%
18.3%
33.7%
63.0%
REGIONAL DEBT STRATEGIES
5.13%
15%
85%
Type
Asset Level
Term Debt
LTV
60%
Interest
Rates (2)
Amortization
Bank Loans and
Securitization
80%
Asset Level
Term Debt
Asset Level
Revolving Debt
70%
50%
(1)
~3.0%
~9.0%
~2.0%
~3.5%
25 years
10 years
50 years
Interest Only
11
Reflects the repayment of a portion of Brazil debt due in 2015 on November 3 and subsequent 10-yr securitization. 80% LTV reflects market securitization terms.
Representative 5 year fixed interest rates. Brazil representative interest rate reflects market securitization terms and is subject to annual inflation adjustments.
RISK MANAGEMENT – FOREIGN EXCHANGE
RENTAL INDEXATION
ACTS AS NATURAL
CURRENCY HEDGE
LOCAL CURRENCY
PROPERTY /
CORPORATE DEBT TO
REDUCE INVESTMENT
RISK
OVER A 10 YEAR
PERIOD, PORTFOLIO
INDEX HAS REMAINED
RELATIVELY IN-LINE
WITH ITS BASE VALUE
97.5
93.6
92.8
74.9
Sep-15
BRAZIL – SAME STORE NOI GROWTH
CAGR
+6.6%
+0.5%
12
Currency depreciation in
Brazil has been offset by
annual rental indexation
P O RT FO L I O OV E RV I E W
13
PORTFOLIO OVERVIEW
CANADA
GERMANY
$2.5BN International Platform
Canada / Brazil / Germany / Australia & NZ
73 Medical Office Buildings
19 Medical Office Buildings
1,450 tenants
350 Tenants
2 Active Developments
2 Development Sites
Toronto
Berlin
BRAZIL
VITAL PROPERTY TRUST
São Paulo
Melbourne
Auckland
5 Hospitals /~900 Beds
New Zealand Listed Entity
2 Committed Developments
26 Properties
S&P Rated Tenants
5 Active Developments
14
PORTFOLIO DIVERSIFICATION
DIVERSIFIED PORTFOLIO
IN STRATEGIC
INTERNATIONAL
MARKETS AND STABLE,
CORE HEALTHCARE REAL
ESTATE ASSET CLASSES
NOI DIVERSIFICATION
BY GEOGRAPHY (1)
TOP 10 TENANTS BY GROSS RENT (2)
Tenant
Region
% of Gross
Rent
1
Rede D'Or SL
2
Healthe Care
13.3%
3.1%
3
DIVERSIFIED TENANT
BASE WITH STRATEGIC
PARTNERSHIPS WITH
LEADING HEALTHCARE
OPERATORS IN LOCAL
MARKETS
Bantrel Corporation
2.9%
CLSC/CSSS
2.2%
Hospital Sabara
1.7%
Shoppers Drug Mart
1.6%
Lawtons Drugs
1.3%
Alberta Health Services
1.3%
Province of Ontario
1.2%
Centric Health
0.9%
Top 10 Tenants
29.5%
4
5
6
NOI DIVERSIFICATION
BY ASSET MIX (1)
7
8
9
10
1.
2.
In the REIT’s Q3-2015 MD&A, the diversification charts for the countries and asset mix are based on investment value and GLA respectively and do not match the above pie charts. The pie charts above
reflect the NOI composition excluding the assets held for sale.
Gross rent has been adjusted to reflect the REIT’s 24.5% proportionate interest in Vital Trust as well as recording Hospital Sabara at its gross rent (before financing).
15
REPRESENTATIVE INVESTMENTS
Dundas-Edward
Centre
Assets
Size
Tenants
MOB + Hospital Admins /
Traditional Office
~410k Square Feet
Province of Ontario, Sick
Kids Hospital, and other
medical tenancies
Rede D’Or Hospital
Portfolio
Assets
Size
Tenants
German MOB
Portfolio
3 Hospitals
Assets
446 Beds / ~573k Square
Feet
Size
Hospital Operator Rede D’Or
S.L.
S&P “A-” Rated
Tenants
14 MOBs
~410k Square Feet
~200 Medical Practitioners
& Related Services
Marian Health
Centre
Assets
Size
Tenants
1 Hospital
31 beds / To expand to 66
beds during 2015
Healthe Care
Cap Rate (1)
~6.0%
Cap Rate (1)
~9.4%
Cap Rate (1)
~6.6%
Cap Rate (1)
~9.0%
Occ.
~94%
Occ.
100%
Occ.
~95%
Occ.
100%
Lease Term
Rental
Increase
Acquisition
Date
~6 Years
Contract Rents
Jan 2011
Lease Term
Rental
Increase
Acquisition
Date
~25 Years
Lease Term
Annual Inflation Index
Dec 2013
16
1.
IFRS cap rates as at September 30, 2015.
~5 Years
Lease Term
Rental
Increase
Annual Inflation Index
Rental
Increase
Acquisition
Date
Jun 2014 & Aug 2014
Acquisition
Date
~20 Years
Annual Inflation Index
Aug 2014
NON-CORE ASSET DISPOSITIONS IN CANADA
THE REIT CONTINUES
TO FOCUS ON
BUILDING SCALABLE
PORTFOLIOS IN
GLOBAL GATEWAY
CITIES
RENEWED EMPHASIS
ON CAPITAL
ALLOCATION –
TARGET 50%
INTERNATIONAL
PORTFOLIO MIX
OVER TIME
 The REIT currently has identified 17 non-core asset dispositions
–
Combined IFRS value of ~$105M; Outstanding mortgages of $70M
–
Estimated net proceeds of ~$30M after transaction costs
 During the quarter the REIT made significant progress on its disposition program
–
Sold 1 asset for $5.3M, in-line with IFRS values
–
7 assets under firm contract with a combined IFRS value of ~$40M expected to close by Q1-16
–
4 assets under conditional contract
CANADA
Q3-2015
CANADA
Proforma
PORTFOLIO
Q3-2015
PORTFOLIO
Proforma
SP NOI Growth
2.9%
3.8%
3.5%
3.9%
Occupancy
90.9%
93.2%
94.2%
95.7%
4.5
4.5
9.3
9.9
WALE
EXISTING PORTFOLIO (1)
1.
17
Based on NOI by region proportionally consolidated reflecting a 24% interest in Vital Trust.
Redeployment of disposition proceeds is assumed to be in Brazil & Germany based on a 25/75 split, respectively.
PROFORMA PORTFOLIO (1)
40bps
150bps
0.6yr
ACCRETIVE DEVELOPMENT & EXPANSIONS
WITH A TRACK
RECORD OF
COMPLETING MORE
THAN $300M OF
DEVELOPMENT AND
EXPANSIONS, THE
REIT IS LEVERAGING
ITS EXPERIENCE TO
DELIVER AN
ADDITIONAL $150M
OF INCOME AND
VALUE ENHANCING
PROJECTS TO ITS
PORTFOLIO
 Completed ~$26M Hurstville (Phase I) expansion project in Australia
–
Additional floors added to the building; generating an incremental $2.5M in rent
 $150M of committed low risk development & expansions
–
$51.5M Australian hospital expansions to be funded through existing resources
–
$47.5M Brazil hospital expansions to be funded through a combination of existing resources and property financing
–
$51.5M Canadian development to be funded through property level financing
 $13.0M of stabilized net operating income
–
Potential to generate up to an incremental $0.06 of AFFO/Unit (1)
 $13.5M of stabilized value accretion
–
Potential to generate up to an incremental $0.15 of NAV/Unit (1)
Country
Projects
Est.
Completion
Project
Cost
Cost to
Complete
Pre-Leased
Occupancy
Project
Yield
Project
NOI
Potential
Value
Accretion
5
Q4 2015 to
Q2 2016
51.5
24.0
100.0%
8.8%
4.5
3.5
2
Q4 2016 /
Q4 2018
47.5
47.5
100.0%
10.5%
5.0
5.5
2
Q4 2016
51.5
24.5
73.9%
7.1%
3.5
4.5
150.0
95.5
13.0
13.5
9
18
1.
Assuming projects are 100% debt funded at the existing region’s financing costs and is for indicative purposes only.
EXPANSION PROFILE – AUSTRALIA
Hurstville Private Hospital
Sydney
Stage 1 completed July 2015.
Hospital continued to function
throughout development.
Acquired in May 2012
Redevelopment spend of A$34.0M
Purchase price A$12.6M
30 June 2015 valuation A$58.2M
Cap rate 9.5%
Cap rate 8.25%
19
DEVELOPMENT PROJECTS – CANADA
Barrie Medical Centre
Barrie, ON
Toronto West Health Centre
Etobicoke, ON
Acquired in early 2015
Acquired in early 2015
Project cost ~$26.0M
Project cost ~$25.5M
Stabilized Yield 6.5%
Stabilized Yield 6.5%
Ground-up development of a new ~80,000 SF
medical office building to house the Barrie
Family Health Team.
Existing redevelopment of a medical building complex,
consisting of two buildings of ~80,000 SF. Redevelopment
will be home to the Etobicoke Family Health Team.
20
S T R AT E GY & O U T LO O K
21
RELATIVE VALUATION
THE REIT IS TRADING
AT A SIGNIFICANT
DISCOUNT TO ITS
PEERS ON BOTH AN
AFFO MULTIPLE AND
NET ASSET VALUE
BASIS
AFFO MULTIPLE
$12.94•
18x
$11.90 •
12x
6x
14.2x
$8.60
15.4x
$9.49•
11.3x
10.2x
0
Canadian REITS
(EV > $1BN)
NWH.UN
Internationally
Focused Canadian
REITS
0
US Healthcare
REITS (Top 5)
(6.4%)
$8.88 •
10%
(9.4%)
(11.6%)
$8.60
$8.40 •
• Implied Share Price
-
(10.6%)
$8.48 •
PREMIUM / (DISCOUNT) TO NAV
Based on NWH.UN’s closing unit price of $8.60/unit as of November 2, 2015 and normalized AFFO/Unit of $0.84 per year ($0.21/unit for the quarter)
NAV is based on Q3 2015 reported NAV/unit of $9.49.
22
INVESTOR FACTSHEET
Ticker
NWH.UN
Listed Exchange
TSX
Distribution Payable
Monthly
Distribution Type
100% Return of Capital for 2014
Unit Price
$8.60 (November 2, 2015)
Market Capitalization
$620M
Distribution Yield
~9.3%
52-Week Trading Range
$7.45 - $10.05
Volume Weighted Avg. Price (VWAP) (20-day)
$8.53
Average Daily Volume (20-day)
55,000
NAV Q3-2015 (IFRS)
$9.49
23
CONTACT INFORMATION
NORTHWEST HEALTHCARE PROPERTIES REIT
Paul Dalla Lana, Chairman & CEO
416-366-2000 Ext. 1001
Vincent Cozzi, President & CIO
416-366-2000 Ext. 1005
Shailen Chande, VP – Investments
416-366-2000 Ext. 1106
24
A P P E N D I X
1
REGIONAL PORTFOLIO
OVERVIEWS
25
PORTFOLIO PROFILE
COMBINED
PORTFOLIO
COMPRISES 123
PROPERTIES
TOTALING 8.0MM
SQUARE FEET OF GLA
IN FIVE COUNTRIES
STRONG OPERATING
FUNDAMENTALS
WITH OCCUPANCY OF
~96%, WALE OF ~10
YEARS AND 67% /
33% MOB/HOSPITAL
MIX
GLOBAL HEALTHCARE REAL ESTATE INFRASTRUCTURE
Canada
Q3 2015
Brazil
Germany
Australasia
(1)
Combined
Platform
Proforma
Platform
Total
NonCore
Core
Number of
Properties
73
16
57
5
19
26
123
107
Asset Mix (2)
100%
MOB
100%
MOB
100%
MOB
100%
Hospital
100% MOB
~15% MOB /
85% Hospital
70% MOB /
30% Hospital
67% MOB /
33% Hospital
GLA (Million
Square Feet)
4.6
0.8
3.8
1.0
0.7
1.7
8.0
7.2
Gross Assets (3)
$1,290
$100
$1,190
$318
$154
$667
Occupancy
90.9%
79.2%
93.2%
100.0%
94.9%
99.4%
94.2%
95.8%
WALE (Years)
4.5
4.4
4.5
21.5
4.8
17.3
9.3
9.9
Avg. Building
Age (Years)
~32
~11
~15
~15
~26
~22 to 25
Weighted
Average Cap
Rate (5)
6.6%
9.4%
6.4%
8.0%
7.4%
7.4%
1. Shown on a fully consolidated basis. NWH owns a 24.5% interest in Vital Trust
2. Based on proportionally consolidated NOI
3. Gross assets (IFRS) as of September 30, 2015
4. Based on total assets of NWH and Vital Trust on a fully consolidated basis, including corporate assets which are not shown; $2.0 billion in proportionate ownership
5. Per IFRS financial statements as of September 30, 2015
26
$2,520
(4)
$2,420
(4)
CANADA: LARGEST PORTFOLIO OF MOB ASSETS
INVESTMENT AND MARKET OVERVIEW

YT
NT
NU

AB
BC
Spruce Grove (1)
NL
SK
Edmonton (4)
MB
QC
Airdrie (1)
Kamloops (1)
Calgary (7)

ON
Winnipeg (2)
PE
NB
Canada’s largest non-government owner/manager of MOBs and
healthcare related facilities
 Portfolio of 73 properties comprising GLA of 4.6 million sf and
~1,500 tenants
 90.9% occupancy and ~4.5 year WALE
High quality real estate with stable cash flow underpinned by
tenancies supported by the Canadian publicly funded healthcare
system
Provides stability and diversification to a broader international
healthcare real estate portfolio
NS
QC
ON
CANADA
Quebec City (4)
Levis (1)
Sudbury (2)
Joliette (1)
Laval (1)
Lachenaie (1)
Longueuil (2)
Ottawa (1)
Richelieu (1)
NB
PE
Sydney (2)
Moncton (1)
New Glasgow (1)
Fredericton (1)
Lower Sackville (1)
Dartmouth (1)
Halifax (2)
NS
Saint Hubert (1)
Lindsay (1)
Montreal (2)
Orillia (1)
Vaudreuil-Dorion (1)
Midland (1)
Collingwood (1)
Port Hope (1)
Whitby (1)
Mississauga (1)
Toronto (10)
Guelph (2)
Oakville (1)
Cambridge (1)
Hamilton (3)
London (2)
Le Carrefour Medical
Laval, QC
St. Thomas (1)
Chatham (1)
Windsor (2)
27
Dundas-Edward Centre
Toronto, ON
BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS
INVESTMENT AND MARKET OVERVIEW

RORAIMA
AMAPÁ

Bele
m
Manaus
AMAZONAS
PARA
Fortaleza

CEARA
MARANHÃO
RIO GRANDE
DO NORTE
Natal
Institutional quality, core healthcare infrastructure assets in
strategic markets including São Paulo, Brasilia and Rio de Janiero
 100.0% occupancy and ~21.5 year WALE
Stable cash flow with long-term, triple-net, inflation-indexed
leases, providing consistent organic growth
Long-term relationship with one of the country’s leading hospital
operators Rede D’Or São Luiz S.A. (S&P National Rating: AA-)
PIAUI
PERNAMBUCO Recife
ACRE
ALAGOAS
Macieo
TOCANTINS
RONDÔNIA
BAHIA
FEDERAL
DISTRICT
Salvador
Hospital Santa Luzia
Hospital Coração
Brasilia
GOIAS
MINAS GERAIS
MATO GROSSO
DO SUL
SÃO PAULO
Hospital Sabará
Hospital Brasil
RIO DE JANEIRO
Hospital Caxias
Rio De Janeiro
São Paulo
PARANÁ
SANTA
CATARINA
RIO GRANDE
DO SUL
Port Alegre
Hospital Infantil Sabará
São Paulo
28
Hospital Caxias D’Or
Rio de Janeiro
GERMANY: STRATEGICALLY LOCATED MOB ASSETS
INVESTMENT AND MARKET OVERVIEW

SCHLESWIGHOLSTEIN
MECKLENBURG-VORPOMMERN
HAMBURG

BREMEN
BERLIN
NIEDERSACHSEN
6
Berlin Assets

High quality MOB assets located in the major markets including Berlin,
Frankfurt, Ingolstadt and Leipzig
 94.9% occupancy and ~4.8 year WALE
Highly fragmented MOBs market in Germany presents a unique
opportunity to consolidate healthcare infrastructure assets accretively
Fully integrated property management and asset management
capabilities allow efficient operation and deal sourcing
BRANDENBURG
SAXONY-ASPHALT
NORDRHEIN-WESTFALEN
SACHSEN
HESSEN
Fulda
1
11
THURINGIA
Leipzig Portfolio
Frankfurt
RHINELAND-PFALZ
SAARLAND
Adlershof 1
Berlin
Polimedica
Berlin
Berlin Neukolln
Berlin
Hollis Centre
Ingolstadt
BAYERN
BADEN-WÜRTTEMBERG
Ingolstadt
1
Munich
29
AUSTRALASIA: STRATEGIC INVESTMENT IN VITAL TRUST
INVESTMENT AND MARKET OVERVIEW
AUSTRALIA

NORTHERN
TERRITORY

QUEENSLAND
Manager and 24% strategic shareholder of Vital Trust (NZX:VHP),
Australasia’s largest listed healthcare real estate owner with 17 private
hospitals, 7 MOBs, and 2 development lots
 99.4% occupancy and ~17.3 year WALE
Stable and growing cash flows underpinned by tenancies of high
quality hospital and healthcare operators with long-term, inflationindexed leases
4
WESTERN AUSTRALIA
1
SOUTH AUSTRALIA
1
NEW SOUTH WALES
6
VICTORIA
6
NEW ZEALAND
TASMANIA
1
Epworth Eastern Medical Centre
Melbourne, AU
Marian Centre
Perth, AU
Epworth Eastern Hospital
Melbourne, AU
Ascot Hospital
Auckland, NZ
6
30
A P P E N D I X
2
MANAGEMENT
BIOGRAPHIES
31
GLOBAL PLATFORM WITH REGIONAL CAPABILITY AND EXPERTISE
HIGHLY EXPERIENCED
AND ALIGNED EXECUTIVE
MANAGEMENT TEAM
FULLY ESTABLISHED,
SCALABLE REGIONAL
TEAMS WITH EXPERTISE
IN PROPERTY
MANAGEMENT,
ACQUISITIONS AND
DEVELOPMENT
LOCAL MARKET
KNOWLEDGE AND
STRONG RELATIONSHIPS
WITH LEADING
HEALTHCARE PROVIDERS
OVER 180
PROFESSIONALS ACROSS
9 OFFICES IN 5
COUNTRIES
MANAGEMENT – COMBINED REIT
REGIONAL OPERATING PLATFORM AND EXPERTISE

Paul Dalla Lana
Chairman &
CEO

Founder of NWH REIT

Largest unitholder of NWH
Peter Riggin
President –
Canada


Vincent Cozzi
President and
CIO


President and CIO
Previously Senior Vice
President, Acquisitions at
Ventas

Gerson Amado
Managing
Director –
Brazil



Teresa Neto
CFO
Mike Brady
EVP & General
Counsel

CFO

Previously CFO of KEYreit
and Retrocom REIT
Jan Krizan

Chartered Accountant
Managing
Director –
Germany

EVP and General Counsel
David Carr

Previously a Partner at
Baker & McKenzie LLP and
McLean & Kerr LLP
32
CEO – Vital
Trust
HQ in Toronto plus five
regional offices
139 professionals
Leading healthcare real estate
asset management platform
Relationships with hospital
operators Rede D’Or SL and
Sabara
2 professionals
Established platform with full
property management and
asset management capabilities

Office in Berlin

19 professionals

President Australasia
Fully integrated real estate
owner and operator


Fully integrated property
management and asset
management
Offices in Auckland and
Melbourne
12 professionals