Toronto, Ontario–(Newsfile Corp. – October 8, 2024) – Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the ‘REIT’ or ‘Northwest’), a leading owner and operator of healthcare real estate infrastructure in North America, Brazil, Europe and Australasia, today announces Chief Executive Officer, Craig Mitchell, has advised the Board of his intention to retire in mid-2025. The REIT has commenced a recruitment search, assisted by a professional executive recruitment firm and led by the Board’s Compensation, Governance and Nominating Committee, to ensure a seamless transition and onboarding of Craig’s successor.

Since joining Northwest over seven years ago, initially leading the Australian and New Zealand business to become the largest healthcare REIT in market, Craig expanded his role as Global President in charge of Property in all markets. He assumed the CEO position in August 2023, and successfully steered the REIT through its recently concluded Strategic Review process.

Craig will continue as CEO through Q2 2025, focusing on executing the REIT’s new strategy, further strengthening the balance sheet, simplifying the business, and ensuring a smooth leadership transition. Following his retirement, Craig will remain on the Board of New Zealand Stock Exchange listed Vital Healthcare Property Trust as a Northwest representative throughout 2025 to support continuity in the Australasia region.

Board Chair, Dale Klein, commented: ‘Craig has shown outstanding leadership at Northwest, navigating the REIT through a comprehensive strategic review, spearheading significant transactions, and strengthening our leadership team. His dedication, including an extensive travel schedule, has been integral to our success. The Board greatly appreciates Craig’s commitment and the platform he has established. We look forward to his ongoing contributions through 2025 and a smooth transition in leadership.’

‘One of the key reasons for my decision to retire in mid-2025 is my expectation that our turnaround will be completed by then, allowing for a smooth transition to new leadership. I’ve had the privilege of working with many incredible people during my time at Northwest and am deeply proud of the healthcare business we’ve built together. I’m also thankful to our unitholders who have supported us through many changes and believe in the long-term value of our business. With a strong leadership team in place, Northwest is well-positioned for continued success.’

About Northwest

• Extends 52% of Remaining 2025 Debt Maturities
• Over $200 Million of Assets Globally on a Consolidated Basis listed for sale or under conditional sales contracts

Toronto, Ontario–(Newsfile Corp. – October 1, 2024) – Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the ‘REIT’ or ‘Northwest’), a leading owner and operator of healthcare real estate infrastructure in North America, Brazil, Europe, and Australasia, today announced 2025 debt repayments, new financing and maturity extensions and progress with its disposition strategy to address remaining 2025 debt maturities and further deleveraging.

‘Executing to plan, we’ve made significant progress on strengthening the balance sheet,’ said Stephanie Karamarkovic, Chief Financial Officer of Northwest. ‘Through facility refinancing and extensions, we have reduced remaining 2025 debt maturities to approximately $340 million. In addition, we have advanced our disposition strategy with a further $200 million listed for sale or under conditional contract, which are expected to be accretive to adjusted funds from operations (‘AFFO’) per unit and instrumental in decreasing debt and interest expense. These efforts help to position Northwest for greater long-term stability and create value for our unitholders.’

Refinancing Activity

• Secured $421 million of new or renewed financing across several facilities, extending maturities previously occurring in 2024 and 2025 by 2.1 years on a weighted average basis with a nominal impact to the REIT’s weighted average interest rate.
• The REIT’s 2025 debt maturities, which totaled $1.6 billion as at December 31, 2023, have been reduced to approximately $340 million on a proportionate basis as of September 30, 2024, represented by $215 million of mortgages and property level borrowings across multiple facilities in the REIT’s portfolio. Additionally, $125 million Series G Convertible Debentures maturing on March 31, 2025, which are not available for prepayment, are a continued focus for the REIT. The REIT’s objective is to repay the Series G Convertible Debentures on maturity through existing credit facility capacity and proceeds from further asset sales.

Disposition Activity

Northwest continues to actively pursue disposition opportunities. The REIT has over $200 million on a consolidated basis (over $100 million on a proportionate basis) of assets globally listed for sale or under conditional contract, which management expects to complete before March 31, 2025. These transactions are expected to be accretive to AFFO per unit and net proceeds are to be directed toward repaying high-cost debt including the REIT’s Series G Convertible Debentures. As part of the REIT’s ongoing strategy, it will continue to assess the portfolio and seek further opportunities to unlock value through the sale of non-core assets.

About Northwest

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at August 13, 2024, of interests in a diversified portfolio of 186 income-producing properties and 16.1 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe and Australasia. The REIT’s portfolio of medical office buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies. Northwest leverages its global workforce in eight countries to serve as a long-term real estate partner to leading healthcare operators. For additional information please visit: www.nwhreit.com.