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NorthWest Healthcare Properties Real Estate Investment Trust (NWH-UN) investor relations material
NorthWest Healthcare Properties Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 saw strong operational and financial results, including net income of $31.2 million, 4.4% same property NOI growth, and 200,000 sq ft of leasing at a 90% retention rate, with portfolio occupancy at 96.9% and a weighted average lease expiry over 13 years.
Owns 167 healthcare properties across 7 countries, with $8.4B in assets under management and a focus on hospitals and outpatient facilities with stable, long-term leases.
Strategic initiatives included internalizing management of Vital Trust for NZ$214 million, exploring European asset sales, and launching a normal course issuer bid (NCIB) for repurchasing debentures and trust units.
The company is focused on simplifying the business, repatriating capital, and prioritizing North American growth.
Financial highlights
Revenue from investment properties was $104.3 million in Q3 2025, reflecting asset dispositions and same property growth.
Same property NOI increased 4.4% year-over-year to $76.9 million, with regional growth in Australasia (5.1%), Europe (4.8%), Brazil (4.6%), and North America (2.9%).
AFFO per unit rose to $0.11, up 3% sequentially and 16% year-over-year, with an AFFO payout ratio of 85%, down from 99% a year ago.
Leverage decreased to 48.4% from 50.0% at year-end 2024, supported by debt repayments from asset sales.
Assets under management increased to $8.4B, up 1.2% from December 2024.
Outlook and guidance
Internalization of Vital Trust management expected to close by December 31, 2025, or Q1 2026, with proceeds to reduce leverage and fund growth.
Ongoing evaluation of European asset sales, with updates expected by Q1 2026.
Focus remains on deleveraging, simplifying the business, reallocating capital to North America, and disciplined capital allocation.
Healthscope resolution: worst-case scenario?
European sale: long-term strategic benefits?
Target proportionate leverage ratio?
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Next NorthWest Healthcare Properties Real Estate Investment Trust earnings date
Q4 202511 Mar, 2026
Next NorthWest Healthcare Properties Real Estate Investment Trust earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
NorthWest Healthcare Properties Real Estate Investment Trust is an open-ended real estate investment trust formed under the laws of the Province of Ontario. The objectives of NorthWest are to (i) provide investors with stable and growing cash distributions on a tax-efficient basis; (ii) enhance the value of its assets and maximize long-term unit value; and (iii) expand the asset base of NorthWest, through accretive acquisitions, development and other organic growth initiatives, including expansions, renovations and conversions.
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