NorthWest Healthcare Properties Real Estate Investment Trust
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NorthWest Healthcare Properties Real Estate Investment Trust (NWH-UN) investor relations material

NorthWest Healthcare Properties Real Estate Investment Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Owns and operates 133 healthcare properties across 6 countries with $5.6B in gross assets and 96% occupancy.

  • Achieved stable and growing cash flows, with property NOI up over 3% and occupancy above 96%.

  • Streamlined portfolio by selling $560M+ in non-core assets, fully exited the U.K., internalized Vital in New Zealand, and monetized the New Zealand management contract.

  • Announced a name change to Vital Infrastructure Property Trust, reflecting a strategic shift toward the Americas, effective March 11, 2026.

  • Appointed new CEO, formalized an Investment Committee, and maintained strong ESG leadership.

Financial highlights

  • Same-property NOI increased 3% in Q4 and 3.1% for the year, driven by inflationary and contractual rent increases.

  • FFO per unit rose from $0.36 to $0.44 (22.2% YoY); AFFO per unit increased 7.7% to $0.42.

  • AFFO per unit was $0.12 in Q4 and $0.42 for the year, up 20% and 8% respectively; payout ratio improved to 86% for the year.

  • NAV per unit was $7.55, down $1 from last December, mainly due to Vital internalization and fair value adjustments.

  • Over $600M of debt repaid; debt to GBV reduced from 58.3% to 52.4%.

Outlook and guidance

  • Targeting 3–4% annual SPNOI growth and maintaining payout ratio between 85–90%.

  • Expect further G&A reductions in 2026 following Vital internalization and European asset sales.

  • Targeting leverage below 50% after announced transactions, with a commitment to maintain this level.

  • 2026 expected to be a flat year for FFO, reflecting ongoing repositioning.

  • Focus on further portfolio simplification, cost efficiency, and balance sheet strength.

Healthscope lease with Calvary: status?
European portfolio sale: net proceeds and use?
Canadian development: cost and timeline?
US market entry strategy details
European sale earnings neutrality drivers
Healthscope NFP conversion implications
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Next NorthWest Healthcare Properties Real Estate Investment Trust earnings date

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Q1 202614 May, 2026
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Next NorthWest Healthcare Properties Real Estate Investment Trust earnings date

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Q1 202614 May, 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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