Topic: How To Invest

Q: Pat, NorthWest Healthcare Properties REIT appears quite undervalued to my naive eye. Please comment on relative value, fundamentals and yield. Thanks.

Article Excerpt

A: NorthWest Healthcare Properties REIT, $10.66, symbol NWH.UN on Toronto (Units outstanding: 103.3 million; Market cap: $1.1 billion; www.nwhreit.com), owns and operates a portfolio of medical office buildings (52%) as well as hospitals and healthcare facilities (48%). NorthWest is Canada’s largest non-government owner and operator of medical office buildings and has steadily increasing its international exposure. Australia and New Zealand represent a significant portion of that portfolio. Of its 152 properties, 56 are in Canada, 59 are in Australasia, 30 are in Europe, and 7 are in Brazil. Together, they comprise over 10.6 million square feet of leasable area. Offering its units at $10 each, NorthWest began trading March 25, 2010, on Toronto. The REIT has an overall occupancy rate of 96.4% and an average tenancy of 12.3 years. The occupancy rate for its properties outside of Canada is over 99%. New property acquisitions (69 from the start of 2013 to the end of 2017) drove the REIT’s 109.2% jump in revenue, from $150.1…

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