TORONTO, April 27, 2023 /CNW/ – Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (‘Northwest’ or the ‘REIT’) is pleased to announce the closing of its previously announced public offering (the ‘Offering’) whereby Northwest sold $75 million aggregate principal amount of 7.75% convertible unsecured subordinated debentures (‘Debentures’), on a bought deal basis, to a syndicate of underwriters (the ‘Underwriters’) co-led by Scotiabank and RBC Capital Markets.

The REIT has granted the Underwriters the option to purchase up to $11.25 million aggregate principal amount of additional Debentures at a price of $1,000 per Debenture to cover over-allotments, exercisable in whole or in part anytime up to 30 days following closing of the Offering.

The REIT intends to use the net proceeds of the Offering to repay short-term variable rate debt with a weighted average interest rate of approximately 9.3% and for general trust purposes.

The Debentures were offered in each of the provinces and territories of Canada pursuant to the REIT’s short form base shelf prospectus dated February 2, 2023, and by way of private placement in the United States. The terms of the Offering are described in a prospectus supplement filed with Canadian securities regulators. A copy of the prospectus supplement is available under the REIT’s profile on the SEDAR website at www.sedar.com.

Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. As at December 31, 2022, the REIT provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 233 income-producing properties and 18.6 million square feet of gross leasable area located throughout major markets in Canada, the United States, Brazil, Europe, Australia and New Zealand. The REIT’s portfolio of medical office buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 300 professionals in ten offices in eight countries to serve as a long-term real estate partner to leading healthcare operators.

This press release contains ‘forward-looking statements’ within the meaning of applicable securities laws, including statements about the Offering, the expected use of proceeds thereof and the REIT’s variable rate debt exposure. When used in this news release, the words ‘may’, ‘would’, ‘should’, ‘could’, ‘will’, ‘intend’, ‘plan’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’ and similar expressions may be used to identify forward-looking statements. The forward-looking statements in this news release are based on certain assumptions and are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The statements in this news release are made as of the date of this release. The REIT does not intend to nor assumes any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise, unless required by law. Although the REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A discussion of the risk factors applicable to the REIT is contained under the heading ‘Risk Factors’ in the REIT’s annual information form dated March 31, 2023, a copy of which may be obtained on the SEDAR website at www.sedar.com.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. Accordingly, this news release does not constitute an offer for sale of securities in the United States.

SOURCE NorthWest Healthcare Properties Real Estate Investment Trust

For further information: Paul Dalla Lana, CEO, Northwest Healthcare Properties REIT, (416) 366-2000 x1001