Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties

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Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
Q4 2018
INVESTOR UPDATE
        March 7, 2019
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
DISCLAIMER

 This presentation provides a summary description of Northwest Healthcare Properties Real Estate Investment Trust (“NWH” or the “REIT”). This presentation should be read in conjunction with and
 is qualified in its entirety by reference to the REIT’s most recently filed financial statements, management’s discussion and analysis, management information circular (the “Circular”) and annual
 information form (the “AIF”).

 This presentation contains forward-looking statements. These statements generally can be identified by the use of words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”,
 “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “would”, “might”, “potential”, “should”, “stabilized”, “contracted”, “guidance”, “normalized”, or “run rate” or variations of such words and
 phrases. Examples of such statements in this presentation may include statements concerning: (i) the REIT’s financial position and future performance, including, normalized financial results, in-
 place and contracted run rates, payout ratios and other metrics; (ii) the REIT’s property portfolio, cash flow and growth prospects, (iii) liquidity, leverage ratios, future refinancings, fees earned by
 the asset manager to Vital Trust, anticipated capital expenditures, future general and administrative expenses, including estimated synergies and contracted acquisition and development
 opportunities, and (iv) the REIT’s intention and ability to distribute available cash to security holders.

 Such forward-looking information reflects current beliefs of the REIT and is based on information currently available to the REIT. Other unknown or unpredictable factors could also have material
 adverse effects on future results, performance or achievements of the REIT. Forward-looking information involves significant risks and uncertainties should not be read as a guarantee of future
 performance or results and will not necessarily be an accurate indication of whether or not, or the times at which, or by which, such performance or results will be achieved, and readers are
 cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are based on numerous assumptions which may prove
 incorrect and which could cause actual results or events to differ materially from the forward-looking statements. Although these forward-looking statements are based upon what the REIT believes
 are reasonable assumptions, the REIT cannot assure investors that actual results will be consistent with this forward-looking information. Such assumptions include, but are not limited to, the
 assumptions set forth in this presentation, as well as assumptions relating to (i) the REIT successfully realizing the operational and financial benefits described herein, including the realization of
 synergies, completion of anticipated acquisition and development opportunities, and generation of cash flow; and (ii) general economic and market factors, including exchange rates, local real
 estate conditions, interest rates and the availability of equity and debt financing to the REIT. These forward-looking statements may be affected by risks and uncertainties in the business of the REIT
 and market conditions, including that the assumptions upon which the forward-looking statements in this presentation may be incorrect in whole or in part, as well as risks related to increases or
 decreases in the prices of real estate; currency risk; project development, expansion targets and operational delays; marketability; additional funding requirements; governmental regulations,
 licenses and permits; environmental regulation and liability; competition; uninsured risks; contingent liabilities and guarantees, including the outcome of pending litigation; litigation; health and
 safety; trustees’ and officers’ conflicts of interest; the ability of the REIT to integrate the operations of NWI; the ability of the REIT to continue to develop and grow; and management of the REIT’s
 success in anticipating and managing the foregoing factors, as well as the risks described in the Circular and the AIF. The reader is cautioned that the foregoing list of factors is not exhaustive of the
 factors that may affect forward-looking statements. Other risks and uncertainties not presently known to the REIT or that the REIT presently believes are not material could also cause actual results
 or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect the operations or financial results of the
 REIT are included in reports filed by the REIT with applicable securities regulatory authorities.

 These forward-looking statements, which reflect the REIT’s expectations only as of the date of this presentation. The REIT disclaims any obligation to update or revise any forward-looking
 statements, whether as a result of new information, future events or otherwise, except as required by law.

 Certain information concerning Vital Trust contained in this presentation has been taken from, or is based upon, publicly available documents and records on file with regulatory bodies. Although
 the REIT has no knowledge that would indicate that any of such information is untrue or incomplete, the REIT was not involved in the preparation of any such publicly available documents and
 neither the REIT, nor any of their officers or trustees, assumes any responsibility for the accuracy or completeness of such information or the failure by Vital Trust to disclose events which may have
 occurred or may affect the completeness or accuracy of such information but which are unknown to the REIT.

 Funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”) and net asset value (“NAV”) are not measures recognized under International Financial
 Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. FFO, AFFO, NOI, and NAV are supplemental measures of a real estate investment trust’s performance and
 the REIT believes that FFO, AFFO, NOI, and NAV are relevant measures of its ability to earn and distribute cash returns to unitholders. The IFRS measurement most directly comparable to FFO, AFFO
 and NOI is net income. The IFRS measurement most directly comparable to NAV is net equity. A reconciliation of NAV, NOI, FFO, AFFO and Normalized AFFO to net income is presented in the REIT’s
 management’s discussion and analysis of financial condition and results of operations of the REIT for the period ended December 31, 2018, as filed on SEDAR.

                                                                                                     1
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
CORE HEALTHCARE INFRASTRUCTURE IN MAJOR MARKETS

                                                                      TORONTO

NorthWest Healthcare Properties Real Estate                                                                  AUCKLAND
                                                                                 SÃO PAULO
Investment Trust (TSX: NWH.UN) is a
specialist healthcare real estate investor that
owns a high quality portfolio of medical
office and hospital properties located                                                                            MELBOURNE
                                                      B E R L I N                                SYDNEY
throughout major markets in Canada, Brazil,
Germany, Australia and New Zealand.
                                                                    ESTABLISHED RELATIONSHIPS WITH LEADING HEALTHCARE OPERATORS

NWH AT A GLANCE
                                                                                                NOI
                                                                                          DIVERSIFICATION
 11.2M               156              $5.1BN
 SQUARE FEET        PROPERTIES        TOTAL ASSETS

96.7%               12.6              6.2%
  OCCUPANCY          YEAR WALE        IFRS CAP RATE

$1.5BN             7.2%                90%
 MARKET   CAP)   DISTRIBUTION YIELD   PAYOUT RATIO

                                                             2
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
HIGHLIGHTS OF THE QUARTER

DELIVERING STABLE       Delivering stable operating results
AND CONSISTENT                Stable per unit AFFO and NAV per unit

RESULTS                       Source currency adjusted cash SPNOI growth of 4.3% YTD
                              Occupancy of 96.7%; International portfolio occupancy above 98%
PREVIOUSLY              European platform continues to gain momentum
ANNOUNCED                     During the quarter, the REIT acquired 1 German MOB and 1 German rehab hospital for a combined purchase
                                 price of $52.3M. Post quarter end, the REIT acquired 1 MOB for a purchase price of $32M in Germany
STRATEGIC PRIORITIES
                              YTD over $300M in European acquisitions, including the first acquisitions in The Netherlands and expansion
ACTIONED WITH NEW                into the German rehab hospital sector
OPPORTUNITIES           Executing on strategic investment pipeline
IDENTIFIED                    Post quarter end, the REIT entered into a definitive agreement to acquire a portfolio of 11 high quality, major
                                 market Australian hospitals from Healthscope Limited (“HSO”) for a combined purchase price of A$1.25 BN
                                  The REIT intends to leverage existing capital relationships and ultimately own 25%-30% of the portfolio
                                    while retaining management of the entire portfolio and generating incremental third party management fee
                                    income
                              The portfolio is highly complementary to the REIT’s existing assets in region and solidifies NorthWest as the
                                 leader in Australian healthcare real estate
                              The initial cap rate is 5%, with 2.5% annual rent increases on an initial 20-year lease term on an absolute
                                 (quadruple) net lease basis

                        Improved Capital Markets Presence
                              NWH meets all criteria for S&P/TSX Composite index inclusion and expects to be added in the March rebalance
                              Increase level of intuitional support
                              Completed $269M of capital markets financing (including a $144 million equity offering that closed post
                                 quarter end)

                                                                 3
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
DASHBOARD

                 GROSS BOOK VALUE                                 NORMALIZED AFFO / UNIT

     +8.3% YoY (8.9x increase since inception)                       +11.0% since inception

                                        $5,072m
                      $4,684m
                                                                             $0.93              $0.88
     $572m                                                $0.80

  At inception        Q4-2017           Q4-2018       At inception          Q4-2017            Q4-2018
                                                                           Annualized         Normalized

                   OCCUPANCY                              WEIGHTED AVERAGE LEASE EXPIRY

          International portfolio at 98.3%                                +0.5yr YoY

                        95.9%           96.7%                                 12.1               12.6
     90.7%                                                 4.0

  At inception        Q4-2017           Q4-2018       At inception          Q4-2017            Q4-2018

                                                  4
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
2018 YTD SUMMARY OF INVESTMENT ACTIVITY

                                                     Significant Transactional Activity in 2018

                                      Q1                                                                                           Q2

   Acquired an MOB in Berlin and two post-acute care clinics in Bad
   Kissingen and Wilhelmshaven, Germany, totaling $80M. Acquired the                     Acquired the 2nd largest MOB in Berlin, Germany and two high quality MOBs in
   remaining 50% interest in Epworth Clarendon Hospital in Melbourne,                    Brunssum and Rotterdam, the Netherlands totaling $182M. Acquired a 10%
   Australia for $55M and completed the $167M disposition of the                         strategic stake in Healthscope (ASX:HSO).
   Dundas Edward Centre in Toronto.

                                     Q3                                                                                          Q4
                                                                                         $115M of completed transactions in Q4 (Europe and Australasia), totaling ~$550M
   Acquired one AAA asset in São Paulo, Brazil for $92M.                                 of global acquisitions in 2018. The quarter’s acquisitions comprised two properties
   Acquired development land in Australia and New Zealand collectively                   in Germany, a 50/50 JV between Vital and NWH Australia of Elizabeth Vale in South
   for ~$12M.                                                                            Australia, NWH Australia’s Casey Swim School and exercising its option in acquire
   Disposed 70% of Galaxy assets worth $207M.                                            Epping Medical Centre.

                       Summary                              Acquisitions                  Developments Completed                 Dispositions
                                                                                         Construction    Stabilized
                       YTD Q4 2018                   Value               Cap rate                                          Value          Cap rate
                                                                                            Cost           Yield
                       Australasia                   $138M                 5.3%               -              -            $207M             5.2%

                       Brazil                        $92M                  7.0%               -              -               -                  -

                       Canada                           -                    -                -              -            $167M             4.0%

                       Europe                        $314M                 6.0%               -              -               -                  -

                       Total                        $544M                  6.0%               -              -            $374M             4.7%
                       Note: Value excludes transaction costs and stake in Healthscope

                                                                                             5
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
SIGNIFICANT VALUE CREATION IN ANZ MANAGER

PRO-FORMA THE
                                                                                                      INSTITUTIONAL                                AUSTRALIAN
HEALTHSCOPE                                                                                                 JV                                      PLATFORM
ACQUISITION
NORTHWEST MANAGES                     AUM
                                    (in $M)                              $491(*)          $1,617            $2,000                $1,200            > $5,000
A$5.0BN AUSTRALASIAN
PLATFORM WITH A$3.5BN
                            NWH Ownership
OF FEE BEARING CAPITAL           %                                   100%               24.9%                30%                25%-30%               34%
AND A 34% OWNERSHIP
INTEREST                       3rd Party Fee
                                                                         Nil             $1,214            $1,400                 $870               $3,484
                              Bearing Assets

FUNDING IN PLACE TO                                                                                        Market fees
                                                                                        LTM $35M                                Market fees
FACILITATE FULL                                                                       Base fee           Base fee           To be finalized
                                       Fees                        Internal           Performance fee    Performance fee     based on ultimate   $35M to $40M
INVESTMENT                                                                             Activity fees      Activity fees
                                                                                                                              ownership
                                                                                      Other fees         Other fees          structure

                              ANZ Manager                                                             $270M
                                Valuation                                                           Target 11x-13x
                                                                                                   EBITDA multiple

                         Note (*): Net of the assets sold into the JV.

                                                                                   6
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
GROWTH THROUGH CAPITAL RELATIONSHIPS

OPPORTUNITY TO        Healthcare real estate is an attractive investment for long-term institutional capital
LEVERAGE A                  Defensive healthcare fundamentals support high occupancy and long term indexed leases
DIFFERENTIATED              High quality, new generation healthcare facilities in major global markets
HEALTHCARE REAL             Significant consolidation opportunity driven by deep operator relationships
ESTATE PLATFORM TO
ATTRACT ADDITIONAL    $2.8BN global pipeline provides an opportunity to scale capital relationships
FEE BEARING                 Australia: Significant strategic opportunity through Healthscope interest
INSTITUTIONAL
                            Brazil: “Triple A” major market strategy is well suited to growing institutional relationships
CAPITAL
                            Europe - Germany: Recent entry into the post-acute care rehabilitation clinic market
                            Europe - Netherlands: Highly fragmented market with consolidation opportunities

                      Leverage leading global platform and existing assets to drive meaningful fee growth
                            Pro-forma the HSO acquisition current stabilized fees of $35M - $40M underpinned by permanent
                              capital commitments
                            Highly scaleable and differentiated management platform to drive operating leverage

                                                                  Target:
                                                       $1.0BN of incremental AUM
                                                     $10M - $15M of incremental fees

                                                            7
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
SOLIDIFYING AUSTRALASIAN LEADERSHIP

                                                  History and Key Accomplishments in Australia

                                  Developed local
            Initial investment    knowledge and                         Expansion and consolidation                          Integration and further expansion
                                  regional growth
                                                                        Generation Manager
                                       In Region:
              Vital Manager                                                 acquisition:                                  Full integration and rebranding of the
                                     strengthened
                acquisition:                                               acquired 100%      NWH completed            Australasian Management Platform to NWH
                                 relationship with key
              acquired 100%                                               interest in GHM     100% acquisition             Healthcare Properties Management
                                     operators and
             interest in VHML                                                                  of Generation
                                  improved portfolio
                                         metrics          Vital reached $1Bn in
                                                             assets; doubling                                                    Entered into an A$2.0Bn JV with a large
                                   NWH: Market
                                                             since the initial                                                            sovereign wealth fund
                                    and strategy
                                     assessment                 investment

                  2011                                   2012 - 2016                                  2017                            2018 and forward
                                   Vital delivered                                                    Exclusive RE
                                      excellent                                                        Partner of
                                   performance:                                                         Acurity
                                                                                                                        Acquisition of a 10%        Feb. 1, 2019 - entered into a
                                  Unit price +115%
                                                              Initial GHC Investment:               Completed           strategic interest in         definitive agreement to
   Initial Vital Investment:        (inception to
                                                                      acquired a                     $400M in         Healthscope; Australia's       acquire 11 properties from
acquired a 19.8% stake in NZX       DEC/15) and
                                                              19.8% stake in ASX listed           acquisitions and   2nd largest private hospital   Healthscope for A$1.25 Bn;
    listed Vital Healthcare        outperformed
                                                             Generation Healthcare REIT            developments       operator with a portfolio      the transaction is expected
Property Trust (founded early      benchmark by
                                                                 (founded in 2006)                    in 2017              of 45 hospitals                to close in Q2/19
             1990s)                    8,636 bp

                                                                                          8
Q4 2018 INVESTOR UPDATE - March 7, 2019 - NorthWest Healthcare Properties
FINANCIAL OVERVIEW

        9
Q4-18 FINANCIAL DASHBOARD

                         As Reported                           Normalized                                  Target

                   Deliver stable property operating                                           Track to management run rate and
                                                           Completion of Project Galaxy         guidance
                    performance, cash flow and              including Seed portfolio sale.
                    distributions                          Completed the acquisition of        Completion of the committed
                   Track to management run rate and        Hospital Morumbi in Brazil           development projects and
                    guidance over time                                                           refinancing initiatives

AFFO/unit (5)              $0.81/unit                            $0.88/unit                            +$0.95/unit

  LTV (6)              47.8% / 55.7%                        45.3% / 53.3%
FINANCIAL HIGHLIGHTS - PROFITABILITY

POSITIVE OPERATING                                                               Q4-18                               Q4-18
RESULTS IN LINE WITH                                                          As Reported                          Normalized

MANAGEMENT             NOI                                                           $66.8M                          $68.1M

GUIDANCE               FFO                                                           $26.5M                          $31.6M

NORMALIZED RESULTS     AFFO                                                          $24.5M                          $29.6M

HAVE BEEN ADJUSTED     W.A Units
                                                                                     121,169                         134,670
                       Outstanding
TO REFLECT THE
IMPACT OF RECENTLY     Annualized AFFO / Unit (4)                                $0.81/unit                         $0.88/unit

COMPLETED AND          Payout Ratio                                                   99%                             90%
COMMITTED
TRANSACTIONS           NORMALIZATION ADJUSTMENTS
                          Normalization adjustments principally relate to:
                             -   Full year effect of acquisitions and dispositions completed during the quarter;
                             -   Full year effect of debt drawn during the quarter
                             -   Debt optimization including initiatives executed during the quarter;
                             -   Accrued rent to Q4-2018 based on contracted rent indexation;
                             -   NWH Australia development completions; and
                             -   Non-recurring and one time items.

                                                                        11
FINANCIAL HIGHLIGHTS - CAPITALIZATION

                                                    Q3-18             Q4-18
Q4 2018 NAV/UNIT WAS                             As Reported       As Reported
POSITIVELY IMPACTED BY
                          Gross Book Value        $4,679.6M          $5,071.6
FAVOURABLE F/X
                          Debt                    $2,299.0M         $2,423.1M
MOVEMENTS AND FV
                          Convertible
GAINS ACROSS THE REIT’S                            $295.3M           $401.2M
                          Debentures
PORTFOLIO                 Other                    $564.0M           $566.2M

                          Net Asset Value          $1,523.8           $1,681.0
                          LTV (excl./incl.
                                                 49.4% / 55.7%     47.8% / 55.7%
                          converts)
                          NAV/Unit                  $11.09            $12.30       The Canadian dollar
                                                                                   depreciated by 5.9% QOQ vs.
                                                                                   the weighted basket of the
                          Quarterly NAV / Unit                                     REIT’s foreign currency
                                                                                   exposure generating a gain on
                                                                                   foreign currency translation

                                                                                   FV gains following external
                                                                                   and desktop assessments
                                                                                   with corresponding cap rate
                                                                                   compressions

                                                              12
BALANCE SHEET OPTIMIZATION AND REGIONAL DEBT STRATEGY

BALANCE SHEET OPTIMIZATION                                                                               DEBT MATURITY PROFILE (11)

  Debt Optimization Opportunities

    Near-term debt maturities totaling ~$260M at 6.8% WAIR; offering
        attractive interest rate saving opportunity
    Extend debt maturity profile to align with long-term leases
    Leverage global balance sheet to reduce regional borrowing
        differentials

  Path to Unsecured Credit Rating – Building an Unencumbered Pool

    15.7% of debt is currently unsecured
    Revolving warehouse facility strategy

LEVERAGE TRENDING LOWER                                                                                  REGIONAL DEBT STRATEGIES
LVR - consolidated incl. converts
60.0%                                                                  Actuals   Target

                                                                                          1
55.0%

                                                                                                                        Asset Level   Bank Loans and    Asset Level     Asset Level
                                                                                                         Type
50.0%                                                                                                                   Term Debt      Securitization   Term Debt     Revolving Debt
            1                                                                                   2

                                                                                                         LTV (13)         ~45%            ~25%            ~55%            ~40%
                 HSO Portfolio Acquisition:
45.0%            - Represents impact of
                 acquisition at target 25%-
                 30% look through ownership
                                                   LTV temporarily elevated due to high                  Market
40.0%
            2                                 transactional volume; expected to trend lower              Interest         ~3.7%           ~7.3%           ~2.2%           ~4.5%
                 Deleveraging Plan
                                                by executing on capital recycling initiatives            Rates (14)
                 Capital recycling of
35.0%            approximately $500 million
                                                                                                         Typical
                                                                                                                         25 years        10 years        10 years      Interest Only
                                                                                                         Amortization
30.0%

                                                                                                    13
RISK MANAGEMENT – FOREIGN EXCHANGE

OVER A 10 YEAR                                                                                                                                                                                                               NOI                               FX Rate - Spot                                 Var. %
                      150                                                                                                                                                                                                   Weight           29-Dec-17           28-Sep-18    31-Dec-18                 QoQ      YoY                     7-Feb-19   Var. %

PERIOD, PORTFOLIO
                                                                                                                                                                                   BRL:CAD                                    17.2%           0.3796               0.3188      0.3514                    10.2%      -7.4%                 0.3581       1.9%
                                                                                                                                                                                   EUR:CAD                                     9.6%           1.5089               1.4979      1.5636                     4.4%       3.6%                 1.5091      -3.5%
                      140                                                                                                                                                          NZD:CAD                                    42.4%           0.8913               0.8549      0.9163                     7.2%       2.8%                 0.8982      -2.0%

INDEX HAS REMAINED
                                                                                                                                                                                   AUD:CAD                                    10.3%           0.9820               0.9322      0.9614                     3.1%      -2.1%                 0.9450      -1.7%
                                                                                                                                                                                   CAD:CAD                                    20.4%           1.0000               1.0000      1.0000                     0.0%       0.0%                 1.0000       0.0%
                      130                                                                                                                                                          Portfolio Weighted Avg.                   100.0%                                                                       5.5%      0.05%                           -1.0%

WITHIN A TIGHT BAND   120
                      110
RENTAL INDEXATION     100
ACTS AS NATURAL        90                                                                                                                                                                                                                                                                                                                   97

CURRENCY HEDGE TO      80
                       70                                                                                                                                                                                                                                                                                                                   74
FX MOVEMENTS
                       60
                       50

                                                                                             Dec-07

                                                                                                                                                                                                         Dec-12

                                                                                                                                                                                                                                                                                                                      Dec-17
                            Jan-05

                                               Nov-05
                                                         Apr-06

                                                                                    Jul-07

                                                                                                               Oct-08

                                                                                                                                          Jan-10

                                                                                                                                                            Nov-10
                                                                                                                                                                     Apr-11

                                                                                                                                                                                                Jul-12

                                                                                                                                                                                                                           Oct-13

                                                                                                                                                                                                                                                      Jan-15

                                                                                                                                                                                                                                                                         Nov-15
                                                                                                                                                                                                                                                                                  Apr-16

                                                                                                                                                                                                                                                                                                             Jul-17

                                                                                                                                                                                                                                                                                                                                        Oct-18
                                                                  Sep-06
                                                                           Feb-07

                                                                                                                        Mar-09

                                                                                                                                                                              Sep-11
                                                                                                                                                                                       Feb-12

                                                                                                                                                                                                                                    Mar-14

                                                                                                                                                                                                                                                                                           Sep-16
                                                                                                                                                                                                                                                                                                    Feb-17
                                                                                                                                 Aug-09

                                                                                                                                                                                                                                             Aug-14
                                      Jun-05

                                                                                                                                                   Jun-10

                                                                                                                                                                                                                                                                Jun-15
                                                                                                      May-08

                                                                                                                                                                                                                  May-13

                                                                                                                                                                                                                                                                                                                               May-18
                                                                                    EUR/CAD                                BRL/CAD                                   NZD/CAD                                AUD/CAD                                   Portfolio Avg.

                                                                                                        Brazil Equity Bridge                                                                                       Despite FX volatility, Brazil NAV has increased
                                                                                                                                                                                                                   primarily as a result of:
                             $700
                             $600
                                                                                                                    $162                                                         $606                              •       Lease Structure: Triple net lease structure
                                                                                                                                                   -$32                                                            •       Structured lease review: Leases are annually
                             $500
                                                                                     $106                                                                                                                                  indexed to the IPCA index (the Brazilian equivalent
                             $400
                                                        $338                                                                                                                                                               of the CPI Index)
                             $300
                             $200
                             $100
                                     $0

                                                                                                                                 14
P O RT F O L I O O V E RV I E W

               15
PORTFOLIO OVERVIEW

                                         $5.1Bn International Platform

             C A N A D A                                                 B R A Z I L
  LEADING MEDICAL                                            STRONG RELATIONSHIPS
  OFFICE BUILDING                                            WITH LEADING
  PLATFORM                                                   OPERATORS

  56 PROPERTIES                                              8 PROPERTIES
                          SP NOI Growth (9)   0.4%                                  SP NOI Growth (9)   3.1%
  1,050 TENANTS                                              8 TENANTS
                          Occupancy           93.2%          FITCH AAA+ RATED       Occupancy           100%
                                                             TENANT
                          WALE                5.1YRs                                WALE                20.4YRs

       AUSTRALASIA                                                       E U R O P E
   LEADING REAL ESTATE                                       CONSOLIDATION OF
   PLATFORMS                                                 MEDICAL OFFICE
                                                             BUILDINGS

   45 PROPETIES IN AUS    SP NOI Growth (9)   5.5%           32 PROPERTIES          SP NOI Growth (9)   4.0%
   11 PROPERTIES IN NZD                                      666 TENANTS
                          Occupancy           98.5%                                 Occupancy           96.4%
   7 DEVELOPMENTS
                          WALE                16.6YRs                               WALE                10.8YRs

                                                        16
PORTFOLIO DIVERSIFICATION

                     NOI DIVERSIFICATION                  TOP 10 TENANTS BY PERCENTAGE OF GROSS RENT (12)
GEOGRAPHICALLY
                     BY GEOGRAPHY (4)
DIVERSIFIED
                                                                                           % of Gross
                                                          Tenant                 Region
PORTFOLIO OF CORE                                                                            Rent
                                                     1
HEALTHCARE REAL                                       Rede D'Or                              14.3%
ESTATE ASSETS IN                                     2
                                                      Healthe Care                           12.8%
STABLE AND GROWING                   REGIONS

                                                     3
INTERNATIONAL                                         Epworth Foundation                      3.2%
MARKETS                                              4
                                                      Acurity Group                           1.9%

HIGH QUALITY AND                                     5
                                                      CISSS / CIUSSS                          1.5%
DIVERSIFIED TENANT   NOI DIVERSIFICATION             6

ROSTER; STRATEGIC    BY ASSET MIX (4)                 Hall & Prior                            1.2%
                                                     7
RELATIONSHIPS WITH
                                                      Bolton Clarke                           1.1%
LEADING HEALTHCARE                                   8

OPERATORS                                             Hospital Sabara                         1.1%

                                                     9

                                    ASSET MIX
                                                      Sportsmed SA                            1.0%
                                                     10

                                                      Mercy Ascot                             1.0%

                                                          Top 10 Tenants                     23.9%

                                                17
RECENT DEVELOPMENTS

                   Healthscope                                                                               $2.0 BN Institutional                       Significant European
                   Transaction                               Hospital Morumbi                                    Joint Venture                           Acquisition Pipeline

Complete                                       Complete                                     Compete                                        Complete                Ongoing

                NWH has entered into a         Size             233k Square Feet            Size             A$2.0Bn (debt and equity)
                                                                                                                                                              ~€90M of near term
Transaction     definitive agreement to
                                                                                                                                                             European investment
Description      acquire 11 high quality
                                                                                                                                           Size          transactions to close over the
                hospital assets for $1.2B                                                   Seed Portfolio     ~A$410M as complete
                                               Tenants             Rede D’Or                                                                             next 3-6 months, with ~€35M
                                                                                                                                                               closed in Q4 2018
               HSO is a leading Australian
              private healthcare provider,                                                                          30% NWH /
Healthscope                                    Cap Rate              ~7.5%                  Ownership         70% Institutional Partner
                operating 45 Australian                                                                                                    Cap Rate              ~4.5%-6.4%
Description
              hospitals, 48 medical centers
                and 63 pathology labs.
                                               Occupancy              100%                  Management         Market base fees and
                                                                                            Fee                    activity fees
                                                                                                                                           Occupancy                 90%+
              NWH intends to leverage its      Lease Term          ~25 Years                                    JV will allow NWH to
Objective     capital partners to ultimately                                                                     accelerate its ANZ
              retain a 25%-30% ownership                                                    Rationale        consolidation plan through    Rental
                                                                                                                                                            Annual Inflation Index
                  stake in the portfolio       Rental                                                        better access to lower cost   Increase
                                                              Annual Inflation Index
                                               Increase                                                                 capital

Acquisition                                    Acquisition                                  Completion                                     Acquisition     Completed and Pending
                   Expected Q2-2019                                 Q3-2018                                           Q3-2018              Date                 Completion
Date                                           Date                                         Date

                                                                                       18
HEALTHSCOPE INVESTMENT HIGHLIGHTS
                                                                                         CORE HEALTHCARE INFRASTRUCTURE IN MAJOR MARKETS
   Transformational 11 property, $1.2BN transaction solidifies
    the REIT as the leader in Australian healthcare real estate                            NORWEST
         Highly complimentary to NWH’s existing portfolio
         Deepens relationship with Australia’s 2nd largest private
                                                                                                                                                                       BRISBANE
          operator                                                                                                                                                     PRIV ATE

   Excellent risk adjusted returns from long term “absolute
    quadruple net” lease structure, 2.5% annual fixed rent
    increases strong 2.2x EBITDAR coverage on new 20 year
    leases

   ~$525M pipeline of brownfield developments and capital
    projects with attractive development spreads of 100 bps                                                                                           Newcastle Private
                                                                                 MELBOURNE CLINIC
   Expected to be immediately accretive to reported
    annualized AFFOPU                                                                                                DEEPENS EXISTING RELATIONSHIP

    ACQUISITION METRICS
                                                                                                      REGIONS
                                                                                                                                     NOI
                                                                                                                                                            ASSET MIX
     $1.2BN                         5.0%                          $60M                                                         DIVERSIFICATION2

     ACQUISITION PRICE                CAP RATE1                   INITIAL RENT
                                                                                                     4% 4%                                               15%
                                                                                          13%         NT SA                                                 Psychiatric
                                                                                                QLD

          57                     1,539                               11                                                                           15% Rehabilitation

        OPERATING                        BEDS                       PROPERTIES                 VIC                 NSW                                              General
                                                                                                                         59%
        THEATRES                                                     ACQUIRED            20%
                                                                                                                                                                    Surgical
                                                                                                                                                                               71%

     100%                              20                         2.5%                                                                                          100%
                                                                  ANNUAL RENT                           100%
        OCCUPANCY                    YEAR WALE
                                                                   INDEXATION                                                                                  Hospital
                                                                                                       Australia

        Notes:                                                                      19
        (1) Based on purchase price excluding transaction costs
        (2) Based on base rent at completion
CASE STUDY #1 - EPWORTH EASTERN HOSPITAL, MELBOURNE
Development of a Healthcare Precinct

                           Co-located private hospital                                        Epworth Eastern Private
 Public hospital initial                                      Public and private hospitals
                             development attracts                                            Hospital announces major
   demand catalyst                                               drive health precinct
                                   specialists                                                       expansion

                                                         20
CASE STUDY #1 – EPWORTH EASTERN HOSPITAL, MELBOURNE
 Development of a Healthcare Precinct

                                                                                                                                  Epworth Eastern Private
     Public hospital initial             Private hospital development                    Public and private hospitals
                                                                                                                                 Hospital announces major
       demand catalyst                   leads to formation of precinct                     drive health precinct
                                                                                                                                         expansion

                 1999                                    2003-05                                         2014-17                            2017-2021

                  NorthWest has supported Epworth over 15+ years with expansion opportunities, advice and capital

 Acquisition of adjacent Medical          Development of Epworth Eastern                Acquisition of Ekera Medical           $125m expansion of Epworth
  Centre housing specialists                Hospital (private)                             Centre increases NorthWest              Eastern Hospital
  operating at Box Hill Public             Establishes operator relationship              assets in precinct                     Acquisition of Ekera Medical
  Hospital                                  with Victoria’s largest not-for-              Strategic acquisition of adjacent       Centre by NorthWest
                                            profit private healthcare group                site for private hospital expansion    Adjacent site available for next
                                                                                                                                   stage expansion

                                          Developments have added to the quality & value of assets,
                                      driving operational benefits & efficiencies that attract practitioners

 Large site area creates potential        Public and private hospital co-               Public hospital major expansion        Epworth Eastern Hospital at
  for future expansion                      location further attracts specialists         Council designated ‘Education           capacity for 3 years
                                           Begins to drive early stage                    and Health precinct’ – targeted        New 30-year lease term over
                                            precinct formation                             as a high growth area with              entire expanded hospital
                                                                                           increased density                      Total 286 beds and $334m
                                                                                                                                   value on completion in 2021

                                                                                    21
CASE STUDY #2 – MEDIAN, GERMANY

SCALED EUROPEAN
PLATFORM PROVIDED                                                                                              Market                      ~230,000
ACCESS TO PARTICIPATE                                                                                          Leader                      Patients p.a.

IN RECENT
                                                                                                               ~€940 M                     120
CONSOLIDATION                                                                                                  Revenue                     Facilities
TRENDS
                                                                                                               ~18,200                     ~15,000
                                                                                                               Beds/Places                 Employees

                                German                         Fragmented                      Private Equity                    NorthWest
                              Rehabilitation                 Market Leads to                   Acquisition of                    Partnership
                                 Market                       Consolidation                      Operator                        Opportunity

                         Germany is world-leading in    Market fragmentation            In 2014 MEDIAN was              First NorthWest real estate
                          post-acute rehabilitation      Strong operators acquisitive     acquired by a private equity     acquisition in 2017
                         Large market with 3%            to achieve economies of          group                           Total investment €75m with
                          German healthcare spend         scale                           Now the clear market             pipeline of €100m+
                          (€9.5 bn in 2016)              Creates opportunity for real     leader and largest private      Supporting MEDIAN’s
                                                          estate portfolios                operator through                 expansion under Master
                                                                                           acquisition strategy             Lease Agreement

                                                                    22
CASE STUDY #2 – MEDIAN, GERMANY

                                                                      Supporting ongoing             Partnership is foundation
                            MEDIAN seeking reliable real
                                                                     MEDIAN expansion with          for continuous acquisition
                                 estate partners
  Who is MEDIAN?                                                        SLB transactions                     pipeline

    Largest private
 rehabilitation provider                2017                               Present                             Future
   with 120+ facilities
    across Germany          NorthWest bought the first        MEDIAN is continuously           MEDIAN’s growth strategy and
                             clinics from MEDIAN                growing through acquiring         their existing assets ensure a strong
                                                                new clinics and operators         pipeline (forecast 5+ clinics per
 In 2014 MEDIAN was        The SLB transaction is based                                         annum (€100m+))
 acquired by Waterland       on a master lease with            NorthWest has bought the
      Private Equity         institutional market standards     underlying real estate at the    International expansion
                                                                time of MEDIAN‘s acquisition      opportunities likely
                            Total market value of current
    After several           MEDIAN clinics: €75m                                                Agreed key terms (master lease
 acquisitions MEDIAN                                                                              agreement) ensures competitive
 has become the clear                                                                             advantage and efficiency in
  market leader in the                                                                            transactions
German post-acute and
 rehabilitation market

                                                                23
CASE STUDY #3 – REDE D’OR, BRAZIL

PLATFORM GROWTH HAS                 Top 5 Global Healthcare Market                  NorthWest's Brazilian Portfolio has
                                                                                          Scaled Significantly
ALLOWED NWH TO          Third largest private healthcare market: $180BN
REMAIN A KEY CAPITAL     p.a. healthcare spending (9% of GDP)
                                                                             NorthWest owns 8 hospitals totaling R$2.1
                        Population over 200M, rapidly ageing, with a
PARTNER AND EXPAND       growing middle class
                                                                              billion (C$750m)
                                                                             Ongoing collaboration with partner for win-
ALONGSIDE OUR KEY       Many old / obsolete private hospitals, with
                                                                              win opportunities
                         unsophisticated operators
OPERATING PARTNERS      Brazil coming out of recession

                                      Top Facilities ‘AAA‘ Strategy

                          Major acute-care assets
                          Leading cities
                          Highly capable operator
                          A-typical lease structures – no rent reviews,
                           inflation escalation
                                                                            R$M              +36% p.a.
                                                                                                                       2,124
                                                                                                               1,796
                                Best-in-Class Private Hospital Operator
                                                                                                       1,578
                                                                                   851    885 1,009
                        Largest private hospital operator in Brazil: 39    340
                         hospitals, 5,900 beds
                        AAA Fitch national rating
                        Backed by global investors GIC (26%) and Carlyle   2012 2013 2014 2015 2016 2017 2018
                         Group (12%)

                                                                24
Case study #4 – Healthe Care, Australia

 Driving growth through relationships
                                                                                                                        2019
                                                                                                                        Third largest for-profit
                                                                                                                        private hospital operator
                      2006                          2016                                  2017                          in Australia

                      Commenced healthcare
                      operations with the
                                                    Acquired by pan-Asian health
                                                    services group that is exploring
                                                                                          Acquired portfolios of
                                                                                          18 hospitals and day
                                                                                                                                 2,500
                      acquisition of 6 hospitals    growth in Australia and Asia          surgeries, funded through                36
Operator                                                                                  private equity
                                                                                                                                 7,000
                                                                 Continued acquisition and partnering

                                  2010                                  2011 - 2018                                    2019
                                  Acquisition of Healthe Care           Acquisition of additional          Significant capital partner on
                                  hospitals                             Healthe Care hospitals               brownfield developments
Real estate partner
                                  8 facilities,                                                                  18 facilities,
                                  ~$100M across facilities                                                    ~$850M gross value

                                                                   25
ACCRETIVE DEVELOPMENT & EXPANSION PIPELINE

                        ~$344M ($157M proportionate) of committed low risk development & expansions in
WITH A TRACK             Australasia, Brazil, and Canada to be funded through a combination of existing resources
RECORD OF                and property financing
                                   $275M ($87M proportional) of Australasian hospital and MOB expansions at Vital and NWAUS
COMPLETING MORE               –
                              –    $51M of Brazilian hospital expansions
THAN $500M OF                 –    $19M of Canadian MOB development

DEVELOPMENTS AND        ~$17.4M of stabilized value accretion on a proportionate basis
EXPANSIONS, THE REIT          –    Potential to generate up to an incremental ~$0.15 of NAV/Unit

IS LEVERAGING ITS
                                                                                                                               Potential
                                                       Est.             Project    Cost to   Pre-Leased   Project    Project
EXPERIENCE TO           Country (15)    Projects
                                                    Completion           Cost     Complete   Occupancy     Yield      NOI
                                                                                                                                Value
                                                                                                                               Accretion
DELIVER AN
                                                   Q2 2019 to Q4
ADDITIONAL $344M                           7
                                                       2022
                                                                          87         74            100%   ~6.2%        5.4       10.7

OF VALUE ENHANCING
PROJECTS TO ITS                            2         Q4 2019              51         51            100%   ~7.5%        3.8        3.6
PORTFOLIO

                                           1         Q1 2020              19         15            60%    ~7.0%        1.3        3.1

                                          10                             157        140                   ~6.7%       10.5       17.4

                                                                   26
COMMITTED ACCRETIVE DEVELOPMENT & EXPANSIONS – AUSTRALASIA

SEVEN DEVELOPMENT     $275M ($87M proportional) of committed development at a weighted yield of 6.3% (6.2%
PROJECTS TOTALLING        proportional).
~C$275M ARE           $17M of stabilized net operating income (at 100% interest)
CURRENTLY                                                                                  Project Cost    Cost to Complete
                      Million of C$                Projects            Est. Completion
                                                                                         (Proportionate)    (Proportionate)
ONGOING

                                           Maitland Private Hospital      Q3 2019              0.7               0.2
BROWNFIELD
REDEVELOPMENTS
                                             Lingard Day Surgery          Q4 2019              5.9               5.0
REMAIN CORE TO
NWH‘S AUSTRALASIAN                         Epworth - GSC & Carpark
                                                                          Q2 2019             24.8               16.1
STRATEGY AND A KEY
DRIVER OF NOI AND                             Epworth Eastern -
                                                                          Q1 2021             30.3               28.6
                                              Nelson Road Flats
NAV GROWTH

                                               Royston Hospital           Q3 2020              3.0               2.6

                                              Wakefield Hospital          Q4 2022             21.5               20.3

                                               Bowen Hospital             Q1 2019              1.1                1.1

                                                      7                                       87.3               73.9

                                                              27
S T R AT E G Y & O U T L O O K

              28
RELATIVE VALUATION

THE REIT IS TRADING                                                                              AFFO Multiple
                                22.0x
AT A SIGNIFICANT                                                                                                                                                    $18.15

DISCOUNT TO ITS                 17.0x                                                          $14.86
                                                                                                                                                             20.6x

PEERS ON AN AFFO                                            $11.10                      16.9x
                                                                                                                                  $13.24
                                12.0x                                                                                      15.0x
MULTIPLE BASIS                                        12.6x
                                 7.0x

                                 2.0x

                                                    NWH.UN                         Canadian REITS                Internationally Focused              US Healthcare REITS
                                -3.0x
                                                                                     (EV > $1BN)                     Canadian REITS                         (Top 5)

                                15.0%
                                                    Implied unit price                                                                                              $13.57
                                10.0%
                                                                                                                                                             10.3%
                                                                                               $11.72                             $11.66
                                 5.0%                       $11.10

                                 0.0%
                                                                                         -4.7%                             -5.2%
                               (5.0%)
                                                      -9.8%
                              (10.0%)

                              (15.0%)
                                                                                       Premium(Discount) to NAV

                      -   Based on NWH.UN’s closing unit price of $11.10/unit as of February 28, 2019 and normalized AFFO/Unit of $0.88 per year; NWH.UN’s NAV is based on Q4 2018 of
                          $12.30.

                                                                             29
INVESTOR FACTSHEET

                 Ticker                                              NWH.UN

                 Listed Exchange                                       TSX

                 Distribution Payable                                Monthly

                                                              55% Return of Capital /
                 Distribution Type
                                                                45% Capital Gains

                 Unit Price (Dec 31, 2018)                            $9.48

                 Market Capitalization                               ~$1.5Bn

                 Distribution Yield                                   ~7.2%

                 52-Week Trading Range                            $9.10- $11.70

                 Volume Weighted Avg. Price (VWAP) (20-day)           $9.92

                 Average Daily Volume (90-days)                      325,000

                 NAV (Q4-2018) (7)                                    $12.30

                                                  30
A P P E N D I X   1

INVESTMENT THESIS

             31
INVESTMENT HIGHLIGHTS

                                                                           FOCUSED

         Healthcare Real Estate                                        Management                                            Deep
               Specialists                                              Expertise                                        Relationships
           Pure play healthcare real estate                     Aligned leadership with a team of                Leading tenant relationships and
                 and infrastructure                               healthcare real estate experts                    operational understanding

                                                                     DIFFERENTIATED

             96%+                                        12.6 yrs.                               70%+                          High Portfolio
           Occupancy                                      WALE                                  Indexed                           Quality
         International portfolio                Cash flow stability; among the            NOI indexed to inflation               Major markets; core
          occupancy of 98%+                   longest term leases in the industry     drives consistent organic growth         healthcare infrastructure

                                                                            SCALED

              180+                             $4.0Bn Australasian                           $1.5Bn MOB                           $1.5Bn
          Professionals                             Platform                                   Platform                          Market Cap
   Operating in 3 of the largest global          With strategic investment in            Leading MOB platforms in          Enhanced capital markets profile
      private healthcare markets                 Vital Trust and capital from              Canada and Germany                with proven access to capital
                                                  institutional JV deployed

                                                                                32
HEALTHCARE REAL ESTATE THESIS

                         •   Favourable demographics and industry trends
      Supportive
                               • Aging populations
     Fundamentals              • Rising healthcare expenditures

                         •   Defensive core healthcare infrastructure
       Attractive
                               • Global gateway cities
      Asset Class              • Leading healthcare operators

                         •   Significant internal and external growth opportunities
  Growth Opportunities         • Inflation indexed leases
                               • Accretive expansions + industry consolidation

        Value            •   Healthcare real estate fundamentals support premium valuations
      Opportunity        •   Currently trading at a discount to Canadian REIT peers

       Proven &          •   10+ year public company track record
        Aligned                • Highly aligned founder and management

            DEFENSIVE, HIGH YIELDING SECURITY WITH GROWTH POTENTIAL

                                                 33
KEY DRIVERS OF HEALTH CARE REAL ESTATE

                                                                 Aging Population

                                                            >65 population cohort growing rapidly
                                                             in developed countries
                                                            > 656mm people worldwide over 65
                                                             by 2021, ~11.5% of global population

                 Consolidation & Cost                          Increased Healthcare                             The Rise of Private
                       Savings                                       Spending                                      Healthcare
             Scale required for efficiency and             $8.7 trillion global healthcare spending      Budget pressures affecting the
              quality                                        by 2020                                        sustainability of public healthcare
                                                              10.6% of global GDP                          funding
             Rise of Public Private partnerships
                                                            Growing at 4.3% per annum                     Governments mandating lower costs
                                                                                                            and improved quality

                                                             Growing Populations and
                                                                 Wealth Creation
                                                            Emerging economies demanding
                                                             better access to quality care
                                                            Patients seeking more choice and
                                                             control

Source: Deloitte 2018 Global Healthcare sector outlook

                   COMPELLING NEED FOR CAPITAL, FACILITIES AND REAL ESTATE SOLUTIONS
                                                                           34
HEALTHCARE REAL ESTATE OPPORTUNITIES

                                               •   NWH’s markets comprise a total population of ~350 million, slightly larger than
                                                   the United States
            NWH’s Market                       •   Total healthcare real estate opportunity estimated to be comparable to the US
             Opportunity                           (~$1 Trillion) across NWH’s markets
                                               •   Significant potential consolidation opportunity with NWH’s platform currently
                                                   comprising ~$3.7 billion

                                               •   Estimated U.S. healthcare real estate market exceeds $1 Trillion
                                               •   Largest healthcare REITs acquired over $100 Billion over last 10 years; still own
           U.S. Healthcare
                                                   less than 15% of the market
            Opportunity                        •   Large U.S Healthcare REITs historically generated better returns with lower
                                                   volatility

HISTORICAL NOI GROWTH OF “BIG 3 HEALTHCARE REITS (1)

Source: Green Street Advisors (January 2017)

                                                                          35
A P P E N D I X   2

FINANCIAL METRICS

             36
TRANSFORMATIONAL GROWTH CONTINUES

                                                                                             NWI Investment and
                                      Canadian Medical Office Building (MOB) Consolidation
                                                                                             International Growth

            Defensive High                                    Improved                                      Positioned for
            Quality Portfolio                                Market Profile                                    Growth

   Core Healthcare Focus                          Increased Market Capitalization              Aligned & Integrated Global Platform

   Major Global Markets                           Reduced Payout Ratio                         Leverage Institutional Relationships

   Asset & Capital Diversification                Reduced Leverage                             Identified Expansions and Developments

   Improved Portfolio Metrics                     Increased NAV                                Actionable Acquisition Pipeline

                                                                       37
FINANCIAL AND OPERATIONAL METRICS

                                  GROSS BOOK VALUE                                                                   PORTFOLIO QUALITY

 GBV has increased from $4.8N to $5.1BN, a ~6.7% increase                                  Portfolio quality improved – occupancy up to 96.7% with WALE
                                                                                              increasing to 12.6 years.
        Normalized GBV                    YoY + 6.7%                                               Occupancy %          YoY + 0.5 years              Wale
                                               4.9                      5.1                                                                  96.7%
                         4.8       4.8                     4.7                                     97.0%                     96.4%                   13.3
           5.0                                                                                                       96.3%           96.3%
                                                                                                           95.9%                                     13.1
                                                                                                   96.0%
           4.0                                                                                                                                       12.9
                                                                                                   95.0%                                             12.7
           3.0                                                                                     94.0%              12.7                           12.5
                                                                                                                                             12.6    12.3
           2.0                                                                                     93.0%                              12.5
                                                                                                                             12.3                    12.1
                                                                                                   92.0%    12.1                                     11.9
           1.0                                                                                                                                       11.7
                                                                                                   91.0%
                                                                                                                                                     11.5
              -
                                                                                                   90.0%                                             11.3
                     Q4-17        Q1-18      Q2-18       Q3-18      Q4-18
                                                                                                           Q4-17     Q1-18   Q2-18   Q3-18   Q4-18

                                             SP NOI                                                                           NAV

 Cash SP NOI in source currency increased 3.2% YOY in Q4 18. In CAD, SP NOI                NAV increased from $11.09 to $12.30 QoQ (+11%) due to
     was highly impacted by the BRL, which depreciated 11.4% YoY vs. CAD.                   favourable FX movements and FV gains
        SP NOI Growth YoY                                                                                    NAVPU
                                                       % in C$     % in Source $                   12.60
                                                                                                                     12.32                   12.30
         7%                                                                                        12.40
                                                                                                   12.20   12.00
                                                 5.0%                                              12.00
         5%              4.4…                                                                      11.80
                                                                 4.0%                                                        11.50
                                                                                                   11.60
                                                                               3.2%
                                                                                                   11.40
         3%                                                                                        11.20                             11.09
                                    1.8%
                  1.2%                                                                             11.00
                                                                                                   10.80
         1%                                                             0.4%
                                                                                                   10.60
                                                                                                   10.40
                                                                                                           Q4-17     Q1-18   Q2-18   Q3-18   Q4-18
        -1%                     -0.5%       -0.3%
                   Q4-17          Q1-18        Q2-18        Q3-18         Q4-18
                                                                                      38
FINANCIAL AND OPERATIONAL METRICS

                           FINANCIAL PROFILE                                                                                            CAPITALIZATION

 Q4 Normalized AFFOPU of $0.88 results in a ~90% payout ratio                Consolidated LTV (Incl. Converts) is 55.7% (flat QoQ)
                                                                                                    60%
         Normalized AFFOPU                          AFFO payout ratio                                                                                  56.1%              55.7%           55.7%
         1.10                                                    100%                               55%               53.1%           53.1%
         1.00       0.93     0.92                                                                                                             50.2%
                                    0.90     0.88         0.88                                                                                                    49.4%
         0.90                                                                                       50%                                                                           47.8%
                                                                                                              46.8%           46.9%
         0.80                       89%      90%        90%
                           87%                                                                      45%
         0.70       86%                                          80%
         0.60                                                                                       40%
         0.50
         0.40                                                                                       35%
                                                                                                                    Q4-17         Q1-18             Q2-18             Q3-18           Q4-18
         0.30                                                    60%
                 Q4-17     Q1-18    Q2-18   Q3-18      Q4-18                                                          Debt to GBV (ex. converts)           Debt to GBV (incl. converts)

                              CAPITAL RAISING                                                                           CAPITAL MARKETS AND LIQUIDITY

 Total capital issuance of ~$269M including completed Q1/19                                                                        Volume         Price       TSX REIT Index

    equity offering                                                                                                                                                                                        4.000

                                                                                                 $11.50                                                                                                    3.600

                                                                                                                                                                                                           3.200
           Equity
                                                                                                 $10.50
                                                                                                                                                                                                           2.800
           Convertible Debenture

                                                                                                                                                                                                                   Volume (millions)
                                                                               Unit Price (C$)

                                                                                                                                                                                                           2.400
                                                                                                  $9.50
                                                                                                                                                                                                           2.000

                                                                                                                                                                                                           1.600
                                                                                                  $8.50
                                                                                                                                                                                                           1.200
                                                    125
                                                                                                  $7.50                                                                                                    0.800

                                            144     144                                                                                                                                                    0.400
                                    125
               -     -                                                                            $6.50                                                                                                    --
                                                                                                           DEC-17
                                                                                                          Dec-17              MAR-18
                                                                                                                               Apr-18                JUN-18
                                                                                                                                                        Jul-18                SEP-18
                                                                                                                                                                                Oct-18            DEC-18
             Q1-18 Q2-18 Q3-18 Q4-18 Q1-19          LTM

                                                                        39
A P P E N D I X   3

REGIONAL PORTFOLIO
   OVERVIEWS

              40
PORTFOLIO PROFILE

PORTFOLIO             GLOBAL HEALTHCARE REAL ESTATE INFRASTRUCTURE
COMPRISES 156
PROPERTIES
                       Q4 2018                         Canada              Brazil              Europe             Vital Trust             NWAUS           Platform (1)
TOTALING 11.2M
SQUARE FEET OF GLA
IN SIX COUNTRIES       Number of
                                                           56                 8                   32                   45                     15              156
                       Properties
STRONG OPERATING                                                                            ~94% MOB & /
                                                                                                                 ~24% MOB & /
                                                                                                                 ~76% Hospital
                                                                                                                                       ~40% MOB & /
                                                                                                                                                           48% MOB /
                                                                                                                                                          52% Hospital
                                                                           100%            ~6% Hospital and                           ~60% Hospital and
FUNDAMENTALS WITH      Asset Mix by GLA               100% MOB
                                                                          Hospital         other Healthcare
                                                                                                                   and Other
                                                                                                                                       Other Healthcare
                                                                                                                                                            and Other
                                                                                                                   Healthcare                              Healthcare
                                                                                               Facilities                                  Facilities
                                                                                                                    Facilities                               Facilities
OCCUPANCY OF
                       GLA (Million
                                                           3.5               1.7                  2.1                  2.6                    1.3             11.2
96.7%, WALE OF 12.6    Square Feet)
YEARS AND 48% MOB
                       Gross Assets                      $1,113             $768                 $618                $1,717                  $749            $5.1B
52% HOSPITAL AND
OTHER HEALTHCARE       Occupancy                         93.2%             100.0%               96.4%                99.4%                  96.7%            96.7%

FACILITIES MIX
                       WALE (Years)                        5.1              20.4                 10.8                 18.5                   13.0             12.6

                       Avg. Building
                                                          ~30                ~14                 ~25                   ~21                   ~11              ~23
                       (Years)

                       Weighted Cap
                                                          6.5%              7.5%                 5.8%                 5.7%                   5.8%            6.2%
                       Rate

                       1.   All metrics are shown on a 100% consolidated basis and excludes non-real estate metrics: Corporate and Vital Manager

                                                                            41
CANADA: LARGEST PORTFOLIO OF MOB ASSETS

                                                                                                                                                INVESTMENT AND MARKET OVERVIEW
                                                                                                                                                   Canada’s largest non-government owner/manager of MOBs and
                                                                                                                                                    healthcare related facilities
        YT
                                                                                                                                                     Portfolio of 56 properties comprising GLA of 3.5 million sf and
                               NT
                                                                                                                                                       1,050 tenants
                                                                       NU
                                                                                                                                                     93.2% occupancy and ~5.1 year WALE

                                                                                                                                                   High quality real estate with stable cash flow underpinned by
                                     AB
             BC
                                                     SK
                                                                                                                                     NL
                                                                                                                                                    tenancies supported by the Canadian publicly funded healthcare
                                                                                                                                                    system
                  Spruce Grove (1)         Edmonton (4)                MB                                                QC
                                      Airdrie (1)
                                                                                                                                                   Provides stability and diversification to a broader international
                                     Calgary (7)                                            ON
                                                               Winnipeg (2)
                                                                                                                                     NB
                                                                                                                                          PE
                                                                                                                                                    healthcare real estate portfolio
                                                                                                                                          NS

                                                QC         CANADA                             NB                PE
       ON
                                                               Quebec City (3)
                                                                                                Moncton (1)
                                                                                    Fredericton (1)
                                                                                                                   New Glasgow (1)                                                   Queensway Professional Center
                                                                   Levis (1)
                                                                                                 Lower Sackville (1)
                                                                                                        Halifax (2)
                                                                                                                                                                                           Mississauga, ON
                                                    Joliette (1)
                                              Laval (1)         Lachenaie (1)                                 NS
                                                                  Longueuil (2)
                                          Ottawa (1)                Richelieu (1)
                                                              Saint Hubert (1)
                                                        Montreal (1)
                                               Vaudreuil-Dorion (1)
    Collingwood (1)                                       Barrie (1)
                 Whitby (1)
Mississauga (1)
          Guelph (2)        Toronto (10)
       Cambridge (1)      Oakville (1)
    London (2)              Hamilton (3)

                                                                                                                                                      Hys Centre
                                                                                                                                                     Edmonton, AB
                                                                                                                                                                                        Springbank Medical Centre
                                                                                                                                                                                               London, ON

                                                                                                                                               42
BRAZIL: NEWLY BUILT PRIVATE PAY HOSPITAL ASSETS

                                                                                                       INVESTMENT AND MARKET OVERVIEW

                                                                                                          Institutional quality, core healthcare infrastructure assets in strategic
                                                                                                           markets including São Paulo, Brasilia and Rio de Janeiro
                 RORAIMA
                                                                                                            100.0% occupancy and ~20.4 year WALE
                                      AMAPÁ

                                                                                                          Stable cash flow with long-term, triple-net, inflation-indexed leases,
                Manaus
                                                    Bele
                                                      m                          Fortaleza
                                                                                                           providing consistent organic growth
           AMAZONAS                  PARA               MARANHÃO           CEARA
                                                                               RIO GRANDE
                                                                                                          Long-term relationship with one of the country’s leading hospital
                                                                                                           operators Rede D’Or São Luiz S.A. (Fitch National Rating: AAA)
                                                                                DO NORTE
                                                                                              Natal
                                                                  PIAUI
                                                                          PERNAMBUCO Recife
ACRE
                                                                              ALAGOAS
                                                                                            Macieo
             RONDÔNIA                        TOCANTINS

                                                                  BAHIA
                                                                                   Salvador
                                              FEDERAL        Hospital Santa Helena
                                              DISTRICT
                                             Brasilia
                                                            Hospital Santa Luzia
                                                            Hospital Coração
                                            GOIAS

       Existing Assets                                     MINAS GERAIS
                              MATO GROSSO
                                 DO SUL
                                             SÃO PAULO            RIO DE JANEIRO
                                   Hospital Sabará                        Hospital Caxias
                                                                     Rio De Janeiro
                                     Hospital Brasil         São Paulo
                      Hospital São Luiz Morumbi              Hospital Ifor
                                      PARANÁ SANTA
                                              CATARINA
                                     RIO GRANDE
                                        DO SUL
                                     Port Alegre

                                                                                                               Hospital Infantil Sabará                 Hospital Caxias D’Or
                                                                                                                     São Paulo                            Rio de Janeiro

                                                                                                      43
EUROPE: STRATEGICALLY LOCATED MOB ASSETS

                                                                                              INVESTMENT AND MARKET OVERVIEW
                                                                                                 High quality MOB assets located in the major markets including Berlin,
            The Netherlands          SCHLESWIG-                                                   Hamburg, Frankfurt, Ingolstadt, Leipzig and Rotterdam
        2                            HOLSTEIN
                                                                                                   96.4% occupancy and ~10.8 year WALE
                                                     MECKLENBURG-VORPOMMERN
      Wilhelmshaven
                        1
                                            2
                                                                                                 Expansion into rehabilitation clinics presents a unique opportunity to
                            BREMEN         Hamburg                                                acquire assets with infrastructure-like characteristics.
                            NIEDERSACHSEN
                                                                       BERLIN
                                                                                                 Fully integrated property management and asset management
                                                                              Berlin Assets
                                                                         12
                                                                                                  capabilities allow efficient operation and deal sourcing
                                                                     BRANDENBURG
                                                   SAXONY-ASPHALT
        NORDRHEIN-WESTFALEN

                               HESSEN                                 SACHSEN
                              Fulda                                     11
                                     2          THURINGIA
                                                                    Leipzig Portfolio
                                         Bad Kissingen
 Bernkastel-Kues            Frankfurt       1
              1

      RHINELAND-PFALZ                                                                                       Adlershof 1                            Medimall
                                                                                                              Berlin                               Rotterdam
       SAARLAND
                                                       BAYERN

                                                       Ingolstadt
                    BADEN-WÜRTTEMBERG
                                                            1

                                                        Munich

                                                                                                          Berlin Neukolln                         Hollis Centre
                                                                                                               Berlin                              Ingolstadt

                                                                                                  44
AUSTRALASIA (1): MAJOR MARKET HOSPITAL AND MOB PORTFOLIO

                                                                             PORTFOLIO OVERVIEW
                                                                              Northwest Healthcare Properties Australia REIT “NWHP AUS” owns a
                                                                               leading Australian healthcare real estate portfolio with over $600M in
                                                                               existing assets
                                                                              Portfolio of 15 Properties of ~1.3M Square Feet
 Epworth Victoria Parade Hospital      Epworth Freemasons Private Hospital      6 hospitals, 6 medical centers, 3 residential aged care
      Melbourne CBD, Victoria                     Melbourne CBD, Victoria
                                                                              Strong occupancy and long-term lease expiry profile
                                                                                96.8% occupancy and ~13.0 year WALE

                                                                             STRATEGIC FIT
Australian Red Cross Blood Clinic                 Casey Specialist Centre
      Brisbane, Queensland                    Melbourne Suburb, Victoria      Major Market Focus
                                                                                    −   The portfolio is centered around Australia’s three largest cities:
                                                                                        Sydney (pop: ~4.9m), Melbourne (pop: 4.5m), and Brisbane
                                                                                        (pop: ~2.3m)

                                NORTHERN
                                                                              Stable, Growing & Accretive Cashflow
                                TERRITORY
                                                                                    −   Long-term inflation indexed leases to some of the region’s
                                                       QUEENSLAND                       largest hospital operators
         WESTERN AUSTRALIA
                                                                 5                  −   Track record of earnings growth through accretive acquisitions,
                                                                                        expansions, and developments
                                SOUTH AUSTRALIA

                                                                              Core Healthcare Strategy
                                                      NEW SOUTH WALES
                                                             3                      −   10+ years of dedicated healthcare focus
                                                      VICTORIA                      −   Strong healthcare operator relationships Healthscope,
                                                             7
                                                                                        Epworth Foundation, and St. John of God
                                                         TASMANIA

                                                                               45
AUSTRALASIA (2): STRATEGIC INVESTMENT IN VITAL TRUST

                                                                   INVESTMENT AND MARKET OVERVIEW
                                                                       Manager and 24.9% strategic shareholder of Vital Trust (NZX:VHP),
AUSTRALIA                                                          
                                                                       Australasia’s listed healthcare real estate owner with 26 private hospitals,
                                                                       10 MOBs, 5 aged care assets and 4 development lots
                                                                        99.4% occupancy and ~18.5 year WALE

                         NORTHERN                                     Stable and growing cash flows underpinned by tenancies of high quality
                         TERRITORY
                                                                       hospital and healthcare operators with long-term, inflation-indexed
                                             QUEENSLAND                leases
                                                      5
     WESTERN AUSTRALIA

            4

                         SOUTH AUSTRALIA
                                 3
                                               NEW SOUTH WALES
                                                              14

                                           VICTORIA
                                                          6

NEW ZEALAND
                                                      TASMANIA              Epworth Eastern Medical Centre               Marian Centre
                                                          1                        Melbourne, AU                          Perth, AU

                            12

                                                                               Epworth Eastern Hospital                  Ascot Hospital
                                                                                   Melbourne, AU                         Auckland, NZ

                                                                       46
A P P E N D I X   4

MANAGEMENT
BIOGRAPHIES

           47
GLOBAL PLATFORM WITH REGIONAL CAPABILITY AND EXPERTISE

FULLY ESTABLISHED,        MANAGEMENT                                          REGIONAL OPERATING PLATFORM AND EXPERTISE
SCALABLE REGIONAL
TEAMS WITH EXPERTISE IN   Paul Dalla Lana                                      Gerson Amado            Leads NWH’s Brazilian
                                               Founder of NWH & NWI REITs
                          Chairman &                                           Managing                 platform
HEALTHCARE PROPERTY                            Largest unitholder of REIT
                          CEO                                                  Director – Brazil       Office in Sao Paulo
OPERATIONS,
ACQUISITIONS AND
DEVELOPMENT                                    Global governance oversight
                                                and business development       Jan Krizan              Leads NHW’s European
                          Bernard Crotty
                                                                               Managing                 platform
LOCAL MARKET              President            Representative on NWH’s and
                                                                               Director –              Office in Berlin
                                                Vital Trust’s board
KNOWLEDGE AND                                                                  Germany

STRONG RELATIONSHIPS
WITH LEADING
                          Peter Riggin         Leads NWH’s real estate        Craig Mitchell          Leads NWH’s Australasian
HEALTHCARE PROVIDERS      COO & MD              operations and global MOB      CEO – ANZ                platform
                          Canada                platform                       Management              Office in Melbourne
                                                                               Platform
OVER 180 PROFESSIONALS
ACROSS 9 OFFICES IN 5
                                                Responsible for financial
COUNTRIES
                                            
                                                strategy & reporting, and                              Co-leads NWH’s
                          Shailen Chande        capital market & corporate                              Australasian platform
                                                                               David Carr
                          CFO                   finance activities             CEO - Vital Trust       Office in Auckland
                                               Chartered Accountant

                                               EVP, General Counsel and
                          Mike Brady            Secretary to NWH REIT
                          Executive Vice
                                               Transaction management and
                          President
                                                leadership

                                                           48
NOTES

1.    Based on NWH.UN’s closing unit price of $11.10/unit as of February 28, 2019.
2.    Based on the REIT’s distribution policy of $0.80/unit per annum and normalized Q4-18 AFFO of $0.88/unit.
3.    Based on total assets of NWH, Vital Trust on a fully consolidated basis including post-quarter acquisitions. NHW owns a 24.9% interest in Vital Trust.
4.    The pie charts above reflect proportionate NOI and include i) the REIT’s 24.9% proportionate ownership of Vital Trust and ii) ANZ fee income.
5.    Reported AFFO/Unit represents quarterly AFFO annualized for the three month period ending December 31, 2018. Normalized AFFO/unit is based on Q4-18 Reported AFFO/unit and adjusted
      for completed acquisitions, and financings as presented in the REIT’s Q4-18 MD&A PART III.
6.    LTV excludes/includes convertible debentures and is shown on a fully consolidated basis (Vital Trust at 100%). On a proportionate ownership basis Reported LTV is 50.6% / 61.2%.
7.    NAV is based on unitholder’s equity plus add-backs as set out in Part XII in the REIT’s Q4-18 MD&A. Normalized NAV is equal to the reported NAV adjusted for the impact of FX changes post
      quarter end.
8.    At inception represents metrics for NorthWest Healthcare Properties based on the IPO prospectus dated of March 25, 2010.
9.    Represents same property NOI growth YoY (“SPNOI”) in source currency for the three months ended December 31, 2018 and excludes non-cash amortization and non-recurring transactions. In
      the current quarter the SP NOI Growth does not include NW Australia.
10. Represents Financial Statements as of December 31, 2018 adjusted for normalization adjustments, presented in the REIT’s Q4-18 MD&A PART III.
11.   Reflects the debt maturity profile as per the REIT’s Q4-18 MD&A and does not include deferred consideration.
12. Gross rent on a fully consolidated basis
13. LTV’s are excluding corporate debt (ie. convertible debentures and revolving credit lines) and are shown on a regional basis.
14. Represent estimate of current market rates.
15. Assuming projects are 100% debt funded at the existing region’s financing costs and is for indicative purposes only. Does not include development pipeline from announced acquisitions

                                                                                                    49
CONTACT INFORMATION

NORTHWEST HEALTHCARE PROPERTIES REIT

Paul Dalla Lana, Chairman & CEO
416-366-2000 Ext. 1001

Shailen Chande, CFO
416-366-2000 Ext. 1002

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