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CIBC World Markets Corp. initiates coverage of NorthWest Healthcare Ppts REIT at 'sector performer'

CIBCWorld Markets Corp. analyst Yashwant Sankpal initiated coverage ofNorthWest Healthcare PropertiesREIT with a rating of "sector performer," and a pricetarget of C$9.50.

The analyst wrote in a research report: "NWH hasrecently transformed itself from Canada's largest landlord of MOBs to abusiness with interests in international healthcare real estate, withproperties in Australia, New Zealand, Germany, Canada and Brazil. Besides thescale and diversification benefits, this change should allow the REIT to: 1)access higher-growth markets; 2) source new capital providers; and, 3)establish itself as a global healthcare real estate platform. Having said that,we are concerned about NWH's ability to grow its FFO/unit in a consistentmanner in the near to medium term given the weak FFO/unit growth since the IPOin 2010, an elevated payout ratio, and the REIT's current focus on sellingproperties and raising equity to address near-term debt maturities (19% in 2016and 18% in 2017)."