TSX:NWH.DB.G - Post by User
Comment by
BudFox198777777on Mar 12, 2021 10:05am
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Post# 32784526
RE:Q4 & FY 2020 Results Out
RE:Q4 & FY 2020 Results Out Mixed? I only see positive:
- Total unitholder return of 13.4%, outperformed the S&P/TSX capped REIT index and the TSX by approximately 2,650 bps and 780 bps, respectively;
- IFRS revenue increased 2.1% in 2020 to $374 million primarily driven by acquisition activity;
- Proportionate management fee income increased by 7.5% to $40.4 million;
- AFFO per unit increased by 1.0% to $0.85 in 2020 ($0.92 per unit on a normalized basis) as a result of accretive strategic acquisitions, and increased proportionate management fees partially offset by lower parking income in Canada owing to stay at home orders due to COVID-19;
- After adjusting for the foreign exchange impact, constant currency AFFO/Unit increased by 4.8% to $0.88;
- AFFO payout ratio of 94% (87% normalized) based on the REIT's $0.80 per unit annual distribution;
- 2020 source currency and Canadian dollar cash recurring SPNOI growth of 3.4% and -2.1%, respectively, driven primarily by annual rent indexation and occupancy gains in the REIT's international portfolio;
- Strong portfolio occupancy of 97.1% with the international portfolio holding stable above 98% occupancy;
- Weighted average lease expiry was flat at 14.5 years, underpinned by the international portfolio weighted average lease expiry of 17.3 years;
- Total assets under management "AUM" increased by 20% from $6.5 billion to $7.8 billion;
- Net asset value per unit increased by 1.0% to $13.27 driven by portfolio valuation gains but partially offset by foreign currency losses;
- After adjusting for the foreign exchange impact, constant currency net asset value per unit increased by 3.2% to $13.59;
- Consolidated leverage (including convertible debentures) declined by 160 bps to 48.0%.