The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Hey, good morning. I hopped onto the call a little bit late, so I apologize if some of this has already been discussed, but Paul, I did want to start with
your most recent comment and the question on the extension of the UK healthcare fund and noting it serves to kind of improve the overall breadth
and kind of the outlook of the JV, but at the same time, it sounds like the ultimate kind of LPs in the fund will be consistent with what you envisioned
at the onset. So if that is the case, I'm just curious if you can add a bit more color in terms of how the LP-based duct is improved or how the outlook
for the JV improves with your proposed solution.
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: No, I can appreciate the complexity and the short term is the long term tug of war, for sure. Sorry, the 50-50 proposition that you just made the
comment, Paul, sorry, is that in reference to the JV deal getting done or is that in reference to something else?
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Switching gears to the global precinct fund, and more specifically, just to the development yield that you disclosed came down a little bit,
quarter a quarter, 10 to 20 basis points. I'm not sure if that was just FX driven or whether it does reflect the escalating cost structure that we're
seeing across asset costs globally. How do acquired returns within this fund compare to kind of your predecessor funds in Australia? So like for like
asset, development versus a stabilized asset, how should we think about required returns in that fund? And whether there'll be any notable changes
in the fee structures within this fund relative to what you have today?
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: And you mentioned within the UK healthcare fund, there was 125 LPs that you kind of looked at over time. What's that process been like with this
fund? And if you have to take a guess today, what ends up being kind of the size of the LP base within this fund?
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. My last question just comes to FX. You had some pretty decent fair value gain recorded this quarter, but it was completely wiped up by a
pretty significant FX loss. As these funds launch over time in the different jurisdictions, how do you think about maybe altering the FX strategy
over time, if at all, as you kind of bring in new partners with different costs of capital and things like that? Does it change at all as you (inaudible)
your asset management business?
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AUGUST 12, 2022 / 2:00PM, NWH_u.TO - Q2 2022 NorthWest Healthcare Properties REIT Earnings Call
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay, that makes sense. And then from a disclosure standpoint, Shailen, is the intention to group the US, Canada, Brazil, as the Americas going
forward or are you to provide separate geographic disclosure?
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Thanks.
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