 Good day, film investors. As promised yesterday, I told you that today I will give you a read that I'm going to watch. Perhaps it will be a good investment for someone already, especially if you're ready to average down in crisis and reinvest those dividends. But I've looked at many reads, probably more than a hundred, and this is one that I say, okay, I'm going to watch this, I'm going to understand the business, learn about the developments and see about long term returns. And then when the opportunity comes, I might take a bite. Let's start. So, Northwest healthcare properties is a Canadian read traded over the counter in the US, Toronto Stock Exchange. It's a globally diversified healthcare read offering a dividend yield of 6.69% when I'm filming this in July of 2019. So it has hospitals and medical building offices in Toronto, Sao Paulo, Auckland, Berlin, Rotterdam, Sydney, Melbourne. So it's diversified across Australia, Canada, Brazil and Europe. The company, they have a very interesting investment strategy with high occupancy, long term lease contracts, indexed rents to inflation. So give you a protection to inflation and a strong development pipeline. When you add that up to the dividend yield, you get two nice returns. They recently made an acquisition in Australia that describes well what they do. So they invest long term contracts, in this case 2.5 annual fixed rent increases. Remember, they take that to invest, that stays the same. The rent increases increase the revenue on the investment. So really smart to try to spread that plus they do not acquire the whole business, whole hospitals. They do it in joint ventures with great partners that really lower significantly the investment costs and the risks of the thing. Current market circumstances with low interest rates allow them to make acquisitions that have positive spreads and are immediately a creative to funds from operations. In this case, the health scope acquisition, they expect to increase funds for operations for 11 cents per share this year and then down to 9 cents per share over the next years. But that's a creative of 10% on the current fund from operations. And when that gets incorporated in stock price, if there is more growth, it might be a really good investment deal already now. By continuing what they have been doing, if they find low interest rate loans and they can reinvest that at normal hospital recession proof rate of return, we could expect more growth. They have targets, they want to increase the assets under management, they want to increase the investments when they find opportunities around the world. However, acquisitions and debt also mean risk. The debt looks good, but it has short term maturities. This is good in a declining interest rate environment, but not so good in a rising rate environment. However, perhaps we are done with rate hikes globally, so this rate might do good. In any case, hospitals should be recession proof and not so much to worry there. Of course, if those go down, but the company isn't like to go bankrupt, the stock price will suffer, but then you simply have to reinvest the dividends and buy more. Another risk might be Brazil with the largest tenant being from there, but it looks like a well diversified free tax posed to global aging trends. Also currencies, but you never know with them, so it's better to be diversified. Their targets are simple and standard slow growth from higher rents and acquisitions while improving the capital structures. If they continue to grow as they didn't the past, dividends might grow also, depending on the environment, but you still can count on the 6.68 dividend yield. 6.68 yield, if they grow over 5%, they will grow 10% fines from operations. If they grow at an average of 5%, 6.69 plus 5 is 11.6 return on investment long term possible. If they grow at, let's say an average of 3%, let's say that something goes bad, some things are delayed, we are still at talking at 9%, 10% long-term investment returns. So those hospitals will increase rents constantly, which means that the value of hospitals will go up. So you have a lot of margins of margin of safety points in REITs like this. Hospitals, you can't really close a hospital or it's not that easy. So government connected and low interest rates on the debt because recession, no recession, you know that businesses will be there. And it looks very interesting, it's not going into the crowded US healthcare retail market, it's looking around the world where what has been going on in the US hasn't yet happened. So a very, very interesting read, I'm putting it on my watch list, I will be listening to conference call, reading about it over the long term. And when I compare to my complete stock list that I'm already watching, that's increasing, now we are at 30 stocks, then if I see okay, this is now the cheapest, then I might invest through it, be to adding to a monthly addition or if it's really, really cheap in my LampSum portfolio. For now, this doesn't hit my 15% return after taxes. So I'll watch it and watch it, learn about it and perhaps one day over the next 10 years it will hit my mark. It was close to it in December 2018, but I still have to see about taxes and how I would be taxed about it. 2015 it was a good, perhaps even for me, 15% that I missed because I didn't know about it. And I didn't have the research read reports done. So that's it from me. See how you will be taxed on this if you have a tax-free account, even better. I've listened to the conference call, just the final note, nothing stranger, they are, the CEO is the largest owner, so pretty stable, normal company, no hanky-panky. So interesting to watch and follow, you might add it to your watch list. Thank you for watching, looking forward to your comments and I'll see you in the next video.