Dr. JJ Releases New Report Exploring Causes and Treatments for Male Pattern Baldness
Male pattern baldness — technically known as androgenetic alopecia — is a condition affecting a large percentage of men, often beginning as early as their twenties or thirties. In his report, Dr. JJ explains that the condition is primarily caused by genetic sensitivity to androgens, especially dihydrotestosterone (DHT), a potent form of testosterone. This sensitivity causes hair follicles to shrink over time, leading to thinning hair and eventual baldness.
'It should be no surprise that men often take a huge hit to their self-esteem and confidence when they experience hair loss,' says Dr. JJ. 'There are many methods for treating male pattern baldness, and while each patient wants the same full head of hair, each patient also requires their own completely separate strategy.'
In the report, Dr. JJ addresses some of the most common causes of male pattern baldness. In particular, the report highlights the connection between testosterone, DHT, and hair loss, noting that the enzyme 5-alpha-reductase is responsible for converting testosterone into DHT, which in turn impacts hair follicles.
As well, according to the report, inadequate levels of iron, zinc, biotin, and vitamin D may worsen or accelerate hair loss. A nutrient-rich diet — combined with targeted supplementation — is one of the naturopathic strategies Dr. JJ recommends for improving scalp and follicle health.
Chronic stress plays a major role in hormonal imbalance and inflammation, both of which can also contribute to premature hair loss. 'Supporting adrenal health through lifestyle changes, sleep hygiene, and mindfulness practices is essential in a naturopathic approach to hair restoration,' Dr. JJ writes.
Poor sleep, smoking, and other environmental and lifestyle factors are also discussed as contributing factors. The report encourages a whole-body detoxification strategy and reducing exposure to endocrine-disrupting chemicals.
From there, Dr. JJ discusses the potential benefits of plant-based treatments and topical therapies to improve scalp circulation and reduce inflammation.
Rather than promoting a one-size-fits-all solution, Dr. JJ encourages men experiencing hair loss to undergo individualized assessment to determine the best course of action based on their hormonal, nutritional, and lifestyle profiles.
Dr. Jean-Jacques Dugoua, or Dr. JJ as he's affectionately known, is a licensed naturopathic doctor in Toronto. Dr. JJ also holds a PhD in pharmaceutical sciences, which gives him a unique perspective on both the medical and naturopathic world. As a result as his work in clinical pharmacology, Dr. JJ has the distinction of being one of very few naturopathic doctors who practice in a medical hospital in Canada, in his case at Toronto Western Hospital. He also has a private naturopathic practice in downtown Toronto, through the Liberty Clinic.
Dr. Jean-Jacques Dugoua, ND, PhD
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Toronto, Ontario--(Newsfile Corp. - August 12, 2025) - Northwest Healthcare Properties Real Estate Investment Trust (TSX: (the "REIT" or "Northwest"), a global investor and operator of healthcare infrastructure assets in North America, Australasia, Brazil, and Europe, announces results for the three and six months ended June 30, 2025. In addition, the REIT announces the suspension of its distribution reinvestment plan (the "DRIP") and the appointment of Zachary Vaughan to the Board of Trustees (the "Board"). Zachary Vaughan, CEO of Northwest, commented, "Having just joined Northwest in July, I am excited by the caliber of the portfolio and the strength of the team. The assets we own and operate are critical components of healthcare infrastructure. Our assets have long-term demand drivers, recession-resistant cash flows and very low obsolescence risk. Our cash flows are backed by outstanding underlying credit, often government supported, with long-term indexation. 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The fair value movements were mainly attributable to changes in valuation parameters, incorporating market evidence when available and rent reviews. The REIT's portfolio cap rate as at June 30, 2025 is 6.3%; The REIT's leverage was 48.5% at the end of Q2 2025, as compared to 50.0% as at December 31, 2024, driven by proactive debt repayment from dispositions; and Strong operating performance in Q2 2025 was supported by a stable, long-term lease maturity profile with a weighted-average lease expiry ("WALE") of 13.5 years and a global portfolio occupancy rate of 97%. Operations and Leasing The REIT's consolidated SPNOI increased by 2.8% in Q2 2025 compared to the prior year period, driven mainly by inflationary rent adjustments, rentalised capital spend, and improved recoveries reflecting steady growth in the REIT's underlying lease income. Regionally, SPNOI increased by 2.0% in North America, 4.6% in Brazil, 2.3% in Europe, and 2.6% in Australasia (see Exhibit 1). In Q2 2025, the REIT completed 298,000 square feet of new, renewal and early leasing, achieving a strong renewal rate of 89%. As previously disclosed, in March 2025, following sector margin pressures exacerbated by its capital structure, Healthscope Pty Ltd ("HSO"), the REIT's second largest tenant, occupying 12 properties and accounting for 6.1% of the REIT's proportionate revenues, requested temporary relief from its lender syndicate and landlords, including Northwest. In May 2025, HSO's parent entities entered receivership, with its lenders appointing McGrathNicol Restructuring to work with HSO management to complete an orderly sale of the business. All hospitals continue to operate as usual, and the company has received an additional A$100m facility to support operations. 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Disposition Activity and Assets Held for Sale The REIT's capital recycling during the quarter, including subsequent events, has generated over $231 million of proceeds as detailed below. During Q2 2025, the REIT sold its shares in Assura through two on-market transactions for total proceeds of $209.3 million (£114.7 million) resulting in a full divestment of the shares. The REIT's investment in Assura was acquired as partial consideration for the REIT's disposition of its UK portfolio in August 2024 at a value of $177 million (£100 million), resulting in a gain on disposition of approximately $32.3 million (£14.6 million). Proceeds were used to repay related debt and corporate facilities. In Q2 2025, the REIT completed the sale of one income producing property in North America, one development property in Europe, and one development property in Australasia, classified as assets held for sale at their fair value of $22.1 million. The proceeds were used to repay directly attributable debt and outstanding balances on credit facilities. As at June 30, 2025, the REIT held one income producing property with a value of $34.3 million as classified as held for sale. Financing Activity During the quarter, the REIT also extended or refinanced several debt facilities including Canadian mortgages and Australasian term loans. On July 29, 2025, the REIT amended the terms of its revolving credit facility. The amendment extends the maturity date of the facility to July 2027 and moves the REIT to grid pricing based on its credit rating, reducing the REIT's cost of borrowing by 65 basis points. The amendment also provides a $100 million accordion commitment, subject to incremental security and lender approval, that provides the REIT flexibility with mortgage maturities as it transitions away from amortizing debt. Subsequent to quarter end, the REIT repaid Canadian mortgages totaling $40.8 million, with a weighted average interest rate of 2.67%, using capacity on its revolving credit facility. As of today, the REIT has $20.9 million of Canadian mortgages with 2025 maturities that will be repaid with capacity from the revolving credit facility and $11.7 million of European mortgages that will be renewed in the ordinary course. Of the REIT's proportionate 2026 debt maturities totaling $424 million, over 50% or approximately $226 million are maturing in the fourth quarter of 2026, with the remainder relating to mortgages. The REIT currently has approximately $230 million of available liquidity, consisting of cash and the unused portion of its credit facilities. Selected Operating and Financial Information: (unaudited) June 30, 2025 December 31, 2024 as at Assets Under Management $ 8,220,857 $ 8,281,609 Number of properties 168 172 Gross leasable area (sf) 15,750,688 15,886,309 Occupancy 96.6 % 96.4 % Weighted Average Lease Expiry (Years) 13.5 13.6 Debt $ 2,890,915 $ 3,027,154 Debt to Gross Book Value 48.5 % 50.0 % Weighted average capitalization rate 6.3 % 6.2 % Economic Weighted Average Interest Rate 4.8 % 5.5 % (unaudited) Three months ended June 30, Six months ended June 30, ($000's, except per unit amounts) 2025 2024 2025 2024 Net Operating Income $ 76,308 $ 93,976 $ 153,456 $ 189,428 Net Income (Loss) attributable to unitholders $ 32,621 $ (127,224 ) $ 17,091 $ (165,841 ) Funds from Operations ("FFO") excluding accelerated amortization of deferred financing charges (1), (2), (3) $ 27,968 $ 22,314 $ 50,740 $ 49,271 Adjusted Funds from Operations ("AFFO") (1) $ 25,407 $ 21,186 $ 49,755 $ 48,865 FFO, excluding accelerated amortization of deferred financing charges, per unit - diluted (1), (2), (3) $ 0.11 $ 0.09 $ 0.22 $ 0.20 AFFO per unit - diluted (1), (2) $ 0.10 $ 0.09 $ 0.20 $ 0.20 Distributions per unit $ 0.09 $ 0.09 $ 0.18 $ 0.18 AFFO Payout Ratio - diluted 89 % 105 % 90 % 90 % (1) FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. See Performance Measurement in the REIT's MD&A. The adjustments to determine FFO and AFFO have been presented on a proportionate basis. See "Non-IFRS Financial Measures", Exhibit 1 and Exhibit 2. (2) Included in FFO and AFFO for the six months ended June 30, 2024, is $6.7 million related to interest rate cap derivative arrangements, which matured during the three months ended March 31, 2024, the impact of which is $0.03 per unit. (3) For the three and six months ended June 30, 2025, FFO and FFO per unit excludes $1.4 million and $3.4 million of accelerated amortization of deferred financing charges due to the early repayment of debt using proceeds from the sale of Assura units during the quarter and the issuance of the $500 million senior unsecured debentures in February 2025. FFO and FFO per unit including accelerated amortization of deferred financing charges is $28.0 million or $0.11 per unit and $54.1 million or $0.22 per unit, respectively. DRIP Suspension The REIT also announces today that it has suspended its DRIP until further notice. The REIT's unit price continues to trade at a meaningful discount to net asset value ("NAV") per unit, and the issuance of units under the DRIP runs counter to the REIT's focus of optimizing capital structure and driving superior growth in NAV per unit and returns over time. Commencing with the September 2025 distribution (payable on or about October 15, 2025), unitholders enrolled in the DRIP will receive distribution payments in cash. If the REIT elects to reinstate the DRIP in the future, unitholders that were enrolled in the DRIP at the time of its suspension and remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP. Appointment of Zachary Vaughan to the Board of Trustees The REIT is pleased to announce the appointment of Mr. Zachary Vaughan, the REIT's current CEO, to the Board effective today, August 12, 2025, as a non-independent trustee. Mr. Vaughan's strong real estate experience will be valuable to the Board. Mr. Vaughan's appointment will fill the vacancy left following the retirement of Mr. Dale Klein on May 27, 2025 at the REIT's 2025 annual general meeting. Corporate Presentation Download the Company's Updated Corporate Presentation: Q2 2025 Results Conference Call The REIT will be hosting its Q2 2025 conference call on Wednesday, August 13, 2025 at 10:00 a.m. ET. The dial-in numbers for the conference call are as follows: North America (toll free): 1-833-752-3625 Overseas or local (Toronto): 1-647-846-8435 Link to audio webcast: A replay will be available until August 20, 2025, by accessing: US/Canada (toll free): 1-855-669-9658 International: 1-412-317-0088 Replay Access Code: 7483273 About Northwest Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at August 12, 2025, of interests in a diversified portfolio of 168 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Australasia, Brazil and Europe. The REIT's portfolio of medical outpatient buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies. Northwest leverages its global workforce in eight countries to serve as a long-term real estate partner to leading healthcare operators. For additional information please visit: Contacts Zach Vaughan, CEO, Stephanie Karamarkovic, CFO, Alyssa Barry, Investor Relations, investors@ (416) 366-2000 Ext. 2202 Non-IFRS Measures Some financial measures used in this press release, such as SPNOI, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, NAV, NAV per unit, and Proportionate Investment Properties are used by the real estate industry to measure and compare the operating performance of real estate companies, but they do not have any standardized meaning prescribed by IFRS. These non-IFRS financial measures and non-IFRS ratios should not be construed as alternatives to financial measures calculated in accordance with IFRS. The REIT's method of calculating these measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. Further, the REIT's definitions of FFO and AFFO differ from the definitions recommended by REALPAC. These non-IFRS measures are more fully defined and discussed in the exhibits to this news release and in the REIT's Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025, in the "Performance Measurement" and "Results from Operations" sections. The MD&A is available on SEDAR+ at Forward-Looking Statements This press release may contain forward-looking statements with respect to the REIT, its operations, strategy, financial performance and condition. These statements generally can be identified by words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe", "normalized", "contracted", or "continue" or the negative thereof or similar variations. Forward-looking statements in this press release may include statements concerning HSO's rent deferral arrangements. the ongoing operation of HSO's hospitals, the impact of its sustainability efforts, future debt repayment and renewal, and the REIT being well positioned for growth, to deliver on its objectives and create long term value for unitholders. The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. The forward-looking statements contained in this press release 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. Such assumptions include, but are not limited to (i) assumptions relating to the continued operation of HSO's hospitals and HSO's ability and willingness to pay its deferred rent in accordance with its agreements; (ii) the REIT's properties continuing to perform as they have recently, (iii) various general economic and market factors, including exchange rates remaining constant, local real estate conditions remaining strong, and interest rates remaining at current levels or decreasing, (iv) the availability of equity and debt financing to the REIT and the REIT's ability to refinance, or extend the maturity of, its existing debt, (v) the REIT's commitment to sustainability objectives and the impact thereof, (vi) savings resulting from the REIT's workforce reduction initiatives not being reallocated to other matters, and (vii) the impact that suspending the DRIP will have on the REIT's focus of optimizing capital structure and driving growth in NAV per unit and returns over time. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations, and the factors described under "Risks and Uncertainties" in the REIT's Annual Information Form and the risks and uncertainties set out in the MD&A which are available on SEDAR+ at These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and, except as expressly required by applicable law, the REIT assumes no obligation to update such statements. NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (in thousands of Canadian dollars) Unaudited Three months ended June 30, Six months ended June 30,2025 2024 2025 2024 Net Property Operating Income Revenue from investment properties $ 99,004 $ 119,141 $ 210,651 $ 252,686 Property operating costs 22,696 25,165 57,195 63,25876,308 93,976 $ 153,456 $ 189,428 Other Income (loss) Interest and other 2,548 3,356 8,729 6,759 Management fees 3,590 3,366 7,363 7,216 Share of profit (loss) of equity accounted investments 4,648 (13,299 ) (4,094 ) (9,984 )10,786 (6,577 ) $ 11,998 $ 3,991 Expenses and other Interest expense 30,775 53,756 65,865 109,189 General and administrative expenses 14,891 13,454 29,739 28,991 Transaction costs 2,390 4,567 11,822 6,934 Foreign exchange (gain) loss (5,474 ) 861 (7,293 ) (12,869 )42,582 72,638 $ 100,133 $ 132,245 Income before finance income (expense), net gain (loss) on financial instruments, net gain (loss) on dispositions, and fair value adjustments 44,512 14,761 $ 65,321 $ 61,174 Finance income (expense) Amortization of financing costs (2,796 ) (4,271 ) (6,145 ) (9,451 ) Class B exchangeable unit distributions - - - 63 Fair value adjustment of Class B exchangeable units - - - (205 ) Accretion of financial liabilities (397 ) (424 ) (3,816 ) (4,432 ) Fair value adjustment of convertible debentures (206 ) 4,283 (10,691 ) (1,692 ) Convertible debenture issuance costs - - - (27 ) Net gain (loss) on financial instruments (8,377 ) 5,737 20,422 11,349 Fair value adjustment of investment properties 13,619 (172,417 ) (32,728 ) (244,120 ) Net loss on disposals of assets (3,379 ) (4,905 ) (4,778 ) (10,097 ) Fair value adjustment of unit-based compensation liabilities 588 806 (882 ) 1,161 Income (loss) before taxes 43,564 (156,430 ) $ 26,703 $ (196,277 ) Current tax expense 3,529 3,628 7,138 6,394 Deferred tax expense (recovery) 7,414 (32,834 ) 2,474 (36,830 ) Income tax expense (recovery) 10,943 (29,206 ) $ 9,612 $ (30,436 ) Net income (loss) $ 32,621 $ (127,224 ) $ 17,091 $ (165,841 ) Net income (loss) attributable to: Unitholders $ 25,960 $ (122,338 ) $ 25,070 $ (169,945 ) Non-controlling interests 6,661 (4,886 ) (7,979 ) 4,104$ 32,621 $ (127,224 ) $ 17,091 $ (165,841 ) Exhibit 1 – Constant Currency Same Property NOI Constant Currency Same Property NOI, sometimes also presented as "Same Property NOI" or "SPNOI", is a non-IFRS financial measure, defined as NOI for investment properties that were owned for a full reporting period in both the current and comparative year, subject to certain adjustments including: (i) straight-line rental revenue recognition; (ii) amortization of operating leases; (iii) lease termination fees; and (iv) non-recurring transactions that are not expected to recur (v) excluding properties held for redevelopment and (vi) excluding impact of foreign currency translation by converting the foreign currency denominated SPNOI from comparative period at current period average exchange rates. SPNOI is more fully defined and discussed in the REIT's MD&A (see "Performance Measurement"). SAME PROPERTY NOIThree months ended June 30, Six months ended June 30,2025 2024 Var % 2025 2024 Var % Same property NOI (1) North America $ 20,505 $ 20,095 2.0% $ 41,135 $ 40,019 2.8% Brazil 13,876 13,271 4.6% 27,849 26,658 4.5% Europe 8,409 8,221 2.3% 16,527 16,176 2.2% Australasia 30,366 29,604 2.6% 61,539 59,144 4.0% Same property NOI (1) $ 73,156 $ 71,191 2.8% $ 147,050 $ 141,997 3.6% Impact of foreign currency translation - 184 - 53 Straight-line rental revenue recognition 59 595 812 1,831 Amortization of operating leases (29 ) (34 ) (59 ) (72 ) Lease termination fees 14 33 14 102 Other transactions (194 ) (42 ) (137 ) 449 Developments 2,767 156 4,498 477 Dispositions 535 21,893 1,278 44,591 NOI $ 76,308 $ 93,976 (18.8)% $ 153,456 $ 189,428 (19.0)% (1) Same property NOI is a non-IFRS measure, defined and discussed in the REIT's MD&A. Exhibit 2 – Funds From Operations and Adjusted Funds from Operations Reconciliation FFO is a supplemental non-IFRS industry wide financial measure of a REIT's operating performance. The REIT calculates FFO based on certain adjustments to net income (loss) (computed in accordance with IFRS) as detailed below. FFO is more fully defined and discussed in the MD&A (see "Performance Measurement" and "Funds From Operations"). For the three and six months ended June 30, 2025, FFO was $26.5 million including accelerated amortization of deferred financing costs as a result of early repayment of the underlying debt, using proceeds from the senior unsecured debentures. Excluding the impact of $1.4 million of accelerated amortization of deferred financing costs, FFO for the three and six months ended June 30, 2025 is $28.0 million or $0.11 per unit. FUNDS FROM OPERATIONS ("FFO") Three months ended June 30, Six months ended June 30, (unaudited) 2025 2024 2025 2024 Net income (loss) attributable to unitholders $ 25,960 $ (122,338 ) $ 25,070 $ (169,945 ) Add / (Deduct): Fair market value losses (gains) (2) (6,995 ) 166,290 6,941 245,345 Finance cost - Exchangeable Unit distributions - - - (63 ) Revaluation of financial liabilities 397 424 3,816 4,432 Unrealized foreign exchange loss (gain) (4,201 ) 752 (5,886 ) (13,291 ) Deferred taxes 3,796 (33,922 ) 1,502 (38,512 ) Transaction costs 2,384 4,568 11,816 7,030 Net loss on disposal of assets 3,199 4,813 4,566 9,831 Convertible Debenture issuance costs - - - 27 Internal leasing costs 439 293 839 651 Property taxes accounted for under IFRIC 21 8 (74 ) 28 61 Net adjustment for lease liabilities 102 (125 ) 21 (250 ) Employee termination benefits and related expenses 1,234 - 1,616 - Other FFO adjustments 198 1,633 411 3,955 FFO (1) (2) $ 26,521 $ 22,314 50,740 49,271 FFO per Unit - Basic (1) (2) $ 0.11 $ 0.09 $ 0.20 $ 0.20 FFO per Unit - Diluted (3) $ 0.11 $ 0.09 $ 0.20 $ 0.20 Weighted average units outstanding Basic 248,856,278 246,032,139 248,482,289 245,706,653 Diluted (3) 249,941,309 247,415,816 249,528,523 247,062,996 (1) FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. See Performance Measurement in the REIT's MD&A. The adjustments to determine FFO and AFFO have been presented on a proportionate basis. (2) Included in FFO for the six months ended June 30, 2024 is $6.7 million related to premiums paid in connection with interest rate cap derivatives, the impact of which is $0.03 per unit. (3) Diluted units include the impact of vested deferred trust units and the convertible debentures, that would have a dilutive effect upon conversion. AFFO is a supplemental non-IFRS financial measure of a REIT's operating performance and is intended to reflect a stabilized business environment. The REIT calculates AFFO as FFO, plus/minus certain adjustments as detailed below. AFFO is more fully defined and discussed in the MD&A (see "Performance Measurement" and "Adjusted Funds From Operations"). ADJUSTED FUNDS FROM OPERATIONS (unaudited) Three months ended June 30, Six months ended June 30,2025 2024 2025 2024 FFO (1)(2) $ 26,521 $ 22,314 $ 50,740 $ 49,271 Add / (Deduct): Amortization of transactional deferred financing charges 1,447 2,031 3,350 4,816 Unit-based compensation expense 1,018 270 3,591 2,819 Straight-line revenue (543 ) (513 ) (1,849 ) (1,699 ) Leasing costs and non-recoverable maintenance capital expenditures (3,036 ) (2,916 ) (6,077 ) (6,342 ) AFFO (1) $ 25,407 $ 21,186 $ 49,755 $ 48,865 AFFO per Unit - Basic (1)(2) $ 0.10 $ 0.09 $ 0.20 $ 0.20 AFFO per Unit - diluted (2) $ 0.10 $ 0.09 $ 0.20 $ 0.20 Distributions per Unit $ 0.09 $ 0.09 $ 0.18 $ 0.18 Weighted average units outstanding: Basic 248,856,278 246,032,139 248,482,289 245,706,653 Diluted (2) 249,941,309 247,415,816 249,528,523 247,062,996 (1) FFO and AFFO are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. See Performance Measurement in the REIT's MD&A. The adjustments to determine FFO and AFFO have been presented on a proportionate basis. (2) Included in FFO for the six months ended June 30, 2024 is $6.7 million related to premiums paid in connection with interest rate cap derivatives, the impact of which is $0.03 per unit. (3) Diluted units include the impact of vested deferred trust units and the convertible debentures, that would have a dilutive effect upon conversion. To view the source version of this press release, please visit Sign in to access your portfolio
