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Northwest Healthcare Properties Real Estate Investment Trust Reports Second Quarter 2024 Results
Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Northwest Healthcare Properties Real Estat...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"Northwest Healthcare Properties Real Estate Investment Trust Reports Second Quarter 2024 ResultsToronto, Ontario--(Newsfile Corp. - August 13, 2024) - Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the \"REIT\" or \"Northwest\"), a leading owner and operator of healthcare real estate infrastructure in North America, Brazil, Europe and Australasia, announces results for the three months (\"Q2 2024\") and six months (\"H1 2024\") ended June 30, 2024.\"Year-to-date 2024 has seen significant progress,\" said Craig Mitchell, CEO of Northwest. \"We have addressed more than half of our 2025 debt maturities and executed on strategic initiatives as part of our formal strategic review process which we concluded with the sale of our UK portfolio in August. Our portfolio performance continues to reflect the strong demand for healthcare real estate, especially in SPNOI growth driven by strong occupancy and rent collection. Looking ahead, we expect our recent dispositions to positively impact earnings. Despite challenges such as higher interest rates and construction costs, which are affecting many sectors, our high-quality portfolio focuses on the cure segment - a defensive asset class, and provides attractive risk adjusted returns driven by an aging population. We remain committed to continue simplifying our business, further reducing debt and strengthening our balance sheet. We believe these efforts position us well to ensure sustained growth and value for our unitholders.\"Q2 2024 HighlightsHighlights for Q2 2024 and events subsequent to the quarter are set out below: Revenue from investment properties was $119.1 million for Q2 2024, a decrease of 6% from Q2 2023 due to the disposition of non-core assets during 2023 and 2024, partially offset by a one-time lease surrender fee of $1.7 million, rent indexation, development rentalization, and higher tenant recoveries;Consolidated Same Property Net Operating Income (\"SPNOI\") was $86 million for Q2 2024, an increase of 4.2% from Q2 2023, reflecting a steady growth in underlying lease rentals (see Exhibit 3);Net loss for Q2 2024 was $127 million, an increase of 18% compared to Q2 2023 primarily due to investment property valuation losses, including adjustment of the UK portfolio to its disposition price;Adjusted funds from operations (\"AFFO\") per unit was $0.09 ...