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Northwest Healthcare Properties Real Estate Investment Trust Reports Strong Fourth Quarter and Year End 2024 Results
Toronto, Ontario--(Newsfile Corp. - March 10, 2025) - Northwest Healthcare Properties Real Estate...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"Northwest Healthcare Properties Real Estate Investment Trust Reports Strong Fourth Quarter and Year End 2024 ResultsToronto, Ontario--(Newsfile Corp. - March 10, 2025) - 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 and year ended December 31, 2024. \"The REIT's strong fourth quarter and year end results, as demonstrated by a 9% and 12% increase in AFFO over prior quarter and prior year respectively, reflect the team's hard work over the last 12 months. In 2024, we optimized our portfolio, simplified our operations, strengthened our balance sheet, and enhanced financial flexibility,\" said Craig Mitchell, CEO of Northwest. \"With $1.4 billion in non-core asset sales, we successfully repaid $1.1 billion and refinanced an additional $1.0 billion of debt. We also secured major lease renewals at a retention rate over 80%, at or above expiring rental rates, and drove operational efficiencies, resulting in SPNOI growth and AFFO improvement throughout the year. We enter 2025 with strong momentum, having recently achieved an investment-grade credit rating, significantly reducing our cost of capital and providing liquidity to repay the convertible debentures maturing on March 31st. Looking ahead, Northwest is well positioned to capitalize on the increasing demand for healthcare infrastructure worldwide and drive sustainable growth.\"Q4 2024 HighlightsHighlights for Q4 2024 and events subsequent to the quarter are set out below:Revenue from investment properties was $102.7 million for Q4 2024, a decrease of 17.2% from Q4 2023 driven by the disposition of non-core assets during both 2023 and 2024, partially offset by strong same property revenue growth; Same Property Net Operating Income (\"SPNOI\") was $73.5 million for Q4 2024, an increase of 4.9% from Q4 2023, reflecting a steady growth across all regions (see Exhibit 1);General and administrative costs, excluding unit based compensation expenses, were $11.1 million for Q4 2024, a decrease of $2.0 million from Q4 2023, primarily as a result of a reduction in headcount from 307 at December 31, 2023 to 243 at December 31, 2024; Net income for Q4 2024 was $2.9 million com...