Northwest Healthcare Properties Real Estate Investment Trust (OTCPK:NWHUF)
$ 4.1 -0.005 (-0.12%) Market Cap: 1.01 Bil Enterprise Value: 3.66 Bil PE Ratio: 0 PB Ratio: 0.78 GF Score: 62/100
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Q2 2024 NorthWest Healthcare Properties REIT Earnings Call Transcript

Aug 14, 2024 / 02:00PM GMT
Release Date Price: $3.47 (-4.41%)

Key Points

Positve
  • Same-store property net operating income increased by 4.2% compared to the same period last year.
  • Portfolio occupancy remains high at 97%, with a weighted average lease expiry of 13.4 years.
  • Global rent collection rate was nearly 99% as of June 30, 2024.
  • Executed 810,000 square feet of leasing deals with a retention rate of over 80%.
  • Successfully divested 23 noncore properties and unlisted securities, generating $430 million.
Negative
  • Q2 revenue from investment properties decreased by 6% over the prior year period.
  • AFFO per unit decreased to $0.09 in Q2 2024 from $0.13 in Q2 2023.
  • Interest expense remains high, although it decreased slightly to $53.8 million in Q2 2024.
  • Proportionate investment properties decreased by $300 million due to disposition activity and fair value losses.
  • General and administrative expenses increased due to professional fees for statutory and tax compliance filings.
Operator

Hello, everyone, and welcome to NorthWest Healthcare Properties REIT Q2 2024 earnings conference call. (Operator Instructions) This call is being recorded today, Wednesday, August 14, 2024.

I would now like to turn the conference over to Alyssa Barry, Investor Relations for Northwest. Please go ahead.

Alyssa Barry
NorthWest Healthcare Properties REIT - Investor Relations Advisor

Thank you, operator. Good morning, everyone, and welcome to Northwest Q2 2024 Conference Call. Thank you for joining us today. This call is being recorded, and a replay will be made available on our website at www.nwhreit.com.

Today's discussion includes forward-looking statements. As always, we want to caution you that such statements are based on management's assumptions and beliefs. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see our public filings on SEDAR+, including our MD&A and

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