Northwest Healthcare Properties REIT remains in sell-off and debt-management mode as the end of 2023 approaches.
The Toronto-based REIT announced Wednesday that it has completed investment and non-core asset sales for $235.1 million in gross proceeds to date, while additional non-core asset sales are under contract. Toronto-based Northwest is also working to divest its remaining stake in the Australian Unity Healthcare Fund.
“While a strategic review is underway, management and the board have taken key actions in the near term to strengthen the balance sheet and the business,” said CEO Craig Mitchell in a news release accompanying Northwest’s quarterly report.
Meanwhile, the REIT has secured a new $140-million term loan to extend maturities. Mitchell said Northwest will eliminate all of its 2023 debt maturities and more than 60% of its 2024 debt maturities.
In September, Northwest announced that it had sold non-core assets and extended the maturity date on its $172-million credit facility to 2025.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.