Northwest Healthcare Properties REIT has appointed Stephanie Karamarkovic as its new CFO amid an ongoing strategic review.

Karamarkovic will assume her new duties April 15, replacing interim CFO Karen Martin.

The appointment furthers an overhaul of Northwest management team that began in late 2023 and has seen Craig Mitchell appointed as permanent CEO after he had served in the post temporarily.

Northwest said Karamarkovic will be responsible for financial reporting across the REIT’s global operations, executing on capital management activities, financial management policies and investor relations. She has rejoined Toronto-based Northwest for a second stint after serving for about three years as vice-president of accounting and financial reporting for Granite REIT, a large Canadian REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

Karamarkovic moved to Granite after spending eight years with Northwest and advancing to role of vice-president of accounting and corporate controller. She has also worked as a manager in Ernst & Young’s audit practice. 

“We are pleased to welcome Stephanie back to Northwest in the role of CFO, and we look forward to working with her in her new leadership capacity as we continue with our strategic mandate to strengthen the REIT’s financial position and simplify the business,” said Mitchell.

He praised Martin for supporting the strategic review process and, in just over three months, refinancing several near-term debt maturities and working to further enhance the REIT’s financial disclosure and reporting initiatives.

“[Martin] was an extremely effective leader during a busy time,” said Mitchell.

Northwest has sold a number of properties in recent months. At last report, the REIT’s portfolio held 219 properties with 17.7 million square feet of leasable area in Canada, the U.S., Brazil, Europe, Australia and New Zealand.

That asset total was down from 231 properties in August 2023.