Northwest Healthcare REIT (TSX:NWH) released second-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below.

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Summary

Full Transcript

OPERATOR (Operator)

Welcome to Northwest Healthcare REIT second quarter 2026 earnings conference call. At this time, all lines have been placed on mute and are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded today, May 13th. I would now like to turn the conference over to Stephen Hong, Vice President of Investor Relations.

Please go ahead.

Stephen Hong, Vice President, Investor Relations

Thank you, operator. Good morning, everyone, and thanks for participating in our second quarter results conference call. This is Stephen Hong speaking. Joining me are Zach Bond, CEO; Stephanie Kramarkovich, CFO; Mike Brady, President; Tracey Whittall, Chief Operating Officer; and Dave Casimiro, EVP. Our earnings announcement was released yesterday evening and we posted an updated investor relations presentation on our website which listeners can refer to during the call.

Following comments, we will be glad to take questions from analysts. Today's discussion includes forward-looking statements. As always, we want to caution you that such statements are based on 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 Annual Information Form, for a discussion of these risk factors.

During this call, we'll also reference certain non-GAAP financial measures. A reconciliation to the most directly comparable IFRS measure is provided in our MD&A and earnings release. Unless otherwise noted, all amounts discussed today are in Canadian dollars. With that, I'll now hand it over to our CEO, Zach Bond.

Zach Bond, CEO

Thanks, Stephen, and thank you everyone for joining us today on the call. This is my fourth earnings call as CEO of Northwest Healthcare REIT, having joined a little over a year ago. Since joining, the senior management team and I, with the support of our board, have been executing on a strategic plan to transform our business centered on four key priorities: 1) simplifying our footprint, 2) strengthening our balance sheet, 3) reducing our cost structure, and 4) disciplined capital allocation.

We are still in the early stages of this transformation, but we are making strong progress across each of these priorities as demonstrated by our results this quarter and our recent activities. Starting with the simplification of our footprint, during the quarter we closed on the remainder of the properties in Europe that were part of our larger transaction with TPG Real Estate. This transaction represented the majority of our invested equity in Europe, generating $145 million of net proceeds as of June 30.

Our European property operating business and employees have also been transferred to TPG in Europe. We are left with just two remaining investments, both of which are efficient to oversee and which we intend to exit in due course. Our substantial exit from Europe, along with the internalization of Vital Trust in New Zealand, clearly demonstrates our commitment to simplifying our business and creating a more focused operating platform. Moving to our balance sheet, at the end of Q2 our LTV on a proportionate basis stands at 47%, down about 900 basis points from a year ago.

Importantly, our debt-to-EBITDA ratio improved meaningfully to 7.7 times on a comparable basis, down from 9.4 times a year ago, close to a two-turn reduction. In addition, we ended Q2 with liquidity of $443 million, giving us significant flexibility to pursue accretive growth. Switching to our cost structure, during the second quarter G&A fell by $2.2 million year over year, with further reductions expected next quarter as the impact of our European sale flows through.

As a result of these and other efforts undertaken by the team to streamline operations, we are on track to reduce our G&A by over 30% by year-end. Importantly, with our simplified footprint we can recycle capital with little to no incremental overhead, increasing our platform operating leverage and allowing a greater proportion of property earnings to flow through to unitholders. Lastly, turning to capital allocation, I committed on my first earnings call that we would be laser focused on disciplined capital allocation.

In the past 12 months we have realized approximately $300 million of net proceeds that have been recycled back to North America through a combination of debt reduction and accretive investment. Importantly, during the last several quarters we have demonstrated that we are able to reinvest that capital in opportunities that are accretive for our unitholders, having completed and committed to the following transactions. At the start of the year, we entered into a commitment to build a new ambulatory facility for RVH in Barrie, which, when completed in 2029, will add additional NOI of $9 million, or $0.04 a unit.

In March we acquired a transitional bed facility in Ottawa on a long-term lease to The Ottawa Hospital. This was our first new acquisition in Canada in almost a decade, and after quarter end we completed or committed to approximately $153 million of additional acquisitions. In July we acquired a 142,000 square foot integrated community health center in Brooklyn, New York, marking an important step in re-establishing our presence in the U.S. market.

This property is a modern, purpose-built, transit-connected outpatient community health hub located in one of the largest and most dynamic cities in North America. New York City has a very limited supply of dedicated healthcare space and very high barriers to entry. The property brings together a broad range of healthcare services including primary care, specialty care, imaging and diagnostics. The facility is 100% leased to AdvantageCare Physicians, one of New York's largest multi-specialty physician organizations.

The lease has approximately 11 years remaining and includes contractual annual rent escalations, providing durable, predictable and growing cash flows for Northwest Healthcare REIT. We also announced as part of our quarterly results that we signed a definitive agreement to acquire a Canadian outpatient property in Burlington, Ontario. The property is 99% leased to a diverse mix of healthcare providers with long-term operational and densification upside at the property.

Together, these acquisitions totaling approximately $153 million are being acquired at a going-in cap rate of over 7% and are expected to be immediately accretive to earnings. These transactions demonstrate our ability to identify accretive, high-quality healthcare real estate investments across North America. Our pipeline continues to grow in both Canada and the United States, giving us confidence that our strategy to refocus and grow the portfolio in North America is highly executable.

So we are making tangible progress across all four of our strategic priorities, and we are confident that momentum will continue over the coming quarters. Turning now to the underlying performance of our real estate portfolio, which remained strong during the quarter, excluding a one-time step-up in expenses related to outsourcing facilities management in Canada, NOI across our portfolio on a same-property basis grew by 3.2%. We ended the quarter with occupancy of 96.1% and a WALE of over 13 years, one of the longest of the Canadian REITs.

These metrics continue to reflect the defensive nature and long-duration income within our portfolio. In addition to supporting the delivery of critical healthcare services, many of our assets are located in dense urban markets where there's meaningful long-term embedded value. As a demonstration of this, in July we received City of Toronto approval for our rezoning application at Fairview Health Centre. This approval allows us to develop 980,000 square feet of buildable area led by 100,000 square feet of medical space.

The balance of the project can be market-rate residential without the need for any affordable housing component. We're very pleased that our team was able to achieve this result. It provides us with significant optionality and, over time, the potential to create meaningful incremental value for unitholders. Before I wrap up, a quick comment on Healthscope. As has been publicly reported, a consortium comprising four operators is in active diligence with the receiver to acquire all of Healthscope's remaining assets and operating business.

This consortium has both our support and that of the other major landlord. As we have previously indicated, we have a committed transaction in place with Calvary, a large, high-quality, not-for-profit Australian hospital and senior housing operator, to step into a new lease on all 12 of our properties, subject to lender and receiver approval. We anticipate further information before our Q3 earnings release and we'll keep everyone informed as the process continues.

Encouragingly, performance in our Australian hospitals keeps improving and, from a liquidity standpoint, we continue to see institutional capital return to the market. Last week an institutional investor agreed to acquire a hospital in suburban Melbourne. The property was acquired for $291 million Australian dollars, equating to a low-5% cap rate. We view this as an encouraging data point for asset values and market liquidity, and we anticipate further transaction activity as hospital operating performance keeps getting better and the Healthscope situation moves towards resolution.

In addition, Stephanie will highlight, after quarter end we successfully refinanced all the debt secured by our Healthscope assets on attractive terms, demonstrating the availability of funding for high-quality Australian healthcare infrastructure. So to summarize, here are a few takeaways. First, we're making real progress across each of our strategic priorities, and the improvement in our reported metrics this quarter demonstrates that. Second, our portfolio continues to perform as it should, generating stable and growing cash flows underpinned by critical healthcare assets with significant long-term upside.

And third, we remain disciplined in our approach to capital allocation and are demonstrating our ability to identify accretive opportunities to recycle capital and grow the business. We are pleased with both the strategic progress we are making and the underlying performance of the business. During this quarter, Northwest Healthcare REIT is becoming a simpler, stronger, and more focused company with an improved balance sheet, a more efficient cost structure, and a growing pipeline of attractive investment opportunities.

With that, I'll hand it over to Stephanie to talk about financial results.

OPERATOR (Operator)

We are now opening the question-and-answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by one again. Thank you. Your first question comes from the line of Jonathan Kelcher from TD Cowen. Your line is now open. Please go ahead.

Jonathan Kelcher, Analyst at TD Cowen

Thanks. Good morning. First question, just on your pipeline, the acquisition pipeline. Zach, you talked about it being pretty active. How does that stack up U.S. vs. Canada?

Zach Bond, CEO

At the moment, it's probably—I would—I mean, again, it fluctuates day to day. I would say it's probably skewed about two-thirds to the U.S. at the moment in terms of acquisitions. It's really a reflection—I mean, look, if we could do everything in Canada, we may well do that. I think the challenge is obviously a lot of the healthcare assets and infrastructure is sort of single-payer owned. So the U.S. tends to be where we find more acquisition opportunities, or development opportunities.

In terms of where we would do strategic transactions like we did with RVH, those are all here in Canada.

Jonathan Kelcher, Analyst at TD Cowen

Okay, so no U.S. development. Are there any states that you would—that you're maybe looking to add to or, conversely, stay away from?

Zach Bond, CEO

Yeah, it's interesting, Jonathan. Coming from a background of starting my career in office, moving to apartments and hospitality, you tend to focus on certain kind of key markets. I think in this case we're probably biased towards the East Coast down to the Southeast in terms of market. But it's not a specific state-by-state strategy. It's more asset- and area-specific and what the underlying user is doing in the building, really. But I would also note it's all skewed—everything we're pursuing right now is really skewed towards outpatient versus inpatient.

Jonathan Kelcher, Analyst at TD Cowen

Okay. And then lastly for me, just on dispositions, how should we think about that for the balance of the year?

Zach Bond, CEO

In terms of properties or—

Jonathan Kelcher, Analyst at TD Cowen

Well, both, I guess. Properties and the Vital New Zealand.

Zach Bond, CEO

Yeah, I mean, Mike, I can. Mike's here so he can give you the kind of update on timing.

Mike Brady (President)

Yeah, hi Jonathan, we're no longer subject to any restrictions with respect to our holdings in the New Zealand entity. Having said that, we don't have anything to announce today. I think we'll be opportunistic about it. But certainly now having that available as a source of liquidity obviously is something we'll explore.

Jonathan Kelcher, Analyst at TD Cowen

Okay. And on the property side?

Zach Bond, CEO

On the property side, I think probably dispositions that are kind of actively under evaluation would be the balance of our German clinics potentially. And, you know, timing that would probably be a. To the extent that happened, I think it would likely be a Q4 event.

Jonathan Kelcher, Analyst at TD Cowen

Okay. So if just sort of put everything together, if I were to think about it, if you. You've kind of used all the cash that you've got back from the European sales year, announced acquisitions, and if you were to announce more, we should probably think about the New Zealand shares as a funding source.

Zach Bond, CEO

Yeah, I think New Zealand, Europe are certainly a source of funding for us.

Jonathan Kelcher, Analyst at TD Cowen

Okay, thanks. I'll turn it back.

OPERATOR (Operator)

Your next question comes from the line of Siram Srinivas from ATB Capital Markets. Your line is now open. Please go ahead.

Siram Srinivas, Analyst at ATB Capital Markets

Thank you, operator. Zach, Stephanie, congratulations on the quarter. Just thinking about dry powder, looking ahead. I know you mentioned all the cash in the European acquisitions probably deployed, but how would you think about leverage looking forward? And where should we think about leverage in the next 12 months?

Stephanie

Hi, I can take that one. Yeah, so I think, you know, our kind of mid to long term target of leverage is around that 50% or 8 times debt to EBITDA. You know, that will kind of vary up and down as we recycle capital and then redeploy. But we're really targeting that 50%, which is what we feel, you know, comfortable on a long term basis given the underlying credit and quality of our portfolio. So, yeah, I think that would be what I would target.

Siram Srinivas, Analyst at ATB Capital Markets

And maybe just looking at the quantum of acquisitions ahead at this point, can you comment on what that number would look like? Would it be another 100 million of acquisitions to come?

Zach Bond, CEO

Yeah, I think we sort of gave, I think, soft guidance to. We think sort of 250 million for the year was kind of a target. So I think that's probably a pretty good range to be. So certainly another 50 million of acquisitions before the end of the year is a safe assumption.

Siram Srinivas, Analyst at ATB Capital Markets

Perfect. And Zach, what's your view on Fairview Health center and what's the long term plan here for that development?

Zach Bond, CEO

Oh, Fairview. So, you know, look, Fairview is one of our better performing assets. It is, it is kind of a critical health hub. You know, I think longer term we are, there is a need for larger community health operators in that general area. And so we are talking to some of them. So I think once we sort of resolve what we're doing on the health side, we'll figure out how to plan for the rest of it, which is likely to be residential. So either we would sell the excess land net of the medical or possibly partner with someone who would sort of take charge of the residential. But it's still early days.

Siram Srinivas, Analyst at ATB Capital Markets

Yeah, makes sense. Totally. Thanks. I'll turn it back. Thanks.

OPERATOR (Operator)

Your next question comes from the line of Himanshu Gupta from Scotiabank. Your line is now open. Please go ahead.

Himanshu Gupta, Analyst at Scotiabank

Thank you and good morning. Zach, in your prepared remarks, I think you pointed to a transaction activity Melbourne Hospital at low 5 cap rate. If I heard it right, how does that compare to how does your cap rate of pricing compare to transactions you have seen in the last one year, the last two years? Just trying to get a sense of how competitive or desirable the market is.

Zach Bond, CEO

Yeah, this is in Australia. Look, we continue to see assets trade. I mean, out of Vital Trust, they have been trading assets. Again, it's very asset specific, depending on the operator and the profitability of the asset. But I would say seeing that kind of pricing on a large asset with term is very encouraging. There's some element of some potential redevelopment there, but not enough to really make that pricing materially different. So look, I think what we're seeing is capital starting to come back in bigger ways and in bigger deals to Australian healthcare.

In other words, if you talk to people down there, the idea of Healthscope, which 12, 18 months ago was on everyone's mind in a big discussion, people are looking through it.

Himanshu Gupta, Analyst at Scotiabank

And then on the subject of Healthscope, I mean, once that situation is sorted out, I mean, will that be a source of disposition as well? I know you outline, you know, the Vital units and remaining Europe assets, but would this 12 asset health would also be a disposition candidate?

Zach Bond, CEO

Look, so I think once this is resolved, certainly the liquidity of all those assets changes dramatically. And part of our strategy with that partnership was to continue to recycle capital. And so we'll be actively re-engaging as that. So, yes, you could look at it as a source of liquidity, but I think until we're through Healthscope, it's too early to give real guidance on specific assets.

Himanshu Gupta, Analyst at Scotiabank

Fair enough. And then, sorry, one more follow up on Healthscope. I think you mentioned that you support the, I mean the proposal or agreement so far with the operators based on if this agreement goes through, do we know like will there be a rent concessions being given or any rent reduction, NOI reduction we should expect if this gets done with Calvary.

Stephanie

Yeah. Hi Himanshu. So at this time we're not able to comment again, given the terms of the transaction and the offer are still subject to approval. We're not able to provide any further details. But as soon as we are, we'll be able to provide some update on what our lease terms with Calvary look like.

Himanshu Gupta, Analyst at Scotiabank

Okay, fair enough, fair enough. Maybe the last question is on the G&A and obviously big part of your focus and making a lot of progress there as well. So should we see like a step down in Q3 G&A from Q2 now that, you know, Europe is folded and that gets you to realization that 35 million annualized savings.

Stephanie

Yeah. In Q3, now that all of the, you know, employees in Europe have transitioned that June 30th, we'll see a pretty meaningful impact in Q3 and then continuing into Q4. Some of those, you know, costs unwind, you know, related to legacy things there. So largely speaking we'll be by the end of 2026 at that 35 million run rate that we've guided to.

Himanshu Gupta, Analyst at Scotiabank

Okay, so 2027 will definitely be the new G&A. And what's that range going to be?

Stephanie

Sorry, range of what?

Himanshu Gupta, Analyst at Scotiabank

On G&A. I know you're quoting this 35 million annualized number. It's a very big reduction from what you have in 26. So I just want to make sure I got this right.

Stephanie

Keep in mind the 35 excludes unit-based comp and any employee termination benefits. But yeah, that's 35 million is kind of the safe assumption by the end of Q. By the end of Q4.

Himanshu Gupta, Analyst at Scotiabank

Okay. Okay, thank you so much and I'll turn back. Thank you.

OPERATOR (Operator)

Your next question comes from the line of Giuliano Sorrenhil from National Bank. Your line is now open. Please go ahead.

Giuliano Sorrenhil, Analyst at National Bank

Hey guys. Good morning everyone. I just want to start with Australia. Have there been any kind of regulatory developments either in the budget or in the insurance maybe outlook that have impact your business or the operators?

Zach Bond, CEO

There's nothing from a regulatory point of view that I can think of. Or legal, I think, in fact, I wouldn't say it's regulatory, but what we're seeing is the kind of reimbursement rates continue to trend in a positive direction which is just month by month just improving the profitability that we're seeing. Not only with Healthscope, but really across the assets that we have visibility into.

Giuliano Sorrenhil, Analyst at National Bank

And then for that recent transaction, are you, do you, do you figure that buyers are just assuming a more normalized environment for the operators or are they sticking to the best ones? And just as a last question related to that, what do you expect permanent financing there would be like.

Zach Bond, CEO

Yeah, I can sort of talk about that transaction. I mean that's, you know, it is that property in suburban Melbourne is a strong operator. They're a well known operator. It is a good solid performing hospital. And look, I think the capital behind it is likely long term sort of income oriented capital, I guess. Stephanie, you can comment on financing.

Stephanie

Yeah, I mean, yeah, through our recent experience of refinancing the Australian JV, I would say that there's a larger appetite to lend against these assets than there has been in the recent history. I mean we had a one bank syndicate originally and now it was expanded to I think it's four banks. So there was definite appetite from others to come in and lend against this portfolio and on actually even slightly better terms than was previously. So I definitely think there's bigger appetite to lend and availability of financing for these assets.

Giuliano Sorrenhil, Analyst at National Bank

Okay. And just turning to I guess Canada, the Ontario kind of, I guess firstly in the recent Ontario budget, have you noticed any like demand drivers that are impacting your ability to do some of these larger developments? And then secondly, is the primary care push starting to positively impact maybe occupancy or anything related to your business?

Zach Bond, CEO

Maybe I'll let Dave here, maybe Dave, you can give some thoughts on sort of where things are headed in terms of regulatory and primary care.

Dave Casimiro, Executive Vice President

Certainly. Good morning. Obviously we're keeping close track of a number of the government funding initiatives around supporting primary care as well as supporting of various schools of medicine. And so we are seeing that happening from an announcement perspective and starting to see some of the flow through in that funding wherein we are working with some of our family health teams and primary care tenants on space allocation and looking at ways on how they can grow.

Giuliano Sorrenhil, Analyst at National Bank

Okay, thanks. And one last one on the regulatory front, I'm just wondering, have you seen, do you have any thoughts on the proposed site neutrality policy in the US and like does that, does that affect your any or current kind of portfolio or change the acquisition strategy at all?

Zach Bond, CEO

No, no, I mean, I don't think so. I mean I don't think there's any impact on our current portfolio today. So I don't think it impacts that or our strategy. I mean our strategy is really, you know, high quality, outpatient, limited inpatient, and minimize exposure to areas and things that could be impacted from a funding point of view, negatively as some of these regulatory changes come through.

Giuliano Sorrenhil, Analyst at National Bank

Okay, that's all for me. Thanks, guys.

OPERATOR (Operator)

Your next question comes from the line of Pami Vir from RBC Capital Markets. Your line is now open. Please go ahead.

Pami Vir, Analyst at RBC Capital Markets

Thanks. Good morning. Just wanted to come back to Healthscope for a second and I think, Zach, you mentioned that you expect an update before. I guess you report Q3. Is that just based on the timeline that the receiver has provided or is, is the whole process just kind of approaching the final strokes at this point?

Zach Bond, CEO

I mean, look, we can't comment on specific dates and times, but it does feel like we're, you know, this process, as we thought, was longer and more complicated, but it certainly feels like they're headed towards some conclusion that you now have sort of this consortium of four people. It's a holistic solution for all the assets and the business. So I think you're sort of in that path where there's no more. It's not as if it's an option where you're now going to go out and look for more interest. So we do feel like we're headed towards some kind of resolution there. And look for us, we have our transaction in place that is ready to go as long as this all gets approved.

Pami Vir, Analyst at RBC Capital Markets

Got it. Okay, that's helpful. And then just to clarify, if you, you know, if this is resolved and you were to sell at some point some of these HSO assets, would that capital be redeployed in Australia or like alongside your partner, or would you repatriate that back to North America?

Zach Bond, CEO

Yeah, look, I think our goal is to repatriate our capital back here to reinvest in North America, as we've stated. So again, could there be something extraordinarily attractive? We could look at it, but the truth is our strategic goal won't really change. I mean, if we exit an asset, likely or multiple assets, that the proceeds are going to get redeployed here.

Pami Vir, Analyst at RBC Capital Markets

Okay. And then just coming back to the acquisition commentary, I guess, particularly in the U.S. how are you thinking about just continuing to acquire assets sort of on your own, or are there opportunities that you're seeing with potentially partnering up with some of the local entities? Yes.

Zach Bond, CEO

Yeah, I think it's a good question. Pomi. I think it's a mix and it probably depends a bit on the asset. So, for example, something like East New York Health Hub you know, this is a single tenant, long dated triple net lease. That's something that we can certainly do. We can execute on the transaction from here. We are looking at transactions, as I sort of mentioned, with groups where we would essentially acquire the asset and bring them in as partners specifically to help us with certain value enhancement initiatives. And those relationships could grow over time and become more strategic. So I think it does depend on the strategy. And we're looking at a mix of these sort of single tenant critical health hubs to more multi tenant hands on assets.

Pami Vir, Analyst at RBC Capital Markets

Okay. And maybe just on that, would the. Are you comfortable acquiring assets where the going in yield just may not be accretive or might be dilutive in the short term, but within a couple years they could actually be quite attractive. Or do they need to be immediately accretive coming in?

Zach Bond, CEO

Yeah, I mean, I think it's. Again, it's a mix. I think we're more focused on what kind of value we can enhance. Everything we're looking at today in our pipeline is accretive today and is either very stable and sort of grows by the contractual increases, or there's a lot of value enhancement there. So I guess if, if your question is, would you buy a vacant building that you're going to or something to reposition, the answer is no. I mean, everything we're doing we anticipate to be accretive today. Some may be more than others and some may have more long term upside than others.

Pami Vir, Analyst at RBC Capital Markets

Got it. Okay. All right, thanks very much. That's helpful. I'll turn it back.

OPERATOR (Operator)

Your next question comes from the line of Juliana Thornhill from National Bank. Your line is now open. Please go ahead.

Juliana Thornhill, Analyst at National Bank

Just had two follow ups. I'm just wondering what drove the sequential decline in the credit line rate. And Stephanie, I know you mentioned that the unencumbered asset pool increasing is kind of increasing your flexibility. Could you just kind of expand on that as well?

Stephanie

Yeah, I mean, no change to our underlying credit facility during the quarter or even during the year for matter. It really is based on underlying base rates which have remained fairly stable. So there hasn't really been much underlying change in our credit facility borrowing rate during the period. So I'm not quite sure maybe what you're looking at.

Juliana Thornhill, Analyst at National Bank

Yeah, maybe a different number and just. Zach, are you comfortable yet? Kind of like putting a timeline on when you think you might get to the more simplified state that that's the current kind of strategy, like in a year time or where do you think like the end state actually can be realized?

Zach Bond, CEO

Yeah, I mean, look, I certainly think in 12 months we'll be dramatically, a dramatically simpler business and we'll have repatriated more capital back here. In terms of what portion, vastly, the majority of our earnings are sort of America's North America. That may just take a while because again, in some of these situations, we obviously have partners we have to work with and it takes time. But I would think, I mean, again, I'm going to put something out there, maybe 24, think about it, in 24 months will be pretty much America's North America focused. Okay, thanks.

OPERATOR (Operator)

Again. If you'd like to ask a question, please press star followed by one on your telephone keypad. We will be taking a moment to let the questions come in. It seems the stance of the moment. We don't have any questions queued up. So that concludes our question and answer session. I will now be passing the call over to Steven Hong, vice president of Investor Relations, for closing remarks. Please go ahead.

Stephen Hong, Vice President, Investor Relations

Thank you for joining us today and your continued interest in Northwest Healthcare REIT. If you have any follow up questions, please feel free to reach out to me. Steven.hongadoread.com thank you again for your time and have a great day.

OPERATOR (Operator)

Thank you everyone for attending this call. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.