Northstar Healthcare Income, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total property and other revenues of $52.6 million, a decrease from $53.4 million in the same quarter the previous year. The decrease is attributed to the derecognition of revenues from the Rochester Sub-Portfolio following its receivership.
Property operating expenses for the quarter were $32.9 million, down from $36.9 million in the same quarter of the previous year. This decrease is primarily due to the exclusion of expenses related to the Rochester Sub-Portfolio.
Net income for the quarter was $124.3 million, compared to a net loss of $11.4 million in the previous year. The increase is largely due to a gain of $128.6 million from the sale of the Trilogy Investment.
Cash provided by operating activities was $16.7 million for the nine months ended September 30, 2024, compared to $13.1 million in the previous year.
Northstar had a working capital of $343.8 million as of November 7, 2024. The company is evaluating how to use these proceeds to maximize value and generate liquidity for stockholders.
The filing also details the company's ongoing strategy to grow operating income from its portfolio and pursue disposition opportunities to maximize value.
Northstar continues to face challenges from rising labor costs and inflationary pressures, which impact operating margins.
The company completed the sale of its Trilogy Investment in September 2024, resulting in net cash proceeds of $254.0 million.
Northstar does not anticipate recurring dividends in the near future but will evaluate special distributions on a case-by-case basis.
The company is monitoring market conditions and transaction opportunities to provide liquidity to stockholders at the earliest opportunity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northstar Healthcare Income Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.