Global Medical REIT Announces Third Quarter 2024 Financial Results
Global Medical REIT (NYSE: GMRE) reported third quarter 2024 financial results, highlighting $80.3 million in completed acquisitions of single-tenant triple-net medical real estate. Key metrics include net income of $1.8 million ($0.03 per diluted share), FFO of $13.7 million ($0.19 per share), and AFFO of $15.3 million ($0.22 per share). The company's portfolio maintained 96.1% occupancy with annualized base rent of $107.8 million. Notable developments include the acquisition of a 15-property portfolio and entering into a purchase agreement for a $70 million five-property portfolio at a 9.0% cap rate. The company also completed strategic dispositions and addressed Steward Health Care's bankruptcy through a new lease agreement with CHRISTUS Health.
Global Medical REIT (NYSE: GMRE) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando 80,3 milioni di dollari in acquisizioni completate di immobili medici a singolo locatario con contratto triple-net. Tra i principali indicatori ci sono un reddito netto di 1,8 milioni di dollari (0,03 dollari per azione diluita), un FFO di 13,7 milioni di dollari (0,19 dollari per azione) e un AFFO di 15,3 milioni di dollari (0,22 dollari per azione). Il portafoglio dell'azienda ha mantenuto un'occupazione del 96,1% con un affitto base annualizzato di 107,8 milioni di dollari. Sviluppi significativi includono l'acquisizione di un portafoglio di 15 proprietà e la stipula di un accordo di acquisto per un portafoglio di cinque proprietà del valore di 70 milioni di dollari a un tasso di capitalizzazione del 9,0%. L'azienda ha anche completato cessioni strategiche e ha affrontato la bancarotta di Steward Health Care attraverso un nuovo contratto di locazione con CHRISTUS Health.
Global Medical REIT (NYSE: GMRE) reportó los resultados financieros del tercer trimestre de 2024, destacando 80.3 millones de dólares en adquisiciones completadas de bienes raíces médicos de inquilino único con contrato triple-net. Las métricas clave incluyen un ingreso neto de 1.8 millones de dólares (0.03 dólares por acción diluida), un FFO de 13.7 millones de dólares (0.19 dólares por acción) y un AFFO de 15.3 millones de dólares (0.22 dólares por acción). El portafolio de la empresa mantuvo una ocupación del 96.1% con un alquiler base anualizado de 107.8 millones de dólares. Los desarrollos notables incluyen la adquisición de un portafolio de 15 propiedades y la entrada en un acuerdo de compra para un portafolio de cinco propiedades valorado en 70 millones de dólares a una tasa de capitalización del 9.0%. La empresa también completó disposiciones estratégicas y abordó la bancarrota de Steward Health Care a través de un nuevo acuerdo de arrendamiento con CHRISTUS Health.
글로벌 메디컬 리트 (NYSE: GMRE)는 2024년 3분기 재무 결과를 발표하며 8,030만 달러의 단일 세입자 트리플 넷 의료용 부동산 인수 완료를 강조했습니다. 주요 지표로는 순이익 180만 달러(1주당 0.03달러), FFO 1,370만 달러(1주당 0.19달러), AFFO 1,530만 달러(1주당 0.22달러)가 있습니다. 회사의 포트폴리오는 96.1%의 점유율을 유지하며 연간 기본 임대료는 1억 780만 달러입니다. 주요 발전 사항으로는 15개 자산 포트폴리오 인수 및 9.0% 자본화율로 7,000만 달러 규모의 5개 자산 포트폴리오 구매 계약 체결이 있습니다. 이 회사는 또한 전략적 자산 매각을 완료하고 CHRISTUS Health와의 새로운 임대 계약을 통해 Steward Health Care의 파산 문제를 해결했습니다.
Global Medical REIT (NYSE: GMRE) a publié les résultats financiers du troisième trimestre 2024, mettant en avant 80,3 millions de dollars d'acquisitions réalisées d'immobilier médical à locataire unique avec un contrat triple-net. Les indicateurs clés incluent un revenu net de 1,8 million de dollars (0,03 dollar par action diluée), un FFO de 13,7 millions de dollars (0,19 dollar par action) et un AFFO de 15,3 millions de dollars (0,22 dollar par action). Le portefeuille de l'entreprise a maintenu un taux d'occupation de 96,1 % avec un loyer de base annualisé de 107,8 millions de dollars. Parmi les développements notables, on trouve l'acquisition d'un portefeuille de 15 propriétés et la signature d'un contrat d'achat pour un portefeuille de cinq propriétés d'une valeur de 70 millions de dollars à un taux de capitalisation de 9,0 %. L'entreprise a également procédé à des cessions stratégiques et a abordé la faillite de Steward Health Care par le biais d'un nouveau contrat de location avec CHRISTUS Health.
Global Medical REIT (NYSE: GMRE) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht und hebt 80,3 Millionen Dollar an abgeschlossenen Akquisitionen von einzelnen Mietern in der triple-net-medizinischen Immobilienbranche hervor. Zu den wichtigsten Kennzahlen gehören ein Nettogewinn von 1,8 Millionen Dollar (0,03 Dollar pro verwässerter Aktie), FFO von 13,7 Millionen Dollar (0,19 Dollar pro Aktie) und AFFO von 15,3 Millionen Dollar (0,22 Dollar pro Aktie). Das Portfolio des Unternehmens wies eine Belegungsrate von 96,1% auf, mit einer annualisierten Grundmiete von 107,8 Millionen Dollar. Zu den bemerkenswerten Entwicklungen gehört die Übernahme eines Portfolios von 15 Immobilien sowie der Abschluss eines Kaufvertrags über ein Portfolio von fünf Immobilien im Wert von 70 Millionen Dollar mit einer Kapitalisierungsrate von 9,0%. Das Unternehmen hat auch strategische Veräußnungen abgeschlossen und die Insolvenz von Steward Health Care durch einen neuen Mietvertrag mit CHRISTUS Health angesprochen.
- Completed $80.3 million in acquisitions with annualized base rent of $6.4 million
- Maintained high portfolio occupancy at 96.1%
- Secured new 15-year lease with CHRISTUS Health for Beaumont Facility
- Strong portfolio rent coverage ratio of 4.6 times
- Entered agreement for $70 million portfolio acquisition at 9.0% cap rate
- Net income decreased to $0.03 per share from $0.05 year-over-year
- Rental revenue declined 3.7% year-over-year to $34.2 million
- FFO decreased to $0.19 per share from $0.22 year-over-year
- AFFO declined to $0.22 per share from $0.23 year-over-year
- Net loss of $0.6 million for nine months compared to $15.6 million profit previous year
Insights
The Q3 2024 results show mixed performance with some concerning trends. Net income dropped to
Notable positives include
However, investors should note the declining FFO and AFFO metrics, along with the
Year-to-Date Completed
Jeffrey M. Busch, Chairman, Chief Executive Officer and President stated, “During the third quarter, we continued to deliver steady results while actively engaging in the transaction market to accretively grow our high-quality portfolio. I’m pleased that in October we completed the acquisition of the remaining 10 properties in the previously announced 15-property portfolio of outpatient medical real estate for an aggregate purchase price of
Third Quarter 2024 Highlights
-
Net income attributable to common stockholders was
, or$1.8 million per diluted share, as compared to$0.03 , or$3.1 million per diluted share, in the comparable prior year period.$0.05 -
Funds from Operations attributable to common stockholders and noncontrolling interest (“FFO”) of
, or$13.7 million per share and unit, as compared to$0.19 , or$15.3 million per share and unit, in the comparable prior year period.$0.22 -
Adjusted Funds from Operations attributable to common stockholders and noncontrolling interest (“AFFO”) of
, or$15.3 million per share and unit, as compared to$0.22 , or$16.5 million per share and unit, in the comparable prior year period.$0.23 -
In July 2024, we completed the acquisition of five properties in a 15-property portfolio encompassing 94,494 leasable square feet for an aggregate purchase price of
. These are fully occupied single tenant triple net properties with aggregate annualized base rent of$30.8 million .$2.5 million -
In July 2024, we sold a medical facility located in
Panama City, Florida , receiving gross proceeds of , resulting in a gain of$11.0 million .$1.7 million -
In September 2024, we sold a medical facility located in
Panama City Beach, Florida , receiving gross proceeds of , resulting in a gain of$1.1 million .$0.1 million -
Steward Health Care (“Steward”), which as previously disclosed, filed for Chapter 11 bankruptcy on May 6, 2024, formally rejected its lease at our healthcare facility in
Beaumont, Texas (the “Beaumont Facility”) as of September 15, 2024. This formal lease rejection, which was approved by the bankruptcy court, allowed for a new, 15-year, triple-net lease with an affiliate of CHRISTUS Health (“CHRISTUS”) at this facility to become effective. We expect rent to commence on this lease in March or April 2025. -
During the quarter ended September 30, 2024, we issued 1.2 million shares of our common stock through our ATM program at an average offering price of
per share, generating gross proceeds of$9.95 .$12.0 million -
Portfolio leased occupancy was
96.1% at September 30, 2024.
Nine Month and Other 2024 Highlights
-
Net loss attributable to common stockholders was
, or$0.6 million per diluted share, as compared to net income attributable to common stockholders of$0.01 , or$15.6 million per diluted share, in the comparable prior year period. The results for the nine-month period in 2024 include an aggregate loss on sale of investment properties of$0.24 and the results for the nine-month period in 2023 include an aggregate gain on sale of investment properties of$1.6 million .$15.6 million -
FFO of
, or$42.6 million per share and unit, as compared to$0.60 , or$45.1 million per share and unit, in the comparable prior year period.$0.64 -
AFFO of
, or$47.6 million per share and unit, as compared to$0.67 , or$48.4 million per share and unit, in the comparable prior year period.$0.69 -
During the nine months ended September 30, 2024, we completed three dispositions that generated aggregate gross proceeds of
, resulting in an aggregate loss of$20.2 million . Included in this total is the sale of our facility in$1.6 million Mishawaka, Indiana , receiving gross proceeds of and resulting in a loss of$8.1 million . The lease at this facility was set to expire at the end of this year and the decision to dispose of this property was based on the Company’s lease renewal expectations and its outlook for finding a suitable replacement tenant.$3.4 million -
In October 2024, we completed the acquisition of the remaining 10 properties in the 15-property portfolio encompassing 159,726 leasable square feet for an aggregate purchase price of
. These are fully occupied single tenant triple net properties with aggregate annualized base rent of$49.5 million . In aggregate, the 15-property portfolio had a purchase price of$3.9 million with 254,220 leasable square feet and annualized base rent of$80.3 million .$6.4 million
Financial Results
Rental revenue for the third quarter 2024 decreased
Total expenses for the third quarter were
Interest expense for the third quarter was
Net income attributable to common stockholders for the third quarter totaled
The Company reported FFO of
Investment Activity
In May 2024, the Company entered into a purchase agreement to acquire a 15-property portfolio of outpatient medical real estate. During the third quarter of 2024, the Company completed the acquisition of five properties in the 15-property portfolio encompassing 94,494 leasable square feet for an aggregate purchase price of
In October 2024, the Company completed the acquisition of the remaining 10 properties in the 15-property portfolio encompassing 159,726 leasable square feet for an aggregate purchase price of
Pursuant to the Company’s capital recycling plan, the Company sold two assets in the third quarter of 2024. Specifically, in July 2024, we sold a medical facility located in
In October 2024, the Company entered into a purchase agreement to acquire a five-property portfolio for an aggregate purchase price of
Portfolio Update
As of September 30, 2024, the Company’s portfolio was
On May 6, 2024, Steward announced that it filed for Chapter 11 bankruptcy reorganization. At the time of the bankruptcy filing, Steward represented
Balance Sheet and Capital
At September 30, 2024, total debt outstanding, including outstanding borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was
As of November 5, 2024, the Company’s borrowing capacity under the credit facility was
During the quarter ended September 30, 2024, the Company issued 1.2 million shares of its common stock through its ATM program at an average offering price of
Dividends
On September 5, 2024, the Board of Directors (the “Board”) declared a
SUPPLEMENTAL INFORMATION
Details regarding these results can be found in the Company’s supplemental financial package available on the Investor Relations section of the Company’s website at http://investors.globalmedicalreit.com/.
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a live webcast and conference call on Thursday, November 7, 2024 at 9:00 a.m. Eastern Time. The webcast is located on the “Investor Relations” section of the Company’s website at http://investors.globalmedicalreit.com/.
To Participate via Telephone:
Dial in at least five minutes prior to start time and reference Global Medical REIT Inc.
Domestic: 1-877-704-4453
International: 1-201-389-0920
Replay:
An audio replay of the conference call will be posted on the Company’s website.
NON‐GAAP FINANCIAL MEASURES
General
Management considers certain non-GAAP financial measures to be useful supplemental measures of the Company's operating performance. For the Company, non-GAAP measures consist of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre” and “Adjusted EBITDAre”), FFO and AFFO. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non-GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non-GAAP financial measures.
The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs. Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented elsewhere herein.
FFO and AFFO
FFO attributable to common stockholders and noncontrolling interest (“FFO”) and AFFO attributable to common stockholders and noncontrolling interest (“AFFO”) are non-GAAP financial measures within the meaning of the rules of the United States Securities and Exchange Commission (“SEC”). The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures. Because FFO excludes real estate-related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.
AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include: (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock-based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, and (g) other items.
Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis.
EBITDAre and Adjusted EBITDAre
We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, and impairment loss, as applicable.
We define Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, preacquisition expense and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
RENT COVERAGE RATIO
For purposes of calculating our portfolio weighted-average EBITDARM coverage ratio (“Rent Coverage Ratio”), we excluded credit-rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed. These ratios are based on the latest available information only. Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete. Certain other tenants (approximately
ANNUALIZED BASE RENT
Annualized base rent represents monthly base rent for September 2024 (or, for recent acquisitions, monthly base rent for the month of acquisition), multiplied by 12 (or base rent net of annualized expenses for properties with gross leases). Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future (i) contractual rental rate increases, (ii) leasing activity or (iii) lease expirations. Additionally, leases that are accounted for on a cash-collected basis are not included in annualized base rent.
CAPITALIZATION RATE
The capitalization rate (“cap rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price. For the portfolio cap rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our liquidity, our tenants’ ability to pay rent to us, expected financial performance (including future cash flows associated with new tenants or the expansion of current properties), future dividends or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom, and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and in our other filings with the SEC. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement.
GLOBAL MEDICAL REIT INC.
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As of |
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September 30,
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December 31,
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Assets |
|
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Investment in real estate: |
|
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|
|
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Land |
|
$ |
168,110 |
|
|
$ |
164,315 |
|
Building |
|
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1,041,006 |
|
|
|
1,035,705 |
|
Site improvements |
|
|
22,946 |
|
|
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21,974 |
|
Tenant improvements |
|
|
66,933 |
|
|
|
66,358 |
|
Acquired lease intangible assets |
|
|
137,886 |
|
|
|
138,617 |
|
|
|
|
1,436,881 |
|
|
|
1,426,969 |
|
Less: accumulated depreciation and amortization |
|
|
(283,941 |
) |
|
|
(247,503 |
) |
Investment in real estate, net |
|
|
1,152,940 |
|
|
|
1,179,466 |
|
Cash and cash equivalents |
|
|
5,723 |
|
|
|
1,278 |
|
Restricted cash |
|
|
2,066 |
|
|
|
5,446 |
|
Tenant receivables, net |
|
|
8,122 |
|
|
|
6,762 |
|
Due from related parties |
|
|
404 |
|
|
|
193 |
|
Escrow deposits |
|
|
1,694 |
|
|
|
673 |
|
Deferred assets |
|
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27,685 |
|
|
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27,132 |
|
Derivative asset |
|
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14,967 |
|
|
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25,125 |
|
Goodwill |
|
|
5,903 |
|
|
|
5,903 |
|
Other assets |
|
|
23,091 |
|
|
|
15,722 |
|
Total assets |
|
$ |
1,242,595 |
|
|
$ |
1,267,700 |
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Liabilities and Equity |
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Liabilities: |
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Credit Facility, net of unamortized debt issuance costs of September 30, 2024 and December 31, 2023, respectively |
|
$ |
614,382 |
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$ |
585,333 |
|
Notes payable, net of unamortized debt issuance costs of September 30, 2024 and December 31, 2023, respectively |
|
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14,493 |
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25,899 |
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Accounts payable and accrued expenses |
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13,350 |
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|
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12,781 |
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Dividends payable |
|
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16,534 |
|
|
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16,134 |
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Security deposits |
|
|
3,222 |
|
|
|
3,688 |
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Other liabilities |
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12,370 |
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|
|
12,770 |
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Acquired lease intangible liability, net |
|
|
3,638 |
|
|
|
5,281 |
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Total liabilities |
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677,989 |
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661,886 |
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Commitments and Contingencies |
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Equity: |
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Preferred stock, |
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74,959 |
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74,959 |
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Common stock, |
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67 |
|
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66 |
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Additional paid-in capital |
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733,626 |
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722,418 |
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Accumulated deficit |
|
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(281,067 |
) |
|
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(238,984 |
) |
Accumulated other comprehensive income |
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14,967 |
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25,125 |
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Total Global Medical REIT Inc. stockholders' equity |
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542,552 |
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583,584 |
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Noncontrolling interest |
|
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22,054 |
|
|
|
22,230 |
|
Total equity |
|
|
564,606 |
|
|
|
605,814 |
|
Total liabilities and equity |
|
$ |
1,242,595 |
|
|
$ |
1,267,700 |
|
GLOBAL MEDICAL REIT INC.
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Three Months Ended
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Nine Months Ended
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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Rental revenue |
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$ |
34,175 |
|
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$ |
35,487 |
|
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$ |
103,458 |
|
|
$ |
108,003 |
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Other income |
|
|
89 |
|
|
|
20 |
|
|
|
166 |
|
|
|
85 |
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Total revenue |
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34,264 |
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35,507 |
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|
|
103,624 |
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|
|
108,088 |
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Expenses |
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General and administrative |
|
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4,381 |
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|
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4,367 |
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|
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13,416 |
|
|
|
12,633 |
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Operating expenses |
|
|
7,437 |
|
|
|
7,231 |
|
|
|
22,056 |
|
|
|
21,989 |
|
Depreciation expense |
|
|
9,993 |
|
|
|
10,100 |
|
|
|
30,233 |
|
|
|
31,062 |
|
Amortization expense |
|
|
3,649 |
|
|
|
4,095 |
|
|
|
11,487 |
|
|
|
12,828 |
|
Interest expense |
|
|
7,236 |
|
|
|
7,170 |
|
|
|
21,119 |
|
|
|
23,909 |
|
Preacquisition expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
Total expenses |
|
|
32,696 |
|
|
|
32,963 |
|
|
|
98,311 |
|
|
|
102,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before gain (loss) on sale of investment properties |
|
|
1,568 |
|
|
|
2,544 |
|
|
|
5,313 |
|
|
|
5,623 |
|
Gain (loss) on sale of investment properties |
|
|
1,823 |
|
|
|
2,289 |
|
|
|
(1,560 |
) |
|
|
15,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
3,391 |
|
|
$ |
4,833 |
|
|
$ |
3,753 |
|
|
$ |
21,183 |
|
Less: Preferred stock dividends |
|
|
(1,455 |
) |
|
|
(1,455 |
) |
|
|
(4,366 |
) |
|
|
(4,366 |
) |
Less: Net (income) loss attributable to noncontrolling interest |
|
|
(145 |
) |
|
|
(240 |
) |
|
|
50 |
|
|
|
(1,187 |
) |
Net income (loss) attributable to common stockholders |
|
$ |
1,791 |
|
|
$ |
3,138 |
|
|
$ |
(563 |
) |
|
$ |
15,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to common stockholders per share – basic and diluted |
$ |
0.03 |
$ |
0.05 |
|
$ |
(0.01 |
) |
$ |
0.24 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding – basic and diluted |
|
|
65,737 |
|
|
|
65,565 |
|
|
|
65,633 |
|
|
|
65,545 |
|
Global Medical REIT Inc.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
||||||||||||||
Net income |
|
$ |
3,391 |
|
|
$ |
4,833 |
|
|
$ |
3,753 |
|
|
$ |
21,183 |
|
Less: Preferred stock dividends |
|
|
(1,455 |
) |
|
|
(1,455 |
) |
|
|
(4,366 |
) |
|
|
(4,366 |
) |
Depreciation and amortization expense |
|
|
13,618 |
|
|
|
14,161 |
|
|
|
41,611 |
|
|
|
43,796 |
|
(Gain) loss on sale of investment properties |
|
|
(1,823 |
) |
|
|
(2,289 |
) |
|
|
1,560 |
|
|
|
(15,560 |
) |
FFO attributable to common stockholders and noncontrolling interest |
|
$ |
13,731 |
|
|
$ |
15,250 |
|
|
$ |
42,558 |
|
|
$ |
45,053 |
|
Amortization of above market leases, net |
|
|
282 |
|
|
|
234 |
|
|
|
782 |
|
|
|
812 |
|
Straight line deferred rental revenue |
|
|
(501 |
) |
|
|
(721 |
) |
|
|
(1,264 |
) |
|
|
(2,363 |
) |
Stock-based compensation expense |
|
|
1,274 |
|
|
|
1,185 |
|
|
|
3,826 |
|
|
|
3,020 |
|
Amortization of debt issuance costs and other |
|
|
559 |
|
|
|
593 |
|
|
|
1,684 |
|
|
|
1,795 |
|
Preacquisition expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
AFFO attributable to common stockholders and noncontrolling interest |
|
$ |
15,345 |
|
|
$ |
16,541 |
|
|
$ |
47,586 |
|
|
$ |
48,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to common stockholders per share – basic and diluted |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
(0.01 |
) |
|
$ |
0.24 |
|
FFO attributable to common stockholders and noncontrolling interest per share and unit |
|
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.64 |
|
AFFO attributable to common stockholders and noncontrolling interest per share and unit |
|
$ |
0.22 |
|
|
$ |
0.23 |
|
|
$ |
0.67 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Shares and Units Outstanding – basic and diluted |
|
|
71,151 |
|
|
|
70,566 |
|
|
|
70,932 |
|
|
|
70,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Shares and Units Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Common Shares |
|
|
65,737 |
|
|
|
65,565 |
|
|
|
65,633 |
|
|
|
65,545 |
|
Weighted Average OP Units |
|
|
2,244 |
|
|
|
2,244 |
|
|
|
2,244 |
|
|
|
2,020 |
|
Weighted Average LTIP Units |
|
|
3,170 |
|
|
|
2,757 |
|
|
|
3,055 |
|
|
|
2,697 |
|
Weighted Average Shares and Units Outstanding – basic and diluted |
|
|
71,151 |
|
|
|
70,566 |
|
|
|
70,932 |
|
|
|
70,262 |
|
Global Medical REIT Inc.
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|||||||||||||
Net income |
$ |
3,391 |
|
|
$ |
4,833 |
|
|
$ |
3,753 |
|
$ |
21,183 |
|
Interest expense |
|
7,236 |
|
|
|
7,170 |
|
|
|
21,119 |
|
|
23,909 |
|
Depreciation and amortization expense |
|
13,642 |
|
|
|
14,195 |
|
|
|
41,720 |
|
|
43,890 |
|
(Gain) loss on sale of investment properties |
|
(1,823 |
) |
|
|
(2,289 |
) |
|
|
1,560 |
|
|
(15,560 |
) |
EBITDAre |
$ |
22,446 |
|
|
$ |
23,909 |
|
|
$ |
68,152 |
|
$ |
73,422 |
|
Stock-based compensation expense |
|
1,274 |
|
|
|
1,185 |
|
|
|
3,826 |
|
|
3,020 |
|
Amortization of above market leases, net |
|
282 |
|
|
|
234 |
|
|
|
782 |
|
|
812 |
|
Preacquisition expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
44 |
|
Adjusted EBITDAre |
$ |
24,002 |
|
|
$ |
25,328 |
|
|
$ |
72,760 |
|
$ |
77,298 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106580870/en/
Investor Relations Contact:
Stephen Swett
stephen.swett@icrinc.com
203.682.8377
Source: Global Medical REIT Inc.
FAQ
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