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Mar 31, 2020
Global Medical REIT Q1 2020 Earnings Report
Announced first quarter financial results and completed $86.9 million of acquisitions to date.
Key Takeaways
Global Medical REIT reported a strong first quarter with a 42.2% increase in rental revenue and net income attributable to common stockholders totaling $1.3 million, or $0.03 per diluted share.
Collected 96% of April rent and 76% of May rent despite the COVID-19 pandemic.
Completed four acquisitions for an aggregate purchase price of $67.6 million during the first quarter.
Portfolio was 99.7% occupied with an annual base rent of $76.4 million as of March 31, 2020.
Total liquidity of $81.9 million as of March 31, 2020.
Forward Guidance
The company expects the Rent Coverage Ratio to be materially lower for the remainder of 2020 and possibly longer due to the significant reduction in tenants’ businesses from the COVID-19 pandemic. Also, $2 million of rent that ordinarily would have been collected over the months of April through July 2020 will be deferred and is now expected to be collected primarily over the period from July through December 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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