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Mar 31, 2022
Global Medical REIT Q1 2022 Earnings Report
Announced first quarter 2022 financial results, invested $24 million in medical real estate during the quarter, and had an additional $53 million under contract.
Key Takeaways
Global Medical REIT reported a solid start to 2022 with stable results, acquiring $24 million in medical real estate at an average cap rate of 7.2%. Rental revenue increased 16.6% year-over-year to $31.9 million. Net income attributable to common stockholders totaled $2.7 million, or $0.04 per diluted share.
Acquired $24 million in medical real estate during the first quarter at an average cap rate of 7.2%.
Completed two acquisitions post-quarter end for $29.9 million at a weighted average cap rate of 6.5%.
Rental revenue for the first quarter increased 16.6% year-over-year to $31.9 million.
The company's portfolio was 97.0% occupied with an annualized base rent of $105.4 million as of March 31, 2022.
Forward Guidance
The company remains confident in its prospects for the balance of the year, citing a strong portfolio and balance sheet.
Positive Outlook
- Well-diversified portfolio producing stable results.
- Strong and stable cash flows from the portfolio.
- Ample capacity and liquidity to fund growth objectives.
- Completed acquisitions post-quarter end.
- Properties under contract for future acquisitions.
Challenges Ahead
- Markets remain competitive for high-quality assets.
- Uncertainty is heightened amid inflationary pressures.
- Rising interest rates.
- Global issues.
- Acquisitions may not close on a timely basis or at all.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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