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Mar 31, 2023
Global Medical REIT Q1 2023 Earnings Report
Navigated challenging acquisitions and interest rate environment relying on portfolio quality and tenant base resilience.
Key Takeaways
Global Medical REIT reported a 13.7% year-over-year increase in rental revenue to $36.2 million for Q1 2023. Net income attributable to common stockholders was $0.7 million, or $0.01 per diluted share. The company focused on renewing expiring leases and leasing vacant space, and completed one acquisition in April 2023 for $6.7 million.
Rental revenue increased 13.7% year-over-year to $36.2 million.
Net income attributable to common stockholders totaled $0.7 million, or $0.01 per diluted share.
FFO was $15.1 million, or $0.22 per share and unit, and AFFO was $16.0 million, or $0.23 per share and unit.
Portfolio was 97.0% occupied with an annualized base rent of $114.9 million as of March 31, 2023.
Forward Guidance
The company is well-positioned to ramp up acquisition activity when cap rate spreads return to an attractive level and markets normalize.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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