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Mar 31, 2024
Global Medical REIT Q1 2024 Earnings Report
Delivered steady results due to portfolio quality and tenant base resilience.
Key Takeaways
Global Medical REIT reported a decrease in rental revenue by 3.0% year-over-year to $35.1 million for Q1 2024, primarily due to property dispositions in 2023. Net income attributable to common stockholders totaled $0.8 million, or $0.01 per diluted share. The company reported FFO of $14.9 million, or $0.21 per share and unit, and AFFO of $16.5 million, or $0.23 per share and unit.
Rental revenue decreased 3.0% year-over-year to $35.1 million.
Net income attributable to common stockholders totaled $0.8 million, or $0.01 per diluted share.
FFO was $14.9 million, or $0.21 per share and unit.
AFFO was $16.5 million, or $0.23 per share and unit.
Forward Guidance
The Company expects to complete the acquisition of a 15-property portfolio of outpatient medical real estate for an aggregate purchase price of $81.3 million in two tranches, with the first tranche closing in the third quarter of 2024 and the remainder closing in the fourth quarter of 2024.
Positive Outlook
- Acquisition of a 15-property portfolio of outpatient medical real estate expected to close in two tranches.
- First tranche of the acquisition, approximately $30 million - $35 million, expected to close in the third quarter of 2024.
- Remaining portion of the acquisition expected to close in the fourth quarter of 2024.
- The properties are fully occupied.
- The properties are leased under triple-net or absolute triple-net leases.
Challenges Ahead
- The Company’s obligation to close the acquisition is subject to certain customary terms and conditions, including due diligence reviews.
- There is no assurance that the Company will close this acquisition on a timely basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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