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Jun 30, 2021
Global Medical REIT Q2 2021 Earnings Report
Reported a strong second quarter with significant revenue growth and strategic acquisitions.
Key Takeaways
Global Medical REIT reported a strong second quarter in 2021, marked by a 28% year-over-year increase in rental revenue, driven by portfolio growth. The company completed $71 million in acquisitions during the quarter and maintained a high portfolio occupancy rate of 99.1%.
Rental revenue increased by 28% year-over-year, reaching $28.2 million.
Net income attributable to common stockholders totaled $2.6 million, or $0.04 per diluted share.
Completed seven acquisitions for an aggregate purchase price of $71 million.
Portfolio occupancy remained high at 99.1% with a Rent Coverage Ratio of 4.4x.
Forward Guidance
Global Medical REIT is confident in its ability to continue growing cash flow and creating value for stockholders through strategic acquisitions and portfolio management.
Positive Outlook
- Continued ability to source and acquire high-quality medical facilities at attractive yields.
- Amendment of credit facility increasing available capacity and improving cost of capital.
- Strong portfolio occupancy and rent coverage ratios.
- Successful completion of acquisitions year-to-date.
- Reduced leverage as a result of equity issuances.
Challenges Ahead
- Competitive market conditions.
- Dependence on tenants' financial health and ability to meet lease obligations.
- Risks associated with integrating new properties into the portfolio.
- Potential for increased interest rates impacting borrowing costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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