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Sep 30, 2024
Global Medical REIT Q3 2024 Earnings Report
Reported steady results while actively engaging in the transaction market to accretively grow its high-quality portfolio.
Key Takeaways
Global Medical REIT reported a decrease in rental revenue to $34.2 million and net income of $1.8 million, or $0.03 per diluted share, for the third quarter of 2024. The company completed acquisitions of medical properties and sold two assets, while maintaining a portfolio occupancy of 96.1%.
Completed the acquisition of five properties in the 15-property portfolio for $30.8 million with annualized base rent of $2.5 million.
Sold two medical facilities for gross proceeds of $12.1 million, resulting in a gain of $1.8 million.
Portfolio was 96.1% occupied with an annualized base rent of $107.8 million as of September 30, 2024.
Declared a $0.21 per share cash dividend to common stockholders for the third quarter of 2024.
Forward Guidance
The Company expects to complete the acquisition of a five-property portfolio for $69.6 million in two tranches during the first half of 2025, subject to customary terms and conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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