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Dec 31, 2023
Global Medical REIT Q4 2023 Earnings Report
Reported a decrease in rental revenue due to property dispositions and reserves for a tenant, while successfully reducing leverage through strategic dispositions and positioning the company for future growth.
Key Takeaways
Global Medical REIT reported a decrease in rental revenue for Q4 2023, primarily due to property dispositions and reserves for a tenant. However, the company successfully reduced its leverage to 43.6% by year-end through strategic dispositions. The company has a strong acquisition pipeline for 2024.
Rental revenue for the fourth quarter decreased year-over-year to $32.9 million, impacted by property dispositions and reserves for a medical office building tenant.
Net loss attributable to common stockholders for the fourth quarter totaled $0.8 million, or $0.01 per diluted share.
The Company reported FFO of $13.3 million, or $0.19 per share and unit, and AFFO of $15.9 million, or $0.23 per share and unit, for the fourth quarter of 2023.
As of December 31, 2023, the Company’s portfolio was 96.5% occupied and comprised of 4.7 million leasable square feet with an annualized base rent of $110.2 million.
Forward Guidance
The Company has a near-term acquisition pipeline consisting of approximately $95 million to $110 million of properties that fit our investment criteria.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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