Global Medical REIT Reports Q3 2024 Financial Results
Company Announcements

Global Medical REIT Reports Q3 2024 Financial Results

Global Medical REIT Inc ( (GMRE) ) has released its Q3 earnings. Here is a breakdown of the information Global Medical REIT Inc presented to its investors.

Global Medical REIT Inc. is a net-lease medical real estate investment trust (REIT) that focuses on acquiring healthcare facilities and leasing them to physician groups and regional and national healthcare systems. The company is headquartered in Bethesda, MD.

In its third quarter of 2024, Global Medical REIT continued its strategic expansion with the acquisition of a 15-property portfolio of outpatient medical real estate, amounting to $80.3 million. Despite facing challenges, including a decrease in net income and rental revenue compared to the previous year, the company remains active in the transaction market to enhance its portfolio.

Key financial highlights for the third quarter include a net income of $1.8 million, or $0.03 per diluted share, a decline from $3.1 million, or $0.05 per diluted share, in the same period of the prior year. The company reported Funds from Operations (FFO) of $13.7 million, or $0.19 per share, while Adjusted Funds from Operations (AFFO) stood at $15.3 million, or $0.22 per share. Additionally, GMRE’s portfolio maintained a strong occupancy rate of 96.1% with an annualized base rent of $107.8 million.

The quarter also saw the company engage in capital recycling, with the sale of two medical facilities in Florida, generating significant proceeds and modest gains. Furthermore, Global Medical REIT is poised to acquire an additional five-property portfolio valued at $69.6 million, expected to close in the first half of 2025.

Looking ahead, Global Medical REIT is well-positioned with ample liquidity to continue pursuing strategic acquisitions that align with its target assets and return criteria. The company’s management remains focused on maintaining a high-quality portfolio and maximizing shareholder value.

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