The following is a summary of the Global Medical REIT, Inc. (GMRE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Net income for Q3 2024 was $1.8 million, a decrease from $3.1 million in Q3 2023.

• FFO and AFFO per share saw a decrease from the previous year, attributed to the impact of cash basis tenants.

• Total revenues for Q3 2024 declined by 3.5% to $34.3 million due to lower occupancy and the impact of tenants on cash basis accounting.

Business Progress:

• Global Medical REIT successfully completed the acquisition of a 15 property portfolio of outpatient medical real estate for $80.3 million and announced a new acquisition under contract of a $70 million portfolio of medical outpatient facilities.

• The company has entered new leases, such as a 15-year triple net lease with CHRISTUS Health at the Beaumont, Texas facility, replacing Steward Healthcare.

• They issued 1.2 million shares at an average price of $9.95 per share, raising $12 million in gross proceeds and sold two medical facilities generating $12.1 million.

Opportunities:

• Continued acquisitions show optimism in the medical real estate sector with current properties acquired at favorable cap rates of 8% and upcoming properties at 9%.

• The acquisition market and rental from CHRISTUS Health at the Beaumont facility present growth avenues.

Risks:

• The decrease in net income and FFO/AFFO as well as the decline in revenue due to impacts from cash basis tenants suggest potential financial instability or challenges in tenant management.

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