The following is a summary of the Global Medical REIT, Inc. (GMRE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Global Medical REIT reported a net loss of $3.1 million, or $0.05 per share, for Q2 2024 compared to a net income of $11.8 million, or $0.18 per share, in Q2 2023.

• Funds from operations (FFO) were $0.20 per share, slightly down by $0.01 from the prior year's quarter.

• Adjusted funds from operations (AFFO) was also down by $0.01 from the previous year to $0.22 per share and unit.

• Total revenues decreased by about 6% to $34.2 million, primarily due to the impact of previous dispositions and tenant issues.

Business Progress:

• GMRE entered a purchase agreement for a 15 property portfolio of outpatient medical real estate valued at $80.3 million.

• Closed the acquisition of the first 5 properties of this portfolio for $30.8 million subsequent to the quarter end.

• Expects to close on the remaining 10 properties in Q4 2024.

• The investment pipeline currently holds approximately $120 million of assets which are focused largely on medical office buildings (MOBs).

• Engaged in selective disposition of assets, including a sale that generated $11 million in gross proceeds in July.

Opportunities:

• Anticipates leveraging lower interest rates and market conditions to secure higher yields from acquisitions, particularly in MOBs.

• Observes a market trend where sellers are increasingly accepting higher cap rates.

Risks:

• Steward Health Care's bankruptcy could affect long-term property performance and revenue, as it impacts rental payments and re-leasing efforts for properties involved.

More details: Global Medical REIT Inc IR

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