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Global Medical REIT(GMRE) - 2024 Q4 - Annual Results
GMREGlobal Medical REIT(GMRE)2025-02-27 22:12

Financial Performance - Net income attributable to common stockholders for Q4 2024 was 1.4million,or1.4 million, or 0.02 per diluted share, compared to a net loss of 0.8million,or0.8 million, or 0.01 per diluted share in Q4 2023[5]. - Total revenue for Q4 2024 was 35,157,anincreaseof6.335,157, an increase of 6.3% compared to 32,962 in Q4 2023[47]. - Net income for the twelve months ended December 31, 2024, was 6,692,adecreaseof69.26,692, a decrease of 69.2% from 21,734 in 2023[49]. - The company reported a gain on the sale of investment properties of 5,765inQ42024,comparedtonogaininQ42023[49].−AdjustedEBITDAreforQ42024was5,765 in Q4 2024, compared to no gain in Q4 2023[49]. - Adjusted EBITDAre for Q4 2024 was 25,095, an increase of 4.1% compared to 24,110inQ42023[51].FundsfromOperations−FundsfromOperations(FFO)forQ42024was24,110 in Q4 2023[51]. Funds from Operations - Funds from Operations (FFO) for Q4 2024 was 11.1 million, or 0.15pershare,downfrom0.15 per share, down from 13.3 million, or 0.19pershareintheprioryear[11].−FundsfromOperations(FFO)attributabletocommonstockholdersforQ42024was0.19 per share in the prior year[11]. - Funds from Operations (FFO) attributable to common stockholders for Q4 2024 was 11,051, down from 13,307inQ42023,representingadecreaseof16.913,307 in Q4 2023, representing a decrease of 16.9%[49]. - Adjusted Funds from Operations (AFFO) for the full year 2024 was 15.8 million, or 0.22pershare,comparedto0.22 per share, compared to 15.9 million, or 0.23persharein2023[7].−Thecompanyprovided2025AFFOguidanceof0.23 per share in 2023[7]. - The company provided 2025 AFFO guidance of 0.89 to 0.93pershare[23].AcquisitionsandInvestments−Thecompanycompletedtheacquisitionofa15−propertyportfoliofor0.93 per share[23]. Acquisitions and Investments - The company completed the acquisition of a 15-property portfolio for 80.3 million, with an annualized base rent of 6.4million[12].−ThecompanyenteredintoajointventurewithHeitman,generating6.4 million[12]. - The company entered into a joint venture with Heitman, generating 35.2 million in gross proceeds from the sale of two assets[15]. Portfolio and Occupancy - The portfolio leased occupancy was 96.4% as of December 31, 2024, with an annualized base rent of 110million[17].−Theannualizedbaserentmethodologyproducesanannualizedamountasofapointintimebutdoesnotaccountforfuturecontractualrentalrateincreases,leasingactivity,orleaseexpirations[38].DebtandEquity−TotaldebtoutstandingasofDecember31,2024,was110 million[17]. - The annualized base rent methodology produces an annualized amount as of a point in time but does not account for future contractual rental rate increases, leasing activity, or lease expirations[38]. Debt and Equity - Total debt outstanding as of December 31, 2024, was 646.1 million, with a leverage ratio of 44.8%[19]. - The company’s total liabilities increased to 700,570,000in2024from700,570,000 in 2024 from 661,886,000 in 2023[42]. - The company’s total equity decreased to 555,916,000in2024from555,916,000 in 2024 from 605,814,000 in 2023[42]. - The company raised 12millionthroughtheissuanceof1.2millionsharesatanaveragepriceof12 million through the issuance of 1.2 million shares at an average price of 9.95 per share during 2024[20]. Cash and Dividends - A cash dividend of 0.21persharewasdeclaredforQ12025,payableonApril9,2025[21].−Cashandcashequivalentsincreasedto0.21 per share was declared for Q1 2025, payable on April 9, 2025[21]. - Cash and cash equivalents increased to 6,815,000 in 2024 from 1,278,000in2023[42].OtherFinancialMetrics−Thecompany′saccumulateddeficitincreasedto1,278,000 in 2023[42]. Other Financial Metrics - The company's accumulated deficit increased to (293,736,000) in 2024 from (238,984,000)in2023[42].−Theweightedaveragesharesoutstandingforbasicanddilutedsharesincreasedto66,838inQ42024from65,565inQ42023[49].−Thecompanyincurredtransactionexpensesof(238,984,000) in 2023[42]. - The weighted average shares outstanding for basic and diluted shares increased to 66,838 in Q4 2024 from 65,565 in Q4 2023[49]. - The company incurred transaction expenses of 155 in Q4 2024, compared to $44 in Q4 2023[49].