Global Medical REIT(US:GMRE)2024-11-06 21:30Financial Performance - Net income attributable to common stockholders for Q3 2024 was $1.8 million, or $0.03 per diluted share, down from $3.1 million, or $0.05 per diluted share in Q3 2023[4] - Total revenue for the three months ended September 30, 2024, was $34,264, a decrease of 3.5% from $35,507 in the same period of 2023[32] - Net income attributable to common stockholders for the three months ended September 30, 2024, was $1,791, a decrease of 42.9% from $3,138 in the same period of 2023[32] - Net income for the three months ended September 2024 was $3,391,000, a decrease of 29.9% compared to $4,833,000 for the same period in 2023[33] - FFO attributable to common stockholders for the three months ended September 2024 was $13,731,000, down 10.0% from $15,250,000 in the prior year[33] - AFFO attributable to common stockholders for the three months ended September 2024 was $15,345,000, a decrease of 7.2% compared to $16,541,000 in the same quarter of 2023[33] Revenue and Occupancy - Rental revenue for Q3 2024 decreased by 3.7% year-over-year to $34.2 million, primarily due to changes in the Company's portfolio and reduced occupancy[6] - Rental revenue for the nine months ended September 30, 2024, was $103,458, down 4.9% from $108,003 in the same period of 2023[32] - Portfolio leased occupancy was 96.1% as of September 30, 2024, with an annualized base rent of $107.8 million across 4.8 million leasable square feet[14] Acquisitions and Dispositions - The Company completed $80.3 million in acquisitions of single tenant triple net medical real estate year-to-date, with an annualized base rent of $6.4 million across 254,220 leasable square feet[3] - The Company sold two medical facilities in Q3 2024, generating gross proceeds of $12.1 million, resulting in a total loss of $1.6 million on these dispositions[12] - In October 2024, the Company entered into a purchase agreement to acquire a five-property portfolio for $69.6 million at a cap rate of 9.0%[13] Debt and Liabilities - Total debt outstanding as of September 30, 2024, was $628.9 million, with a leverage ratio of 44.1% and a weighted average interest rate of 3.79%[15] - Total liabilities increased to $677,989 as of September 30, 2024, from $661,886 as of December 31, 2023[31] Cash and Assets - Cash and cash equivalents increased to $5,723 as of September 30, 2024, from $1,278 as of December 31, 2023[30] - The company's total assets as of September 30, 2024, were $1,242,595, a decrease from $1,267,700 as of December 31, 2023[30] Expenses - The company reported a depreciation expense of $30,233 for the nine months ended September 30, 2024, compared to $31,062 in the same period of 2023[32] - Interest expense for the three months ended September 2024 was $7,236,000, slightly up from $7,170,000 in the prior year[34] - Depreciation and amortization expense for the three months ended September 2024 was $13,642,000, a decrease from $14,195,000 in the same period of 2023[34] Dividends - The Board declared a cash dividend of $0.21 per share to common stockholders for Q3 2024, paid on October 8, 2024[17] Key Metrics - Management considers EBITDAre and Adjusted EBITDAre important measures for evaluating core operating results and debt servicing ability[25] - The Rent Coverage Ratio calculation excluded approximately 19% of the portfolio due to lack of available financial information or small tenant size[26] - The capitalization rate for acquisitions is calculated by dividing current Annualized Base Rent by contractual purchase price[28] - The weighted average shares and units outstanding for the three months ended September 2024 was 71,151,000, an increase from 70,566,000 in the prior year[33] - Preferred stock dividends remained constant at $1,455,000 for both the three months ended September 2024 and 2023[33]