Global Medical REIT(GMRE) - 2025 Q3 - Quarterly Results

Financial Performance - Net loss attributable to common stockholders for Q3 2025 was $6.0 million, or $0.45 per diluted share, compared to net income of $1.8 million, or $0.14 per diluted share in the prior year[3] - Funds from operations (FFO) for Q3 2025 increased to $14.5 million, or $1.00 per share, representing a 4% year-over-year increase[3] - Adjusted funds from operations (AFFO) for Q3 2025 increased to $16.2 million, or $1.12 per share, also a 4% year-over-year increase[3] - Total revenue for the three months ended September 30, 2025, was $37,229, an increase of 5.6% from $34,264 in the same period of 2024[49] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $(6,001), compared to a net income of $1,791 in the same period of 2024[51] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $14,530, up from $13,731 in the same period of 2024, representing a 5.8% increase[51] - Adjusted EBITDAre for the three months ended September 30, 2025, was $25,714, compared to $24,002 in the same period of 2024, reflecting a 7.1% increase[53] - Net Operating Income (NOI) for the three months ended September 30, 2025, was $29,005, an increase from $26,827 in the same period of 2024, indicating an 8.1% growth[55] - Cash NOI for the three months ended September 30, 2025, was $28,786, compared to $26,608 in the same period of 2024, marking an 8.2% increase[55] - Same-store cash NOI for the three months ended September 30, 2025, was $25,292, up from $24,639 in the same period of 2024, reflecting a 2.7% increase[55] Revenue and Expenses - Rental revenue for Q3 2025 increased by 8.4% year-over-year to $37.0 million, driven by acquisitions completed after September 30, 2024[5] - Total expenses for Q3 2025 were $36.3 million, up from $32.7 million in the prior year, reflecting increased G&A costs and interest expenses[6] - Interest expense for the three months ended September 30, 2025, was $8,175, an increase from $7,236 in the same period of 2024[53] - The company reported a depreciation and amortization expense of $15,008 for the three months ended September 30, 2025, compared to $13,642 in the same period of 2024[53] Assets and Liabilities - The total assets of Global Medical REIT Inc. as of September 30, 2025, amounted to $1,273,238,000, an increase from $1,256,486,000 as of December 31, 2024[47] - The total liabilities increased to $767,410,000 as of September 30, 2025, compared to $700,570,000 as of December 31, 2024[47] - The accumulated deficit rose to $(332,566,000) as of September 30, 2025, from $(293,736,000) as of December 31, 2024[47] Operational Metrics - Portfolio leased occupancy was 95.2% as of September 30, 2025, with an annualized base rent of $118.4 million[13] - Same-store cash net operating income (NOI) growth was 2.7% year-over-year for the third quarter[11] - 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[41] - The company considers FFO and AFFO as important supplemental measures of operating performance, frequently used by analysts and investors[33] - The company calculates FAD by subtracting capital expenditures from AFFO, which is useful for analyzing cash flow available for distribution to stockholders[36] - The FAD payout ratio facilitates the comparison of dividend coverage between REITs[36] - The company defines Adjusted EBITDAre as EBITDAre plus various non-cash and normalizing items, which provides additional information for evaluating core operating results[38] - Same Store Cash NOI compares Cash NOI for stabilized properties, excluding properties recently acquired or disposed of[40] - The capitalization rate for an acquisition is calculated by dividing current annualized base rent by contractual purchase price[42] Corporate Actions - The company established a $50 million stock repurchase program in August 2025, with no shares repurchased as of November 3, 2025[20] - The company amended its credit facility on October 8, 2025, extending the maturity of the $400 million revolver to October 2029[15] - The company narrowed its full year 2025 AFFO per share guidance to a range of $4.50 to $4.60[25]