Global Medical REIT Inc. Announces 2016 Third Quarter Financial Results

Global Medical REIT Inc. (NYSE:GMRE) (the "Company") today reports financial results for the third quarter and nine-month period ended September 30, 2016.

2016 Third Quarter Highlights (all comparisons are to the same prior year quarter unless otherwise noted)
  • Raised $150 million of gross proceeds ($137 million, net) in an Initial Public Offering ("IPO") that closed in July .
  • Total revenue increased to $2.0 million from $0.5 million.
  • Net loss increased to $(2.0) million from $(0.5) million.
  • Funds from Operations ("FFO") of $(0.08) per share.
  • Adjusted Funds from Operations ("AFFO") of $(0.03) per share.
  • Occupancy rate of 100% at both September 30, 2016 and September 30, 2015.
  • During the quarter, the Company completed the acquisition of an additional 6 facilities containing an aggregate of 130,826 square feet of gross leasable area for an aggregate combined purchase price of approximately $31 million.
  • On September 14, 2016, the Company declared a quarterly cash dividend of $0.20 per share of common stock to stockholders of record as of September 27, 2016 and to the holders of the Company's long-term incentive plan units that were granted on July 1, 2016. On an annualized basis, this amounts to a dividend of $0.80 per share, or an 8.2% dividend yield based on the closing price of the Company's common stock of $9.76 per share on September 30, 2016.
  • Subsequent to quarter-end, the Company received a commitment for a $75 million secured credit facility that the Company will be able to use to finance acquisitions.

2016 Nine Month Highlights (all comparisons are to the same prior year nine-month period unless otherwise noted)
  • Total revenue increased to $5.1 million from $1.4 million.
  • Net loss increased to $(4.4) million from $(0.8) million.
  • FFO of $(0.44) per share.
  • AFFO of $(0.20) per share.
  • As of September 30, 2016, the Company's property portfolio included 18 properties with gross leasable area of 375,155 square feet. As of September 30, 2015, the Company owned 3 properties with gross leasable area of 77,146 square feet.

David Young, the Company's Chief Executive Officer, commented, "The third quarter of 2016 kicked off with the successful completion of our IPO. Since the closing of the IPO in July, we have focused on deploying the capital we raised and I am happy to report that, in addition to the six properties we acquired in three separate transactions during the third quarter of 2016, the Company subsequently acquired a total of seven additional properties after quarter end. These seven properties were acquired in two separate transactions, which added approximately 44,800 square feet of leasable area, for a combined purchase price of approximately $8.6 million. Including these seven properties, our gross leasable area is approximately 420,000 square feet and our gross investment in real estate is approximately $133 million. Also, subsequent to quarter end, we executed contracts for three additional acquisitions with a combined purchase price of approximately $15.2 million. Cumulatively, these three acquisitions include six buildings covering approximately 86,800 square feet of leasable area. We expect the acquisitions to close during the fourth quarter."

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