Global Medical REIT reports Q1 AFFO 22c, consensus 22c

Reports Q1 revenue $34.62M, consensus $35.48M. Jeffrey M. Busch, Chairman, Chief Executive Officer and President stated, “During the first quarter, we continued to deliver steady results supported by the high quality of our portfolio and stability of our tenant base. I’m pleased to announce we have completed the acquisition of the five-property portfolio we announced in the fourth quarter of last year. These properties are a great strategic fit to our existing portfolio given (i) the procedural-based nature of the tenants’ specialties (including cardiology, gastroenterology, imaging and oncology tenants) and the close proximity of the buildings to hospital campuses, each of which promotes tenant retention, and (ii) that almost 70% of the leases are triple-net leases. We utilized our deep relationships in the industry to win the bidding for this portfolio at an attractive cap rate of 9.0%, which further demonstrates our ability to acquire properties in a higher cost of capital environment. I am extremely proud of this acquisition and, with our strong liquidity position, we will continue to actively monitor the transaction market for acquisition opportunities that meet our disciplined investment criteria. As I transition from my role as CEO, I would like to express my appreciation to the entire GMRE family for their dedication and contributions to our shared success.”