Global Medical REIT (GMRE) Reports Q1 Loss of $0.14, AFFO of $0.02, Beats on Revenues

Global Medical REIT (NYSE: GMRE) reported Q1 EPS of ($0.14). Revenue for the quarter came in at $4.66 million versus the consensus estimate of $4.38 million.

2017 First Quarter Highlights (all comparisons are to the same quarter in the prior year unless otherwise noted)

• Total revenue increased to $4.7 million from $1.3 million.
• Net loss increased to $(2.5) million from $(1.9) million.
• Funds from Operations (“FFO”) increased to $(0.05) per share from $(2.48) per share.
• Adjusted Funds from Operations (\"AFFO\") increased to $0.02 per share from $(1.21) per share.
• Leased rate of 100% at both March 31, 2017 and March 31, 2016.
• During the first quarter, the Company completed eight acquisitions containing a total of 281,299 square feet of gross leasable area for an aggregate purchase price of approximately $107.5 million.
• On March 20, 2017, the Company declared a quarterly cash dividend of $0.20 per share of common stock to stockholders of record as of March 27, 2017 and to the holders of the Company’s long-term incentive plan units that were granted on July 1, 2016 and December 21, 2016. On an annualized basis, this amounts to a dividend of $0.80 per share, or a 9.62% dividend yield based on the closing price of the Company’s common stock of $8.32 per share on March 20, 2017.
• On March 3, 2017, the Company entered into an amended secured credit facility agreement with an increased base commitment amount of up to $200 million plus an accordion feature of up to $50 million, bringing the total commitment under the amended secured credit facility to $250 million.

For earnings history and earnings-related data on Global Medical REIT (GMRE) click here.

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