NYSE$XRN
Global Medical REIT Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Delivered steady results due to portfolio quality and tenant base resilience.
Global Medical REIT reported a decrease in rental revenue by 3.0% year-over-year to $35.1 million for Q1 2024, primarily due to property dispositions in 2023. Net income attributable to common stockholders totaled $0.8 million, or $0.01 per diluted share. The company reported FFO of $14.9 million, or $0.21 per share and unit, and AFFO of $16.5 million, or $0.23 per share and unit.
- Rental revenue decreased 3.0% year-over-year to $35.1 million.
- Net income attributable to common stockholders totaled $0.8 million, or $0.01 per diluted share.
- FFO was $14.9 million, or $0.21 per share and unit.
- AFFO was $16.5 million, or $0.23 per share and unit.
Headline financials
Revenue & EPS history
Global Medical REIT · Revenue · Quarterly
$35.1M
Forward guidance
The Company expects to complete the acquisition of a 15-property portfolio of outpatient medical real estate for an aggregate purchase price of $81.3 million in two tranches, with the first tranche closing in the third quarter of 2024 and the remainder closing in the fourth quarter of 2024.
Tailwinds
- Acquisition of a 15-property portfolio of outpatient medical real estate expected to close in two tranches.
- First tranche of the acquisition, approximately $30 million - $35 million, expected to close in the third quarter of 2024.
- Remaining portion of the acquisition expected to close in the fourth quarter of 2024.
- The properties are fully occupied.
- The properties are leased under triple-net or absolute triple-net leases.
Headwinds
- The Company’s obligation to close the acquisition is subject to certain customary terms and conditions, including due diligence reviews.
- There is no assurance that the Company will close this acquisition on a timely basis.
- There is no assurance that the Company will close this acquisition at all.
- Steward Health Care, representing 2.8% of the Company’s annualized base rent, filed for Chapter 11 bankruptcy reorganization.
- There can be no assurances that the Company will receive any amounts owed to it by Steward.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+0.2%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+1.1%
Avg return
30 days after
56%
22 / 39 earnings
Positive
+7.3%
Q4 2016
Best reaction
-9.8%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.2% | -4.2% | — | |
| Q4 2025 | -1.6% | -2.6% | -13.2% | |
| Q3 2025 | +1.8% | +3.2% | +1.7% | |
| Q1 2025 | -9.8% | -11.7% | -17.0% | |
| Q4 2024 | +3.8% | +4.4% | +3.1% | |
| Q3 2024 | -2.6% | -3.6% | -7.4% | |
| Q2 2024 | -1.8% | -0.3% | +1.0% | |
| Q1 2024 | +3.4% | +4.8% | +8.4% | |
| Q4 2023 | -5.6% | -2.7% | -5.7% | |
| Q3 2023 | -1.8% | -0.8% | +11.7% | |
| Q2 2023 | +3.5% | +4.8% | -1.5% | |
| Q1 2023 | +0.8% | +1.8% | +1.9% | |
| Q4 2022 | -4.0% | -1.2% | -13.0% | |
| Q3 2022 | -0.9% | +0.2% | +12.3% | |
| Q2 2022 | -0.5% | -1.3% | -11.0% | |
| Q1 2022 | -5.3% | -11.9% | -12.5% | |
| Q4 2021 | -3.2% | -2.2% | +1.9% | |
| Q3 2021 | +1.6% | +1.0% | -2.5% | |
| Q2 2021 | -0.7% | -0.2% | +3.7% | |
| Q1 2021 | -1.2% | +1.0% | +5.2% | |
| Q4 2020 | +1.6% | +3.9% | +0.2% | |
| Q3 2020 | +2.0% | +1.4% | +7.2% | |
| Q2 2020 | +4.8% | +11.4% | +11.6% | |
| Q1 2020 | +7.0% | +9.3% | +26.0% | |
| Q4 2019 | +4.7% | -7.2% | -41.1% | |
| Q3 2019 | +2.3% | +9.5% | +22.4% | |
| Q2 2019 | -0.7% | +1.8% | +5.0% | |
| Q1 2019 | +1.4% | +4.5% | +7.1% | |
| Q4 2018 | +0.8% | +2.6% | -2.0% | |
| Q3 2018 | +2.2% | +2.0% | +6.4% | |
| Q2 2018 | +4.3% | +6.7% | +12.2% | |
| Q1 2018 | +2.6% | -0.1% | +4.6% | |
| Q4 2017 | +5.8% | +6.3% | +3.9% | |
| Q3 2017 | +3.1% | +3.7% | -2.8% | |
| Q2 2017 | +0.7% | +2.8% | +2.8% | |
| Q1 2017 | -1.2% | +0.0% | +0.3% | |
| Q4 2016 | +7.3% | +9.3% | +17.1% | |
| Q3 2016 | -8.5% | -14.9% | -0.2% | |
| Q2 2016 | +1.1% | +2.3% | -5.0% | |
| Q1 2016 | — | — | — | |
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| Q4 2013 | — | — | — | |
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| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2011 | — | — | — |
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