GMRE - Global Medical REIT FFO of $0.24 beats by $0.01 revenue of $36.31M beats by $0.27M
- Global Medical REIT press release ( NYSE: GMRE ): Q4 FFO of $0.24 beats by $0.01 .
- Revenue of $36.31M (+19.7% Y/Y) beats by $0.27M .
- Completed 14 acquisitions encompassing an aggregate 583,253 leasable square feet, for an aggregate purchase price of $148.9 million and a weighted average cap rate of 7.4%.
- Sold a medical office building located in Germantown, Tennessee, receiving gross proceeds of $17.9 million, resulting in a gain of $6.8 million.
- Amended credit facility to, among other things: (i) add a new $150 million term loan with a maturity date of February 1, 2028, (ii) extend the maturity of the revolver component of the credit facility from May 2025 to August 2026 with two six-month company-controlled extension options, and (iii) transition all LIBOR-based loans under the credit facility to SOFR-based loans.
- Entered into interest rate swaps with a notional value of $150 million that fix the SOFR component of the new term loan at 2.54% through its maturity.
- Generated $10.3 million in gross proceeds from ATM equity issuances at an average offering price of $17.15 per share.
For further details see:
Global Medical REIT FFO of $0.24 beats by $0.01, revenue of $36.31M beats by $0.27M