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- **Portfolio Strength**: 2.7% same-store NOI growth, 95.2% occupancy, and 5.3-year WALT highlight resilient asset performance.
- **Balance Sheet Optimization**: Extended debt maturities to 2031, reduced interest rate to 4.8%, and $39.2M FAD coverage.
- **Growth Pipeline**: $500M+ acquisition pipeline at 7.5%-8% returns, with 50%-100M asset sales to fund external growth.
- **Strategic Focus**: Disciplined capital allocation, debt reduction, and expansion into health care infrastructure beyond MOBs.
- **Share Buybacks**: Evaluating stock buybacks as attractive alternative to asset sales, given 9% implied cap rate.

**【CEO Opening Remarks】**
- Mark Decker highlighted the first quarter of the new management team, emphasizing internal earnings growth, disciplined capital allocation, and external growth opportunities.
- Portfolio performance: 2.7% same-store NOI growth, 95%+ occupancy, and 5.3-year weighted average lease term (WALT).
- Balance sheet improvement: Extended debt maturities to 2029-2031, reduced interest rate spread, and $350M Term Loan A restructuring.
- Strategic focus: Enhancing asset quality, optimizing capital structure, and pursuing external growth through asset recycling.

**【CFO Financial Commentary】**
- Q3 FFO: $14.5M ($1.00 per share), AFFO: $16.2M ($1.12 per share), up 4% YoY.
- Debt restructuring: Removed 10bps SOFR credit spread, extended revolver to 2029, and hedged Term Loan A at 4.8% effective rate.
- Dividend coverage: 84% of FAD, with $39.2M year-to-date FAD.
- Capital allocation: Prioritizing debt reduction, buybacks, and accretive acquisitions.

**【COO Operational Update】**
- Portfolio metrics: 95.2% leased, 2.7% same-store NOI growth, and $9.7M year-to-date CapEx.
- Key actions: Disposed of 2 low-yield assets, re-leased 85K sqft in Texas, and reduced health system admin space exposure to <2%.
- Leasing pipeline: Expecting occupancy to trend toward 96% by year-end.

**【CIO Investment Pipeline】**
- Deal flow: $11.5B in prospective transactions, with $500M+ pipeline at 7.5%-8% cash returns.
- Execution strategy: Funding acquisitions via asset recycling, targeting 20%-40% of pipeline closure in 2026.
- Capital constraints: Waiting for capital markets to greenlight external growth, with leverage target <6x.

**【Q&A Highlights】**
- **Occupancy & Earnings Growth**: Q4 FFO guidance ($1.13-$1.23) driven by lease-ups and interest savings; 96% year-end occupancy assumes signed leases in pipeline.
- **Debt Strategy**: Pursuing insurance debt for longer-term funding; aiming for BBB- credit rating and sub-6x leverage.
- **Acquisition Pipeline**: 50%-100M near-term asset sales to fund accretive buys; targeting 200-500M annual external growth if leverage permits.
- **Strategic Plan**: Focused on capital allocation, balance sheet optimization, and health care infrastructure expansion beyond MOBs.
- **Share Buybacks**: Evaluating buybacks as attractive alternative to asset sales, given stock trading at 9% implied cap rate.


Global Medical REIT Inc. (GMRE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GMRE

GMRE fundamentals

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