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Global Medical REIT Inc., now Chiron Real Estate Inc., reports developments for a net-lease medical REIT that owns healthcare facilities leased to physician groups and regional and national healthcare systems. Company news centers on financial results, earnings calls, dividend declarations and tax treatment for common and preferred stock, and capital-structure actions involving preferred securities and indebtedness.
Updates also cover governance changes, shareholder voting matters, and the completed rebrand from Global Medical REIT to Chiron Real Estate, including the related ticker change and continuity of REIT qualification, organizational structure and stockholder rights.
Global Medical REIT (NYSE: GMRE) announced its Q2 2024 financial results, reporting a net loss of $3.1 million, or $0.05 per diluted share, compared to net income of $11.8 million in Q2 2023. The results were impacted by a loss on the sale of an investment property and a previous gain on sales.
FFO for the quarter was $13.9 million, or $0.20 per share and unit, down from $14.7 million in Q2 2023. AFFO was $15.7 million, or $0.22 per share and unit, slightly down from $15.9 million in the prior year.
GMRE entered into a purchase agreement for a 15-property outpatient medical real estate portfolio worth $80.3 million, closing on five properties for $30.8 million in July. Portfolio occupancy was 96.2% by June 30, 2024.
Rental revenue decreased by 5.8% year-over-year to $34.2 million, with total expenses also reducing to $32.8 million from $35 million. Interest expense for the quarter was $7 million, down from $8.5 million. The company did not issue any shares under its ATM program in Q2 2024.
Global Medical REIT Inc. (NYSE: GMRE), a net-lease medical REIT, has announced its schedule for the second quarter 2024 earnings release and webcast. The company will release its financial results after market close on Tuesday, August 6, 2024. A conference call to discuss the results is scheduled for Wednesday, August 7, 2024, at 9:00 a.m. Eastern Time.
The call will be hosted by key executives including CEO Jeffrey Busch, CFO Robert Kiernan, and CIO Alfonzo Leon. Participants can access the webcast through the company's investor information section or join via dial-in. A replay will be available until August 21, 2024.
Global Medical REIT (NYSE: GMRE) has published its Corporate Social Responsibility (CSR) Report, detailing its environmental, social, and governance (ESG) initiatives. The company, led by CEO Jeffrey M. Busch, is committed to integrating ESG principles into its business operations. The report highlights a significant increase in energy tracking among tenants, growing from 11% in 2019 to 55% currently. Social initiatives focus on workforce cohesion and diversity, while governance efforts emphasize integrity, transparency, and accountability. The report is available digitally for stakeholders to review.
Global Medical REIT (GMRE) announced its Board of Directors has declared the 2024 second quarter dividends for both common and preferred stocks.
A cash dividend of $0.21 per share of common stock will be paid on July 9, 2024, to shareholders of record as of June 21, 2024.
Additionally, a quarterly cash dividend of $0.46875 per share will be paid on Series A Preferred Stock on July 31, 2024, to stockholders of record as of July 15, 2024, covering the period from April 30, 2024, to July 30, 2024.
Global Medical REIT Inc. announces Q1 2024 financial results with net income of $0.8 million, FFO of $14.9 million, and AFFO of $16.5 million. The company acquired a 15-property medical real estate portfolio for $81.3 million. Rental revenue decreased by 3.0% to $35.1 million due to property dispositions. The Company's portfolio leased occupancy was 96.4% with a weighted average lease term of 5.8 years. Steward Health Care filed for Chapter 11 bankruptcy, representing 2.8% of the Company's annual base rent. The Company's total debt was $617.8 million with leverage at 44.0%. Dividends of $0.21 per share were paid to common stockholders and unitholders.
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