Global Medical REIT (GMRE) Misses Q2 EPS by 3c, Beats on Revenues

Global Medical REIT (NYSE: GMRE) reported Q2 EPS of ($0.04), $0.03 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $7.4 million versus the consensus estimate of $6.1 million.

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

• Total revenue increased to $7.4 million from $1.8 million.
• Net loss increased to $(0.6) million from $(0.5) million.
• Adjusted Funds from Operations (\"AFFO\") increased to $0.14 per share from $0.02 per share.
• During the second quarter, the Company completed four acquisitions containing a total of 125,966 net leasable square feet for an aggregate purchase price of approximately $39.8 million.
• On June 16, 2017, the Company declared a quarterly cash dividend of $0.20 per share of common stock to stockholders of record as of June 27, 2017. On an annualized basis, this amounts to a dividend of $0.80 per share.
• On June 30, 2017, the Company closed on a public underwritten offering of 3.5 million shares of its common stock, resulting in net proceeds to the Company of $29.6 million. Subsequent to quarter end, the underwriters exercised in full an option to purchase an additional 525,000 shares of common stock, resulting in additional net proceeds to the Company of $4.5 million.

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

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