Global Medical REIT (NYSE: GMRE) reported Q1 EPS of $0.03, $0.01 worse than the analyst estimate of $0.04.

• Net income attributable to common stockholders was $1.3 million, or $0.03 per diluted share, as compared to $528,000, or $0.02 per diluted share, in the prior year period.
• Funds from Operations (“FFO”) of $0.19 per share and unit, as compared to $0.17 per share and unit in the comparable prior year period.
• Adjusted Funds from Operations (“AFFO”) of $0.20 per share and unit, as compared to $0.17 per share and unit in the comparable prior year period.
• Increased total revenue 42.4% period-over-period to $21.6 million, primarily driven by the Company’s acquisition activity over the last twelve months as well as same store portfolio contractual rent increases.
• Completed four acquisitions, encompassing an aggregate 341,731 leasable square feet, for an aggregate purchase price of $67.6 million at a weighted average cap rate of 8.3%.

Jeffrey M. Busch, Chairman, Chief Executive Officer and President stated, “We launched 2020 with a strong first quarter as we continued to build on the successes of the prior year by further scaling our platform. As a result of the COVID-19 pandemic, we shifted our focus to the health and well-being of our employees and on assisting our tenants during this unprecedented time in the healthcare industry. I’m pleased to note that we collected 96% of our April rent and 76% of our May rent. At the same time, we are working with tenants who are facing difficulties, and, where necessary, entering into rent deferral agreements to provide near term relief to these tenants with expected full repayment of deferred amounts to the Company by the end of 2020 in most cases.”

Mr. Busch continued, “Our team balanced the needs of our tenants during the COVID-19 pandemic with the protection of our stockholders’ interests and our liquidity requirements. Given these demands, I feel that our team has done a remarkable job navigating the Company through the COVID-19 pandemic and am extremely happy with these results. While the return to normalcy is unclear, we are confident that GMRE is well positioned to resume its pace in finding accretive opportunities and in its delivery of long-term stockholder value.”

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