Global Medical REIT (NYSE: GMRE) reported Q4 EPS of $0.02, $0.02 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $24.93 million versus the consensus estimate of $25.61 million.

Fourth Quarter 2020 Summary

• Net income attributable to common stockholders was $1.1 million, or $0.02 per diluted share, as compared to $1.2 million, or $0.03 per diluted share, in the prior year period.
• Funds from Operations (“FFO”) of $0.22 per share and unit, as compared to $0.21 per share and unit in the prior year period.
• Adjusted Funds from Operations (“AFFO”) of $0.24 per share and unit, as compared to $0.21 per share and unit in the prior year period.
• Increased total revenue 21.9% period-over-period to $24.9 million, primarily driven by the Company’s acquisition activity during 2020.
• Renewed leases representing 7.1% of the Company’s annualized base rent (“ABR”) for a weighted average additional term of 9.2 years and extended the portfolio weighted average lease term to 8.2 years as of December 31, 2020.
• Completed eight acquisitions, encompassing an aggregate 231,502 leasable square feet, for an aggregate purchase price of $79.8 million at a weighted average cap rate of 7.3%.
• Issued 1.1 million shares of common stock at a weighted average price of $14.21 per share through its At-the-Market equity sales program (“ATM”), generating $15.3 million of gross proceeds.

Jeffrey M. Busch, Chief Executive Officer stated, “We are pleased with our accomplishments for 2020 given the challenging environment due to the COVID-19 pandemic. We reached a milestone of growing our portfolio to over $1 billion in value, completed our internalization and completed 18 acquisitions for a total of $226 million at a 7.8% weighted average cap rate. We also successfully extended 7.1% of our ABR with four important lease renewals totaling 221,000 square feet. Finally, we announced our first quarterly dividend increase since the IPO.”

Mr. Busch continued, “Our portfolio proved to be highly resilient in the face of one of the most dramatic economic shocks in modern history. Our tenants remained open for business through the most challenging months of the healthcare crisis and, importantly, nearly all met their rent obligations to us. We are optimistic about what lies ahead given the deployment of the COVID-19 vaccine, our portfolio growth, and the future earnings accretion we expect from our internalization. We intend to continue our strategy of scaling our platform with properties and tenants that meet our underwriting criteria, growing AFFO per share, and providing our stockholders with a compelling total return over the long term.”

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