GMRE - Earnings call transcript Q4 2021 | Global Medical REIT Inc.

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Operator

Greetings, and welcome to the Global Medical REIT's Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Relations. Investor Swett, Steve you. Thank may begin you presentation. your Sir,

Steve Swett

to Thank fourth REIT's welcome earnings you. morning everyone, Good Global quarter call. Medical conference and and XXXX year-end

statements Executive the Investment Private this call company Alfonzo note Chief to made the not the are facts, are today, on intends historical Safe forward-looking those limitation, these have The variety provisions purpose XXXX, call and this company Harbor factors new contained risks may in ended and otherwise. filings. forward-looking of a actual Please results those with Busch, a statements, On of December statements materially Reform conference covered of by Statements statements, include as SEC forward-looking we Financial Officer. that Leon, the on and without beyond Officer; forward-looking company's for for events by its Chief statements future to Furthermore, of Chief other complying differ those affected which use Bob this XX, of control, Harbor be considered and provisions. The is company the Securities the Kiernan, year may by statements forward-looking. Jeff from whether including, company's Officer; in making described no the Act and and for are in Litigation the be Safe will publicly any XXXX, obligation result update forward-looking contained or information, assumes XX-K the statement call.

and adjusted funds measures, refer adjusted certain EBITDARM, financial operations, as the such funds may company on operations, from EBITDARM. call, to this Additionally, from non-GAAP

most comparable the the numbers release in in company's measures of to with reconciliation You can GAAP tabular find these filings currently and earnings the SEC. non-GAAP a financial

REIT. over the Executive site Medical turn Officer of call Company's Additional Investor Global be www.globalmedicalreit.com. page now would to on the at the Jeff? Jeff Web like Busch, to I found of Relations information may Chief

Jeff Busch

for you and morning conference Thank XXXX and earnings you, joining thank call. year-end quarter our Steve. Good fourth

Bob of Kiernan, founded vision markets. with medical me Leon, Joining in portfolio are systems local Financial was Alfonzo to healthcare today Chief a resilient, our Investment Officer; and create high-quality their a facilities aligned Officer. and operators strong GMRE our Chief with

and properties, generate are revenues pleased our investors another through of expect performance. you We return quarter deliver to to for and stable and growth these to solid and full-year

approach Mercy targeted ESG requirements. acquisition to what the and Rehabilitation total estate details rate million but real million, in our our will completed and these property, that $X.X rate. our With dedication our a investments fourth cap weighted that In as generate Responsibility during team's excited expected And to expanding million a look Hospital of is we invested our full-year and bringing to to achievements, to $XX.X a details $XXX.X rent, for FFO share, X.X% identifying at their would opportunities first them reported and forward we in $X.XX growth of and accomplishments. earnings, accretive the IN on of Alfonzo continue during accomplishments XXXX, and in base unwavering our primarily cap to of per full-year, unit for and liquidity opportunities sheet Alfonzo? Looking we approximately by that leverage like X.X%. we remain our our a of $X.XX us revenue fortifying of in in in activity disciplined below AFFO we our acquisition Social or issued at annual our activity, XX%, average share, total attributable XXXX, over reducing into at to increased per turn Corporate lies $XX.X year, I'd of and total investment $X.XX fourth to average $XXX philosophy return met produces acquisition our net the our like investment unit. million, four note the criteria the we share provide early million and want ahead, rate in million. that, in and and X.X%. an I assets, stockholders common am Alfonzo balance which front respect acquisitions per we of driven In the approximately to XX% we XX.X%. to year. more to our $X.X portfolio proud in quarter, income thank With year-over-year, of continuing After million billion cap Oklahoma annualized $XXX funded In in over the revenue-generating weighted total, XXXX, call at discuss our I at in expansion a the exceeds $XXX we future. City, moment, focus return am the to to efforts Report, to detail. future. efforts average I ESG recently throughout addition quarter, the

Alfonzo Leon

compared facilities the facilities other during part, long-term the medical in competitive. and the healthcare, remains to assets for to in market estate of medical Due, for pandemic, outperformance the optimism real fundamentals

to acquire to high-quality sourcing locate our within diligent our successfully developed due properties and target range. cap and However, contacts, continue rate we

at mentioned, Jeff rate of the quarter, on four a we acquisitions, weighted fourth average As totaling closed X.X%. million during $XX.X cap

expected return. these $X.X in to City, our Mercy Rehabilitation million closings, Oklahoma an a generate Hospital, we is that Oklahoma, square-foot XX.X% addition expansion to XX,XXX funded In at cash

full-year million rate weighted For portfolio of with total for $XXX properties XXXX, our in on at to average $X.X states. acquisitions the XX size cap billion, XX closed a bringing X.X%, we

other investors acquiring tremendously Our on focus on acquiring as has us individual large portfolios. focus assets most benefited

that to grow, will earlier of we of of closing and networks year. sale previously proceeds sell medical in June for March. a the our we this source leverage anticipate been date continue deals. of close from resulting to buildings, In contract million, currently located quarter, no has our gross the $X.X Belpre, of continue expected back we sold this in four one office one Also, announced relationships our property will to we secure $X.X Ohio, million. and As moved gain to And than

sell we for or market to may don't reasons our we strategic sell on properties Although based conditions. actively properties, very look opportunistic

year, pipeline in of in are These active Regarding so at in customary far medical of stages and to a to our this It's rate contract. due have discussions, one price aggregate currently of diligence under $X.X square we purchase properties of continue that and XX,XXX foot completed with potential Georgia, properties $XX cap Gainesville, an opportunities X.X%. million building important an office million acquisition, different seven activity we a maintain note approximately for subject to conditions. closing currently

remains to are at targeting million Bob currently between an to complete we turn $XXX call over while X%. the our rate results. million and market very cap to I XXXX, to $XXX discuss the like now average competitive, of would For of acquisitions, financial

Bob Kiernan

ended the total Thank that from the of total our to period. increase the performance. recognized you, with solid weighted We year-over-year million XX.X% primarily our we in benefit we accounting X.X cash rent times basis acquisition fourth in square past weighted related $XXX,XXX a X.X% our with basis term, also fourth to in escalation. driven impact reserves to approximately include from leasable activity tenant by cash of of fourth revenue of Note quarter continues the X.X and rent average moved average relationships achieved in a Note strong tenants feet, million quarter, with Alfonzo. revenues we portfolio year. approximately GMRE the years lease coverage in XXXX $X.X tenant to In occupancy, in other that XX.X% the $XXX,XXX $XX.X over that the revenue contractual quarter.

year of fourth expenses in was due and to compared $XX.X by compared increase decrease $X.X for million offset operating G&A and with our cost note $X.X partially to the compensation non-cash million the a year the in $XX.X to $X.X Our a $X.X and our total to interest cash in primarily quarter was Within million prior G&A the XXXX our million. quarter. were larger that expense. XXXX amortization expenses stock expenses expenses, million G&A of and lower stock was in cost in quarter due higher were reduction compensation expense. quarter to primarily prior The depreciation G&A the quarter due portfolio, million fourth

per to even stock and between quarterly portfolio. quarter. on million expect modestly average Of in $X.X G&A and million forecasting these our and we expenses to estimated $X.X as a we level a $X.X of be average that XXXX note our to the continue are ahead, Looking above basis million this $X.X size cost, between million compensation G&A increase we component

growth were to was $X.X to or or Our the cent fourth leases. common with gross impact in quarter stockholders in in by operating the a per for quarter quarter to these XXXX being driven portfolio the per to prior for share income in million $X.X expenses $X.X degree the our $X.X attributable to million fourth expenses of year of increase quarter and lesser the $X.X Net million XXXX. $X.X the compared compared million

full-year the XXXX, $XX.X of a million $X.X or stockholders in share to $X.XX XXXX. or million per income common $X.XX loss net For was attributable compared to per share

compared this full-year in prior per unit is AFFO quarter in was $X.XX fourth includes compared the which in FFO share was quarter in quarter per to the fourth to loss $XX As related $X.XX the XXXX. quarter. per of unit expenses onetime XXXX discussed previously share to in unit internalization. fourth million year management $X.XX of share in flat

$X.XX in per unit was in unit, $X.XX share unit in per per compared unit was And in to per share in X% the share $X.XX our XXXX, For our full-year XXXX AFFO compared in to AFFO $X.XX share XXXX. XXXX. up

fourth XX, Moving average billion XX% at the issued approximately XXX,XXX on the first equity issuances. of at share. of of million up the the of and meaningfully issuances, ratio in our through at $XX.X December full-year we stock ATM $XX to real proceeds XX% for which And XXXX. ATM had million million in per XXXX, common Relative of is $XXX quarter, leverage issuances approximately million sheet, balance generated the December in shares stock we shares our million investment common an impact or was million through $XXX XX.X start year. our debt, XX, approximately of of of equity from to gross proceeds XXXX, XX%, approximately gross was down including Reflecting of price we from $XXX generating XXXX, the $XX.XX as gross estate $X.X year-end

quarter sharing on we open the to borrowing overall million. X.XX%, look well-positioned strategy, our unutilized fourth our our concludes $XXX.X the and please continue to during and to under was you throughout call Operator, remarks. rate interest the and Overall, average business with questions. for prepared capacity progress execute This is we forward acquisitions current our the weighted revolver are year. Our believe

Operator

comes session. be question-and-answer Instructions] Barry first At Our of a Securities. [Operator this Oxford line time, conducting Colliers we'll the question with from

may proceed your you Barry, proceed question. may with question. You with your

Barry Oxford

on the Sorry, about market question. first was is -- taking you you doing? used of for one far new further a type in you. you Alfonzo, regular my for seeing? Thanks that, competitors competitor are types I they for mute, competition the mentioned acquisitions. seeing of the as Are As are kind how guys. to or new you're of Hey,

Alfonzo Leon

XXXX, of institutional and there equity from well. in capital inflow as investors, was So, funds an private

say coming not a I are -- as hearing in, would was people it last about as in it's coming year. more last what not So, there of really I'm if of came funds was talking lot year, that is, in prevalent the and money

periods, have also three lot to have [indiscernible] distinct that strategies portfolios come has are that in, these of and do. to last they XX months, would to that hold in I that highlight the a want are exit funds are five-year that want aggregate funds money and So,

consolidate a And that has to properties what investment. funds that types the money and And portfolio. this tend so, very of larger is they're of a in pass the trying to they're they're to trying finite be means quickly, clear, looking that because for move period them

to they most assets, in. So, larger that's be come assets. pressures where of simpler And competitive have the tend

Barry Oxford

up, is at there in on Jeff, rates not just money then, the we're increasing put on that even of rates? I to marketplace to Okay, it's that, cap maybe great see in going or one really this that rates sidelines interest though And Jeff. flow 'XX, interest moving for pressure so are cap to up yes, rates going out do be going great. with healthcare be you back having guess the to probably the more And looking is probably

Jeff Busch

also these the require of also cap things Actually, more on this experienced up, They going the side. I see -- lot not deal. year, banks, over market, the up worked just interest the private equity next rates the it's a rates happened two and go equity I buyer because with in being in

seeing two future. raising rates happen also time the more into So, it's are things banks and like the same risk at the when

leveraging spread groups going it. small very borrowing it's that and five of and able of then so that are four these caps are drive do of small those So, not spreads be anymore, high, to amounts sort going amounts have caps, to to

So, will four call, or in go historical, of my rates opinion, these, three do then and drops, bubbles seeing and cap think the I up. I

while, the strategy the But I private strategy, is rates but looking do think do into for and up to little we sort stuff a to funds. of -- always think and guys which other but go seem for to markets a that. adjust because look that's to up. I they're but look to not to that moved cap managing projects match. the been be go good takes these it has will believe we've what I our It's cap a perfect match, will quality rates the for, REITs, not had that I all are include the only equities, mean not the

Barry Oxford

Right.

Jeff Busch

a cap believe, rates or into I a ending. we come back opportunities leases, sort because buy which the they not two, absolute the will love, but room be at and guys funds even net more these up. what perfect to buy, get out in than run their us of just not over may higher and volumes tremendous of and a there'll maybe year buy are match, it's but new even for single-tenant perfect time It's maybe timing, do back

now to some up target a we the able team acquisition around very So, forward, was we just every team, very rate, what our total I'm tough real is have right opportunities proud, million year. $XXX but going in keep team that market, our and which

very So, that. proud of I'm

Barry Oxford

the to on great. ATM are it's because but range there, kind assume be you one for had use amount ATM color then like, usage of planning a of you or activity let's the the And it's hard for ATM, tell 'XX that would to necessarily? in prices guess, in thanks not you stock within you I 'XX, I I know know question kind 'XX. Bob, Right, you that the And for always stock-price-dependent, same of targeting

Bob Kiernan

we So, we'll think then thinking to use it. start about kind I with and would of how relative our leverage,

which were to that continue about we talking leverage prices in And So, to we look that the range was XX% same tool been XX% our that we'd ATM look to at would range. to our target thought we'd first last attractive. year, as accomplish to that

Barry Oxford

Right.

all Okay, Thanks, right. guys.

Jeff Busch

Barry. you, Thank

Operator

next from Our of Stevenson line Rob comes question Janney. the with

You may your question. with proceed

Rob Stevenson

Good morning, guys.

Jeff Busch

morning. Good

Rob Stevenson

Medical happening to times jumped ratio there the in -- X.X drive months? the coverage third three big a jump to quarter from What's rent in X.X% or building office such seven fourth quarter. in

Bob Kiernan

results a helps that Rob, was one, -- so, to that as And that outstanding couple describing that of the new had tenants was say, drive of cycle XX I'm tenants on bucket a it number couple coverage different So, really in And And just times. tenants. coverage. we from higher, it of, a reporting three function that that timing of had through excellent reporting

just got you've some pulling So, and situations rent real you've the significant number up. where coverage, got overall that's

Rob Stevenson

Okay. at have any downsizing move-outs on your XXXX ABR this on And the, through roughly, then notable you XX% rolling known that point? of leases or

Jeff Busch

-- I -- not can't there's lot XXXX, really Rob, of a lot XXXX, a color on For it's give

Rob Stevenson

in and Well, the mean, I XXXX, mean, I 'XX, years, 'XX. next three

Jeff Busch

Yes.

Rob Stevenson

I that your or you mean, And rolls that point? you anybody a period. this know of at that's over know downsizing moving that roughly of out, three-year it's of, ABR quarter

Bob Kiernan

that really we has a overall, is -- the next rate. of look got is have year. on renewals I if at expectation continue I if the as toward think XXXX work that mean, just really quarter But significant of point. sits this item XX% even -- But a Not of to two to think -- dramatic, through it the almost the out I retention XXXX, point. And years. from near-term then detail kind would and renewals, this nothing the look of expire doesn't in XX% very at there end this our of near-term, retention XXXX of of kind the it's at I a high upwards process, early even this the And

Rob Stevenson

from and Okay, -- then last one

Jeff Busch

Speakers] -- [Multiple

Rob Stevenson

ahead. go Sorry,

Jeff Busch

that mean, they're I they in moving if right or a building -- we Yes, area, to bit or the you something but have tend don't know advance, so are in now.

be we're us. and all at, talking looking to to that have We

Rob Stevenson

there. And other guess portfolio being lot chunks little of vacancy of of the have Okay. I of few the of But what and in sort in overall. foot -- of guys the you a blocks are size that have that vacancy XXX,XXX do where are you that Any you about? question in that's guys is over up here wind square there little A you prospects guys leasing today? you that on part excited would

Jeff Busch

Yes, after and Melbourne, from taking. out three finally January. about them, with got we some in working the in payments bankruptcy, got actually the we're out tenant we Melbourne them tenants And

half we on Melbourne, a was I Melbourne in building different Florida, the to bit always in Class think nice do we tenants. about about be lease premier go it'd and a master the a leasing. mean, building of the is and Really three work it. The of to put had excited because be were that I waterfront. we substantial we the building A a were couldn't thing held have bankruptcy, and up But building, little out sort into tenant

and of type getting about back the markets have now. excited right leases rental the to we're work particularly always concessions that, with now, some way stuff. So, that long-term give We

a we'll till year, getting slowly board property to producing income this year help expect and come income big on that back really get on next thing So, will I and but a like back board lot. as works that wouldn't as fully

Rob Stevenson

Okay. All appreciate right, time. guys, the I

Jeff Busch

you. Thank

Operator

question with of KeyBanc. the next Our Jordan Sadler line from comes

may with question. proceed your You

Jordan Sadler

Good morning.

Looking offer teed could under up. Maybe to you offer It characterize be you've you. see if bit some there's is Alfonzo or or there's larger color or fair Thank got up just two that there color timing one like seems guys any portfolio are one-offs? contract. you assets on not the additional That'd assets could the a or great. whether or a maybe and

Alfonzo Leon

the little repeat a the Sure, was question? you Could and apologies that connection choppy.

Jordan Sadler

Yes, just $XX the under assets contract that curious million? are about the

Alfonzo Leon

Okay. Sure.

Jordan Sadler

there just number are a that'd one-offs these assets there do like is or timing, helpful? Wanted -- is be to portfolio of

Alfonzo Leon

Sure.

fixed So, a -- there's for And give And we half it's ourselves all days these these to a transactions. of third up so the expecting we're to different number. stages, or two assets next that deals. we make close the expecting in are Bob all and at think of that are we're first maybe the diligence fixed numbers, And but I better them of XX, have always, months. the rest three follow, over to close them these maybe are we're but might XX quarter

Bob Kiernan

our of now for be up then so to just, it not and interesting suddenly bit us buying it we I coming the last year, nice towards a end individual it's lull the say. assets. picked road All under contract, a period, little for And It's we seem have of down so a to it's portfolio. assets. call picked us up

up there more the money those because a really we're an little new to before, get did multiple we we third lull look and speed them that range. that and working not reason it period, of and we to on we of that longer, moved actually we're that tenant on the a part a of we're little fast much complicated try than the reason, take so cap we're was things now in rates assets really bit that's quarter doing because does just we and more more doing had picking assets, them whatever now into. bit area those get, some for So, was But to we

bit upsides We seven but it's are cap towards the make and could So, giving could that's potential and going rented. fully there's a you then "Boy, and cap we occupancy may assets a and future, just finding our rate a it's cap." are a seven going we see our I'm because those get get we're now rental around that and little this to hit eight the a theory. taking a saying, good besides But not seven somewhat, occupancy an down rate to bring lot worth caps investment assets that. market the and of there's

Jordan Sadler

Okay. -- you of under you broader it of were about you talked And I that how I terms looking the at -- looking these look. phrased fall you the quarter it how did you like believe at, and any sort in at we of in were of look last were umbrella believe market terms sort a as phrased of assets your might that of broadened

Alfonzo Leon

Yes, yes.

Jordan Sadler

because pricing. or look assets, of -- view would they're you think How multi-tenant essentially of or because about it?

Alfonzo Leon

a premium. little is a A overtime tenants." A we both. we've somebody very strong will putting sometimes what buying MOBs cap then on It's around coming well. we we're up who in, runs "Okay. rate, still look and I multiple out a very averages strategy rate say, It's And seven. rent our decent just not occupied. at get And market's a They're accretive market. been looked we cap through fully come mentioned. of The bit not We and could not that

going last do year. we even you this I buying before actually and like get, with, a strategy a we lot see thing or level, and of XX couple bought sixes. the inflationary were quicker get we million, we're get it's of where fives has go sort XX can risk assets some That not is you And even may vacancy more an million the we did tell leases because stopped may put into up with work. was So, we're And so, others fives you and but bit same more a renewables more have that XX diversified has situation. when then And it it could and the the see could we so all new it risky consider seven multiple to people, you with tenants, of them and have six together, we like larger may fives, though And upside more because more tenants. more even you

assets to mean, assets These So, and our us asset buy. others and market sort of extra are to work. tell do I good because in all spread our we're built in don't different is want business. by for I main factors, smaller the hard as these to really but have of philosophy hassle, our we're our are best for side making everybody work doing much includes harder they're management

Jordan Sadler

Okay, assets that's XXX side, the dipped about purchased sequentially. occupancy be some speak this fourth the by function I quarter. then and operating a basis helpful. you points And to But of in of that Can decline? may noticed on then you the that

Bob Kiernan

out that Yes. was migrating that from the mentioned, through we Sure, technically tenant to space got going the that's the Jeff into look move Jordan lease, out be Melbourne under up, get the, master we to vacant that there as that primary mixed really and from moving the as into move. as the occupied tenant

Jordan Sadler

Okay. have here. in anything then, well, I there And OpEx else was

Alfonzo Leon

Sure.

Jordan Sadler

up seen And number I like sequentially. been that a yet. obviously than noticed but kind had I we've buying look of spiked stuff, bigger

Alfonzo Leon

We're kind still a million covering that leases. case, up was and of then we've through break again, more few we $X.X gross have you down In end say it largely just of, revenue, third assets you in up if year, asset picked this of was of total. just expense a four kind the in in this with the quarter, had quarter with couple revenue. overall recovery -- the OpEx the the that a and so the that half Yes,

And gross the is lease component in there. so,

that And of are having we so, the in fourth kind that up ended recoveries of tick or up after performing the underwritten, a in where, our take over more also or assume cash some elevated the of old the under rights leases from pursue tenants so and the that moving that net as exposure net Melbourne, parts on exposure kind exposure was operating also, like recovery that and location did that again, the that the, building our impact in quarter, then and from of moving lease net mentioned sequentially And of perspective the just And on as as then to quarter-over-quarter tenant the we're kind of taking XXX,XXX. kind call. part building, expenses basis result. those were again, perspective net XXX,XXX we in again, again, the of we to due the impacts or and due our old say on number expenses, it a exposure increase that and -- let's gross that

Jordan Sadler

reserves the to that that quarter you took related in was well? the And Melbourne as

Alfonzo Leon

through without based tenant, again from -- outside cash And was issue. that, a $XXX,XXX tenant and are on But pushback payment a just to clear not owned impact new the on ownership $X the a from resolve again, it's we charge have was to that to subsequent the fine. that another XXXX. the there it's swing it Michigan of that's QX. trying this being that big a halfway But that say No, And be and we and change moved in on asset. -- QX that issues we actions kind view to can basis was of There tenant. about quarter million property with a an And accounting. say That have since XXXX started tenant's to lease. had performing been ahead, $XXX,XXX

Jordan Sadler

in from tenant? had cash the the even quarter no rent that So, you

Alfonzo Leon

so, exactly, yes. Right,

Jordan Sadler

thank you. Okay,

Operator

question Riley comes Bryan of the Our Maher final B. Securities. from with line

You may proceed with your question.

Bryan Maher

and country follow-ups, But Good that? asked the and on parts just of morning. two are Most are the of share my acquisitions have already answered. could you what if pending, been that those questions generally,

Jeff Busch

Sure.

Let get well. of me front me as in

Indianapolis, we Alaska, and are looking [indiscernible], Kentucky. at Michigan, So Florida, Carolina,

So, the pretty place. much all over

Bryan Maher

Good There times actually. not. to and Yes, times excited I is property visit that market. about am Alaska to

Alfonzo Leon

The Yes. when time. there went is there guys out

Bryan Maher

Yes. And then is on the Hospital second expansion. question I have the Mercy

mentioned think are exactly what color there? us give on you doing on return you I that. XX.X% you Can an little

Jeff Busch

that when something had negotiate. of was my to the can property that we negotiated in on we was has and there was The can is where was that expansion. the it and addresses how between I parties. contemplated have off lease needed what and I is Bob specifics to And done. this lease them eventually head. were what part there top And language driven this start the by talk be buying a expand. an on of to a was process I that But don't mean mechanics

Bryan Maher

think little got if out transaction sorry of any a I risk And am any closing? not bit. I And that? I pushed for missed if pending, this, there disposition is reason that Was it particular was but Okay. there the that

Jeff Busch

are they looking -- they just were finance changing what are changing They I'll their say at.

So, generally it And we with push was they to us revenue. given asked that revenue replaced more fine that until had some that it out.

a we and that pipeline So, to replace have nice up. revenue now go

So, pushed it's be to us out. actually better timing for

though We have that idea about not on of the chance financing side. no not getting or them

Bryan Maher

Okay, great. That's all from me. Thanks, Jeff.

Jeff Busch

you. Thank

Operator

gentlemen, and session. to Jeff back today's for turn would Ladies like we I of over the have to closing Busch this Mr. any call reached question-answer end remarks.

Jeff Busch

very levels. for And year Thank in again. an was GMRE XXXX. everybody it. this this -- many Appreciate good for thank to we Well, year's on ex expect excellent have attending Goodbye. a you you XXXX past year year

Operator

This concludes conference. today's

this rest at the your You for your Enjoy your may lines disconnect you Thank time. day. participation. of

Global Medical REIT (GMRE) 1 Mar 222021 Q4 Earnings call transcript