Earnings call transcript Q4 2022

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Operator

Greetings and welcome to the Global Medical Fourth Quarter 2022 Earnings 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.

pleasure your my Investor Steve now Relations. is to host, introduce Swett, It you, Thank sir.

begin. may You

Steve Swett

Good you. REIT’s year call. and Medical and fourth full conference earnings Thank XXXX everyone quarter morning welcome to Global

are the Officer; Investment Kiernan, Jeff On Bob today Busch, Executive Leon, and Officer; Officer. Financial Chief Chief Chief Alfonzo call

statements intends not the Reform statements forward-looking. Please on Harbor include making may this forward-looking contained XXXX company forward-looking historical and this considered by these to are of are facts the for provisions provisions. Safe is Harbor the purpose be company note covered Private by of conference complying on forward-looking statements Safe The call with this statements and Act in the use statement for Litigation call. made those that Securities of Statements

the results those forward-looking in may filings. any variety by affected The events, company’s XX-K no the information, beyond the including, from SEC its a will of publicly those assumes update new company’s factors year and XXXX, are materially a and statements differ for otherwise. result that to contained future described obligation whether control, company forward-looking the limitation, other as statements, or Furthermore, in be of and XXst, December risks actual ended without

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

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

the the Relations on website be company’s at may on www.globalmedicalreit.com. Additional Investor found information page

Busch, Medical Chief turn the to Global over Executive Jeff? of Officer now Jeff to REIT. would like I call

Jeffrey Busch

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

early of fourth a we continues portfolio term portfolio quality healthcare XX.X% weighted Our years in total the revenue, average rent X.X. was in At results. high Year-over-year, our and achieved XXXX. needs-based driven of primarily the coverage average portfolio occupancy XX.X% end activity lease of X.X a a by to produce with quarter, facilities acquisition excellent increase of

For net in common the XXXX. to was share impact fourth or reflecting share per rising quarter of to per $XXX,XXX, attributable compared of rate, $X.XX our quarter, X.XX shareholders the the $X.X fourth interest million income

Recall per quarter included $X.X down fourth unit, from sale fourth with the million. of fourth prior also our and that gain share share quarter the the in unit, on number in $X.XX XXXX. a and line and XXXX was year FFO $X.XX per of of AFFO quarter was the quarter $X.XX

to to look have patient liquidity, we be we forward, which for ample as us allows Looking markets improve.

As we reduce mentioned the market last our to have sell been a conditions as properties spending quarter, we could in preparation identifying from debt means we outstanding when improve. time that

million of $XX We under at for optimistic the generate weighted can of that cap and currently sale are X% sales for between proceeds assets approximately rate proceeds million. from of already and contract placed gross $XX.X to X.X% a average we are

reducing we XX%. XX% our we a are debt range million variable close also debt, to XX% would to of dispositions, reduce total leverage on of of If able $XX approximately to while our our to target

higher continue properties as quality our although increased interest property Targa became investment the We to to acquire cost ability more look that our meet effects for our capital. of our criteria, difficult of rates

to our approach nimble remain acquisitions. in We

approximately and based of on For this to year. example, pipeline million that deals pursuing $XXX acquire our assets utilize expect units OP

to work and results Overall, for contributions their the I our quarter entire am to fourth pleased want the results. hard thank with team and

the in With over that, I our turn to Alfonzo more detail. to activity call discuss investment

Alfonzo Leon

Jeff. you, Thank

significantly investment rates as has changing sellers for views cap medical target slowed that As criteria our facilities interest on Jeff divergent adapt rates. mentioned, the transaction and market buyers for meet to

typical of our seasonality, cost quarter a large see as but saw to compelling to pass opted continue We year of capital. we giving the end fourth of number in nothing opportunities

XXth, will under of to OP as deals primarily had one and units. million acquisition that we fund We contract potential price with for review continue February of a $X.X purchase

acquisition corporate the sellers some we With the remain believe market physician respect until improve. groups market, sidelines to and on conditions will

Some owners to predictability the be to are XXXX, forced could We market broadly. mortgages. the sell, refinance market unable more respect hope acquisition of there and the second will to rates they that by interest be more their half with

new complete first been million able other at Regarding and X.X% $XX.X half under efforts proceeds reduce million the rate that total cap our sale generate during of we are that would of leverage, to can $XX dispositions place XXXX. for between approximately a contract properties to have proceeds of a we successfully and for optimistic of X%

pleased level assets investor have our of this with been interest We go the through process. we as in

pushing With developers rents and construction respect capital development significantly harder due time new of on to from are an finding projects. in other seeing rates cap funding higher cost having investment financing higher the opportunities, increase calls inbound increases and we for a to combination

that stream. joint having investment We discussions such could investment evaluating other are also opportunities diversify on and our ventures expand options and as our revenue

tenant struggle our of available assets, going risk. stability believe portfolio to be asset in patient medical liquidity of market medical with allows XX as the their our quality and office allowances equilibrium. providers leading each class owners combined the states, diversified submarket, for We finds with us office are in enduring healthcare Smaller funding improvement lease refinancing of likely re-leasing the our acquisition to

submarket. buildings to are need diversified excellent, in and outcompete The to office risk each macro portfolio large for a the reduce idiosyncratic trends but medical other you access capital

came exit It will funds. would exit that market the medical Their is XXXX leaving and tourist create XXXX to capital office also opportunities. dedicated in that into likely the

transaction time such through been cycles have We this adapt. before that the know as to and market takes

that access structures advantages make competitive OP scale, capital and sense as will can. We to where and use unit source potentially continue such opportunities to some deal we

to we targeting Jeff complete to activity expect acquisition of pick million view during $XXX our XXXX. up the XXXX. accretive as of of Given half our in are mentioned, we acquisitions second the And market,

market targets. and acquisition we to that However, meet there's unpredictable our be can no won't conditions able assurance be

over to to now results. Bob like call turn discuss our Bob? I'd financial to the

Robert Kiernan

produce billion the with estate you, Thank coverage fourth of GMRE's portfolio of X.X rent average contractual portfolio in escalation. occupancy, real weighted and times our $X.X feet, weighted consists X.X of continues to includes $X.X quarter XXXX, At leasable solid results. investments of average XX.X% years the Alfonzo. of term, X.X% lease first square end rent million total

achieved leases, the revenues our activity were cash quarter up past XXXX. increase of quarter $XX.X of On total million, the year. XX.X% by primarily the quarter, or In fourth fourth compared $XXX,XXX we to acquisition over a in a excluding basis year-over-year our basis, X% revenues driven fourth same-store

to for to in interest expenses increase and $XX.X XXXX in average year to total both were with expenses quarter. The depreciation, rates our debt million and million interest $XX.X larger higher of quarter primarily Our portfolio. compared the market balances, operating, was due due along increases to prior the fourth due costs higher amortization

the increased Our was quarter of million quarter to interest and in higher $X.X reflecting debt rates. $X.X compared million last balances in average both interest fourth expense year, the comparable

X.XX% fourth compares rate of quarter basis increase of our an interest during one in illustrate effect representing was on and quarter X.XX% interest interest and just XXXX, increase points our to of the had has XXXX year. expense, during average about weighted the in To during the fourth the XXX previous quarter rates the rapid X.XX%

The XXXX. in fixed despite increase rate XX% December of X.XX% occurred interest indebtedness interest approximately our of having our rate XX, on interest average expenses of weighted as

our of range our the effect cost revolver on interest on to XX% increases overall XX%. and current plan to we our noted, variable target proceeds dispositions our to have between from rate repay and the the reduce of our expected to Given Jeff as debt, leverage amounts use

G&A stock the Within G&A fourth in quarter costs expenses, G&A of $X million $X.X expenses were in $X.X fourth costs cash quarter and for to current million $X.X our note that our million. million the our compared XX. were XXXX compensation quarter were XX of the quarter

expenses XXXX million we $X.X quarterly in to ahead, $X.X a range in G&A basis. expect Looking on million between and our increase

million in to primarily portfolio. were the quarter year $X.X for these in growth fourth in by increase the our million Our expenses operating with prior the $X.X expenses driven the quarter, compared

expenses, million leases recognized recovery of the Regarding expense is where a amount company XXXX related $X.X to to $X.X gross these million related quarter leases. revenue comparable fourth

$XXX,XXX Net quarter fourth income XXXX $X.XX attributable per or to was compared common or the share $X.XX to of $X.X million stockholders for fourth the in quarter share of per XXXX.

the and million per AFFO per in fourth unit in or fourth quarter to share in $XX.X the was $XX.X or compared in in the $X.XX per million in $XX.X FFO $XX.X or fourth to share per unit share million XXXX. share in $X.XX quarter fourth XXXX. quarter quarter was $X.XX of compared of similarly million in unit unit $X.XX the

Moving sheet. on to balance the

year estate gross issue or XXst, of was this ATM We is year. $XXX $X.X billion, from common real quarter to-date December our which As of fourth quarter a did in any the up earlier. in our stock shares of under XXXX, first the not in investment million

$XXX was interest December weighted XX.X%, debt, ratio had XXXX, average and XXst, As leverage we of gross of million our rate our X.X%. was

was end, years. remaining quarter of the our debt of term X.X weighted As average

of the lease our unutilized on credit respect XXX,XXX square the retain and to-date, XX% expiring current investment and feet on we is with XXXX portfolio and $XXX to are to activity million. are our progress capacity under facility this XX% pleased borrowing The between renewals was based With expirations, that currently projected year. our

vacancy occupancy in square expecting Additionally, be of XX,XXX throughout that current XXXX. executed take vacant XX% will feet leases XXXX is in with occupancy above square approximately Currently, year. we during currently XX,XXX to the up scheduled we our tenants to of are are have that discussions lease feet and

in renewals capital completed projecting $X tenant with during $X XXXX. lease-up improvement, expenditures currently, we and and capital approximately the primarily expenditures associated are lease portfolio, million in million to on Regarding be

look the that challenging, be progress optimistic our are While conditions up acquisition forward we are ramp our able during activities leverage and throughout reduce sharing our market to with and will year. XXXX you to we

Operator, the remarks. questions. prepared call open for please our concludes This

Operator

Thank you.

a now will conducting [Operator session. We be question-and-answer Instructions]

with from KeyBanc first Please Our comes with Markets. proceed Austin question question. Wurschmidt your Capital

Austin Wurschmidt

you highlighted? morning to roughly for the can Thanks With that you of far beyond negotiations you highlighted, that the us the along and give $XX targeted you respect in are million million additional good about everybody. $XX some how detail sales

closing? deals of the reflective And those Would about overall detail additional you of timing how we some be the helpful. assets these should portfolio? would consider Just think

Alfonzo Leon

I'll Sure. take that.

properties to those $XX million. ones up the two that are have we add contract, So, under

diligence actually One period of has the expired. those

today. So, that looking within from one, weeks, three two, to here weeks close one we're next the

The still getting we're but in very have two that's approximately in diligence. still that that one is million interest of the strong other $X then property. bidding, assets, round other one And is we first in

by owned that was one a but extended group that's came a that we is bought it the in, This center group course, bought of of cancer and physicians, when bonds, lease.

had So, fixed we're be that a to a expecting that on we've interested XXX and lot cap. investors In that interest one on one, of about one. getting we're pricing under

bids approximately of round there's second the and And time that's the and property some bidding. But to get is first $XX then we diligence and going another period. under take are in finished to one contract round million of that

get So, can one we we're looking at two to closed. three before months that

Austin Wurschmidt

And And rate That's on is spreads acquisitions of million seeing the speaking cap $XXX the pipeline, you discussed big narrow? I targeting to you then are potential this pipeline mean, what today? helpful. investment Are the just investment year? you for of how maybe bid/ask type

Alfonzo Leon

of potentially targeting even though very or trying cap we're putting are mid are for we caps. under trying is been LOI getting people financing high deals to where what to rates mean, and active under not and they're where active to track we've the have assets, sevens I market, kind buy mortgages. understand with eight been contract, Sure. of when pricing Even understanding

last that I movement happened would cap of most say rates in the year.

months of ended. of affirming been this of a story where So it's two kind the year far, year, the first just

We're pricing. And to XXXX that cap all and so witnessed call it, market compression the XXXX the back basically gone. rate has in XXXX

a that used that trade at to a X again trade at at and X low a again. are at to low things X things X are trading So, a trading used

and So, the targeted that of bulk XXX, position the assets in We've we've pricing. deals credit workforce the core basis of credit competing XXX niche points historically, we're deals. money, traded historically that our we're always not and not with the the chasing chased

assets are caps. those to now, right X And back

market, the of is bid/ask think the terms spread I in to all is I There that transactions. we've In seasonality hearing a that mean been thing.

past. slower So, was, hard than how available. opportunities it been fairly even is though a And probably the would to of there it, the going December It's gauge terms year busy in shake has I February, out. new call that was in pickup. January were to exactly was investment

invest. as of for core mean, money are we of amount the wants good for in lot kind kind witnessed I to of a even sale, buyers put that that that still deals a I plus that There's of really a profile. we hungry properties mean, fit there's

and of and outliers So, -- supply XXXX there people demand there the was ample pricing the rich. lot market, of I that terms think think were is it's acknowledgment a XXXX is I and think that to I recognize in very

pricing of time. that a right for right of this reasons. And the it's to certificate going two they there's period. again. Where there is in lot sellers that hold so to after is probably not back timing, are right developer sell, And that physician it's a transition the coming going a occupancy, years if just the be decide the If today acknowledge group. It's is to typical be

going There's let get I a going of for to sellers be -- start and let sense what's and happening rates in natural a the settle to emerging. a to where wait are the everyone going better things months think to lot decided are kind for couple of interest market. just that of And

growing is year consensus be fairly busy. of second But is there to that half the the going

a to market. think playing narrow it's people that by And going is to to I be I to spread going the I think bid/ask going be and of moving lot catch then, going it's think start to are up.

Austin Wurschmidt

opportunities for investment how funding opportunities, inquiries development of more between break pipeline on capital helpful. That's down the types does the versus inbound traditional those And acquisitions?

that's of looking of assets? be size, detail more for? are would me. little view given be goal opportunity your how these would kind helpful. guide's terms Thank an do this owning an And guess I for And that of it significant ultimate And be? around you there you you. could A What

Alfonzo Leon

Sure.

on behavioral facilities. development or So, front, rehab facilities the it's mostly either

construction seen we've the not medical many. venture. a or things as during either office On doing joint forward potentially a potentially And a doing or would combination those do but side, opportunity the a even or a financing few, doing be takeout of mass

early been in and there's add continuing having we've it's and that few understanding stages of So, pipeline. these interested December that the evaluation can position we just our started dialogs. conversations a in those discussion, how in groups to to But talking we're something to that we're we ourselves

front still at what we In looked under but past typically us terms are and LOI looking months right we in opportunities of we're really the putting contract. acquisition, under there at we're away and of that things several can before are now, in start

Austin Wurschmidt

be But highlighted, million? that opportunities? $XXX in just addition includes you This wouldn't $XXX the all that million to

Alfonzo Leon

Yes. Correct.

Austin Wurschmidt

guys. Thanks great. Okay,

Operator

proceed Our question. next BMO Please question from your Juan with comes Capital Sanabria Markets. with

Juan Sanabria

morning. Hi, good

around to you opportunities. made potential hoping on prepared looking your Just follow-up joint venture a comment remarks in at

or be partners? flush third a may more a that to it look partner that of bit one-time vehicle Would where some you structured? party to Just with hoping or out sort setup or grow and be little how a

Jeffrey Busch

with will I start one. this

what we cap at are points can capital? is value, much possibly buy compete doing them way looking buy do not them. just ready necessarily core, is often add out buy our now, the core of need mean right turn the do, somebody add core be do. we to get what above buy not price what assets what normally -- we rate We we to and a the can the for I we are the AFFO on one. we lower lower to with in couple and It with not properties which there, out We how Is to that depends partner we we grow would and opportunities

As come there's you with often value When suddenly, more our can see to and lot creditors credits of they we becomes it them. sales, extend in, sort add leases higher core. a the

what market what you the wouldn't in Alfonzo, same, to to to the AFFO. the do and add? it but see our would want we So do we're out just looking add opportunities are exactly

Alfonzo Leon

would a the far. we've up. exploratory make year with as conversations it depending have opportunities good us that been, just on could sense number shapes different And parties and I for are characterize Yes. had there how some But thus of

year would the of a of the even them it's cautious equity also really I standby mode of pretty that everyone the And say targeting getting on for start more of kind had half the clear side, at sounds private groups, year, a to lot I've adopted beginning conversations and they're with active. those the like second it

Juan Sanabria

the want just for more get there occupancy, And what that. and kind you fantastic? bit that? -- Then to levels the you you little if so I slight be color downtick Okay. help get question drove in that you to maybe second I us the on the think above you highlighted was visibility XX% hoping end in of improvement for a could for how XXXX from be to back bridge and year that'd thank

Jeffrey Busch

Yes.

say I that wanted a the really properties buy unusual do turn of and strong and we them out that over do sometimes occupied we go up over now we but buy history little I time. to Bob, XX% REIT, to we core that Before just have vacancy renting find for

So, I'll great we do we have that turn see level, property. really stay the to but our a we're believe history opportunities with over Bob. to of we this rent like have some vacancy is over can trying within up that that that time doing occupancy we and Fairfax

Robert Kiernan

evict to really the it's basis were tenants cash Relative tenant Michigan, on basis of our period. -- reflected We in since one the vacancy cash this XXXX. them in our able Westland, been QX to change, that Yes. the fact

of was QX, change change. the the that in seeing the that majority you're vast So,

big a financial -- them moving point eviction really and already us us actual it facility. And from and at out a -- was basis this because just it's prospective on with some have impact from the so really been doesn't it's a time for really the this of

Juan Sanabria

kind And mentioned -- of sorry. then you

Robert Kiernan

Sorry.

So, our that really there and lease-up activity. that the activity I square XXXX progress progressing prospectively, as are And XX% expiring are we're lease-up at mean, will space. we're percent for we're for of XX between making forecasting XXXX, to things looking well feet retain we out vacant then relative between and again, our on that

things through from how occupancy above and head of we're the things we really that as those that an combination be to we'll So, in XX% forecasting what is look perspective. try XXXX

Juan Sanabria

question then The use up that came that level amount you. undetermined some to the stream And to rental them Thank of Could give just reemerged back security that you just pay once the last deposits rents January. of sustainability in their XXXX on health. shareholders? pipeline an cash on on bankruptcy tenant comfort from update you and in us help

Alfonzo Leon

lot I started came of can lot -- it a pressure comment. from I relief with the I is the has -- start the that mean, a inflation the on think side. around nursing staff. in there with wage I of And year XXXX mean,

the last the of trending of And I they year from year, the in to be item, particular, were as predicting. end of that at we beginning seems think were some things hearing pipeline line about

comfort finding think down, those long relief that then as rates start the So coming continues and level increases. I

Juan Sanabria

you. Thank

Operator

from with Janney Our next question. question Stevenson Please Montgomery Scott. proceed with Rob your comes

Rob Stevenson

of of your what's earlier the were point cap up rates this talking, rate your stuff questions at I rates when capital? looking on were Good one little hurdle on considering morning, What bit given think you're about is there? the you you the the you guys. cost a acquisition Alfonzo, that cap broke

Alfonzo Leon

X.X haven't at a the the off X.X in there's us. the Xs start for January that we February found fit did or in slow is But targeting we're good was looking higher. low and a Xs. but anything There's we're and yet few stuff high of a -- mean, north really in year pickup, I there

Rob Stevenson

Okay. of debt And your at financing that, then the lowest incremental Bob, this in point? terms credit, of cost line

Robert Kiernan

and from mean, a I mean you think from at a looked the maintain lowest still prospectively, -- we've about think it's that yes. it's as rate leverage over is, -- I I temporary I a still from still the potential basis would that the we'd we equitize, revolver, mean, to other at it's this our sources, variable but And -- we'd our explored the down rate borrowing you It in of we capacity point debt would that bring perspective, if cost. XX% financing in then range dispositions. went lower with total target dispositions look debt that really look talk as ahead. to about to --

Rob Stevenson

said be the And are $X.X those just Okay. that I at in with guys market And you OP thinking that? units. then How about funded prepared of Was any cetera? than levels? primarily Are struck a struck acquisition negotiation million you the sort with that will acquisition on think comments, guys higher at of fully-loaded today sort yield the be How and type about equity? that we $XX of funded -- et should thinking that?

Robert Kiernan

Yes. of Essentially, we the higher negotiable price. than of do savings tax It's the very because them. it

So, units. we on do those the price it higher stock than OP

interest have them. We in some

start we we're trying to units when think leverage, more trying I reduce OP there. push out to since our deals, we're doing

And We're are doing we conscious debt XX% one and we even now because equity. part staying OP wasn't levels and At our time. weren't worth the we units to real it of important offered that in weren't the grow more to doing we've future, then it below us of that, but that. at been bringing down point, the being growing going as XX% in that. But

bringing goal debt. So, of a it's our down

buying At assets product we and the demand seems we of be for have that mid-Xs Xs X there what and capable sell to then and to Xs. -- out we're low low lot same in finding Xs in we could of are the time, a there in

whether and stock sell stock preference could or the replace buy price my there with and So, we way, assets is at or issue be our either could higher.

for the we in we on to have tremendous demand what can acquisitions the we think them there's now move I So, mode Xs. can right sell and that given

Rob Stevenson

thinking that me. of from winds should last you of expenses later How the guys to year. the is on today accruing that in for tailwind sort then some this Bob, operating up And that's be unreimbursed how be you one guys? could vacancy about a we Okay. material

Robert Kiernan

Rob, asking expense that the the are properties? burn on we vacant you about have

Rob Stevenson

leased rental then get mean, if the double get Yes, you and and get get you mean, on you side, a the revenue I a expenses. I rid up, triple lease, you operating right, to it whammy, -- some is then it's of of deposit net

The how assets like where are revenue is of easier the out, sort standpoint? guy annual much on assets operating eviction an from figure incurring that expenses you to bumped on but vacant out basis for or an you the you're

Robert Kiernan

on upwards gets again, $X.X $X from of the be, that be just the you're vacancies you're right. at, No, negative something double exactly Right. could mean, that carrying to where flip to from a properties, And in to able It the rate some were those run an I it costs a is million to positive. annual million change you looking really basis. on

That's definitely lease-up motivation and with look vacant And XXXX. opportunity space as at for not a to we around. the so high an the turn situation us

Rob Stevenson

Okay, perfect. the Thank Appreciate Thanks you. time. guys.

Operator

question. from comes Riley proceed Please B. next Securities. with Our Maher question with Bryan your

Bryan Maher

Thanks. Good morning.

Just clarification. of a point

gross You're year. assuming I'm in number in that looking $XXX this acquisitions sales. million do $XX asset million to a

be So, different positive there net would is right be XX% should I we do like this about? something have or thinking a

Alfonzo Leon

where starting but price will see probably I we the there's do mean, It's believe we're assets our right right That's target. ranges targeting in now, we an could that profitable. in $XXX we're market to I be that about do it and mean, uncertain million.

this be So, be the that without $XXX back assets. selling than next would year we to million to hope about a our year

Bryan Maher

million world in you that And where you buying get level just into were there contemplate the might is your trades going then which Alfonzo with market if we the shares? a there Okay, $XX some helpful. million, that's the and couldn't just a sold stock $XXX at and

Alfonzo Leon

assets, accretive buy that the debt it I equity. in the debt but still matches we could I add is we would to stock define there, that essentially could the That's go we're for we that that's see when for properties about market. could we buy it and when where Yes, buy when where don't that accretive and could price we way want equity.

Bryan Maher

Okay. Thank from you. me. That's all

Operator

with [Operator JMP from next comes with Please Instructions] Securities. Our your proceed question. Aaron Hecht question

Aaron Hecht

guys. morning. Hey, Good

I on clarification deployed sheet thinking the know held capital to sold. of being be in imply of funded of you discussed Does of just variable equity point forma the Or million the a Another going a is about that is balance be should being bringing and the in that leverage Or reducing and thinking majority rate? versus deployed else regards that number be that that something million times with should because $XX there we here? is down terms being disposition with isolation $XXX pro leverage? we

Alfonzo Leon

that each of where we We in later the environment pretty given to that don't so turn starts rising -- with stop it prefer do do the Fed to stock the Fed raising, a We is equity. know or not or year our be there to with vision this whether seems that expect going exists nicely.

more. doing the it I debt we want we to prefer don't to add in below to the upon I debt. to be range. sell we in equity, in XX% So, it do can stay can't really XX% equity, stringent want to XX% case -- our We mean do but in

Aaron Hecht

properties retained? take expiring duration going Understood. to a guys? in think per you comment is the think there then are of your unique And about potentially that percentage year may terms that go XX% those vacant normal leases or about to going you I to for you should Is vacant. understand invest anything Bob, XX% timeframe made and And that of

Robert Kiernan

there's think anything about it. don't unique I

with occur that I can think flow it's activity. a re-leasing natural that more just maybe expiration any and

maintaining XX% again, achieving lease-up current at think we then good occupancy lease-up as progresses, vacant as level, and above. So, space retention that from back XX% that to XX% we the at the -- is

again, XX% then that work we from that continue the as wasn't -- off And that as again and cycle. just retained

think overall don't think I from specific the the about flow it's just it's anything or business. So, particular an properties,

Aaron Hecht

discussed like a you about basis? tenants And think two or look Okay. annual this going should previously I space quarter. -- think vacant to that? NOI incremental the quarterly to I in we think on it was What's moving How

Jeffrey Busch

from mean, perspective, -- mean, from because ins are outs to and overall I from still it's again, not occur perspective that move-ins will an I material will -- a going I it you that it focus be just be re-leasing again think that. on if the

occupancy adding a we square will But lease-up increase overall, our probably from I be to think feet quarter ahead. an additional as NOI. perspective flat we're look going from perspective first in But the

wouldn't factoring large the of So, in from NOI QX. lease-up I increase

Aaron Hecht

Thanks guys. Understood.

Operator

We our turn over now have back like the management session. of would reached the for end I question-and-answer comments. to closing floor to

Jeffrey Busch

everybody. Well, quarter Take you, next forward thank care. call. to Look

Operator

This concludes today's conference.

You for at time. participation. lines you may your disconnect your Thank this

Global Medical REIT (GMRE) 1 Mar 232022 Q4 Earnings call transcript