GMRE - Earnings call transcript Q4 2024 | Global Medical REIT Inc.

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Operator

Greetings, and welcome to Global Medical REIT Fourth Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

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

Stephen Swett

you. Thank and XXXX Medical Earnings everyone, and Fourth to Year Full Conference welcome morning, REIT's Global Quarter Good Call.

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

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

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

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

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

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

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

Jeffrey Busch

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

term the the X.Xx. continues coverage X.X occupancy steady of ratio rent results. quarter, end lease of years a with high-quality, diversified portfolio to weighted a and average produce average Our portfolio of portfolio was XX.X%, fourth At

the of loss $X.XX a share For the was compared $X.X stockholders income or shareholders net costs. common attributable and down $X.XX in severance-related share share to due attributable in quarter from common to AFFO of of primarily share in $X.XX interest $X.XX prior interest quarter quarter. FFO $XXX,XXX $X.X attributable in per noncontrolling to fourth common was or common million fourth $X.XX from million attributable stockholders $X.XX fourth prior per per year net XXXX. quarter quarter, down and stockholders noncontrolling unit, to the to per year unit, the was

outpatient purchase the during we for purchase an to activity properties this year, medical real a XX.X into of acquire entered acquisition our portfolio aggregate price XX-property Regarding agreement spring, estate of in a million.

third the tranche $XX.X for completed leases a the and closed the acquisition, cap properties at $XX.X or leased These this quarter, the for net of million, rate acquisition remaining absolute was triple During we during properties XX acquisition X%. consisting fourth the quarter, and first fully million. under of are the X completed triple properties we on of of net

$XX.X to acquisition year-end, acquisition, to $XX.X million in X% the of on X rate. a portfolio we of purchase quarter, facilities of of the completing acquire tranche we properties the medical for agreement X aggregate at entered Subsequent purchase Additionally, fourth million. into this for outpatient closed first the price an property a cap

XXXX. complete the quarter to properties expect during second X of We the the acquisition of remaining

asset high-quality pleased our class, recent with market and addition continues strengthen portfolio. we promising the to are opportunities to transaction The present our in

asset recycling we our through program. our maintaining on As balance remain strong we focus a growing strategic committed to sheet business,

joint $XX In remaining served these billion interest while of as gross over the with venture the holds completed this resulting properties maintained XX.X% $X.X X firm stake to venture, the interest of we we joint Heitman, quarter, million member premier sale venture. the to in medical gross aggregate facilities Heitman a managing fourth XX.X% a and million. investment through of assets. were $XX.X a its X aggregate sale related the of and managing real joint $XX.X Of ownership million an in controls voting proceeds estate million of proceeds, generating gain During its $XX.X

excited with are assets, income to joint and platforms Heitman feel to us capital We the and to ancillary capitalize partner. management to new acquisition and continue fees a venture on our gain partner acquire allows asset earn

early in my as succession XXXX, Lastly, plan CEO. we announced

transition leading to growing This have the through many in I community. alongside perspective successes of both an investment Over strategy. challenges, partners, and had the the fresh wonderful associates, opportunity past bring working friends and GMRE X our creates professional years, privilege industry to

have our grateful experienced our be lead I our successor create robust a our almost will confident in value ability confidence Board's team this deeply to select for who stockholders. will this to the I'm of I journey. seamless, leverage am been who infrastructure part transition and has and to everybody

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

Alfonzo Leon

We portfolio. physician The Thank facilities our corporate to identify sellers that show with engaged market and continues will groups, that our continue transaction brokers promising you, Jeff. actively to us with align remain opportunities momentum. criteria broad a target investment for medical compelling growing help range our acquisition of

had square aggregate remaining of earlier feet million, on XXX,XXX existing in equating XXX,XXX XX purchase an of tranche an base As in the closed the million encompassing an an In of $X.X fourth the the Jeff mentioned, year, XX-property of acquiring to rent aggregate leasable the second our feet. leasable properties total, X% rate. with property announced quarter, portfolio portfolio square approximately price annualized cap aggregate $XX.X we

medical quarter, the leasable an million, properties year-end, this first contract After during second cap tranche of of close XXXX. X purchase outpatient $XX.X price rent annualized with tranche aggregate million, are the million feet under of second expected closed square quarter an to with for base roughly rate. of properties XXX,XXX acquisition, to X a encompassing first $XX.X a aggregate purchase at portfolio X% announced we which we acquiring the during of Also $X.X the

their As $XX These rents to serve per these in invested with tenants mission-critical last feet. facilities feature respective quarter, comprehensive noted who specialized $XX from suites triple radiology as systems capital medical including averaging square own cardio, laboratory diagnostics significant to practices, buildings and and services well health neuro, have as their services. of a cancer and mix care urgent net well-maintained ortho with primary

campus. All the properties, of X/X of and on tenants. located the average leases XX% respectively, footage of term, least the remaining Approximately is properties property and with investment-grade an years approximately operate underground off-campus XX on at of XX% are in square

fund prudently. deals tranche transactions X complete these a flexibility transaction The ability to in to provides us these

contract customary conditions. closing under remains tranche under and second is The

guarantee or As this cannot at the of close that will such, remainder acquisition we on all. time

medical during the in $XX.X million of gross facilities front, aggregate On $XX.X disposition million, sale resulting of receiving the we on aggregate closed X proceeds Of an proceeds, gain of of the $X.X the medical managing $XX.X quarter, of serve X maintains to venture Heitman. came while member, sale an from joint the joint million with venture XX.X% a as in maintained and properties We investment. our Heitman its investment the million. XX.X%

We strategy. the capital as the are future partnership that the in may it provide opportunity excited to Heitman allocates and about this

million, mentioned, including the as rate the aggregate For that average cap $XX.X gain resulting dispositions, venture, $X.X to proceeds in year, X of at of X we X%. generated an a of just million full aggregate gross completed weighted joint

investment leveraging strategy underwriting committed that Looking approach access we aligns with by capital standards remain continue competitive scale, unit advantage to prudent our and and opportunities. forward, structuring our to pursue our OP value-creating capabilities, we of

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

Robert Kiernan

$X.X lease with of escalations. rent end X.X% fourth At estate the X.X of average average of portfolio the contractual years Alfonzo. square investments million X.Xx XX.X% Thank total gross leasable you, weighted $X.X XXXX, quarter coverage and of weighted consisted feet, billion included of term, rent in real occupancy, our

of primarily In the XXXX, due of year compared compared that fourth impact included of G&A to the the revenues the expenses acquisitions in approximately due prior of to $XX.X million our is quarter. closed primarily increase our total related our the for to quarter during CEO increased expenses. million were Total the XXXX to in This prior to quarter XXXX. year plan to succession $XX.X by costs fourth X.X% onetime impact million, $XX.X

XXXX Our prior million quarter year $X.X quarter. operating of in million to $X.X expenses for the the were compared fourth

fourth quarter million XXXX. of a of the quarter related in where on XXXX to reflects leases. This properties gross fourth net to second well the in accounting amount tenants of company in recovery XXXX as expense increased to XXXX quarter acquired comparable recognized leases impact related Relative $X.X increase and costs as million the in expenses, the cash XXXX. Regarding and of $X.X expense basis revenue from based the

$X.X in quarter. related CEO million the for compared the The in million The expensed primarily year resulted was increase plan. from of million prior to fourth G&A to XXXX quarter were expenses that the succession XXXX $X.X $X.X

ahead, in the XXXX, expect $X.X G&A be expenses excluding range transition-related total to our $X.X of we million million. Looking to quarterly in costs CEO

the During million, aggregate X we of aggregate generated in that quarter, $XX.X property gross million. resulting fourth proceeds of dispositions gain $X.X completed an

we these quarter Kansas to of recognized in loss impairment our an sales, related addition million to fourth facility. In $X.X Derby the

million quarter of a per million of share noncontrolling unit $XXX,XXX income $X.XX share $X.X the XXXX. of $XX.X compared common FFO fourth Net common to million XXXX. fourth $XX.X per share quarter common and share a $X.XX attributable was stockholders to in unit or $X.XX a per per attributable the of to or or to attributable quarter compared net stockholders interest the fourth stockholders the in of XXXX for quarter loss or was in fourth XXXX to $X.XX

FFO XXXX in reason million $XX.X or from was $X.XX plan. and transition-related severance stockholders CEO reduction per recognition of for share or The common in excluded our but in expenses fourth to $X.X the the XXXX. FFO unit in compared attributable These interest related AFFO of and $XX.X to unit expenses million in fourth share are $X.XX was in quarter included million succession of primary AFFO. the the quarter per noncontrolling to in

with related on expenditures capital spend million, Regarding to expenditures projecting million. to $XX XX% our approximately capital Currently, approximately we're portfolio, XXXX cash was improvements. million $XX approximately tenant $XX in the of XXXX,

Group fourth tenant-related time, XX, At related for $X.X items, facility had Jersey, lease cash XXXX, Prospect of prospect our basis million since health Medical of Eastern to outstanding of payments which related bankruptcy for to our filed the Chapter facilities care of including terms million quarter approximately accounted a that in X reorganization. has XXXX. on In XX January been $X.X on New

XXXX of ABR. total As our prospect of X.X% year-end represented

on of with lease. the As or announced a been the rejects Prospect amounts tenant leases unsecured projected plan there to decision have with company, have its of the owed no we will we any prepetition respect leases general has If with any court today, under Prospect.

estimating currently lease our we are XXXX XXX,XXX retention and based are a the activity with to of that renewals to pleased to XX% on XX% on feet date, XXXX. respect as end to square progress were the With expirations, rate scheduled our expire on of we

result expect of increased the proceedings the of we XX,XXX Additionally, are approximately feet as have to square prospect bankruptcy, a complete. vacancy bankruptcy prospect once

the to balance on Moving sheet.

estate As investment of gross $X.X XXXX, December in was XX, our billion. real

of of a gross $XXX our total total was debt XX% years, Additionally, million had rate with of remaining X.X average debt. we fixed term weighted debt

X.XX%. is Our XX.X% and average was leverage weighted ratio our interest rate

forma issue under quarter today, this As did common to any completed equity, first pro earlier $XXX the stock during million. not credit the facility the of of date under or current in year, borrowing quarter ATM this of Relative year. the for fourth unutilized the to program is shares capacity our acquisitions we

XXXX guidance. full to Turning year our

We of in $X.XX. expect per share AFFO in to range the $X.XX unit

assumes or other related to excludes debt than normal the activity or disposition guidance or XXXX announced been no AFFO other than course onetime CEO plan. Our completed what succession no revolver has equity additional expenses acquisition issuances additional guidance and activity.

year, our current fit we properties confident As us to look positions year. strategic We ability acquire the selectively navigate our the forward start to our continue our you strategy us liquidity remain objectives. well throughout business progress environment, while with in portfolio our to sharing stable allows and the execute to that to

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

Operator

Markets. first Today's Juan from Capital of Instructions] is [Operator Sanabria coming question BMO

Juan Sanabria

bit you size, whether any the new your be target own be expect GMRE sought hoping regards Heitman assets venture about with into be externally should a or further just to could we if relative to after was to contributed venture joint the targeting sheet opportunities will talk of and assets would JV? on I the little new the growth types incremental acquisitions balance leverage,

Alfonzo Leon

Sure.

cash-on-cash mean, up set part core-plus have medical basically returns. a was with of strong the that this towards I looking X% cost So Their rate fund and assets. ours. that's I properties it's more range, they office. for JV fund X% dedicated primarily targeting is a bias low competitive for is Heitman, low strong lease mean like fund for looking a capital of a -- terms it, we're to deals than with decent and, cap call single-tenant to

ventured they could The at joint about fund available that equity that the we're time we for with formed venture strategy. of joint this $XX contribute. the has million

So it's continues and the a this, goal is fund to raising grow that money.

to presumably the that years next strategy. capital have the in allocate more So a fund few will to

like. we conversations and with was contributed of kind understanding of assets, they long a couple so terms what of And Heitman this in like, kind after markets they of assets what

started the with into our discussions seed consideration together to any now our fund, currently primarily, goal forming right There but aren't Heitman. with that's the hopes that we selling this fund joint with option But assets and that And have, joint is of of obviously venture part grow we venture. growing in this of so this was more an about the it it.

Jeffrey Busch

assets I is this we And assets. outside of start as we a want selling We I point grow, on it portfolio. build into did nice it. in the the the for fund added interested have more a fees interested purchase, be option and just I'm bit end earning we looking building why not could managing our really. this. And these did Jeff. assets could it we're generally portfolio little This in outside back assets, that up am so and a that, add off, to some to needed at at a core to nice but this. do already We in so own an we buy

So on you we buy ACAP and earning down a we're need sort what of fees come this. so. get when you say X an cap, because is or now we

Juan Sanabria

But starting and as curious your And criteria what here, kind from curious part on current on new of just for the search down the strategic why stepping a back transition a the is then Jeff. and background CEO of of review and is looking of just the contemplating Board Great. the process you're role, stepping broader kind CEO? Board

Jeffrey Busch

Okay.

Board, Chairman who fresh the having is need can't been rates, think do improve. of but as old want the capital and and that. couple is reasons. the and experience, to that track of doing the capital did estate My years also real XX but I'm well that it's understanding a company. new skills the The the missing, not as always assets I we and basically of in is idea something CEO company, I macro help adventure, A assets as started perspective economy less. Okay. we're acquiring type we record will markets -- great interest in to there's the a bring of stay the active plan to a now in good having somebody and that interested we a if I'm in markets is thing. good

to have we're successful that what it's that projecting been going out strong out. throw So forward. with we'll you bought could we we've still see not We AFFO feel

portfolio that Our experience we're But looking improved it a in capital the company the last and strong. year. somebody We as with we're CEO experiencing is the estate. for, real markets a looking medical in experience at very new running

where in. really we're that's So coming

Juan Sanabria

in of ever the there a was review discussion guard? strategic change as broader part on the a And

Jeffrey Busch

do Definitely and doing the time. we broader strategic this reviews, all

talent new us Chairman hopefully, I to the will we forward? at from will table And there to is forward could So we're in. help I'm missing? -- move a this anything bring looking we CEO look and be coming the

Juan Sanabria

tenants rent I going in vacancy quarter? how of a me guess you. were to forward the fourth a to what rents or payment might of some have kind and the for remind just remarks, sense could just Steward get the guidance. dip one prepared then in X Prospect, you bit result for what's a last little of cadence of in ceasing you again, as much kind and assumed Trying what question us be And And in a or the question and talked temporary

Robert Kiernan

Yes. Okay.

I piece been mean, the mentioned, we -- east on Prospect, that's we since the end largest basis of on and piece orange a that XXXX. talked single cash So the is

Connecticut or don't properties relative X visibility exposure accepting the properties, there the into bankruptcy per kind I at point, Vernon the burning, the of but is not around there's an other it's looking of, that said, it, And would a for are done. that sell rejecting But than se. the did were those in to to operations X% they again, have I'll we call ABR they our in So not like sense again, month. prospects But in runs lease get that think $XX Connecticut. stub were the less it's December. to transaction that around exposure $XXX,XXX this we $XXX total per of These general, leases. assets accept from, that at any our And significance

from again, again, the to being again, a they is, similar is And last apart are Steward, exposure the smaller exposure, that were Beaumont facilities. year. what Steward again worked through On couple those

Operator

next Wurschmidt coming The question is from Capital KeyBanc Markets. of Austin

Austin Wurschmidt

you but of if share you missed that I I'm the I assets if the the Heitman. see was sale that into rate on details additional what venture? venture wondering this, joint the nature was sorry could some joint with And about the cap

Alfonzo Leon

Sure.

X So property And was and Carolina, had it. We it Texas. was in bulk we cap assets. the sold of North it in Point, had had which gastro was we that we property a then single-tenant low High the a

it's see So the used to that properties transaction. we X

Austin Wurschmidt

additional alluded what you are to thoughts venture. remaining then And you've helpful. into of not are the acquisitions latest what wanting sort Jeff, made the under just funding the latest or portion then That's guess, have joint on contract? sell to the the assets of thoughts I since

Jeffrey Busch

Well, back ATM we're stock be goes forth. looking right to up, our use going at and basically so either could seems now, adjustments, price it we

possibility. did assets So $XXX do million. look at could million, what our We We portfolio. sell like. at. I this is the We ATMs We $XXX used a about if we look

first $X The at $X tranches something. is and we something did the other

about our been we fit think that and into we're selling off portfolio. good future we're interested less $X.X, the as in as well assets in So our doesn't or less we've philosophy assets for don't

by one we tremendously. So Mishawaka selling we're year the we getting trying to last our that actually released, the tremendously portfolio improved off and improve did Beaumont and

the XX% assets, would in I in quality is these of one at goals portfolio. put So our the top in

looking to not we're whole So in of percentage the the for to all our improve possibly some in that are quality sell portfolio. things the quality, higher just

Austin Wurschmidt

looking the type but And kind fit plus consider of something into core you joint on the both for, dual JV you opportunities that are sheet? I assets that looking the X kind is not sourced, are that of go the balance venture the opportunities as out those well at still are on you would these may you've quality as pipeline, guess, on you look investment and track cap that doing as table

Jeffrey Busch

Absolutely.

strong local a have being of ones also or they're our little in out be small good nationally that's bit of a sell We not because the that's happening pretty able markets there interesting and bunch to rates. paying and there's thing buyers is cap in market communities

for that's properties trading one around and process into qualities $X.X as to year. we we last making other a could $X some if and the in million it did our have we been find the So move could profit selling of we the million

Alfonzo Leon

we've receiving offers our properties of interest a owner on been well. There's lot inquiries and in inbound as Yes. and properties, user

Jeffrey Busch

is the we but quality. with is $XXX may look portfolios down quality capital very or or of where strategy the a period future, and got in assets not really the that assets, we X main strong high our your is The period strong just at stock a portfolio. put this there we not to there strategic take assets not that of how want million in us because in portfolio the improve slow not sort and can cost of this

Austin Wurschmidt

wanted helpful. That's all to best. that's all you I me. very And for just wish the all And Jeff,

Jeffrey Busch

Thank the to company. quite a here I'm still for you. plan I with the be Chairman while.

Operator

The next Mehta of Global Alliance question from is Partners. coming Gaurav

Gaurav Mehta

comments clarify to your wanted just on around prospects. I

Is XXXX, $XXX,XXX prospect revenues for So are a right? around that month.

Robert Kiernan

ABR. Yes. of or About X.X% $XXX,XXX --

Gaurav Mehta

still assuming so not And in that's included guidance, right? that You're rates away? your those go

Robert Kiernan

Correct.

Juan Sanabria

guys there to watch a you tenant ask overall you're any are wanted about also you, do your list? I mix, for tenant your within Okay. maintain concerned other And tenants portfolio?

Robert Kiernan

we have an nature nothing mean in at identify as for would item of oversight portfolio, active we that course, the Of or and the -- management of flag material there's but this assets that point. I all

Gaurav Mehta

Okay.

CapEx to I call, million expected think the earlier in $XX million XXXX. in mentioned $XX of you

it So right? record CapEx, in and leasing include that's the does any not commissions,

Robert Kiernan

to And front. just lease right. just comment That's commissions, to I on think respect that with

leasing If back number year's million. last you look $X.X at at commission

XX% long-term mind X think as over the to important -- properties well were Beaumont I represented it's in leasing did CHRISTUS, very leases individual the commissions, one that, that facility Encompass as was a keep new renewal -- for we in again, that for that lease that there year's on one-off lower the million leasing commission toward range. I'd and million those we total, last And to of $X in were trend $X at type this the as and numbers. lot number that be items more than expect to a look type year, that

Operator

is of question coming Baird. from next The Golladay Wes

Wesley Golladay

questions include which few tenant for you we When ABR was a have does and million you. of your cash then look prospect, on that the at the disclosed the just replacement rent I in of that basis a $XXX for Steward? supplement,

Robert Kiernan

number. with respect include Beaumont that it's at now since doesn't that -- basis, ABR that in X rent wasn't in storage it that in not the basis -- perspective. is ABR not on then is ABR to XX/XX applicable that an -- from Berlin number. facility The X the that which properties cash And was are December, that So cash

Wesley Golladay

that Is Okay. on And Beaumont do for you game still a still have plan tenant? guidance? the the mid-year that commencement

Robert Kiernan

quarter. second the in point some at Yes,

Wesley Golladay

the that leases that any the this that? loaded, we are How loaded? think retention Is about of half year. back-half Okay. And front talked of should then you about expiring

Robert Kiernan

again, I it's from from of that -- don't think I in think think, the expires as to of would a -- in individual any retention that one about I thing again, -- potentially into one square I from want But to perspective either from perspective, being think, that's ratable. to the consistent that, look largely likely we I an -- we're it's, the with flag very May, of kind leasing think there's years. a perspective, most moving apart feet expirations, trends activity. past lease vacancy. item, from relative we're that occupancy XX,XXX I the that seeing on -- our

And I Those is currently that provided. -- me, the are that's into it facility, our did overall under with see eStorage as lease. if that we'll vacancy and rejected covered with [ guidance to -- mention again, [indiscernible] relates new excuse ] an prospect facility leases the master the we've

Wesley Golladay

Slippery Rock. you get look you X may looking that we you X And portfolios, at cap should Would to buy you XX that be the Xs, portfolio, dispose some or these a one think I'm to one but how at Xs, rid maybe Okay. When rates, and of about assets? then on that? whole Is something the that the I acquisitions. last buy have had some guess

Alfonzo Leon

specific I cap was seller had portfolio, lot rate was as that a context forth of when and contend mean in seller we we the at there So very a it side pricing. a to back with. lot that looked there priced terms I on of portfolio to and with was seller we that the of mean, the

mean value so building. -- are none so the not And short answer of is each allocations no. reflect do the the I completely

nice a like, tenant. One functioning well. that that Rock well very system single hospital It's so example, in a The very Slippery And doing very is for It's is site. facility.

so small we it's the -- relative to a consider asset portfolio. And would mean I

questions I we're to kind doesn't long and of a we pros make thinking as cons of through go And like like about when so dispositions, sense. list mean,

we not the on would we take property, whole rules X just so characteristics selling And quickly. just also consider one, of And thing this the and into that is the the all consideration periods. have based other to

not So is answer short No. necessarily.

Operator

of is The Rob Janney Stevenson from coming Scott. next question Montgomery

Robert Stevenson

quick Does REIT? they JV. right Do of Or right work? a the to of refusal? have refusal how the JV does on at not cap. the Heitman or it's One asset find and great that acquire other as words, In that one a X.X% get whether you first before first

Alfonzo Leon

No. No.

we -- find, to mean the on right have want to our -- option I it's pursue we with whether whatever it's own. pursue we we our So And Heitman.

Robert Stevenson

And That's Okay. helpful. then...

Jeffrey Busch

buy in of just really be Rob, And really not that the we add but we properties, to JV, separate doing bit. we but it our a buying to debating of had little were all are a properties. types there a out seeing just would basically, they they're have with properties group cost capital.

Robert Stevenson

opportunity only other be for would will of? wind that is an manage to owner that assets? is you it Okay. of XX.X% assets that And you with management guys up I guess are the you in there that being question other put Or

Alfonzo Leon

third would question we the I mean, to is so parties? services provide management

Robert Stevenson

other having assets care they funds. Well, to Titan their up may for that wind health other in

Alfonzo Leon

considered. been Not

it now, venture. that ads for on would we own in no, be the joint the So just

Robert Stevenson

And quarter, Okay. second going once you to full Chris is a full do of starts then, Bob, lease? And rent it's Is I how get in be you implemented? that that think rent? rent to that ABR the quarter on a much And fully ramp quarter said. of when that

Robert Kiernan

Okay.

target it relates a working bit -- of in. backwards, about overall the fully moving it's as an little to a it from when $X.X And million it's perspective. ABR kicks So

start zone April, over partial in where that it the fully But type we next time that to And few there's full kick so it be the could evolves in $X.X But an it from May. frame. million will should can be as somewhere April, perspective of be It's it in. a chance annual could do some months. that May

Robert Stevenson

And with higher range, range investment AFFO Okay. drives acquisition that and then what you than and of other guidance volumes ends spreads? the to the lower

Robert Kiernan

potential bit in things an a would from there's things that And the probably curve maybe higher the type at event from that just end upper side. change lower of if and that maybe or overall side, for Things little for a on perspective, nature, higher an again, end of look a perspective, be that leverage from the maybe on would leverage, perspective. allow nature. staying like rates We that an unforeseen reduced

Operator

and interest teleconference. We participation event. medical global like today's Ladies you would your this thank to REIT today's gentlemen, for in concludes and

disconnect lines this rest off day. the the may You log enjoy and your webcast your at of or time,

Global Medical REIT (GMRE) 28 Feb 252024 Q4 Earnings call transcript