Global Medical REIT, a net-lease medical office real estate investment trust (REIT), reported earnings Wednesday.

The company owns and acquires purpose-built healthcare facilities and leases those facilities to strong healthcare systems. Let’s look at its financial results for the three and twelve months ending on December 31, 2019.

Global Medical REIT earnings report

Global Medical reported that they had increased total revenue 42.3% period-over-period to $20.5 million, It cited its acquisition activity over the last twelve months for the boost. During the quarter, the REIT acquired five properties, encompassing an aggregate 185,220 leasable square feet, for an aggregate purchase price of $72.8 million at a weighted average cap rate of 7.4%.

For the quarter Funds from Operations (“FFO”) came in at $0.21 per share and unit. This was higher than the  $0.20 per share and unit in the comparable prior-year period.

For the full-year FFO was $0.75 per share and unit, as compared to $0.76 per share and unit in the prior year.

“2019 was an exceptional year for GMRE as we invested $253.5 million in 18 high-quality, medical facility acquisitions, that position us for long-term growth. We exceeded our acquisition expectations and maintained our discipline in underwriting, achieving a weighted average cap rate of 7.5% for these acquisitions” said Jeffrey M. Busch, Chairman, CEO, and President. “As we continue to accretively scale our platform, we also grew our enterprise value to $1.1 billion with stockholders’ equity of more than $500 million. This important milestone prompted the Board of Directors to form a special committee of independent and disinterested directors to evaluate a potential internalization transaction.”

As of December 31, 2019, the Global Healthcare’s portfolio was 99.8% occupied and comprised of 2.8 million leasable square feet with an annual base rent of $70.4 million.

The weighted average lease term for the portfolio is 8.8 years and features a weighted average annual rental escalation of 2.1%.

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