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Global Medical REIT (GMRE) investor relations material
Global Medical REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net loss attributable to common stockholders was $6.0 million ($0.45 per share) for Q3 2025, compared to net income of $1.8 million in Q3 2024, mainly due to a $6.3 million impairment charge on a sold facility in Aurora, IL.
FFO increased 4% year-over-year to $14.5 million ($1.00 per share/unit); AFFO also rose 4% to $16.2 million ($1.12 per share/unit).
Same-store NOI grew 2.7% year-over-year; portfolio leased occupancy was 95.2% at quarter-end, with a weighted average lease term of 5.3 years.
Completed a one-for-five reverse stock split in September 2025 and established a $50 million stock repurchase program; no shares repurchased as of November 3, 2025.
Amended and restated credit facility, extending maturities and restructuring term loans, and entered into new interest rate swaps to hedge SOFR exposure.
Financial highlights
Rental revenue for Q3 2025 increased to $37.0 million, up from $34.2 million year-over-year, driven by acquisitions.
Total expenses for Q3 2025 were $36.3 million, up from $32.7 million in Q3 2024, reflecting higher G&A, interest, and acquisition-related costs.
Interest expense for Q3 2025 was $8.2 million, up from $7.2 million in Q3 2024, due to higher borrowings and rates.
Dividends per share were reduced to $0.75 in Q3 2025 from $1.05 in Q3 2024.
Weighted average interest rate on debt increased to 4.06% at September 30, 2025.
Outlook and guidance
Full-year 2025 AFFO per share and unit guidance narrowed to $4.50–$4.60, assuming no further acquisitions/dispositions or equity/debt issuances.
Management anticipates higher interest expense in 2026 as new interest rate swaps take effect, raising fixed rates on Term Loan A tranches.
Dividend reduction is intended to strengthen the balance sheet and support future growth.
Occupancy is expected to trend toward 96% by year-end, supported by a strong leasing pipeline.
Cash G&A expenses are forecasted to remain in line with the third quarter.
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