BETHESDA, MD — Global Medical REIT Inc. reported fourth quarter earnings of negative 11 cents per share, which was worse than analysts expected but up from negative $3.16 per share in the fourth quarter of 2015, according to a filing Monday with the Securities and Exchange Commission.
Total revenue for the fourth quarter increased to $3.1 million, which beat analyst expectations of revenue of $2.94 million.
Global Medical cited the net loss was due to acquisition costs, stock-based compensation expense, and generally due to increased operating expenses as a result of the growth in the company’s portfolio of properties.
The leasing occupancy rate is at 100 percent for both 2015 and 2016. In the fourth quarter, the company acquired 13 additional facilities for an aggregate purchase price of $81.4 million.
“When these pending acquisitions close our total portfolio will be approximately $316 million,” said CEO David Young in a statement. “I would also like to point out our recently amended syndicated revolving credit facility which provides a financing commitment of up to $200 million plus an accordion feature for an additional $50 million.”
The company declared a quarterly cash dividend of 20 cents per share, an annualized 8.97 percent dividend yield for 2016.
For the full 2016 year, total revenue increased to $8.2 million from $2.1 million. The company attributed the growth to a larger portfolio of properties, resulting in higher rental revenues.
The company’s cash and cash equivalents balance increased to $19.7 million in 2016, up from $9.2 million.
At the end of the year, Global Medical had 31 buildings with 664,879 square leasable feet, up from 2015 with nine properties and 129,412 square feet available to lease. These 31 buildings are leased to 18 tenants with an average lease term remaining of 12 years. The annual average base rent is $23.17 per square foot.
Global Medical’s shares fell 1 cent to $8.30 in midday Monday trading.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism