Global Medical REIT, Inc. (NYSE:GMRE) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET

Company Participants

Stephen Swett - ICR

Jeffery Busch - Chairman, President & CEO

Alfonzo Leon - CIO

Robert Kiernan - CFO & Treasurer

Conference Call Participants

Austin Wurschmidt - KeyBanc Capital Markets

Juan Sanabria - BMO Capital Markets

Bryan Maher - B. Riley Securities

Robert Stevenson - Janney Montgomery Scott

Operator

Greetings, and welcome to the Global Medical REIT Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Swett with Investor Relations. Thank you, sir. You may begin.

Stephen Swett

Thank you. Good morning, everyone, and welcome to Global Medical REIT's Second Quarter 2023 Earnings Conference Call. On the call today are Jeff Busch, Chief Executive Officer; Alfonzo Leon, Chief Investment Officer; and Bob Kiernan, Chief Financial Officer. Please note the use of forward-looking statements by the company on this conference call. Statements made on this call may include statements which are not historical facts and are considered forward-looking. The company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is making this statement for the purpose of complying with those safe harbor provisions.

Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in the company's 10-K for the year ended December 31, 2022, and its other SEC filings. The company assumes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

Additionally, on this call, the company may refer to certain non-GAAP financial measures such as funds from operations, adjusted funds from operations, EBITDAre and adjusted EBITDAre. You can find a tabular reconciliation of these non-GAAP financial measures to the most current comparable GAAP numbers in the company's earnings release and filings with the SEC. Additional information may be found on the Investor Relations page of the company's website at www.globalmedicalreit.com.

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

Jeffery Busch

Thank you, Steve. Good morning, and thank you for joining our second quarter 2023 earnings call. Our portfolio continues to produce excellent results with portfolio occupancy at the end of the quarter of 97%, unchanged from the first quarter and a weighted average lease term of 5.8 years. During the quarter, we sold a 4-property MOB portfolio in Oklahoma City, Oklahoma for gross proceeds of $66 million at a 6.5% cap rate, resulting in a gain of $12.8 million.