Global Medical REIT, Inc. (NYSE:GMRE) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET

Company Participants

Stephen Swett - ICR
Jeffery Busch - Chairman, President and CEO
Alfonzo Leon - CIO
Robert Kiernan - CFO

Conference Call Participants

Austin Wurschmidt - KeyBanc Capital Markets
Rob Stevenson - Janney
Bryan Maher - B. Riley FBR
Wes Golladay - Baird

Operator

Good day, and welcome to the Global Medical REIT First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, this conference is being recorded.

I would now like to turn the conference over to Steve Swett with Investor Relations. Please go ahead.

Stephen Swett

Thank you. Good morning everyone and welcome to Global Medical REIT's first quarter 2024 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 the statement for 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 31st, 2023, and its other SEC filings. The company assumes no obligation to update publicly any forward-looking statements, 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 currently 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 first quarter 2024 earnings call. At the end of the first quarter, portfolio occupancy was 96.4%, with a weighted average lease term of 5.8 years and our portfolio average rent coverage ratio of 4.8 times.