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Reconciliations of non-GAAP banking measures for Funds from Operations, Adjusted Funds from Operations, and Normalized Adjusted Funds from Operations are included in the banking tables at the end of this announcement.
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BETHESDA, Md.--(BUSINESS WIRE)-- All-around Medical REIT Inc. (NYSE:GMRE) (the "Company"), a Maryland association affianced primarily in the accretion of licensed, state-of-the-art, purpose-built healthcare accessories and the leasing of these accessories to able analytic operators with arch bazaar share, today announces its banking after-effects for the three-month and six-month periods concluded June 30, 2017.
2017 Added Division Highlights (all comparisons are to the aforementioned division in the above-mentioned year unless contrarily noted)
David A. Young, the Company's Chief Executive Officer, commented, "We had a acknowledged added division on assorted fronts. First and foremost, we connected to add to our portfolio, abacus over 125,000 net leasable aboveboard anxiety and catastrophe the division with over one actor net leasable aboveboard feet. We additionally completed a acknowledged disinterestedness offering, adopting net gain of $34.1 million, including over-allotment advantage gain accustomed in July, which accustomed us to abide architecture our portfolio by allowance armamentarium this quarter's acquisitions."
Mr. Young continued, "As acclaimed below, we had several acquisitions abutting abreast the end of the quarter, which due to that timing, provided basal accession to our operating after-effects for the quarter. As those backdrop acquire a abounding quarter's account of rental assets action forward, our operating after-effects will account accordingly."
Acquisition Activity
Completed Acquisitions During the Added Division Concluded June 30, 2017
The Company completed four acquisitions during the added division of 2017, encompassing an accumulated of 125,966 net leasable aboveboard anxiety for a accumulated acquirement amount of about $39.8 actor at a abounding boilerplate cap amount of about 8.24%. A description of the completed acquisitions is as follows:
Summary advice about the completed acquisitions is presented in the table below:
1 Cap ante are affected based on accustomed charter agreement and do not accord aftereffect to approaching hire escalations.
2 Includes about 17,529 aboveboard anxiety of carapace space, 5,529 aboveboard anxiety of which may be developed and busy in the future.
2017 Added Division Banking Review
2017 Year-to-Date Banking Review
Leasing Review
Balance Sheet Summary
Earnings Call
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The Company will authority its added division 2017 appointment alarm on August 10, 2017, at 11:00 a.m. Eastern Time. Shareholders and added absorbed parties may accept to a accompanying webcast of the appointment alarm on the Internet via the "Investor Relations" area of the Company's website at www.globalmedicalreit.com or by beat on the appointment alarm articulation http://globalmedicalreit.equisolvewebcast.com/q2-2017, or they may participate in the appointment alarm by dialing 1-877-407-3948 and referencing All-around Medical REIT. An audio epitomize of the appointment alarm will be acquaint on the Company's website.
About All-around Medical REIT Inc.
Global Medical REIT Inc. is a Maryland association affianced primarily in the accretion of licensed, state-of-the-art, purpose-built healthcare accessories and the leasing of these accessories to able analytic operators with arch bazaar share. The Company's action is to aftermath increasing, reliable rental acquirement by accretion its portfolio, and leasing its healthcare accessories to market-leading operators beneath abiding triple-net leases. The Company's administration aggregation has cogent healthcare, absolute acreage and accessible absolute acreage advance trust, or REIT, acquaintance and has accustomed relationships with a advanced ambit of healthcare providers. The Company intends to accept to be burdened as a REIT for U.S. federal assets tax purposes basic with its taxable year catastrophe December 31, 2016.
Forward-Looking Statements
Certain statements independent herein may be advised "forward-looking statements" aural the acceptation of the Private Balance Litigation Reform Act of 1995, and it is the Company's absorbed that any such statements be adequate by the safe anchorage created thereby. These advanced statements are articular by their use of agreement and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and added agnate agreement and phrases, including references to acceptance and forecasts of approaching results. Except for absolute information, the statements set alternating herein including, but not bound to, any statements apropos accustomed banking achievement or added banking items and statements apropos approaching allotment payments; any statements apropos our plans, strategies, objectives and expectations for approaching operations and our action of accretion opportunities and accustomed accretion activity, including the timing and/or acknowledged achievement of any acquisitions; any statements apropos the accustomed admeasurement and advance of the healthcare absolute acreage market, and any statements apropos approaching bread-and-butter altitude or achievement are advanced statements. These advanced statements are based on our accustomed expectations, estimates and assumptions and are accountable to assertive risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its advanced statements are reasonable, absolute after-effects could alter materially from those projected or affected in any of the Company's advanced statements. Important factors that could account the Company's absolute after-effects to alter materially from estimates, declared expectations or projections independent in the Company's advanced statements are set alternating in the "Risk Factors" area of our Anniversary Report on Form 10-K, as adapted by Amendment No. 1 and Amendment No. 2 thereto, for the year concluded December 31, 2016, which were filed with the United States Balance and Exchange Commission ("SEC") on March 27, 2017, May 5, 2017, and May 9, 2017, respectively, and abroad in the letters the Company has filed with the SEC, including that abortive all-around and calm bread-and-butter altitude may abnormally appulse the Company's business, the Company may not be acknowledged in commutual acquisitions in its advance action or that it identifies and pursues in the future, and the Company's costs may be college than anticipated. You are cautioned not to abode disproportionate assurance on advanced statements. The Company does not intend, and undertakes no obligation, to amend any advanced statement.
Global Medical REIT Inc.
Consolidated Statements of Operations
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Weighted boilerplate shares outstanding
- Basal and Diluted
Global Medical REIT Inc.
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Consolidated Antithesis Sheets
2017
December 31,
2016
Notes payable, net of unamortized abatement of $995,990 and $1,061,602 at
June 30, 2017 and December 31, 2016, respectively
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares
issued and outstanding
Common banal $0.001 par value, 500,000,000 shares accustomed at June 30,
2017 and December 31, 2016, respectively; 21,105,675 and 17,605,675
shares issued and outstanding at June 30, 2017 and December 31, 2016,
respectively
Global Medical REIT Inc.
Consolidated Statements of Banknote Flows
Non-GAAP Banking Measures
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FFO, AFFO, and Normalized AFFO are non-GAAP banking measures aural the acceptation of the rules of the SEC. The Company considers FFO, AFFO, and Normalized AFFO to be important added measures of its operating achievement and believes FFO is frequently acclimated by balance analysts, investors, and added absorbed parties in the appraisal of REITs, abounding of which present FFO back advertisement their results. In accordance with the National Association of Absolute Acreage Advance Trusts' ("NAREIT") definition, FFO agency net assets or accident computed in accordance with about accustomed accounting attempt ("GAAP") afore non-controlling interests of holders of operating affiliation units, excluding assets (or losses) from sales of acreage and amazing items, additional absolute acreage accompanying abrasion and acquittal (excluding acquittal of deferred costs costs), and afterwards adjustments for unconsolidated partnerships and collective ventures. The Company did not acquire any assets or losses from the sales of acreage or almanac any adjustments for unconsolidated partnerships and collective ventures during the abode concluded June 30, 2017 and June 30, 2016. Because FFO excludes absolute acreage accompanying abrasion and acquittal (other than acquittal of deferred costs costs), the Company believes that FFO provides a achievement admeasurement that, back compared period-over-period, reflects the appulse to operations from trends in control rates, rental rates, operating costs, development activities and absorption costs, accouterment angle not anon credible from the abutting GAAP measurement, net assets or loss.
AFFO is a non-GAAP admeasurement acclimated by abounding investors and analysts to admeasurement a absolute acreage company's operating achievement by removing the aftereffect of items that do not reflect advancing acreage operations. Administration calculates AFFO by modifying the NAREIT ciphering of FFO by adjusting it for assertive banknote and non-cash items and assertive alternating and non-recurring items. For the Company, these items accommodate alternating accretion and disposition costs, accident on the concealment of debt, alternating beeline band deferred rental revenue, alternating stock-based advantage expense, alternating acquittal of deferred costs costs, alternating basic expenditures, alternating charter commissions, alternating addressee improvements and added items.
Management calculates Normalized AFFO, which is additionally a non-GAAP banking measure, by modifying AFFO by adjusting for non-recurring assets and expenses. For the Company, these items accommodate the costs of establishing a arrangement of Sarbanes-Oxley-compliant centralized controls and procedures and the allocation of our Accustomed Counsel and Secretary's bacon for 2017 that is reimbursable by the Company to the Company's alien advisor, Inter-American Management, LLC (such agreement obligation expires on May 8, 2018).
Management believes that advertisement AFFO in accession to FFO is a advantageous added admeasurement for the advance association to use back evaluating the operating achievement of the Company on a allusive basis. Administration additionally considers Normalized AFFO to be a advantageous admeasurement to appraise the Company's operating after-effects excluding non-recurring assets and expenses. Normalized AFFO can advice investors analyze the operating achievement of the Company amid periods or as compared to added companies. The Company's FFO, AFFO, and Normalized AFFO computations may not be commensurable to FFO, AFFO, and Normalized AFFO appear by added REITs that do not compute FFO in accordance with the NAREIT definition, that adapt the NAREIT analogue abnormally than the Company does or that compute FFO, AFFO, and Normalized AFFO in a altered manner.
Global Medical REIT Inc.
Reconciliation of Funds from Operations (FFO)
Global Medical REIT Inc.
Reconciliation of Adjusted Funds from Operations (AFFO)
Global Medical REIT Inc.
Reconciliation of Normalized Adjusted Funds from Operations (Normalized AFFO)
Professional fees and casework accompanying to
Sarbanes-Oxley implementation
View antecedent adaptation on businesswire.com: http://www.businesswire.com/news/home/20170810005171/en/
Source: All-around Medical REIT Inc.
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