Global Medical REIT Inc.

Greetings and welcome to Global Medical REIT Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Evelyn Inferno. Please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Global Medical REIT's second quarter earnings conference call. On the call today, we have Jeff Bush, Chief Executive Officer, Bob Kiernan, Chief Financial Officer, and Alfonso Leon, Chief Investment Officer. Please note the use of forward-looking statements by the company on this conference call. The statements made on this call may include statements which are not historical facts and are considered forward-looking, including statements related to the COVID-19 pandemic and its effect in our tenants' businesses. The company intends these forward-looking statements to be covered by safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. and is making the 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, 2019, and Form 10-Q for the quarter ended June 30, 2020, and its other Securities and Exchange Commission filings. The company assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations and adjusted funds from operations. 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, In its filings at the Securities and Exchange Commission, additional information may be found on the investor relations page of the company's website at www.globalmedicalreit.com. Please keep in mind that we are doing this call remotely and given the circumstances, so bear with us if we have any technical difficulties. I would like to turn the call over to Jeff Bush, Chief Executive Officer of Global Medical REIT.

Thank you, Evelyn. Good morning. Thank you for joining our second quarter earnings conference call today. Joining me on the call today are Bob Kernan, our Chief Financial Officer, and Alfonso Leon, our Chief Investment Officer. We hope that everyone is staying healthy and doing well as we navigate through this unprecedented time. Global Medical had a strong second quarter despite the challenges that the pandemic has introduced to our operations and those of our tenants. All of our facilities affected by the pandemic are open and operating. For the second quarter, we collected 95% of our rent and we saw a significant reduction in tenant rent deferral requests, which now represents 3% of our rents. While of course there are some tenants facing challenges, in the current environment, our properties are 99% occupied and the essential nature of the healthcare services our tenants provide gives us confidence that the portfolio will continue to perform well. As we anticipated, acquisition volume in the second quarter slowed. However, year to date, we have completed 132 million of transactions at an 8.1% weighted average cap rate. Looking ahead, we continue to be measured with respect to our acquisition activity, given the fluid nature of the pandemic. We will prioritize both our team's health and safety, as well as our onsite due diligence process as we pursue acquisitions for the remainder of the year. After quarter ended, Global Medical achieved several important milestones. First, the most significant, we completed our internalization process. I would like to thank the board special committee for all its work on the internalization transaction and for managing through the process during the unprecedented times. I believe that the cost effective internalization transaction that was delivered will provide long-term value to the company's stockholders. Second, our portfolio now exceeds $1 billion and has a weighted average cap rate of 7.9%. I am very proud of our team's work in building this portfolio asset by asset. Over the past five years, and believe that it provides an excellent foundation for the company's continued growth. Lastly, we increased our borrowing capacity by $100 million by upsizing our credit facility to $600 million while expanding our bank participants. We believe that this increased borrowing capacity positions us well ahead heading into the second half of this year in 2021. I will now turn the call over to Bob to discuss our second quarter results.