Global Medical REIT Inc.

Good day and welcome to the Global Medical Rate First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may have pressed star then one on your telephone keypad. To withdraw your question, please press star then two. please note this event is being recorded. I'll now turn the conference over to Mr. Steve Sweat with Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and welcome to Global Medical REIT's first quarter 2022 earnings conference call. On the call today are Jeff Bush, Chief Executive Officer, Alfonso 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 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, 2021, and its other SEC filings. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, forward 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, EBITRE, and adjusted EBITRE. You can find a tabular reconciliation of these non-GAAP financial measures to the most current comparable gap numbers in the company's earnings release and the 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 Bush, Chief Executive Officer of Global Medical REIT. Jeff? Thank you. Good morning, everyone, and welcome to Global Medical REIT's first quarter 2022 earnings conference call. On the call today are Jeff Bush, Chief Executive Officer, Alfonso Leon, Chief Investment Officer, and Bob Kiernan, Chief Financial Officer. Please note these are 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 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 to 2021 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, EBITRE, and adjusted EBITRE. 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 in 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 Bush, Chief Executive Officer of Global Medical Reit. Jeff?

Thank you, Steve. Good morning, and thank you for joining our first quarter 2022 earnings call. Coming off of a very strong year in 2021, during which we grew our portfolio by almost 18% while also strengthening our balance sheet. We were well positioned entering 2022 and are having a strong start to the year. With respect to earnings in the quarter, we increased our total revenue by 16.5% compared to the first quarter of last year to $32 million. and our net income attributable to common shareholders was $2.7 million, or $0.04 per share. Our FFO was $0.23 per share and unit, and our AFFO was $0.24 per share and unit, both of which were unchanged compared to the prior year quarter, reflecting consistent performance despite operating at 43% average leverage in the first quarter versus 50% average lever in the prior year's first quarter due to the impact of additional equity issuance that enhanced our liquidity and strengthened our balance sheet. As we discussed recently, the acquisition environment for our target asset remains very competitive. but we continue to effectively source new opportunities. We closed 24 million of acquisitions in the first quarter and have closed another 30 million so far in the second quarter, with an additional 53 million of deals under contract. Based on this activity and the types of opportunities that we are seeing, we feel very good about our full year pace for acquisitions. In addition, going forward, We expect cap rates on the target assets to rise as the effects of rising interest rates makes its way into the acquisition market. I am pleased with our first quarter results and want to thank the team for their hard work and contributions to our performance. With that, I'd like to turn the call over to Alfonso to discuss our investment activity in more detail.