Global Medical REIT Inc.

Greetings and welcome to the Global Medical Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief 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. It is now my pleasure to introduce your host, Steve Sweat, Investor Relations. Thank you, sir. You may begin.

thank you good morning everyone and welcome to global medical reits fourth quarter and full year 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 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 10k for the year ended December 31st, 2022, 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, EBITRE, and adjusted EBITRE. 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 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 fourth quarter and full year 2022 earnings call. Our high-quality portfolio of needs-based healthcare facilities continues to produce excellent results. At the end of the fourth quarter, portfolio occupancy was 96.5% with a weighted average lease term of 6.2 years and a portfolio average rent coverage of 4.4. Year over year, we achieved a 19.6% increase in total revenue, driven primarily by our acquisition activity early in 2022. For the fourth quarter, reflecting the impact of rising interest rates, our net income attributable to common shareholders was $369,000, or one cent per share, compared to $3.8 million or 6 cents per share in the fourth quarter of 2021. Recall also that the fourth quarter of 2021 number included a gain on sale of 1.1 million. FFO in the fourth quarter was 22 cents per share and unit, down one penny from the prior year quarter. And our AFFO was 24 cents per share and union in line with the fourth quarter of 2021. Looking forward, we have ample liquidity, which allows us to be patient as we look for markets to improve. As we mentioned last quarter, we have been spending time identifying properties that we could sell as a means to reduce our outstanding debt in preparation from when the market's conditions improve. We currently are optimistic that we can generate proceeds from the sales of approximately 90 million at a weighted average cap rate of between six and six and a half percent, and are already placed under contract for sale two assets for gross proceeds of 11.6 million. If we are able to close on 90 million of dispositions, we would reduce our variable debt to approximately 10% of our total debt, while also reducing our leverage to a target range of 40 to 45%. We continue to look for quality properties that meet our investment criteria, although our ability to acquire our target property became more difficult as the effects of higher interest rates increased our cost of capital. We remain nimble in our approach to acquisitions. For example, pursuing deals that utilize OP units and based on our pipeline expect to acquire approximately 100 million of assets this year. Overall, I am pleased with the fourth quarter results and want to thank the entire team for their hard work and contributions to our results. With that, I turn the call over to Alfonso to discuss our investment activity in more detail.