Global Medical REIT Inc.

Greetings and welcome to the Global Medical REIT third quarter 2023 earnings conference call. 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 Sweet, Investor Relations. Thank you, sir. You may begin.

Thank you. Good morning, everyone, and welcome to Global Medical REIT's third quarter 2023 earnings conference call. On the call today are Jeff Bush, Chief Executive Officer, Alfonso Leone, 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 31, 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 third quarter 2023 earnings call. Our high-quality portfolio continues to produce strong and consistent results. with portfolio occupancy at the end of the quarter of 96.7% and a weighted average lease term of 5.7 years. During the quarter, we sold a medical office building located in North Charleston, South Carolina, at a 5.3% cap rate, receiving gross proceeds of $10.1 million. and resulting in a gain of $2.3 million. Year-to-date, we have generated more than $80 million of gross proceeds from three dispositions using the net proceeds to pay down our variable rate debt, resulting in a leverage ratio at the quarter end of 44.2% and reducing our ratio of variable rate debt just under 11% of our total in-depthness, including the $2.3 million gain from the sale of the North Charleston property. Our net income, attributable to common shareholders for the third quarter of 2023, was $3.1 million, or five cents per share compared to $8.1 million, which included $6.8 million gain from the sale of a property, or 12 cents per share, in the third quarter of 2022. FFO in the third quarter was 22 cents per share and unit, down 1 cent from the third quarter of last year. And AFFO was 23 cents per share and unit, down 2 cents from the third quarter of last year. The primary reason for the decline in both FFO and AFFO was an increase in interest costs in the current quarter due to the elevated interest rate environment. During the quarter, although we had no acquisition, we continued to dedicate time and resources to identifying properties that aligned with our investment criteria and prudent underwriting standards. As we start to see more attractive pricing in the market, we will remain disciplined in our approach, focusing on high-quality assets that would be accretive to our earnings. Overall, I am pleased with our third 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 disposition activity and our current acquisition market conditions in more detail.