Global Medical REIT Inc.

and welcome to Global Medical REIT second quarter 2024 earnings conference 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, Mr. Steve Sweat, Investor Relations. Thank you, Mr. Sweat. You may begin.

Thank you. Good morning, everyone, and welcome to Global Medical REIT's second quarter 2024 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 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, 2023, 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 its 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 second quarter 2024 earnings call. Our high quality diversified portfolio continues to produce solid results. At the end of the second quarter, portfolio occupancy was 96.2% with a weighted average lease term of 5.8 years. And portfolio average rent coverage ratio of 4.6 times. For the second quarter, our net loss attributable to common shareholders was $3.1 million, or 5 cents per share, compared to net income attributable to common shareholders of $11.8 million, or 18 cents per share, in the second quarter of 2023. FFO attributable to common shareholders and non-controlling interest in the second quarter was $0.20 per share and unit, down $0.01 from the prior year quarter. And our AFFO attributable to common stockholders and non-controlling interest was $0.22 per share and unit, down $0.01 from the prior year quarter. During the quarter, we entered into a purchase agreement for a 15 property portfolio of outpatient medical real estate for an aggregate purchase price of $80.3 million at an 8% cap to be completed in two tranches. These properties are fully occupied and leased under triple net and absolute net leases. Subsequent to quarter end in July, we closed on the first tranche, acquiring five properties in the 15-property portfolio for an aggregate purchase price of $30.8 million. We expect to complete the acquisition of the 10 remaining properties during the fourth quarter of 2024. We are optimistic about the overall acquisition market in our asset class and are pleased with the improvement in market conditions. Currently, our investment pipeline consists of approximately $120 million of assets at attractive cap rates. As we think about our growth opportunities, we are focused on maintaining a strong balance sheet. An important element to our prudent approach is utilizing select dispositions. to fund a portion of our growth. Our dispositions can be part of an asset recycling program or in response to expectations regarding long-term property performance. During the quarter, we closed on the sale of a medical facility in Mishawaka, Indiana, receiving gross proceeds of $8.1 million. And in July, we closed on the sale of a medical facility in Panama City, Florida, that we generated $11 million of gross proceeds. We continue to selectively sell assets as we move forward. In terms of tenant-related items, last quarter we discussed Stewart Healthcare bankruptcy announcement and their exposure in the company's portfolio. At the time of the filing, Stuart represented 2.8% of the company's annualized base rent, primarily in one facility in Beaumont, Texas. Prior to the bankruptcy announcement, the company was actively pursuing releasing opportunities at this facility and is optimistic about our long-term prospects at this location. Bob will provide an update and more details regarding the financial assets of our steward relationship in his remarks. Overall, I'm pleased with our second quarter results, and we want to thank the entire team for their hard work and contribution to our results. With that, I turn the call over to Alfonso to discuss our investment activity and the current acquisition market conditions in more detail.