Global Medical REIT Inc.

Greetings, and welcome to the Global Medical REIT third 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, Steve Sweat, Investor Relations. Thank you, sir. You may begin.

Thank you. Good morning, everyone, and welcome to Global Medical REIT's third 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 of forward-looking statements contained in the Private Security Litigation Reform Act of 1995 and is making this statement for purposes 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 in the most currently comparable GAAP numbers in the company's earnings release and in filings with the SEC. Additional information will be found on the investor relations page of the company's website at www.globalmedicalread.com. I would now like to turn the call over to Jeff Bush, Chief Executive Officer of Global Medical Read. Jeff?

Thank you, Steve. Good morning, and thank you for joining our third quarter 2024 earnings call. Our high-quality diversified portfolio continues to produce strong results. At the end of the third quarter, portfolio occupancy was 96.1% with a weighted average lease term of 5.6 years. and portfolio average rent coverage ratio of 4.6 times. For the third quarter, net income attributable to common shareholders was $1.8 million or 3 cents per share compared to $3.1 million or 5 cents per share in the third quarter of 2023. FFO attributable to common shareholders and non-controlling interest in the third quarter was 19 cents per share and unit, down 3 cents from the prior quarter. AFFO, attributable to common shareholders and non-controlling interest, was 22 cents per share and unit, down 1 cent from the prior year quarter. The decrease is due primarily to the impact of cash basis tenants, including Stuart, at our Beaumont facility. Regarding our acquisition activity early this year, we announced that we had entered into a purchase agreement to acquire a 15 property portfolio of outpatient medical real estate properties for an aggregate purchase price of $80.3 million. These properties are fully leased under triple net or absolute triple net leases, with a cap rate of 8%. During the third quarter, we closed on the first tranche of this acquisition, consisting of five properties for $30.8 million, and a subsequent two-quarter end in October, we completed the acquisition of the remaining 10 properties. Looking ahead, we currently have $500 property portfolio of medical outpatient facilities under contract to purchase for just under $70 million. These properties are 94% leased to high quality medical tenants and have a 9% cap rate. We remain optimistic about the acquisition market with our asset class, are encouraged by our recent successes in adding quality assets to our portfolio. As we continue to focus on our growth, we remain committed to staying disciplined in maintaining a strong balance sheet. In the third quarter, we issued 1.2 million shares of our common stock to our ATM at an average offering price of $9.95 per share, generating gross proceeds of $12 million. In addition, asset recycling continues to be a key element in financing our growth initiatives. During the third quarter, we closed on the sale of two medical facilities at a cap rate of 7% that generated aggregate gross proceeds of $12.1 million, resulting in an aggregate gain of $1.8 million. We expect to continue to both issue common equity and sell assets as we move forward in order to maintain a strong balance sheet. In terms of tenant-related items, in September, we announced that we entered into a new 15-year triple net lease with an affiliate of Christus Health at our healthcare facility in Beaumont, Texas, replacing Stewart Healthcare. We are excited to begin our new relationship with Christus, and I'm pleased with our team's ability to release this property to a high-quality tenant, achieving a great outcome for shareholders. Overall, I am pleased with our third quarter results and want to thank the entire team for hard work and contributions to our results. With that, I turn the call over to Alfonso to discuss our investment activity and current market conditions in more detail.