Global Medical REIT Inc.

Greetings, and welcome to the Global Medical REIT first quarter 2025 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 to 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 Thwett, Investor Relations. Thank you, sir. You may begin.

Thank you. Good morning, everyone, and welcome to Global Medical REIT's first quarter 2025 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, It was contained in the company's 10-K for the year ended December 31st, 2024, 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 attributable to common shareholders and non-controlling interest, adjusted funds for operations attributable to common stockholders and non-controlling interest, EBITRE, and adjusted EBITRE. You can find a tabular reconciliation of these non-gap financial measures to the currently comparable gap numbers in the company's earnings release and the filings with the SEC. Additional information may be found in 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 2025 earnings call. Our high quality diversified portfolio continues to produce steady results. At the end of the first quarter, portfolio occupancy was 95.6% with a weighted average lease term of 5.6 years and portfolio average rent coverage ratio of 4.4 times. For the first quarter, net income attributable to common shareholders was $2.1 million or 3 cents per share compared to $800,000 or 1 cents per share in the first quarter of 2024. FFO attributable to common shareholders and non-controlling interest in the first quarter was 20 cents per share and unit, down one cent from the prior year quarter. AFFO attributable to common stockholders and non-controlling interest was 22 cents per share and unit, down one cent from the prior year quarter. Regarding our acquisition activity, last year we entered into a purchase agreement to acquire a five property portfolio of medical facilities for an aggregate purchase price of $69.6 million at a 9% cap rate. These properties are a great strategic fit to our overall portfolio given the procedure-based nature of the tenant's specialties. The close proximity of the buildings to the hospital campuses, each of which promotes tenant retention and that almost 70% of the leases are triple net leases. During the first quarter, we closed on the first tranche of this acquisition consisting of three properties for $31.5 million. And subsequent to the quarter end in April, we completed the acquisition of the remaining two properties. We are pleased about the addition of these assets and will continue to monitor the transaction market and remain disciplined in executing our acquisition strategy. Turning to dispositions, during the quarter, we completed the sale of two medical properties, generating aggregate gross proceeds of $8.2 million, resulting in an aggregate gain of $1.4 million. Finally, I would like to update everyone on the progress we made in our CEO succession plan. The nominating and corporate government committee has done an excellent job conducting multiple interviews with highly qualified candidates to become the company's next CEO. The committee has narrowed the candidate pool to a few final candidates and expects to have a new CEO in place by June 30th, 2025. As this is my last earnings call as I transition from my role as CEO, I would like to thank the entire GMRE team for their dedication and contributions to our success over the years. I am deeply grateful to have served as CEO and founder and proud of what we have built together. And I'm confident in where the company is positioned today and look forward to continuing in my role as chairman. We have built a highly experienced team, robust infrastructure, and maintained our core focus on generating consistent results and creating value for our shareholders. With that, I turn the call over to Alfonso to discuss our investment activity and the current market conditions in more detail.