Global Medical REIT Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $34.6 million, a decrease from $35.1 million in the same period last year. The decline in revenue was primarily attributed to property dispositions completed during the year, which offset gains from recent acquisitions. The company’s net income for the quarter was $3.7 million, significantly higher than the $2.3 million reported in the first quarter of 2024. This increase in net income was bolstered by a gain of $1.4 million from the sale of investment properties.
In terms of expenses, Global Medical REIT saw a reduction in general and administrative costs, which fell to $3.6 million from $4.4 million year-over-year. This decrease was largely due to lower non-cash compensation expenses related to long-term incentive plans. Operating expenses increased slightly to $7.6 million, reflecting costs associated with properties acquired in 2024 and early 2025. Interest expenses rose to $7.2 million, up from $6.9 million, primarily due to higher average borrowings, although the weighted average interest rate decreased to 3.84% from 3.90%.
During the quarter, Global Medical REIT completed three acquisitions as part of a five-property portfolio, totaling $31.5 million, and also disposed of two properties for gross proceeds of $8.2 million. As of March 31, 2025, the company’s total assets amounted to $1.27 billion, with total liabilities increasing to $731.5 million, primarily due to higher borrowings under its credit facility. The company’s equity, including noncontrolling interests, stood at $538.1 million, down from $555.9 million at the end of 2024.
Looking ahead, Global Medical REIT remains focused on expanding its portfolio of healthcare facilities, which it believes will benefit from ongoing trends such as an aging population and a shift towards outpatient care. However, the company also faces challenges, including elevated interest rates and ongoing healthcare wage inflation, which could impact its operational costs and tenant performance. The company continues to monitor these trends closely as it navigates its growth strategy in the healthcare real estate sector.
About Global Medical REIT Inc.
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