Global Medical REIT: 2Q Earnings Snapshot
BETHESDA, Md. (AP) _ Global Medical REIT Inc. (GMRE) on Wednesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $6.8 million, or 18 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 19 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $904,000, or 3 cents per share.
The real estate investment trust posted revenue of $16.9 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $16.7 million.
The company’s shares have climbed 18% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.47, a rise of 23% in the last 12 months.