Adjusted FFO was $232 million or $0.77 per share, and FAD was $223 million or $0.74 per share, both excluding certain items as detailed in reconciliations.
Balance sheet remains strong with $734 million cash, 95% of $5 billion debt at fixed rates, fixed charge coverage ratio of 5.4x, and net funded debt to annualized adjusted normalized EBITDA at 3.67x, the lowest leverage in over a decade.
Leverage target range remains 4 to 5x, with a sweet spot between 4.5 and 4.75x.
Nareit FFO was $213 million or $0.70 per share, slightly down from $189 million or $0.72 per share in Q2 2024.
Net income for Q2 2025 was $140 million or $0.46 per share, compared to $117 million or $0.45 per share in Q2 2024.
Revenue for Q2 2025 was $283 million, up from $253 million in Q2 2024, primarily due to new investments, operator restructurings, and annual escalators, partially offset by asset sales.
Second quarter adjusted funds from operations (AFFO) were $0.77 per share and funds available for distribution (FAD) were $0.74 per share, reflecting strong revenue and EBITDA growth driven by acquisitions and active portfolio management.
Capital expenditures and leasing commissions year-to-date totaled $5.2 million, with full-year guidance between $12 million and $14 million.
Global Medical REIT reported a second quarter 2025 dividend reduction from $0.21 to $0.15 per share, reflecting a rightsizing aligned with dividend coverage dropping from 110% to 79% on a FAD basis.
Occupancy as of June 30, 2025, stood at 94.5%, down from the first quarter due to lease expirations and tenant bankruptcies, with expectations to end the year above 95%.
The company completed a $150 million acquisition of a five-property outpatient medical real estate portfolio at an 8.5% blended going-in cash yield.
Dafinchi