Chiron Real Estate Inc. · NYSE:XRN
Chiron Real Estate — Global Medical REIT — Q3 2019 Earnings Presentation
18 slides from Chiron Real Estate's earnings presentation, Nov 6, 2019
Slide 1: Third Quarter 2019 Earnings Supplemental
Third Quarter 2019 Earnings Supplemental Three and Nine Months Ended September 30, 2019 www.globalmedicalreit.com NYSE: GMRE
Slide 2: Corporate Information and Analyst Coverage
Corporate Information and Analyst Coverage Executive Team Jeffrey Busch Chief Executive Officer, Chairman and President Alfonzo Leon Chief Investment Officer Danica Holley Chief Operating Officer Bob Kiernan Chief Financial Officer and Treasurer Jamie Barber General Counsel and Corporate Secretary A
Slide 3: Select Quarterly Financial Data
Select Quarterly Financial Data (unaudited, and in thousands, except per share and unit amounts) 3 3Q - 2019| Earnings Supplemental * See Page 8 for a reconciliation of non - GAAP financial measures for Funds from Operations and Adjusted Funds from Operations. As of or for the Three Months Ended Sep
Slide 4: Third Quarter Highlights
Third Quarter Highlights 4 3Q - 2019| Earnings Supplemental OPERATING HIGHLIGHTS • Third quarter 2019 total revenue of $ 18 . 2 million, increased 29 . 9 % compared to the prior year period . • Quarterly net income per share of $ 0 . 02 on a diluted basis . • Funds from Operations (“FFO ”) of $0.19
Slide 5: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations 5 Three Months Ended September 30, June 30, March 31, December 31, September 30, 2019 2019 2019 2018 2018 Revenue Rental revenue $ 18,117 $ 16,835 $ 15,141 $ 14,348 $ 13,995 Other income 78 45 59 28 8 Total revenue 18,195 16,880 15,200 14,376 14,003 Ex
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets 6 3Q - 2019| Earnings Supplemental As of September 30, June 30, March 31, December 31, September 30, 2019 2019 2019 2018 2018 Assets Investment in real estate: Land $ 86,878 $ 76,831 $ 68,326 $ 63,710 $ 56,839 Building 637,505 597,029 533,430 518,451 493,503 Sit
Slide 7: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows 7 3Q - 2019| Earnings Supplemental Nine Months Ended September 30, 2019 2018 Operating activities Net income $ 6,813 $ 5,057 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 13,481 9,965 Amortizatio
Slide 8: Reconciliation of FFO and AFFO
Reconciliation of Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) Non - GAAP Financial Measures FFO and AFFO are non - GAAP financial measures within the meaning of the rules of the SEC . The Company considers FFO and AFFO to be important supplemental measures of its operating pe
Slide 9: Capitalization and Dividend Summary
Capitalization and Dividend Summary 9 3Q - 2019| Earnings Supplemental Capitalization - As of September 30, 2019 Shares/Units Share Price Total Common Equity Common Shares 36,290 $ 11.40 $ 413,706 OP Units 3,143 35,830 Total Common Shares and OP Units 39,433 $ 449,536 Preferred Series A Cumulative R
Slide 10: Acquisitions: 2019 Completed Acquisitions
Acquisitions 2019 Completed Acquisitions Since January 1 , 2019 , the Company has completed 16 acquisitions, encompassing an aggregate 664 , 515 leasable square feet for a total purchase price of $ 239 . 0 million with annualized base rent of $ 17 . 9 million at a weighted average cap rate of 7 . 5
Slide 11: Portfolio Update
Portfolio Update 11 Total Buildings 101 Total Leasable Square Feet 2,595,631 Total Tenants 84 Occupancy 100% Total Annualized Cash Rent (in thousands) $64,565 Portfolio Rent Coverage* 4.9x Weighted Average Cap Rate 7.9% Weighted Average Lease Term (years) 8.9 Weighted Average Rent Escalations 2.1% (
Slide 12: Portfolio Update Continued
Portfolio Update Continued 12 3Q - 2019| Earnings Supplemental Top 10 Tenants % of Annualized Base Rent (1) (1) Monthly base rent as of September 30, 2019 multiplied by 12 10.9% 8.3% 7.6% 5.6% 4.2% 3.5% 3.1% 2.9% 2.7% 2.6% Encompass Memorial Health Kindred Health OCOM Carrus Hospital Pipeline Health
Slide 13: Operating Metrics
Operating Metrics Tenant Affiliation or Property Location Category By Rent (A) On Campus or Adjacent 23% (B) Health System Affiliated 49% (C) On Campus or Affiliated 57% (D) Rehab Hospital / LTACH 31% (E) Retail Center 25% (F) Medical Office Park 25% (G) National Surgical Operator 13% (A), (B), (D),
Slide 14: Top Tenant Profiles
Top 10 Tenant Profiles Encompass Health (Ba 3 ) (NYSE : EHC), headquartered in Birmingham, AL is a national leader in integrated healthcare services offering both facility - based and home - based patient care through its network of inpatient rehabilitation hospitals, home health agencies and hospic
Slide 15: Real Estate Portfolio
Real Estate Portfolio (as of September 30, 2019, see page 17 for footnotes) 15 Property Location # of Bldgs Facility Type Net Leasable Square Feet Lease Years Remaining Annualized Rent (1) ($ in 000’s) Annualized Rent Per Square Foot (1) Tenant/Guarantor (2) MedExpress - Urgent Care MSO Morgantown,
Slide 16: Real Estate Portfolio
Real Estate Portfolio 16 (as of September 30, 2019, see page 17 for footnotes) Property Location # of Bldgs Facility Type Net Leasable Square Feet Lease Years Remaining Annualized Rent (1) ($ in 000’s) Annualized Rent Per Square Foot (1) Tenant/Guarantor (2) Heartland Clinic Moline, IL 1 MOB/ASC 34,
Slide 17: Disclosures
Disclosures Rent Coverage Ratio (see pages 11 and 13 ) For purposes of calculating our portfolio weighted - average EBITDARM coverage ratio (“Rent Coverage Ratio”), we excluded medical office buildings and other non - hospital tenants that are themselves credit rated or are subsidiaries of credit -
Slide 18: Investor Relations
Evelyn Infurna Evelyn.Infurna@icrinc.com 203.682.8265 Kara Smith Kara.Smith@icrinc.com 646.277.1211 www.globalmedicalreit.com NYSE: GMRE INVESTOR RELATIONS