Global Medical REIT Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Omaha Land Lease Rent Expense

Omaha Land Lease Rent Expense

12 Months Ended

Dec. 31, 2015

Aug. 31, 2014

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 8 Omaha Land Lease Rent Expense

The Omaha facility land lease initially was to expire in 2023 with options to renew up to 60 years. However, as of December 31, 2015, the Company exercised two five-year lease renewal options and therefore the land lease currently expires in 2033, subject to future renewal options by the Company. Under the terms of the land lease, annual rents increase 12.5% every fifth anniversary of the lease. The initial land lease increase will occur in April 2017. During the fiscal year ended December 31, 2015 and the four months ended December 31, 2014, the Company expensed $79,892 and $44,908 related to this lease. The aggregate minimum cash payments to be made by the Company on the non-cancelable Omaha facility related land lease in effect as of December 31, 2015, are as follows for the subsequent years ended December 31; as listed below.

2016	$	59,877
2017		59,877
2018		63,619
2019		67,362
2020		67,362
Thereafter		973,586
Total	$	1,291,683

Note 8 Rent Expense

The land lease expires in 2023 with options to renew up to 60 years. Under the terms of the land lease, annual rents increase 12.5 percent every fifth anniversary of the lease. The next land lease increase will occur in April 2017. The aggregate minimum cash payments to be paid on the non-cancelable land lease in effect as of August 31, 2014 are as follows:

Year Ending August 31,
2015	$	59,877
2016		59,877
2017		62,996
2018		67,362
2019		67,362
Thereafter		174,018
Total Payments	$	491,492