Exhibit 99.2

 

Fourth Quarter 2020 Earnings Supplemental Three and Twelve Months Ended December 31, 2020 www.globalmedicalreit.com NYSE: GMRE

 

 

Corporate Information and Analyst Coverage 2 4Q - 2020| Earnings Supplemental Jeffrey Busch Chief Executive Officer, Chairman and President Alfonzo Leon Chief Investment Officer Danica Holley Chief Operating Officer Bob Kiernan Chief Financial Officer Jamie Barber General Counsel and Corporate Secretary Jeffrey Busch Chief Executive Officer, Chairman and President Henry Cole Lead Independent Director and Compensation Committee Chair Paula Crowley Director Matthew Cypher, Ph.D. Investment Committee Chair Zhang Huiqi Director Zhang Jingguo Director Ronald Marston Nominating and Corporate Governance Committee Chair Dr. Roscoe Moore, Jr. Director Lori Wittman Audit Committee Chair Firm Name Email Phone Baird Amanda Sweitzer asweitzer@rwbaird.com 414.298.1706 B. Riley Securities Bryan Maher bmaher@brileyfbr.com 646.885.5423 Berenburg Capital Connor Siversky connor.siversky@berenberg-us.com 646.949.9037 Compass Point Merrill Ross mross@compasspointllc.com 202.534.1392 D.A. Davidson Barry Oxford, Jr., CFA boxford@dadco.com 212.240.9871 Janney Robert Stevenson robstevenson@janney.com 616.840.3217 National Securities Gaurav Mehta gmehta@yournational.com 212.417.8008 Stifel Stephen Manaker manakers@stifel.com 212.271.3716 Corporate Headquarters Stock Exchange Listing Transfer Agent Investor Relations 2 Bethesda Metro Center, Suite 440 New York Stock Exchange American Stock Transfer & Trust Company Evelyn Infurna - Evelyn.Infurna@icrinc.com; 203.682.8265 Bethesda, MD 20814 Ticker: GMRE 800.937.5449 Executive Team Board of Directors Sell-Side Analyst Coverage Corporate Information

 

 

Select Quarterly Financial Data (unaudited, and in thousands, except per share and unit amounts) 3 4Q - 2020| Earnings Supplemental * See Page 8 for a reconciliation of non - GAAP financial measures for Funds from Operations (FFO ) and Adjusted Funds from Operations (AFFO). December 31, September 30, June 30, March 31, December 31, As of Period End (unless otherwise specified) 2020 2020 2020 2020 2019 Market capitalization (common and OP) $ 668,999 $ 676,971 $ 546,219 $ 475,346 $ 621,135 Market price per share - common $ 13.06 $ 13.50 $ 11.33 $ 10.12 $ 13.23 Common shares and OP units outstanding 51,225 50,146 48,210 46,971 46,949 Preferred equity $ 74,959 $ 74,959 $ 74,959 $ 74,959 $ 74,959 Common equity $ 369,846 $ 359,568 $ 352,962 $ 340,642 $ 355,311 Noncontrolling interest $ 12,955 $ 14,680 $ 14,788 $ 23,189 $ 30,083 Total stockholders' equity $ 457,760 $ 449,207 $ 442,709 $ 438,790 $ 460,353 Investment in real estate, gross $ 1,142,905 $ 1,061,380 $ 996,876 $ 974,688 $ 905,529 Borrowings: Credit Facility - revolver, gross $ 175,200 $ 108,200 $ 119,200 $ 129,450 $ 51,350 Credit Facility - term loan, gross $ 350,000 $ 350,000 $ 300,000 $ 300,000 $ 300,000 Notes payable, gross $ 65,772 $ 65,958 $ 51,278 $ 39,282 $ 39,317 Weighted average interest rate for quarter 3.22% 3.32% 3.38% 3.81% 3.87% Debt Covenants: Leverage ratio (as defined in Credit Facility) 51.7% 49.6% 47.0% 47.7% 43.0% Fixed charge coverage ratio for quarter (1.50x minimum allowed) 2.77 2.66 2.51 2.38 2.22 December 31, September 30, June 30, March 31, December 31, Three Months Ended 2020 2020 2020 2020 2019 Rental revenue $ 24,895 $ 25,055 $ 22,036 $ 21,533 $ 20,385 Interest expense $ 5,064 $ 4,864 $ 4,375 $ 4,378 $ 4,765 Management fees - related party $ - $ - $ 2,021 $ 2,002 $ 1,727 G&A expenses $ 4,426 $ 4,027 $ 1,643 $ 1,839 $ 1,608 Depreciation and amortization expenses $ 10,138 $ 9,517 $ 8,941 $ 7,757 $ 7,397 Operating expenses $ 2,612 $ 3,619 $ 2,336 $ 2,303 $ 2,132 Management internalization expense $ - $ 12,580 $ 920 $ 504 $ - Total expenses $ 22,338 $ 34,677 $ 20,383 $ 18,832 $ 17,677 Net income (loss) attributable to common stockholders $ 1,063 $ (10,268) $ 204 $ 1,255 $ 1,212 Net income (loss) per share $ 0.02 $ (0.22) $ - $ 0.03 $ 0.03 Wtd. avg. basic and diluted common shares (GAAP) 48,496 46,908 45,404 44,182 37,876 FFO* $ 11,249 $ (1,518) $ 9,158 $ 9,119 $ 8,717 FFO per share and unit* $ 0.22 $ (0.03) $ 0.19 $ 0.19 $ 0.21 AFFO* $ 12,383 $ 11,649 $ 10,339 $ 9,599 $ 8,675 AFFO per share and unit* $ 0.24 $ 0.23 $ 0.21 $ 0.20 $ 0.21 Wtd. avg. common shares, OP and LTIP units 52,076 50,233 48,515 47,874 41,794

 

 

Business Summary 4 4Q - 2020| Earnings Supplemental FOURTH QUARTER AND FULL YEAR OPERATING SUMMARY • Increased total revenue by 21.9% period - over - period to $24.9 million, and by 32.5% year - over - year to $93.7 million. These increa ses were driven primarily by our acquisition activity. • Net income attributable to common stockholders was $1.1 million, or $0.02 per diluted share, for the fourth quarter. We had a ne t loss of $(7.7) million, or $(0.17) per diluted share for the full year 2020. The full year net loss includes $12.1 million, or $0.26 per diluted share, of one - time exp ense related to the management internalization. • Funds from Operations (“FFO”) of $0.22 per share and unit in the fourth quarter, as compared to $0.21 in the prior year perio d. For full year 2020 FFO was $0.56 per share and unit, as compared to $0.75 in 2019. • Adjusted Funds from Operations (“AFFO”) of $0.24 per share and unit in the fourth quarter, as compared to $0.21 in the compar abl e prior year period. For full year 2020 AFFO was $0.88 per share and unit, as compared to $0.75 in 2019. COMMON AND PREFERRED DIVIDENDS • On December 16, 2020, the Board of Directors declared a: • $0.20 per share cash dividend to common stockholders of record as of December 28, 2020, which was paid on January 11, 2021. • $0.46875 per share cash dividend to holders of record as of January 15, 2021 of its Series A Preferred Stock, which was paid on February 1, 2021. • On March 2, 2021, the Board of Directors declared a: • $0.205 per share cash dividend to common stockholders of record as of March 24, 2021, which is payable on April 8, 2021. • $0.46875 per share cash dividend to holders of record as of April 15, 2021 of its Series A Preferred Stock, which is payable on April 30, 2021. ACQUISITION ACTIVITY • In the fourth quarter we completed eight acquisitions, encompassing an aggregate 231,502 leasable square feet, for an aggrega te purchase price of $79.8 million at a weighted average cap rate of 7.3%. • For the full year 2020, we completed 18 acquisitions, encompassing an aggregate 915,241 leasable square feet, for an aggregat e p urchase price of $226.5 million at a weighted average cap rate of 7.8%. • Since December 31, 2020, we completed three acquisitions, encompassing an aggregate 86,035 leasable square feet, for an aggre gat e purchase price of $25.4 million at a weighted average cap rate of 7.7%. CAPITAL MARKETS ACTIVITY • In the fourth quarter we issued 1.1 million shares of our common stock through our At - the - Market equity sales program (“ATM”), g enerating gross proceeds of $15.3 million at an average offering price of $14.21 per share. • For the full year 2020, we issued 4.2 million shares of our common stock through our ATM, generating gross proceeds of $54.5 mil lion at an average offering price of $12.84 per share. • Since December 31, 2020, we issued 2.7 million shares of our common stock through our ATM, generating gross proceeds of $35.4 mi llion at an average offering price of $13.07 per share. COVID - 19 UPDATE • Regarding rent collections, we collected 99.5% of monthly base rent due for the fourth quarter of 2020. • Rent deferrals outstanding as of December 31, 2020 were $0.1 million.

 

 

Condensed Consolidated Statements of Operations 5 4Q - 2020| Earnings Supplemental (unaudited, and in thousands, except per share amounts) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019 Revenue Rental revenue $ 24,895 $ 25,055 $ 22,036 $ 21,533 $ 20,385 Other income 35 42 19 116 67 Total revenue 24,930 25,097 22,055 21,649 20,452 Expenses General and administrative 4,426 4,027 1,643 1,839 1,608 Operating expenses 2,612 3,619 2,336 2,303 2,132 Management fees – related party - - 2,021 2,002 1,727 Depreciation expense 7,364 6,954 6,593 5,836 5,585 Amortization expense 2,774 2,563 2,348 1,921 1,812 Interest expense 5,064 4,864 4,375 4,378 4,765 Management internalization expense - 12,580 920 504 - Preacquisition expense 98 70 147 49 48 Total expenses 22,338 34,677 20,383 18,832 17,677 Net income (loss) $ 2,592 $ (9,580) $ 1,672 $ 2,817 $ 2,775 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Less: Net (income) loss attributable to noncontrolling interest (74) 767 (13) (107) (108) Net income (loss) attributable to common stockholders $ 1,063 $ (10,268) $ 204 $ 1,255 $ 1,212 Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.02 $ (0.22) $ 0.00 $ 0.03 $ 0.03 Weighted average shares outstanding – basic and diluted 48,496 46,908 45,404 44,182 37,876

 

 

Condensed Consolidated Balance Sheets 6 4Q - 2020| Earnings Supplemental (unaudited, and in thousands, except par values) As of December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019 Assets Investment in real estate: Land $ 128,857 $ 116,123 $ 104,316 $ 101,715 $ 95,381 Building 851,427 793,559 755,807 745,649 693,533 Site improvements 15,183 13,268 11,593 11,303 9,912 Tenant improvements 49,204 46,965 41,891 37,044 33,909 Acquired lease intangible assets 98,234 91,465 83,269 78,977 72,794 1,142,905 1,061,380 996,876 974,688 905,529 Less: accumulated depreciation and amortization (94,462) (83,893) (73,979) (64,635) (56,503) Investment in real estate, net 1,048,443 977,487 922,897 910,053 849,026 Cash and cash equivalents 5,507 2,052 8,392 11,340 2,765 Restricted cash 5,246 5,210 4,945 5,536 4,420 Tenant receivables, net 5,596 6,702 5,888 5,708 4,957 Due from related parties 103 121 124 70 50 Escrow deposits 4,817 3,792 3,301 3,589 3,417 Deferred assets 20,272 18,928 17,433 16,141 14,512 Derivative asset - - - - 2,194 Goodwill 5,903 5,903 - - - Other assets 5,019 5,356 3,587 3,731 3,593 Total assets $ 1,100,906 $ 1,025,551 $ 966,567 $ 956,168 $ 884,934 Liabilities and Equity Liabilities: Credit Facility, net $ 521,641 $ 454,325 $ 415,850 $ 425,843 $ 347,518 Notes payable, net 64,937 65,060 50,610 38,648 38,650 Accounts payable and accrued expenses 7,279 8,329 8,836 7,144 5,069 Dividends payable 12,470 11,843 11,281 10,949 11,091 Security deposits and other 4,340 5,571 5,814 6,546 6,351 Due to related party - - 1,957 1,948 1,648 Derivative liability 18,086 19,505 21,495 20,461 8,685 Other liabilities 6,171 3,090 2,417 2,414 2,405 Acquired lease intangible liability, net 8,222 8,621 5,598 3,425 3,164 Total liabilities 643,146 576,344 523,858 517,378 424,581 Equity: Preferred stock ($77,625 liquidation preference) 74,959 74,959 74,959 74,959 74,959 Common stock 49 48 46 44 44 Additional paid - in capital 504,789 487,114 462,607 440,220 433,330 Accumulated deficit (116,773) (107,943) (88,037) (78,990) (71,389) Accumulated other comprehensive loss (18,219) (19,651) (21,654) (20,632) (6,674) Total Global Medical REIT Inc. stockholders' equity 444,805 434,527 427,921 415,601 430,270 Noncontrolling interest 12,955 14,680 14,788 23,189 30,083 Total equity 457,760 449,207 442,709 438,790 460,353 Total liabilities and equity $ 1,100,906 $ 1,025,551 $ 966,567 $ 956,168 $ 884,934

 

 

Condensed Consolidated Statements of Cash Flows 7 (unaudited, and in thousands) Twelve Months Ended December 31, 2020 2019 Operating activities Net (loss) income $ (2,499) $ 9,588 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation expense 26,747 19,066 Amortization of acquired lease intangible assets 9,567 5,569 Amortization of above market leases, net 504 881 Amortization of debt issuance costs and other 1,450 1,312 Stock - based compensation expense 5,319 3,336 Capitalized preacquisition costs charged to expense 131 231 Noncash lease expense - 111 Reserve and write off of uncollectible receivables 963 - Other (16) 105 Changes in operating assets and liabilities: Tenant receivables (1,602) (2,142) Deferred assets (5,761) (5,160) Other assets (247) (110) Accounts payable and accrued expenses 1,562 857 Security deposits and other 129 2,199 Accrued management fees due to related party (1,727) 584 Net cash provided by operating activities 34,520 36,427 Investing activities Purchase of land, buildings, and other tangible and intangible assets and liabilities (217,675) (254,985) Internalization – cash paid for the acquisition of Former Advisor, net of cash acquired of $559* (5,093) - Escrow deposits for purchase of properties 180 (1,372) Loan repayments from (made to) related parties 28 (16) Capital expenditures on existing real estate investments (1,112) (1,824) Net cash used in investing activities (223,672) (258,197) Financing activities Net proceeds received from common equity offerings 53,088 189,498 Escrow deposits required by third party lenders (1,539) (293) Proceeds from note payable 14,800 - Repayment of notes payable (419) (136) Proceeds from Credit Facility 238,400 244,250 Repayment of Credit Facility (64,550) (173,175) Payment of debt issuance costs (1,294) (1,039) Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (39,944) (29,171) Dividends paid to preferred stockholders (5,822) (5,822) Net cash provided by financing activities 192,720 224,112 Net increase in cash and cash equivalents and restricted cash 3,568 2,342 Cash and cash equivalents and restricted cash — beginning of year 7,185 4,843 Cash and cash equivalents and restricted cash — end of year $ 10,753 $ 7,185 4Q - 2020| Earnings Supplemental *Amount is after consideration of the settlement of preexisting contractual relationship of $12 ,094.

 

 

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 performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results . In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate - related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above - market lease), and after adjustments for unconsolidated partnerships and joint ventures . Because FFO excludes real estate - related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period - over - period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss . AFFO is a non - GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations . Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non - cash items and certain recurring and non - recurring items . For the Company these items include : (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock - based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, (g) recurring lease commissions, (h) management internalization costs (including a one - time expense related to the settlement of a preexisting contractual relationship) and (i) other items . Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis . The Company’s FFO and AFFO computations may not be comparable to FFO and AFFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, that interpret the NAREIT definition differently than the Company does, or that compute FFO and AFFO in a different manner . 8 4Q - 2020| Earnings Supplemental (unaudited, and in thousands, except per share and unit amounts) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019 Net income (loss) $ 2,592 $ (9,580) $ 1,672 $ 2,817 $ 2,775 Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Depreciation and amortization expense 10,112 9,517 8,941 7,757 7,397 FFO $ 11,249 $ (1,518) $ 9,158 $ 9,119 $ 8,717 Internalization expense – settlement of a preexisting contractual relationship - 12,094 - - - Internalization expense - other transaction costs - 486 920 504 - Amortization of above market leases, net 32 69 157 247 247 Straight line deferred rental revenue (1,344) (1,520) (1,259) (1,557) (1,492) Stock - based compensation expense 1,928 1,572 897 922 843 Amortization of debt issuance costs and other 420 396 319 315 312 Preacquisition expense 98 70 147 49 48 AFFO $ 12,383 $ 11,649 $ 10,339 $ 9,599 $ 8,675 Net income (loss) attributed to common stockholders basic and diluted $ 0.02 $ (0.22) $ 0.00 $ 0.03 $ 0.03 FFO per share and unit $ 0.22 $ (0.03) $ 0.19 $ 0.19 $ 0.21 AFFO per share and unit $ 0.24 $ 0.23 $ 0.21 $ 0.20 $ 0.21 Weighted Average Common Shares, OP and LTIP Units: Common shares 48,496 46,908 45,404 44,182 37,876 OP units 1,941 1,958 2,023 2,772 3,143 LTIP units 1,639 1,367 1,088 920 775 Total Weighted Average Shares and Units 52,076 50,233 48,515 47,874 41,794

 

 

Capitalization and Dividend Summary 9 4Q - 2020| Earnings Supplemental (unaudited, and in thousands, except per share data) (1) Redeemable by the Company on or after September 15, 2022 at redemption price ($25 per share) plus accrued and unpaid dividends. (2) Based on the closing price of the Company’s common stock on December 31, 2020. (3) We have entered into interest rate swaps to hedge our interest rate risk on the Term debt. $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 Debt Preferred Equity Common Equity and OP Units $350,000 $175,200 Revolver $ 65,772 Term (3) Credit Facility Other Capitalization Summary Debt As of December 31, 2020 Credit Facility, gross $ 525,200 Notes Payable, gross 65,772 Total Debt $ 590,972 Preferred Equity Series A Cumulative Redeemable Preferred Stock (1) $ 74,959 Common Equity/OP Units Common Stock (49,461 shares) $ 645,961 OP Units (1,764 units) (2) 23,038 Total Common Equity/OP Units $ 668,999 Total Capitalization $ 1,334,930 2020 Common Dividends Record Date Payment Date Dividend (per share) 3/25/2020 4/9/2020 $ 0.20 6/25/2020 7/9/2020 0.20 9/24/2020 10/8/2020 0.20 12/28/2020 1/11/2021 0.20 Total $ 0.80 2020 Preferred Dividends Record Date Payment Date Dividend (per share) 1/15/2020 1/31/2020 $ 0.46875 4/15/2020 4/30/2020 0.46875 7/15/2020 7/31/2020 0.46875 10/15/2020 10/31/2020 0.46875 Total $ 1.875 Capitalization Statistics Debt Statistics: As of December 31, 2020 Weighted Average Interest Rate 3.17% Weighted Average Maturity 2.79 years Leverage Ratio 51.7% Fixed Charge Coverage Ratio 2.77 Preferred Stock Statistics: As of December 31, 2020 Shares Outstanding 3,105 Liquidation Preference Per Share $25 Dividend Rate 7.50% Common Stock Statistics: As of December 31, 2020 Shares Outstanding 49,461 Stock Price $13.06 Annual Dividend Yield 6.13% Target AFFO Payout Ratio 80% - 85% Dividend Summary

 

 

Acquisitions 10 4Q - 2020| Earnings Supplemental 2020 Completed Acquisitions and To - Date 2021 Acquisitions Acquisitions Under Contract As of March 3 , 2021 , the Company had six properties under contract for a total purchase price of approximately $ 75 . 7 million . The properties are currently in the due diligence review period . If the Company identifies problems with the properties or the operators during our review, it may not close on the transactions on a timely basis, or it may terminate the transactions . Purchase Annualized Leasable Price (1) Base Rent (2) Capitalization Date Property City, State Square Feet (in thousands) (in thousands) Rate (3) 2/13/2020 Wake Forest Baptist Health - High Point High Point, NC 97,811 $ 24,750 $ 1,869 7.6% 2/27/2020 Medical Associates Clinton, IA 115,142 11,350 1,282 11.3% 3/4/2020 Ascension St. Mary's Hospital West Allis, WI 33,670 9,025 664 7.4% 3/20/2020 Grand Rapids Ophthalmology Grand Rapids, MI 95,108 22,500 2,129 9.5% First Quarter Total 341,731 $ 67,625 $ 5,944 8.8% 4/27/2020 Dumfries Health Center Dumfries, VA 99,718 19,250 1,743 9.1% Second Quarter Total 99,718 $ 19,250 $ 1,743 9.1% 7/16/2020 MercyOne Hospital Centerville, IA 15,748 5,000 351 7.0% 7/17/2020 Spectrum (Team Health) Fairfax, VA 73,653 17,625 1,265 7.2% 7/31/2020 Franklin Square Center Rosedale, MD 96,564 22,500 1,568 7.0% 9/18/2020 Biomat USA Plasma Center - Lancaster Lancaster, TX 10,800 6,250 439 7.0% 9/30/2020 Wake Forest Baptist Health - Winston Salem Winston Salem, NC 45,525 8,450 592 7.0% Third Quarter Total 242,290 $ 59,825 $ 4,215 7.0% 10/21/2020 DaVita Portfolio Jackson, MS & Decataur, GA 36,092 10,775 755 7.0% 10/27/2020 Prevea Portfolio Sheboygan, WI & Plymouth, WI 40,250 13,700 1,016 7.4% 11/18/2020 FCS Cancer Portfolio Spring Hill, FL 45,233 18,300 1,252 6.8% 11/23/2020 Physician Alliance ASC Cape Girardeau, MO 13,650 7,300 592 8.1% 12/1/2020 Tuscany Medical Plaza Yuma, AZ 24,000 6,900 568 8.2% 12/14/2020 Blossom Bariatrics Las Vegas, NV 16,015 7,000 496 7.1% 12/29/2020 Clearway Pain Solutions Pensacola, FL 32,189 9,000 642 7.1% 12/30/2020 Gulf Coast Clinic Venice, FL 24,073 6,800 483 7.1% Fourth Quarter Total 231,502 $ 79,775 $ 5,804 7.3% 2020 Total/Weighted Average 915,241 $ 226,475 $ 17,706 7.8% 1/12/2021 El Paso Cardiology El Paso, TX 27,750 $ 9,850 $ 757 7.7% 1/15/2021 DaVita & VA Syracuse, NY 35,585 6,091 510 8.4% 1/15/2021 West El Paso ASC El Paso, TX 22,700 9,500 688 7.2% First Quarter To - Date Total 86,035 $ 25,441 $ 1,955 7.7% (1) Represents contractual purchase price. (2) December 31, 2020 base rent or month of acquisition base rent multiplied by 12 (or actual NOI for where more reflective of property performance ). (3) Capitalization rates are calculated based on current lease terms and do not give effect to future recent escalations.

 

 

Portfolio Update 11 Gross Investment in Real Estate (in billions) $1.1 Total Buildings 139 Total Leasable Square Feet 3,694,865 Total Tenants 115 Leased Occupancy 99.1% Total Annualized Base Rent (in thousands) $87,614 National and Regional Healthcare Tenants (1) ABR 94.2% Portfolio Rent Coverage 4.8x Weighted Average Cap Rate 7.8% Weighted Average Lease Term (years) 8.2 Weighted Average Rent Escalations 2.1% (as of December 31, 2020 unless otherwise stated) 4Q - 2020| Earnings Supplemental (1) National and Regional Healthcare Tenants include health systems, national operators, and regional physician groups. Note: se e p age 19 for footnotes. $94.1 $206.9 $471.5 $647.6 $905.5 $1,142.9 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 IPO 2016 2017 2018 2019 2020 Gross Portfolio Growth Since IPO - (In Millions) Gross Real Estate Assets Gross Real Estate Investments During Year

 

 

Portfolio Update (continued) 12 4Q - 2020| Earnings Supplemental (1) Monthly base rent as of December 31, 2020 multiplied by 12 (2) Other includes Office (2.9%), Acute Hospital (2.7%), LTACH (2.7%), and FSED (1.1%) MOB Total - 62.0% IRF - 21.2% Surgical Hospital - 7.4% Other - 9.4% MOB Total 62.0% MOB 38.5% MOB/ASC 18.8% MOB/Imaging/ER 4.7% IRF 21.2% Surgical Hospital 7.4% Other (2) 9.4% Texas 18.4% Ohio 8.4% Florida 7.8% Arizona 7.5% Pennsylvania 7.0% Oklahoma 6.5% Illinois 4.9% Michigan 4.8% Virginia 3.4% Tennessee 3.4% Other 27.9% TX - 18.4% OH - 8.4% FL - 7.8% AZ - 7.5% PA - 7.0% OK - 6.5% IL - 4.9% MI - 4.8% VA - 3.4% TN - 3.4% Other - 27.9% Top 10 States % of Annualized Base Rent (1) Asset Types % of Annualized Base Rent (1) (as of December 31, 2020)

 

 

Tenant Metrics Year Number of Leases Leasable Square Feet % of Total Leasable SF ABR % of Total ABR 2021 7 21,716 0.6% $ 361 0.4% 2022 17 77,227 2.1% 1,512 1.7% 2023 15 235,218 6.4% 5,588 6.4% 2024 37 655,851 17.9% 14,124 16.1% 2025 8 227,288 6.2% 6,176 7.1% 2026 25 413,309 11.3% 7,281 8.3% 2027 16 297,625 8.1% 8,367 9.6% 2028 7 112,185 3.1% 2,851 3.3% 2029 16 282,342 7.7% 7,906 9.0% 2030+ 48 1,338,605 36.6% 33,448 38.2% Total Leased 196 3,661,366 99.1% $ 87,614 100.0% Current Vacancy 33,499 0.9% Total Leasable 3,694,865 100.0% 13 4Q - 2020| Earnings Supplemental (as of December 31, 2020 unless otherwise stated) *See page 19 for footnotes Tenant Credit Strength By Asset Type Category % of ABR Rent Coverage Ratio* Inpatient Rehab Facility (IRF) 19.5% 3.4x Surgical Hospital (SH) 7.4% 3.4x Long - Term Acute Care Hospital (LTAC) 2.7% 3.7x TOTAL/WEIGHTED AVERAGE 29.6% 3.4x Medical Office Building (MOB) 19.2% 6.7x MOB/Ambulatory Surgery Center (ASC) 18.9% 5.1x TOTAL/WEIGHTED AVERAGE 38.1% 5.9x All Tenants Calculated for Rent Coverage 67.7% 4.8x Large/Credit Tenants Not Calculated 25.7% N/A Other Tenants Not Available 6.6% N/A Top 10 Tenants % of Annualized Base Rent (1) 8.2% 6.3% 5.8% 4.2% 3.5% 3.4% 3.1% 3.0% 2.8% 2.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Lease Expiration ($ in thousands) Rent Coverage 94.2% 5.8% National & Regional Healthcare Tenants (2) 94.2% Unaffiliated 5.8% Tenant Affiliations % of Annualized Base Rent (1) (1) Monthly base rent as of December 31, 2020 multiplied by 12 (2) National and Regional Healthcare Tenants include health systems, national operators, and regional physician groups

 

 

Top 10 Tenant Profiles 14 4Q - 2020| Earnings Supplemental 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 hospice agencies . With a national footprint that spans 136 hospitals and 328 home health & hospice locations in 39 states and Puerto Rico, Encompass Health is committed to delivering high - quality, cost - effective care across the healthcare continuum . Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For, as well as Modern Healthcare's Best Places to Work . Marietta Memorial Health System (MMH), (BB - ) is headquartered in Marietta, OH, and is the largest health system in the Parkersburg - Marietta - Vienna MSA . The largest employer in Washington County, MMH comprises (i) two hospitals, Marietta Memorial Hospital ( 205 - bed) and Selby General Hospital ( 35 - bed) critical access hospital ; (ii) the Belpre Campus ; (iii) ten clinic outpatient service sites ; and (iv) five imaging locations and has over 2 , 500 employees and 211 accredited physicians . In August 2020 , a critical access hospital, Sistersville General Hospital, joined Memorial Health System . Kindred Healthcare, LLC is a healthcare services company based in Louisville, KY with annual revenues of approximately $ 3 . 1 billion . At June 30 , 2020 , Kindred through its subsidiaries had approximately 32 , 000 employees providing healthcare services in 1 , 731 locations in 46 states, including 64 long - term acute care hospitals, 22 inpatient rehabilitation hospitals, 10 sub - acute units, 94 inpatient rehabilitation units (hospital - based), contract rehabilitation service businesses which served 1 , 541 non - affiliated sites of service, and behavioral health services . Kindred is ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years . Oklahoma Center for Orthopedic & Multi - Specialty Surgery, LLC (OCOM) is based Oklahoma City, OK and affiliated with USPI and INTEGRIS, and is a leading hospital for orthopedic specialists . OCOM operates a surgical hospital with six operating rooms, nine treatment rooms and a physical therapy department, an ancillary surgery center, and multiple imaging centers in throughout Oklahoma City . Trinity Health is one of the largest multi - institutional Catholic health care delivery systems in the nation, rated Aa 3 by Moody’s, serving diverse communities that include more than 30 million people across 22 states . Trinity Health includes 92 hospitals, as well as 106 continuing care locations that include PACE programs, senior living facilities, and home care and hospice services . Based in Livonia, Michigan, Trinity Health employs about 125 , 000 colleagues, including 7 , 500 employed physicians and clinicians . TeamHealth Holdings is one of the largest providers of physician outsourcing in the United States, with a network of affiliated physicians and advanced practice clinicians across more than 3 , 100 civilian and military hospitals, clinics and physician groups in 47 states . Blackstone acquired TeamHealth for $ 6 . 1 billion in 2017 . Spectrum Healthcare Resources is a division of TeamHealth dedicated to providing permanent, civilian - contracted medical professionals exclusively to U . S . military treatment facilities (MTFs), VA clinics and other Federal agencies through program development and healthcare services delivery . Carrus Hospital is located in Sherman, TX and provides acute rehabilitative care and long term acute care . Accredited with The Joint Commission’s Gold Seal of Approval, Carrus Hospital serves Sherman, Durant, Denison, Gainesville, Denton, McKinney, Plano, Bonham, Lewisville, Carrollton, Fort Worth, Dallas, Oklahoma City and beyond . Steward Health Care is the largest physician - owned, private, for - profit health care network in the U . S . – attending to 2 . 2 million people during more than 12 million physician and hospital visits annually . Headquartered in Dallas, Steward's integrated health care model employs 42 , 000 people at 35 hospitals and hundreds of urgent care, skilled nursing, and primary and specialty care medical practice locations across 11 states and the country of Malta, serving over 800 communities . Wake Forest Baptist Health (A 2 ) is a regional health system that includes five community hospitals and 300 + primary and specialty clinics serving residents of 24 counties in North Carolina and Virginia . In early October 2020 , Wake Forest Baptist Health, including Wake Forest School of Medicine, officially completed its combination with the Charlotte - based Atrium Health (Aa 3 ) . The new Atrium Health enterprise, an academic health system, services more than 7 million people at 42 hospitals and more than 1 , 500 care locations across the region with over 70 , 000 teammates and educates over 3 , 500 students in more than 100 specialized programs . The immediate direct and indirect annual economic and employment impact from the combined enterprise exceeds $ 32 billion and 180 , 000 jobs . Pipeline Health is a privately-held, community-based hospital ownership and management company based in Los Angeles . The principals of Pipeline Health have more than 250 years of collective experience in clinical medicine, finance, hospital operations and acquisitions . Pipeline’s growing business, through its affiliates, includes : Emergent Medical Associates, a leading provider of ER serving 20 + hospital sites and 900 , 000 patients annually ; Integrated Anesthesia Medical Group, with 100 providers performing 15 , 000 procedures annually ; Avanti Hospitals, a Los Angeles health system with four hospitals, 400 + beds and 55 , 000 ER visits annually ; Cloudbreak, a telemedicine company with 75 , 000 monthly encounters in 700 hospitals ; Pacific Healthworks, a physician practice management company ; and Benchmark Hospitalists ; four community hospitals in Chicago and Dallas .

 

 

Real Estate Portfolio 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) Select Medical Hospital Omaha, NE 1 LTACH 41,113 2.7 $1,926 $46.85 Select Specialty Hospital – Omaha, Inc./Select Medical Corporation Orthopedic Surgery Center of Asheville Asheville, NC 1 ASC 8,840 1.3 $260 $29.37 Orthopedic Surgery Center of Ashville/Surgery Partners Associates in Ophthalmology West Mifflin, PA 1 MOB/ASC 27,193 9.8 $832 $30.58 Associates Surgery Centers, LLC, Associates in Ophthalmology, Ltd. Gastro One Memphis, TN 6 MOB/ASC 52,266 7.1 $1,369 $26.20 Gastroenterology Center of the MidSouth Star Medical Center Plano, TX 1 Surgical Hospital 24,000 15.2 $1,376 $57.34 Star Medical Center/Lumin Health Surgical Institute of Michigan Detroit, MI 1 MOB/ASC 15,018 5.3 $419 $27.93 Surgical Institute of Michigan/Surgical Management Professionals Marina Towers Melbourne, FL 1 MOB/Img 75,899 5.3 $0 $0.00 Marina Towers, LLC/First Choice Healthcare Solutions, Inc. Berks Physicians & Surgeons Wyomissing, PA 1 MOB 17,000 5.7 $477 $28.05 Berks Eye Physicians & Surgeons Berks Eye Surgery Center Wyomissing, PA 1 ASC 6,500 5.7 $255 $39.26 Berkshire Eye East Orange General Hospital East Orange, NJ 1 MOB 60,442 6.0 $1,021 $16.89 Prospect Medical Holdings, Inc. Brown Clinic Watertown, SD 3 MOB/Img 48,132 10.8 $765 $15.90 Brown Clinic Northern Ohio Medical Specialists Sandusky, OH 8 MOB 55,760 6.9 $930 $16.68 Northern Ohio Medical Specialists Carson Medical Group Clinic Carson City, NV 2 MOB 20,632 2.9 $387 $18.77 Carson Medical Group Piedmont Healthcare Ellijay, GA 3 MOB 44,162 5.6 $398 $9.01 Piedmont Mountainside Hospital, Inc. Encompass Altoona Altoona, PA 1 IRF 70,007 10.5 $1,720 $24.56 Encompass Encompass Mechanicsburg Mechanicsburg, PA 1 IRF 78,836 10.5 $1,900 $24.10 Encompass Encompass Mesa Mesa, AZ 1 IRF 51,903 3.9 $1,925 $37.09 Encompass Geisinger Specialty Care Lewisburg, PA 1 MOB/Img 28,480 2.4 $566 $19.87 Geisinger Health Southwest Florida Neurological & Rehab Cape Coral, FL 1 MOB 25,814 6.2 $561 $21.75 Southwest Florida Neurosurgical Associates Las Cruces MOB Las Cruces, NM 1 MOB 15,761 0.0 $0 $0.00 Vacant Thumb Butte Medical Center Prescott, AZ 1 MOB 12,000 6.2 $405 $33.77 Thumb Butte Medical Center/Physician Guaranty Southlake Heart & Vascular Institute Clermont, FL 1 MOB 18,152 2.0 $390 $21.51 Orlando Health, Southlake Hospital, Vascular Specialists of Central Florida Oklahoma Center for Orthopedic & Multi - Specialty Surgery Oklahoma City, OK 3 Surgical Hospital/ Physical Therapy/ASC 97,406 12.4 $3,690 $37.88 OCOM/INTEGRIS; USPI; physician guaranty Unity Family Medicine Brockport, NY 1 MOB 29,497 10.0 $670 $22.72 Unity Hospital of Rochester Lonestar Endoscopy Flower Mound, TX 1 ASC 10,062 5.8 $312 $31.02 Lonestar Endoscopy Center, LLC Carrus Specialty Hospital Sherman, TX 1 IRF/LTACH 69,352 16.6 $2,752 $39.68 SDB Partners, LLC 4Q - 2020| Earnings Supplemental (as of December 31, 2020, see page 19 for footnotes)

 

 

Real Estate Portfolio 16 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) Cardiologists of Lubbock Lubbock, TX 1 MOB 27,280 8.7 $637 $23.35 Lubbock Heart Hospital/Surgery Partners, Inc. Conrad Pearson Clinic Germantown, TN 1 MOB/ASC 33,777 3.5 $1,548 $45.84 Urology Center of the South/Physician guarantees Central Texas Rehabilitation Clinic Austin, TX 1 IRF 59,258 6.4 $3,152 $53.19 CTRH, LLC / Kindred Health GI Alliance Fort Worth, TX 1 MOB 18,084 7.6 $464 $25.69 Texas Digestive Disease Consultants Albertville Medical Building Albertville, MN 1 MOB 21,486 8.1 $507 $23.58 Stellis Health Heartland Clinic Moline, IL 1 MOB/ASC 34,020 12.6 $948 $27.86 Heartland Clinic Kansas City Cardiology Lee’s Summit, MO 1 MOB 12,180 4.1 $286 $23.48 Kansas City Cardiology Amarillo Bone & Joint Clinic Amarillo, TX 1 MOB 23,298 9.0 $618 $26.53 Amarillo Bone & Joint Clinic Respiratory Specialists Wyomissing, PA 1 MOB 17,598 7.0 $421 $23.93 Berks Respiratory Zion Eye Institute St. George, UT 1 MOB/ASC 16,000 9.1 $416 $26.01 Zion Eye Institute Fresenius Kidney Care Moline, IL 2 MOB 27,173 10.4 $548 $20.17 Quad City Nephrology/Fresenius Medical Care Holdings Northern Ohio Medical Specialists Fremont, OH 1 MOB 25,893 9.2 $639 $24.69 Northern Ohio Medical Specialists Gainesville Eye Gainesville, GA 1 MOB/ASC 34,020 9.2 $808 $23.74 SCP Eyecare Services City Hospital at White Rock Dallas, TX 1 Acute Hospital 236,314 17.2 $2,349 $9.94 Pipeline East Dallas Orlando Health Orlando, FL 5 MOB 59,644 3.3 $1,290 $21.63 Orlando Health Memorial Health System Belpre, OH 4 MOB/Img/ER/ASC 155,600 10.2 $5,482 $35.23 Marietta Memorial Valley ENT McAllen, TX 1 MOB 30,811 8.7 $457 $14.83 Valley ENT Rock Surgery Center Derby, KS 1 ASC 16,704 6.5 $0 $0.00 Rock Surgery Center/Rock Medical Assets Foot and Ankle Specialists Bountiful, UT 1 MOB 22,335 12.9 $395 $17.69 Foot and Ankle Specialists of Utah / physician guaranty TriHealth Cincinnati, OH 1 MOB 18,820 4.3 $313 $16.64 TriHealth Cancer Center of Brevard Melbourne, FL 1 Cancer Center 19,074 10.1 $648 $33.99 Brevard Radiation Oncology / Vantage Oncology Heartland Women's Healthcare Southern IL 6 MOB 64,966 8.85 $1,208 $18.59 Heartland Women's Healthcare / USA OBGYN Management Prospect Medical Vernon, CT 2 MOB/Dialysis/Admin 58,550 10.78 $791 $13.52 Prospect ECHN / Prospect Medical Holdings, Inc. Citrus Valley Medical Associates Corona, CA 1 MOB 41,803 10.1 $1,228 $29.38 Citrus Valley Medical Associates AMG Specialty Hospital Zachary, LA 1 LTACH 12,424 15.5 $415 $33.41 AMG Specialty Hospital East Valley Gastroenterology & Hepatology Associates Chandler, AZ 3 MOB/ASC 39,305 9.1 $1,257 $31.99 East Valley Gastroenterology & Hepatology Associates/ USPI 4Q - 2020| Earnings Supplemental (as of December 31, 2020, see page 19 for footnotes)

 

 

Real Estate Portfolio 17 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) Encompass Health Rehabilitation Hospital of Desert Canyon Las Vegas, NV 1 IRF 53,260 4.5 $1,622 $30.45 Encompass Health Cobalt Rehabilitation Hospital of Surprise Surprise, AZ 1 IRF 54,575 14.1 $2,031 $37.21 Cobalt Rehabilitation Saint Joseph Rehabilitation Institute Mishawaka, IN 1 IRF 45,920 4.1 $1,493 $32.52 Trinity Mercy Rehabilitation Hospital Oklahoma City Oklahoma City, OK 1 IRF 53,449 14.8 $1,967 $36.79 Kindred/ Mercy California Cancer Associates for Research and Excellence (cCare) San Marcos, CA 1 MOB 20,230 6.7 $885 $43.77 California Cancer Associates for Research and Excellence (cCare) East Lansing Medical Office Portfolio Lansing, MI 3 MOB/ASC 42,817 7.4 $860 $20.10 Genesis Surgery Center Bannockburn Medical Office Bannockburn, IL 1 MOB 44,063 5.3 $553 $12.55 Illinois Bone and Joint Institute Advocate Dryer Clinic Aurora, IL 1 Office 50,000 4.4 $1,050 $20.99 Advocate Dryer Clinic Mission Health Medical Office Livonia, MI 1 MOB 62,311 2.3 $821 $13.17 Trinity Health/ Ascension Covenant Surgical Partners - Arizona Centers for Digestive Health Gilbert, AZ 1 MOB/ASC 14,052 8.7 $400 $28.44 Covenant Surgical Partners MedExpress - Urgent Care MSO Morgantown, WV 1 Office 25,000 8.6 $600 $24.00 MedExpress - Urgent Care MSO Steward - Medical Center of Southeast Texas Beaumont, TX 1 Surgical Hospital 84,674 4.8 $2,614 $30.87 Steward - Medical Center of Southeast Texas HCA - St. David's Healthcare Partnership Bastrop, TX 1 FSED 28,500 3.5 $935 $32.81 HCA - St. David's Healthcare Partnership EyeSouth Partners - Eye Center South Panama City, FL 3 MOB/ASC 34,624 13.8 $907 $26.20 EyeSouth Partners - Eye Center South Southeast Orthopedic Specialists Jacksonville, FL 2 MOB 20,869 14.0 $628 $30.09 Southeast Orthopedic Specialists Indiana Eye Clinic Greenwood, IN 1 MOB/ASC 16,553 12.5 $409 $24.72 Indiana Eye Clinic Wake Forest Baptist Health - High Point High Point, NC 1 MOB 97,811 2.5 $1,869 $19.10 Wake Forest Health Network Medical Associates Clinton, IA 1 MOB/ASC 115,142 3.6 $1,282 $11.13 Trinity Health Ascension St. Mary's Hospital West Allis, WI 1 MOB 33,670 3.8 $664 $19.73 Ascension Grand Rapids Ophthalmology Grand Rapids, MI 4 MOB/ASC 95,108 6.8 $2,129 $22.38 Blue Sky Vision Dumfries Health Center Dumfries, VA 1 MOB 99,718 3.8 $1,743 $17.48 Team Health Holdings MercyOne Hospital Centerville, IA 1 MOB 15,748 10.2 $351 $22.29 Catholic Health Initiatives - Iowa Corp. Spectrum Healthcare Resources Fairfax, VA 1 MOB 73,653 3.7 $1,265 $17.17 Team Health Holdings Franklin Square Center Rosedale, MD 2 MOB 96,596 4.9 $1,568 $16.23 MedStar Family Choice, Inc. BIOMAT USA Plasma Center Lancaster, TX 1 Plasma Center 10,800 8.2 $439 $40.63 Grifols Wake Forest Baptist Health - Winston - Salem Winston - Salem, NC 1 MOB 45,525 4.1 $592 $13.00 North Carolina Baptist Hospital 4Q - 2020| Earnings Supplemental (as of December 31, 2020, see page 19 for footnotes)

 

 

Real Estate Portfolio 18 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) DaVita Portfolio Decatur, GA/ Jackson, TN 2 MOB 34,592 5.8 $755 $21.84 DaVita Prevea Portfolio Sheboygan, WI/ Plymouth, WI 2 MOB 40,250 5.3 $1,016 $25.24 Hospital Sisters Services FCS Cancer Portfolio Spring Hill, FL/ Hudson, FL 3 MOB/Img 45,233 8.1 $1,252 $27.68 Florida Cancer Specialists & Research Institute Physicians Alliance ASC Cape Girardeau, MO 1 ASC 13,201 5.8 $592 $44.81 Physicians Alliance Tuscany Medical Plaza Yuma, AZ 2 MOB 24,000 4.2 $569 $23.71 Yuma Regional Medical Center Blossom Bariatrics Las Vegas, NV 2 MOB/ASC 16,015 12.1 $496 $30.99 Blossom Bariatrics Clearway Pain Solutions Pensacola, FL 3 MOB/ASC 32,189 9.1 $641 $19.92 Clearway Pain Solutions Gulf Coast Clinic Venice, FL 2 MOB 24,073 5.7 $483 $20.08 Gulf Coast Medical Group Total Portfolio/Average 139 3,694,865 8.2 $87,614 $23.71 4Q - 2020| Earnings Supplemental (as of December 31, 2020, see page 19 for footnotes)

 

 

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 credit - rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed . These ratios are based on latest available information only . Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete . Certain other tenants (approximately 7 % of our portfolio) are excluded from the calculation due to (i) lack of available financial information or (ii) receipt of significant COVID - 19 relief funds that may cause reported coverage to differ materially from underlying performance . Additionally, our Rent Coverage Ratio adds back physician distributions and compensation . Management believes all adjustments are reasonable and necessary . Real Estate Portfolio (see pages 15 , 16 , 17 and 18 ) Data as of December 31, 2020. (1) Monthly base rent at December 31, 2020 multiplied by 12 (or actual NOI where more reflective of property performance). In ad dition, Marina Towers and Rock Surgery Center are presented on a cash - collected basis. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future contractual rental rate increases . (2) Certain lease guarantees are for less than 100% of the contractual rental payments. Additional Information The information in this document should be read in conjunction with the Company’s Annual Report on Form 10 - K, Quarterly Reports on Form 10 - Q, Current Reports on Form 8 - K, and other information filed with, or furnished to, the SEC . You can access the Company’s reports and amendments to those reports filed or furnished to the SEC pursuant to Section 13 (a) or 15 (d) of the Exchange Act in the “Investor Relations” section on the Company’s website (www . globalmedicalreit . com) under “SEC Filings” as soon as reasonably practicable after they are filed with, or furnished to, the SEC . The information on or connected to the Company’s website is not, and shall not be deemed to be, a part of, or incorporated into, this Earnings Supplemental . You also can review these SEC filings and other information by accessing the SEC’s website at http : //www . sec . gov . Certain information contained in this package, including, but not limited to, information contained in our Top 10 tenant profiles is derived from publicly - available third - party sources . The Company has not independently verified this information and there can be no assurance that such information is accurate or complete . 19 (as of December 31, 2020) 4Q - 2020| Earnings Supplemental

 

 

Evelyn Infurna Evelyn.Infurna@icrinc.com 203.682.8265 www.globalmedicalreit.com NYSE: GMRE INVESTOR RELATIONS