Exhibit 99.2
First Quarter 2022 Earnings Supplemental Three Months Ended March 31, 2022 www.globalmedicalreit.com NYSE: GMRE
Corporate Information and Analyst Coverage 2 1Q - 2022| Earnings Supplemental 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 Board of Directors Jeffrey Busch Chief Executive Officer, Chairman and President Henry Cole Lead Independent Director and Compensation Committee Chair Paula Crowley Director Matthew Cypher, Ph.D. ESG Committee Chair Zhang Huiqi Director Ronald Marston Nominating and Corporate Governance Committee Chair Dr. Roscoe Moore Director Lori Wittman Audit Committee Chair Sell - Side Analyst Coverage Firm Name Email Phone Baird Dave Rodgers drodgers@rwbaird.com 216.737.7341 Berenberg Capital Connor Siversky connor.siversky@berenberg - us.com 646.949.9037 BMO Juan Sanabria juan.sanabria@bmo.com 312.845.4074 B. Riley Securities Bryan Maher bmaher@brileyfbr.com 646.885.5423 Colliers Securities Barry Oxford barry.oxford@colliers.com 203.961.8573 Compass Point Merrill Ross mross@compasspointllc.com 202.534.1392 Janney Robert Stevenson robstevenson@janney.com 646.448.3028 KeyBanc Todd Thomas tthomas@key.com 917.368.2286 Stifel Stephen Manaker manakers@stifel.com 212.271.3716 Corporate Information Corporate Headquarters Stock Exchange Listing Transfer Agent Investor Relations 2 Bethesda Metro Center, Suite 440 New York Stock Exchange American Stock Transfer & Trust Company Stephen Swett – stephen.swett@icrinc.com; 203.682.8377 Bethesda, MD 20814 Ticker: GMRE 800.937.5449
Select Quarterly Financial Data (unaudited, and in thousands, except per share and unit amounts) 3 1Q - 2022| Earnings Supplemental * See page 9 for a reconciliation of non - GAAP financial measures for Funds from Operations (FFO ) and Adjusted Funds from Operations (AFFO) and pages 16 and 17 for definitions. March 31, December 31, September 30, June 30, March 31, As of Period End (unless otherwise specified) 2022 2021 2021 2021 2021 Market capitalization (common and OP) $ 1,094,533 $ 1,181,831 $ 968,877 $ 972,832 $ 820,135 Market price per share - common $ 16.32 $ 17.75 $ 14.70 $ 14.76 $ 13.11 Common shares and OP units outstanding 67,067 66,582 65,910 65,910 62,558 Preferred equity $ 74,959 $ 74,959 $ 74,959 $ 74,959 $ 74,959 Common equity $ 563,039 $ 547,826 $ 540,762 $ 548,230 $ 506,942 Noncontrolling interest $ 14,619 $ 14,792 $ 14,504 $ 14,066 $ 13,918 Total equity $ 652,617 $ 637,577 $ 630,225 $ 637,255 $ 595,819 Investment in real estate, gross $ 1,368,156 $ 1,343,003 $ 1,311,509 $ 1,260,324 $ 1,186,475 Borrowings: Credit Facility - revolver, gross $ 186,700 $ 172,600 $ 155,700 $ 101,100 $ 73,500 Credit Facility - term loan, gross $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 Notes payable, gross $ 57,487 $ 57,769 $ 58,041 $ 65,326 $ 65,582 Weighted average interest rate for quarter 2.87% 2.88% 3.04% 3.17% 3.17% Debt Covenants: Leverage ratio (as defined in Credit Facility) 43.7% 43.0% 42.9% 40.8% 41.1% Fixed charge coverage ratio for quarter (1.50x minimum allowed) 3.53 3.38 3.19 3.01 2.88 March 31, December 31, September 30, June 30, March 31, Three Months Ended 2022 2021 2021 2021 2021 Rental revenue $ 31,852 $ 30,312 $ 29,967 $ 28,200 $ 27,325 Interest expense $ 4,801 $ 4,809 $ 4,830 $ 5,020 $ 5,037 G&A expenses $ 4,197 $ 3,934 $ 3,852 $ 4,285 $ 4,383 Depreciation and amortization expenses $ 13,179 $ 12,653 $ 11,942 $ 11,427 $ 10,853 Operating expenses $ 5,372 $ 4,525 $ 3,973 $ 3,303 $ 3,687 Total expenses $ 27,589 $ 25,926 $ 24,615 $ 24,097 $ 24,026 Net income attributable to common stockholders $ 2,661 $ 3,804 $ 3,689 $ 2,553 $ 1,756 Net income per share $ 0.04 $ 0.06 $ 0.06 $ 0.04 $ 0.03 Wtd. avg. basic and diluted common shares (GAAP) 65,302 64,326 64,204 61,194 52,671 FFO* $ 15,982 $ 15,587 $ 15,828 $ 14,108 $ 12,694 FFO per share and unit* $ 0.23 $ 0.23 $ 0.23 $ 0.22 $ 0.23 AFFO* $ 16,828 $ 16,380 $ 16,429 $ 14,998 $ 13,556 AFFO per share and unit* $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.24 Wtd. avg. common shares, OP and LTIP units 69,319 68,214 68,109 65,113 56,317
Business Summary 4 1Q - 2022| Earnings Supplemental FIRST QUARTER OPERATING SUMMARY • Net income attributable to common stockholders was $2.7 million, or $0.04 per diluted share, as compared to $1.8 million, or $0. 03 per diluted share, in the comparable prior year period. • Funds from Operations (“FFO”) of $16.0 million, or $0.23 per share and unit, as compared to $12.7 million, or $0.23 per share an d unit, in the comparable prior year period. • Adjusted Funds from Operations (“AFFO”) of $16.8 million, or $0.24 per share and unit, as compared to $13.6 million, or $0.24 pe r share and unit, in the comparable prior year period. • Increased total revenue 16.5% year - over - year to $31.9 million, primarily driven by the Company’s acquisition activity. COMMON AND PREFERRED DIVIDENDS • On March 11, 2022, the Board of Directors (the “Board”) declared a: • $0.21 per share cash dividend to common stockholders and unitholders of record as March 25, 2022, which was paid on April 8, 202 2; and • $0.46875 per share cash dividend to holders of record as of April 15, 2022 of the Company’s Series A Preferred Stock, which w as paid on May 2, 2022. INVESTMENT ACTIVITY • During the first quarter, completed four acquisitions, encompassing an aggregate 80,781 leasable square feet, for an aggregat e p urchase price of $24 million at a weighted average cap rate of 7.2%. • Since April 1, 2022, completed two acquisitions encompassing an aggregate 73,358 leasable square feet for an aggregate purcha se price of $29.9 million at a weighted average cap rate of 6.5%. • As of May 2, 2022, the Company had four properties under contract for an aggregate purchase price of $52.6 million. These pro per ties are currently in the due diligence period, and we can make no assurances that these acquisitions will close on a timely basis or at all. • As of May 2, 2022, the Company continued to have one property under contract to sell for gross proceeds of $44.6 million. The pr operty had a net book value of approximately $29 million as of March 31, 2022. The transaction is expected to be completed no earlier than September 2022. The transaction is subject to various closing contingencies; and accordingly, the transaction may not close on a timely basis or at all. The Company intends to reinvest t he sales proceeds in future acquisitions. CAPITAL MARKETS AND DEBT ACTIVITY • In the first quarter, we generated $8.3 million in gross proceeds from “ at - the - market” (ATM) equity offerings at an average offering price of $17.38 per share. • Leverage as of March 31, 2022 was 43.7%, compared to 43.0% as of December 31, 2021. • As of May 2 , 2022, we had unutilized borrowing capacity under the revolver component of our credit facility of $171 million. • From April 1, 2022 through May 2, 2022, we generated $1.9 million in gross proceeds from ATM equity offerings at an average o ffe ring price of $16.24 per share.
ESG Summary 5 1Q - 2022| Earnings Supplemental ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) UPDATE • Our business values integrate environmental sustainability, social responsibility, and strong governance practices throughout ou r Company. We base our ESG approach on three pillars: alignment, access and authenticity. • During the first quarter, we issued our inaugural Corporate Social Responsibility Report, which is available at https://www.globalmedicalreit.com/about/corporate - responsibility/ Environment • We continue to improve and expand our efforts in the corporate sustainability arena through tenant outreach and data collecti on to benchmark our portfolio’s energy consumption and efficiency. We are in the process of collecting and compiling our energy consumption information for 2021 to sub mit for the 2021 GRESB assessment report. • We incorporate climate risks and environmental sustainability assessments in our due diligence process. • We are exploring ways to mitigate climate risk, should it be present, in our acquisition strategy, as well as ways to contrib ute to the reduction of climate impact through proactive asset management that looks for ways to incorporate renewable energy resources and energy utilization reduction. • We stand with our communities, tenants, and stockholders in supporting meaningful solutions that address this global challeng e a nd contribute to the sustainability of our business objectives. Social • Our Board continues to lead our social and governance efforts. With its diverse composition, our Board is a strong example of inc lus ive leadership. Our Board has been recognized by “Women on Boards” and our executive team reflects our demographically diverse staff. • In 2021, we initiated a successful pilot project with a ride - share provider and national charitable organization in the greater Phoenix, Arizona metro area to provide transportation to healthcare facilities for those in need. We anticipate continuing this project during 2022. • Our commitment to employee engagement remains a high - priority, as we continue to make accommodations for health, safety, and wor k - life balance. With this commitment in mind, and with the compensation committee of the Board’s leadership, we conducted an employee survey that covered a comprehen siv e range of subjects related to our employees’ attitudes about our work culture, compensation components, as well as demographic and identification data. Governance • The Board continued to improve our corporate governance structure by adopting an incentive compensation recoupment ( clawback ) policy during the first quarter. • In February 2022, the Board formed a standing ESG committee that oversees the Company’s environmental, social, governance and resilience efforts. This committee provides oversight and support of our commitment to ESG matters by overseeing: (1) our general ESG strategy and policies as set by our m anagement, (2) communications with our employees, investors, and other stakeholders with respect to ESG matters, (3) developments relating to, and improving our und ers tanding of, ESG matters, (4) our compliance with certain ESG - related legal and regulatory requirements, and (5) coordination with other Board committees on ESG matters of c ommon import.
Condensed Consolidated Statements of Operations 6 1Q - 2022| Earnings Supplemental (unaudited, and in thousands, except per share amounts) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2022 2021 2021 2021 2021 Revenue Rental revenue $ 31,852 $ 30,312 $ 29,967 $ 28,200 $ 27,325 Other income 23 32 16 61 24 Total revenue 31,875 30,344 29,983 28,261 27,349 Expenses General and administrative 4,197 3,934 3,852 4,285 4,383 Operating expenses 5,372 4,525 3,973 3,303 3,687 Depreciation expense 9,402 9,046 8,639 8,292 7,848 Amortization expense 3,777 3,607 3,303 3,135 3,005 Interest expense 4,801 4,809 4,830 5,020 5,037 Preacquisition expense 40 5 18 62 66 Total expenses 27,589 25,926 24,615 24,097 24,026 Income before gain on sale of investment property 4,286 4,418 5,368 4,164 3,323 Gain on sale of investment property - 1,069 - - - Net income $ 4,286 $ 5,487 $ 5,368 $ 4,164 $ 3,323 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Less: Net income attributable to noncontrolling interest (170) (228) (224) (156) (112) Net income attributable to common stockholders $ 2,661 $ 3,804 $ 3,689 $ 2,553 $ 1,756 Net income attributable to common stockholders per share - basic and diluted $ 0.04 $ 0.06 $ 0.06 $ 0.04 $ 0.03 Weighted average shares outstanding – basic and diluted 65,302 64,326 64,204 61,194 52,671
Condensed Consolidated Balance Sheets 7 1Q - 2022| Earnings Supplemental (unaudited, and in thousands) As of March 31 December 31 September 30, June 30, March 31, 2022 2021 2021 2021 2021 Assets Investment in real estate: Land $ 155,529 $ 152,060 $ 149,249 $ 145,424 $ 133,040 Building 1,002,087 985,091 964,169 931,510 883,901 Site improvements 19,596 19,021 18,017 17,011 15,669 Tenant improvements 60,154 58,900 56,156 53,730 50,596 Acquired lease intangible assets 130,790 127,931 123,918 112,649 103,269 1,368,156 1,343,003 1,311,509 1,260,324 1,186,475 Less: accumulated depreciation and amortization (157,132) (143,255) (130,284) (117,720) (105,779) Investment in real estate, net 1,211,024 1,199,748 1,181,225 1,142,604 1,080,696 Cash and cash equivalents 1,854 7,213 6,030 5,821 5,304 Restricted cash 6,336 5,546 5,839 6,549 6,096 Tenant receivables, net 6,477 6,070 5,126 4,886 5,585 Due from related parties 451 163 275 265 229 Escrow deposits 7,697 5,957 5,970 5,531 5,163 Deferred assets 26,714 25,417 24,422 23,050 21,676 Derivative asset 12,692 1,236 219 137 136 Goodwill 5,903 5,903 5,903 5,903 5,903 Other assets 6,345 6,232 8,297 5,219 5,530 Total assets $ 1,285,493 $ 1,263,485 $ 1,243,306 $ 1,199,965 $ 1,136,318 Liabilities and Equity Liabilities: Credit Facility, net $ 529,130 $ 514,567 $ 497,203 $ 442,140 $ 420,216 Notes payable, net 56,919 57,162 57,397 64,620 64,810 Accounts payable and accrued expenses 9,272 10,344 11,065 8,080 7,230 Dividends payable 15,823 15,668 15,309 15,251 14,482 Security deposits 4,616 4,540 4,600 4,385 4,367 Derivative liability 1,865 7,790 12,070 13,814 14,603 Other liabilities 7,090 7,709 7,104 5,983 6,793 Acquired lease intangible liability, net 8,161 8,128 8,333 8,437 7,998 Total liabilities 632,876 625,908 613,081 562,710 540,499 Equity: Preferred stock ($77,625 liquidation preference) 74,959 74,959 74,959 74,959 74,959 Common stock 65 65 64 64 61 Additional paid - in capital 720,306 711,414 700,206 700,038 648,949 Accumulated deficit (168,089) (157,017) (147,562) (138,088) (127,480) Accumulated other comprehensive income (loss) 10,757 (6,636) (11,946) (13,784) (14,588) Total Global Medical REIT Inc. stockholders' equity 637,998 622,785 615,721 623,189 581,901 Noncontrolling interest 14,619 14,792 14,504 14,066 13,918 Total equity 652,617 637,577 630,225 637,255 595,819 Total liabilities and equity $ 1,285,493 $ 1,263,485 $ 1,243,306 $ 1,199,965 $ 1,136,318
Condensed Consolidated Statements of Cash Flows 8 (unaudited, and in thousands) Three Months Ended March 31, 2022 2021 Operating activities Net income $ 4,286 $ 3,323 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 9,402 7,848 Amortization of acquired lease intangible assets 3,755 2,984 Amortization of above market leases, net 199 60 Amortization of debt issuance costs and other 515 425 Stock - based compensation expense 1,287 1,715 Capitalized preacquisition and other costs charged to expense 153 24 Other 29 10 Changes in operating assets and liabilities: Tenant receivables (407) 11 Deferred assets (1,297) (1,404) Other assets and liabilities (532) 551 Accounts payable and accrued expenses (1,030) (287) Security deposits 76 27 Net cash provided by operating activities 16,436 15,287 Investing activities Purchase of land, buildings, and other tangible and intangible assets and liabilities (24,468) (43,348) Escrow deposits for purchase of properties (1,284) 300 Advances made to related parties (288) (127) Capital expenditures on existing real estate investments (556) (397) Net cash used in investing activities (26,596) (43,572) Financing activities Net proceeds received from common equity offerings 8,210 144,312 Escrow deposits required by third party lenders (456) (646) Repayment of notes payable (282) (190) Proceeds from Credit Facility 14,100 50,100 Repayment of Credit Facility - (151,800) Payment of debt issuance costs - (74) Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,526) (11,315) Dividends paid to preferred stockholders (1,455) (1,455) Net cash provided by financing activities 5,591 28,932 Net (decrease) increase in cash and cash equivalents and restricted cash (4,569) 647 Cash and cash equivalents and restricted cash — beginning of period 12,759 10,753 Cash and cash equivalents and restricted cash — end of period $ 8,190 $ 11,400 1Q - 2022| Earnings Supplemental.
Reconciliation of FFO, AFFO, EBITDA re , and Adjusted EBITDA re 9 1Q - 2022| Earnings Supplemental (unaudited, and in thousands, except per share and unit amounts) Three Months Ended March 31, December 31, September 30, June 30, March 31, FFO and AFFO 2022 2021 2021 2021 2021 Net income $ 4,286 $ 5,487 $ 5,368 $ 4,164 $ 3,323 Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Depreciation and amortization expense 13,151 12,624 11,915 11,399 10,826 Gain on sale of investment property - (1,069) - - - FFO $ 15,982 $ 15,587 $ 15,828 $ 14,108 $ 12,694 Amortization of above market leases, net 199 202 173 85 60 Straight line deferred rental revenue (1,195) (1,170) (1,369) (1,374) (1,404) Stock - based compensation expense 1,287 1,242 1,241 1,612 1,715 Amortization of debt issuance costs and other 515 514 538 505 425 Preacquisition expense 40 5 18 62 66 AFFO $ 16,828 $ 16,380 $ 16,429 $ 14,998 $ 13,556 Net income attributable to common stockholders per share – basic and diluted $ 0.04 $ 0.06 $ 0.06 $ 0.04 $ 0.03 FFO per share and unit $ 0.23 $ 0.23 $ 0.23 $ 0.22 $ 0.23 AFFO per share and unit $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.24 Weighted Average Common Shares, OP and LTIP Units: Common shares 65,302 64,326 64,204 61,194 52,671 OP units 1,672 1,702 1,707 1,753 1,764 LTIP units 2,345 2,186 2,198 2,166 1,882 Total Weighted Average Shares and Units 69,319 68,214 68,109 65,113 56,317 Three Months Ended March 31, December 31, September 30, June 30, March 31, EBITDA re and Adjusted EBITDA re 2022 2021 2021 2021 2021 Net income $ 4,286 $ 5,487 $ 5,368 $ 4,164 $ 3,323 Interest expense 4,801 4,809 4,830 5,020 5,037 Depreciation and amortization expense 13,179 12,653 11,942 11,427 10,853 Gain on sale of investment property - (1,069) - - - EBITDA re $ 22,266 $ 21,880 $ 22,140 $ 20,611 $ 19,213 Stock - based compensation expense 1,287 1,242 1,241 1,612 1,715 Amortization of above market leases, net 199 202 173 85 60 Preacquisition expense 40 5 18 62 66 Adjusted EBITDA re $ 23,792 $ 23,329 $ 23,572 $ 22,370 $ 21,054 See page 16 for definitions of FFO, AFFO, EBITDA re , and Adjusted EBITDA re .
Capitalization and Dividend Summary 10 1Q - 2022| 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 of $16.32 on March 31, 2022. $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 Debt Preferred Equity Common Equity and OP Units $57,487 $350,000 $186,700 Revolver Term Credit Facility Other Capitalization Summary Debt As of March 31, 2022 Credit Facility, gross $ 536,700 Notes Payable, gross 57,487 Total Debt $ 594,187 Preferred Equity Series A Cumulative Redeemable Preferred Stock (1) $ 74,959 Common Equity/OP Units Common Stock (65,400 shares) (2) $ 1,067,328 OP Units (1,667 units) (2) 27,205 Total Common Equity/OP Units 1,094,533 Total Capitalization $ 1,763,679 Capitalization Statistics Debt Statistics: As of March 31, 2022 Weighted Average Interest Rate 2.91% Weighted Average Maturity 4.0 years Leverage Ratio 43.7% Fixed Charge Coverage Ratio 3.53x Preferred Stock Statistics: As of March 31, 2022 Shares Outstanding 3,105 Liquidation Preference Per Share $25.00 Dividend Rate 7.50% Common Stock Statistics: As of March 31, 2022 Shares Outstanding 65,400 Stock Price $16.32 Annual Dividend Yield 5.1% Target AFFO Payout Ratio 80% - 85% Dividend Summary Common Dividends Record Date Payment Date Dividend (per share) 6/24/2021 7/8/2021 0.205 9/24/2021 10/8/2021 0.205 12/27/2021 1/10/2022 0.205 3/25/2022 4/8/2022 0.21 Total $ 0.825 Preferred Dividends Record Date Payment Date Dividend (per share) 7/15/2021 8/2/2021 0.46875 10/15/2021 11/1/2021 0.46875 1/15/2022 1/31/2022 0.46875 4/15/2022 5/2/2022 0.46875 Total $ 1.87500
Acquisitions 11 2022 Completed Acquisitions Acquisitions and Dispositions Under Contract As of May 2, 2022, the Company had four properties under contract to purchase for an aggregate purchase price of $52.6 millio n. These properties are currently in the due diligence period, and we can make no assurances that these acquisitions will close on a timely basis or at all. As of May 2 , 2022 , the Company continued to have one property under contract to sell for gross proceeds of $ 44 . 6 million . The property had a net book value of approximately $ 29 million as of March 31 , 2022 . The transaction is expected to be completed no earlier than September 2022 . The transaction is subject to various closing contingencies ; and accordingly, the transaction may not close on a timely basis or at all . The Company intends to reinvest the sales proceeds in future acquisitions . See definitions on page 16 . 1Q - 2022| Earnings Supplemental Contractual Leasable Purchase Annualized Capitalization Date Property City, State Square Feet Price Base Rent Rate (in thousands) (in thousands) 2/4/2022 Sherwood Park MOB Gainesville, GA 17,713 $ 5,100 $ 325 6.4% 2/28/2022 Grand Rapids MOB Grand Rapids, MI 26,700 6,799 526 7.7% 3/29/2022 Sarasota Arthritis Center Sarasota, FL 12,786 6,000 426 7.1% 3/30/2022 Cardinal Rehab & DaVita Dialysis Greenwood, IN 23,582 6,125 462 7.5% First Quarter Total 80,781 $ 24,024 $ 1,739 7.2% 4/1/2022 Surgery Center of Fairbanks Fairbanks, AK 40,174 22,300 1,429 6.4% 4/8/2022 Medical Pavilion Rocky Point, NC 33,184 7,600 502 6.6% Second Quarter To-Date Total 73,358 $ 29,900 $ 1,931 6.5% 2022 Total/Weighted Average To-Date 154,139 $ 53,924 $ 3,670 6.8%
Portfolio Update 12 Gross Investment in Real Estate (in billions) $1.4 Total Buildings 171 Total Leasable Square Feet (in millions) 4.4 Total Tenants 201 Leased Occupancy 97.0% Total Annualized Base Rent (in millions) $105.4 National and Regional Healthcare Tenants (1) ABR 93.1% Portfolio Rent Coverage 5.0x Weighted Average Cap Rate 7.8% Weighted Average Lease Term (years) 6.9 Weighted Average Rent Escalations 2.0% (as of March 31, 2022, unless otherwise stated) 1Q - 2022| Earnings Supplemental (1) National and Regional Healthcare Tenants include health systems, national operators, and regional physician groups. see pages 16 and 17 for reporting definitions. $94 $207 $472 $648 $906 $1,143 $1,343 $1,368 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 IPO 2016 2017 2018 2019 2020 2021 1Q - 2022 Gross Portfolio Growth Since IPO - (In Millions) Gross Real Estate Assets Gross Real Estate Investments During the Year
Portfolio Update (continued) 13 1Q - 2022| Earnings Supplemental (1) Other includes Office (2.5%), Acute Hospital (2.3%), LTACH (2.3%), Behavioral Hospital (1.3%), and FSED (0.9%). *See page 16 fo r reporting definitions. MOB Total – 65.7% IRF – 18.7% S.H. – 6.3% Other – 9.3% Texas 18.8% Florida 11.0% Ohio 7.8% Oklahoma 6.8% Pennsylvania 6.2% Arizona 6.1% Illinois 5.5% Michigan 4.4% Tennessee 3.0% Virginia 2.9% Other 27.5% TX 18.8% FL 11.0% OH 7.8% OK 6.8% PA 6.2% AZ 6.1% IL 5.5% All Others 27.5% Top 10 States % of Annualized Base Rent Asset Types % of Annualized Base Rent (as of March 31, 2022) MOB Total 65.7% MOB 44.1% MOB/ASC 16.9% MOB/Imaging/ER 4.7% IRF 18.7% Surgical Hospital 6.3% Other (1) 9.3%
Tenant Metrics 14 1Q - 2022| Earnings Supplemental (as of March 31, 2022, unless otherwise stated) Tenant Credit Strength By Asset Type Category % of ABR Rent Coverage Ratio Medical Office Building (MOB) 15.7% 7.3x MOB/Ambulatory Surgery Center (ASC) 12.7% 5.4x TOTAL/WEIGHTED AVERAGE 28.4% 6.4x Inpatient Rehab Facility (IRF) 17.2% 3.3x Surgical Hospital (SH) 6.3% 3.8x Long - Term Acute Care Hospital (LTAC) 2.3% 2.4x TOTAL/WEIGHTED AVERAGE 25.8% 3.4x All Tenants Calculated for Rent Coverage 54.2% 5.0x Large/Credit Tenants Not Calculated 30.6% N/A Other Tenants Not Available 15.2% N/A Lease Expiration ($ in thousands) Rent Coverage 93.1% 6.9% National & Regional Healthcare Tenants (1) 93.1% Unaffiliated 6.9% Tenant Affiliations % of Annualized Base Rent (1) National and Regional Healthcare Tenants include health systems, national operators, and regional physician groups See pages 16 and 17 for reporting definitions 7.0% 6.8% 5.2% 3.6% 3.4% 2.9% 2.7% 2.5% 2.4% 2.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Top 10 Tenants % of Annualized Base Rent Year Number of Leases LSF % of Total Leasable SF ABR % of Total ABR 2022 26 75,382 1.7% $ 1,128 1.1% 2023 41 309,170 7.0% 6,920 6.6% 2024 55 772,188 17.4% 17,104 16.2% 2025 25 277,309 6.3% 7,336 7.0% 2026 48 489,348 11.1% 10,421 9.9% 2027 23 362,830 8.2% 9,753 9.3% 2028 11 122,464 2.8% 3,135 3.0% 2029 17 316,339 7.1% 9,397 8.9% 2030 17 342,142 7.7% 8,300 7.9% 2031 12 283,349 6.4% 6,165 5.9% Thereafter 38 943,759 21.3% 25,708 24.2% Total Leased SF 313 4,294,280 97.0% $ 105,367 100.0% Current Vacancy 132,123 3.0% Total Leasable SF 4,426,403 100%
Top 10 Tenant Profiles 15 1Q - 2022| Earnings Supplemental Kindred Healthcare was acquired by LifePoint Health (B 2 ) in late 2021 . LifePoint Health is a diversified healthcare delivery network that spans 29 states and includes more than 65 community hospital campuses, more than 30 rehabilitation and behavioral health hospitals and more than 170 additional sites of care across the healthcare continuum . The expanded LifePoint system has approximately 50 , 000 dedicated employees and 3 , 000 employed providers working across community hospital campuses, physician practices, inpatient rehabilitation facilities, behavioral health facilities, acute rehabilitation units, outpatient centers, and post - acute care facilities . It also has more than 15 new rehabilitation and behavioral health hospitals currently under development . Encompass Health (Ba 3 ) (NYSE : EHC) is headquartered in Birmingham, AL, and 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 includes 145 hospitals, 249 home health locations, and 95 hospice locations in 42 states and Puerto Rico, the Company provides high quality, cost - effective integrated healthcare . Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For . Marietta Memorial Health System (MMH), (BB - ) is headquartered in Marietta, OH, and is the largest health system in the Parkersburg - Marietta - Vienna MSA, with over 3 , 000 employees, and includes three hospitals, a network of outpatient service sites, and provider clinics . Oklahoma Center for Orthopedic & Multi - Specialty Surgery, LLC (OCOM) is based in Oklahoma City, OK, is affiliated with USPI and INTEGRIS, and is a leading hospital for orthopedic specialists . OCOM operates ( i ) a surgical hospital with six operating rooms, nine inpatient treatment rooms and a physical therapy department, (ii) an ambulatory surgery center with three operating rooms, and (iii) multiple imaging centers throughout Oklahoma City . Trinity Health (Aa 3 ) is one of the largest not - for - profit, Catholic health care systems in the nation . It is a family of 115 , 000 colleagues and nearly 26 , 000 physicians and clinicians caring for diverse communities across 25 states . Nationally recognized for care and experience, the Trinity Health system includes 88 hospitals, 131 continuing care locations, the second largest PACE program in the country, 125 urgent care locations and many other health and well - being services . Based in Livonia, Michigan, its annual operating revenue is $ 20 . 2 billion with $ 1 . 2 billion returned to its communities in the form of charity care and other community benefit programs . TeamHealth Holdings is one of the largest providers of physician outsourcing in the United States . Through more than 16 , 000 affiliated healthcare professionals and advanced practice clinicians, TeamHealth offers emergency medicine, hospital medicine, critical care, anesthesiology, orthopedic surgery, general surgery, obstetrics, ambulatory care, post - acute care and medical call center solutions to approximately 3 , 000 acute and post - acute facilities and physician groups nationwide . Blackstone acquired TeamHealth for $ 6 . 1 billion in 2017 . Through its Spectrum Healthcare Resources division, TeamHealth provides 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 Health is a privately held, specialty hospital system founded in 2008 and based in Sherman, TX . Carrus Health provides inpatient and outpatient physical rehabilitative care, long term acute care and children’s behavioral health care . Accredited by The Joint Commission and licensed by the Texas Department of Health and Human Services, Carrus Health 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 . Headquartered in Dallas, Steward operates 39 community hospitals across nine states and internationally in the country of Malta ; serving over 800 communities with 43 , 000 dedicated health care professionals caring for approximately 2 . 2 million patients annually and providing more than 12 million patient encounters per year through its global network of hospitals, urgent care centers, skilled nursing facilities and behavioral health services . Steward Health Care has become an integrated and diversified care delivery system with over 5 , 000 physicians, multiple urgent care centers, 36 hospital campuses, and innovative insurance product offerings . Wake Forest Baptist Health, also known as Atrium Health Wake Forest Baptist, is a pre - eminent academic health system based in Winston - Salem, North Carolina, and part of Atrium Health Enterprise . Atrium Health Wake Forest Baptist’s two main components are an integrated clinical system – anchored by Atrium Health Wake Forest Baptist Medical Center, an 885 - bed tertiary - care hospital in Winston - Salem – that includes Brenner Children’s Hospital, five community hospitals, more than 300 primary and specialty care locations and more than 2 , 700 physicians ; and Wake Forest School of Medicine, the academic core of Atrium Health Enterprise and a recognized leader in experiential medical education and groundbreaking research that includes Wake Forest Innovations, a commercialization enterprise focused on advancing health care through new medical technologies and biomedical discovery . Pipeline Health is a privately held, community-based hospital ownership and management company based in Los Angeles, CA . 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 ; Cloudbreak , a telemedicine company with 75 , 000 monthly encounters in 700 hospitals ; Pacific Healthworks, a physician practice management company ; Benchmark Hospitalists ; and seven community hospitals in Los Angeles, Chicago and Dallas areas with a total of 1 , 200 beds .
Reporting Definitions and Other Disclosures Reporting Definitions Annualized Base Rent Annualized base rent represents monthly base rent for most recent month or month of acquisition, multiplied by 12 (or actual NOI where more reflective of property performance) . Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future contractual rental rate increases . Additionally, properties that are accounted for on a cash - collected basis are not included annualized base rent . Capitalization Rate The capitalization rate (“Cap Rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price . For the portfolio capitalization rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price . Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ( EBITDA re and Adjusted EBITDA re ) We calculate EBITDA re in accordance with standards established by NAREIT and define EBITDA re as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, and impairment loss, as applicable . We define Adjusted EBITDA re as EBITDA re plus non - cash stock compensation expense, non - cash intangible amortization related to above and below market leases, preacquisition expense and other normalizing items . Management considers EBITDA re and Adjusted EBITDA re important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt . Funds from Operations and Adjusted Funds from Operations Funds from operations (“FFO”) and adjusted funds from operations (“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 and below market leases), 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 expense, 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 recurring acquisition and disposition costs, loss on the extinguishment of debt, recurring straight line deferred rental revenue, recurring stock - based compensation expense, recurring amortization of above and below market leases, recurring amortization of debt issuance costs, recurring lease commissions, and 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 . 16 (as of March 31, 2022) 1Q - 2022| Earnings Supplemental
Reporting Definitions and Other Disclosures Reporting Definitions (continued) Rent Coverage Ratio 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 15 % 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 . Other Disclosures Non - GAAP Financial Measures Management considers certain non - GAAP financial measures to be useful supplemental measures of the Company's operating performance . For the Company, non - GAAP measures consist of EBITDA re , Adjusted EBITDA re , FFO and AFFO . A non - GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP . The Company reports non - GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs . For these reasons, management deems it appropriate to disclose and discuss these non - GAAP financial measures . The non - GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions . These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs . Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented elsewhere herein . Forward - Looking Statements Certain statements contained herein may be considered “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 , and it is the Company’s intent that any such statements be protected by the safe harbor created thereby . These forward - looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results . Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our liquidity, our tenants’ ability to pay rent to us, expected financial performance (including future cash flows associated with new tenants or the expansion of current properties), future dividends or other financial items ; any other statements concerning our plans, strategies, objectives and expectations for future operations, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom, and any statements regarding future economic conditions or performance are forward - looking statements . These forward - looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties . Although the Company believes that the expectations, estimates and assumptions reflected in its forward - looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward - looking statements . Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1 A - Risk Factors, in our Annual Report on Form 10 - K, our Quarterly Reports on Form 10 - Q, and in our other filings with the SEC . You are cautioned not to place undue reliance on forward - looking statements . The Company does not intend, and undertakes no obligation, to update any forward - looking statement . 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 . 17 (as of March 31, 2022) 1Q - 2022| Earnings Supplemental
Stephen Swett stephen.swett@icrinc.com 203.682.8377 www.globalmedicalreit.com NYSE: GMRE INVESTOR RELATIONS