Exhibit 99.4

 

 

FOR IMMEDIATE RELEASE

 

GLOBAL MEDICAL REIT INC. ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017 FINANCIAL RESULTS, THE DECLARATION OF ITS FIRST QUARTER 2018 COMMON AND PREFERRED DIVIDENDS AND THE ANNOUNCEMENT OF ITS 2018 ANNUAL STOCKHOLDERS’ MEETING

 

A reconciliation of non-GAAP financial measures for Funds from Operations, Adjusted Funds from Operations, and
Normalized Adjusted Funds from Operations is included in the financial table at the end of this announcement.

 

Bethesda, MD – March 7, 2018 – Global Medical REIT Inc. (NYSE: GMRE) (the “Company”), a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share, today announces its financial results for the fourth quarter and year ended December 31, 2017.

 

2017 Fourth Quarter and Other Highlights

 

·Total revenue increased to $9.9 million from $3.1 million in the fourth quarter of 2016.

 

·Net loss attributable to common stockholders decreased to $(0.2) million, or $(0.01) per share, from $(1.9) million, or $(0.11) per share in the fourth quarter of 2016.

 

·Funds from Operations (“FFO”) increased to $0.14 per share, from $(0.06) per share in the fourth quarter of 2016.

 

·Adjusted Funds from Operations ("AFFO") increased to $0.15 per share, from $0.06 per share in the fourth quarter of 2016.

 

·During the fourth quarter, the Company completed seven acquisitions comprising 142,666 rentable square feet for an aggregate purchase price of $48.4 million. Based on rents in effect at the closing of each transaction, the seven properties are expected to generate aggregate annual cash rent receipts of $3.5 million. See Acquisition table herein for additional detail.

 

·Subsequent to year end, the Company has completed four acquisitions containing 323,400 rentable square feet for an aggregate purchase price of $48.4 million. Based on rents in effect at the closing of each transaction, these four properties are expected to generate aggregate annual cash rent receipts of $4.2 million. See Acquisition table herein for additional detail.

 

·On March 6, 2018, the Company amended its revolving credit facility to increase the aggregate size of the facility by $90 million to $340 million. As of December 31, 2017, the Company had $164.9 million of outstanding borrowings on this facility.

 

·On March 6, 2018, the Company entered into a purchase agreement to acquire a four-building medical office portfolio comprising an aggregate of 155,600 rentable square feet for an aggregate purchase price of $64.2 million.

 

Jeff Busch, the Company’s Chief Executive Officer, commented, “We continued building our portfolio in the fourth quarter and up through today we have closed on acquisitions of $97 million of properties since the end of the third quarter of 2017, bringing our aggregate portfolio size to $520 million with a weighted average cap rate of 7.74%. I’m also pleased to report that we currently have two transactions under contract for a combined purchase price of approximately $80 million with an average cap rate of 7.94% that would increase our portfolio to $600 million. In summary, 2017 was a transformative year for us, as we significantly increased the size of our portfolio, stabilized our G&A expenses and made personnel changes at the executive level that we believe put us in the best position to have a successful 2018.”

 

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Acquisition Activity 

 

Completed Acquisitions Since the End of the Third Quarter of 2017

From the end of the third quarter of 2017 to date, the Company completed 11 acquisitions, encompassing an aggregate of 466,066 rentable square feet for an aggregate purchase price of $96.8 million at a weighted average cap rate of 7.90%. Summary information about these acquisitions is presented in the table below: 

 

Property  City 

Rentable

Square Feet

(RSF)

  

Purchase

Price1

(in 000s)

  

Annualized

Base Rent2

(in 000s)

  

Capitalization

Rate3

 
                    
Fourth Quarter 2017:                       
                        
Texas Digestive  Ft. Worth, TX   18,084   $6,250   $431    6.90%
Heartland Clinic  Moline, IL   34,020    11,600    892    7.69%
Albertville Medical Building  Albertville, MN   21,486    6,800    481    7.07%
Amarillo Bone & Joint Clinic  Amarillo, TX   23,298    8,610    594    6.90%
Kansas City Cardiology  Lee’s Summit, MO   12,180    3,800    275    7.24%
Zion Eye Institute  St. George, UT   16,000    5,715    400    7.00%
Berks Respiratory  Wyomissing, PA   17,598    5,600    405    7.23%
Total Fourth Quarter 2017      142,666   $48,375   $3,478      
                        
First Quarter 2018 to Date:                       
                        
Quad City Kidney Center  Moline, IL   27,173   $6,706   $548    8.17%
NOMS  Fremont, OH   25,893    8,286    608    7.34%
Gainesville Eye  Gainesville, GA   34,020    10,400    776    7.46%
City Hospital of White Rock  Dallas, TX   236,314    23,000    2,230    9.70%
Total First Quarter 2018 to Date      323,400   $48,392   $4,162      
                        
Totals/Weighted Average      466,066   $96,767   $7,640    7.90%

 

1Represents the contractual purchase price.
2Monthly base rent for December 2017 multiplied by 12 for fourth quarter of 2017 acquisitions and the rent in the month of acquisition multiplied by 12 for first quarter of 2018 acquisitions.
3Capitalization rates are calculated based on current lease terms and do not give effect to future rent escalations.

 

Properties Under Contract

 

Summary information about transactions we have under purchase agreements as of today is presented in the table below: 

 

Property  City 

Rentable

Square Feet

(RSF)

  

Purchase

Price1

(in 000s)

  

Annualized

Base Rent2

(in 000s)

  

Capitalization

Rate3

 
Orlando Health  Orlando, FL   59,594   $16,200   $1,340    8.27%
Memorial Health System  Belpre, OH   155,600    64,200    5,040    7.85%
Totals/Weighted Average      215,194   $80,400   $6,380    7.94%

 

1Represents the contractual purchase price.
2Monthly base rent in the month placed under contract multiplied by 12.
3Capitalization rates are calculated based on current lease terms and do not give effect to future rent escalations.

 

We entered into the purchase and sale agreements for the Orlando and Belpre transactions on January 24, 2018 and March 6, 2018, respectively. We are currently in the due diligence periods for these transactions. If we identify problems with the properties or the operators of the properties during our due diligence review, we may not close the transactions on a timely basis or we may terminate the purchase agreements and not close the transactions.

 

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2017 Fourth Quarter Financial Review

 

·For the three months ended December 31, 2017, total revenue increased to $9.9 million, compared to $3.1 million for the fourth quarter of the prior year. The year-over-year increase was primarily the result of increased rental revenue due to the Company’s larger property portfolio.

 

·Total expenses for the three months ended December 31, 2017 were $8.6 million, compared to $5.1 million in the same quarter of the prior year. Within total expenses, general and administrative expenses were $1.1 million in the fourth quarter of 2017, down from $1.3 million in the prior year quarter. This decrease in general and administrative expenses was primarily the result of a reduction in non-cash LTIP expense.

 

·Net loss attributable to common stockholders for the three months ended December 31, 2017 was $(0.2) million, or $(0.01) per share, compared to $(1.9) million, or $(0.11) per share for the fourth quarter of the prior year. This decrease was primarily due to significantly higher rental revenue, compared to the prior year quarter.

 

·Quarterly FFO per share grew to $0.14, compared to $(0.06) for the fourth quarter in the prior year.

 

·Quarterly AFFO per share grew to $0.15, compared to $0.06 for the fourth quarter in the prior year.

 

·Quarterly Normalized Adjusted Funds from Operations (“Normalized AFFO”) per share grew to $0.15, compared to $0.06 for the fourth quarter in the prior year.

 

2017 Full Year Financial Review

 

·For the year ended December 31, 2017, total revenue increased to $30.3 million, compared to $8.2 million for the prior year. This increase was primarily due to the increased size of the Company’s property portfolio.
·Total expenses for the year ended December 31, 2017 were $30.4 million, compared to $14.6 million in the prior year. The year-over-year growth in total expenses was largely driven by the significantly increased size of the Company’s property portfolio. Within total expenses, general and administrative expenses were $5.5 million for the year ended December 31, 2017, compared to $4.2 million in 2016. This increase was primarily due to increased costs associated with our Sarbanes-Oxley implementation efforts and a full year’s worth of public company costs.
·Net loss attributable to common stockholders for the year ended December 31, 2017 was $(1.8) million, or $(0.09) per share, compared to $(6.4) million, or $(0.68) per share for the prior year. This decrease was primarily due to increased rental revenue driven by the growth in the Company’s property portfolio.
·The Company’s FFO per share for the year ended December 31, 2017 grew to $0.41, compared to $(0.43) for the prior year.
·The Company’s AFFO per share for the year ended December 31, 2017 grew to $0.54, compared to $(0.03) for the prior year.
·The Company’s Normalized AFFO per share for the year ended December 31, 2017 grew to $0.56 compared to $(0.02) for the prior year.

 

Balance Sheet Summary

 

·The Company’s cash and cash equivalents balance was $5.1 million as of December 31, 2017 compared to $19.7 million as of December 31, 2016.
·The Company’s gross investment in real estate as of December 31, 2017 was $471.5 million compared to $206.9 million as of December 31, 2016.
·The Company’s total debt, which includes outstanding borrowings on the revolving credit facility, notes payable (net of unamortized deferred financing costs), and related party debt, was $203.4 million as of December 31, 2017, compared to $66.5 million as of December 31, 2016. The Company’s weighted-average interest rate and term of its debt was 3.72% and 2.94 years, respectively, as of December 31, 2017.

 

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Declaration of First Quarter Common Stock and Preferred Stock Dividends

 

The Company announced today that its Board of Directors authorized:

 

·a $0.20 per share cash dividend to common stockholders of record as of March 22, 2018, to be paid on April 10, 2018. This dividend represents the Company’s first quarter 2018 dividend payment to its common stockholders; and
·a $0.46875 per share cash dividend to holders of record as of April 15, 2018 of its Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”) to be paid on April 30, 2018. This dividend represents the Company’s quarterly dividend on its Series A Preferred Stock for the period from January 31, 2018 through April 29, 2018. 

 

2018 Annual Stockholders’ Meeting

 

The Company’s Board of Directors has set the date for the Company’s 2018 annual meeting of stockholders (the “Annual Meeting”) for Wednesday, May 30, 2018, at the offices of its external corporate counsel, Vinson & Elkins L.L.P., located at 2200 Pennsylvania Avenue NW, Suite 500 West, Washington, DC 20037 at 10:00 a.m. (EDT). Stockholders of record at the close of business on April 4, 2018 will be entitled to notice of and to vote at the Annual Meeting.

 

Earnings Call

 

The Company will hold its fourth quarter 2017 conference call on March 8, 2018, at 9:00 a.m. Eastern Time. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet via the “Investor Relations” section of the Company’s website at www.globalmedicalreit.com or by clicking on the conference call link http://globalmedicalreit.equisolvewebcast.com/q4-2018, or they may participate in the conference call by dialing 1-877-407-3948 and referencing Global Medical REIT Inc. An audio replay of the conference call will be posted on the Company’s website.

 

About Global Medical REIT Inc.

 

Global Medical REIT Inc. is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share. The Company’s management team has significant healthcare, real estate and public real estate investment trust, or REIT, experience and has long-established relationships with a wide range of healthcare providers. The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2016.

 

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 assumption and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, expected financial performance or other financial items and statements regarding future dividend payments; 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; any statements regarding the expected size and growth of the healthcare real estate market, 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 1A - Risk Factors, in our Annual Report on Form 10-K and in our filings with the United States Securities and Exchange Commission. 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.

 

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COMPANY CONTACT:   INVESTOR RELATIONS:
  -OR-  
Global Medical REIT Inc.   The Equity Group Inc.
Danica Holley   Jeremy Hellman
Chief Operating Officer   Senior Associate
(202) 524-6854 / danicah@globalmedicalreit.com   (212) 836-9626 / jhellman@equityny.com
     
    Adam Prior
    Senior Vice-President
    (212) 836-9606 / aprior@equityny.com

 

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GLOBAL MEDICAL REIT INC.

Consolidated Statements of Operations

(in thousands, except per share amounts)

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2017   2016   2017   2016 
                 
Revenue                    
Rental revenue  $9,293   $3,085   $28,511   $8,080 
Expense recoveries   571    -    1,712    - 
Other income   10    38    121    131 
Total revenue   9,874    3,123    30,344    8,211 
                     
Expenses                    
Acquisition fees   393    1,568    2,523    1,568 
Acquisition fees – related party   -    -    -    754 
General and administrative   1,071    1,295    5,489    4,219 
Operating expenses   626    19    1,860    73 
Management fees – related party   1,064    627    3,123    1,434 
Depreciation expense   2,557    806    7,929    2,335 
Amortization expense   746    42    2,072    42 
Interest expense   2,168    696    7,435    4,139 
Total expenses   8,625    5,053    30,431    14,564 
                     
Net loss  $1,249   $(1,930)  $(87)  $(6,353)
Less: Preferred stock dividends   (1,456)   -    (1,714)   - 
Less: Net loss attributable to noncontrolling interest   14    -    49    - 
Net loss attributable to common stockholders  $(193)  $(1,930)  $(1,752)  $(6,353)
                     

Net loss attributable to common stockholders per share

– basic and diluted

  $(0.01)  $(0.11)  $(0.09)  $(0.68)
                     

Weighted average shares outstanding

– basic and diluted

   21,631    17,606    19,617    9,302 

 

 

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GLOBAL MEDICAL REIT INC.

Consolidated Balance Sheets

(in thousands, except par values)

 

   As of December 31, 
   2017   2016 
Assets        
Investment in real estate:          
Land  $42,701   $17,786 
Building   384,338    179,253 
Site improvements   4,808    1,465 
Tenant improvements   8,010    1,186 
Acquired lease intangible assets   31,650    7,187 
    471,507    206,877 
Less: accumulated depreciation and amortization   (13,594)   (3,367)
Investment in real estate, net   457,913    203,510 
Cash   5,109    19,671 
Restricted cash   2,005    941 
Tenant receivables   704    212 
Escrow deposits   1,638    1,212 
Deferred assets   3,993    705 
Deferred financing costs, net   2,750    927 
Other assets   459    141 
Total assets  $474,571   $227,319 
           
Liabilities and Stockholders’ Equity          
Liabilities:          
Revolving credit facility  $164,900   $27,700 
Notes payable, net of unamortized discount of $930 and $1,062 at December 31, 2017 and 2016, respectively   38,545    38,413 
Notes payable to related parties   -    421 
Accounts payable and accrued expenses   2,020    574 
Dividends payable   5,638    3,604 
Security deposits and other   2,128    720 
Due to related parties, net   1,036    581 
Acquired lease intangible liability, net   1,291    278 
Total liabilities   215,558    72,291 
Stockholders' equity:          
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 and no shares issued and outstanding at December 31, 2017 and 2016, respectively (liquidation preference of $77,625 and $0, respectively)   74,959    - 
Common stock, $0.001 par value, 500,000 shares authorized; 21,631 shares and 17,606 shares issued and outstanding at December 31, 2017 and 2016, respectively   22    18 
Additional paid-in capital   205,788    171,997 
Accumulated deficit   (34,434)   (16,987)
Total Global Medical REIT Inc. stockholders' equity   246,335    155,028 
Noncontrolling interest   12,678    - 
Total equity   259,013    155,028 
Total liabilities and stockholders' equity  $474,571   $227,319 
           

 

 

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GLOBAL MEDICAL REIT INC.

Consolidated Statements of Cash Flows

(in thousands)

   Year Ended 
   December 31, 
   2017   2016 
Operating activities          
Net loss  $(87)  $(6,353)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation expense   7,929    2,335 
Amortization of acquired lease intangible assets   2,072    42 
Amortization of above (below) market leases, net   129    (1)
Amortization of deferred financing costs   1,224    350 
Stock-based compensation expense   1,796    1,685 
Capitalized deal costs charged to expense   19    - 
Advisory expense settled in OP Units   232    - 
Changes in operating assets and liabilities:          
Restricted cash   (993)   (558)
Tenant receivables   (492)   (212)
Deferred assets   (3,288)   (681)
Other assets   (144)   - 
Accounts payable and accrued expenses   1,355    (40)
Security deposits and other   1,408    719 
Accrued management fees due to related party   443    (9)
Net cash provided by (used in) operating activities   11,603    (2,723)
Investing activities          
Purchase of land, buildings, and other tangible and intangible assets and liabilities   (252,220)   (150,459)
Escrow deposits for purchase of properties   (352)   104 
Loans repayments from (made to) related party   21    138 
Pre-acquisition costs for purchase of properties   (102)   (141)
Net cash used in investing activities   (252,653)   (150,358)
Financing activities          
Net proceeds received from preferred stock offering   74,959    - 
Net proceeds received from common equity offerings   33,795    137,288 
Change in restricted cash   (71)   64 
Escrow deposits required by third party lenders   (74)   (862)
Loans (repaid to) from related party   (9)   (395)
(Repayment of) proceeds from convertible debenture, due to related party   -    (10,000)
Proceeds from notes payable from acquisitions   -    41,321 
Repayment of notes payable from acquisitions   -    (25,634)
Proceeds from note payable from related party   -    1,950 
Repayment of note payable from related party   (421)   (1,950)
Proceeds from revolving credit facility, net   137,200    27,700 
Payments of deferred financing costs   (2,915)   (2,036)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders   (15,231)   (3,878)
Dividends paid to preferred stockholders   (745)   - 
Net cash provided by financing activities   226,488    163,568 
Net (decrease) increase in cash and cash equivalents   (14,562)   10,487 
Cash and cash equivalents—beginning of period   19,671    9,184 
Cash and cash equivalents—end of period  $5,109   $19,671 
Supplemental cash flow information:          
Cash payments for interest  $5,746   $4,099 
Noncash financing and investing activities:          
Accrued dividends payable  $5,638   $3,604 
Conversion of convertible debenture due to majority stockholder to common stock  $-   $30,030 
Reclassification of common stock offering costs to additional paid-in capital  $443   $1,681 
Reclassification of preferred stock offering costs to preferred stock balance  $221   $- 
OP Units issued for noncash transaction  $11,300   $- 

 

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Non-GAAP Financial Measures

 

Funds from operations (“FFO”), Adjusted funds from operations (“AFFO”), and Normalized AFFO are non-GAAP financial measures within the meaning of the rules of the SEC. The Company considers FFO, AFFO, and Normalized 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 non-controlling interests of holders of operating partnership units, excluding gains (or losses) from sales of property and extraordinary items, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures. The Company did not incur any gains or losses from the sales of property or record any adjustments for unconsolidated partnerships and joint ventures during the years ended December 31, 2017 and 2016. Because FFO excludes real estate related depreciation and amortization (other than amortization of deferred financing costs), 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 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 deferred financing costs, recurring capital expenditures, recurring lease commissions, recurring tenant improvements, an advisory fee settled with the issuance of OP Units, and other items.

 

Management calculates Normalized AFFO, which is also a non-GAAP financial measure, by modifying AFFO by adjusting for non-recurring income and expenses. For the Company this item includes the costs of establishing a system of Sarbanes-Oxley compliant internal controls and procedures. During the second and third quarters of 2017, Normalized AFFO included the portion of our General Counsel and Secretary’s salary for 2017 that is reimbursable by the Company to Inter-American Management, LLC, the Company’s external manager (the “Advisor”). During the fourth quarter of 2017, the Company learned that the Advisor may request that such reimbursement arrangement be extended; therefore, until the terms of such potential extension are finalized, the Company is removing such expense from Normalized AFFO.

 

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. Management also considers Normalized AFFO to be a useful measure to evaluate the Company’s operating results excluding non-recurring income and expenses. Normalized AFFO can help investors compare the operating performance of the Company between periods or as compared to other companies. The Company’s FFO, AFFO, and Normalized AFFO computations may not be comparable to FFO, AFFO, and Normalized 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, AFFO, and Normalized AFFO in a different manner. 

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Global Medical REIT Inc.
Reconciliation of FFO, AFFO, and Normalized AFFO

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2017   2016   2017   2016 
   (unaudited, in thousands except per share amounts) 
             
Net income (loss)  $1,249   $(1,930)  $(87)  $(6,353)
Less: Preferred stock dividends   (1,456)   -    (1,714)   - 
Depreciation and amortization expense   3,303    849    10,001    2,377 
Amortization of above market leases   115    (1)   129    (1)
FFO  $3,211   $(1,082)  $8,329   $(3,977)
Acquisition costs   393    1,568    2,523    2,322 
Straight line deferred rental revenue   (1,064)   (459)   (3,137)   (681)
Stock-based compensation expense   315    854    1,796    1,685 
Amortization of deferred financing costs   384    135    1,224    350 
Non-cash advisory fee   113    -    232    - 
AFFO  $3,352   $1,016   $10,967   $(301)
Professional fees and services related to Sarbanes-Oxley implementation   50    48    430    73 
Normalized AFFO  $3,402   $1,064   $11,397   $(228)
                     
Net loss attributable to common stockholders per share – basic and diluted  $(0.01)  $(0.11)  $(0.09)  $(0.68)
FFO per Share  $0.14   $(0.06)  $0.41   $(0.43)
AFFO per Share  $0.15   $0.06   $0.54   $(0.03)
Normalized AFFO per Share  $0.15   $0.06   $0.56   $(0.02)
                     
Weighted Average Shares and Units Outstanding – basic and diluted   22,807    17,606    20,242    9,302 

 

 

Reconciliation of Weighted Average Shares and Units Outstanding
                 

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2017   2016   2017   2016 
Weighted Average Common Shares   21,631    17,606    19,617    9,302 
Weighted Average OP Units   757    -    204    - 
Weighted Average LTIP Units   419    -    421    - 
Weighted Average Shares and Units Outstanding – basic and diluted   22,807    17,606    20,242    9,302 

 

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