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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________.

Commission file number: 001-37815

Global Medical REIT Inc.

(Exact name of registrant as specified in its charter)

Maryland

    

46-4757266

(State or other jurisdiction of incorporation or
organization)

 

(I.R.S. Employer Identification No.)

 

 

 

 2 Bethesda Metro Center, Suite 440

Bethesda, MD

 

20814

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (202) 524-6851

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbols:

    

Name of each exchange on which registered:

Common Stock, par value $0.001 per share

 

GMRE

 

NYSE

Series A Preferred Stock, Par value $0.001 per share

 

GMRE PrA

 

NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer

Non-accelerated filer

þ

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The number of shares of the registrant’s common stock outstanding at May 3, 2021 was 60,794,166.

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – March 31, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Equity – Three Months Ended March 31, 2021 and 2020

6

Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2021 and 2020

7

Notes to the Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3.

Defaults Upon Senior Securities

44

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

45

Item 6.

Exhibits

46

Signatures

48

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

March 31, 2021

    

December 31, 2020

    

Assets

Investment in real estate:

Land

$

133,040

$

128,857

Building

 

883,901

 

851,427

Site improvements

 

15,669

 

15,183

Tenant improvements

 

50,596

 

49,204

Acquired lease intangible assets

 

103,269

 

98,234

 

1,186,475

 

1,142,905

Less: accumulated depreciation and amortization

 

(105,779)

 

(94,462)

Investment in real estate, net

 

1,080,696

 

1,048,443

Cash and cash equivalents

 

5,304

 

5,507

Restricted cash

 

6,096

 

5,246

Tenant receivables, net

 

5,585

 

5,596

Due from related parties

229

103

Escrow deposits

 

5,163

 

4,817

Deferred assets

 

21,676

 

20,272

Derivative asset

136

Goodwill

5,903

5,903

Other assets

 

5,530

 

5,019

Total assets

$

1,136,318

$

1,100,906

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $3,284 and $3,559 at March 31, 2021 and December 31, 2020, respectively

$

420,216

$

521,641

Notes payable, net of unamortized debt issuance costs of $772 and $835 at March 31, 2021 and December 31, 2020, respectively

 

64,810

 

64,937

Accounts payable and accrued expenses

 

7,230

 

7,279

Dividends payable

 

14,482

 

12,470

Security deposits

 

4,367

 

4,340

Derivative liability

 

14,603

 

18,086

Other liabilities

 

6,793

 

6,171

Acquired lease intangible liability, net

 

7,998

 

8,222

Total liabilities

 

540,499

 

643,146

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at March 31, 2021 and December 31, 2020, respectively (liquidation preference of $77,625 at March 31, 2021 and December 31, 2020, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 60,794 shares and 49,461 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

 

61

 

49

Additional paid-in capital

 

648,949

 

504,789

Accumulated deficit

 

(127,480)

 

(116,773)

Accumulated other comprehensive loss

 

(14,588)

 

(18,219)

Total Global Medical REIT Inc. stockholders' equity

 

581,901

 

444,805

Noncontrolling interest

 

13,918

 

12,955

Total equity

 

595,819

 

457,760

Total liabilities and equity

$

1,136,318

$

1,100,906

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-3-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)

Three Months Ended March 31, 

    

2021

    

2020

    

Revenue

Rental revenue

$

27,325

$

21,533

Other income

 

24

 

116

Total revenue

 

27,349

 

21,649

Expenses

General and administrative

 

4,383

 

1,839

Operating expenses

 

3,687

 

2,303

Management fees – related party

 

 

2,002

Depreciation expense

 

7,848

 

5,836

Amortization expense

 

3,005

 

1,921

Interest expense

 

5,037

 

4,378

Management internalization expense

504

Preacquisition expense

 

66

 

49

Total expenses

 

24,026

 

18,832

Net income

$

3,323

$

2,817

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

Less: Net income attributable to noncontrolling interest

 

(112)

 

(107)

Net income attributable to common stockholders

$

1,756

$

1,255

Net income attributable to common stockholders per share – basic and diluted

$

0.03

$

0.03

Weighted average shares outstanding – basic and diluted

 

52,671

 

44,182

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited and in thousands)

Three Months Ended March 31, 

    

2021

    

2020

    

Net income

$

3,323

$

2,817

Other comprehensive income (loss):

Increase (decrease) in fair value of interest rate swap agreements

 

3,631

 

(13,958)

Total other comprehensive income (loss)

 

3,631

 

(13,958)

Comprehensive income (loss)

 

6,954

 

(11,141)

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

Less: Comprehensive (income) loss attributable to noncontrolling interest

 

(331)

 

986

Comprehensive income (loss) attributable to common stockholders

$

5,168

$

(11,610)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity

(unaudited and in thousands)

For the Three Months Ended March 31, 2021:

Global

Accumulated

Medical

Additional

Other

REIT Inc.

Non-

Common Stock

Preferred Stock

Paid-in

Accumulated

Comprehensive

Stockholders’

controlling

Total

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Equity

    

Interest

    

Equity

Balances, December 31, 2020

 

49,461

$

49

 

3,105

$

74,959

$

504,789

$

(116,773)

$

(18,219)

$

444,805

$

12,955

$

457,760

Net income

 

 

 

 

 

 

3,211

 

 

3,211

 

112

 

3,323

Issuance of shares of common stock, net

 

11,333

 

12

 

 

 

144,160

144,172

 

 

144,172

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

3,631

 

3,631

 

 

3,631

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,715

 

1,715

Dividends to common stockholders ($0.205 per share)

 

 

 

 

 

 

(12,463)

 

 

(12,463)

 

 

(12,463)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(864)

 

(864)

Balances, March 31, 2021

 

60,794

$

61

 

3,105

$

74,959

$

648,949

$

(127,480)

$

(14,588)

$

581,901

$

13,918

$

595,819

For the Three Months Ended March 31, 2020:

Global

Accumulated

Medical

Additional

Other

REIT Inc.

Non-

Common Stock

Preferred Stock

Paid-in

Accumulated

Comprehensive

Stockholders’

controlling

Total

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Equity

    

Interest

    

Equity

Balances, December 31, 2019

43,806

$

44

 

3,105

$

74,959

$

433,330

$

(71,389)

$

(6,674)

$

430,270

$

30,083

$

460,353

Net income

 

 

 

 

 

 

2,710

 

 

2,710

 

107

 

2,817

LTIP Units and OP Units redeemed for common stock

472

6,890

6,890

(6,890)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

(13,958)

 

(13,958)

 

 

(13,958)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

922

 

922

Dividends to common stockholders ($0.20 per share)

 

 

 

 

 

 

(8,856)

 

 

(8,856)

 

 

(8,856)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,033)

 

(1,033)

Balances, March 31, 2020

 

44,278

$

44

 

3,105

$

74,959

$

440,220

$

(78,990)

$

(20,632)

$

415,601

$

23,189

$

438,790

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Cash Flows

(unaudited and in thousands)

Three Months Ended March 31, 

    

2021

    

2020

    

Operating activities

Net income

$

3,323

$

2,817

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

 

7,848

 

5,836

Amortization of acquired lease intangible assets

 

2,984

 

1,921

Amortization of above market leases, net

 

60

 

247

Amortization of debt issuance costs and other

 

425

 

315

Stock-based compensation expense

 

1,715

 

922

Capitalized preacquisition costs charged to expense

24

7

Other

 

10

 

26

Changes in operating assets and liabilities:

Tenant receivables

 

11

 

(751)

Deferred assets

 

(1,404)

 

(1,629)

Other assets and liabilities

 

551

 

28

Accounts payable and accrued expenses

 

(287)

 

2,051

Security deposits

 

27

 

195

Accrued management fees due to related party

 

 

275

Net cash provided by operating activities

 

15,287

 

12,260

Investing activities

Purchase of land, buildings, and other tangible and intangible assets and liabilities

 

(43,348)

 

(68,457)

Escrow deposits for purchase of properties

 

300

 

(100)

Loan repayments (made to) received from related parties

 

(127)

 

5

Capital expenditures on existing real estate investments

(397)

(211)

Net cash used in investing activities

 

(43,572)

 

(68,763)

Financing activities

Net proceeds received from common equity offerings

 

144,312

 

Payment of accrued common stock offering costs

(269)

Escrow deposits required by third party lenders

 

(646)

 

(72)

Repayment of notes payable

 

(190)

 

(35)

Proceeds from Credit Facility

 

50,100

 

81,700

Repayment of Credit Facility

 

(151,800)

 

(3,600)

Payment of debt issuance costs

 

(74)

 

(44)

Dividends paid to common stockholders, and OP Unit and LTIP Unit holders

 

(11,315)

 

(10,031)

Dividends paid to preferred stockholders

 

(1,455)

 

(1,455)

Net cash provided by financing activities

 

28,932

 

66,194

Net increase in cash and cash equivalents and restricted cash

 

647

 

9,691

Cash and cash equivalents and restricted cash—beginning of period

 

10,753

 

7,185

Cash and cash equivalents and restricted cash—end of period

$

11,400

$

16,876

Supplemental cash flow information:

Cash payments for interest

$

4,602

$

3,823

Noncash financing and investing activities:

Accrued dividends payable

$

14,482

$

10,949

Interest rate swap agreements fair value change recognized in other comprehensive loss

$

(3,631)

$

13,958

OP Units and LTIP Units redeemed for common stock

$

$

6,890

Accrued common stock offering costs

$

220

$

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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GLOBAL MEDICAL REIT INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in thousands, except per share amounts or as otherwise indicated)

Note 1 – Organization

Global Medical REIT Inc. (the “Company”) is a Maryland corporation engaged primarily in the acquisition of purpose-built healthcare facilities and the leasing of those facilities to strong healthcare systems and groups with leading market share. The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly owned subsidiary of the Company named Global Medical REIT GP LLC, a Delaware limited liability company. As of March 31, 2021, the Company was the 93.99% limited partner of the Operating Partnership, with an aggregate of 6.01% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for common limited partnership units (“OP Units”). Until July 9, 2020, the Company was externally managed and advised by its former advisor. On July 9, 2020, the Company completed its management internalization transaction, whereby the management agreement with the former advisor was terminated, the employees of the former advisor became employees of the Company and the functions previously performed by the former advisor were internalized by the Company.

Note 2 – Summary of Significant Accounting Policies

Basis of presentation

The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly owned subsidiaries. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its  subsidiaries. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP Units and the OP Units held by third parties. Refer to Note 5 – “Equity” and Note 7 – “Stock-Based Compensation” for additional information regarding the OP Units and LTIP Units.

The Company classifies noncontrolling interest as a component of consolidated equity on its Condensed Consolidated Balance Sheets, separate from the Company’s total equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Any future issuances of additional LTIP Units or OP Units would change the noncontrolling ownership interest.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Actual results could differ from those estimates.

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Investment in Real Estate

The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification (“ASC”) Topic 805 “Business Combinations” (“ASC Topic 805”), which requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs are capitalized for asset acquisitions and expensed as incurred for business combinations. All our facility acquisitions for the three months ended March 31, 2021 and 2020 have been accounted for as asset acquisitions because substantially all the fair value of the gross assets the Company acquired were concentrated in a single asset or group of similar identifiable assets.

For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant), the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions that are not “owner occupied,” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 Inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including preacquisition due diligence, and we routinely utilize the assistance of a third-party appraiser.

Revenue Recognition

The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Condensed Consolidated Statements of Operations.

Cash and Cash Equivalents and Restricted Cash

The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with a maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company related to tenant reimbursements. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Condensed Consolidated Statements of Cash Flows:

As of March 31, 

    

2021

    

2020

Cash and cash equivalents

 

$

5,304

 

$

11,340

Restricted cash

6,096

5,536

Total cash and cash equivalents and restricted cash

 

$

11,400

 

$

16,876

Tenant Receivables, Net

The tenant receivable balance as of March 31, 2021 and December 31, 2020 was $5,585 and $5,596, respectively. The balance as of March 31, 2021 consisted of $1,863 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,190 of loans that were made to two of the Company’s tenants, and $2,532 of tenant reimbursements. The balance as of December 31, 2020 consisted of $1,817 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,200 of loans that were made to two of the Company’s tenants, and $2,579 of tenant reimbursements.

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Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant recovery payments at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of March 31, 2021, the Company had a portfolio level reserve of $450 on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated.  

Escrow Deposits

The escrow balance as of March 31, 2021 and December 31, 2020 was $5,163 and $4,817, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined.

Deferred Assets

The deferred assets balance as of March 31, 2021 and December 31, 2020 was $21,676 and $20,272, respectively. The balance as of March 31, 2021 consisted of $21,596 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. The balance as of December 31, 2020 consisted of $20,192 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs.

Other Assets

The other assets balance as of March 31, 2021 and December 31, 2020 was $5,530 and $5,019, respectively. The balance as of March 31, 2021 consisted of $3,525 for right of use assets, $939 in capitalized preacquisition costs, $738 in prepaid assets, and $328 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2020 consisted of $3,598 for right of use assets, $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets.

Derivative Instruments - Interest Rate Swaps

As of March 31, 2021 and December 31, 2020, the Company's net liability balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was $14,467 and $18,086, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from four counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details.

Goodwill

As of March 31, 2021 and December 31, 2020, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. The Company’s goodwill balance was derived from the acquisition of its former advisor in connection with the management internalization transaction that was completed in July 2020. Goodwill has an indefinite life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit.  

Recent Accounting Pronouncements

Reference Rate Reform

Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU

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2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2021, the Company had previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Note 3 – Property Portfolio

Summary of Properties Acquired During the Three Months Ended March 31, 2021

During the three months ended March 31, 2021 the Company completed four acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized.

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of March 31, 2021 resulting from these acquisitions is as follows:

    

    

Site

    

Tenant

    

Acquired Lease

    

Gross Investment in

    

Land

    

Building

    

Improvements

    

Improvements

    

Intangible Assets

    

Real Estate

Balances as of December 31, 2020

$

128,857

$

851,427

$

15,183

$

49,204

$

98,234

$

1,142,905

Facility Acquired – Date Acquired: