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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 September 30, 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 November 1, 2021 was 64,207,923.

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Nine Months Ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Cash Flows –Nine Months Ended September 30, 2021 and 2020

8

Notes to the Unaudited Condensed Consolidated Financial Statements

9

Item 2.

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

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

52

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

Signatures

55

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

September 30, 2021

    

December 31, 2020

    

Assets

Investment in real estate:

Land

$

149,249

$

128,857

Building

 

964,169

 

851,427

Site improvements

 

18,017

 

15,183

Tenant improvements

 

56,156

 

49,204

Acquired lease intangible assets

 

123,918

 

98,234

 

1,311,509

 

1,142,905

Less: accumulated depreciation and amortization

 

(130,284)

 

(94,462)

Investment in real estate, net

 

1,181,225

 

1,048,443

Cash and cash equivalents

 

6,030

 

5,507

Restricted cash

 

5,839

 

5,246

Tenant receivables, net

 

5,126

 

5,596

Due from related parties

275

103

Escrow deposits

 

5,970

 

4,817

Deferred assets

 

24,422

 

20,272

Derivative asset

219

Goodwill

5,903

5,903

Other assets

 

8,297

 

5,019

Total assets

$

1,243,306

$

1,100,906

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $8,497 and $3,559 at September 30, 2021 and December 31, 2020, respectively

$

497,203

$

521,641

Notes payable, net of unamortized debt issuance costs of $644 and $835 at September 30, 2021 and December 31, 2020, respectively

 

57,397

 

64,937

Accounts payable and accrued expenses

 

11,065

 

7,279

Dividends payable

 

15,309

 

12,470

Security deposits

 

4,600

 

4,340

Derivative liability

 

12,070

 

18,086

Other liabilities

 

7,104

 

6,171

Acquired lease intangible liability, net

 

8,333

 

8,222

Total liabilities

 

613,081

 

643,146

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2021 and December 31, 2020, respectively (liquidation preference of $77,625 at September 30, 2021 and December 31, 2020, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 64,208 shares and 49,461 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

64

 

49

Additional paid-in capital

 

700,206

 

504,789

Accumulated deficit

 

(147,562)

 

(116,773)

Accumulated other comprehensive loss

 

(11,946)

 

(18,219)

Total Global Medical REIT Inc. stockholders' equity

 

615,721

 

444,805

Noncontrolling interest

 

14,504

 

12,955

Total equity

 

630,225

 

457,760

Total liabilities and equity

$

1,243,306

$

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 September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

    

Revenue

Rental revenue

$

29,967

$

25,055

$

85,492

$

68,623

Other income

 

16

 

42

 

101

 

178

Total revenue

 

29,983

 

25,097

 

85,593

 

68,801

Expenses

General and administrative

 

3,852

 

4,027

 

12,519

 

7,509

Operating expenses

 

3,973

 

3,619

 

10,964

 

8,256

Management fees – related party

 

 

 

 

4,024

Depreciation expense

 

8,639

 

6,954

 

24,779

 

19,383

Amortization expense

 

3,303

 

2,563

 

9,443

 

6,832

Interest expense

 

4,830

 

4,864

 

14,887

 

13,616

Management internalization expense

12,580

14,005

Preacquisition expense

 

18

 

70

 

146

 

267

Total expenses

 

24,615

 

34,677

 

72,738

 

73,892

Net income (loss)

$

5,368

$

(9,580)

$

12,855

$

(5,091)

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

 

(4,366)

Less: Net (income) loss attributable to noncontrolling interest

 

(224)

 

767

 

(492)

 

647

Net income (loss) attributable to common stockholders

$

3,689

$

(10,268)

$

7,997

$

(8,810)

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

$

0.06

$

(0.22)

$

0.13

$

(0.19)

Weighted average shares outstanding – basic and diluted

 

64,204

 

46,908

 

59,398

 

45,503

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

-4-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited and in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

    

Net income (loss)

$

5,368

$

(9,580)

$

12,855

$

(5,091)

Other comprehensive income (loss):

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

 

1,838

 

2,003

 

6,273

 

(12,977)

Total other comprehensive income (loss)

 

1,838

 

2,003

 

6,273

 

(12,977)

Comprehensive income (loss)

 

7,206

 

(7,577)

 

19,128

 

(18,068)

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

(4,366)

Less: Comprehensive (income) loss attributable to noncontrolling interest

 

(329)

 

628

 

(858)

1,555

Comprehensive income (loss) attributable to common stockholders

$

5,422

$

(8,404)

$

13,904

$

(20,879)

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

-5-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity

(unaudited and in thousands, except per share amounts)

For the Nine Months Ended September 30, 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

 

 

 

 

 

 

12,363

 

 

12,363

 

492

 

12,855

Issuance of shares of common stock, net

 

14,685

 

15

 

 

 

194,498

194,513

 

 

194,513

LTIP Units and OP Units redeemed for common stock

62

919

919

(919)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

6,273

 

6,273

 

 

6,273

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

4,568

 

4,568

Dividends to common stockholders ($0.615 per share)

 

 

 

 

 

 

(38,786)

 

 

(38,786)

 

 

(38,786)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(4,366)

 

 

(4,366)

 

 

(4,366)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(2,592)

 

(2,592)

Balances, September 30, 2021

 

64,208

$

64

 

3,105

$

74,959

$

700,206

$

(147,562)

$

(11,946)

$

615,721

$

14,504

$

630,225

For the Three Months Ended September 30, 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, June 30, 2021

 

64,197

$

64

 

3,105

$

74,959

$

700,038

$

(138,088)

$

(13,784)

$

623,189

$

14,066

$

637,255

Net income

 

 

 

 

 

 

5,144

 

 

5,144

 

224

 

5,368

Issuance of shares of common stock, net

LTIP Units and OP Units redeemed for common stock

11

168

168

(168)

Change in fair value of interest rate swap agreements

1,838

1,838

1,838

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,241

 

1,241

Dividends to common stockholders ($0.205 per share)

 

 

 

 

 

 

(13,163)

 

 

(13,163)

 

 

(13,163)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(859)

 

(859)

Balances, September 30, 2021

 

64,208

$

64

 

3,105

$

74,959

$

700,206

$

(147,562)

$

(11,946)

$

615,721

$

14,504

$

630,225

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