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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 June 30, 2022

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 Symbol(s):

    

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 

þ

Accelerated filer

Non-accelerated filer

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 August 1, 2022 was 65,518,306

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – June 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2022 and 2021

5

Condensed Consolidated Statements of Equity – Three and Six Months Ended June 30, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2022 and 2021

8

Notes to the Unaudited Condensed Consolidated Financial Statements

9

Item 2.

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

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3.

Defaults Upon Senior Securities

42

Item 4.

Mine Safety Disclosures

42

Item 5.

Other Information

42

Item 6.

Exhibits

42

Signatures

44

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

June 30, 2022

    

December 31, 2021

    

Assets

Investment in real estate:

Land

$

165,045

$

152,060

Building

 

1,049,876

 

985,091

Site improvements

 

20,805

 

19,021

Tenant improvements

 

62,500

 

58,900

Acquired lease intangible assets

 

146,339

 

127,931

 

1,444,565

 

1,343,003

Less: accumulated depreciation and amortization

 

(172,006)

 

(143,255)

Investment in real estate, net

 

1,272,559

 

1,199,748

Cash and cash equivalents

 

5,873

 

7,213

Restricted cash

 

8,327

 

5,546

Tenant receivables, net

 

6,189

 

6,070

Due from related parties

337

163

Escrow deposits

 

7,708

 

5,957

Deferred assets

 

27,731

 

25,417

Derivative asset

16,583

1,236

Goodwill

5,903

5,903

Other assets

 

6,056

 

6,232

Total assets

$

1,357,266

$

1,263,485

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $7,113 and $8,033 at June 30, 2022 and December 31, 2021, respectively

$

602,987

$

514,567

Notes payable, net of unamortized debt issuance costs of $530 and $607 at June 30, 2022 and December 31, 2021, respectively

 

56,687

 

57,162

Accounts payable and accrued expenses

 

11,922

 

10,344

Dividends payable

 

15,926

 

15,668

Security deposits

 

5,304

 

4,540

Derivative liability

 

 

7,790

Other liabilities

 

7,428

 

7,709

Acquired lease intangible liability, net

 

7,903

 

8,128

Total liabilities

 

708,157

 

625,908

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at June 30, 2022 and December 31, 2021, respectively (liquidation preference of $77,625 at June 30, 2022 and December 31, 2021, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 65,518 shares and 64,880 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

66

 

65

Additional paid-in capital

 

722,074

 

711,414

Accumulated deficit

 

(179,614)

 

(157,017)

Accumulated other comprehensive income (loss)

 

16,527

 

(6,636)

Total Global Medical REIT Inc. stockholders' equity

 

634,012

 

622,785

Noncontrolling interest

 

15,097

 

14,792

Total equity

 

649,109

 

637,577

Total liabilities and equity

$

1,357,266

$

1,263,485

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 June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

    

Revenue

Rental revenue

$

33,679

$

28,200

$

65,530

$

55,525

Other income

 

18

 

61

 

42

 

85

Total revenue

 

33,697

 

28,261

 

65,572

 

55,610

Expenses

General and administrative

 

4,336

4,285

8,534

8,667

Operating expenses

 

6,000

3,303

11,372

6,991

Depreciation expense

 

9,898

8,292

19,300

16,140

Amortization expense

 

4,138

3,135

7,915

6,140

Interest expense

 

5,401

5,020

10,202

10,057

Preacquisition expense

 

90

62

130

128

Total expenses

 

29,863

 

24,097

 

57,453

 

48,123

Net income

$

3,834

$

4,164

$

8,119

$

7,487

Less: Preferred stock dividends

 

(1,455)

(1,455)

(2,911)

(2,911)

Less: Net income attributable to noncontrolling interest

 

(143)

(156)

(313)

(268)

Net income attributable to common stockholders

$

2,236

$

2,553

$

4,895

$

4,308

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

$

0.03

$

0.04

$

0.07

$

0.08

Weighted average shares outstanding – basic and diluted

 

65,507

61,194

65,405

56,956

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

(unaudited and in thousands)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

    

Net income

$

3,834

$

4,164

$

8,119

$

7,487

Other comprehensive income:

Increase in fair value of interest rate swap agreements

 

5,770

 

804

 

23,163

 

4,435

Total other comprehensive income

 

5,770

 

804

 

23,163

 

4,435

Comprehensive income

 

9,604

 

4,968

 

31,282

 

11,922

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(2,911)

(2,911)

Less: Comprehensive income attributable to noncontrolling interest

 

(491)

 

(202)

 

(1,706)

(529)

Comprehensive income attributable to common stockholders

$

7,658

$

3,311

$

26,665

$

8,482

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 Six Months Ended June 30, 2022:

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

    

Income (Loss)

    

Equity

    

Interest

    

Equity

Balances, December 31, 2021

 

64,880

$

65

 

3,105

$

74,959

$

711,414

$

(157,017)

$

(6,636)

$

622,785

$

14,792

$

637,577

Net income

 

 

 

 

 

 

7,806

 

 

7,806

 

313

 

8,119

Issuance of shares of common stock, net

 

598

 

1

 

 

 

9,978

9,979

 

 

9,979

LTIP Units and OP Units redeemed for common stock

40

682

682

(682)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

23,163

 

23,163

 

 

23,163

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

2,576

 

2,576

Dividends to common stockholders ($0.42 per share)

 

 

 

 

 

 

(27,492)

 

 

(27,492)

 

 

(27,492)

Dividends to preferred stockholders ($0.9375 per share)

 

 

 

 

 

 

(2,911)

 

 

(2,911)

 

 

(2,911)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,902)

 

(1,902)

Balances, June 30, 2022

 

65,518

$

66

 

3,105

$

74,959

$

722,074

$

(179,614)

$

16,527

$

634,012

$

15,097

$

649,109

For the Three Months Ended June 30, 2022:

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

    

Income

    

Equity

    

Interest

    

Equity

Balances, March 31, 2022

 

65,400

$

65

 

3,105

$

74,959

$

720,306

$

(168,089)

$

10,757

$

637,998

$

14,619

$

652,617

Net income

 

 

 

 

 

 

3,691

 

 

3,691

 

143

 

3,834

Issuance of shares of common stock, net

118

1

1,768

1,769

1,769

Change in fair value of interest rate swap agreements

5,770

5,770

5,770

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,289

 

1,289

Dividends to common stockholders ($0.21 per share)

 

 

 

 

 

 

(13,760)

 

 

(13,760)

 

 

(13,760)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,456)

 

 

(1,456)

 

 

(1,456)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(954)

 

(954)

Balances, June 30, 2022

 

65,518

$

66

 

3,105

$

74,959

$

722,074

$

(179,614)

$

16,527

$

634,012

$

15,097

$

649,109

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

-6-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity - Continued

(unaudited and in thousands, except per share amounts)

For the Six Months Ended June 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

 

 

 

 

 

 

7,219

 

 

7,219

 

268

 

7,487

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

51

751

751

(751)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

4,435

 

4,435

 

 

4,435

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,327

 

3,327

Dividends to common stockholders ($0.41 per share)

 

 

 

 

 

 

(25,623)

 

 

(25,623)

 

 

(25,623)

Dividends to preferred stockholders ($0.9375 per share)

 

 

 

 

 

 

(2,911)

 

 

(2,911)

 

 

(2,911)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,733)

 

(1,733)

Balances, June 30, 2021

 

64,197

$

64

 

3,105

$

74,959

$

700,038

$

(138,088)

$

(13,784)

$

623,189

$

14,066

$

637,255

For the Three Months Ended June 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, March 31, 2021

 

60,794

$

61

 

3,105

$

74,959

$

648,949

$

(127,480)

$

(14,588)