65544000655070006553400065405000310500031050000001533615--12-312023Q231050003105000Large Accelerated Filer65565000655180000.180.030.190.07P30Y22440001667000P1YP1YP3YP3YP3YP1Y4634000false0001533615us-gaap:NotesPayableOtherPayablesMember2023-06-300001533615us-gaap:NotesPayableOtherPayablesMember2022-12-310001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-04-012023-06-300001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-06-300001533615gmre:OperatingPartnershipUnitsOrOpMember2022-01-012022-12-310001533615us-gaap:CommonStockMember2023-04-012023-06-300001533615gmre:OperatingPartnershipUnitsOrOpMember2023-01-012023-06-300001533615us-gaap:RetainedEarningsMember2023-06-300001533615us-gaap:NoncontrollingInterestMember2023-06-300001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001533615gmre:GmrEquityMember2023-06-300001533615us-gaap:RetainedEarningsMember2023-03-310001533615us-gaap:NoncontrollingInterestMember2023-03-310001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001533615gmre:GmrEquityMember2023-03-3100015336152023-03-310001533615us-gaap:RetainedEarningsMember2022-12-310001533615us-gaap:NoncontrollingInterestMember2022-12-310001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001533615gmre:GmrEquityMember2022-12-310001533615us-gaap:RetainedEarningsMember2022-06-300001533615us-gaap:NoncontrollingInterestMember2022-06-300001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001533615gmre:GmrEquityMember2022-06-300001533615us-gaap:RetainedEarningsMember2022-03-310001533615us-gaap:NoncontrollingInterestMember2022-03-310001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-03-310001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001533615gmre:GmrEquityMember2022-03-3100015336152022-03-310001533615us-gaap:RetainedEarningsMember2021-12-310001533615us-gaap:NoncontrollingInterestMember2021-12-310001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-310001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001533615gmre:GmrEquityMember2021-12-310001533615us-gaap:PreferredStockMember2023-06-300001533615us-gaap:CommonStockMember2023-06-300001533615us-gaap:PreferredStockMember2023-03-310001533615us-gaap:CommonStockMember2023-03-310001533615us-gaap:PreferredStockMember2022-12-310001533615us-gaap:CommonStockMember2022-12-310001533615us-gaap:PreferredStockMember2022-06-300001533615us-gaap:PreferredStockMember2022-03-310001533615us-gaap:CommonStockMember2022-03-310001533615us-gaap:PreferredStockMember2021-12-310001533615us-gaap:CommonStockMember2021-12-310001533615gmre:TwoThousandTwentyOneProgramMembergmre:LongtermAwardsMember2022-12-310001533615gmre:TwoThousandEighteenProgramMembergmre:LongtermAwardsMember2021-12-310001533615gmre:TwoThousandTwentyProgramMembergmre:LongtermAwardsMember2021-01-012021-12-310001533615gmre:TwoThousandTwentyTwoProgramMembergmre:LongtermAwardsMember2023-06-300001533615gmre:TwoThousandTwentyThreeProgramMembergmre:LongtermAwardsMember2023-06-300001533615gmre:TwoThousandTwentyThreeProgramMembergmre:AnnualAwardsMember2023-06-300001533615gmre:TwoThousandTwentyOneProgramMembergmre:LongtermAwardsMember2023-06-300001533615gmre:LongtermAwardsMember2023-06-300001533615gmre:EquityIncentivePlanTwoThousandSixteenMember2023-06-300001533615gmre:TwoThousandTwentyOneProgramMembergmre:LongtermAwardsMember2022-01-012022-12-310001533615gmre:TwoThousandTwentyTwoProgramMembergmre:LongtermAwardsMember2023-01-012023-06-300001533615gmre:TwoThousandNineteenProgramMembergmre:LongtermAwardsMember2022-01-012022-12-310001533615gmre:TwoThousandEighteenProgramMembergmre:LongtermAwardsMember2021-01-012021-12-310001533615gmre:IndependentDirectorsMembergmre:LongTermIncentivesPlanUnitsMembergmre:AnnualAwardsToIndependentDirectorsMember2023-05-102023-05-100001533615gmre:LongTermIncentivesPlanUnitsMembergmre:DiscretionaryAwardsPlanMember2023-05-102023-05-100001533615gmre:LongTermIncentivesPlanUnitsMembergmre:TimeBasedAwardsUnder2022LongTermIncentivePlanMember2023-02-232023-02-230001533615gmre:LongTermIncentivesPlanUnitsMember2023-02-232023-02-230001533615gmre:TwoThousandTwentyTwoAndTwoThousandTwentyOneProgramsMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:TimeBasedAwardsUnder2022LongTermIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:TimeBasedAwardsUnder2022LongTermIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:DiscretionaryAwardsPlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:DiscretionaryAwardsPlanMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:DiscretionaryAwardsPlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:TimeBasedAwardsUnder2023LongTermIncentivePlanMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:AnnualAwardsToIndependentDirectorsMember2023-01-012023-06-300001533615gmre:LongtermAwardsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300001533615gmre:LongtermAwardsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:LongTermIncentivePlanMember2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMembergmre:AnnualAwardAgreements2019Member2023-01-012023-06-300001533615gmre:LongTermIncentivesPlanUnitsMember2023-01-012023-06-300001533615us-gaap:PreferredStockMember2023-01-012023-06-300001533615us-gaap:CommonStockMember2023-01-012023-06-300001533615gmre:RosedaleLoanMember2022-01-012022-12-310001533615us-gaap:LandMember2023-06-300001533615us-gaap:LandMember2021-12-310001533615us-gaap:BuildingMember2021-12-310001533615gmre:TenantImprovementsMember2021-12-310001533615gmre:SiteImprovementsMember2021-12-310001533615gmre:IntangiblesMember2021-12-310001533615gmre:OklahomaCityFacilityMemberus-gaap:LandMember2023-01-012023-06-300001533615gmre:OklahomaCityFacilityMemberus-gaap:BuildingMember2023-01-012023-06-300001533615gmre:OklahomaCityFacilityMembergmre:TenantImprovementsMember2023-01-012023-06-300001533615gmre:OklahomaCityFacilityMembergmre:SiteImprovementsMember2023-01-012023-06-300001533615gmre:OklahomaCityFacilityMembergmre:IntangiblesMember2023-01-012023-06-300001533615gmre:JacksonvilleMemberus-gaap:LandMember2023-01-012023-06-300001533615gmre:JacksonvilleMemberus-gaap:BuildingMember2023-01-012023-06-300001533615gmre:OklahomaCityFacilityMember2023-01-012023-06-300001533615gmre:JacksonvilleMember2023-01-012023-06-300001533615gmre:ReddingFacilityMemberus-gaap:LandMember2023-01-012023-06-300001533615gmre:ReddingFacilityMemberus-gaap:BuildingMember2023-01-012023-06-300001533615gmre:ReddingFacilityMembergmre:TenantImprovementsMember2023-01-012023-06-300001533615gmre:ReddingFacilityMembergmre:SiteImprovementsMember2023-01-012023-06-300001533615gmre:ReddingFacilityMembergmre:IntangiblesMember2023-01-012023-06-300001533615us-gaap:LandMember2023-01-012023-06-300001533615us-gaap:BuildingMember2023-01-012023-06-300001533615gmre:SiteImprovementsMember2023-01-012023-06-300001533615gmre:ReddingFacilityMember2023-01-012023-06-300001533615gmre:IntangiblesMember2023-01-012023-06-300001533615gmre:ToledoFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:ToledoFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:ToledoFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:ToledoFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:ToledoFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:HermitageFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:HermitageFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:HermitageFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:HermitageFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:HermitageFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:GreenwoodMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:GreenwoodMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:GreenwoodMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:GreenwoodMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:GreenwoodMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMemberus-gaap:LandMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMemberus-gaap:BuildingMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMembergmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMembergmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMembergmre:IntangiblesMember2022-01-012022-12-310001533615us-gaap:LandMember2022-01-012022-12-310001533615us-gaap:BuildingMember2022-01-012022-12-310001533615gmre:ToledoFacilityMember2022-01-012022-12-310001533615gmre:SiteImprovementsMember2022-01-012022-12-310001533615gmre:SarasotaFacilityMember2022-01-012022-12-310001533615gmre:RockyPointFacilityMember2022-01-012022-12-310001533615gmre:LexingtonFacilityMember2022-01-012022-12-310001533615gmre:LeesSummitFacilityMember2022-01-012022-12-310001533615gmre:LakeGenevaFacilityMember2022-01-012022-12-310001533615gmre:IntangiblesMember2022-01-012022-12-310001533615gmre:HermitageFacilityMember2022-01-012022-12-310001533615gmre:GreenwoodMember2022-01-012022-12-310001533615gmre:GrandRapidsFacilityMember2022-01-012022-12-310001533615gmre:GlenviewFacilityMember2022-01-012022-12-310001533615gmre:GainesvilleFacilityMember2022-01-012022-12-310001533615gmre:FairfaxFacilityMember2022-01-012022-12-310001533615gmre:FairbanksFacilityMember2022-01-012022-12-310001533615gmre:CanandaiguaFacilityMember2022-01-012022-12-310001533615us-gaap:SeriesAPreferredStockMember2022-12-310001533615us-gaap:RelatedPartyMember2023-06-300001533615us-gaap:RelatedPartyMember2022-12-310001533615gmre:BethesdaHeadquartersMember2023-05-010001533615gmre:RosedaleLoanMember2023-06-300001533615gmre:DumfriesLoanMember2023-06-300001533615gmre:CantorLoanMember2023-06-300001533615gmre:RosedaleLoanMember2022-12-310001533615gmre:DumfriesLoanMember2022-12-310001533615gmre:CantorLoanMember2022-12-310001533615gmre:CreditFacilityMembergmre:AccordionMember2023-06-300001533615gmre:TermLoanMember2023-06-300001533615gmre:TermLoanOneMembergmre:InterestRateSwapAgreementThreeMember2023-06-300001533615us-gaap:RevolvingCreditFacilityMember2023-06-300001533615gmre:TermLoanOneMember2023-06-300001533615gmre:TermLoanBMember2023-06-300001533615us-gaap:RevolvingCreditFacilityMember2022-12-310001533615gmre:TermLoanOneMember2022-12-310001533615gmre:TermLoanBMember2022-12-310001533615gmre:GlobalMedicalReitGpLlcMember2023-01-012023-06-300001533615gmre:ToledoLoanMember2023-04-012023-06-300001533615gmre:RosedaleLoanMember2023-04-012023-06-300001533615gmre:DumfriesLoanMember2023-04-012023-06-300001533615gmre:CantorLoanMember2023-04-012023-06-300001533615gmre:RosedaleLoanMember2022-04-012022-06-300001533615gmre:DumfriesLoanMember2022-04-012022-06-300001533615gmre:CantorLoanMember2022-04-012022-06-300001533615gmre:RosedaleLoanMember2022-01-012022-06-300001533615gmre:DumfriesLoanMember2022-01-012022-06-300001533615gmre:CantorLoanMember2022-01-012022-06-300001533615gmre:JacksonvilleMember2023-03-012023-03-310001533615gmre:LeaseIntangiblesLiabilityMember2023-06-300001533615gmre:LeaseIntangiblesAssetMember2023-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2023-06-300001533615us-gaap:AboveMarketLeasesMember2023-06-300001533615gmre:LeaseCostsMember2023-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2022-12-310001533615us-gaap:AboveMarketLeasesMember2022-12-310001533615gmre:LeaseCostsMember2022-12-310001533615gmre:LongTermIncentivePlanUnitsMember2023-06-300001533615gmre:LongTermIncentivePlanUnitsMember2022-12-310001533615us-gaap:CommonStockMember2022-06-300001533615gmre:DividendDeclaredOnJune092023Memberus-gaap:PreferredStockMember2023-06-300001533615gmre:DividendDeclaredOnJune092023Memberus-gaap:CommonStockMember2023-06-300001533615us-gaap:SeriesAPreferredStockMember2023-06-300001533615gmre:DividendDeclaredOnMarch102023Memberus-gaap:PreferredStockMember2023-03-100001533615gmre:DividendDeclaredOnMarch102023Memberus-gaap:CommonStockMember2023-03-100001533615gmre:DividendDeclaredOnDecember72022Memberus-gaap:PreferredStockMember2022-12-070001533615gmre:DividendDeclaredOnDecember72022Memberus-gaap:CommonStockMember2022-12-070001533615us-gaap:RetainedEarningsMember2023-04-012023-06-300001533615us-gaap:RetainedEarningsMember2023-01-012023-06-300001533615us-gaap:RetainedEarningsMember2022-04-012022-06-300001533615us-gaap:RetainedEarningsMember2022-01-012022-06-300001533615gmre:DividendDeclaredOnJune092023Memberus-gaap:PreferredStockMember2023-06-092023-06-090001533615gmre:DividendDeclaredOnJune092023Memberus-gaap:CommonStockMember2023-06-092023-06-090001533615gmre:DividendDeclaredOnMarch102023Memberus-gaap:PreferredStockMember2023-03-102023-03-100001533615gmre:DividendDeclaredOnMarch102023Memberus-gaap:CommonStockMember2023-03-102023-03-100001533615gmre:DividendDeclaredOnDecember72022Memberus-gaap:PreferredStockMember2022-12-072022-12-070001533615gmre:DividendDeclaredOnDecember72022Memberus-gaap:CommonStockMember2022-12-072022-12-070001533615gmre:TermLoanOneMembergmre:ForwardStartingInterestRateSwapsMember2023-06-300001533615gmre:TermLoanBMemberus-gaap:InterestRateSwapMember2023-06-300001533615gmre:ForwardStartingInterestRateSwapsMember2023-06-300001533615gmre:TermLoanOneMemberus-gaap:InterestRateSwapMember2023-06-300001533615gmre:TermLoanOneMembergmre:InterestRateSwapAgreementTwoMember2023-06-300001533615gmre:TermLoanOneMembergmre:InterestRateSwapAgreementOneMember2023-06-300001533615us-gaap:InterestRateSwapMember2022-12-310001533615gmre:TermLoanBMembergmre:ForwardStartingInterestRateSwapsMember2023-06-300001533615us-gaap:InterestRateSwapMember2023-06-300001533615us-gaap:LineOfCreditMember2023-06-300001533615us-gaap:LineOfCreditMember2022-12-310001533615gmre:RosedaleLoanMember2020-07-312020-07-310001533615gmre:DumfriesLoanMember2020-04-272020-04-270001533615gmre:CantorLoanMember2016-03-312016-03-310001533615gmre:ToledoLoanMember2023-01-012023-06-300001533615gmre:RosedaleLoanMember2023-01-012023-06-300001533615gmre:DumfriesLoanMember2023-01-012023-06-300001533615gmre:RosedaleLoanMember2020-07-310001533615gmre:DumfriesLoanMember2020-04-270001533615gmre:CantorLoanMember2016-03-310001533615gmre:ToledoLoanMember2023-06-300001533615gmre:ToledoLoanMember2022-12-310001533615gmre:ToledoLoanMember2022-07-080001533615gmre:CreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-06-3000015336152021-12-3100015336152022-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2023-04-012023-06-300001533615us-gaap:AboveMarketLeasesMember2023-04-012023-06-300001533615gmre:LeaseCostsMember2023-04-012023-06-300001533615gmre:BelowMarketLeaseMember2023-04-012023-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2023-01-012023-06-300001533615us-gaap:AboveMarketLeasesMember2023-01-012023-06-300001533615gmre:LeaseCostsMember2023-01-012023-06-300001533615gmre:BelowMarketLeaseMember2023-01-012023-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2022-04-012022-06-300001533615us-gaap:AboveMarketLeasesMember2022-04-012022-06-300001533615gmre:LeaseCostsMember2022-04-012022-06-300001533615gmre:BelowMarketLeaseMember2022-04-012022-06-300001533615us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-06-300001533615us-gaap:AboveMarketLeasesMember2022-01-012022-06-300001533615gmre:LeaseCostsMember2022-01-012022-06-300001533615gmre:BelowMarketLeaseMember2022-01-012022-06-300001533615gmre:CreditFacilityMember2023-04-012023-06-300001533615gmre:CreditFacilityMember2022-04-012022-06-300001533615gmre:CreditFacilityMember2022-01-012022-06-300001533615us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001533615us-gaap:NoncontrollingInterestMember2023-01-012023-06-300001533615us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001533615us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001533615us-gaap:BuildingMember2023-06-300001533615gmre:TenantImprovementsMember2023-06-300001533615gmre:SiteImprovementsMember2023-06-300001533615gmre:IntangiblesMember2023-06-300001533615us-gaap:LandMember2022-12-310001533615us-gaap:BuildingMember2022-12-310001533615gmre:TenantImprovementsMember2022-12-310001533615gmre:SiteImprovementsMember2022-12-310001533615gmre:IntangiblesMember2022-12-3100015336152022-01-012022-12-310001533615gmre:CreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300001533615srt:MaximumMembergmre:LongTermIncentivesPlanUnitsMember2023-01-012023-06-300001533615gmre:LongTermIncentivePlan2020Member2023-01-012023-06-300001533615gmre:LongtermAwardsMember2023-01-012023-06-300001533615gmre:LongTermIncentivePlanUnitsMember2023-01-012023-06-300001533615gmre:CantorLoanMember2023-01-012023-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001533615gmre:GmrEquityMember2023-04-012023-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001533615gmre:GmrEquityMember2023-01-012023-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001533615us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001533615gmre:TenantImprovementsMember2023-01-012023-06-300001533615gmre:TenantImprovementsMember2022-01-012022-12-310001533615gmre:OklahomaCityFacilityMember2023-06-012023-06-300001533615us-gaap:BuildingAndBuildingImprovementsMember2023-01-012023-06-300001533615gmre:CreditFacilityMember2022-04-012023-06-300001533615gmre:BethesdaHeadquartersMember2023-05-012023-05-010001533615gmre:CreditFacilityMember2023-06-300001533615gmre:CreditFacilityMember2023-01-012023-06-3000015336152023-04-012023-06-300001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-04-012022-06-300001533615gmre:GmrEquityMember2022-04-012022-06-300001533615us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-01-012022-06-300001533615gmre:GmrEquityMember2022-01-012022-06-300001533615us-gaap:CommonStockMember2022-04-012022-06-300001533615us-gaap:CommonStockMember2022-01-012022-06-3000015336152022-01-012022-06-3000015336152022-12-3100015336152023-06-3000015336152022-04-012022-06-300001533615us-gaap:SeriesAPreferredStockMember2023-01-012023-06-300001533615us-gaap:CommonStockMember2023-01-012023-06-3000015336152023-08-0200015336152023-01-012023-06-30xbrli:sharesiso4217:USDgmre:buildinggmre:contractxbrli:puregmre:propertygmre:tenantiso4217:USDxbrli:sharesgmre:item

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, 2023

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.)

 

 

 

 7373 Wisconsin Avenue, Suite 800

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 2, 2023 was 65,564,943

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – June 30, 2023 and December 31, 2022

3

Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2023 and 2022

4

Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2023 and 2022

5

Condensed Consolidated Statements of Equity – Three and Six Months Ended June 30, 2023 and 2022

6

Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2023 and 2022

8

Notes to the Unaudited Condensed Consolidated Financial Statements

9

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

40

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 3.

Defaults Upon Senior Securities

41

Item 4.

Mine Safety Disclosures

41

Item 5.

Other Information

41

Item 6.

Exhibits

42

Signatures

43

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

June 30, 2023

    

December 31, 2022

    

Assets

Investment in real estate:

Land

$

165,242

$

168,308

Building

 

1,038,464

 

1,079,781

Site improvements

 

21,404

 

22,024

Tenant improvements

 

66,544

 

65,987

Acquired lease intangible assets

 

139,715

 

148,077

 

1,431,369

 

1,484,177

Less: accumulated depreciation and amortization

 

(218,109)

 

(198,218)

Investment in real estate, net

 

1,213,260

 

1,285,959

Cash and cash equivalents

 

2,460

 

4,016

Restricted cash

 

7,325

 

10,439

Tenant receivables, net

 

7,381

 

8,040

Due from related parties

391

200

Escrow deposits

 

9,725

 

7,833

Deferred assets

 

26,189

 

29,616

Derivative asset

35,864

34,705

Goodwill

5,903

5,903

Other assets

 

12,302

 

6,550

Total assets

$

1,320,800

$

1,393,261

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $8,155 and $9,253 at June 30, 2023 and December 31, 2022, respectively

$

567,988

$

636,447

Notes payable, net of unamortized debt issuance costs of $375 and $452 at June 30, 2023 and December 31, 2022, respectively

 

57,121

 

57,672

Accounts payable and accrued expenses

 

15,457

 

13,819

Dividends payable

 

16,048

 

15,821

Security deposits

 

4,213

 

5,461

Other liabilities

 

12,137

 

7,363

Acquired lease intangible liability, net

 

6,444

 

7,613

Total liabilities

 

679,408

 

744,196

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at June 30, 2023 and December 31, 2022, respectively (liquidation preference of $77,625 at June 30, 2023 and December 31, 2022, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 65,565 shares and 65,518 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

66

 

66

Additional paid-in capital

 

722,418

 

721,991

Accumulated deficit

 

(213,744)

 

(198,706)

Accumulated other comprehensive income

 

35,859

 

34,674

Total Global Medical REIT Inc. stockholders' equity

 

619,558

 

632,984

Noncontrolling interest

 

21,834

 

16,081

Total equity

 

641,392

 

649,065

Total liabilities and equity

$

1,320,800

$

1,393,261

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, 

    

2023

    

2022

    

2023

    

2022

    

Revenue

Rental revenue

$

36,317

$

33,679

$

72,517

$

65,530

Other income

 

34

 

18

 

64

 

42

Total revenue

 

36,351

 

33,697

 

72,581

 

65,572

Expenses

General and administrative

 

4,462

4,336

8,266

8,534

Operating expenses

 

7,223

6,000

14,759

11,372

Depreciation expense

 

10,468

9,898

20,962

19,300

Amortization expense

 

4,337

4,138

8,732

7,915

Interest expense

 

8,468

5,401

16,739

10,202

Preacquisition expense

 

2

90

44

130

Total expenses

 

34,960

 

29,863

 

69,502

 

57,453

Income before gain on sale of investment properties

1,391

3,834

3,079

8,119

Gain on sale of investment properties

12,786

13,271

Net income

$

14,177

$

3,834

$

16,350

$

8,119

Less: Preferred stock dividends

 

(1,455)

(1,455)

(2,911)

(2,911)

Less: Net income attributable to noncontrolling interest

 

(902)

(143)

(947)

(313)

Net income attributable to common stockholders

$

11,820

$

2,236

$

12,492

$

4,895

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

$

0.18

$

0.03

$

0.19

$

0.07

Weighted average shares outstanding – basic and diluted

 

65,544

65,507

65,534

65,405

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, 

    

2023

    

2022

    

2023

    

2022

    

Net income

$

14,177

$

3,834

$

16,350

$

8,119

Other comprehensive income:

Increase in fair value of interest rate swap agreements

 

8,449

 

5,770

 

1,185

 

23,163

Total other comprehensive income

 

8,449

 

5,770

 

1,185

 

23,163

Comprehensive income

 

22,626

 

9,604

 

17,535

 

31,282

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(2,911)

(2,911)

Less: Comprehensive income attributable to noncontrolling interest

 

(1,501)

 

(491)

 

(1,027)

(1,706)

Comprehensive income attributable to common stockholders

$

19,670

$

7,658

$

13,597

$

26,665

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, 2023:

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, December 31, 2022

 

65,518

$

66

 

3,105

$

74,959

$

721,991

$

(198,706)

$

34,674

$

632,984

$

16,081

$

649,065

Net income

 

 

 

 

 

 

15,403

 

 

15,403

 

947

 

16,350

LTIP Units redeemed for common stock

47

427

427

(427)

OP Units issued for a property acquisition

5,482

5,482

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

1,185

 

1,185

 

 

1,185

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,835

 

1,835

Dividends to common stockholders ($0.42 per share)

 

 

 

 

 

 

(27,530)

 

 

(27,530)

 

 

(27,530)

Dividends to preferred stockholders ($0.9375 per share)

 

 

 

 

 

 

(2,911)

 

 

(2,911)

 

 

(2,911)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(2,084)

 

(2,084)

Balances, June 30, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(213,744)

$

35,859

$

619,558

$

21,834

$

641,392

For the Three Months Ended June 30, 2023:

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, 2023

 

65,530

$

66

 

3,105

$

74,959

$

722,113

$

(211,794)

$

27,410

$

612,754

$

15,721

$

628,475

Net income

 

 

 

 

 

 

13,275

 

 

13,275

 

902

 

14,177

LTIP Units redeemed for common stock

35

305

305

(305)

OP Units issued for a property acquisition

5,482

5,482

Change in fair value of interest rate swap agreements

8,449

8,449

8,449

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,147

 

1,147

Dividends to common stockholders ($0.21 per share)

 

 

 

 

 

 

(13,769)

 

 

(13,769)

 

 

(13,769)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,456)

 

 

(1,456)

 

 

(1,456)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,113)

 

(1,113)

Balances, June 30, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(213,744)

$

35,859

$

619,558

$

21,834

$

641,392

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, 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)