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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, 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 November 6, 2023 was 65,564,943

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

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

3

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2023 and 2022

4

Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2023 and 2022

5

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2023 and 2022

6

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 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

26

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

43

Signatures

44

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

September 30, 2023

    

December 31, 2022

    

Assets

Investment in real estate:

Land

$

164,315

$

168,308

Building

 

1,034,822

 

1,079,781

Site improvements

 

21,480

 

22,024

Tenant improvements

 

65,772

 

65,987

Acquired lease intangible assets

 

138,617

 

148,077

 

1,425,006

 

1,484,177

Less: accumulated depreciation and amortization

 

(232,518)

 

(198,218)

Investment in real estate, net

 

1,192,488

 

1,285,959

Cash and cash equivalents

 

1,281

 

4,016

Restricted cash

 

6,331

 

10,439

Tenant receivables, net

 

7,527

 

8,040

Due from related parties

289

200

Escrow deposits

 

9,861

 

7,833

Deferred assets

 

26,748

 

29,616

Derivative asset

38,379

34,705

Goodwill

5,903

5,903

Other assets

 

13,713

 

6,550

Total assets

$

1,302,520

$

1,393,261

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $7,617 and $9,253 at September 30, 2023 and December 31, 2022, respectively

$

560,783

$

636,447

Notes payable, net of unamortized debt issuance costs of $337 and $452 at September 30, 2023 and December 31, 2022, respectively

 

56,823

 

57,672

Accounts payable and accrued expenses

 

13,300

 

13,819

Dividends payable

 

16,055

 

15,821

Security deposits

 

3,913

 

5,461

Other liabilities

 

12,138

 

7,363

Acquired lease intangible liability, net

 

5,860

 

7,613

Total liabilities

 

668,872

 

744,196

Commitments and Contingencies

Equity:

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

 

66

 

66

Additional paid-in capital

 

722,418

 

721,991

Accumulated deficit

 

(224,375)

 

(198,706)

Accumulated other comprehensive income

 

38,379

 

34,674

Total Global Medical REIT Inc. stockholders' equity

 

611,447

 

632,984

Noncontrolling interest

 

22,201

 

16,081

Total equity

 

633,648

 

649,065

Total liabilities and equity

$

1,302,520

$

1,393,261

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

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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, 

    

2023

    

2022

    

2023

    

2022

    

Revenue

Rental revenue

$

35,487

$

35,347

$

108,003

$

100,877

Other income

 

20

 

59

 

85

 

100

Total revenue

 

35,507

 

35,406

 

108,088

 

100,977

Expenses

General and administrative

 

4,367

3,961

12,633

12,494

Operating expenses

 

7,231

6,679

21,989

18,050

Depreciation expense

 

10,100

10,128

31,062

29,428

Amortization expense

 

4,095

4,287

12,828

12,202

Interest expense

 

7,170

6,963

23,909

17,166

Preacquisition expense

 

112

44

242

Total expenses

 

32,963

 

32,130

 

102,465

 

89,582

Income before gain on sale of investment properties

2,544

3,276

5,623

11,395

Gain on sale of investment properties

2,289

6,753

15,560

6,753

Net income

$

4,833

$

10,029

$

21,183

$

18,148

Less: Preferred stock dividends

 

(1,455)

(1,455)

(4,366)

(4,366)

Less: Net income attributable to noncontrolling interest

 

(240)

(517)

(1,187)

(830)

Net income attributable to common stockholders

$

3,138

$

8,057

$

15,630

$

12,952

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

$

0.05

$

0.12

$

0.24

$

0.20

Weighted average shares outstanding – basic and diluted

 

65,565

65,518

65,545

65,443

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

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Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited and in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2023

    

2022

    

2023

    

2022

    

Net income

$

4,833

$

10,029

$

21,183

$

18,148

Other comprehensive income:

Increase in fair value of interest rate swap agreements

 

2,520

 

20,356

 

3,705

 

43,519

Total other comprehensive income

 

2,520

 

20,356

 

3,705

 

43,519

Comprehensive income

 

7,353

 

30,385

 

24,888

 

61,667

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

(4,366)

Less: Comprehensive income attributable to noncontrolling interest

 

(418)

 

(1,744)

 

(1,440)

(3,450)

Comprehensive income attributable to common stockholders

$

5,480

$

27,186

$

19,082

$

53,851

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

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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, 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

 

 

 

 

 

 

19,996

 

 

19,996

 

1,187

 

21,183

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

 

 

 

 

 

 

 

3,705

 

3,705

 

 

3,705

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,020

 

3,020

Dividends to common stockholders ($0.63 per share)

 

 

 

 

 

 

(41,299)

 

 

(41,299)

 

 

(41,299)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(4,366)

 

 

(4,366)

 

 

(4,366)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(3,142)

 

(3,142)

Balances, September 30, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(224,375)

$

38,379

$

611,447

$

22,201

$

633,648

For the Three Months Ended September 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, June 30, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(213,744)

$

35,859

$

619,558

$

21,834

$

641,392

Net income

 

 

 

 

 

 

4,593

 

 

4,593

 

240

 

4,833

Change in fair value of interest rate swap agreements

2,520

2,520

2,520

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,185

 

1,185

Dividends to common stockholders ($0.21 per share)

 

 

 

 

 

 

(13,769)

 

 

(13,769)

 

 

(13,769)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,058)

 

(1,058)

Balances, September 30, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(224,375)

$

38,379

$

611,447

$

22,201

$

633,648

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

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Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity - Continued

(unaudited and in thousands, except per share amounts)

For the Nine Months Ended September 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

 

 

 

 

 

 

17,318

 

 

17,318

 

830

 

18,148

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

 

 

 

 

 

 

 

43,519

 

43,519

 

 

43,519

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,615

 

3,615

Dividends to common stockholders ($0.63 per share)

 

 

 

 

 

 

(41,251)

 

 

(41,251)

 

 

(41,251)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(4,366)

 

 

(4,366)

 

 

(4,366)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(2,637)

 

(2,637)

Balances, September 30, 2022

 

65,518

$

66

 

3,105

$

74,959

$

722,074

$

(185,316)

$

36,883

$

648,666

$

15,918

$

664,584

For the Three Months Ended September 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, June 30, 2022

 

65,518

$

66

 

3,105

$

74,959

$

722,074

$

(179,614)

$

16,527

$

634,012

$

15,097

$

649,109

Net income

 

 

 

 

 

 

9,512

 

 

9,512

 

517

 

10,029

Change in fair value of interest rate swap agreements

20,356

20,356

20,356

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,039

 

1,039

Dividends to common stockholders ($0.21 per share)

 

 

 

 

 

 

(13,759)

 

 

(13,759)

 

 

(13,759)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest