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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, 2024

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 5, 2024 was 66,803,348

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – September 30, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2024 and 2023

4

Condensed Consolidated Statements of Comprehensive (Loss) Income – Three and Nine Months Ended September 30, 2024 and 2023

5

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2024 and 2023

6

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023

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

41

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

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, 2024

    

December 31, 2023

    

Assets

Investment in real estate:

Land

$

168,110

$

164,315

Building

 

1,041,006

 

1,035,705

Site improvements

 

22,946

 

21,974

Tenant improvements

 

66,933

 

66,358

Acquired lease intangible assets

 

137,886

 

138,617

 

1,436,881

 

1,426,969

Less: accumulated depreciation and amortization

 

(283,941)

 

(247,503)

Investment in real estate, net

 

1,152,940

 

1,179,466

Cash and cash equivalents

 

5,723

 

1,278

Restricted cash

 

2,066

 

5,446

Tenant receivables, net

 

8,122

 

6,762

Due from related parties

404

193

Escrow deposits

 

1,694

 

673

Deferred assets

 

27,685

 

27,132

Derivative asset

14,967

25,125

Goodwill

5,903

5,903

Other assets

 

23,091

 

15,722

Total assets

$

1,242,595

$

1,267,700

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $5,418 and $7,067 at September 30, 2024 and December 31, 2023, respectively

$

614,382

$

585,333

Notes payable, net of unamortized debt issuance costs of $31 and $66 at September 30, 2024 and December 31, 2023, respectively

 

14,493

 

25,899

Accounts payable and accrued expenses

 

13,350

 

12,781

Dividends payable

 

16,534

 

16,134

Security deposits

 

3,222

 

3,688

Other liabilities

 

12,370

 

12,770

Acquired lease intangible liability, net

 

3,638

 

5,281

Total liabilities

 

677,989

 

661,886

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2024 and December 31, 2023, respectively (liquidation preference of $77,625 at September 30, 2024 and December 31, 2023, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 66,803 shares and 65,565 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

67

 

66

Additional paid-in capital

 

733,626

 

722,418

Accumulated deficit

 

(281,067)

 

(238,984)

Accumulated other comprehensive income

 

14,967

 

25,125

Total Global Medical REIT Inc. stockholders' equity

 

542,552

 

583,584

Noncontrolling interest

 

22,054

 

22,230

Total equity

 

564,606

 

605,814

Total liabilities and equity

$

1,242,595

$

1,267,700

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, 

    

2024

    

2023

    

2024

    

2023

    

Revenue

Rental revenue

$

34,175

$

35,487

$

103,458

$

108,003

Other income

 

89

 

20

 

166

 

85

Total revenue

 

34,264

 

35,507

 

103,624

 

108,088

Expenses

General and administrative

 

4,381

4,367

13,416

12,633

Operating expenses

 

7,437

7,231

22,056

21,989

Depreciation expense

 

9,993

10,100

30,233

31,062

Amortization expense

 

3,649

4,095

11,487

12,828

Interest expense

 

7,236

7,170

21,119

23,909

Preacquisition expense

 

44

Total expenses

 

32,696

 

32,963

 

98,311

 

102,465

Income before gain (loss) on sale of investment properties

1,568

2,544

5,313

5,623

Gain (loss) on sale of investment properties

1,823

2,289

(1,560)

15,560

Net income

$

3,391

$

4,833

$

3,753

$

21,183

Less: Preferred stock dividends

 

(1,455)

(1,455)

(4,366)

(4,366)

Less: Net (income) loss attributable to noncontrolling interest

 

(145)

(240)

50

(1,187)

Net income (loss) attributable to common stockholders

$

1,791

$

3,138

$

(563)

$

15,630

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

$

0.03

$

0.05

$

(0.01)

$

0.24

Weighted average shares outstanding – basic and diluted

 

65,737

65,565

65,633

65,545

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 (Loss) Income

(unaudited and in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2024

    

2023

    

2024

    

2023

    

Net income

$

3,391

$

4,833

$

3,753

$

21,183

Other comprehensive (loss) income :

(Decrease) increase in fair value of interest rate swap agreements

 

(12,705)

 

2,520

 

(10,158)

 

3,705

Total other comprehensive (loss) income

 

(12,705)

 

2,520

 

(10,158)

 

3,705

Comprehensive (loss) income

 

(9,314)

 

7,353

 

(6,405)

 

24,888

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

(4,366)

Less: Comprehensive loss (income) attributable to noncontrolling interest

 

807

 

(418)

 

817

(1,440)

Comprehensive (loss) income attributable to common stockholders

$

(9,962)

$

5,480

$

(9,954)

$

19,082

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, 2024:

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, 2023

 

65,565

$

66

 

3,105

$

74,959

$

722,418

$

(238,984)

$

25,125

$

583,584

$

22,230

$

605,814

Net income (loss)

 

 

 

 

 

 

3,803

 

 

3,803

 

(50)

 

3,753

Issuance of shares of common stock, net

1,204

1

10,895

10,896

10,896

LTIP Units redeemed for common stock

34

313

313

(313)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

(10,158)

 

(10,158)

 

 

(10,158)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,826

 

3,826

Dividends to common stockholders ($0.63 per share)

 

 

 

 

 

 

(41,520)

 

 

(41,520)

 

 

(41,520)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(4,366)

 

 

(4,366)

 

 

(4,366)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(3,639)

 

(3,639)

Balances, September 30, 2024

 

66,803

$

67

 

3,105

$

74,959

$

733,626

$

(281,067)

$

14,967

$

542,552

$

22,054

$

564,606

For the Three Months Ended September 30, 2024:

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, 2024

 

65,588

$

66

 

3,105

$

74,959

$

722,627

$

(268,885)

$

27,672

$

556,439

$

21,933

$

578,372

Net income

 

 

 

 

 

 

3,246

 

 

3,246

 

145

 

3,391

Issuance of shares of common stock, net

1,204

1

10,895

10,896

10,896

LTIP Units redeemed for common stock

11

104

104

(104)

Change in fair value of interest rate swap agreements

(12,705)

(12,705)

(12,705)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,274

 

1,274

Dividends to common stockholders ($0.21 per share)

 

 

 

 

 

 

(13,973)

 

 

(13,973)

 

 

(13,973)

Dividends to preferred stockholders ($0.46875 per share)

 

 

 

 

 

 

(1,455)

 

 

(1,455)

 

 

(1,455)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,194)

 

(1,194)

Balances, September 30, 2024

 

66,803

$

67

 

3,105

$

74,959

$

733,626

$

(281,067)

$

14,967

$

542,552

$

22,054

$

564,606

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 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