Global Medical REIT Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

Property Portfolio (Tables)

9 Months Ended

Sep. 30, 2021

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2021 resulting from these acquisitions is as follows:


					Site		Tenant		Acquired Lease		Gross Investment in
	Land		Building		Improvements		Improvements		Intangible Assets		Real Estate
Balances as of December 31, 2020	$	128,857	$	851,427	$	15,183	$	49,204	$	98,234	$	1,142,905
Facility Acquired – Date Acquired:
El Paso – 1/12/21		899		7,549		71		160		1,338		10,017
Syracuse – 1/15/21		616		4,745		128		136		772		6,397
West El Paso – 1/15/21		851		7,160		144		567		856		9,578
Fort Worth – 3/9/21		1,817		13,020		143		395		2,069		17,444
Port St. Lucie – 4/6/21		590		3,583		70		185		359		4,787
Cape Coral and Fort Myers – 4/13/21		5,623		20,155		480		1,132		4,311		31,701
Dallas – 4/16/21		3,101		2,593		63		469		493		6,719
East Grand Forks – 4/19/21		845		6,248		278		815		2,092		10,278
Coos Bay – 4/21/21		861		5,095		56		50		410		6,472
Caledonia – 6/2/21		582		2,669		66		96		497		3,910
Tallahassee – 6/2/21		782		6,720		137		387		1,218		9,244
Forsyth – 7/28/21		1,554		9,627		348		456		7,439		19,424
North Charleston – 7/29/21		927		4,248		106		801		1,098		7,180
Munster – 9/15/21		780		4,451		161		391		953		6,736
Hialeah – 9/30/21		—		9,633		264		716		1,231		11,844
Athens – 9/30/21		564		4,106		58		63		548		5,339
Capitalized costs⁽¹⁾		—		1,140		261		133		—		1,534
Total Additions:		20,392		112,742		2,834		6,952		25,684		168,604
Balances as of September 30, 2021	$	149,249	$	964,169	$	18,017	$	56,156	$	123,918	$	1,311,509

⁽¹⁾ Represents capital projects that were completed and placed in service during the nine months ended September 30, 2021 related to the Company’s existing facilities.

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2020 resulting from these acquisitions is as follows:


					Site		Tenant		Acquired Lease		Gross Investment in
	Land		Building		Improvements		Improvements		Intangible Assets		Real Estate
Balances as of December 31, 2019	$	95,381	$	693,533	$	9,912	$	33,909	$	72,794	$	905,529
Facility Acquired – Date Acquired:
High Point – 2/13/20		1,749		20,367		440		869		1,656		25,081
Clinton – 2/27/20		664		6,551		342		1,578		2,484		11,619
West Allis – 3/4/20		974		7,687		137		98		461		9,357
Grand Rapids – 3/20/20		2,951		17,341		470		450		1,582		22,794
Dumfries – 4/27/20		2,597		10,047		289		4,815		4,292		22,040
Centerville – 7/16/20		—		4,202		160		208		501		5,071
Fairfax – 7/17/20		6,731		6,642		381		2,979		3,012		19,745
Rosedale – 7/31/20		2,856		16,204		567		1,443		2,821		23,891
Lancaster – 9/18/20		696		4,269		110		116		1,114		6,305
Winston-Salem – 9/30/20		1,524		6,407		254		307		748		9,240
Decatur and Jackson – 10/20/20		2,237		7,140		284		296		955		10,912
Sheboygan and Plymouth – 10/27/20		1,088		11,212		253		225		1,046		13,824
Spring Hill and Hudson – 11/18/20		3,473		12,520		420		435		1,370		18,218
Cape Girardeau – 11/23/20		1,150		4,601		73		264		1,262		7,350
Yuma – 12/1/20		1,041		4,715		309		274		640		6,979
Las Vegas – 12/14/20		311		6,813		—		—		—		7,124
Pensacola – 12/29/20		1,786		5,742		332		411		781		9,052
Venice – 12/30/20		1,648		4,204		247		333		543		6,975
Capitalized costs⁽¹⁾		—		1,230		203		194		172		1,799
Total Additions:		33,476		157,894		5,271		15,295		25,440		237,376
Balances as of December 31, 2020	$	128,857	$	851,427	$	15,183	$	49,204	$	98,234	$	1,142,905

⁽¹⁾ Represents capital projects that were completed and placed in service during the year ended December 31, 2020 related to the Company’s existing facilities.

Summary of Carrying amount of intangible assets and liabilities

The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:


	As of September 30, 2021
			Accumulated
	Cost		Amortization		Net
Assets
In-place leases	$	67,968	$	(21,131)	$	46,837
Above market leases		22,013		(5,704)		16,309
Leasing costs		33,937		(9,123)		24,814
	$	123,918	$	(35,958)	$	87,960
Liability
Below market leases	$	11,546	$	(3,213)	$	8,333


	As of December 31, 2020
			Accumulated
	Cost		Amortization		Net
Assets
In-place leases	$	55,561	$	(14,592)	$	40,969
Above market leases		14,972		(4,023)		10,949
Leasing costs		27,701		(6,284)		21,417
	$	98,234	$	(24,899)	$	73,335
Liability
Below market leases	$	10,072	$	(1,850)	$	8,222

Summary of the acquired lease intangible amortization


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization expense related to in-place leases	$	2,281	$	1,800	$	6,539	$	4,796
Amortization expense related to leasing costs	$	1,000	$	744	$	2,839	$	2,017
Decrease in rental revenue related to above market leases	$	648	$	421	$	1,681	$	1,199
Increase in rental revenue related to below market leases	$	475	$	352	$	1,363	$	727

Schedule of net amortization acquired lease intangible assets and liabilities

As of September 30, 2021, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below: