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Global Medical REIT Announces Second Quarter 2023 Financial Results

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Global Medical REIT Inc. (GMRE) completes the sale of a four-property medical office building portfolio in Oklahoma City, Oklahoma, receiving gross proceeds of $66 million. The sale resulted in a gain of $12.8 million and allowed the company to reduce its variable rate debt and leverage. The company's portfolio maintained a leased occupancy of 97% and produced consistent and steady results. In the second quarter, GMRE reported net income attributable to common stockholders of $11.8 million, FFO of $14.7 million, and AFFO of $15.9 million. Total revenue increased 7.9% year-over-year to $36.4 million.
Positive
  • GMRE completed the sale of a four-property medical office building portfolio in Oklahoma City, Oklahoma, receiving gross proceeds of $66 million.
  • The sale resulted in a gain of $12.8 million and allowed the company to reduce its variable rate debt and leverage.
  • GMRE's portfolio maintained a leased occupancy of 97% and produced consistent and steady results.
  • In the second quarter, GMRE reported net income attributable to common stockholders of $11.8 million, FFO of $14.7 million, and AFFO of $15.9 million.
  • Total revenue increased 7.9% year-over-year to $36.4 million.
Negative
  • None.

Completes Disposition of a Four Property MOB Portfolio Receiving Gross Proceeds of $66 million Resulting in a Gain of $12.8 Million

BETHESDA, Md.--(BUSINESS WIRE)-- Global Medical REIT Inc. (NYSE: GMRE) (the “Company” or “GMRE”), a net-lease medical office real estate investment trust (REIT) that acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems, today announced financial results for the three and six months ended June 30, 2023 and other data.

Jeffrey M. Busch, Chairman, Chief Executive Officer and President stated, “During the second quarter, we took a significant step forward in reducing our variable rate debt and leverage by selling a medical office building portfolio in Oklahoma City, Oklahoma for gross proceeds of $66 million. We used the net proceeds from this disposition to pay down the balance of our variable rate debt, resulting in a leverage ratio as of June 30, 2023 of 44.5%. Additionally, our portfolio is producing consistent and steady results, and we ended the quarter with leased occupancy of 97%, unchanged from the first quarter. Within the current acquisition environment, we will remain disciplined as transaction markets evolve, and we are well-positioned with ample liquidity to ramp up acquisitions once spreads return to an attractive and accretive level. I would like to thank the entire team for their continued hard work and contributions to our performance.”

Second Quarter 2023 Highlights

  • Net income attributable to common stockholders was $11.8 million, or $0.18 per diluted share, as compared to $2.2 million, or $0.03 per diluted share, in the comparable prior year period.
  • Funds from Operations (“FFO”) of $14.7 million, or $0.21 per share and unit, as compared to $16.4 million, or $0.24 per share and unit, in the comparable prior year period.
  • Adjusted Funds from Operations (“AFFO”) of $15.9 million, or $0.23 per share and unit, as compared to $17.6 million, or $0.25 per share and unit, in the comparable prior year period.
  • Increased total revenue 7.9% year-over-year to $36.4 million, primarily driven by the Company’s acquisition activity during and since the comparable prior year period and the performance of its portfolio.
  • In April 2023, completed the acquisition of two medical office buildings in Redding, California, encompassing 18,698 leasable square feet, for a purchase price of $6.7 million and a cap rate of 7.6%.
  • In June 2023, sold a portfolio of four medical office buildings in Oklahoma City, Oklahoma, at a cap rate of 6.5% receiving gross proceeds of $66 million, resulting in a gain of $12.8 million.
  • Maintained portfolio leased occupancy at 97.0% at June 30, 2023.

Six Month and Other 2023 Highlights

  • Net income attributable to common stockholders was $12.5 million, or $0.19 per diluted share, as compared to $4.9 million, or $0.07 per diluted share, in the comparable prior year period.
  • FFO of $29.8 million, or $0.43 per share and unit, as compared to $32.4 million, or $0.47 per share and unit, in the comparable prior year period.
  • AFFO of $31.8 million, or $0.45 per share and unit, as compared to $34.4 million, or $0.49 per share and unit, in the comparable prior year period.
  • Increased total revenue 10.7% year-over-year to $72.6 million, primarily driven by the Company’s acquisition activity during and since the comparable prior year period and the performance of its portfolio.
  • Through June 30, 2023, inclusive of the Oklahoma City disposition completed in the second quarter, completed two dispositions at a weighted average cap rate of 6.5% that generated aggregate gross proceeds of $70.4 million, resulting in an aggregate gain of $13.3 million.
  • In August 2023, sold a medical office building located in North Charleston, South Carolina at a cap rate of 5.3%, receiving gross proceeds of $10.1 million. This property had a net book value of approximately $7.2 million at the time of sale.

Financial Results

Rental revenue for the second quarter 2023 increased 7.8% year-over-year to $36.3 million, reflecting the impact of acquisitions completed during and subsequent to the second quarter of last year. Second quarter 2023 rental revenue included $5.0 million of net lease expense recoveries, compared to $4.4 million in the comparable prior year period.

Total expenses for the second quarter were $35.0 million, compared to $29.9 million for the comparable prior year period, primarily reflecting higher interest, operating, depreciation, and amortization expenses due primarily to the changes in the Company’s portfolio since the comparable prior year period as well as an increase in interest expenses due to the continued high interest rate environment.

Interest expense for the second quarter was $8.5 million, compared to $5.4 million for the comparable prior year period. This change reflects the impact of higher average borrowings and increased interest rates compared to the prior year period.

Net income attributable to common stockholders for the second quarter totaled $11.8 million, or $0.18 per diluted share, compared to $2.2 million, or $0.03 per diluted share, in the comparable prior year period.

The Company reported FFO of $14.7 million, or $0.21 per share and unit, and AFFO of $15.9 million, or $0.23 per share and unit, for the second quarter of 2023, compared to FFO of $16.4 million, or $0.24 per share and unit, and AFFO of $17.6 million, or $0.25 per share and unit, in the comparable prior year period.

Investment Activity

During the second quarter of 2023, the Company completed the acquisition of two medical office buildings in Redding, California for an aggregate purchase price of $6.7 million, encompassing an aggregate 18,698 leasable square feet. The Company also sold a portfolio of four medical office buildings located in Oklahoma City, Oklahoma, receiving gross proceeds of $66.0 million, resulting in a gain of $12.8 million.

In August 2023, the Company completed the sale of a medical office building located in North Charleston, South Carolina, at a cap rate of 5.3%, receiving gross proceeds of $10.1 million. This property had a net book value of approximately $7.2 million at the time of sale.

Portfolio Update

As of June 30, 2023, the Company’s portfolio was 97.0% occupied and comprised of 4.8 million leasable square feet with an annualized base rent of $111.3 million. As of June 30, 2023, the weighted average lease term for the Company’s portfolio was 5.8 years with weighted average annual rental escalations of 2.1%, and the Company’s portfolio rent coverage ratio was 4.3 times.

Balance Sheet and Capital

At June 30, 2023, total debt outstanding, including outstanding borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was $625.1 million and the Company’s leverage was 44.5%. As of June 30, 2023, the Company’s debt carried a weighted average interest rate of 4.09% and a weighted average remaining term of 3.4 years.

As of August 2, 2023, the Company’s borrowing capacity under the credit facility was $321 million.

The Company did not issue any shares of common stock under its ATM program during the second quarter of 2023 or from July 1, 2023 through August 2, 2023.

Dividends

On June 9, 2023, the Board of Directors (the “Board”) declared a $0.21 per share cash dividend to common stockholders and unitholders of record as of June 23, 2023, which was paid on July 11, 2023, representing the Company’s second quarter 2023 dividend payment. The Board also declared a $0.46875 per share cash dividend to holders of record as of July 15, 2023 of the Company’s Series A Preferred Stock, which was paid on July 31, 2023. This dividend represented the Company’s quarterly dividend on its Series A Preferred Stock for the period from April 30, 2023 through July 30, 2023.

SUPPLEMENTAL INFORMATION

Details regarding these results can be found in the Company’s supplemental financial package available on the Investor Relations section of the Company’s website at http://investors.globalmedicalreit.com/.

CONFERENCE CALL AND WEBCAST INFORMATION

The Company will host a live webcast and conference call on Thursday, August 3, 2023 at 9:00 a.m. Eastern Time. The webcast is located on the “Investor Relations” section of the Company’s website at http://investors.globalmedicalreit.com/.

To Participate via Telephone:

Dial in at least five minutes prior to start time and reference Global Medical REIT Inc.
Domestic: 1-877-704-4453
International: 1-201-389-0920

Replay:

An audio replay of the conference call will be posted on the Company’s website.

NON-GAAP FINANCIAL MEASURES

General

Management considers certain non-GAAP financial measures to be useful supplemental measures of the Company's operating performance. For the Company, non-GAAP measures consist of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre” and “Adjusted EBITDAre”), FFO and AFFO. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non-GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non-GAAP financial measures.

The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs. Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented elsewhere herein.

FFO and AFFO

FFO and AFFO are non-GAAP financial measures within the meaning of the rules of the United States Securities and Exchange Commission (“SEC”). The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures. Because FFO excludes real estate-related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.

AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include: (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock-based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, (g) recurring lease commissions, and (h) other items.

Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis.

EBITDAre and Adjusted EBITDAre

We calculate EBITDAre in accordance with standards established by NAREIT and define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, and impairment loss, as applicable.

We define Adjusted EBITDAre as EBITDAre plus non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, preacquisition expense and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.

RENT COVERAGE RATIO

For purposes of calculating our portfolio weighted-average EBITDARM coverage ratio (“Rent Coverage Ratio”), we excluded credit-rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed. These ratios are based on latest available information only. Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete. Certain other tenants (approximately 20% of our portfolio) are excluded from the calculation due to (i) lack of available financial information or (ii) small tenant size. Additionally, included within 20% of non-reporting tenants is Pipeline Healthcare, LLC, which filed for Chapter 11 bankruptcy protection in October of 2022. Additionally, our Rent Coverage Ratio adds back physician distributions and compensation. Management believes all adjustments are reasonable and necessary.

ANNUALIZED BASE RENT

Annualized base rent represents monthly base rent for June 2023, multiplied by 12 (or base rent net of annualized expenses for properties with gross leases). Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future (i) contractual rental rate increases, (ii) leasing activity or (iii) lease expirations. Additionally, leases that are accounted for on a cash-collected basis are not included in annualized base rent.

CAPITALIZATION RATE

The capitalization rate (“cap rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price. For the portfolio capitalization rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price.

FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our liquidity, our tenants’ ability to pay rent to us, expected financial performance (including future cash flows associated with new tenants or the expansion of current properties), future dividends or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations and future portfolio occupancy rates, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom, and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and in our other filings with the SEC. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement.

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

 

 

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

 

 

Global Medical REIT Inc.

Reconciliation of Net Income to FFO and AFFO

(unaudited, and in thousands, except per share and unit amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

Net income

 

$

14,177

 

 

$

3,834

 

 

$

16,350

 

 

$

8,119

 

 

Less: Preferred stock dividends

 

 

(1,455

)

 

 

(1,455

)

 

 

(2,911

)

 

 

(2,911

)

 

Depreciation and amortization expense

 

 

14,774

 

 

 

14,008

 

 

 

29,635

 

 

 

27,160

 

 

Gain on sale of investment properties

 

 

(12,786

)

 

 

 

 

 

(13,271

)

 

 

 

 

FFO

 

$

14,710

 

 

$

16,387

 

 

$

29,803

 

 

$

32,368

 

 

Amortization of above market leases, net

 

 

287

 

 

 

315

 

 

 

578

 

 

 

514

 

 

Straight line deferred rental revenue

 

 

(879

)

 

 

(1,032

)

 

 

(1,642

)

 

 

(2,227

)

 

Stock-based compensation expense

 

 

1,147

 

 

 

1,289

 

 

 

1,835

 

 

 

2,576

 

 

Amortization of debt issuance costs and other

 

 

601

 

 

 

514

 

 

 

1,202

 

 

 

1,029

 

 

Preacquisition expense

 

 

2

 

 

 

90

 

 

 

44

 

 

 

130

 

 

AFFO

 

$

15,868

 

 

$

17,563

 

 

$

31,820

 

 

$

34,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

0.18

 

 

$

0.03

 

 

$

0.19

 

 

$

0.07

 

 

FFO per share and unit

 

$

0.21

 

 

$

0.24

 

 

$

0.43

 

 

$

0.47

 

 

AFFO per share and unit

 

$

0.23

 

 

$

0.25

 

 

$

0.45

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares and Units Outstanding – basic and diluted

 

 

70,434

 

 

 

69,698

 

 

 

70,119

 

 

 

69,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares and Units Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares

 

 

65,544

 

 

 

65,507

 

 

 

65,534

 

 

 

65,405

 

 

Weighted Average OP Units

 

 

2,134

 

 

 

1,668

 

 

 

1,907

 

 

 

1,670

 

 

Weighted Average LTIP Units

 

 

2,747

 

 

 

2,523

 

 

 

2,678

 

 

 

2,410

 

 

Weighted Average Shares and Units Outstanding – basic and diluted

 

 

70,434

 

 

 

69,698

 

 

 

70,119

 

 

 

69,485

 

 

Global Medical REIT Inc.

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

(unaudited, and in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2023

 

2023

 

2023

 

2022

 

 

 

 

Net income

$

14,177

 

 

$

3,834

 

$

16,350

 

 

$

8,119

 

Interest expense

 

8,468

 

 

 

5,401

 

 

16,739

 

 

 

10,202

 

Depreciation and amortization expense

 

14,805

 

 

 

14,036

 

 

29,694

 

 

 

27,215

 

Gain on sale of investment properties

 

(12,786

)

 

 

 

 

(13,271

)

 

 

 

EBITDAre

$

24,664

 

 

$

23,271

 

$

49,512

 

 

$

45,536

 

Stock-based compensation expense

 

1,147

 

 

 

1,289

 

 

1,835

 

 

 

2,576

 

Amortization of above market leases, net

 

287

 

 

 

315

 

 

578

 

 

 

514

 

Preacquisition expense

 

2

 

 

 

90

 

 

44

 

 

 

130

 

Adjusted EBITDAre

$

26,100

 

 

$

24,965

 

$

51,969

 

 

$

48,756

 

 

Investor Relations Contact:

Stephen Swett

stephen.swett@icrinc.com

203.682.8377

Source: Global Medical REIT Inc.

FAQ

What did Global Medical REIT Inc. (GMRE) announce?

GMRE announced the completion of the sale of a four-property medical office building portfolio in Oklahoma City, Oklahoma.

How much were the gross proceeds from the sale?

The sale resulted in gross proceeds of $66 million.

What was the gain from the sale?

The sale resulted in a gain of $12.8 million.

What did GMRE use the net proceeds for?

GMRE used the net proceeds to pay down the balance of its variable rate debt.

What was GMRE's leased occupancy at the end of the second quarter?

GMRE's portfolio maintained a leased occupancy of 97%.

What were GMRE's financial results for the second quarter?

In the second quarter, GMRE reported net income attributable to common stockholders of $11.8 million, FFO of $14.7 million, and AFFO of $15.9 million.

How much did total revenue increase year-over-year?

Total revenue increased 7.9% year-over-year to $36.4 million.

Global Medical REIT Inc.

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