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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, 2022

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.)

 

 

 

 2 Bethesda Metro Center, Suite 440

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 1, 2022 was 65,518,306

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – September 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2022 and 2021

5

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2022 and 2021

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

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-

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

September 30, 2022

    

December 31, 2021

    

Assets

Investment in real estate:

Land

$

168,289

$

152,060

Building

 

1,079,380

 

985,091

Site improvements

 

21,983

 

19,021

Tenant improvements

 

65,004

 

58,900

Acquired lease intangible assets

 

147,836

 

127,931

 

1,482,492

 

1,343,003

Less: accumulated depreciation and amortization

 

(182,255)

 

(143,255)

Investment in real estate, net

 

1,300,237

 

1,199,748

Cash and cash equivalents

 

3,199

 

7,213

Restricted cash

 

10,396

 

5,546

Tenant receivables, net

 

6,382

 

6,070

Due from related parties

337

163

Escrow deposits

 

7,660

 

5,957

Deferred assets

 

28,667

 

25,417

Derivative asset

36,926

1,236

Goodwill

5,903

5,903

Other assets

 

7,042

 

6,232

Total assets

$

1,406,749

$

1,263,485

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $9,802 and $8,033 at September 30, 2022 and December 31, 2021, respectively

$

634,898

$

514,567

Notes payable, net of unamortized debt issuance costs of $491 and $607 at September 30, 2022 and December 31, 2021, respectively

 

57,918

 

57,162

Accounts payable and accrued expenses

 

13,100

 

10,344

Dividends payable

 

15,777

 

15,668

Security deposits

 

5,404

 

4,540

Derivative liability

 

 

7,790

Other liabilities

 

6,848

 

7,709

Acquired lease intangible liability, net

 

8,220

 

8,128

Total liabilities

 

742,165

 

625,908

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2022 and December 31, 2021, respectively (liquidation preference of $77,625 at September 30, 2022 and December 31, 2021, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 65,518 shares and 64,880 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

66

 

65

Additional paid-in capital

 

722,074

 

711,414

Accumulated deficit

 

(185,316)

 

(157,017)

Accumulated other comprehensive income (loss)

 

36,883

 

(6,636)

Total Global Medical REIT Inc. stockholders' equity

 

648,666

 

622,785

Noncontrolling interest

 

15,918

 

14,792

Total equity

 

664,584

 

637,577

Total liabilities and equity

$

1,406,749

$

1,263,485

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

-3-

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, 

    

2022

    

2021

    

2022

    

2021

    

Revenue

Rental revenue

$

35,347

$

29,967

$

100,877

$

85,492

Other income

 

59

 

16

 

100

 

101

Total revenue

 

35,406

 

29,983

 

100,977

 

85,593

Expenses

General and administrative

 

3,961

3,852

12,494

12,519

Operating expenses

 

6,679

3,973

18,050

10,964

Depreciation expense

 

10,128

8,639

29,428

24,779

Amortization expense

 

4,287

3,303

12,202

9,443

Interest expense

 

6,963

4,830

17,166

14,887

Preacquisition expense

 

112

18

242

146

Total expenses

 

32,130

 

24,615

 

89,582

 

72,738

Income before gain on sale of investment property

3,276

5,368

11,395

12,855

Gain on sale of investment property

6,753

6,753

Net income

$

10,029

$

5,368

$

18,148

$

12,855

Less: Preferred stock dividends

 

(1,455)

(1,455)

(4,366)

(4,366)

Less: Net income attributable to noncontrolling interest

 

(517)

(224)

(830)

(492)

Net income attributable to common stockholders

$

8,057

$

3,689

$

12,952

$

7,997

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

$

0.12

$

0.06

$

0.20

$

0.13

Weighted average shares outstanding – basic and diluted

 

65,518

64,204

65,443

59,398

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

-4-

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited and in thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2022

    

2021

    

2022

    

2021

    

Net income

$

10,029

$

5,368

$

18,148

$

12,855

Other comprehensive income:

Increase in fair value of interest rate swap agreements

 

20,356

 

1,838

 

43,519

 

6,273

Total other comprehensive income

 

20,356

 

1,838

 

43,519

 

6,273

Comprehensive income

 

30,385

 

7,206

 

61,667

 

19,128

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

(4,366)

Less: Comprehensive income attributable to noncontrolling interest

 

(1,744)

 

(329)

 

(3,450)

(858)

Comprehensive income attributable to common stockholders

$

27,186

$

5,422

$

53,851

$

13,904

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

-5-

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity

(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

 

 

 

 

 

 

 

 

 

(735)

 

(735)

Balances, September 30, 2022

 

65,518

$

66

 

3,105

$

74,959

$

722,074

$

(185,316)

$

36,883

$

648,666

$

15,918

$

664,584

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

-6-

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, 2021:

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

    

Loss

    

Equity

    

Interest

    

Equity

Balances, December 31, 2020

49,461

$

49

 

3,105

$

74,959

$

504,789

$

(116,773)

$

(18,219)

$

444,805

$

12,955

$

457,760

Net income

 

 

 

 

 

 

12,363

 

 

12,363

 

492

 

12,855

Issuance of shares of common stock, net

14,685

15

194,498

194,513

194,513

LTIP Units and OP Units redeemed for common stock

62

919

919

(919)

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

6,273

 

6,273

 

 

6,273

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

4,568

 

4,568

Dividends to common stockholders ($0.615 per share)

 

 

 

 

 

 

(38,786)

 

 

(38,786)

 

 

(38,786)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(4,366)

 

 

(4,366)

 

 

(4,366)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(2,592)

 

(2,592)

Balances, September 30, 2021

 

64,208

$

64

 

3,105

$

74,959

$

700,206

$

(147,562)

$

(11,946)

$

615,721

$

14,504

$

630,225

For the Three Months Ended September 30, 2021: