Company Quick10K Filing
Global Medical REIT
Price11.39 EPS0
Shares36 P/E25
MCap413 P/FCF15
Net Debt34 EBIT29
TEV447 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-09
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-11
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-27
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-21
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-Q 2014-11-30 Filed 2015-02-13
10-K 2014-08-31 Filed 2014-12-16
10-Q 2014-05-31 Filed 2014-07-22
10-Q 2014-02-28 Filed 2014-04-22
10-Q 2013-11-30 Filed 2014-01-14
10-K 2013-08-31 Filed 2013-11-29
10-Q 2013-02-28 Filed 2013-04-18
10-Q 2012-11-30 Filed 2013-01-16
10-K 2012-08-31 Filed 2012-11-29
10-Q 2012-05-31 Filed 2012-07-19
10-Q 2012-02-29 Filed 2012-04-16
8-K 2021-01-08
8-K 2020-11-12
8-K 2020-11-04
8-K 2020-09-02
8-K 2020-09-01
8-K 2020-08-17
8-K 2020-08-05
8-K 2020-07-24
8-K 2020-07-09
8-K 2020-06-11
8-K 2020-06-02
8-K 2020-05-06
8-K 2020-04-09
8-K 2020-03-17
8-K 2020-03-03
8-K 2020-03-03
8-K 2020-01-17
8-K 2019-12-11
8-K 2019-12-10
8-K 2019-11-12
8-K 2019-11-06
8-K 2019-09-30
8-K 2019-09-27
8-K 2019-08-13
8-K 2019-08-07
8-K 2019-06-21
8-K 2019-05-29
8-K 2019-05-08
8-K 2019-04-15
8-K 2019-04-08
8-K 2019-03-14
8-K 2019-03-12
8-K 2019-03-05
8-K 2018-12-13
8-K 2018-12-12
8-K 2018-11-07
8-K 2018-11-05
8-K 2018-09-09
8-K 2018-08-17
8-K 2018-08-07
8-K 2018-07-02
8-K 2018-06-26
8-K 2018-06-14
8-K 2018-05-30
8-K 2018-05-08
8-K 2018-04-19
8-K 2018-04-09
8-K 2018-03-05
8-K 2018-01-31

GMRE 10Q Quarterly Report

Part I Financial Information
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Property Portfolio
Note 4 - Credit Facility, Notes Payable and Derivative Instruments
Note 5 - Equity
Note 6 - Related Party Transactions
Note 7 - Stock - Based Compensation
Note 8 - Leases
Note 9 - Rent Concentration
Note 10 - Commitments and Contingencies
Note 11 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.7 gmre-20200930xex10d7.htm
EX-10.8 gmre-20200930xex10d8.htm
EX-31.1 gmre-20200930xex31d1.htm
EX-31.2 gmre-20200930xex31d2.htm
EX-32.1 gmre-20200930xex32d1.htm

Global Medical REIT Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
81565148832516202012201420172020
Assets, Equity
20151061-22014201620182020
Rev, G Profit, Net Income
1157025-20-65-1102012201420172020
Ops, Inv, Fin

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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, 2020

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:

    

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 

Accelerated filer

þ

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, 2020 was 48,188,327.

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – September 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2020 and 2019

4

Condensed Consolidated Statements of Comprehensive (Loss) Income – Three and Nine Months Ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2020 and 2019

8

Notes to the Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3.

Defaults Upon Senior Securities

55

Item 4.

Mine Safety Disclosures

55

Item 5.

Other Information

55

Item 6.

Exhibits

56

Signatures

58

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

September 30, 2020

    

December 31, 2019

    

Assets

Investment in real estate:

Land

$

116,123

$

95,381

Building

 

793,559

 

693,533

Site improvements

 

13,268

 

9,912

Tenant improvements

 

46,965

 

33,909

Acquired lease intangible assets

 

91,465

 

72,794

 

1,061,380

 

905,529

Less: accumulated depreciation and amortization

 

(83,893)

 

(56,503)

Investment in real estate, net

 

977,487

 

849,026

Cash and cash equivalents

 

2,052

 

2,765

Restricted cash

 

5,210

 

4,420

Tenant receivables

 

6,702

 

4,957

Due from related parties

121

50

Escrow deposits

 

3,792

 

3,417

Deferred assets

 

18,928

 

14,512

Derivative asset

2,194

Goodwill

5,903

Other assets

 

5,356

 

3,593

Total assets

$

1,025,551

$

884,934

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $3,875 and $3,832 at September 30, 2020 and December 31, 2019, respectively

$

454,325

$

347,518

Notes payable, net of unamortized debt issuance costs of $898 and $667 at September 30, 2020 and December 31, 2019, respectively

 

65,060

 

38,650

Accounts payable and accrued expenses

 

8,329

 

5,069

Dividends payable

 

11,843

 

11,091

Security deposits and other

 

5,571

 

6,351

Due to related party

 

 

1,648

Derivative liability

 

19,505

 

8,685

Other liability

 

3,090

 

2,405

Acquired lease intangible liability, net

 

8,621

 

3,164

Total liabilities

 

576,344

 

424,581

Commitments and Contingencies

Equity:

Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at September 30, 2020 and December 31, 2019, respectively (liquidation preference of $77,625 at September 30, 2020 and December 31, 2019, respectively)

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 48,188 shares and 43,806 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

48

 

44

Additional paid-in capital

 

487,114

 

433,330

Accumulated deficit

 

(107,943)

 

(71,389)

Accumulated other comprehensive loss

 

(19,651)

 

(6,674)

Total Global Medical REIT Inc. stockholders' equity

 

434,527

 

430,270

Noncontrolling interest

 

14,680

 

30,083

Total equity

 

449,207

 

460,353

Total liabilities and equity

$

1,025,551

$

884,934

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, 

    

2020

    

2019

    

2020

    

2019

    

Revenue

Rental revenue

$

25,055

$

18,117

$

68,623

$

50,093

Other income

 

42

 

78

 

178

 

182

Total revenue

 

25,097

 

18,195

 

68,801

 

50,275

Expenses

General and administrative

 

4,027

 

1,681

 

7,509

 

4,928

Operating expenses

 

3,619

 

1,362

 

8,256

 

3,826

Management fees – related party

 

 

1,621

 

4,024

 

4,539

Depreciation expense

 

6,954

 

5,006

 

19,383

 

13,481

Amortization expense

 

2,563

 

1,500

 

6,832

 

3,757

Interest expense

 

4,864

 

4,549

 

13,616

 

12,707

Management internalization expense

12,580

14,005

Preacquisition expense

 

70

 

168

 

267

 

224

Total expenses

 

34,677

 

15,887

 

73,892

 

43,462

Net (loss) income

$

(9,580)

$

2,308

$

(5,091)

$

6,813

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

 

(4,366)

Less: Net loss (income) attributable to noncontrolling interest

 

767

 

(83)

 

647

 

(246)

Net (loss) income attributable to common stockholders

$

(10,268)

$

770

$

(8,810)

$

2,201

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

$

(0.22)

$

0.02

$

(0.19)

$

0.07

Weighted average shares outstanding – basic and diluted

 

46,908

 

35,512

 

45,503

 

32,514

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, 

    

2020

    

2019

    

2020

    

2019

    

Net (loss) income

$

(9,580)

$

2,308

$

(5,091)

$

6,813

Other comprehensive income (loss):

Increase (decrease) in fair value of interest rate swap agreements

 

2,003

 

(1,303)

 

(12,977)

 

(6,875)

Total other comprehensive income (loss)

 

2,003

 

(1,303)

 

(12,977)

 

(6,875)

Comprehensive (loss) income

 

(7,577)

 

1,005

 

(18,068)

 

(62)

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(4,366)

 

(4,366)

Less: Comprehensive loss attributable to noncontrolling interest

 

628

 

44

 

1,555

 

442

Comprehensive loss attributable to common stockholders

$

(8,404)

$

(406)

$

(20,879)

$

(3,986)

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)

For the Nine Months Ended September 30, 2020:

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, 2019

 

43,806

$

44

 

3,105

$

74,959

$

433,330

$

(71,389)

$

(6,674)

$

430,270

$

30,083

$

460,353

Net loss

 

 

 

 

 

 

(4,444)

 

 

(4,444)

 

(647)

 

(5,091)

Issuance of shares of common stock, net

 

3,169

 

3

 

 

 

38,234

38,237

 

 

38,237

LTIP Units and OP Units redeemed for common stock

 

1,213

 

1

 

 

 

15,550

 

 

 

15,551

 

(15,551)

 

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

(12,977)

 

(12,977)

 

 

(12,977)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,391

 

3,391

Dividends to common stockholders ($0.60 per share)

 

 

 

 

 

 

(27,744)

 

 

(27,744)

 

 

(27,744)

Dividends to preferred stockholders ($1.40625 per share)

 

 

 

 

 

 

(