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 2020-06-30 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 2020-09-02 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2020-09-01 Regulation FD, Exhibits
8-K 2020-08-17 Enter Agreement, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-24 Off-BS Arrangement, Officers, Regulation FD, Exhibits
8-K 2020-07-09 Enter Agreement, M&A, Officers, Regulation FD, Exhibits
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-10.1 gmre-20200630xex10d1.htm
EX-31.1 gmre-20200630xex31d1.htm
EX-31.2 gmre-20200630xex31d2.htm
EX-32.1 gmre-20200630xex32d1.htm

Global Medical REIT Earnings 2020-06-30

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 June 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 equity, as of the latest practicable date.

The number of shares of the registrant’s common stock outstanding at August 3, 2020 was 46,251,935.

Table of Contents

TABLE OF CONTENTS

PART I   FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

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

3

Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30,2020 and 2019

4

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

5

Condensed Consolidated Statements of Equity – Three and Six Months Ended June 30,2020 and 2019

6

Condensed Consolidated Statements of Cash Flows – Six Months Ended June 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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

48

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

Signatures

53

-2-

Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Balance Sheets

(unaudited and in thousands, except par values)

As of

    

June 30, 2020

    

December 31, 2019

Assets

Investment in real estate:

Land

$

104,316

$

95,381

Building

 

755,807

 

693,533

Site improvements

 

11,593

 

9,912

Tenant improvements

 

41,891

 

33,909

Acquired lease intangible assets

 

83,269

 

72,794

 

996,876

 

905,529

Less: accumulated depreciation and amortization

 

(73,979)

 

(56,503)

Investment in real estate, net

 

922,897

 

849,026

Cash and cash equivalents

 

8,392

 

2,765

Restricted cash

 

4,945

 

4,420

Tenant receivables

 

5,888

 

4,957

Due from related parties

124

50

Escrow deposits

 

3,301

 

3,417

Deferred assets

 

17,433

 

14,512

Derivative asset

-

2,194

Other assets

 

3,587

 

3,593

Total assets

$

966,567

$

884,934

Liabilities and Equity

Liabilities:

Credit Facility, net of unamortized debt issuance costs of $3,350 and $3,832 at June 30,2020 and December 31, 2019, respectively

$

415,850

$

347,518

Notes payable, net of unamortized debt issuance costs of $668 and $667 at June 30,2020 and December 31, 2019, respectively

 

50,610

 

38,650

Accounts payable and accrued expenses

 

8,836

 

5,069

Dividends payable

 

11,281

 

11,091

Security deposits and other

 

5,814

 

6,351

Due to related party

 

1,957

 

1,648

Derivative liability

 

21,495

 

8,685

Other liability

 

2,417

 

2,405

Acquired lease intangible liability, net

 

5,598

 

3,164

Total liabilities

 

523,858

 

424,581

Commitments and Contingencies

Equity:

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

 

74,959

 

74,959

Common stock, $0.001 par value, 500,000 shares authorized; 46,252 shares and 43,806 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

46

 

44

Additional paid-in capital

 

462,607

 

433,330

Accumulated deficit

 

(88,037)

 

(71,389)

Accumulated other comprehensive loss

 

(21,654)

 

(6,674)

Total Global Medical REIT Inc. stockholders’ equity

 

427,921

 

430,270

Noncontrolling interest

 

14,788

 

30,083

Total equity

 

442,709

 

460,353

Total liabilities and equity

$

966,567

$

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 June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

Revenue

Rental revenue

$

22,036

$

16,835

$

43,569

$

31,976

Other income

 

19

 

45

 

135

 

104

Total revenue

 

22,055

 

16,880

 

43,704

 

32,080

Expenses

General and administrative

 

1,643

 

1,640

 

3,482

 

3,246

Operating expenses

 

2,336

 

1,143

 

4,639

 

2,466

Management fees – related party

 

2,021

 

1,584

 

4,024

 

2,918

Depreciation expense

 

6,593

 

4,608

 

12,429

 

8,475

Amortization expense

 

2,348

 

1,255

 

4,269

 

2,257

Interest expense

 

4,375

 

4,132

 

8,752

 

8,157

Management internalization expense

920

1,424

Preacquisition expense

 

147

 

56

 

196

 

56

Total expenses

 

20,383

 

14,418

 

39,215

 

27,575

Net income

$

1,672

$

2,462

$

4,489

$

4,505

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(2,911)

 

(2,911)

Less: Net income attributable to noncontrolling interest

 

(13)

 

(103)

 

(120)

 

(162)

Net income attributable to common stockholders

$

204

$

904

$

1,458

$

1,432

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

$

0.00

$

0.03

$

0.03

$

0.05

Weighted average shares outstanding – basic and diluted

 

45,404

 

34,559

 

44,793

 

30,990

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

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Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited and in thousands)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

Net income

$

1,672

$

2,462

$

4,489

$

4,505

Other comprehensive loss:

Decrease in fair value of interest rate swap agreements

 

(1,022)

 

(3,550)

 

(14,980)

 

(5,572)

Total other comprehensive loss

 

(1,022)

 

(3,550)

 

(14,980)

 

(5,572)

Comprehensive income (loss)

 

650

 

(1,088)

 

(10,491)

 

(1,067)

Less: Preferred stock dividends

 

(1,455)

 

(1,455)

 

(2,911)

 

(2,911)

Less: Comprehensive loss attributable to noncontrolling interest

 

50

 

260

 

928

 

402

Comprehensive loss attributable to common stockholders

$

(755)

$

(2,283)

$

(12,474)

$

(3,576)

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

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Table of Contents

GLOBAL MEDICAL REIT INC.

Condensed Consolidated Statements of Equity

(unaudited and in thousands)

For the Six Months Ended June 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 income

 

 

 

 

 

 

4,369

 

 

4,369

 

120

 

4,489

Issuance of shares of common stock, net

 

1,239

 

1

 

 

 

13,803

13,804

 

 

13,804

LTIP Units and OP Units redeemed for common stock

 

1,207

 

1

 

 

 

15,474

 

 

 

15,475

 

(15,475)

 

Change in fair value of interest rate swap agreements

 

 

 

 

 

 

 

(14,980)

 

(14,980)

 

 

(14,980)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

1,819

 

1,819

Dividends to common stockholders ($0.40 per share)

 

 

 

 

 

 

(18,106)

 

 

(18,106)

 

 

(18,106)

Dividends to preferred stockholders ($0.9375 per share)

 

 

 

 

 

 

(2,911)

 

 

(2,911)

 

 

(2,911)

Dividends to noncontrolling interest

 

 

 

 

 

 

 

 

 

(1,759)

 

(1,759)

Balances, June 30, 2020

 

46,252

$

46

 

3,105

$

74,959

$

462,607

$

(88,037)

$

(21,654)

$

427,921

$

14,788

$

442,709

For the Three Months Ended June 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, March 31, 2020

 

44,278

$

44

 

3,105

$

74,959

$

440,220

$

(78,990)

$

(20,632)

$

415,601

$

23,189

$

438,790

Net income

 

 

 

 

 

 

1,659

 

 

1,659

 

13

 

1,672

Issuance of shares of common stock, net

1,239

1

13,803