Global Medical REIT Inc. filed SEC Form 8-K: Other Events
UNITED STATES
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Item 8.01 Other Events.
Third Quarter 2025 Results
On November 4, 2025, Global Medical REIT Inc. (the “Company”) announced net loss attributable to common stockholders for the quarter ended September 30, 2025 of approximately $6.0 million, or approximately $0.45 per diluted share, as compared to net income of approximately $1.8 million, or approximately $0.14 per diluted share, in the comparable prior year period. The Company also reported net loss attributable to common stockholders for the nine month period ended September 30, 2025 of approximately $4.7 million, or approximately $0.35 per diluted share, as compared to net loss attributable to common stockholders of approximately $0.6 million, or approximately $0.04 per diluted share, in the comparable prior year period.
Third quarter 2025 same-store cash net operating income growth was 2.7% on a year-over-year basis, and Net Debt / Annualized Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) was 6.9x for the quarter.
Portfolio Information
As of September 30, 2025, the Company’s portfolio was approximately 95.2% occupied and comprised of approximately 5.2 million leasable square feet with an annualized base rent of approximately $118.4 million. As of September 30, 2025, the Company’s portfolio distribution (based on percentage of cash net operating income) was comprised of approximately 72% outpatient medical buildings, 25% inpatient rehabilitation facilities, hospitals, and long-term acute care hospitals and 3% other medical real estate, including behavioral health, office and retail assets.
As of September 30, 2025, the weighted average lease term for the Company’s portfolio was 5.3 years. The following table contains the lease expiration schedule of the leases in the Company’s portfolio as of September 30, 2025 based on annualized base rent.
| Year | % of Total SF | Leased Sq. Ft. | Annualized Base Rent | % of Portfolio ABR | ABR/Square Foot | ||||||||||||||||
| 2025 | 0.6 | % | 30,350 | $ | 570,170 | 0.5 | % | $ | 18.79 | ||||||||||||
| 2026 | 11.7 | % | 607,385 | $ | 13,177,837 | 11.1 | % | $ | 21.70 | ||||||||||||
| 2027 | 10.6 | % | 547,586 | $ | 12,624,854 | 10.7 | % | $ | 23.06 | ||||||||||||
| 2028 | 5.9 | % | 303,583 | $ | 7,729,712 | 6.5 | % | $ | 25.46 | ||||||||||||
| 2029 | 14.4 | % | 744,300 | $ | 19,102,959 | 16.1 | % | $ | 25.67 | ||||||||||||
| 2030 | 14.2 | % | 736,514 | $ | 15,116,468 | 12.8 | % | $ | 20.52 | ||||||||||||
| 2031 | 11.7 | % | 606,562 | $ | 13,745,155 | 11.6 | % | $ | 22.66 | ||||||||||||
| 2032 | 1.9 | % | 96,744 | $ | 2,160,337 | 1.8 | % | $ | 22.33 | ||||||||||||
| 2033 | 3.3 | % | 172,546 | $ | 5,237,988 | 4.4 | % | $ | 30.36 | ||||||||||||
| 2034 | 5.1 | % | 262,409 | $ | 8,000,790 | 6.8 | % | $ | 30.49 | ||||||||||||
| 2035+ | 15.8 | % | 820,092 | $ | 20,970,481 | 17.7 | % | $ | 25.57 | ||||||||||||
| Total Leased | 95.2 | % | 4,928,071 | $ | 118,436,752 | 100.0 | % | ||||||||||||||
Annualized base rent represents monthly base rent for September 2025 (or, for recent acquisitions, monthly base rent for the month of acquisition), 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 or that are in a free rent period are not included in annualized base rent.
Non-GAAP Supplemental Financial Measures
EBITDAre, Adjusted EBITDAre and Net Debt
The Company calculates EBITDAre in accordance with standards established by NAREIT and defines EBITDAre as net income or loss computed in accordance with generally accepted accounting principles (GAAP) plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, and adjustments for unconsolidated partnerships and joint ventures to reflect EBITDAre on the same basis, as applicable.
The Company defines Adjusted EBITDAre as EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, reverse stock split expense, transaction expense, adjustments related to the Company’s investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and the Company’s current and potential creditors to evaluate and compare the Company’s core operating results and the Company’s ability to service debt.
The Company calculates Net Debt as the principal amount of total debt outstanding, excluding deferred financing costs, net discounts, and debt issuance costs, less cash, cash equivalents, and restricted cash available for future investment. The Company believes excluding cash, cash equivalents, and restricted cash available for future investment from the principal amount of total debt outstanding, all of which could be used to repay debt, provides a useful estimate of the net contractual amount of borrowed capital to be repaid. The Company believes these adjustments are additional beneficial disclosures to investors.
NOI, Cash NOI and Same-Store Cash NOI
The Company considers net operating income, or NOI, to be an appropriate supplemental measure to net income because it helps both investors and management understand the core operations of the Company’s properties. The Company defines NOI as total net (loss) income, plus depreciation and amortization expenses, general and administrative expenses, transaction expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items. Cash NOI and Same Store Cash NOI are key performance indicators. Management considers these to be supplemental measures that allow investors, analysts and Company management to measure unlevered property-level cash operating results. The Company defines Cash NOI as NOI excluding non-cash items such as above and below market lease intangibles and straight-line rent. Cash NOI is historical and not necessarily indicative of future results.
Same Store Cash NOI compares Cash NOI for stabilized properties. Stabilized properties are properties that have been included in operations for the duration of the year-over-year comparison period presented. Accordingly, stabilized properties exclude properties that were recently acquired or disposed of, properties classified as held for sale, properties undergoing redevelopment, and newly redeveloped or developed properties. Same Store Cash NOI also excludes lease terminations fees and joint venture and other income in order to remove non-recurring items and joint venture-related income from the Company’s NOI.
Global Medical REIT Inc.
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
(unaudited, and in thousands)
| Three Months Ended September 30, | ||||||||
| EBITDAre and Adjusted EBITDAre | 2025 | 2024 | ||||||
| Net (loss) income | $ | (5,058 | ) | $ | 3,391 | |||
| Interest expense | 8,175 | 7,236 | ||||||
| Depreciation and amortization expense | 15,008 | 13,642 | ||||||
| Unconsolidated joint venture EBlTDAre adjustments(1) | 112 | — | ||||||
| (Gain) loss on sale of investment properties | (294 | ) | (1,823 | ) | ||||
| Impairment of investment property | 6,281 | — | ||||||
| EBlTDAre | $ | 24,224 | $ | 22,446 | ||||
| Stock-based compensation expense | 1,207 | 1,274 | ||||||
| Amortization of (below) above market leases, net | 113 | 282 | ||||||
| Severance and transition related expense | — | — | ||||||
| Reverse stock split expense | 170 | — | ||||||
| Transaction expense | — | — | ||||||
| Interest rate swap mark-to-market at unconsolidated joint venture | — | — | ||||||
| Adjusted EBlTDAre | $ | 25,714 | $ | 24,002 | ||||
| Debt and Preferred Stock | ||||||||
| Total Gross Debt | $ | 712,853 | $ | 634,324 | ||||
| Less: Cash and cash equivalents (unrestricted) | (7,123 | ) | (5,723 | ) | ||||
| Net Debt | $ | 705,730 | $ | 628,601 | ||||
| Preferred Stock | 74,559 | 74,959 | ||||||
| Net Debt + Preferred Stock | $ | 780,689 | $ | 703,560 | ||||
| Leverage | ||||||||
| Net Debt / Annualized Adjusted EBlTDAre | 6.9x | 6.5x | ||||||
| Net Debt + Preferred / Annualized Adjusted EBlTDAre | 7.6x | 7.3x | ||||||
| (1) | Includes joint venture interest, depreciation and amortization, and gain on sale of investment properties, if applicable, included in joint venture net income or loss. |
Global Medical REIT Inc.
Reconciliation of Net Income to NOI, Cash NOI and Same Store Cash NOI
(unaudited, and in thousands)
| Three Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Net (loss) income | $ | (5,058 | ) | $ | 3,391 | |||
| General and administrative | 4,860 | 4,381 | ||||||
| Depreciation and amortization expense | 15,008 | 13,642 | ||||||
| Interest expense | 8,175 | 7,236 | ||||||
| Gain on sale of investment properties | (294 | ) | (1,823 | ) | ||||
| Impairment of investment property | 6,281 | — | ||||||
| Equity loss from unconsolidated joint venture | 33 | — | ||||||
| NOI | $ | 29,005 | $ | 26,827 | ||||
| Amortization of above market leases, net | 113 | 282 | ||||||
| Straight line deferred rental revenue | (332 | ) | (501 | ) | ||||
| Cash NOI | $ | 28,786 | $ | 26,608 | ||||
| Assets not held for all periods | (3,301 | ) | (1,880 | ) | ||||
| Lease termination fees | (117 | ) | (50 | ) | ||||
| Joint venture and other income | (76 | ) | (39 | ) | ||||
| Same-store cash NOI | $ | 25,292 | $ | 24,639 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Global Medical REIT Inc. | ||
| By: | /s/ Jamie A. Barber | |
| Jamie A. Barber | ||
| Secretary and General Counsel | ||
Date: November 13, 2025