Core Viewpoint - Global Medical REIT (GMRE) is experiencing a potential recovery after a significant decline in stock value, with analysts beginning to show bullish sentiment and technical indicators suggesting a bottom may have formed [2][3][12] Company Overview - Global Medical REIT focuses on healthcare properties, including medical office buildings, outpatient facilities, and specialty care centers, supported by long-term leases and stable tenants [1] - The current stock price is $31.91, with a dividend yield of 9.40% and a P/E ratio of 91.19 [1] Stock Performance - The stock has lost over 60% of its value since December 2021, hitting all-time lows earlier this month [2] - A critical support level has emerged at $30, where buying interest has returned, indicating potential accumulation by larger funds [5][12] Analyst Sentiment - Analysts are turning bullish, with a 12-month price forecast averaging $42.50, indicating a potential upside of 33.17% from the current price [7] - Citizens JMP upgraded GMRE from Market Perform to Outperform, setting a new price target of $40, while Zacks Research upgraded it to Strong Buy [8][9] Market Environment - The broader REIT environment is improving, with expectations of interest rate cuts benefiting yield-sensitive stocks like GMRE [9] - The company has announced a $50 million share repurchase program, which adds support to the stock [9] Investment Considerations - The current dividend yield of 9.31% is attractive for income-focused investors, even if recovery takes time [10] - Despite the positive indicators, the company remains sensitive to interest rate movements and investor skepticism persists [11]

Global Medical REIT (NYSE:GMRE) stock was upgraded at Citizens, citing that the company is in the early stages of a positive transformation. Shares were +0.69% Monday pre-market to $31.01. "Over the last six months, GMRE has announced a number of changes ...

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from a personal blog to a value investing-oriented YouTube channel, emphasizing research on hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being knowledgeable in consumer discretionary, staples, REITs, and utilities [1]

Global Medical REIT (NYSE: GMRE ) faces heavy near-term refinancing liabilities that will place pressure on its funds from operations ("FFO") and could work to dampen its dividend coverage. This renders a position in the common shares asThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-divide ...

Group 1 - Global Medical REIT (NYSE: GMRE) is facing significant near-term refinancing liabilities that may pressure its funds from operations (FFO) and potentially dampen its dividend coverage [1] - The equity market serves as a powerful mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - The market has seen significant price movements among key players, with Boxlight Corporation, AgriFORCE Growing Systems Ltd., Better Home & Finance Holding Company, and Qualigen Therapeutics, Inc. leading with substantial gains, highlighting the dynamic nature of the market driven by strategic initiatives and innovative solutions [1][5] Boxlight Corporation (BOXL) - Boxlight Corporation's stock price increased to $5.24, representing a 235.90% rise, driven by its innovative educational technology solutions and strategic partnerships [2][6] - The company has started shipping its Clevertouch Pro Series interactive displays across North America, enhancing its market presence in the education sector [2] - Boxlight has a market capitalization of approximately $4.14 million, positioning it for further expansion in the global education market [2] AgriFORCE Growing Systems Ltd. (AGRI) - AgriFORCE's stock price rose to $5.51, marking a 128.63% increase, fueled by its focus on developing plant-based ingredients and products [3][6] - The company aims to become the first publicly-traded entity focused on Avalanche on NASDAQ, with a capital raise strategy of $550 million [3] - AgriFORCE has a market cap of over $3.14 million, indicating potential for growth in the agriculture technology sector [3] Qualigen Therapeutics, Inc. (QLGN) - Qualigen's stock price increased to $5.68, reflecting a 100.03% gain, supported by its innovative healthcare solutions [4] - The company received a strategic investment of $41 million from Faraday Future, which is part of its focus on crypto business and growth engines [4] - Qualigen has a market capitalization of around $4.8 million, bolstered by its cutting-edge research and development in biotechnology [4]

Core Viewpoint - Global Medical REIT Inc. has completed a one-for-five reverse stock split of its common stock, effective at 5:00 p.m. Eastern Time today [1] Company Summary - The reverse stock split involved consolidating every five issued and outstanding shares of common stock into one share [1]

Group 1 - The investment approach has received over 500 five-star reviews, indicating high satisfaction among members who are experiencing benefits [1] - The company invests significant resources, over $100,000 annually and thousands of hours, into researching profitable real estate investment opportunities [1] - REIT share prices (VNQ) have been on a steady decline for the past three years due to rising interest rates, leading to some of the highest yields seen in many years [1] Group 2 - Jussi Askola leads the High Yield Landlord investing group, providing real-time updates on his REIT portfolio and transactions [2] - The group offers features such as three distinct portfolios (core, retirement, international), buy/sell alerts, and direct access to analysts for inquiries [2] - Jussi Askola is the President of Leonberg Capital, a value-oriented investment firm that consults various investment entities on REIT investing [2]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements for Global Medical REIT Inc. as of June 30, 2025, including balance sheets, statements of operations, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.30 billion** by June 30, 2025, while total liabilities rose to **$771.9 million**, leading to a decrease in total equity from **$555.9 million** to **$525.0 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investment in real estate, net | $1,204,159 | $1,161,995 | | Total assets | $1,296,959 | $1,256,486 | | Credit Facility, net | $698,832 | $631,732 | | Total liabilities | $771,938 | $700,570 | | Total equity | $525,021 | $555,916 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income significantly improved to **$0.59 million** in Q2 2025 from a **$1.95 million** loss in Q2 2024, driven by property sales gains, with total revenue increasing for both three and six-month periods Statement of Operations Summary (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $37,969 | $34,241 | $72,587 | $69,360 | | Total Expenses | $37,541 | $32,810 | $69,739 | $65,615 | | Gain (loss) on sale of properties | $207 | $(3,383) | $1,565 | $(3,383) | | Net Income (Loss) | $585 | $(1,952) | $4,322 | $362 | | Net (Loss) Income per Share | $(0.01) | $(0.05) | $0.02 | $(0.04) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$34.4 million** for H1 2025, while investing activities used **$66.4 million** and financing activities provided **$32.3 million**, resulting in a net cash increase of **$0.28 million** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $34,411 | $33,221 | | Net cash used in investing activities | $(66,449) | $(931) | | Net cash provided by (used in) financing activities | $32,322 | $(31,196) | | **Net increase in cash** | **$284** | **$1,094** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes disclose accounting policies, property portfolio changes, debt structure, and equity, highlighting a five-property acquisition, three dispositions, a **$900 million** credit facility, and interest rate swaps - During H1 2025, the company acquired a five-property medical real estate portfolio and completed three property dispositions, resulting in a net gain of **$1.6 million**[50](index=50&type=chunk)[52](index=52&type=chunk) - The company has a **$900 million** unsecured syndicated credit facility, with **$702.6 million** outstanding as of June 30, 2025, and is actively discussing refinancing Term Loan A, maturing May 2026[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) - Nine interest rate swaps with a combined notional value of **$500 million** hedge interest rate risk on term loans, fixing the SOFR component at **1.36%** for Term Loan A and **2.54%** for Term Loan B[73](index=73&type=chunk) - For H1 2025, total dividends paid were **$30.5 million** on common stock, LTIP Units, and OP Units, and **$2.9 million** on Series A Preferred Stock[80](index=80&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting revenue growth from acquisitions offset by dispositions, the impact of interest rates and wage inflation, a **$69.6 million** five-property acquisition, **$9.6 million** in dispositions, and a dividend reduction to **$0.15** per share, with non-GAAP reconciliations [Executive Summary](index=47&type=section&id=Executive%20Summary) Rental revenue increased YoY due to acquisitions, with AFFO per share at **$0.23** for Q2 2025, while the Board reduced the quarterly common stock dividend to **$0.15** per share, and the real estate portfolio reached **$1.5 billion** in gross investment value Key Performance Metrics | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Rental Revenue | $37,880 | $34,214 | $72,475 | $69,283 | | Net (Loss) Income per Share | $(0.01) | $(0.05) | $0.02 | $(0.04) | | FFO per Share/Unit | $0.20 | $0.20 | $0.40 | $0.41 | | AFFO per Share/Unit | $0.23 | $0.22 | $0.45 | $0.46 | | Dividends per Share | $0.15 | $0.21 | $0.36 | $0.42 | - In H1 2025, the company acquired a five-property portfolio for **$69.6 million** and completed three dispositions for gross proceeds of **$9.6 million**[155](index=155&type=chunk)[156](index=156&type=chunk) - On May 28, 2025, the Board reduced the quarterly common stock dividend to **$0.15** per share from **$0.21** per share[150](index=150&type=chunk) [Consolidated Results of Operations](index=52&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 total revenue increased by **$3.8 million** to **$38.0 million** due to acquisitions, but total expenses rose by **$4.7 million** from G&A, operating, and interest costs, while net income improved significantly due to property sale gains - Q2 2025 revenue increased by **$3.8 million** YoY, primarily from acquisitions completed after June 30, 2024[166](index=166&type=chunk) - Q2 2025 General and administrative expenses increased by **$1.4 million** YoY, mainly due to the former CEO's separation agreement and higher non-cash LTIP compensation[167](index=167&type=chunk) - The company recorded a gain on sale of investment properties of **$0.2 million** in Q2 2025, compared to a loss of **$3.4 million** in Q2 2024[174](index=174&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The company's short-term liquidity needs include debt service and operating expenses, with active negotiations to refinance its **$350 million** Term Loan A by Q4 2025, supported by a dividend reduction and **$177 million** in unutilized Credit Facility capacity - The company is actively discussing refinancing its **$350 million** Term Loan A, maturing May 2026, with expected completion in Q4 2025[194](index=194&type=chunk) - The quarterly common stock dividend was reduced from **$0.21** to **$0.15** per share to strengthen the balance sheet and improve dividend coverage[195](index=195&type=chunk) - As of August 4, 2025, the company had **$177 million** of unutilized borrowing capacity under its Revolver[203](index=203&type=chunk) [Non-GAAP Financial Measures](index=62&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP metrics like FFO, AFFO, and FAD, reporting Q2 2025 FFO per share at **$0.20** and AFFO per share at **$0.23**, along with EBITDAre and Adjusted EBITDAre for evaluating operating results and debt capacity FFO and AFFO Reconciliation (per share/unit) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net (Loss) Income per Share | $(0.01) | $(0.05) | $0.02 | $(0.04) | | FFO per Share/Unit | $0.20 | $0.20 | $0.40 | $0.41 | | AFFO per Share/Unit | $0.23 | $0.22 | $0.45 | $0.46 | Adjusted EBITDAre (in thousands) | Period | Adjusted EBITDAre | | :--- | :--- | | Q2 2025 | $26,046 | | Q2 2024 | $23,984 | | H1 2025 | $50,247 | | H1 2024 | $48,758 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its variable-rate debt, with a **$202.6 million** unhedged Revolver portion, where a 100 basis point SOFR increase would decrease annual cash flow by **$2.0 million**, mitigated by interest rate swaps - The company's main market risk is interest rate changes on its variable-rate debt[223](index=223&type=chunk) - As of June 30, 2025, the company had **$202.6 million** of unhedged variable-rate debt, where a 100 basis point SOFR increase would decrease annual cash flow by approximately **$2.0 million**[225](index=225&type=chunk) [Item 4. Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[230](index=230&type=chunk) - No material changes were made to internal control over financial reporting during the quarter[232](index=232&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings, nor is it aware of any threatened litigation that would materially adversely affect its financial condition or operations - The company is not presently subject to any material litigation[234](index=234&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) This section supplements prior risk factor disclosures, emphasizing potential adverse effects of global trade disruptions, including U.S. international trade policy changes, tariffs, and retaliatory actions, on the company's performance - A new risk factor highlights that global trade disruption, tariffs, and bilateral trade frictions could adversely affect the company's performance[236](index=236&type=chunk) [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) This section details recent tax law changes from the OBBBA, signed July 4, 2025, affecting REITs by increasing the TRS securities asset test to **25%** and making the **20%** deduction for qualified REIT dividends permanent - The OBBBA, signed July 4, 2025, increased the REIT asset test limitation on TRS securities from **20%** to **25%** of total assets, effective for taxable years after December 31, 2025[240](index=240&type=chunk) - The OBBBA also made the **20%** deduction for qualified REIT dividends permanent for non-corporate taxpayers[240](index=240&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including certifications from the Principal Executive Officer and Principal Financial Officer, and Inline XBRL documents

Financial Data and Key Metrics Changes - The company reported a decrease in occupancy to 94.5% as of June 30, 2025, down from the previous quarter, primarily due to lease expirations and bankruptcies affecting properties [9][10] - The dividend was reduced from $0.21 per share to $0.15 per share, reflecting a rightsizing of the dividend as coverage dropped from 110% to 79% on a Funds Available for Distribution (FAD) basis [14][15] Business Line Data and Key Metrics Changes - The company successfully re-tenanted the Beaumont, Texas facility with Christus Health, which is now fully operational and paying rent [7] - The company completed the acquisition of a five-property portfolio of outpatient medical real estate, bringing total acquisition volume for 2024 and 2025 to approximately $150 million at a blended cash yield of 8.5% [11][12] Market Data and Key Metrics Changes - The company noted a significant increase in portfolio volumes, which averaged $300 million per quarter from 2022 to 2024, spiking to $2.1 billion in 2025 [12] - The market for higher quality assets is trading in the low to mid-six cap rates, with opportunities for higher returns available [26][28] Company Strategy and Development Direction - The company aims to renew portions of its credit facility due in 2026 and diversify its lender relationships to improve access to debt capital [13] - The management is focused on capital recycling, identifying assets for potential sale to enhance cash flows and reduce leverage [15][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving total occupancy over 95% by the end of the year, with expectations for stabilized occupancy at the East Orange property to exceed 90% within 24 to 36 months [10] - The management team emphasized the importance of maintaining a strong balance sheet and the potential for growth through strategic acquisitions and asset management [16][36] Other Important Information - The company is committed to improving transparency and clarity in its disclosures to better communicate with investors [18] - The management is undergoing a strategic review of the portfolio to identify opportunities for improvement and growth [16] Q&A Session Summary Question: What are the immediate strategic priorities for the company? - The CEO highlighted the need to develop a cohesive strategy with the team and board, focusing on refinancing and capital recycling as immediate priorities [21][22] Question: What types of assets are being considered for capital recycling? - The CFO indicated that ideal candidates for sale would be low-yielding assets with long-term leases and high-grade tenants, while also considering assets that may not fit long-term strategies [23][24] Question: What is the target leverage for the company? - The CEO mentioned a target leverage of sub-40% or sub-six times debt, aiming for a balance sheet that allows for growth [36] Question: How is the occupancy expected to trend going forward? - The COO stated that occupancy should remain above 95%, with some episodic downturns expected but overall consistency anticipated [43] Question: What is the expected impact of the Beaumont facility on future earnings? - The CFO noted that the Beaumont asset would contribute modestly to earnings in the third quarter, following its full occupancy starting in mid-May [44] Question: What is the size of dispositions being considered? - The CEO indicated a goal of $50 million to $100 million in dispositions, depending on market conditions and pricing [54]