Financial Performance - Rental revenue for the three months ended September 30, 2025, was $37,036,000, an increase of 5.4% from $34,175,000 in the same period of 2024[164]. - Net income attributable to common stockholders per share for the three months ended September 30, 2025, was $(0.45), compared to $0.14 in the same period of 2024[164]. - Total revenue for Q3 2025 was $37.2 million, an increase of $2.9 million (8.5%) from $34.3 million in Q3 2024, primarily due to acquisitions[185]. - Net loss for Q3 2025 was $5.1 million, a decrease of $8.5 million from net income of $3.4 million in Q3 2024[197]. - Total revenue for the nine months ended September 30, 2025 was $109.8 million, an increase of $6.2 million (6.0%) from $103.6 million in the same period in 2024[200]. - Funds from Operations (FFO) attributable to common stockholders increased to $14,530 thousand in Q3 2025, up from $13,731 thousand in Q3 2024, representing a growth of 5.8%[248]. - Adjusted EBITDAre for the three months ended September 30, 2025, was $25,714 thousand, compared to $24,002 thousand for the same period in 2024, reflecting a year-over-year increase of 7.1%[251]. Debt and Liquidity - Total debt as of September 30, 2025, was $709,635,000, an increase from $646,131,000 as of December 31, 2024[166]. - The weighted average interest rate on total debt increased to 4.06% as of September 30, 2025, compared to 3.75% as of December 31, 2024[166]. - The company has unutilized borrowing capacity under the revolver component of the Credit Facility of $171 million as of November 3, 2025[174]. - The company entered into an Amended and Restated Credit Facility on October 8, 2025, consisting of a $350 million Term Loan A, a $150 million Term Loan B, and a $400 million Revolver[225]. - The weighted average term of the company's debt, including the drawn Revolver component, was 4.4 years as of the closing of the Amended and Restated Credit Facility[230]. - The company expects to satisfy its liquidity needs through cash flow from operations, debt financing, and sales of additional equity securities[219]. Acquisitions and Investments - The company completed the acquisition of a five-property portfolio for a total purchase price of $69.6 million, with an aggregate of 486,598 leasable square feet and annualized base rent of $6.3 million[168][169]. - The company has an interest in an unconsolidated joint venture that owns two healthcare facilities[151]. - The company’s strategy includes investing in healthcare properties that provide attractive returns relative to the cost of capital[148]. Expenses and Impairments - General and administrative expenses for Q3 2025 were $4.9 million, up $0.5 million (11.4%) from $4.4 million in Q3 2024, mainly due to increased corporate expenses[186]. - Operating expenses for Q3 2025 were $8.2 million, an increase of $0.8 million (10.8%) from $7.4 million in Q3 2024, driven by acquisitions[187]. - Depreciation expense for Q3 2025 was $11.2 million, up $1.2 million (12.0%) from $10.0 million in Q3 2024, reflecting the impact of acquisitions[189]. - Interest expense for Q3 2025 was $8.2 million, an increase of $1.0 million (13.9%) from $7.2 million in Q3 2024, due to higher borrowings and interest rates[191]. - The company recognized an impairment loss of $6.3 million related to its Aurora, Illinois facility during the nine months ended September 30, 2025[171]. - The company reported an impairment of investment property amounting to $6,281 thousand for the three months ended September 30, 2025, with no such impairment recorded in the same period of 2024[248]. Shareholder Returns - The quarterly dividend was reduced from $1.05 per share to $0.75 per share effective May 28, 2025[165]. - The Board reduced the quarterly common stock dividend from $1.05 per share to $0.75 per share on a split-adjusted basis to strengthen the balance sheet and support future growth[216]. - The company entered into a $350 million common stock repurchase program approved in August 2025, with no shares repurchased during the nine months ended September 30, 2025[173]. Market and Economic Conditions - The U.S. Federal Reserve lowered the Federal Funds Rate to a target range of 3.75% to 4.00% in October 2025, with the 10-Year U.S. Treasury yield at 4.15%[158]. - Healthcare wage inflation remains a concern, with increased labor costs due to reliance on higher-cost contract nursing labor[161]. Sustainability and Corporate Governance - The company is committed to sustainability and has a Board committee overseeing its sustainability efforts[152].

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $14.5 million or $1 per share, and adjusted funds from operations (AFFO) of $16.2 million or $1.12 per share, both reflecting a 4% increase on a per-share basis compared to the prior year [10] - Year-to-date funds available for distribution totaled $39.2 million, resulting in a payout ratio of 84% at the current annual dividend rate [10] - The company amended its credit facility to extend the term of its revolver to October 2029 and broke its $350 million term loan A into three tranches with maturities ranging from October 2029 to April 2031 [11][12] Business Line Data and Key Metrics Changes - The portfolio achieved a same-store net operating income (NOI) growth of 2.7%, marking the first quarter reporting on this key metric [5][13] - The GMRE portfolio was 95% leased with an average remaining lease term of over five years, and leases have an embedded annual escalator of 2.1% [9][13] Market Data and Key Metrics Changes - The company is evaluating $11.5 billion in prospective transactions, with a near-term pipeline of almost $500 million in potential deals offering first-year cash returns in the 7.5%-8% range [14][15] - The company disposed of two assets during the quarter, reducing its exposure to dedicated health system administrative space to less than 2% of total annual base rent (ABR) [13] Company Strategy and Development Direction - The management team is focused on driving shareholder value through internal earnings growth, disciplined capital allocation, and external growth opportunities [5] - The company is developing a strategic plan aimed at delivering outsized shareholder returns in the coming years, with a focus on healthcare infrastructure [6][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outpatient medical sector, citing increasing demand for outpatient services and rising construction costs that limit new supply [16] - The management team is prepared to execute on growth opportunities as they arise, emphasizing the need to maintain operational execution to enable external growth [16] Other Important Information - The company has entered into forward-starting interest rate swaps to hedge the SOFR component of its term loan A, resulting in a weighted average effective interest rate of approximately 4.8% [11] - The company is looking to diversify its sources of debt capital to include longer-term debt providers such as insurance companies [12] Q&A Session Summary Question: Can you talk about the pipeline of leases that you have signed but will still need to commence rent over the next few quarters? - Management did not provide an exact ABR number but indicated confidence in consistent portfolio performance [18] Question: What drove the occupancy increase during the quarter? - The increase was primarily driven by the sale of an empty facility in Aurora [23] Question: How low do you think leverage would have to get for you to look to flip to being a net acquirer? - Management indicated a target leverage of sub-six times to consider being a net acquirer, with potential for $200 million-$500 million of external growth per year [25] Question: Can you help us understand the quantum of assets you're considering selling? - Management suggested a near-term disposition pipeline of $50-$100 million, depending on market conditions [30] Question: How are you thinking about utilizing the buyback, paying down debt, or buying assets? - Management sees the stock as attractive and is considering a mix of deleveraging, stock buybacks, and asset acquisitions [56]

St. Joseph's Medical Plaza – Tucson, AZ THIRD QUARTER 2025 EARNINGS SUPPLEMENTAL www.globalmedicalreit.com NYSE: GMRE TABLE OF CONTENTS Legent Hospital for Special Surgery – Plano, TX | Company Overview | 3 | | --- | --- | | Select Quarterly Financial Data | 6 | | Business Summary | 7 | | Acquisitions / Dispositions | 8 | | Portfolio Summary | 9 | | Key Tenants | 11 | | Debt and Hedging Summary | 12 | | Total Capitalization and Equity | 14 | | Summary | | | Condensed Consolidated | 15 | | Statements of Oper ...

Financial Performance - Net loss attributable to common stockholders for Q3 2025 was $6.0 million, or $0.45 per diluted share, compared to net income of $1.8 million, or $0.14 per diluted share in the prior year[3] - Funds from operations (FFO) for Q3 2025 increased to $14.5 million, or $1.00 per share, representing a 4% year-over-year increase[3] - Adjusted funds from operations (AFFO) for Q3 2025 increased to $16.2 million, or $1.12 per share, also a 4% year-over-year increase[3] - Total revenue for the three months ended September 30, 2025, was $37,229, an increase of 5.6% from $34,264 in the same period of 2024[49] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $(6,001), compared to a net income of $1,791 in the same period of 2024[51] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $14,530, up from $13,731 in the same period of 2024, representing a 5.8% increase[51] - Adjusted EBITDAre for the three months ended September 30, 2025, was $25,714, compared to $24,002 in the same period of 2024, reflecting a 7.1% increase[53] - Net Operating Income (NOI) for the three months ended September 30, 2025, was $29,005, an increase from $26,827 in the same period of 2024, indicating an 8.1% growth[55] - Cash NOI for the three months ended September 30, 2025, was $28,786, compared to $26,608 in the same period of 2024, marking an 8.2% increase[55] - Same-store cash NOI for the three months ended September 30, 2025, was $25,292, up from $24,639 in the same period of 2024, reflecting a 2.7% increase[55] Revenue and Expenses - Rental revenue for Q3 2025 increased by 8.4% year-over-year to $37.0 million, driven by acquisitions completed after September 30, 2024[5] - Total expenses for Q3 2025 were $36.3 million, up from $32.7 million in the prior year, reflecting increased G&A costs and interest expenses[6] - Interest expense for the three months ended September 30, 2025, was $8,175, an increase from $7,236 in the same period of 2024[53] - The company reported a depreciation and amortization expense of $15,008 for the three months ended September 30, 2025, compared to $13,642 in the same period of 2024[53] Assets and Liabilities - The total assets of Global Medical REIT Inc. as of September 30, 2025, amounted to $1,273,238,000, an increase from $1,256,486,000 as of December 31, 2024[47] - The total liabilities increased to $767,410,000 as of September 30, 2025, compared to $700,570,000 as of December 31, 2024[47] - The accumulated deficit rose to $(332,566,000) as of September 30, 2025, from $(293,736,000) as of December 31, 2024[47] Operational Metrics - Portfolio leased occupancy was 95.2% as of September 30, 2025, with an annualized base rent of $118.4 million[13] - Same-store cash net operating income (NOI) growth was 2.7% year-over-year for the third quarter[11] - The annualized base rent methodology produces an annualized amount as of a point in time but does not account for future contractual rental rate increases[41] - The company considers FFO and AFFO as important supplemental measures of operating performance, frequently used by analysts and investors[33] - The company calculates FAD by subtracting capital expenditures from AFFO, which is useful for analyzing cash flow available for distribution to stockholders[36] - The FAD payout ratio facilitates the comparison of dividend coverage between REITs[36] - The company defines Adjusted EBITDAre as EBITDAre plus various non-cash and normalizing items, which provides additional information for evaluating core operating results[38] - Same Store Cash NOI compares Cash NOI for stabilized properties, excluding properties recently acquired or disposed of[40] - The capitalization rate for an acquisition is calculated by dividing current annualized base rent by contractual purchase price[42] Corporate Actions - The company established a $50 million stock repurchase program in August 2025, with no shares repurchased as of November 3, 2025[20] - The company amended its credit facility on October 8, 2025, extending the maturity of the $400 million revolver to October 2029[15] - The company narrowed its full year 2025 AFFO per share guidance to a range of $4.50 to $4.60[25]

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]

Core Viewpoint - Global Medical REIT (NYSE:GMRE) is undergoing a positive transformation, leading to an upgrade in its stock rating by Citizens [2]. Stock Performance - GMRE shares increased by 0.69% in pre-market trading, reaching a price of $31.01 [2]. Recent Developments - Over the past six months, GMRE has announced several changes that indicate its early-stage transformation [2].

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]

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]

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]