Financial Performance - Net loss attributable to common stockholders was $0.8 million, or $0.01 per diluted share[24], compared to a $3.1 million loss, or $0.05 per diluted share, in the prior year period[24] - Funds from operations (FFO) attributable to common stockholders and noncontrolling interest was $14.3 million, or $0.20 per share and unit[24], compared to $13.9 million, or $0.20 per share and unit, in the prior year period[24] - Adjusted funds from operations (AFFO) attributable to common stockholders and noncontrolling interest was $16.6 million, or $0.23 per share and unit[24], compared to $15.7 million, or $0.22 per share and unit, in the prior year period[24] - The company reaffirms its full year 2025 AFFO per share and unit guidance of $0.89 to $0.93[24] Portfolio and Investment Activities - Gross investment in real estate totaled $1.5 billion[9, 30] with 193 buildings across 35 states[9] - The company completed acquisitions of medical properties for an aggregate purchase price of $38.1 million with annualized base rent of $3.6 million in April 2025[24] - The company sold a medical facility in Chipley, Florida for gross proceeds of $1.4 million, resulting in a gain of $0.2 million[24] - Total annualized base rent (ABR) for the portfolio is $117.5 million[30] with a weighted average cap rate of 8.0%[9, 30] and leased occupancy of 94.5%[9, 30] Debt and Capitalization - The company's leverage was 47.2% as of June 30, 2025[24], and Net Debt / Annualized Adjusted EBITDAre was 6.8x for the second quarter of 2025[24] - As of August 4, 2025, the company's borrowing capacity under the credit facility was $177 million[24]

Financial Data and Key Metrics Changes - At the end of Q1 2025, net income attributable to common shareholders was $2.1 million or $0.03 per share, compared to $800,000 or $0.01 per share in Q1 2024 [5][17] - FFO attributable to common shareholders and non-controlling interest was $14.8 million or $0.20 per share in Q1 2025, down from $14.9 million or $0.21 per share in Q1 2024 [6][17] - AFFO attributable to common stockholders and non-controlling interest was $16 million or $0.22 per share in Q1 2025, down from $16.5 million or $0.23 per share in Q1 2024 [6][17] - Total revenues decreased by approximately 1.4% to $34.6 million in Q1 2025 compared to the prior year [15] - Total expenses for Q1 2025 were $32.2 million, down from $32.8 million in the prior year [15] Business Line Data and Key Metrics Changes - Portfolio occupancy was 95.6% with a weighted average lease term of 5.6 years and a rent coverage ratio of 4.4 times [5][15] - The company completed the acquisition of a five-property portfolio for $69.6 million at a 9% cap rate, with an annualized base rent of $6.3 million [6][9] - Two medical properties were sold for gross proceeds of $8.2 million, resulting in a gain of $1.4 million [7][13] Market Data and Key Metrics Changes - The investment market showed signs of optimism with an uptick in transaction volume expected in 2025, following a significant decline in 2023 and 2024 [64] - The cap rate spread between high-quality and lower-quality assets is at a historical high, with high-quality assets trading below 6% and lower-quality assets in the high 7% to 8% range [64] Company Strategy and Development Direction - The company aims to leverage its competitive advantages in scale and capital access to secure high-quality acquisitions while maintaining a commitment to quality [14] - The CEO succession plan is in progress, with expectations to have a new CEO in place by June 30, 2025 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment, citing a high-quality portfolio and liquidity for selective acquisitions [23] - The company expects to retain 75% of expiring leases on a square foot basis for the full year 2025, despite some volatility in occupancy rates [20][50] Other Important Information - The company has a gross investment in real estate of $1.5 billion and total gross debt of $681 million, with a leverage ratio of 46.1% [21][22] - The company reaffirmed its full-year 2025 AFFO per share guidance range of $0.89 to $0.93, excluding one-time expenses related to the CEO succession plan [22][23] Q&A Session Summary Question: Can you discuss the potential timeline and amount of rent expected to collect upon releasing the East Orange facility? - Management is working to convert subtenants to direct tenants and is optimistic about leasing activity, with expected net rents in the mid $13 to $15 range [25][29] Question: Is the impact of Prospect Medical included in guidance? - Yes, the impact is factored into guidance but is not significant relative to overall NOI [32] Question: What is the outlook for dispositions and capital markets activity? - Dispositions are regularly discussed, but no immediate sales are planned; financing discussions are ongoing with lenders [40][42] Question: How is the dividend being considered in light of CapEx and leverage? - Dividend discussions are ongoing, with considerations tied to strategic direction and refinancing [46][47] Question: What is the current leverage target and willingness to increase it for acquisitions? - The company aims to maintain leverage around 40-45%, willing to exceed this for strategic acquisitions [58][59] Question: Any updates on the other Stewart assets? - The company is actively working to lease the remaining Stewart assets and is optimistic about completion by June 30 [70]

Financial Data and Key Metrics Changes - At the end of Q1 2025, net income attributable to common shareholders was $2.1 million or $0.03 per share, compared to $800,000 or $0.01 per share in Q1 2024 [4][17] - FFO attributable to common shareholders and non-controlling interest was $14.8 million or $0.20 per share in Q1 2025, down from $14.9 million or $0.21 per share in Q1 2024 [5][17] - AFFO attributable to common stockholders and non-controlling interest was $16 million or $0.22 per share in Q1 2025, down from $16.5 million or $0.23 per share in Q1 2024 [5][17] - Total revenues decreased by approximately 1.4% to $34.6 million in Q1 2025 compared to the prior year quarter [14] Business Line Data and Key Metrics Changes - The portfolio occupancy rate was 95.6% with a weighted average lease term of 5.6 years and a rent coverage ratio of 4.4 times [4][14] - The company completed the acquisition of a five-property portfolio for $69.6 million at a 9% cap rate, with an aggregate annualized base rent of $6.3 million [5][9] Market Data and Key Metrics Changes - The company reported a gross investment in real estate of $1.5 billion, with total leasable square feet of 4.9 million [14][20] - The weighted average interest rate on total gross debt was 3.84% with a leverage ratio of 46.1% [21] Company Strategy and Development Direction - The company is focused on maintaining a high-quality diversified portfolio and is actively pursuing acquisition opportunities while remaining disciplined in its strategy [6][12] - The CEO succession plan is underway, with expectations to have a new CEO in place by June 30, 2025 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment and highlighted the strong performance of the portfolio during economic downturns [22][70] - The company anticipates a full-year 2025 AFFO per share range of $0.89 to $0.93, assuming no additional acquisition or disposition activity beyond what has been completed or announced [21][22] Other Important Information - The company completed two property dispositions generating gross proceeds of $8.2 million, resulting in a gain of $1.4 million [13][17] - The company is monitoring the impact of tenant bankruptcies and expiring leases on occupancy rates, with expectations to retain 75% of expiring leases on a square foot basis for the full year 2025 [19][20] Q&A Session Summary Question: Timeline and expected rent collection for the East Orange facility - Management outlined the process of converting subtenants to direct tenants and expressed optimism about leasing activity, with expected net rents in the mid $13 to $15 range [25][29] Question: Impact of Prospect Medical on guidance - Management confirmed that the impact of Prospect Medical is factored into guidance but is not a significant component of the overall outlook [31] Question: Dividend sustainability and acquisition ability - Discussions regarding dividends are ongoing, with considerations for CapEx and strategic direction influencing decisions [45] Question: Retention rates and future expectations - Management noted that retention was lower than expected in Q1 but anticipates improvement as they work through expiring leases [48][49] Question: Leverage and acquisition opportunities - Management indicated a willingness to maintain leverage around current levels while pursuing acquisition opportunities that align with their strategy [57][58]

Atrium Health – Winston-Salem, NC FIRST 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 | 12 | | Debt and Hedging Summary | 13 | | Total Capitalization and Equity Summary | 15 | | Sustainability Summary | 16 | | Condensed Consolidated | 17 | ...