8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE 
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2020 (August 5, 2020)

Global Medical REIT Inc.
(Exact name of registrant as specified in its charter)

Maryland	001-37815	46-4757266
(State or Other Jurisdiction  of Incorporation)	(Commission  File Number)	(I.R.S. Employer  Identification No.)

2 Bethesda Metro Center, Suite 440

Bethesda, MD

20814

(Address of Principal Executive Offices) 
(Zip Code)

(202) 524-6851

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ¨

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2020, Global Medical REIT Inc. (the “Company”) issued a press release announcing its financial position as of June 30, 2020, and operating results for the three- and six-month period ended June 30, 2020 and other related information. The Company also posted its Second Quarter 2020 Earnings Supplemental (the “Supplemental”) to the Company’s website at www.globalmedicalreit.com. The press release and Supplemental are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information included in this Item 2.02 of this Current Report on Form 8-K, including the press release and Supplemental, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release issued August 5, 2020
99.2	Second Quarter 2020 Earnings Supplemental

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:  August 5, 2020

EX-99.1

Exhibit 99.1

 

Global Medical REIT Announces Second Quarter 2020 Financial Results

Completes $132 Million of Acquisitions to Date

Internalizes Management Functions

Bethesda, MD – August 5, 2020 -- (BUSINESS WIRE) -- Global Medical REIT Inc. (NYSE: GMRE) (the “Company” or “GMRE”), a net-lease medical office real estate investment trust (REIT) that owns and acquires purpose-built healthcare facilities and leases those facilities to strong healthcare systems and physician groups with leading market share, today announced financial results for the three and six months ended June 30, 2020.

Second Quarter 2020 and Current Highlights

· Net income attributable to common stockholders was $0.2 million, or $0.00 per diluted share, as compared to $0.9 million, or $0.03 per diluted share, in the comparable prior year period.

· Funds from Operations (“FFO”) of $0.19 per share and unit, as compared to $0.18 per share and unit in the comparable prior year period.

· Adjusted Funds from Operations (“AFFO”) of $0.21 per share and unit, as compared to $0.18 per share and unit in the comparable prior year period.

· Increased total revenue 30.7% period-over-period to $22.1 million.

· On April 27^th the Company completed the acquisition of a 99,718 square foot medical office facility for a purchase price of approximately $19.3 million at an 8.8% cap rate.

· On July 9^th the Company completed a management internalization transaction for an aggregate purchase price of $18.1 million, subject to working capital adjustments, in an all cash transaction.

· On July 24^th the Company increased its credit facility capacity by $100 million and added new lenders through a partial exercise of its credit facility’s accordion feature.

Six Month 2020 Highlights

· Net income attributable to common stockholders was $1.5 million, or $0.03 per diluted share, as compared to $1.4 million, or $0.05 per diluted share, in the comparable prior year period.

· Funds from Operations (“FFO”) of $0.38 per share and unit, as compared to $0.35 per share and unit in the comparable prior year period.

· Adjusted Funds from Operations (“AFFO”) of $0.41 per share and unit, as compared to $0.35 per share and unit in the comparable prior year period.

· Increased total revenue 36.2% period-over-period to $43.7 million, primarily driven by the Company’s acquisition activity as well as same store portfolio contractual rent increases.

· Completed five acquisitions for an aggregate purchase price of $87.0 million at a weighted average cap rate of 8.6%.

Jeffrey M. Busch, Chairman, Chief Executive Officer and President stated, “Our solid performance in the second quarter during a global pandemic was the result of strong collections during the quarter and the resilience of our tenants’ operations. Including closings completed in July, our acquisitions year-to-date are approximately $132 million. While we are pleased with our results thus far, we are aware that the pandemic and the resulting economic disruption remains a fluid situation that may have an impact on our tenants and our operations in the months ahead.”

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Mr. Busch continued, “We remain focused on protecting the interests of our stockholders and building long-term relationships with our tenants. With the recent management internalization transaction, we are confident in our ability to continue to effectively operate and grow our Company during this current challenging environment and beyond.”

Financial Results

Rental revenue for the second quarter of 2020 increased 30.9% period-over-period to $22.0 million, reflecting the growth in the Company’s portfolio over the last twelve months and contractual rent increases, partially offset by the recognition of reserves for approximately $1 million of rent, including approximately $0.4 million of deferred rent, primarily related to one tenant. 

Total expenses for the second quarter were $20.4 million, compared to $14.4 million for the comparable prior year period, primarily reflecting the growth in the Company’s property portfolio, which resulted in increases in depreciation and amortization expense. Interest expense for the second quarter was $4.4 million, compared to $4.1 million for the comparable prior year period. This increase is primarily due to higher average borrowings during the quarter, which helped fund our property acquisition, partially offset by lower borrowing costs due to reductions in LIBOR. During the quarter, the Company also incurred $0.9 million in expenses related to the management internalization transaction.

Net income attributable to common stockholders for the second quarter totaled $0.2 million, or $0.00 per diluted share, compared to net income of $0.9 million, or $0.03 per diluted share, in the comparable prior year period.

The Company reported FFO of $0.19 per share and unit for the second quarter, as compared to $0.18 per share and unit in the comparable prior year period. AFFO was $0.21 per share and unit for the second quarter, as compared to $0.18 per share and unit in the comparable prior year period.

Acquisitions Update

During the second quarter of 2020, the Company completed the acquisition of Dumfries Health Center, a 99,718 square foot medical office facility located in Dumfries, Virginia, for a purchase price of approximately $19.3 million at an 8.8% cap rate. In connection with the acquisition, we assumed an existing $12.1 million CMBS loan with a remaining term of four years at a rate of 4.68%.

Since June 30, 2020, the Company acquired three additional properties, encompassing 186,000 leasable square feet, for an aggregate purchase price of approximately $45.1 million at a weighted average cap rate of 7.0%. Year-to-date we have completed $132 million of acquisitions.

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Additionally, the Company has two properties under contract for a total purchase price of approximately $15 million. These properties are currently in the due diligence review period. If we identify problems with the properties or the operators during our review, we may not close on the transactions on a timely basis, or we may terminate the transactions.

Portfolio Update

As of June 30, 2020, the Company’s portfolio was 99.8% occupied and comprised of 3.2 million leasable square feet with an annual base rent of $77.4 million. The weighted average lease term for the Company’s portfolio is 8.1 years with weighted average annual rental escalations of 2.1%. As of June 30, 2020, the Company’s portfolio Rent Coverage Ratio (as defined below) was 4.6 times, and we expect that this ratio will be lower than our pre-COVID-19 ratio for the foreseeable future as our tenants work to achieve pre-COVID-19 patient volumes.

During the second quarter of 2020, the Company collected 95% of rents due and reduced its rent deferrals to $1.1 million, which represent rents deferred from April through July 2020 that are now expected to be collected primarily over the period from July through December 2020. Because the extent of the impact of COVID-19 on the Company’s tenants will depend on future developments, there can be no assurance that our tenants will be able meet the requirements of these agreements, or that these tenants, or other tenants, may not seek new or additional relief in the future.

Balance Sheet and Liquidity

At June 30, 2020, the Company had total liquidity of approximately $89.2 million, including cash and availability on its credit facility. Total debt outstanding, including outstanding borrowings on the credit facility and notes payable (both net of unamortized debt issuance costs), was $466.5 million. As of June 30, 2020, the Company’s debt carried a weighted average interest rate of 3.46% and a weighted average remaining term of 3.3 years.

On July 24, 2020, the Company received aggregate commitments from certain of its credit facility syndicate members and certain new lenders to fund up to $100 million of additional indebtedness under the accordion feature of its credit facility. Upon exercise of this accordion, the borrowing capacity under the credit facility has increased to $600 million, consisting of a $250 million capacity revolver and a $350 million term loan. In addition, on July 27, 2020, the Company entered into a $50 million interest rate swap with a maturity of August 8, 2023, which effectively fixed the LIBOR component on the corresponding term loan balance at 0.158%. This interest rate swap, combined with the Company’s previous interest rate swaps, effectively fixes the LIBOR component of the entire term loan balance on a weighted average basis at 1.91%.

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Completion of Management Internalization

As previously announced, in early July we completed a management internalization transaction by purchasing the parent company of our former advisor, Inter-American Management LLC, for an aggregate purchase price of $18.1 million, subject to working capital adjustments, in an all cash transaction. The internalization transaction provides a number of benefits, including economies-of-scale with growth, a simplified corporate structure, elimination of conflicts of interest, improved cost of capital and management continuity. By eliminating the base management fee associated with externally managed structures, the transaction also allows for significantly lower incremental costs as the Company’s stockholders’ equity grows, as management fees were previously based on stockholders’ equity. The internalization also affords lower cash G&A expenses and has the potential to broaden our stockholder base, which ultimately aids liquidity.

Dividends

On June 12, 2020, the Board of Directors declared a $0.20 per share cash dividend to common stockholders of record as of June 25, 2020, which was paid on July 9, 2020 representing the Company’s second quarter 2020 dividend payment to its common stockholders. The Board also declared a $0.46875 per share cash dividend to holders of record as of July 15, 2020 of its Series A Preferred Stock, which was paid on July 31, 2020. This dividend represented the Company’s quarterly dividend on its Series A Preferred Stock for the period from April 30, 2020 through July 30, 2020.

SUPPLEMENTAL INFORMATION

Details regarding these results can be found in the Company’s supplemental financial package available on the Investor Relations section of the Company’s website at http://investors.globalmedicalreit.com/.

CONFERENCE CALL AND WEBCAST INFORMATION

The Company will host a live webcast and conference call on Thursday, August 6, 2020 at 9:00 a.m. Eastern Time. The webcast is located on the “Investor Relations” section of the Company’s website at http://investors.globalmedicalreit.com/.

To Participate via Telephone:

Dial in at least five minutes prior to start time and reference Global Medical REIT Inc.

Domestic: 1-877-705-6003

International: 1-201-493-6725

Replay:

An audio replay of the conference call will be posted on the Company’s website.

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ABOUT GLOBAL MEDICAL REIT

Global Medical REIT Inc. is net-lease medical office REIT that acquires purpose-built specialized healthcare facilities and leases those facilities to strong healthcare systems and physician groups with leading market share.

NON-GAAP FINANCIAL MEASURES

FFO and AFFO are non-GAAP financial measures within the meaning of the rules of the U.S. Securities and Exchange Commission (“SEC”). The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before non-controlling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above and below market leases), and after adjustments for unconsolidated partnerships and joint ventures. Because FFO excludes real estate-related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.

AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include: (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock-based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, (g) recurring lease commissions, (h) management internalization costs and (i) other items.

Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. The Company’s FFO and AFFO computations may not be comparable to FFO and AFFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, that interpret the NAREIT definition differently than the Company does, or that compute FFO and AFFO in a different manner.

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RENT COVERAGE RATIO

For purposes of calculating our portfolio weighted-average EBITDARM coverage ratio (“Rent Coverage Ratio”), we excluded credit-rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed. These ratios are based on latest available information only. Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete. Certain other tenants (approximately 7% of our portfolio) are excluded from the calculation due to lack of available financial information. Additionally, our Rent Coverage Ratio adds back physician distributions and compensation. Management believes that all adjustments are reasonable and necessary.

FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, our tenants’ ability to pay rent to us during and after the COVID-19 pandemic, our tenants’ ability to make required payments under their rent deferral agreements, the effects of our expected rent deferral amounts and timing of collection of deferred amounts on our business and liquidity, expected financial performance (including future cash flows associated with new tenants and the future Rent Coverage Ratio), future dividends or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties, and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K, as amended, our Quarterly Reports on Form 10-Q, and in our other filings with the SEC. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement.

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Investor Relations Contact:

Evelyn Infurna

Evelyn.Infurna@icrinc.com

203.682.8265

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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

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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

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Global Medical REIT Inc.

Reconciliation of Net Income to FFO and AFFO

(unaudited, and in thousands, except per share and unit amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(unaudited, in thousands except per share amounts)
Net income	$	1,672		$	2,462		$	4,489		$	4,505
Less: Preferred stock dividends		(1,455	)		(1,455	)		(2,911	)		(2,911	)
Depreciation and amortization expense		8,941			5,863			16,698			10,732
FFO	$	9,158		$	6,870		$	18,276		$	12,326
Amortization of above market leases, net		157			191			403			405
Straight line deferred rental revenue		(1,259	)		(1,472	)		(2,816	)		(2,838	)
Stock-based compensation expense		897			854			1,819			1,625
Amortization of debt issuance costs and other		319			337			634			650
Management internalization expense		920			-			1,424			-
Preacquisition expense		147			56			196			56
AFFO	$	10,339		$	6,836		$	19,936		$	12,224
Net income attributable to common stockholders per share – basic and diluted	$	0.00		$	0.03		$	0.03		$	0.05
FFO per share and unit	$	0.19		$	0.18		$	0.38		$	0.35
AFFO per share and unit	$	0.21		$	0.18		$	0.41		$	0.35
Weighted Average Shares and Units Outstanding – basic and diluted		48,515			38,487			48,169			34,853
Weighted Average Shares and Units Outstanding:
Weighted Average Common Shares		45,404			34,559			44,793			30,990
Weighted Average OP Units		2,023			3,143			2,398			3,144
Weighted Average LTIP Units		1,088			785			978			719
Weighted Average Shares and Units Outstanding – basic and diluted		48,515			38,487			48,169			34,853

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EX-99.2

Exhibit 99.2

Second Quarter 2020 Earnings Supplemental Three and Six Months Ended June 30, 2020 www.globalmedicalreit.com NYSE: GMRE

Corporate Information and Analyst Coverage 2 2Q - 2020| Earnings Supplemental Jeffrey Busch Chief Executive Officer, Chairman and President Alfonzo Leon Chief Investment Officer Danica Holley Chief Operating Officer Bob Kiernan Chief Financial Officer and Treasurer Jamie Barber General Counsel and Corporate Secretary Jeffrey Busch Chief Executive Officer, Chairman and President Henry Cole Lead Independent Director and Compensation Committee Chair Paula Crowley Director Matthew Cypher, Ph.D. Investment Committee Chair Zhang Huiqi Director Zhang Jingguo Director Ronald Marston Nominating and Corporate Governance Committee Chair Dr. Roscoe Moore, Jr. Director Lori Wittman Audit Committee Chair Firm Name Email Phone B. Riley FBR Bryan Maher bmaher@brileyfbr.com 646.885.5423 Berenburg Capital Connor Siversky connor.siversky@berenberg-us.com 646.949.9037 Compass Point Merrill Ross mross@compasspointllc.com 202.534.1392 D.A. Davidson Barry Oxford, Jr., CFA boxford@dadco.com 212.240.9871 Janney Robert Stevenson robstevenson@janney.com 646.448.3028 National Securities Gaurav Mehta gmehta@yournational.com 212.417.8008 Corporate Headquarters Stock Exchange Listing Transfer Agent Investor Relations 2 Bethesda Metro Center, Suite 440 New York Stock Exchange American Stock Transfer & Trust Company Evelyn Infurna - Evelyn.Infurna@icrinc.com; 203.682.8265 Bethesda, MD 20814 Ticker: GMRE 800.937.5449 Executive Team Board of Directors Sell-Side Analyst Coverage Corporate Information

Select Quarterly Financial Data (unaudited, and in thousands, except per share and unit amounts) 3 2Q - 2020| Earnings Supplemental * See Page 8 for a reconciliation of non - GAAP financial measures for Funds from Operations (FFO ) and Adjusted Funds from Operations (AFFO). June 30, March 31, December 31, September 30, June 30, As of Period End (unless otherwise specified) 2020 2020 2019 2019 2019 Market capitalization (common and OP) $ 546,219 $ 475,346 $ 621,135 $ 449,536 $ 396,858 Market price per share - common $ 11.33 $ 10.12 $ 13.23 $ 11.40 $ 10.50 Common shares and OP units outstanding 48,210 46,971 46,949 39,433 37,796 Preferred equity $ 74,959 $ 74,959 $ 74,959 $ 74,959 $ 74,959 Common equity $ 352,962 $ 340,642 $ 355,311 $ 266,029 $ 256,217 Noncontrolling interest $ 14,788 $ 23,189 $ 30,083 $ 30,455 $ 30,427 Total stockholders' equity $ 442,709 $ 438,790 $ 460,353 $ 371,443 $ 361,603 Investment in real estate, gross $ 996,876 $ 974,688 $ 905,529 $ 830,446 $ 763,601 Borrowings: Credit Facility - revolver, gross $ 119,200 $ 129,450 $ 51,350 $ 67,225 $ 144,475 Credit Facility - term loan, gross $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 175,000 Notes payable, gross $ 51,278 $ 39,282 $ 39,317 $ 39,352 $ 39,385 Weighted average interest rate for quarter 3.38% 3.81% 3.87% 4.21% 4.27% Debt Covenants: Leverage ratio (as defined in Credit Facility) 47.0% 47.7% 43.0% 48.8% 46.7% Fixed charge coverage ratio for quarter (1.50x minimum allowed) 2.51 2.38 2.22 2.09 2.01 June 30, March 31, December 31, September 30, June 30, Three Months Ended 2020 2020 2019 2019 2019 Rental revenue $ 22,036 $ 21,533 $ 20,385 $ 18,117 $ 16,835 Interest expense $ 4,375 $ 4,378 $ 4,765 $ 4,549 $ 4,132 Management fees - related party $ 2,021 $ 2,002 $ 1,727 $ 1,621 $ 1,584 G&A expenses $ 1,643 $ 1,839 $ 1,608 $ 1,681 $ 1,640 Depreciation and amortization expenses $ 8,941 $ 7,757 $ 7,397 $ 6,506 $ 5,863 Operating expenses $ 2,336 $ 2,303 $ 2,132 $ 1,362 $ 1,143 Total expenses $ 20,383 $ 18,832 $ 17,677 $ 15,887 $ 14,418 Net income attributable to common $ 204 $ 1,255 $ 1,212 $ 770 $ 904 Net income per share $ - $ 0.03 $ 0.03 $ 0.02 $ 0.03 Wtd. avg. basic and diluted common shares (GAAP) 45,404 44,182 37,876 35,512 34,559 FFO* $ 9,158 $ 9,119 $ 8,717 $ 7,359 $ 6,870 FFO per share and unit* $ 0.19 $ 0.19 $ 0.21 $ 0.19 $ 0.18 AFFO* $ 10,339 $ 9,599 $ 8,675 $ 7,498 $ 6,836 AFFO per share and unit* $ 0.21 $ 0.20 $ 0.21 $ 0.19 $ 0.18 Wtd. avg. common shares, OP and LTIP units 48,515 47,874 41,794 39,449 38,487

Second Quarter Highlights 4 2Q - 2020| Earnings Supplemental OPERATING AND CURRENT HIGHLIGHTS • Second quarter 2020 total revenue of $ 22 . 1 million, increased 30 . 7 % compared to the prior year period . • Funds from Operations (“FFO”) of $0.19 per share and unit for the second quarter of 2020, as compared to $0.18 per share and uni t for the prior year period. • Adjusted Funds from Operations (“AFFO”) of $0.21 per share and unit for the second quarter of 2020, as compared to $0.18 per sha re and unit in the prior year period. • On July 9, 2020, the Company completed a management internalization transaction for an aggregate purchase price of $18.1 mill ion , subject to working capital adjustments, in an all cash transaction. COMMON AND PREFERRED DIVIDENDS • On June 12 , 20 20 , the Board of Directors declared: • $0.20 per share cash dividend to common stockholders of record as of June 2 5 , 20 20 , which was paid on July 9 , 20 20 . • $0.46875 per share cash dividend to holders of record as of July 15, 20 20 of its Series A Preferred Stock, which was paid on July 31 , 20 20. ACQUISITION ACTIVITY • During the second quarter of 2020 , the Company completed one acquisition, encompassing 99 , 718 leasable square feet, for a purchase price of $ 19 . 3 million with a cap rate of 8 . 8 % . • From July 1 , 2020 through August 5 , 2020 , the Company acquired three additional properties, encompassing 185 , 965 leasable square feet, for a purchase price of $ 45 . 1 million with a weighted average cap rate of 7 . 0 % . CAPITAL MARKETS AND DEBT ACTIVITY • Generated gross proceeds of $14.2 million through at - the - market (“ATM”) equity issuances of 1.2 million shares of our common sto ck at an average offering price of $11.44 per share. • Increased its credit facility capacity by $100 million and added new lenders through a partial exercise of its credit facilit y’s accordion feature. Upon exercise of this accordion, the credit facility consisted of a $250 million capacity revolver and a $350 million term loan, with a $50 million ac cordion remaining. No other terms of the credit facility were changed in connection with the accordion exercise. • Entered into a $50 million interest rate swap with a maturity of August 8, 2023, which effectively fixed the LIBOR component on the corresponding term loan balance at 0.158%. This interest rate swap, combined with the Company’s previous interest rate swaps, effectively fix the LIBOR componen t o f the entire term loan balance on a weighted average basis at 1.91%. COVID - 19 UPDATE • Second quarter collections were 95.0%. • Due to the impact of the COVID - 19 pandemic, we entered into rent deferment agreements with certain of our tenants. Reflecting a reduction from our first quarter estimate of an aggregate of $2 million, currently $1.1 million of rent has been deferred from April through July 2020 and is now expected to be collected primarily over the period from July through December 2020. • Because the extent of the impact of COVID - 19 on the Company’s tenants will depend on future developments, there can be no assura nce that our tenants will be able meet the requirements of these agreements, or that these tenants, or other tenants, may not seek additional relief in the future. SECOND QUARTER 2020 AND SUBSEQUENT PERIOD HIGHLIGHTS

Condensed Consolidated Statements of Operations 5 Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Revenue Rental revenue $ 22,036 $ 21,533 $ 20,385 $ 18,117 $ 16,835 Other income 19 116 67 78 45 Total revenue 22,055 21,649 20,452 18,195 16,880 Expenses General and administrative 1,643 1,839 1,608 1,681 1,640 Operating expenses 2,336 2,303 2,132 1,362 1,143 Management fees – related party 2,021 2,002 1,727 1,621 1,584 Depreciation expense 6,593 5,836 5,585 5,006 4,608 Amortization expense 2,348 1,921 1,812 1,500 1,255 Interest expense 4,375 4,378 4,765 4,549 4,132 Management internalization expense 920 504 - - - Preacquisition expense 147 49 48 168 56 Total expenses 20,383 18,832 17,677 15,887 14,418 Net income $ 1,672 $ 2,817 $ 2,775 $ 2,308 $ 2,462 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Less: Net income attributable to noncontrolling interest (13) (107) (108) (83) (103) Net income attributable to common stockholders $ 204 $ 1,255 $ 1,212 $ 770 $ 904 Net income attributable to common stockholders per share $ 0.00 $ 0.03 $ 0.03 $ 0.02 $ 0.03 - basic and diluted Weighted average shares outstanding – basic and diluted 45,404 44,182 37,876 35,512 34,559 2Q - 2020| Earnings Supplemental (unaudited, and in thousands, except per share amounts)

Condensed Consolidated Balance Sheets 6 2Q - 2020| Earnings Supplemental (unaudited, and in thousands, except par values) June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Assets Investment in real estate: Land $ 104,316 $ 101,715 $ 95,381 $ 86,878 $ 76,831 Building 755,807 745,649 693,533 637,505 597,029 Site improvements 11,593 11,303 9,912 9,100 7,672 Tenant improvements 41,891 37,044 33,909 31,465 27,371 Acquired lease intangible assets 83,269 78,977 72,794 65,498 54,698 996,876 974,688 905,529 830,446 763,601 Less: accumulated depreciation and amortization (73,979) (64,635) (56,503) (48,731) (41,882) Investment in real estate, net 922,897 910,053 849,026 781,715 721,719 Cash and cash equivalents 8,392 11,340 2,765 2,815 3,216 Restricted cash 4,945 5,536 4,420 3,011 2,656 Tenant receivables 5,888 5,708 4,957 4,167 3,935 Due from related parties 124 70 50 75 - Escrow deposits 3,301 3,589 3,417 2,865 3,518 Deferred assets 17,433 16,141 14,512 13,307 11,831 Derivative asset - - 2,194 - - Other assets 3,587 3,731 3,593 4,363 3,847 Total assets $ 966,567 $ 956,168 $ 884,934 $ 812,318 $ 750,722 Liabilities and Equity Liabilities: Credit Facility, net $ 415,850 $ 425,843 $ 347,518 $ 363,242 $ 315,691 Notes payable, net 50,610 38,648 38,650 38,651 38,652 Accounts payable and accrued expenses 8,836 7,144 5,069 5,501 4,224 Dividends payable 11,281 10,949 11,091 9,470 9,081 Security deposits and other 5,814 6,546 6,351 6,362 5,881 Due to related party 1,957 1,948 1,648 1,584 1,358 Derivative liability 21,495 20,461 8,685 10,399 9,083 Other liability 2,417 2,414 2,405 2,379 2,371 Acquired lease intangible liability, net 5,598 3,425 3,164 3,287 2,778 Total liabilities 523,858 517,378 424,581 440,875 389,119 Equity: Preferred stock ($77,625 liquidation preference) 74,959 74,959 74,959 74,959 74,959 Common stock 46 44 44 36 35 Additional paid-in capital 462,607 440,220 433,330 340,435 322,872 Accumulated deficit (88,037) (78,990) (71,389) (63,846) (57,397) Accumulated other comprehensive loss (21,654) (20,632) (6,674) (10,596) (9,293) Total Global Medical REIT Inc. stockholders' equity 427,921 415,601 430,270 340,988 331,176 Noncontrolling interest 14,788 23,189 30,083 30,455 30,427 Total equity 442,709 438,790 460,353 371,443 361,603 Total liabilities and equity $ 966,567 $ 956,168 $ 884,934 $ 812,318 $ 750,722 As of

Condensed Consolidated Statements of Cash Flows 7 2Q - 2020| Earnings Supplemental (unaudited, and in thousands) Six Months Ended June 30, 2020 2019 Operating activities Net income $ 4,489 $ 4,505 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 12,429 8,475 Amortization of acquired lease intangible assets 4,269 2,257 Amortization of above market leases, net 403 405 Amortization of debt issuance costs and other 634 651 Stock - based compensation expense 1,819 1,625 Capitalized preacquisition costs charged to expense 135 - Reserve for uncollectible receivables 627 - Other 46 70 Changes in operating assets and liabilities: Tenant receivables (1,558) (1,030) Deferred assets (2,921) (2,479) Other assets 117 37 Accounts payable and accrued expenses 3,620 (22) Security deposits and other (536) 1,729 Accrued management fees due to related party 295 441 Net cash provided by operating activities 23,868 16,664 Investing activities Purchase of land, buildings, and other tangible and intangible assets and liabilities (76,057) (115,472) Escrow deposits for purchase of properties 500 (1,622) Loans to related parties (61) (113) Capital expenditures on existing real estate investments (341) (193) Preacquisition costs - (74) Net cash used in investing activities (75,959) (117,474) Financing activities Net proceeds received from common equity offerings 13,605 79,651 Escrow deposits required by third party lenders (385) (144) Repayment of notes payable (113) (68) Proceeds from Credit Facility 88,700 103,800 Repayment of Credit Facility (20,850) (64,600) Payment of debt issuance costs (128) (422) Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (19,675) (13,467) Dividends paid to preferred stockholders (2,911) (2,911) Net cash provided by financing activities 58,243 101,839 Net increase in cash and cash equivalents and restricted cash 6,152 1,029 Cash and cash equivalents and restricted cash — beginning of period 7,185 4,843 Cash and cash equivalents and restricted cash — end of period $ 13,337 $ 5,872

Reconciliation of Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO) Non - GAAP Financial Measures FFO and AFFO are non - GAAP financial measures within the meaning of the rules of the SEC . The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results . In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate - related depreciation and amortization (excluding amortization of debt issuance costs and the amortization of above - market lease), and after adjustments for unconsolidated partnerships and joint ventures . Because FFO excludes real estate - related depreciation and amortization (other than amortization of debt issuance costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period - over - period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss . AFFO is a non - GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations . Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non - cash items and certain recurring and non - recurring items . For the Company these items include : (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock - based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of debt issuance costs, (g) recurring lease commissions, (h) management internalization costs and (i) other items . Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis . The Company’s FFO and AFFO computations may not be comparable to FFO and AFFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, that interpret the NAREIT definition differently than the Company does, or that compute FFO and AFFO in a different manner . 8 2Q - 2020| Earnings Supplemental (unaudited, and in thousands, except per share and unit amounts) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Net income $ 1,672 $ 2,817 $ 2,775 $ 2,308 $ 2,462 Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Depreciation and amortization expense 8,941 7,757 7,397 6,506 5,863 FFO $ 9,158 $ 9,119 $ 8,717 $ 7,359 $ 6,870 Amortization of above market leases, net 157 247 247 229 191 Straight line deferred rental revenue (1,259) (1,557) (1,492) (1,476) (1,472) Stock - based compensation expense 897 922 843 868 854 Amortization of debt issuance costs and other 319 315 312 350 337 Management internalization expense 920 504 - - - Preacquisition expense 147 49 48 168 56 AFFO $ 10,339 $ 9,599 $ 8,675 $ 7,498 $ 6,836 Net income attributed to common stockholders per share - basic and diluted $ 0.00 $ 0.03 $ 0.03 $ 0.02 $ 0.03 FFO per share and unit $ 0.19 $ 0.19 $ 0.21 $ 0.19 $ 0.18 AFFO per share and unit $ 0.21 $ 0.20 $ 0.21 $ 0.19 $ 0.18 Weighted Average Common Shares, OP and LTIP Units: Common shares 45,404 44,182 37,876 35,512 34,559 OP units 2,023 2,772 3,143 3,143 3,143 LTIP units 1,088 920 775 794 785 Total Weighted Average Shares and Units 48,515 47,874 41,794 39,449 38,487

Capitalization and Dividend Summary 9 2Q - 2020| Earnings Supplemental Capitalization - As of June 30, 2020 Shares/Units Share Price Total Common Equity Common Shares 46,252 $11.33 $524,035 OP Units 1,958 22,184 (2) Total Common Shares and OP Units 48,210 $546,219 Preferred Series A Cumulative Redeemable Preferred Stock (1) 3,105 $74,959 Debt Credit Facility, gross $419,200 Notes Payable, gross 51,278 Total Debt $470,478 Total Capitalization $1,091,656 (1) The Company may redeem the Series A Preferred Stock for cash in whole or in part, on or after September 15, 2022 at a cash re dem ption price of $25.00 per share, plus any accrued and unpaid dividends. (2) Calculated using closing common share price at June 30, 2020. (unaudited, and in thousands, except per share data) Preferred Dividends Date Announced Record Date Payment Date Dividend Amount Dividends per Share September 13, 2019 October 15, 2019 October 31, 2019 $ 1,455 $ 0.46875 December 13, 2019 January 15, 2020 January 31, 2020 $ 1,455 $ 0.46875 March 4, 2020 April 15, 2020 April 30, 2020 $ 1,455 $ 0.46875 June 12, 2020 July 15, 2020 July 31, 2020 $ 1,455 $ 0.46875 Common Dividends Date Announced Record Date Payment Date Dividend Amount Dividends per Share September 13, 2019 September 25, 2019 October 10, 2019 $ 8,004 $ 0.20 December 13, 2019 December 26, 2019 January 9, 2020 $ 9,541 $ 0.20 March 4, 2020 March 25, 2020 April 19, 2020 $ 9,610 $ 0.20 June 12, 2020 June 25, 2020 July 9, 2020 $ 9,861 $ 0.20

Acquisitions 2020 Completed Acquisitions Since January 1 , 2020 , the Company completed eight acquisitions, encompassing an aggregate 627 , 414 leasable square feet for a total purchase price of $ 132 . 0 million with annualized base rent of $ 10 . 7 million at a weighted average cap rate of 8 . 1 % . 10 2Q - 2020| Earnings Supplemental Acquisitions Under Contract We have two properties under contract for an aggregate purchase price of approximately $ 15 million . We are currently in the due diligence period for our properties under contract . If we identify problems with any of these properties or the operators of any properties during our due diligence review, we may not close the transactions on a timely basis or we may terminate the purchase agreements and not close the transactions . Purchase Annualized Leasable Price (1) Base Rent (2) Capitalization Date Property City, State Square Feet (in thousands) (in thousands) Rate (3) 2/13/2020 Wake Forest Baptist Church High Point, NC 97,811 $ 24,750 $ 1,869 7.6% 2/27/2020 Medical Associates Clinton, IA 115,142 11,350 1,282 11.3% 3/4/2020 Ascension St. Mary's Hospital West Allis, WI 33,670 9,025 664 7.4% 3/20/2020 Grand Rapids Ophthalmology Grand Rapids, MI 95,108 22,500 2,004 8.9% First Quarter Total 341,731 $ 67,625 $ 5,819 8.6% 4/27/2020 Dumfries Health Center Dumfries, VA 99,718 19,250 1,695 8.8% Second Quarter Total 99,718 $ 19,250 $ 1,695 8.8% 7/16/2020 MercyOne Hospital Centerville, IA 15,748 5,000 351 7.0% 7/17/2020 Spectrum (Team Health) Fairfax, VA 73,653 17,625 1,234 7.0% 7/31/2020 Franklin Square Center Rosedale, MD 96,564 22,500 1,568 7.0% Third Quarter To - Date Total 185,965 $ 45,125 $ 3,153 7.0% Year - To - Date 2020 Total/Weighted Average 627,414 $ 132,000 $ 10,667 8.1% (1) Represents contractual purchase price. (2) June 2020 base rent or month of acquisition base rent multiplied by 12 (or expected NOI for Franklin Square). (3) Capitalization rates are calculated based on current lease terms and do not give effect to future recent escalations.

Portfolio Update 11 Total Buildings 116 Total Leasable Square Feet 3,222,300 Total Tenants 97 Leased Occupancy 99.8% Total Annualized Base Rent (in thousands) $77,369 Portfolio Rent Coverage* 4.6x Weighted Average Cap Rate 7.9% Weighted Average Lease Term (years) 8.1 Weighted Average Rent Escalations 2.1% (as of June 30, 2020 unless otherwise stated) 2Q - 2020| Earnings Supplemental *See page 18 for footnotes $94.1 $124.8 $206.9 $314.8 $355.4 $422.3 $471.5 $537.3 $602.0 $613.0 $647.6 $668.9 $763.6 $830.4 $905.5 $974.7 $996.9 $0 $200 $400 $600 $800 $1,000 $1,200 IPO Q3-2016 Q4-2016 1Q-2017 2Q-2017 3Q-2017 4Q2017 1Q-2018 2Q-2018 3Q-2018 4Q-2018 1Q-2019 2Q-2019 3Q-2019 4Q-2019 1Q-2020 2Q-2020 Gross Portfolio Growth Since IPO - (In Millions) Gross Real Estate Assets Gross Real Estate Investments During Quarter

Portfolio Update (continued) 12 2Q - 2020| Earnings Supplemental Top 10 Tenants % of Annualized Base Rent (1) (1) Monthly base rent as of June 30, 2020 multiplied by 12 9.4% 7.1% 6.6% 4.7% 3.9% 3.5% 3.3% 3.0% 2.6% 2.4% Encompass Memorial Health Kindred Health OCOM Trinity Health Carrus Hospital Steward Health Pipeline Health Curahealth Select Medical 57.4% 24.0% 8.3% 3.1% 3.0% 2.9% 1.2% MOB Total 57.4% MOB 33.9% MOB/ASC 19.2% MOB/Imaging/ER 4.3% IRF 24.0% Surgical Hospital 8.3% Office 3.1% Acute Hospital 3.0% LTACH 2.9% FSED 1.2% Texas 20.0% Ohio 9.5% Pennsylvania 8.1% Arizona 7.7% Oklahoma 7.2% Florida 5.8% Illinois 5.5% Michigan 5.4% Tennessee 3.3% North Carolina 2.8% Other 24.7% 20.0% 9.5% 8.1% 7.7% 7.2% 5.8% 5.5% 5.4% 3.3% 2.8% 24.7% Top 10 States % of Annualized Base Rent (1) Asset Types % of Annualized Base Rent (1) (as of June 30, 2020)

Operating Metrics Year Number of Leases Leasable Square Feet % of Total Leasable SF ABR % of Total ABR 2020 4 22,514 0.7% $ 150,076 0.2% 2021 6 163,116 5.1% 4,050,149 5.2% 2022 15 70,083 2.2% 1,374,414 1.8% 2023 14 245,991 7.6% 6,031,627 7.8% 2024 26 501,214 15.6% 11,384,244 14.7% 2025 7 200,539 6.2% 5,446,296 7.0% 2026 16 298,637 9.3% 4,604,263 6.0% 2027 14 331,572 10.3% 10,131,687 13.1% 2028 4 66,952 2.1% 1,578,704 2.0% 2029 11 238,084 7.4% 6,702,556 8.7% 2030+ 40 1,075,591 33.4% 25,915,281 33.5% Total Leased 157 3,214,293 99.8% $ 77,369,297 100.0% Current Vacancy 8,007 0.2% Total Leasable 3,222,300 100.0% 13 Lease Expiration Schedule ($ in thousands) 2Q - 2020| Earnings Supplemental (as of June 30, 2020 unless otherwise stated) *See page 18 for footnotes Tenant Credit Strength By Asset Type Category % of ABR Rent Coverage Ratio* Inpatient Rehab Facility (IRF) 21.63% 3.84x Surgical Hospital (SH) 8.04% 3.32x Acute Care Hospital 2.98% - 1.36x Long - term Acute Care Hospital (LTACH) 2.89% 2.65x TOTAL/WEIGHTED AVERAGE 35.54% 3.19x Medical Office Building (MOB) 16.82% 6.62x MOB/Ambulatory Surgery Center (ASC) 21.25% 5.44x TOTAL/WEIGHTED AVERAGE 38.07% 5.96x All Tenants Calculated for Rent Coverage 73.61% 4.62x Large/Credit Tenants Not Calculated 19.69% N/A Other Tenants Not Available 6.70% N/A Tenant Affiliation or Property Location Category % of ABR (A) On Campus or Adjacent 20% (B) Health System Affiliated 53% (C) On Campus or Affiliated 60% (D) Rehab Hospital /LTACH 26% (E) Retail Center 23% (F) Medical Office Park 23% (G) National Surgical Operator 13% (A), (B), (D), (E), (F) or (G) 95%

Top 10 Tenant Profiles Encompass Health (Ba 3 ) (NYSE : EHC), headquartered in Birmingham, AL is a national leader in integrated healthcare services offering both facility - based and home - based patient care through its network of inpatient rehabilitation hospitals, home health agencies and hospice agencies . With a national footprint that spans 130 hospitals and 278 home health & hospice locations in 36 states and Puerto Rico, Encompass Health is committed to delivering high - quality, cost - effective care across the post - acute continuum . Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For, as well as Modern Healthcare's Best Places to Work . Marietta Memorial Health System (MMH), (BB - ) is headquartered in Marietta, OH, and is the largest health system in the Parkersburg - Marietta - Vienna MSA . The largest employer in Washington County, MMH comprises (i) two hospitals, Marietta Memorial Hospital ( 154 - bed) and Selby General Hospital ( 25 - bed) critical access hospital ; (ii) the Belpre Campus ; (iii) ten clinic outpatient service sites ; and (iv) five imaging locations, and has over 2 , 500 employees and 211 accredited physicians . Kindred Healthcare, LLC is a healthcare services company based in Louisville, KY with annual revenues of approximately $ 3 . 3 billion . At December 31 , 2018 , Kindred through its subsidiaries had approximately 35 , 700 employees providing healthcare services in 1 , 789 locations in 45 states, including 74 long - term acute care hospitals, 22 inpatient rehabilitation hospitals, 11 sub - acute units, 96 inpatient rehabilitation units (hospital - based) and contract rehabilitation service businesses which served 1 , 586 non - affiliated sites of service . Kindred is ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years . Oklahoma Center for Orthopedic & Multi - Specialty Surgery, LLC (OCOM) is based Oklahoma City, OK and affiliated with USPI and INTEGRIS, and is a leading hospital for orthopedic specialists . OCOM operates a surgical hospital with nine operating rooms and a physical therapy department, an ancillary surgery center, and multiple imaging centers in throughout Oklahoma City . Trinity Health is one of the largest multi - institutional Catholic health care delivery systems in the nation, rated Aa 3 by Moody’s, serving diverse communities that include more than 30 million people across 22 states . Trinity Health includes 92 hospitals, as well as 106 continuing care locations that include PACE programs, senior living facilities, and home care and hospice services . Based in Livonia, Michigan, Trinity Health employs about 125 , 000 colleagues, including 7 , 500 employed physicians and clinicians . Carrus Hospital is located in Sherman, TX and provides acute rehabilitative care and long term acute care . Accredited with The Joint Commission’s Gold Seal of Approval, Carrus Hospital serves Sherman, Durant, Denison, Gainesville, Denton, McKinney, Plano, Bonham, Lewisville, Carrollton, Fort Worth, Dallas, Oklahoma City and beyond . Steward Health was formed in November 2010 by the private equity group Cerberus Capital Management (“Cerberus”) to take the ownership of and turn - around a once - struggling six - hospital health system founded in 1985 by the Archdiocese of Boston and convert a previously non - profit system to a tax - paying operator . After a number of acquisitions, Steward today is the largest private hospital operator in the country that includes 37 community hospitals across nine states and the country of Malta serving over 800 communities, with more than 42 , 000 employees . Pipeline Health is a privately - held, community - based hospital ownership and management company based in Los Angeles . The principals of Pipeline Health have more than 250 years of collective experience in clinical medicine, finance, hospital operations and acquisitions . Pipeline’s growing business, through its affiliates, includes : Emergent Medical Associates, a leading provider of ER serving 20 + hospital sites and 900 , 000 patients annually ; Integrated Anesthesia Medical Group, with 100 providers performing 15 , 000 procedures annually ; Avanti Hospitals, a Los Angeles health system with four hospitals, 400 + beds and 55 , 000 ER visits annually ; Cloudbreak, a telemedicine company with 75 , 000 monthly encounters in 700 hospitals ; Pacific Healthworks, a physician practice management company ; Benchmark Hospitalists ; four community hospitals in Chicago and Dallas, and a recent addition of 22 freestanding EDs upon a merger with Adeptus Health . Curahealth is a growing national platform currently consisted of 12 long - term acute care (LTAC) hospitals under the brand of Curahealth Hospitals and six inpatient rehabilitation facilities (IRF) under the brand of Cobalt Rehabilitation . The platform is a portfolio company sponsored by Nautic Partners, a middle - market private equity group focused on three specialties including healthcare . Nautic currently invests in six healthcare companies including Curahealth and had previously invested in and exited from 14 healthcare companies including Reliant Hospital Partners, an IRF operator that was later sold to Encompass . Select Medical (B 1 ) is headquartered in Mechanicsburg, PA and one of the largest operators of critical illness recovery hospitals (previously referred to as long term acute care hospitals), rehabilitation hospitals (previously referred to as inpatient rehabilitation facilities), outpatient rehabilitation clinics, and occupational health centers in the U . S . based on the number of facilities . As of December 31 , 2018 , Select Medical operated 96 critical illness recovery hospitals in 27 states, 26 rehabilitation hospitals in 11 states, and 1 , 662 outpatient rehabilitation clinics in 41 states . Select Medical’s joint venture subsidiary Concentra operated 524 occupational health centers in 41 states . 14 2Q - 2020| Earnings Supplemental

Real Estate Portfolio 15 Property Location # of Bldgs Facility Type Net Leasable Square Feet Lease Years Remaining Annualized Rent (1) ($ in 000’s) Annualized Rent Per Square Foot (1) Tenant/Guarantor (2) Select Medical Hospital Omaha, NE 1 LTACH 41,113 3.1 $1,870 $45.48 Select Specialty Hospital – Omaha, Inc./Select Medical Corporation Orthopedic Surgery Center of Asheville Asheville, NC 1 ASC 8,840 1.7 $260 $29.37 Orthopedic Surgery Center of Ashville/Surgery Partners Associates in Ophthalmology West Mifflin, PA 1 MOB/ASC 27,193 10.2 $815 $29.98 Associates Surgery Centers, LLC, Associates in Ophthalmology, Ltd. Gastro One Memphis, TN 6 MOB/ASC 52,266 7.5 $1,369 $26.20 Gastroenterology Center of the MidSouth Star Medical Center (3) Plano, TX 1 Surgical Hospital 24,000 15.6 $1,376 $57.34 Star Medical Center/Lumin Health Surgical Institute of Michigan Detroit, MI 1 MOB/ASC 15,018 5.7 $419 $27.93 Surgical Institute of Michigan/Surgical Management Professionals Marina Towers Melbourne, FL 1 MOB/Img 75,899 5.7 $98 $1.29 Marina Towers, LLC/First Choice Healthcare Solutions, Inc. Berks Physicians & Surgeons Wyomissing, PA 1 MOB 17,000 6.1 $463 $27.23 Berks Eye Physicians & Surgeons Berks Eye Surgery Center Wyomissing, PA 1 ASC 6,500 6.1 $248 $38.12 Berkshire Eye East Orange General Hospital East Orange, NJ 1 MOB 60,442 6.2 $1,001 $16.55 Prospect Medical Holdings, Inc. Brown Clinic Watertown, SD 3 MOB/Img 48,132 11.2 $750 $15.59 Brown Clinic Northern Ohio Medical Specialists Sandusky, OH 8 MOB 55,760 7.3 $907 $16.27 Northern Ohio Medical Specialists Carson Medical Group Clinic Carson City, NV 2 MOB 20,632 3.3 $376 $18.22 Carson Medical Group Piedmont Healthcare Ellijay, GA 3 MOB 44,162 6.0 $386 $8.75 Piedmont Mountainside Hospital, Inc. Encompass Altoona Altoona, PA 1 IRF 70,007 0.9 $1,782 $25.46 Encompass Encompass Mechanicsburg Mechanicsburg, PA 1 IRF 78,836 0.9 $2,001 $25.38 Encompass Encompass Mesa Mesa, AZ 1 IRF 51,903 4.3 $1,869 $36.01 Encompass Geisinger Specialty Care Lewisburg, PA 1 MOB/Img 28,480 2.8 $565 $19.83 Geisinger Health Southwest Florida Neurological & Rehab Cape Coral, FL 1 MOB 25,814 6.6 $561 $21.75 Southwest Florida Neurosurgical Associates Las Cruces Orthopedic Las Cruces, NM 1 MOB 15,761 0.1 $34 $2.15 Las Cruces Orthopedic Associates Thumb Butte Medical Center Prescott, AZ 1 MOB 12,000 6.7 $393 $32.78 Thumb Butte Medical Center/Physician Guaranty Southlake Heart & Vascular Institute Clermont, FL 1 MOB 18,152 2.4 $387 $21.33 Orlando Health, Southlake Hospital, Vascular Specialists of Central Florida Oklahoma Center for Orthopedic & Multi - Specialty Surgery Oklahoma City, OK 3 Surgical Hospital/ Physical Therapy/ASC 97,406 12.8 $3,668 $37.66 OCOM/INTEGRIS; USPI; physician guaranty Unity Family Medicine Brockport, NY 1 MOB 29,497 10.4 $621 $21.04 Unity Hospital of Rochester Lonestar Endoscopy Flower Mound, TX 1 ASC 10,062 6.2 $306 $30.41 Lonestar Endoscopy Center, LLC 2Q - 2020| Earnings Supplemental (as of June 30, 2020, see page 18 for footnotes)

Real Estate Portfolio 16 Property Location # of Bldgs Facility Type Net Leasable Square Feet Lease Years Remaining Annualized Rent (1) ($ in 000’s) Annualized Rent Per Square Foot (1) Tenant/Guarantor (2) Carrus Specialty Hospital Sherman, TX 1 IRF/LTACH 69,352 17.0 $2,685 $38.72 SDB Partners, LLC Cardiologists of Lubbock Lubbock, TX 1 MOB 27,280 9.2 $624 $22.89 Lubbock Heart Hospital/Surgery Partners, Inc. Conrad Pearson Clinic Germantown, TN 1 MOB/ASC 33,777 3.9 $1,548 $45.84 Urology Center of the South/Physician guarantees Central Texas Rehabilitation Clinic Austin, TX 1 IRF 59,258 6.8 $3,152 $53.19 CTRH, LLC / Kindred Health GI Alliance Fort Worth, TX 1 MOB 18,084 8.0 $453 $25.06 Texas Digestive Disease Consultants Albertville Medical Building Albertville, MN 1 MOB 21,486 8.5 $498 $23.18 Stellis Health Heartland Clinic Moline, IL 1 MOB/ASC 34,020 13.0 $927 $27.24 Heartland Clinic Kansas City Cardiology Lee’s Summit, MO 1 MOB 12,180 4.5 $286 $23.48 Kansas City Cardiology Amarillo Bone & Joint Clinic Amarillo, TX 1 MOB 23,298 9.5 $618 $26.53 Amarillo Bone & Joint Clinic Respiratory Specialists Wyomissing, PA 1 MOB 17,598 7.5 $421 $23.93 Berks Respiratory Zion Eye Institute St. George, UT 1 MOB/ASC 16,000 9.5 $416 $26.01 Zion Eye Institute Fresenius Kidney Care Moline, IL 2 MOB 27,173 10.8 $548 $20.17 Quad City Nephrology/Fresenius Medical Care Holdings Northern Ohio Medical Specialists Fremont, OH 1 MOB 25,893 9.6 $639 $24.69 Northern Ohio Medical Specialists Gainesville Eye Gainesville, GA 1 MOB/ASC 34,020 9.6 $808 $23.74 SCP Eyecare Services City Hospital at White Rock Dallas, TX 1 Acute Hospital 236,314 17.7 $2,349 $9.94 Pipeline East Dallas Orlando Health Orlando, FL 5 MOB 59,644 3.7 $1,280 $21.47 Orlando Health Memorial Health System Belpre, OH 4 MOB/Img/ER/ASC 155,600 10.7 $5,482 $35.23 Marietta Memorial Valley ENT McAllen, TX 1 MOB 30,811 9.2 $448 $14.54 Valley ENT Rock Surgery Center Derby, KS 1 ASC 16,704 6.9 $260 $15.55 Rock Surgery Center/Rock Medical Assets Foot and Ankle Specialists Bountiful, UT 1 MOB 22,335 13.3 $387 $17.34 Foot and Ankle Specialists of Utah / physician guaranty TriHealth Cincinnati, OH 1 MOB 18,820 5.5 $313 $16.64 TriHealth Cancer Center of Brevard Melbourne, FL 1 Cancer Center 19,074 3.0 $638 $33.43 Brevard Radiation Oncology / Vantage Oncology Heartland Women's Healthcare Southern IL 6 MOB 64,966 9.22 $1,191 $18.33 Heartland Women's Healthcare / USA OBGYN Management Prospect Medical Vernon, CT 2 MOB/Dialysis/Administrative 58,550 11.20 $791 $13.52 Prospect ECHN / Prospect Medical Holdings, Inc. Citrus Valley Medical Associates Corona, CA 1 MOB 41,803 10.5 $1,228 $29.38 Citrus Valley Medical Associates 2Q - 2020| Earnings Supplemental (as of June 30, 2020, see page 18 for footnotes)

Real Estate Portfolio 17 Property Location # of Bldgs Facility Type Net Leasable Square Feet Lease Years Remaining Annualized Rent (1) ($ in 000’s) Annualized Rent Per Square Foot (1) Tenant/Guarantor (2) AMG Specialty Hospital Zachary, LA 1 LTACH 12,424 16.0 $412 $33.16 AMG Specialty Hospital East Valley Gastroenterology & Hepatology Associates Chandler, AZ 3 MOB/ASC 39,305 9.5 $1,252 $31.86 East Valley Gastroenterology & Hepatology Associates/ USPI Encompass Health Rehabilitation Hospital of Desert Canyon Las Vegas, NV 1 IRF 53,260 4.9 $1,622 $30.45 Encompass Health Cobalt Rehabilitation Hospital of Surprise Surprise, AZ 1 IRF 54,575 14.5 $2,031 $37.21 Cobalt Rehabilitation Saint Joseph Rehabilitation Institute Mishawaka, IN 1 IRF 45,920 4.5 $1,493 $32.52 Trinity Mercy Rehabilitation Hospital Oklahoma City Oklahoma City, OK 1 IRF 53,449 7.2 $1,919 $35.90 Kindred/ Mercy California Cancer Associates for Research and Excellence (cCare) San Marcos, CA 1 MOB 20,230 7.1 $885 $43.77 California Cancer Associates for Research and Excellence (cCare) East Lansing Medical Office Portfolio Lansing, MI 3 MOB/ASC 42,817 7.7 $853 $19.93 Genesis Surgery Center Bannockburn Medical Office Bannockburn, IL 1 MOB 44,063 5.6 $524 $11.90 Illinois Bone and Joint Institute Advocate Dryer Clinic Aurora, IL 1 Office 50,000 4.9 $1,050 $20.99 Advocate Dryer Clinic Mission Health Medical Office Livonia, MI 1 MOB 61,621 2.5 $876 $14.22 Trinity Health/ Ascension Covenant Surgical Partners - Arizona Centers for Digestive Health Gilbert, AZ 1 MOB/ASC 14,052 9.2 $388 $27.61 Covenant Surgical Partners MedExpress - Urgent Care MSO Morgantown, WV 1 Office 25,000 9.0 $600 $24.00 MedExpress - Urgent Care MSO Steward - Medical Center of Southeast Texas Beaumont, TX 1 Surgical Hospital 84,674 5.2 $2,574 $30.39 Steward - Medical Center of Southeast Texas HCA - St. David's Healthcare Partnership Bastrop, TX 1 FSED 28,500 4.0 $925 $32.44 HCA - St. David's Healthcare Partnership EyeSouth Partners - Eye Center South Panama City, FL 3 MOB/ASC 34,624 14.2 $907 $26.20 EyeSouth Partners - Eye Center South Southeast Orthopedic Specialists Jacksonville, FL 2 MOB 20,869 14.4 $616 $29.50 Southeast Orthopedic Specialists Indiana Eye Clinic Greenwood, IN 1 MOB/ASC 16,553 12.9 $409 $24.72 Indiana Eye Clinic Wake Forest Health Network High Point, NC 1 MOB 97,811 2.9 $1,869 $19.10 Wake Forest Health Network Mercy Medical Center Clinton, IA 1 MOB/ASC 115,142 4.0 $1,282 $11.13 Trinity Health Columbia St. Mary's Hospital Milwaukee West Allis, WI 1 MOB 33,670 4.2 $664 $19.73 Ascension Grand Rapids Ophthalmology Grand Rapids, MI 4 MOB/ASC 95,108 7.2 $2,004 $21.07 Blue Sky Vision Spectrum Healthcare Resources Dumfries, VA 1 MOB 99,718 4.2 $1,695 $17.00 Team Health Holdings Total Portfolio/Average 116 3,222,300 8.1 $77,369 $24.01 2Q - 2020| Earnings Supplemental (as of June 30, 2020, see page 18 for footnotes)

Disclosures Rent Coverage Ratio (see pages 11 and 13 ) For purposes of calculating our portfolio weighted - average EBITDARM coverage ratio (“Rent Coverage Ratio”), we excluded credit - rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed . These ratios are based on latest available information only . Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete . Certain other tenants (approximately 7 % of our portfolio) are excluded from the calculation due to lack of available financial information . Additionally, our Rent Coverage Ratio adds back physician distributions and compensation . In regards to City Hospital at White Rock, which is GMRE’s only Acute Care Hospital, it has experienced a - 0 . 4 x coverage ratio over the trailing 12 months ending March 31 , 2020 . The coverage ratio presented for City Hospital is for the three months ending March 31 , 2020 . Management believes that all adjustments are reasonable and necessary . Due to the significant reduction in our tenants’ businesses due to the pandemic, we expect the Rent Coverage Ratio to be materially lower for the remainder of 2020 and possibly longer . Real Estate Portfolio (see pages 15 , 16 and 17 ) Data as of June 30, 2020. (1) Monthly base rent at June 30 , 2020 multiplied by 12 (or actual NOI for cCare, East Lansing, Bannockburn and Mission Health properties). In addition, Mari na Towers & Las Cruces are presented on a cash - collected basis. Accordingly, this methodology produces an annualized amount as of a point in tim e but does not take into account future contractual rental rate increases . (2) Certain lease guarantees are for less than 100% of the contractual rental payments. (3) Carrus Specialty Hospital does not include 12,000 square feet of shell space. Additional Information The information in this document should be read in conjunction with the Company’s Annual Report on Form 10 - K, Quarterly Reports on Form 10 - Q, Current Reports on Form 8 - K, and other information filed with, or furnished to, the SEC . You can access the Company’s reports and amendments to those reports filed or furnished to the SEC pursuant to Section 13 (a) or 15 (d) of the Exchange Act in the “Investor Relations” section on the Company’s website (www . globalmedicalreit . com) under “SEC Filings” as soon as reasonably practicable after they are filed with, or furnished to, the SEC . The information on or connected to the Company’s website is not, and shall not be deemed to be, a part of, or incorporated into, this Earnings Supplemental . You also can review these SEC filings and other information by accessing the SEC’s website at http : //www . sec . gov . Certain information contained in this package, including, but not limited to, information contained in our Top 10 tenant profiles is derived from publicly - available third - party sources . The Company has not independently verified this information and there can be no assurance that such information is accurate or complete . 18 (as of March 31, 2020) 2Q - 2020| Earnings Supplemental

Evelyn Infurna Evelyn.Infurna@icrinc.com 203.682.8265 www.globalmedicalreit.com NYSE: GMRE INVESTOR RELATIONS