Exhibit 99.2
First Quarter 2023 Earnings Supplemental www.globalmedicalreit.com NYSE: GMRE Wake Forest Medical – Winston - Salem, NC Atrium Health – Winston - Salem, NC
Table of Contents Table of Contents Company Overview 3 - 5 Select Quarterly Financial Data 6 Business Summary 7 ESG Summary 8 Portfolio Summary 9 - 10 Top 10 Tenants 11 - 13 Debt and Hedging Summary 14 Total Capitalization and Equity Summary 15 Condensed Consolidated Statements of Operations 16 Condensed Consolidated Balance Sheets 17 Condensed Consolidated Statements of Cash Flows 18 Non - GAAP Reconciliations 19 Reporting Definitions and Other Disclosures 20 - 21 2 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 liquidity, our tenants’ ability to pay rent to us, expected financial performance (including future cash flows associated with new tenants or the expansion of current properties), future dividends or other financial items ; any other statements concerning our plans, strategies, objectives and expectations for future operations and future portfolio occupancy rates, 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, our expected disposition activity, including the timing and/or successful completion of any dispositions and the expected use of proceeds therefrom, 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 1 A - Risk Factors, in our Annual Report on Form 10 - K, 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 . 1Q - 2023| Earnings Supplemental Legent Hospital for Special Surgery – Plano, TX Associates in Ophthalmology – West Mifflin, PA
Company Overview Global Medical REIT Inc. (GMRE) is a net - lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. Portfolio Snapshot* South Lake Heart & Vascular – Claremont, FL * as of March 31, 2023 Blue Sky Vision – Grand Rapids, MI 1Q - 2023| Earnings Supplemental 3 Blue Sky Vision – Grand Rapids, MI Gross Investment in Real Estate (billions): $1.5 Number of Buildings: 188 Number of States: 35 Weighted Average Portfolio Cap Rate: 7.8% % of Health System or Other Affiliated Tenants: 89% Weighted Average Lease Term (years): 6.0 Leased Occupancy: 97.0% Portfolio Rent Coverage: 4.1x
1Q - 2023| Earnings Supplemental Executive Officers Jeffrey Busch Chairman, Chief Executive Officer and President Robert Kiernan Chief Financial Officer and Treasurer Alfonzo Leon Chief Investment Officer Danica Holley Chief Operating Officer Jamie Barber General Counsel and Corporate Secretary Board of Directors Executive Officers Jeffrey Busch Chairman, Chief Executive Officer and President Henry Cole Lead Independent Director, Compensation Committee Chair, Audit Committee Member Paula Crowley Audit Committee Member, ESG Committee Member, Compensation Committee Member Matthew Cypher, Ph.D. ESG Committee Chair, Nominating and Corporate Governance Committee Member Ronald Marston Nominating and Corporate Governance Committee Chair, Compensation Committee Member Dr. Roscoe Moore, Jr. (1) Compensation Committee Member, Nominating and Corporate Governance Committee Member Lori Wittman Audit Committee Chair, Nominating and Corporate Governance Committee Member, ESG Committee Member Zhang Huiqi Director % of Independent Directors 75% Board % of Women and Historically Underrepresented Minorities 50% Company Overview 4 (1) On January 19, 2023, Dr. Moore notified the Company’s Board of Directors that he intends to retire from the Board of Dir ect ors effective as of the Company’s 2023 Annual Meeting of Stockholders to be held on May 10, 2023. Dr. Moore’s decision to retire was not a result of any disagreeme nt with the Company on any matter relating to the Company’s operations, policies or practices.
1Q - 2023| Earnings Supplemental Executive Officers Firm Name Baird Wes Golladay BMO Juan Sanabria B. Riley Securities Bryan Maher Colliers Securities Barry Oxford Compass Point Merrill Ross JMP Securities Aaron Hecht Janney Robert Stevenson KeyBanc Austin Wurschmidt Stifel Stephen Manaker Sell - Side Analyst Coverage Corporate Headquarters Global Medical REIT Inc. 7373 Wisconsin Avenue, Suite 800 Bethesda, MD 20814 Phone: 202.524.6851 www.globalmedicalreit.com Investor Relations Deloitte & Touche LLP McLean, VA Independent Registered Public Accounting Firm Corporate and REIT Tax Counsel Vinson & Elkins LLP Daniel LeBey, Corporate Partner Christopher Mangin, REIT Tax Partner Stephen Swett Phone: 203.682.8377 Email: stephen.swett@icrinc.com Stock Exchange New York Stock Exchange Ticker: GMRE Transfer Agent American Stock Transfer & Trust Company Phone: 800.937.5449 Thumb Butte Medical Center Prescott, Az Cobalt Rehabilitation Hospital – Surprise, AZ Company Overview 5
(unaudited, and in thousands, except per share and unit amounts) 1Q - 2023| Earnings Supplemental * See page 19 for non - GAAP reconciliations Select Quarterly Financial Data 6 March 31, December 31, September 30, June 30, March 31, As of Period End (Unless Otherwise Specified) 2023 2022 2022 2022 2022 Market capitalization (common and OP) $612,165 $636,914 $572,416 $754,488 $1,094,533 Market price per share – common $9.11 $9.48 $8.52 $11.23 $16.32 Common shares and OP units outstanding 67,197 67,185 67,185 67,185 67,067 Preferred equity $74,959 $74,959 $74,959 $74,959 $74,959 Common equity $537,795 $558,025 $573,707 $559,053 $563,039 Noncontrolling interest $15,721 $16,081 $15,918 $15,097 $14,619 Total equity $628,475 $649,065 $664,584 $649,109 $652,617 Investment in real estate, gross $1,481,273 $1,484,177 $1,482,492 $1,444,565 $1,368,156 Borrowings: Credit facility - revolver, gross $143,500 $145,700 $144,700 $260,100 $186,700 Credit facility - term loan A, gross $350,000 $350,000 $350,000 $350,000 $350,000 Credit facility - term loan B, gross $150,000 $150,000 $150,000 - - Notes payable, gross $57,780 $58,124 $58,409 $57,217 $57,487 Weighted average interest rate for quarter 4.27% 4.07% 3.65% 2.97% 2.87% Debt covenants: Leverage ratio (as defined in Credit Facility) 47.4% 47.6% 47.6% 46.2% 43.7% Fixed charge coverage ratio for quarter (1.50x minimum allowed) 2.88 3.15 3.41 3.59 3.53 March 31, December 31, September 30, June 30, March 31, Three Months Ended 2023 2022 2022 2022 2022 Rental revenue $36,199 $36,290 $35,347 $33,679 $31,852 Interest expense $8,271 $8,064 $6,963 $5,401 $4,801 G&A expenses $3,804 $4,051 $3,961 $4,336 $4,197 Depreciation and amortization expenses $14,889 $15,093 $14,415 $14,036 $13,179 Operating expenses $7,536 $7,138 $6,679 $6,000 $5,372 Total expenses $34,542 $34,458 $32,130 $29,863 $27,589 Gain on sale of investment property $485 - $6,753 - - Net income attributable to common stockholders $673 $369 $8,057 $2,236 $2,661 Net income per share $0.01 $0.01 $0.12 $0.03 $0.04 Wtd. Avg. basic and diluted common shares (GAAP) 65,525 65,518 65,518 65,507 65,302 FFO* $15,094 $15,457 $16,208 $16,387 $15,982 FFO per share and unit* $0.22 $0.22 $0.23 $0.24 $0.23 AFFO* $15,953 $16,522 $17,133 $17,563 $16,828 AFFO per share and unit* $0.23 $0.24 $0.25 $0.25 $0.24 Wtd. avg. common shares, OP and LTIP units 69,830 69,725 69,725 69,698 69,319
1Q - 2023| Earnings Supplemental First Quarter 2023 Operating Summary Common and Preferred Dividends Investment Activity Capital Markets and Debt Activity Business Summary 7 • Net income attributable to common stockholders was $0.7 million, or $0.01 per diluted share, as compared to $2.7 million, or $0. 04 per diluted share, in the comparable prior year period. • Funds from Operations (“FFO”) of $15.1 million, or $0.22 per share and unit, as compared to $16.0 million, or $0.23 per share an d unit, in the comparable prior year period. • Adjusted Funds from Operations (“AFFO”) of $16.0 million, or $0.23 per share and unit, as compared to $16.8 million, or $0.24 pe r share and unit, in the comparable prior year period. • Increased total revenue 13.7% year - over - year to $36.2 million, primarily driven by the Company’s acquisition activity since the comparable prior year period. • Sold a medical office building in Jacksonville, Florida, receiving gross proceeds of $4.4 million, resulting in a gain of $0. 5 m illion. • On March 10 , 2023, the Board of Directors (the “Board”) declared a: • $0.21 per share cash dividend to common stockholders and unitholders of record as of March 24 , 2023, which was paid on April 11 , 2023; and • $0.46875 per share cash dividend to holders of record as of April 15, 2023, of the Company’s Series A Preferred Stock, which was paid on May 1, 2023. • The Company did not complete any acquisitions during the first quarter of 2023. • Leverage was 47.4% as of March 31, 2023. • As of May 3, 2023, we had unutilized borrowing capacity under the Credit Facility of $244.5 million. • We did not issue any shares of common stock under our ATM program during the first quarter of 2023.
Environmental Social Governance ESG Summary 8 1Q - 2023| Earnings Supplemental • We continue our efforts to quantify the energy consumption of our portfolio. For the 2022 GRESB assessment report we received a score of 46 which was higher than our 2021 score. • We utilize the ENERGY STAR platform to collect and track our energy consumption data and have identified properties that are strong candidates for the ENERGY STAR certificate program. • We successfully completed our third project with Georgetown University Steers Center for Global Real Estate, Steers Advisory Services program. This engagement evaluated the means and methods of our utility data collection and provided actionable recommendations on improving the process for consistent quality assurance and impact. This work product will be used to establish methodology for future consumption reduction plans, and improved uniformity of data for reporting and communication purposes. • We incorporate climate risks and environmental sustainability assessments in our due diligence process. This has yielded actionable energy consumption mitigation recommendations and immediate access to utility consumption information. Collecting this information as part of our asset evaluation supports our ESG approach of Alignment. Our Board continues to lead our social and governance efforts. With its diverse composition, our Board is a strong example of inclusive leadership with a composition of 38% women and 50% of individuals from underrepresented groups (including women). • Our Board has been recognized by “Women on Boards” and our executive team reflects our demographically diverse staff. • Our Phoenix, Arizona metro area pilot project with Ride United continued with great success. We provided 1,070 healthcare related rides to individuals in need. 60% of the rides were to medical, dental and eye appointments; 15% were to pharmacy appointments; 12% to substance use support; and 10% to mental health support. We will continue to support this program in Phoenix and expect to expand to support a similar program in Orlando, Florida. • Our commitment to employee engagement remains a high - priority, as we continue to make accommodations for health, safety, and work - life balance. With this commitment in mind, and with the compensation committee of the Board’s leadership, we conducted an employee survey that covered a comprehensive range of subjects related to our employees’ attitudes about our work culture, compensation components, as well as demographic and identification data. • The Board continued to improve our corporate governance structure by adopting an incentive compensation recoupment ( clawback ) policy during the first quarter of 2022. • The Board formed a standing ESG committee that oversees the Company’s environmental, social, governance and resilience efforts. • GMRE is a member of the National Association of Corporate Directors.
(as of March 31, 2023, unless otherwise stated) Portfolio Statistics Lease Type Rent Coverage* Portfolio Summary 9 1Q - 2023| Earnings Supplemental Indiana Eye Clinic – Greenwood, IN Texas Digestive Disease Consultants – Ft. Worth, TX cCare – San Marcos, CA cCare – San Marcos, CA _________ * See pages 20 and 21 for disclosures regarding the Company’s rent coverage calculation 1) Includes surgical hospitals, long - term acute care hospitals (LTACH) and behavioral hospitals. Tenant Composition Hialeah Medical Plaza – Hialeah, FL Tenant Type % of ABR Not-for-profit healthcare system 35% For-profit healthcare system 31% Other affiliated healthcare groups 23% Total 89% % of ABR Triple-net 52% Absolute-net 40% Modified gross 6% Gross 2% Gross Investment in Real Estate (in billions) $1.5 Total Buildings 188 Total Leasable Square Feet (in millions) 4.9 Total Tenants 274 Leased Occupancy 97.0% Total Annualized Base Rent (in millions) $114.9 Portfolio Rent Coverage 4.1x Weighted Average Cap Rate 7.8% Weighted Average Lease Term (years) 6.0 Weighted Average Rent Escalations 2.1% Asset Type % of ABR Ratio MOB 11% 5.0x MOB/ASC 12% 3.7x Inpatient Rehab (IRF) 16% 3.8x Specialty Hospital (1) 8% 3.7x Total/Weighted Average 47% 4.1x Tenants Not Included Large/Credit Rated Tenants 33% N/A Not Reported 20% N/A
(as of March 31, 2023, unless otherwise stated) Citrus Valley – Corona CA Citrus Valley Medical Building – Corona, CA Portfolio Summary 10 1Q - 2023| Earnings Supplemental Mercy Rehab Hospital – Oklahoma City, OK Citrus Valley Medical Associates – Corona, CA TX 18% FL 10% O H … OK 6% PA 6% AZ 6% IL 6% Other 40% Location by ABR MOB 68% IRF 18% Surgical Hospital 6% Other 8% Asset Type by ABR Year # of Leases Leasable Square Feet % of Total Leasable Square Feet ABR % of Total ABR 2023 66 355,834 7.3% $7,294 6.4% 2024 65 704,418 14.4% $15,517 13.5% 2025 43 370,449 7.6% $8,853 7.7% 2026 60 524,959 10.7% $11,361 9.9% 2027 43 477,635 9.8% $12,467 10.9% 2028 19 170,965 3.5% $4,178 3.6% 2029 23 471,454 9.6% $11,443 10.0% 2030 27 395,422 8.1% $9,664 8.4% 2031 13 287,889 5.9% $6,366 5.5% 2032 7 80,310 1.6% $2,507 2.2% Thereafter 37 902,858 18.5% $25,200 21.9% Total Leased SF 403 4,742,193 97.0% $114,851 100.0% Current Vacancy 145,543 3.0% Total Leasable SF 4,887,736 100.0% Lease Expiration Schedule (ABR in thousands)
2. Encompass Health (Ba 3 /BB - ) (NYSE : EHC) . Encompass Health (NYSE : EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States . With a national footprint that includes 153 hospitals in 36 states and Puerto Rico, the Company provides high - quality, compassionate rehabilitative care for patients recovering from a major injury or illness, using advanced technology and innovative treatments to maximize recovery . As of March 31 , 2023 , our Encompass properties had a WALT of 5 . 0 years and a total ABR of $ 7 . 3 million . The table below summarizes our Encompass properties as of March 31 , 2023 : 1Q - 2023| Earnings Supplemental 1 . LifePoint Health (formerly Kindred Healthcare)(B 2 /B) . LifePoint Health is a leading healthcare provider that serves patients, clinicians, communities and partner organizations across the healthcare continuum . Driven by a mission of making communities healthier ® , the company has a growing diversified healthcare delivery network comprised of more than 50 , 000 dedicated employees, 62 community hospital campuses, more than 50 rehabilitation and behavioral health hospitals and more than 200 additional sites of care, including managed acute rehabilitation units, outpatient centers and post - acute care facilities . LifePoint Health is a diversified healthcare delivery network that spans 29 states and includes 63 community hospital campuses, 32 rehabilitation and behavioral health hospitals, and more than 170 additional sites of care . As of March 31 , 2023 , our LifePoint Health properties had a weighted average lease term (WALT) of 7 . 7 years and a total annualized base rent (ABR) of $ 7 . 6 million . The table below summarizes our LifePoint Health properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy IRF Austin, TX Sep - 2017 59,258 100% IRF Oklahoma City, OK Apr - 2019 63,896 100% Behavioral Hospital Fort Worth, TX Mar - 2021 33,997 100% Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy IRF Altoona, PA Dec - 2016 70,007 100% IRF Mechanicsburg, PA Dec - 2016 78,836 100% IRF Mesa, AZ Dec - 2016 51,903 100% IRF Las Vegas, NV Apr - 2019 53,260 100% Top 10 Tenant s 11 3 . Memorial Health System, OH (B+) (MHS) . MHS is the largest health system in the Parkersburg - Marietta - Vienna MSA and delivers healthcare services in southeast Ohio . MHS operates the 199 - bed Marietta Memorial Hospital and two critical access hospitals, nine outpatient care centers, 26 medical staff offices, and clinical care delivery locations . As of March 31 , 2023 , our MHS properties had a WALT of 7 . 9 years and a total ABR of $ 5 . 5 million . The table below summarizes our MHS properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy MOB/Imaging Belpre, OH Apr - 2018 50,300 100% MOB Belpre, OH Apr - 2018 25,000 100% MOB Belpre, OH Apr - 2018 25,000 100% MOB/ASC Belpre, OH Apr - 2018 55,300 100%
1Q - 2023| Earnings Supplemental 4 . Oklahoma Center for Orthopedic & Multi - Specialty Surgery, LLC (OCOM) . OCOM is an affiliate of USPI and INTEGRIS and is a leading hospital for orthopedic specialists . OCOM operates (i) a surgical hospital with six operating rooms, nine inpatient treatment rooms and a physical therapy department, (ii) an ambulatory surgery center with three operating rooms, and (iii) multiple imaging centers throughout Oklahoma City, Oklahoma . As of March 31 , 2023 , our OCOM properties had a WALT of 10 . 6 years and a total ABR of $ 3 . 8 million . The table below summarizes our OCOM properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy Surgical Hospital Oklahoma City, OK Mar - 2017 66,310 100% MOB Oklahoma City, OK Mar - 2017 20,200 100% ASC Oklahoma City, OK Mar - 2017 10,896 100% Top 10 Tenants 12 5 . Trinity Health (Aa 3 /AA - ) . Trinity Health is one of the largest not - for - profit, Catholic health care systems in the nation . It is a family of 123 , 000 colleagues and nearly 27 , 000 physicians and clinicians caring for diverse communities across 26 states . Nationally recognized for care and experience, the Trinity Health system includes 88 hospitals, 135 continuing care locations, the second largest PACE program in the country, 136 urgent care locations and many other health and well - being services . Based in Livonia, Michigan, its annual operating revenue is $ 21 . 5 billion with $ 1 . 4 billion returned to its communities in the form of charity care and other community benefit programs . As of March 31 , 2023 , our Trinity Health properties had a WALT of 3 . 6 years and a total ABR of $ 3 . 6 million . The table below summarizes our Trinity Health properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy IRF Mishawaka, IN Apr - 2019 45,920 100% MOB Livonia, MI Aug - 2019 18,825 29% MOB/ASC Clinton, IA Feb - 2020 115,142 100% MOB Caledonia, MI Jun - 2021 8,936 63% MOB Athens, GA Dec - 2021 7,460 100% 6 . TeamHealth Holdings (Caa 1 /CCC+) . TeamHealth, owned by Blackstone Group, is a provider of physician staffing and administrative services to hospitals and other healthcare providers in the United States . TeamHealth is affiliated with more than 15 , 000 healthcare professionals who provide emergency medicine, hospital medicine, anesthesia, urgent care, pediatric staffing, and management services . TeamHealth, through an affiliated entity, services U . S . military treatment facilities, VA clinics and other Federal agencies . As of March 31 , 2023 , our TeamHealth properties had a WALT of 1 . 4 years and a total ABR of $ 3 . 2 million . Setting aside tenant termination options, the WALT would be 6 . 4 years . The table below summarizes our TeamHealth properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy MOB Dumfries, VA Apr - 2020 99,718 100% MOB Fairfax, VA Jul - 2020 73,653 100%
1Q - 2023| Earnings Supplemental 8 . Carrus Health . Carrus Health is specialty hospital system headquartered in Sherman, Texas and delivers healthcare services in the greater Texoma area . Carrus Health provides inpatient and outpatient physical rehabilitative care, long term acute care and children’s behavioral health care . As of March 31 , 2023 , our Carrus Health property had a lease term of 14 . 3 years and a total ABR of $ 2 . 9 million . The table below summarizes our Carrus Health property as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy IRF Sherman, TX Jun - 2017 69,352 100% Top 10 Tenants 13 9. Atrium Health (Aa 3 /AA - ) . Based in Charlotte, North Carolina, Atrium Health is an integrated, nonprofit health system with more than 70 , 000 teammates serving patients at 40 hospitals and more than 1 , 400 care locations . Atrium Health is part of Advocate Health , the fifth - largest nonprofit health system in the United States, which was created from the combination with Advocate Aurora Health . It provides care under the Atrium Health Wake Forest Baptist name in the Winston - Salem, North Carolina, region, as well as Atrium Health Navicent and Atrium Health Floyd in Georgia and Alabama . Atrium Health is renowned for its top - ranked pediatric, cancer and heart care, as well as organ transplants, burn treatments and specialized musculoskeletal programs . As of March 31 , 2023 , our Atrium Health properties had a WALT of 0 . 6 years and a total ABR of $ 2 . 6 million . The table below summarizes our Atrium Health properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy MOB High Point, NC Feb - 2020 97,811 100% MOB Winston - Salem, NC Sep - 2020 45,525 100% 10 . Pipeline Health . Pipeline Health is a privately held, community-based hospital management company based in Los Angeles, California . In October 2022 , Pipeline filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code in response to its operations at its two hospitals in Chicago, Illinois and general post - COVID - 19 struggles for the hospital industry . In January 2023 , Pipeline emerged from bankruptcy after successfully selling its two hospitals in Chicago, Illinois and reorganizing its business with a new management team that will focus on its operations in Texas (where it operates one hospital) and California (where it operates four hospitals) . As part of the bankruptcy process, Pipeline assumed our lease at the White Rock Medical Center in Dallas, Texas with some modifications to assist Pipeline’s exit from bankruptcy and its new business plan . As of March 31 , 2023 , our Pipeline property had a lease term of 14 . 9 years and a total ABR of $ 2 . 5 million . The table below summarizes our Pipeline property as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy Acute - Care Hospital Dallas, TX Mar - 2018 236,314 100% 7 . Steward Health Care . Steward is among the nation’s largest and most successful accountable care organizations (ACO), with more than 5 , 500 providers and 43 , 000 health care professionals who care for 12 . 3 million patients a year through a closely integrated network of hospitals, multispecialty medical groups, urgent care centers, skilled nursing facilities and behavioral health centers . Based in Dallas, Steward currently operates 39 hospitals across Arizona, Arkansas, Florida, Louisiana, Massachusetts, Ohio, Pennsylvania, Texas and Utah . As of March 31 , 2023 , our Steward properties had a WALT of 2 . 6 years and a total ABR of $ 3 . 1 million . The table below summarizes our Steward properties as of March 31 , 2023 : Asset Type Location Purchase Date Leasable Square Feet Tenant’s % Occupancy Surgical Hospital Beaumont, TX Oct - 2019 84,674 100% MOB Hialeah, FL Sep - 2021 3,838 5% MOB Hermitage, PA Sep - 2022 23,050 100%
1Q - 2023| Earnings Supplemental ( unaudited, and in thousands, except per share data) Debt and Hedging Summary 14 _________ (1) Credit spread of 1.50% is based on the Company’s overall leverage ratio (as defined in the credit facility agreement) being b etw een 45% and 50% as of March 31, 2023. Pursuant to the credit facility agreement, at each reporting date the credit spread will increase or decrease based on the Co mpa ny’s overall leverage ratio. In addition to the credit spread we also pay 10 bps related to the transition from LIBOR to SOFR. The Revolver has two Company - controlled, six - month extension options. If the Company exercises those options, the maturity date of the Revolver would be August 2027. (2) Rates reflect the effect of the Company’s interest rate swaps. See table below for a detailed descriptions of the Company’s int erest rate swaps. Consists of the fixed base rate plus a credit spread of 1.45% based on a leverage ratio of between 45% and 50% under our credit facility agreement, pl us 10 bps related to the transition from LIBOR to SOFR and is calculated using 365/360 method. __________ (1) Consists of a total of ten current interest rates swaps and five forward starting interest rate swaps whereby we pay (or will pa y) the fixed base rate listed in the table above and receive the one - month Standard Overnight Financing Rate (SOFR), which is the reference rate for the outstanding loans in our credit facility. (2) Consists of the fixed base rate plus a credit spread of 1.45% based on a leverage ratio of between 45% and 50% under our cred it facility agreement, plus 10 bps related to the transition from LIBOR to SOFR and is calculated using 365/360 method. 80% 20% Fixed - to - Floating Rate Debt Fixed - Rate Floating - Rate Revolver Principal $143,500 Rate at 3/31/23 6.44% Debt Balance Rate Type Interest Rate Maturity Unsecured Credit Facility: Revolver: $143,500 Floating SOFR + 1.50% (1) 8/1/2026 (1) Term Loan A: $350,000 Fixed 3.39% (2) May-26 Term Loan B: $150,000 Fixed 4.15% (2) February-28 Other: Cantor CMBS Loan: $31,247 Fixed 5.22% April-26 Rosedale Loan: $13,856 Fixed 3.85% July-25 Dumfries CMBS Loan: $11,260 Fixed 4.68% June-24 Toledo Loan: $1,417 Fixed 5.00% July-33 Total/Weighted Average: $701,280 4.28% 3.7 years Debt Detail Notional Term Term Loan A - $350,000 Current – 8/2023 Fixed base rate: 1.80% Effective interest rate: 3.39% (2) 8/2023 – 8/2024 Fixed base rate: 1.50% Effective interest rate: 3.10% (2) 8/2024 – 4/2026 Fixed base rate: 1.36% Effective interest rate: 2.95% (2) Term Loan B - $150,000 Current – 2/2028 Fixed base rate: 2.54% Effective interest rate: 4.15% (2) Interest Rate Swap Detail (1) Weighted Average Interest Rates Debt Statistics As of March 31, 2023 Total Gross Debt: $701,280 Fixed Rate Debt-to-Total Debt: 80% Weighted Average Interest Rate (Q1): 4.27% End of Period Weighted Average Interest Rate 4.28% Weighted Average Maturity (Years): 3.7 Leverage Ratio 47.4% Fixed Charge Coverage Ratio 2.88
15 Total Capitalization and Equity Summary (unaudited, and in thousands, except per share data) 1Q - 2023| Earnings Supplemental ____________ (1) Calculated by dividing the aggregate dividends received for the trailing four quarters by the Company’s closing stock price on March 31, 2023 of $9.11 per share. ___________ (1) Based on the closing price of the Company’s common stock on March 31, 2023, of $9.11 per share. (2) LTIPs are issued as equity compensation to the Company’s directors and employees and, as such, have no capital value associated to them. $612,165 $74,959 $701,280 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 Total Capitalization Total Debt Preferred Stock Common Stock, OP Units and Vested LTIPs Preferred Dividends Stock Shares Dividend Rate/Yield Liquidation Preference Optional Redemption Period Series A Cumulative Preferred Stock, $0.001 par value per share 3,105 7.50% $25 per share Began on 9/15/2022 Common Stock, $0.001 par value per share 65,530 9.22% (1) N/A N/A Equity Detail Record Date Payment Date Dividend (per share) 6/24/2022 7/8/2022 $0.21 9/23/2022 10/11/2022 $0.21 12/22/2022 1/9/2023 $0.21 3/24/2023 4/11/2023 $0.21 Total: $0.84 Common Dividends Total Capitalization As of March 31, 2023 Total Debt $701,280 Preferred Stock $74,959 Common Stock (1) $596,978 OP Units (1,667 units) (1) $15,187 Vested LTIP Units (2,154 units) (2) $— Total Capitalization $1,388,404 Record Date Payment Date Dividend (per share) 7/15/2022 8/1/2022 $0.46875 10/15/2022 10/31/2022 $0.46875 1/15/2023 1/31/2023 $0.46875 4/15/2023 5/1/2023 $0.46875 Total: $1.87500 Preferred Dividends
1Q - 2023| Earnings Supplemental (unaudited, and in thousands, except per share amounts) Condensed Consolidated Statements of Operations 16 2023 2022 Revenue Rental revenue $36,199 $31,852 Other income 31 23 Total revenue 36,230 31,875 Expenses General and administrative 3,804 4,197 Operating expenses 7,536 5,372 Depreciation expense 10,494 9,402 Amortization expense 4,395 3,777 Interest expense 8,271 4,801 Preacquisition expense 42 40 Total expenses 34,542 27,589 Income before gain on sale of investment property 1,688 4,286 Gain on sale of investment property 485 - Net income $2,173 4,286 Less: Preferred stock dividends (1,455) (1,455) Less: Net income attributable to noncontrolling interest (45) (170) Net income attributable to common stockholders $673 2,661 Net income attributable to common stockholders per share -basic and diluted $0.01 $0.04 Weighted average shares outstanding – basic and diluted 65,525 65,302 Three Months Ended March 31,
1Q - 2023| Earnings Supplemental (unaudited, and in thousands) Condensed Consolidated Balance Sheets 17 March 31, 2023 December 31, 2022 Assets Investment in real estate: Land $167,285 $168,308 Building 1,077,340 1,079,781 Site improvements 22,024 22,024 Tenant improvements 66,375 65,987 Acquired lease intangible assets 148,249 148,077 1,481,273 1,484,177 Less: accumulated depreciation and amortization (213,690) (198,218) Investment in real estate, net 1,267,583 1,285,959 Cash and cash equivalents 4,603 4,016 Restricted cash 9,378 10,439 Tenant receivables, net 7,402 8,040 Due from related parties 321 200 Escrow deposits 8,625 7,833 Deferred assets 30,322 29,616 Derivative asset 27,428 34,705 Goodwill 5,903 5,903 Other assets 7,473 6,550 Total assets $1,369,038 $1,393,261 Liabilities and Equity Liabilities: Credit Facility, net $634,796 $636,447 Notes payable, net 57,367 57,672 Accounts payable and accrued expenses 12,604 13,819 Dividends payable 15,854 15,821 Security deposits 4,688 5,461 Other liabilities 8,226 7,363 Acquired lease intangible liability, net 7,028 7,613 Total liabilities 740,563 744,196 Equity: Preferred stock ($77,625 liquidation preference) 74,959 74,959 Common stock 66 66 Additional paid-in capital 722,113 721,991 Accumulated deficit (211,794) (198,706) Accumulated other comprehensive income 27,410 34,674 Total Global Medical REIT Inc. stockholders' equity 612,754 632,984 Noncontrolling interest 15,721 16,081 Total equity 628,475 649,065 Total liabilities and equity $1,369,038 $1,393,261 As of
( unaudited , and in thousands) 1Q - 2023| Earnings Supplemental. Condensed Consolidated Statements of Cash Flows 18 2023 2022 Operating activities Net income $2,173 $4,286 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 10,494 9,402 Amortization of acquired lease intangible assets 4,373 3,755 Amortization of above market leases, net 291 199 Amortization of debt issuance costs and other 601 515 Stock-based compensation expense 688 1,287 Capitalized preacquisition and other costs charged to expense 15 153 Gain on sale of investment property (485) — Other — 29 Changes in operating assets and liabilities: Tenant receivables 638 (407) Deferred assets (811) (1,297) Other assets and liabilities (210) (532) Accounts payable and accrued expenses (1,223) (1,030) Security deposits (773) 76 Net cash provided by operating activities 15,771 16,436 Investing activities Purchase of land, buildings, and other tangible and intangible assets and liabilities — (24,468) Net proceeds from sale of investment property 4,175 — Escrow deposits for purchase of properties (153) (1,284) Advances made to related parties (121) (288) Capital expenditures on existing real estate investments (809) (556) Net cash provided by (used in) investing activities 3,092 (26,596) Financing activities Net proceeds received from common equity offerings — 8,210 Escrow deposits required by third party lenders (639) (456) Repayment of notes payable (344) (282) Proceeds from Credit Facility 12,600 14,100 Repayment of Credit Facility (14,800) — Dividends paid to common stockholders, and OP Unit and LTIP Unit holders (14,699) (14,526) Dividends paid to preferred stockholders (1,455) (1,455) Net cash (used in) provided by financing activities (19,337) 5,591 Net decrease in cash and cash equivalents and restricted cash (474) (4,569) Cash and cash equivalents and restricted cash—beginning of period 14,455 12,759 Cash and cash equivalents and restricted cash—end of period 13,981 8,190 Three Months Ended March 31,
1Q - 2023| Earnings Supplemental. See pages 20 and 21 for definitions of FFO, AFFO, EBITDAre and Adjusted EBITDAre (unaudited, and in thousands, except per share and unit amounts) Non - GAAP Reconciliations 19 March 31, December 31, September 30, June 30, March 31, FFO and AFFO 2023 2022 2022 2022 2022 Net income $2,173 $1,848 $10,029 $3,834 $4,286 Less: Preferred stock dividends (1,455) (1,455) (1,455) (1,455) (1,455) Depreciation and amortization expense 14,861 15,064 14,387 14,008 13,151 Gain on sale of investment property (485) - (6,753) - - FFO $15,094 $15,457 $16,208 $16,387 $15,982 Amortization of above market leases, net 291 292 221 315 199 Straight line deferred rental revenue (763) (1,006) (1,018) (1,032) (1,195) Stock-based compensation expense 688 1,066 1,039 1,289 1,287 Amortization of debt issuance costs and other 601 601 571 514 515 Preacquisition expense 42 112 112 90 40 AFFO $15,953 $16,522 $17,133 $17,563 $16,828 Net income attributable to common stockholders per share – basic and diluted $0.01 $0.01 $0.12 $0.03 $0.04 FFO per share and unit $0.22 $0.22 $0.23 $0.24 $0.23 AFFO per share and unit $0.23 $0.24 $0.25 $0.25 $0.24 Wtd Average Common Shares, OP and LTIP Units outstanding: Common shares 65,525 65,518 65,518 65,507 65,302 OP units 1,667 1,668 1,668 1,668 1,672 LTIP units 2,638 2,539 2,539 2,523 2,345 Wtd Average Common Shares, OP and LTIP Units Outstanding - basic and diluted 69,830 69,725 69,725 69,698 69,319 March 31, December 31, September 30, June 30, March 31, EBITDAre and Adjusted EBITDAre 2023 2022 2022 2022 2022 Net income $2,173 $1,848 $10,029 $3,834 $4,286 Interest expense 8,271 8,064 6,963 5,401 4,801 Depreciation and amortization expense 14,889 15,093 14,415 14,036 13,179 Gain on sale of investment property (485) - (6,753) - - EBITDAre $24,848 $25,005 $24,654 $23,271 $22,266 Stock-based compensation expense 688 1,066 1,039 1,289 1,287 Amortization of above market leases, net 291 292 221 315 199 Preacquisition expense 42 112 112 90 40 Adjusted EBITDAre $25,869 $26,475 $26,026 $24,965 $23,792 Three Months Ended Three Months Ended
Reporting Definitions Annualized Base Rent Annualized base rent represents monthly base rent for March 2023 , multiplied by 12 (or base rent net of annualized expenses for properties with gross leases) . Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future (i) contractual rental rate increases, (ii) leasing activity or (iii) lease expirations . Additionally, leases that are accounted for on a cash - collected basis are not included in annualized base rent . Capitalization Rate The capitalization rate (“Cap Rate”) for an acquisition is calculated by dividing current Annualized Base Rent by contractual purchase price . For the portfolio capitalization rate, certain adjustments, including for subsequent capital invested, are made to the contractual purchase price . Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“ EBITDA re ” and “Adjusted EBITDA re ” ) We calculate EBITDA re in accordance with standards established by NAREIT and define EBITDA re as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, and impairment loss, as applicable . We define Adjusted EBITDA re as EBITDA re plus non - cash stock compensation expense, non - cash intangible amortization related to above and below market leases, preacquisition expense and other normalizing items . Management considers EBITDA re and Adjusted EBITDA re important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt . Funds from Operations and Adjusted Funds from Operations Funds from operations (“FFO”) and adjusted funds from operations (“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 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 recurring acquisition and disposition costs, loss on the extinguishment of debt, recurring straight line deferred rental revenue, recurring stock - based compensation expense, recurring amortization of above and below market leases, recurring amortization of debt issuance costs, recurring lease commissions, and 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 . (as of March 31, 2023) 1Q - 2023| Earnings Supplemental Reporting Definitions and Other Disclosures 20
Reporting Definitions (continued) 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 20 % of our portfolio) are excluded from the calculation due to (i) lack of available financial information or (ii) small tenant size . Additionally, included within 20 % of non - reporting tenants is Pipeline Healthcare, LLC, which filed for Chapter 11 bankruptcy protection in October of 2022 . Additionally, our Rent Coverage Ratio adds back physician distributions and compensation . Management believes all adjustments are reasonable and necessary . Other Disclosures Non - GAAP Financial Measures Management considers certain non - GAAP financial measures to be useful supplemental measures of the Company's operating performance . For the Company, non - GAAP measures consist of EBITDA re , Adjusted EBITDA re , FFO and AFFO . A non - GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP . The Company reports non - GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs . For these reasons, management deems it appropriate to disclose and discuss these non - GAAP financial measures . The non - GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions . These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs . Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented elsewhere herein . 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 . ( as of March 31, 2023) 1Q - 2023| Earnings Supplemental Reporting Definitions and Other Disclosures 21
Stephen Swett stephen.swett@icrinc.com 203.682.8377 www.globalmedicalreit.com NYSE: GMRE INVESTOR RELATIONS
