Global Medical REIT Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Global Medical REIT Inc. filed its 2023 10-K, reporting $655.18M in assets and $65.46M in net income.</b>

AI Summary

Global Medical REIT Inc. (XRN-PB) filed a Annual Report (10-K) with the SEC on February 28, 2024. Global Medical REIT Inc. reported total assets of $655.18 million as of December 31, 2023. The company's total debt was $655.65 million as of December 31, 2023. Revenue for the fiscal year ending December 31, 2023, was $65.55 million. Net income for the fiscal year ending December 31, 2023, was $65.46 million. Earnings per share (EPS) for the fiscal year ending December 31, 2023, was $0.23.

Why It Matters

For investors and stakeholders tracking Global Medical REIT Inc., this filing contains several important signals. The filing provides a comprehensive overview of Global Medical REIT's financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. Key financial metrics such as total assets, total debt, revenue, and net income are detailed, allowing stakeholders to evaluate the company's financial health and compare it against previous periods and industry benchmarks.

Risk Assessment

Risk Level: medium — Global Medical REIT Inc. shows moderate risk based on this filing. The company's total debt ($655.65 million) is nearly equal to its total assets ($655.18 million) as of December 31, 2023, indicating a high leverage ratio and potential financial risk.

Analyst Insight

Investors should closely examine the company's debt structure and repayment plans in light of its asset base and cash flow generation.

Key Numbers

• 65518000 — Total Assets (As of December 31, 2023.)
• 65565000 — Total Debt (As of December 31, 2023.)
• 65550000 — Revenue (For the fiscal year ended December 31, 2023.)
• 65462000 — Net Income (For the fiscal year ended December 31, 2023.)
• 0.23 — EPS (For the fiscal year ended December 31, 2023.)
• 0.20 — EPS (Prior Year) (For the fiscal year ended December 31, 2022.)
• 0.19 — EPS (Two Years Prior) (For the fiscal year ended December 31, 2021.)

Key Players & Entities

• Global Medical REIT Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date for the reported period.
• 2024-02-28 (date) — Filing date of the 10-K report.
• $655.18 million (dollar_amount) — Total assets as of December 31, 2023.
• $655.65 million (dollar_amount) — Total debt as of December 31, 2023.
• $65.55 million (dollar_amount) — Revenue for the fiscal year ending December 31, 2023.
• $65.46 million (dollar_amount) — Net income for the fiscal year ending December 31, 2023.
• $0.23 (dollar_amount) — Earnings per share for the fiscal year ending December 31, 2023.

FAQ

Risk Factors

• Leverage and Debt [high — financial]: The company's substantial debt relative to its assets poses a financial risk, potentially impacting its ability to service debt obligations and fund future growth.

Key Financial Figures

• $0.001 — ch registered: Common Stock, par value $0.001 per share GMRE NYSE Series A Pref
• $1.4 billion — had gross investments of approximately $1.4 billion in real estate properties, consisting o
• $110.2 million — able square feet and (ii) approximately $110.2 million of annualized base rent. The tables bel
• $2,735 — ludes healthcare administrative office ($2,735), acute-care hospital ($2,541), long-te
• $2,541 — e office ($2,735), acute-care hospital ($2,541), long-term acute care hospital ($2,539
• $2,539 — $2,541), long-term acute care hospital ($2,539), behavioral hospital ($1,372), free-st
• $1,372 — hospital ($2,539), behavioral hospital ($1,372), free-standing emergency department ($
• $992 — 2), free-standing emergency department ($992) and retail space ($219). Geographic
• $219 — ncy department ($992) and retail space ($219). Geographic Concentration The foll

Filing Documents

• gmre-20231231x10k.htm (10-K) — 4351KB
• gmre-20231231xex21.htm (EX-21) — 96KB
• gmre-20231231xex23.htm (EX-23) — 2KB
• gmre-20231231xex31d1.htm (EX-31.1) — 10KB
• gmre-20231231xex31d2.htm (EX-31.2) — 10KB
• gmre-20231231xex32d1.htm (EX-32.1) — 8KB
• gmre-20231231xex97d1.htm (EX-97.1) — 32KB
• gmre-20231231x10k005.jpg (GRAPHIC) — 68KB
• 0001558370-24-002000.txt (&nbsp;) — 16426KB
• gmre-20231231.xsd (EX-101.SCH) — 80KB
• gmre-20231231_cal.xml (EX-101.CAL) — 78KB
• gmre-20231231_def.xml (EX-101.DEF) — 336KB
• gmre-20231231_lab.xml (EX-101.LAB) — 550KB
• gmre-20231231_pre.xml (EX-101.PRE) — 494KB
• gmre-20231231x10k_htm.xml (XML) — 3643KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 33 Item 1C . Cybersecurity 33 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accounting Fees and Services 79 PART IV Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 85

Signatures

Signatures 86 2 Table of Contents Special Note Regarding Forward-Looking Statements This Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). In particular, statements pertaining to our trends, liquidity, capital resources, and the healthcare industry and the healthcare real estate markets and opportunity, among others, contain forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology including, but not limited to, "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: difficulties in identifying healthcare facilities to acquire (due to increased cost of capital, competition or otherwise) and completing such acquisitions; defaults on or non-renewal of leases by tenants; our ability to collect rents; increases in interest rates and increased opera

BUSINESS

ITEM 1. BUSINESS Organization Global Medical REIT Inc. (the "Company," "us," "we," or "our") is a Maryland corporation and internally managed REIT that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. The Company's common stock is listed on the New York Stock Exchange. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Global Medical REIT L.P. (the "Operating Partnership"). Our wholly owned subsidiary, Global Medical REIT GP LLC, is the sole general partner of our Operating Partnership and, as of December 31, 2023, we owned 92.91% of the outstanding common operating partnership units ("OP Units") of our Operating Partnership, with an aggregate of 7.09% of the Operating Partnership owned by holders of long-term incentive plan units ("LTIP Units") and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for OP Units. Business Overview and Strategy Our business strategy is to invest in healthcare properties that provide an attractive rate of return relative to our cost of capital and are operated by profitable physician groups, regional or national healthcare systems or combinations thereof. We believe this strategy allows us to attain our goals of providing stockholders with (i) reliable dividends and (ii) stock price appreciation. To implement this strategy, we seek to invest: in medical office buildings and other de-centralized components of the healthcare delivery system because we believe that healthcare delivery trends in the U.S. are increasingly moving away from centralized hospital locations; in small to mid-sized healthcare facilities located in secondary markets and suburbs of primary markets and that provide services needed for an ag

View Full Filing

View this 10-K filing on SEC EDGAR