Global Medical REIT Inc 2024年度报告

FELLOW STOCKHOLDERS, Nearly 10 years ago,we launched GlobalMedical REIT (GMRE) as a public companywith a strategy focused on owning needs-based healthcare facilities leased to leadinghealthcare systems and physician groups,with the goal of driving stable cash flows andstrong returns for shareholders. a high-quality portfolio with stable tenantspositioned for continued success. An environment of continued uncertaintymarked the beginning of 2024. Recessionfears were elevated, and the FederalReserve remained relatively hawkish inits fight against inflation. Although theFederal Reserve began lowering the federalfunds rate during the second half of theyear, long-term interest rates remainedelevated, making it more difficult to acquirehealthcare properties. During this time, weremained committed to a disciplined strategy,prioritizing portfolio optimization, debtreduction and liquidity enhancement overaggressive acquisition growth. Looking back, I’m proud of all that we haveaccomplished. We grew our asset base 15-foldto more than $1.4 billion, with annual baserent (ABR) of $110 million. We successfullynavigated through shifting economic andcapital market cycles, as well as a once-in-a-lifetime global pandemic. Furthermore, weleveraged our operational expertise to swiftlyaddress tenant needs and today maintain WE REMAIN COMMITTED TO ADISCIPLINED ACQUISITION APPROACH “ Through economic shifts and industrychallenges, we have remaineddisciplined, growing our asset base andstrengthening our portfolio. Our focusremains on optimizing our portfolio,enhancing liquidity and positioningGMRE for long-term success.” – Jeffrey Busch,Chief Executive Officer, Chairman and President “ Our well-curated portfolio ofessential healthcare facilitiesconsistently delivers reliableperformance, maintainingoccupancy above 96 percent.” – Robert J. Kiernan,Chief Financial Officer and Treasurer STABLE PORTFOLIOAND PROVEN EXECUTION Our high-quality portfolioof needs-basedhealthcare facilities has continued to producesteady results, and we maintained portfoliooccupancy above 96 percent during theyear. At year-end, we owned 190 propertieswith approximately 4.8 million square feetleased to 279 tenants. Our total ABR was$110 million, with weighted average annualrent escalations of 2.2 percent, and ourweighted average lease term was 5.6 years,with portfolio average rent coverage of 4.5x.Notably, we have a well-diversified portfolio,with our largest tenant, Lifepoint Health,representing just 7 percent of ABR. demonstrated during the bankruptcy ofSteward Health Care during the year,which represented approximately2.8 percent of our ABR at the time of thebankruptcy filing. When the lease at ourhealthcare facility in Beaumont, Texas,was rejected in the bankruptcy proceedings,we were prepared with a new, 15-year,triple-net lease with an affiliate of CHRISTUSHealth. The new triple-net lease per squarefoot is an increase from the previousoperator, and payment is expected tocommence in March or April 2025. Thisoutcome was exceptional for GMRE,minimizing downside risk while securing astrong tenant and an extended term. Equally important, our team has deepoperational expertise, which was OUR TEAM HAS DEEPOPERATIONAL EXPERTISE 4.8M SQUARE FEET96% OCCUPANCY$110M ANNUALIZEDBASE RENT190 BUILDINGS279 TENANTS As of December 31, 2024 ACQUISITIONS DURINGA CHALLENGING MARKET Despite the increasedinterest rateenvironment and challenging capitalmarkets environment in 2024, we wereable to source approximately $150 millionof high-quality healthcare propertiesduring the year. In May 2024, we enteredinto a purchase agreement to acquire a15-property portfolio of 100-percent-leasedoutpatient medical facilities encompassingapproximately 250,000 square feet for$80.3 million. These properties were acquired in two tranches, with the final closingin October at a cap rate of 8 percent. In October 2024, the company entered intoa purchase agreement to acquire a five-property portfolio for $69.6 million at a caprate of 9 percent. We expect to completethese acquisitions during the first half of 2025.We continue to monitor a healthy pipeline ofpotential opportunities, and we are extremelyexcited to return to a pattern of annual growth. RETURNTO GROWTH “ Backed by our consistent capitalstrategy, we continue to identify andexecute on high-value opportunitiesthat strengthen our portfolio andsupport long-term growth, ensuringresilience and value creation.” – Alfonzo Leon,Chief Investment Officer CONSISTENT CAPITAL STRATEGYTO SUPPORT GROWTH We began 2024in a strong capital positionwith leverage at 43 percent, within ourstated target range of 40 percent to 45percent, allowing us to pivot to growthas opportunities arose during the year.Additionally, to augment the liquidity onour balance sheet, we continued to executea capital recycling plan. We sold sevenproperties for $60.7 million, resulting inan aggregate net gain of $4.2 million. The proceeds of these dispositions