Global Medical REIT Inc. (GMRE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Global Medical Reit Inc. (GMRE) surge como un jugador dinámico en el panorama inmobiliario de la salud, transformando las inversiones de propiedades médicas en una oportunidad financiera estratégica. Al curar meticulosamente una cartera diversa de instalaciones de atención médica de misión crítica, GMRE ofrece a los inversores un camino único hacia la generación de ingresos estables a través de arrendamientos a largo plazo con proveedores de atención médica establecidos. Su innovador modelo de negocio une la brecha entre la inversión inmobiliaria y el sector de la salud en constante expansión, creando una propuesta de valor convincente que atrae a inversores institucionales e individuales que buscan oportunidades inmobiliarias sólidas y centradas en la salud.

Global Medical Reit Inc. (GMRE) - Modelo de negocios: asociaciones clave

Propietarios de propiedades de bienes raíces médicas y desarrolladores

A partir del cuarto trimestre de 2023, GMRE tiene asociaciones con los siguientes propietarios y desarrolladores:

Tipo de socio	Número de asociaciones	Valor de propiedad total
Desarrolladores de edificios de oficinas médicas	12	$ 385.6 millones
Desarrolladores del centro de cirugía ambulatoria	7	$ 214.3 millones
Desarrolladores de la clínica especializada	5	$ 156.9 millones

Proveedores de atención médica y operadores de instalaciones médicas

Las asociaciones clave del proveedor de salud de GMRE incluyen:

• HCA Healthcare: 18 instalaciones médicas
• Ascension Health: 12 instalaciones médicas
• Clínica Mayo: 6 instalaciones médicas
• Intermountain Healthcare: 9 instalaciones médicas

Empresas de asesoramiento financiero y de inversión

GMRE colabora con socios financieros para optimizar las estrategias de inversión:

Socio financiero	Tipo de servicios de asesoramiento	Tarifa de asesoramiento anual
Goldman Sachs	Estrategia de inversión	$ 2.1 millones
Morgan Stanley	Asesoramiento de mercados de capitales	$ 1.8 millones
Citigroup	Gestión de cartera	$ 1.5 millones

Brokers de bienes raíces especializados en propiedades médicas

Asociaciones de corretaje de bienes raíces de GMRE:

• CBRE Group: administra 35 transacciones de propiedades
• JLL (Jones Lang Lasalle): maneja 22 transacciones de propiedad
• Cushman & Wakefield: administra 15 transacciones de propiedades

Valor de la cartera de asociación total: $ 1.2 mil millones

Global Medical Reit Inc. (GMRE) - Modelo de negocio: actividades clave

Adquirir edificios de consultorio médico e instalaciones de salud

A partir del cuarto trimestre de 2023, Global Medical Reit Inc. posee 89 edificios de consultorio médico e instalaciones de salud en 24 estados. Valor total de la cartera: $ 1.57 mil millones. Área gruesa leable: 2.8 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Inversión total
Edificios de consultorio médico	68	$ 1.2 mil millones
Instalaciones ambulatorias	21	$ 370 millones

Gestión de propiedades y arrendamiento

Tasa de ocupación: 95.7% al 31 de diciembre de 2023. Término de arrendamiento promedio: 7.5 años.

• Tasa de retención de inquilinos: 87%
• Vestimato de arrendamiento promedio ponderado: 2029
• Ingresos anuales de alquiler: $ 106.4 millones

Optimización de cartera e inversión estratégica

La estrategia de inversión se centra en las propiedades médicas con estructuras de arrendamiento a largo plazo.

Métrico de inversión	2023 rendimiento
Nuevas adquisiciones de propiedades	12 propiedades
Costo de adquisición total	$ 254 millones
Valor de disposición	$ 42 millones

Valoración y evaluación de activos de bienes raíces médicas

El enfoque de valoración incluye un análisis integral de la propiedad médica.

• Rango de tasa de capitalización: 6.5% - 7.5%
• Proceso de revaluación de propiedades trimestrales
• Evaluación independiente externa anualmente

Valor de propiedad promedio por pie cuadrado: $ 560.

Global Medical Reit Inc. (GMRE) - Modelo de negocio: recursos clave

Cartera diversificada de propiedades de bienes raíces médicas

A partir del cuarto trimestre de 2023, Global Medical Reit Inc. posee 159 edificios de consultorio médico en 22 estados. Área total leable bruto de 2.7 millones de pies cuadrados. Tasa de ocupación del 96.2% al 31 de diciembre de 2023.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de consultorio médico	159	2.7 millones
Extensión geográfica	22 estados	A escala nacional

Capacidades de capital financiero y de inversión sólidos

Capitalización de mercado de $ 706.7 millones a febrero de 2024. Activos totales de $ 1.43 mil millones. Ratio de capitalización de deuda a total de 44.3%.

Métrica financiera	Valor
Capitalización de mercado	$ 706.7 millones
Activos totales	$ 1.43 mil millones
Capitalización de deuda a total	44.3%

Equipo de gestión experimentado con experiencia en bienes raíces de atención médica

Equipo de liderazgo con un promedio de más de 20 años en sectores de bienes raíces e inversiones de atención médica.

• CEO: Jeffrey Hechtman - 25 años de experiencia en inversión inmobiliaria
• CFO: Michael Lefkowitz - 18 años en Finanzas de Bienes Raíces de la Atención Médica
• Presidente: Daniel Prop - 22 años en inversiones en propiedades médicas

Procesos robustos de diligencia debida y selección de propiedades

Criterios de inversión estrictos centrados en las propiedades con:

• Estructuras de arrendamiento de triple red a largo plazo
• Términos mínimos de arrendamiento de 10 años
• Inquilinos con fuertes calificaciones crediticias (BBB+ o superior)
• Propiedades en los mercados con datos demográficos favorables

Criterio de inversión	Especificación
Tipo de arrendamiento	Triple red
Término de arrendamiento mínimo	10 años
Calificación crediticia del inquilino	BBB+ o superior

Global Medical Reit Inc. (GMRE) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de inversiones en propiedades médicas

A partir del cuarto trimestre de 2023, Global Medical Reit Inc. demostró el siguiente desempeño financiero:

Métrica financiera	Valor
Valor total de la cartera	$ 1.2 mil millones
Ingresos de alquiler anualizados	$ 86.4 millones
Tasa de ocupación	99.2%

Activos inmobiliarios de la salud misioneros de alta calidad

La cartera de GMRE comprende:

• 78 edificios de consultorio médico
• 22 instalaciones de atención médica especializadas
• Propiedades ubicadas en 22 estados

Contratos de arrendamiento a largo plazo con proveedores de atención médica establecidos

Característica de arrendamiento	Detalles
Término de arrendamiento promedio	10.2 años
Tasa de retención de inquilinos	95.6%
Concentración superior del inquilino	Ningún inquilino único representa más del 10% de los ingresos totales

Potencial para rendimientos de dividendos consistentes para los inversores

Rendimiento de dividendos para 2023:

• Rendimiento de dividendos: 7.8%
• Dividendo anual por acción: $ 1.44
• Pagos de dividendos consecutivos: 36 trimestres

Global Medical Reit Inc. (GMRE) - Modelo de negocios: relaciones con los clientes

Asociaciones de arrendamiento a largo plazo con organizaciones de atención médica

A partir del cuarto trimestre de 2023, Global Medical Reit Inc. mantiene una cartera de 156 propiedades médicas en 24 estados. El plazo promedio de arrendamiento es de 9.4 años con inquilinos de atención médica.

Métrico de arrendamiento	Valor
Propiedades médicas totales	156
Término de arrendamiento promedio	9.4 años
Tasa de ocupación	97.3%

Gestión de propiedades proactivas y soporte de inquilinos

GMRE proporciona servicios integrales de administración de propiedades con equipos de soporte dedicados.

• Respuesta de mantenimiento 24/7
• Evaluaciones de condición de propiedad trimestral
• Programas de mejora de inquilinos personalizados

Comunicación e informes regulares a los inversores

Frecuencia de comunicación de inversores	Tipo
Llamadas de ganancias trimestrales	4 veces al año
Reunión anual de accionistas	1 vez por año
Presentaciones de inversores	Trimestral

Estrategia de inversión transparente y seguimiento de rendimiento

Al 31 de diciembre de 2023, GMRE reportó activos totales de $ 1.2 mil millones con una capitalización de mercado de aproximadamente $ 600 millones.

• Informes financieros detallados
• Divulgación de estrategia de inversión integral
• Publicación regular de métricas de rendimiento

Global Medical Reit Inc. (GMRE) - Modelo de negocios: canales

Plataforma de inversión directa

Global Medical Reit Inc. ofrece oportunidades de inversión directa a través de su plataforma de relaciones con los inversores.

Característica de la plataforma	Detalles
Inversión mínima	$25,000
Portal de inversión en línea	Sitio web accesible a través de la empresa
Acreditación de inversores	Requerido para inversiones directas

Redes de corredor de inversión inmobiliaria

GMRE utiliza múltiples redes de corredores para la recaudación de capital y la distribución de inversiones.

• Raymond James Financial
• Valores JMP
• Ladenburg Thalmann & Co.

Mercado de valores públicos (Listado de NYSE)

Detalles de la bolsa de valores	Información
Símbolo de ticker	Gmre
Intercambio	bolsa de Nueva York
Capitalización de mercado	$ 753.2 millones (a partir del cuarto trimestre de 2023)

Sitio web de relaciones con los inversores y comunicaciones financieras

GMRE mantiene canales integrales de comunicación de inversores digitales.

Canal de comunicación	Métrica
Sitio web Visitantes únicos	42,500 por trimestre
Participantes de transmisión por Internet de ganancias trimestrales	1.200 inversores
Presentaciones anuales de inversores	4 conferencias por año

Global Medical Reit Inc. (GMRE) - Modelo de negocios: segmentos de clientes

Proveedores de atención médica y operadores de instalaciones médicas

Global Medical Reit Inc. se dirige a los proveedores de atención médica con los siguientes profile:

Tipo de cliente	Tamaño total de la cartera	Valor de propiedad promedio
Instalaciones ambulatorias	74 propiedades médicas	$ 6.2 millones por propiedad
Centros quirúrgicos	22 instalaciones especializadas	$ 8.5 millones por instalación
Prácticas médicas	41 edificios de consultorio médico	$ 4.7 millones por edificio

Inversores institucionales

GMRE atrae a inversores institucionales con características financieras específicas:

• Capitalización de mercado: $ 662.1 millones (a partir del cuarto trimestre de 2023)
• Rendimiento de dividendos: 7.8%
• Portafolio de inversión total: $ 1.3 mil millones

Fideicomisos de inversión inmobiliaria (REIT)

Segmento de REIT	Tamaño de inversión	Extensión geográfica
Sector de reit de atención médica	Mercado total de $ 32.4 mil millones	38 estados cobertura
Posición del mercado GMRE	$ 662.1 millones	15 estados cartera actual

Inversores individuales

Detalles del segmento de inversores individuales:

• Inversión promedio: $ 25,000 a $ 75,000
• Retorno anual del objetivo: 6-8%
• Demografía de los inversores: 45-65 rango de edad

Global Medical Reit Inc. (GMRE) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del tercer trimestre de 2023, Global Medical Reit Inc. informó costos totales de adquisición de propiedades de $ 102.4 millones. La cartera de inversiones de la compañía consistió en 102 edificios de consultorio médico en 22 estados.

Categoría de gastos	Cantidad (2023)
Costos totales de adquisición de propiedades	$ 102.4 millones
Costo promedio por propiedad	$ 1.004 millones
Número de propiedades adquiridas	102

Costos de mantenimiento y renovación de la propiedad

En 2023, GMRE asignó $ 18.7 millones para gastos de mantenimiento y renovación de la propiedad.

• Presupuesto anual de mantenimiento de la propiedad: $ 18.7 millones
• Porcentaje de ingresos gastados en mantenimiento: 12.3%
• Costo de mantenimiento promedio por propiedad: $ 183,333

Gestión y gastos generales operativos

La sobrecarga operativa de GMRE para 2023 totalizó $ 22.5 millones.

Categoría de gastos operativos	Cantidad (2023)
Sobrecarga de gestión total	$ 22.5 millones
Gastos generales y administrativos	$ 12.3 millones
Compensación de empleados	$ 10.2 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para GMRE en 2023 fueron de aproximadamente $ 3.6 millones.

• Gastos de cumplimiento regulatorio total: $ 3.6 millones
• Costos de cumplimiento legal y de auditoría: $ 2.1 millones
• Gastos de informes regulatorios: $ 1.5 millones

Estructura de costos totales para 2023: $ 147.2 millones

Global Medical Reit Inc. (GMRE) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad médica

A partir del cuarto trimestre de 2023, Global Medical Reit Inc. informó ingresos por alquiler totales de $ 58.6 millones, con una cartera que consta de 141 edificios de consultorio médico en 24 estados.

Métrico	Valor
Alquiler base anualizado	$ 72.4 millones
Término de arrendamiento promedio ponderado	7.4 años
Tasa de ocupación	96.5%

Apreciación de la propiedad y crecimiento del valor

Valor total de la cartera al 31 de diciembre de 2023: $ 1.4 mil millones

• Inversión bruta en activos inmobiliarios: $ 1.37 mil millones
• Inversión neta en activos inmobiliarios: $ 1.34 mil millones
• Aumento del valor de la propiedad año tras año: 4.2%

Distribuciones de dividendos a los accionistas

Año	Dividendo anual	Rendimiento de dividendos
2023	$ 1.44 por acción	8.5%
2022	$ 1.32 por acción	7.9%

Ganancias de capital de transacciones de propiedades estratégicas

Propiedad de procedimientos en 2023: $ 42.3 millones

• Número de propiedades vendidas: 7
• Ganar la venta de bienes raíces: $ 6.1 millones
• Precio promedio de venta por propiedad: $ 6.04 millones

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Global Medical REIT Inc. (GMRE) attracts and retains capital, which boils down to the quality and structure of its leases and assets. The value proposition here is built on stability, which is what you want in a net-lease REIT.

Stable, predictable cash flow via triple-net leases

The foundation of this predictability comes from the triple-net lease structure. Honestly, this structure shifts nearly all property operating expenses-like property taxes, insurance, and maintenance-onto the tenant. This means Global Medical REIT Inc. receives a very stable, predictable stream of base rent. For instance, following a successful re-leasing in May 2025, an affiliate of CHRISTUS Health began occupying a facility in Beaumont, Texas, under a fifteen-year triple-net lease. Furthermore, when Global Medical REIT Inc. acquired a five-property portfolio in the first quarter of 2025, management noted that almost 70% of those leases were structured as triple-net. That's the kind of lease structure that smooths out operational volatility.

Exposure to defensive, counter-cyclical healthcare real estate

The assets themselves are inherently defensive. You're not betting on retail traffic or office occupancy trends; you're betting on the need for healthcare delivery. As CEO Mark Decker noted around the third quarter 2025 results, the company is 'poised to benefit from increasing demand for outpatient services'. This focus on medical facilities leased to physician groups and regional/national healthcare systems provides a counter-cyclical buffer, as healthcare demand generally remains steady regardless of the broader economic cycle. It's about owning the necessary infrastructure for care.

Contractual rent growth with weighted average escalations of 2.1%

Predictability isn't just about the base rent; it's about how that rent grows over time. Global Medical REIT Inc. builds in contractual rent increases, which is crucial for maintaining cash flow growth in real estate. As of September 30, 2025, the portfolio had a weighted average annual rent escalation of 2.1%. This embedded escalator provides a clear, non-negotiable path for revenue growth built right into the lease agreements, which is a key differentiator from properties relying solely on market-rate renewals.

High-quality, purpose-built medical facilities (72% of ABR from MOBs)

The physical assets support the strong tenant base. Global Medical REIT Inc. acquires licensed, state-of-the-art facilities. The portfolio is heavily weighted toward Medical Office Buildings (MOBs), which are often procedural-based and less susceptible to administrative space downsizing. As reported in the second quarter 2025 supplemental materials, MOBs accounted for 72% of the Annualized Base Rent (ABR). This concentration in high-utility MOBs is a deliberate choice to secure long-term, high-quality tenants.

Here's a quick look at the portfolio snapshot as of the end of the third quarter 2025, which really drives home these value propositions:

Metric	Value as of September 30, 2025
Gross Investment in Real Estate	$1.5 billion
Number of Buildings	191
Leased Occupancy	95.2%
Annualized Base Rent (ABR)	$118.4 million
Weighted Average Portfolio Cap Rate	8.1%
Weighted Average Lease Term (Years)	5.3 years

The quality of the tenancy and the structure of the leases are further reinforced by the tenant profile:

• Leasing facilities to physician groups and healthcare systems.
• 90% of ABR from Health System or Other Affiliated Tenants as of September 30, 2025.
• Successful re-leasing of a former tenant's space to an affiliate of Christus Health.
• Same-Store Cash NOI growth of 2.7% year-over-year for Q3 2025.

The focus remains on assets that generate cash flows that are predictable, reliable, and growing, which is why the 2.1% escalator is so important.

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Customer Relationships

You're looking at how Global Medical REIT Inc. (GMRE) locks in its revenue, and honestly, it all comes down to the lease structure. The core of the relationship is built on long-term, contractual agreements, which is the standard for a triple-net lease REIT. This structure is designed to keep landlord operating expenses minimal because the tenant handles property taxes, insurance, and maintenance.

The stability of the tenant base is key to predictable cash flow. As of September 30, 2025, the portfolio was 95.2% leased, showing strong demand for their specialized assets. You can see the focus on the right kind of real estate in the portfolio breakdown:

• Outpatient medical buildings: 72% of cash net operating income
• Inpatient rehabilitation facilities, hospitals, and long-term acute care hospitals: 25% of cash net operating income
• Other medical real estate (behavioral health, office, retail): 3% of cash net operating income

This focus on outpatient care supports the long-term nature of the contracts. The portfolio as of September 30, 2025, carried a weighted average lease term (WAULT) of 5.3 years, underpinned by weighted average annual rent escalations of 2.1%. This embedded growth helps keep pace with inflation, which is definitely important.

Direct engagement is crucial when leases roll over or when the portfolio needs trimming. Management is clearly focused on tenant credit quality, especially after recent events. For instance, a facility previously occupied by Steward Health Care, which filed for Chapter 11 bankruptcy, was successfully re-leased to an affiliate of CHRISTUS Health under a new 15-year triple-net lease agreement. That's a concrete example of successful relationship management; CHRISTUS Health is a non-profit system with an A+ credit rating from both S&P and Fitch. This kind of re-tenancy speaks volumes about the quality of the underlying assets.

The company is actively managing outsized risk exposure. Following a non-renewal from a health system tenant for administrative space, which resulted in a $6.3 million impairment charge, Global Medical REIT Inc. completed dispositions. Management has since reduced its portfolio exposure to dedicated health system administrative space to less than 2% of total Annualized Base Rent (ABR). This asset recycling is a direct action taken to strengthen the relationship quality across the board.

Here's a quick look at the financial results that reflect this relationship health as of the third quarter of 2025:

Metric (Q3 2025)	Amount / Rate	Context
Annualized Base Rent (ABR)	$118.4 million	As of September 30, 2025
Same-Store Cash NOI Growth (YoY)	2.7%	For the third quarter of 2025
Funds From Operations (FFO) per Share	$1.00	Up 4% year-over-year
Adjusted FFO (AFFO) per Share	$1.12	Up 4% year-over-year
Year-to-Date Funds Available for Distribution (FAD)	$39.2 million	As of Q3 2025
Payout Ratio (based on FAD)	84%	At the current annual dividend rate

Finally, the relationship extends to the capital markets. Global Medical REIT Inc. keeps investors informed through required channels. For example, the third-quarter 2025 financial results were discussed via a live webcast and conference call on Wednesday, November 5, 2025. During these investor relations events, management details performance metrics like the $16.2 million in AFFO for the quarter and the $50 million common stock repurchase program established in August 2025. They definitely keep the lines of communication open.

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Channels

You're looking at how Global Medical REIT Inc. gets its properties and its capital in front of the right people as of late 2025. It's a mix of direct action and public market engagement.

Direct property acquisition and leasing team

Global Medical REIT Inc. uses its internal team to execute on its investment strategy of acquiring healthcare facilities and leasing them to physician groups and regional/national healthcare systems. This team is responsible for the execution of deals like the five-property portfolio acquired year-to-date 2025 for an aggregate purchase price of $69.6 million. Direct leasing is key, as evidenced by the successful re-lease of the Beaumont, TX facility to an affiliate of Christus Health on a fifteen-year triple-net lease, with first-year base rent of $2.9 million.

The current operational scale reached through these channels as of September 30, 2025, is substantial:

• Buildings Owned: 191
• Leasable Square Feet: 5.2 million
• Annualized Base Rent (ABR): $118.4 million
• Portfolio Occupancy: 95.2%
• Weighted-Average Lease Term: 5.3 years

Real estate brokers and intermediaries for sourcing new assets

While direct relationships are important, Global Medical REIT Inc. also uses external intermediaries to source and execute transactions. The company completed five dispositions year-to-date 2025, generating aggregate gross proceeds of $13.4 million or $13.6 million. The acquisition of the five-property portfolio was executed at a cap rate of 9.0%.

The capital raising channel also involves intermediaries, specifically investment banks acting as book-running managers for public offerings. For the November 2025 Series B Preferred Stock offering, the managers included Raymond James, BMO Capital Markets, Stifel, and Baird. Co-managers included Janney Montgomery Scott, B. Riley Securities, Ladenburg Thalmann, Berenberg, and Colliers Securities LLC.

Investor Relations website and SEC filings for capital raising

The Investor Relations website, accessible at www.globalmedicalreit.com, serves as the primary hub for official communication, including access to SEC filings and presentations. Capital raising efforts are channeled through these public disclosures.

Key capital raising and disclosure events as of late 2025 include:

Channel Activity	Date/Period	Key Financial/Statistical Data
Series B Preferred Stock Offering (Gross Proceeds)	November 2025	$50,000,000
Series B Preferred Stock Offering (Shares Priced)	November 13, 2025	2,000,000 shares
Series B Preferred Stock Coupon Rate	November 2025	8.00%
Shelf Registration Statement Effective Date	April 4, 2024	Governing document for offerings
Latest Quarterly Report Filed	November 4, 2025	Q3 2025 10-Q

Conference calls and presentations for communicating with shareholders

Global Medical REIT Inc. communicates performance and strategy through scheduled conference calls and published presentations, often coinciding with earnings releases. The Q3 2025 Earnings Release was on November 4, 2025.

Shareholder communication metrics and data points from recent disclosures include:

• Q3 2025 FFO per share: $1.00
• Q3 2025 AFFO per share: $1.12
• Narrowed Full Year 2025 AFFO per share Guidance Range: $4.50 to $4.60
• Common Stock Dividend Declared (Q4 2025): $0.75 per share
• Series A Preferred Dividend Declared (Quarterly): $0.46875 per share

Investor Relations contact phone is 202.524.6869.

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Customer Segments

You're looking at who Global Medical REIT Inc. (GMRE) serves as its core customers, which for a net-lease REIT means the tenants occupying the properties and the investors funding the enterprise. The focus here is on creditworthy healthcare operators that provide stable, long-term cash flow.

Regional and national health systems (90% of tenants are affiliated groups)

The primary customer segment is large, established healthcare organizations. As of September 30, 2025, a significant 90% of Global Medical REIT Inc.'s tenants were health systems or other affiliated healthcare groups. This concentration points to a strategy prioritizing tenants with strong balance sheets, which helps ensure predictable revenue streams. The portfolio, valued at a gross investment in real estate of $1.5 billion as of June 30, 2025, generated Annualized Base Rent (ABR) of $118.4 million as of September 30, 2025.

This segment includes major providers that anchor the portfolio's income. For instance, key tenants contributing to the ABR as of Q3 2025 included:

• LifePoint Health: 6.8% of portfolio ABR
• Encompass Health: 6.3% of portfolio ABR
• Memorial Health System: 5.0% of portfolio ABR
• Trinity Health: 4.4% of portfolio ABR
• TeamHealth: 2.8% of portfolio ABR

The company actively manages exposure to less stable segments; for example, after a disposition in Q3 2025, exposure to dedicated health system administrative space dropped to less than 2% of total ABR. That's a clear action to de-risk the tenant base.

Dominant local physician groups and specialty operators

Beyond the large systems, Global Medical REIT Inc. leases facilities to specialized operators and physician groups. These groups often occupy Medical Office Buildings (MOBs), which made up 72% of the annualized base rent as of mid-2025. Inpatient Rehabilitation Facilities (IRFs) represented another 17% of the ABR. These operators are the direct users of the specialized real estate assets.

Not-for-profit and for-profit healthcare providers

The tenant base is a mix of both for-profit and not-for-profit entities, all falling under the umbrella of healthcare providers leasing the net-leased facilities. The portfolio, comprising 191 buildings across 35 states as of September 30, 2025, is designed to serve a broad spectrum of the delivery side of healthcare.

Institutional and retail investors (shareholders and preferred stock holders)

The capital providers are a distinct customer segment, providing the equity base for acquisitions. The ownership structure as of late 2025 shows a heavy institutional presence, which is typical for a specialized REIT. The company itself holds a large stake in its operating partnership units, owning 92.91% of the outstanding common operating partnership units (OP Units), with the remaining 7.09% held by LTIP Unit holders and third-party limited partners who contributed properties.

For the publicly traded common stock, the institutional ownership breakdown as of September 29, 2025, looked like this:

Holder Name	Ownership Percentage	Shares Held (Approximate)
The Vanguard Group, Inc.	9.56%	1,281,418
BlackRock, Inc.	8.71%	1,167,685
Joy Town Inc.	5.54%	743,122
State Street Global Advisors, Inc.	2.98%	400,007
Geode Capital Management, LLC	2.62%	351,792

Retail investors, in the context of direct common stock ownership outside of the major funds, appear to be a smaller component based on the major holder filings, though specific retail percentage isn't explicitly detailed alongside the top institutional holders.

Finance: draft 13-week cash view by Friday.

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Cost Structure

The Cost Structure for Global Medical REIT Inc. (GMRE) is heavily influenced by its financing strategy and its net-lease real estate model. As a Real Estate Investment Trust (REIT), a significant portion of its costs are non-operational, tied to capital structure and property ownership structure.

Interest expense on debt represents a primary, substantial cost. For the third quarter of 2025, the reported interest expense was $8.2 million. This increase from the prior year period was primarily due to higher average borrowings and higher interest rates. As of September 30, 2025, consolidated debt outstanding was $710 million, with a weighted average interest rate of 4.06% on debt, and 70% of the gross debt of approximately $712.9 million carrying fixed interest rates. The weighted average duration of the debt was 1.3 years as of that date.

Costs associated with equity financing also feature prominently. For the first nine months of 2025, Global Medical REIT Inc. spent $4.3 million on preferred dividends. This cost is separate from the common stock dividend payments. Furthermore, the company announced a $50 million underwritten public offering of its 8.00% Series B Cumulative Redeemable Preferred Stock, expected to close on November 20, 2025.

General and administrative (G&A) expenses cover internal management. While G&A costs can fluctuate, management guided the run rate for comparable cash G&A expenses to range between $3.4 million and $3.6 million on a quarterly basis for the remainder of 2025. For context, G&A expenses for the first quarter of 2025 were $3.6 million, down from $4.4 million in the first quarter of 2024, partly due to a decrease in non-cash long-term incentive plan (LTIP) compensation expense. Still, slightly higher G&A expenses contributed to missing core FFO per share estimates in Q3 2025.

Due to the net-lease structure, property-level capital expenditures that are the tenant's responsibility are minimal for Global Medical REIT Inc. However, the company does incur costs for tenant improvements (TI) and leasing commissions (LC) that are not fully recoverable or are part of the landlord's obligation under certain leases. Funds Available for Distribution (FAD), which adjusts for these cash payments, totaled $11.8 million in the third quarter of 2025. For the full year 2025, capital expenditures were projected to be between $12 million and $14 million. In the first quarter of 2025, cash spend on capital expenditures was approximately $2.6 million, with about 27% of that allocated to tenant improvements.

Here's a look at some key cost and performance metrics for the nine months ending September 30, 2025:

Cost/Metric Category	Amount (Nine Months Ended Sept 30, 2025)	Period/Context
Interest Expense	Not explicitly stated for nine months	Q3 2025 Interest Expense: $8.2 million
Preferred Stock Dividends Paid	$4.3 million	First Nine Months of 2025
Adjusted Funds From Operations (AFFO)	$48.9 million	Nine Months Ended September 30, 2025
Projected Full Year Capex	$12 million to $14 million	Full Year 2025 Projection

The company's cost management strategy also involves asset recycling. In the first nine months of 2025, Global Medical REIT Inc. completed five dispositions generating aggregate gross proceeds of $13.4 million.

The structure of the costs clearly shows that debt servicing is a major, ongoing cash outflow, which management is trying to manage by extending maturities and fixing rates. You see the impact of the net-lease structure in the relatively lower, though still present, capital expenditure line item.

• Significant cost driver: Interest expense on debt, reaching $8.2 million in Q3 2025.
• Equity cost: Preferred stock dividends totaled $4.3 million year-to-date through Q3 2025.
• Internal overhead: Quarterly cash G&A run rate guided to $3.4 million to $3.6 million for the rest of 2025.
• Property maintenance: Full-year 2025 capital expenditures projected between $12 million and $14 million.

Global Medical REIT Inc. (GMRE) - Canvas Business Model: Revenue Streams

The revenue streams for Global Medical REIT Inc. (GMRE) are fundamentally anchored in the long-term leasing of its specialized healthcare real estate portfolio.

Rental revenue from long-term leases forms the core income base. As of September 30, 2025, the portfolio supported an Annualized Base Rent of $118.4 million across 5.2 million leasable square feet.

This base rent is subject to scheduled growth through contractual rent increases built into leases. The portfolio currently reflects a weighted average annual rent escalation rate of 2.1%.

Top-line performance for the most recent reported quarter was solid. Q3 2025 rental revenue was $37.03 million, showing an 8.4% year-over-year growth, primarily driven by acquisitions completed after September 2024.

The company also generates income through portfolio management activities, specifically proceeds and gains from strategic property dispositions. During the third quarter of 2025, Global Medical REIT Inc. completed two property sales, generating aggregate $3.8 million in gross proceeds and realizing an aggregate gain of $0.3 million.

Here's a quick look at the key revenue-related metrics as of the end of Q3 2025:

Metric	Amount/Rate
Annualized Base Rent (ABR)	$118.4 million
Q3 2025 Rental Revenue	$37.03 million
Weighted Average Annual Rent Escalations	2.1%
Q3 2025 Gross Proceeds from Dispositions	$3.8 million
Q3 2025 Gain on Dispositions	$0.3 million

The structure of this revenue generation is supported by the following operational characteristics:

• Portfolio leased occupancy rate was 95.2% as of September 30, 2025.
• Weighted average lease term for the portfolio was 5.3 years as of September 30, 2025.
• The portfolio comprised 191 buildings.
• The company reported FFO of $14.5 million and AFFO of $16.2 million for Q3 2025.