Global Medical REIT Inc. (GMRE): Business Model Canvas [Dec-2025 Updated]

You're digging into how a specialized real estate investment trust actually makes money, and for Global Medical REIT Inc., it's a masterclass in defensive, long-term income. Honestly, their engine is a disciplined triple-net lease model, locking in predictable cash flow from essential healthcare assets. Consider this: they manage a portfolio valued near $1.5 billion, boasting 95.2% occupancy, and as of Q3 2025, they were pulling in $37.0 million in rental revenue alone, all while keeping landlord headaches minimal due to those long-term contracts. If you want to see the precise nine building blocks that drive this stability-from their 5.3-year weighted average lease term to their cost structure dominated by interest expense-dive into the canvas below.

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

You're mapping out the core relationships that keep Global Medical REIT Inc. (GMRE) operating and growing its portfolio of healthcare facilities. These aren't just vendors; these are the entities that provide capital, source deals, and sign the long-term leases that drive the business.

Strategic Joint Venture with Heitman LLC (formed March 2025)

This partnership, which was seeded in March 2025, is a big move for Global Medical REIT Inc. It validates the company's acquisition and asset management platform by bringing in a major global real estate investment management firm. Global Medical REIT Inc. acts as the managing member, keeping operational control, even though the capital split is heavily weighted toward the partner. The joint venture is designed to be programmatic, meaning it's set up to acquire more high-quality medical outpatient facilities over time.

The initial seeding involved a recapitalization orchestrated by Newmark, which brought in Heitman LLC as the joint venture partner. Here are the specifics of the seed properties:

• Total recapitalization value for the two assets was roughly $35.2 million.
• The portfolio included nearly 116,004 square feet across two states.
• The High Point, North Carolina, property was recapitalized for over $28 million, equating to $286 per square foot (PSF).
• The Fort Worth, Texas, asset was recapped for about $7.2 million.

In terms of ownership structure within the new entity, Global Medical REIT Inc. maintains a 12.5% investment, while Heitman maintains the controlling 87.5% investment. Global Medical REIT Inc. used $2.1 million of the gross proceeds from the asset sale to finance its initial 12.5% capital contribution. To be fair, Heitman is a significant player, managing over $48 billion in assets as of December 31, 2024.

National and Regional Healthcare Systems as Anchor Tenants

The stability of Global Medical REIT Inc.'s revenue stream is directly tied to the creditworthiness of its tenants. The company focuses on acquiring facilities leased to strong healthcare systems and physician groups that have leading market share. As of September 30, 2025, the portfolio had 191 buildings and 315 tenants.

The tenant base is highly concentrated with quality healthcare providers. Honestly, this focus on mission-critical services in high-demand areas is what underpins the long-term triple-net leases.

• Approximately 90% of tenants are health systems or other affiliated healthcare groups.
• The portfolio has a weighted average lease term of 5.3 years as of the end of Q3 2025.
• Rent escalations are set at a weighted average of 2.1%.

For example, Mercy, which is one of the top 20 largest health systems in the United States (rated Moody's Aa3), anchors one of their properties acquired for $28 million on April 15, 2019. Also, Encompass Health operates at 4 of Global Medical REIT Inc.'s properties across 3 states, covering more than 254,000 rentable square feet.

Investment Banks and Brokers (e.g., Newmark) for Deal Sourcing

While Global Medical REIT Inc. management has a background that helps them originate deals directly, external partners are crucial for executing complex transactions like the Heitman joint venture. Newmark's Healthcare Capital Markets group was instrumental here, representing Global Medical REIT Inc. in the recapitalization and securing the joint venture partner.

Newmark announced the transaction on March 19, 2025. For context on the scale of this partner, Newmark generated revenues of approximately $2.5 billion for the year ended December 31, 2023. These relationships with major brokers help Global Medical REIT Inc. access capital markets and structure significant portfolio transactions.

Lenders for Debt Financing

Debt financing is the engine for acquiring the assets that Global Medical REIT Inc. leases out. The company uses a mix of debt instruments to fund its growth, and as of late 2025, they've been actively managing their maturity profile. You need to know the current leverage situation to gauge financial flexibility.

Here's a snapshot of the debt profile as of September 30, 2025, based on the latest reported figures:

The company recently amended its credit facility, which helped push out some maturities. The debt structure is designed to mitigate interest rate risk, with 70% of it carrying fixed interest rates. The total capitalization of approximately $1.25 billion is supported by this debt level, preferred stock at $75.0 million, and common equity at $452.0 million.

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

You're looking to map out the core actions Global Medical REIT Inc. (GMRE) is taking to drive value as of late 2025. Honestly, the focus has clearly shifted to balance sheet fortification and disciplined, accretive growth, which makes sense given the capital markets. Here's a breakdown of what they are actively doing.

Disciplined acquisition of medical office buildings (MOBs) and facilities

Global Medical REIT Inc. is sticking to its strategy of buying high-yield, needs-based healthcare properties, but only when the price is right. They are using capital recycling-selling older assets-to fund new, potentially higher-growth ones. For the first nine months of 2025, they completed the acquisition of a five-property medical portfolio for a total purchase price of $69.6 million, achieving a weighted average cap rate of 9.0% on that investment. This is part of a broader YTD acquisition spend of $69.6 million. The company is buying assets that management believes have rents potentially 30% below market rates, building in an internal growth engine for future lease rollovers.

Here's a snapshot of the investment and disposition activity through the third quarter of 2025:

Proactive asset management to maintain 95.2% occupancy

The day-to-day management is centered on maximizing the performance of the existing portfolio, which as of September 30, 2025, comprised 191 buildings spanning 5.2 million square feet. They are actively working to push occupancy higher than the 95.2% leased rate reported at the end of the third quarter, targeting 96% by year-end. A key win here was the full re-leasing of the Beaumont, Texas facility to an affiliate of CHRISTUS Health in May 2025 on a 15-year triple-net lease, which has helped stabilize the portfolio.

The focus areas for asset management include:

• Driving 2.7% year-over-year Same-Store Cash Net Operating Income (NOI) growth in Q3 2025.
• Maintaining a weighted average annual rent escalation of 2.1% embedded in leases.
• Managing a portfolio with a weighted average lease term of 5.3 years as of September 30, 2025.
• Ensuring high tenant credit quality, with 90% of tenants being health system or affiliated groups.

Capital management, including debt refinancing and the $50 million stock repurchase program

This is where the near-term action is heaviest. Global Medical REIT Inc. is aggressively managing debt maturities, specifically the $350 million Term Loan A due in 2026. In October 2025, they amended and restated their credit facility to extend the maturities of both the revolver and the Term Loan A components. This action pushed the weighted average debt term out to 4.4 years.

At September 30, 2025, total consolidated debt outstanding was approximately $710 million, representing a leverage ratio of 47.3%. The weighted average interest rate on this debt was 4.06%, with 70% of the debt carrying fixed interest rates. Furthermore, in August 2025, Global Medical REIT Inc. established a $50 million common stock repurchase program, though as of November 3, 2025, no shares had been repurchased.

Portfolio optimization through strategic property dispositions

To fund new acquisitions and de-risk the balance sheet ahead of refinancing, Global Medical REIT Inc. is actively recycling capital by selling non-core assets. Year-to-date through the third quarter of 2025, the company completed five dispositions, generating aggregate gross proceeds of $13.4 million at a weighted average cap rate of 7.0%. For instance, in the third quarter alone, they completed two dispositions for aggregate gross proceeds of $3.8 million. This activity is designed to exit assets that don't fit the long-term, high-growth strategy.

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

You're looking at the core assets that power Global Medical REIT Inc.'s operations as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their specialized healthcare real estate strategy.

The physical assets form the bedrock. As of September 30, 2025, Global Medical REIT Inc. owned a portfolio consisting of 191 buildings. This physical footprint is substantial, valued at approximately $1.5 billion in gross real estate assets. These properties are leased out, generating an Annualized Base Rent (ABR) of approximately $118.4 million. The portfolio demonstrated strong utilization, with leased occupancy at 95.2% as of that date.

A key feature of these assets is the structure of the agreements locking in revenue. Global Medical REIT Inc. relies on long-term, triple-net lease agreements. The current stability of the revenue stream is quantified by the Weighted Average Lease Term (WALT) across the portfolio, which stood at 5.3 years as of September 30, 2025. Furthermore, the leases carry weighted average annual rent escalations of 2.1%.

The ability to fund operations and growth through the markets is another critical resource. Global Medical REIT Inc.'s total capitalization, representing the sum of its debt, preferred stock, common stock, and OP units, was approximately $1.25 billion as of September 30, 2025. This structure provides the necessary scale to continue acquiring and managing specialized medical facilities. Here's the quick math on that capitalization breakdown:

The final, intangible resource is the human capital driving the strategy. Global Medical REIT Inc. maintains an internally managed team with healthcare real estate expertise. This internal management structure is vital for sourcing, underwriting, and managing specialized medical properties, ensuring the strategy remains focused on high-quality, defensible assets. The portfolio composition reflects this specialized focus:

• Outpatient medical buildings: 72% of Annualized Base Rent (ABR)
• Inpatient rehabilitation facilities, hospitals, and LTACs: 25% of ABR
• Other medical real estate (behavioral health, office, retail): 3% of ABR

Also, note the tenant quality underpinning these resources. As of the third quarter of 2025, 90% of tenants were health systems or affiliated healthcare groups, which provides a layer of creditworthiness to the lease revenue. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.