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Here are 1-3 brief analogies for Global Medical REIT (GMRE):

• It's like American Tower, but for hospitals and clinics instead of cell towers.
• Think of it as the Prologis of healthcare, owning and leasing medical buildings instead of warehouses.
• It's like Simon Property Group, but for medical facilities instead of shopping malls.

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• Leasing of Healthcare Facilities: GMRE provides long-term leases for its portfolio of medical office buildings, hospitals, and other specialized healthcare properties to healthcare providers.
• Healthcare Real Estate Investment: GMRE acquires and manages a diversified portfolio of income-producing healthcare real estate assets across the United States.

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Global Medical REIT (GMRE) sells primarily to other companies, specifically healthcare systems, hospital operators, and physician groups, which lease its medical office buildings, hospitals, and other healthcare facilities.

Based on their 2023 Annual Report (10-K), GMRE's major customers (tenants) by percentage of annualized contractual rent as of December 31, 2023, include:

• Prime Healthcare Services (Private company)
• Prospect Medical Holdings, Inc. (Private company)
• Ascension Health (Private, non-profit healthcare system)
• Ardent Health Services (Private company)
• Quorum Health Corporation (Private company)
• Medical Properties Trust (Public company, symbol: MPW)

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Mark Decker, Jr. Chief Executive Officer and President

Mark Decker, Jr. was appointed as CEO and President of Global Medical REIT, effective June 23, 2025. Prior to joining GMRE, he founded and co-led the net lease real estate investment strategy at Proterra Investment Partners. Before Proterra, Mr. Decker served as President, CEO, Trustee, and Chief Investment Officer at Centerspace (NYSE: CSR) for nearly seven years, where he oversaw the company's transition to a focused apartment owner-operator. His earlier career included over two decades as a senior banker, holding positions such as Managing Director and U.S. Group Head of Real Estate Investment and Corporate Banking at BMO Capital Markets, focusing on growth and transformational transactions for real estate companies.

Robert J. Kiernan. Chief Financial Officer and Treasurer

Robert J. Kiernan joined Global Medical REIT as its Chief Financial Officer in August 2017. He possesses 30 years of experience in financial accounting, reporting, and management. His experience encompasses initial and secondary public offerings, business combinations, SEC filings, and Sarbanes-Oxley compliance. Mr. Kiernan's management and accounting expertise primarily lies within the financial services industry, including broker-dealers, mortgage REITs, and investment funds. Before his tenure at Global Medical REIT, he was Senior Vice President, Controller, and Chief Accounting Officer of FBR & Co. (NASDAQ: FBRC) starting in October 2007, and prior to that, he held the same roles at Arlington Asset Investment Corp. (NYSE: AI) from April 2003. He also served as a Senior Manager in the assurance practice at Ernst & Young.

Alfonzo Leon. Chief Investment Officer

Alfonzo Leon serves as the Chief Investment Officer for Global Medical REIT.

Danica Holley. Chief Operating Officer

Danica Holley is the Chief Operating Officer at Global Medical REIT.

Jamie Barber. General Counsel and Corporate Secretary

Jamie Barber holds the position of General Counsel and Corporate Secretary for Global Medical REIT.

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The key risks to Global Medical REIT's (GMRE) business operations include its substantial debt load and associated refinancing challenges, tenant creditworthiness and occupancy issues, and the potential for asset impairment charges.

1. High Debt Load and Refinancing Risk: Global Medical REIT faces significant financial risk due to its substantial debt burden and upcoming maturities. As of September 30, 2025, the company had approximately $710 million in consolidated debt outstanding, with a short weighted-average remaining term of just 1.3 years. Major debt components, including a $350 million term loan and its revolving credit facility, mature in 2026. This exposes GMRE to considerable refinancing risk, particularly in a high-interest-rate environment, which could lead to increased borrowing costs, higher interest expenses, and a potential squeeze on net margins. The company's reliance on its credit facility for funding and a high debt-to-equity ratio (approximately 1.43 or 142.96% as of Q3 2025) further underscore this vulnerability.
2. Tenant Concentration and Credit Risk: GMRE's revenue stream is heavily dependent on its tenants' ability to pay rent. The company is exposed to risks that could prevent tenants from meeting their obligations, such as economic downturns, competitive pressures, and changes in government reimbursement or healthcare regulations. Although some analyses suggest a low tenant concentration risk with the largest tenant making up less than 10% of Annualized Base Rent (ABR), specific events like the Prospect Medical bankruptcy have impacted GMRE's portfolio performance and contributed to a decrease in occupancy rates (e.g., to 94.5%). A single tenant default or non-renewal, especially for properties in smaller markets or those occupied by a single tenant, could disproportionately affect revenues.
3. Asset Impairment: Global Medical REIT has recently incurred significant asset impairment charges, signaling potential issues with the underlying value and profitability of some of its properties. In Q3 2025, GMRE recognized a $6.3 million impairment charge on an investment property, which was the primary driver for a net loss of $6.0 million for the quarter. These charges indicate that certain assets are not generating sufficient returns to justify their carrying value, posing a threat to the overall quality and financial performance of the portfolio. Such impairments can directly impact net income and reflect challenges in the company's real estate investments.

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The increasing adoption of telemedicine and virtual care platforms represents a clear emerging threat. As a significant portion of routine medical consultations, diagnoses, and follow-ups shift from physical visits to virtual interactions, the long-term demand for physical medical office buildings, urgent care centers, and other outpatient facilities, which constitute Global Medical REIT's primary assets, could diminish. This trend, accelerated by technological advancements and reinforced by post-pandemic patient and provider preferences, could lead to lower occupancy rates, reduced rental growth, and potential depreciation in asset values for healthcare real estate companies like GMRE.

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• The U.S. medical office buildings market was valued at an estimated USD 14,083.8 million in 2023 and is projected to reach USD 22,042.6 million by 2030.
• The U.S. hospital facilities market was valued at USD 1,411.7 billion in 2022 and is expected to grow to USD 2,540.4 billion by 2030.
• The U.S. ambulatory surgery centers market size was valued at USD 40.41 billion in 2023 and is expected to grow at a compound annual growth rate of 6.02% from 2024 to 2030.
• The U.S. ambulatory services market size was estimated at USD 289.5 billion in 2023.
• More broadly, the U.S. healthcare real estate market was valued at USD 1.32 trillion in 2024 and is projected to reach USD 1.87 trillion by 2030.

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Global Medical REIT (GMRE) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Strategic Acquisitions: Global Medical REIT has demonstrated a commitment to expanding its portfolio through strategic acquisitions of medical real estate. In 2024 and 2025, the company completed approximately $150 million in acquisitions with a blended cash yield of 8.5%. More recently, in Q1 2025, GMRE finalized the acquisition of a previously announced five-property medical portfolio for $69.6 million, which is expected to generate an aggregate annualized base rent of $6.3 million. The Chief Investment Officer noted a near-term pipeline of almost $500 million in potential deals, indicating a continued focus on expanding its asset base.
2. Increased Occupancy Rates: The company aims to improve and maintain high occupancy rates across its portfolio. While the occupancy rate declined to 94.5% in Q2 2025, the successful re-tenanting of a facility in Beaumont, Texas, is expected to contribute to an occupancy rate of over 95% by year-end. As of Q3 2025, the portfolio was 95.2% leased, with expectations for it to trend towards 96% by year-end, which will directly contribute to rental revenue growth.
3. Contractual Rent Escalations: GMRE's existing lease agreements include weighted average annual rent escalations, which provide a built-in mechanism for revenue growth. As of September 30, 2025, the portfolio had weighted average annual rent escalations of 2.1%. This contractual increase in rental income from existing leases offers a stable component of future revenue growth.
4. Focus on Outpatient Medical Facilities: The company's strategic focus on outpatient medical facilities aligns with rising demand in the healthcare sector. This positioning is expected to capitalize on market trends and drive revenue growth. GMRE is also considering expanding beyond traditional medical office buildings to further diversify its portfolio and potentially tap into new growth avenues.
5. New Capital Sources and Joint Ventures: Global Medical REIT is exploring new capital sources, including insurance company debt, to support its investment activities and growth initiatives. Additionally, in March 2025, GMRE formed a strategic joint venture with Heitman LLC, which allows the company to continue investing for both the REIT's balance sheet and through the joint venture, potentially providing additional capital for acquisitions and expansion.

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Share Repurchases

• In August 2025, Global Medical REIT's Board of Directors approved a common stock repurchase program authorizing the purchase of up to $50 million of its outstanding common shares.
• As of November 3, 2025, the company had not repurchased any shares under this program.

Share Issuance

• In March 2021, Global Medical REIT completed a follow-on offering of 8,625,000 shares of common stock at $13.30 per share, generating approximately $110.22 million in net proceeds.
• In September 2025, the company completed a one-for-five reverse stock split, which reduced its outstanding common shares from approximately 67.0 million to 13.4 million.

Outbound Investments

• During 2024 and 2025, the company's acquisition volume totaled approximately $150 million at a blended going-in cash yield of 8.5%.
• In Q3 2025, Global Medical REIT completed the acquisition of a five-property medical real estate portfolio for $69.6 million, encompassing 486,598 leasable square feet.
• Also in Q3 2025, the company completed five dispositions, generating aggregate gross proceeds of $13.4 million at a 7.0% cap rate.

Capital Expenditures

• For the year-to-date in 2025, capital expenditures and leasing commissions amounted to $5.2 million.
• The full-year guidance for capital expenditures and leasing commissions for 2025 is projected to be between $12 million and $14 million.