Global Medical Stock Price, News & Analysis

Global Medical REIT Inc. (NYSE: GMRE) is a net-lease medical real estate investment trust (REIT) that focuses on acquiring healthcare facilities and leasing those properties to physician groups and regional and national healthcare systems. According to company disclosures, its principal business objective is to provide risk-adjusted returns to stockholders through a combination of dividends and long-term capital appreciation. GMRE’s portfolio is concentrated in purpose-built healthcare facilities that are typically structured as single-tenant, triple-net leases, meaning tenants are generally responsible for property-level operating expenses.

Business model and portfolio focus

Global Medical REIT primarily targets medical real estate assets, including outpatient medical buildings, inpatient rehabilitation facilities, hospitals, long-term acute care hospitals and other medical real estate. Based on information reported in its SEC filings, as of September 30, 2025 the company’s portfolio was approximately 95.2% occupied and comprised about 5.2 million leasable square feet with annualized base rent of approximately $118.4 million. The portfolio mix by cash net operating income at that date was approximately 72% outpatient medical buildings, 25% inpatient rehabilitation facilities, hospitals and long-term acute care hospitals, and 3% other medical real estate, including behavioral health, office and retail assets.

GMRE’s leases are generally long term. As of September 30, 2025, the weighted average lease term for the portfolio was 5.3 years, with leases extending into 2035 and beyond. The company reports weighted average annual rent escalations of 2.1%, providing contractual rent growth across much of its portfolio. Its lease expiration schedule is diversified across years, with annualized base rent spread over multiple future periods, which the company discloses to help investors understand rollover risk and future leasing needs.

Net-lease REIT structure and financial metrics

As a healthcare-focused net-lease REIT, Global Medical REIT emphasizes recurring rental income and property-level cash flow. In its public communications and SEC filings, the company highlights non-GAAP metrics commonly used in the REIT industry, including Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), Funds Available for Distribution (FAD), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre and Adjusted EBITDAre), Net Operating Income (NOI), cash NOI and same-store cash NOI. Management states that these measures are used internally and by analysts to evaluate operating performance, trends in occupancy and rental rates, and the company’s capacity to service debt and support dividends.

For the quarter ended September 30, 2025, GMRE reported net loss attributable to common stockholders, but positive FFO, AFFO, EBITDAre and Adjusted EBITDAre, reflecting the impact of non-cash depreciation and a property impairment charge on GAAP net income. The company also reported year-over-year growth in same-store cash NOI, indicating increased cash operating income from stabilized properties that were held in both comparison periods.

Capital structure, credit facility and preferred equity

Global Medical REIT finances its portfolio through a combination of common equity, preferred equity and secured and unsecured debt. As of September 30, 2025, the company reported total debt outstanding, including borrowings on its credit facility and notes payable (net of unamortized issuance costs), and disclosed a leverage ratio calculated as Net Debt divided by annualized Adjusted EBITDAre. The company also reports Net Debt plus preferred equity relative to Adjusted EBITDAre, providing additional perspective on its capital structure.

On October 8, 2025, GMRE entered into a third amended and restated credit agreement that extended the maturity of its revolving credit facility and term loans. The amended facility extends the maturity date of the $400 million revolver to October 2029, with two six-month extension options available at the company’s election, and restructures a $350 million term loan into three tranches maturing in October 2029, October 2030 and April 2031. The amended facility also removed a previously applicable SOFR credit spread adjustment, while leaving the pricing grid, an additional term loan maturing in February 2028 and a $500 million accordion feature unchanged.

In connection with the amended credit facility, GMRE entered into forward-starting interest rate swaps to hedge the SOFR component of the new term loan tranches through their respective maturities. The company discloses the fixed base rates and effective interest rates for these swaps, which combine the fixed SOFR base rate with a borrowing spread determined by its leverage ratio. The company also maintains existing interest rate swaps on its prior Term Loan A through their maturities, resulting in a mix of fixed and hedged floating-rate debt and a weighted average debt term of several years.

On November 13, 2025, GMRE and its operating partnership entered into an underwriting agreement for an underwritten public offering of 2,000,000 shares of 8.00% Series B Cumulative Redeemable Preferred Stock, with a liquidation preference of $25.00 per share and a 30-day option for underwriters to purchase additional shares. In connection with this offering, the company filed Articles Supplementary designating 2,300,000 shares of authorized preferred stock as Series B Preferred Stock and amended its operating partnership agreement to provide for corresponding Series B preferred units. The company states that the Series B preferred units have economic terms that mirror the Series B Preferred Stock.

Reverse stock split and equity programs

Global Medical REIT’s board of directors approved a one-for-five reverse stock split of the company’s common stock in August 2025. Articles of Amendment were filed with the Maryland State Department of Assessments and Taxation, and the reverse stock split became effective on September 19, 2025. The transaction converted every five issued and outstanding shares of common stock into one share, with a proportionate reduction in authorized common shares from 500,000,000 to 100,000,000. The company’s common stock continues to trade on the New York Stock Exchange under the symbol “GMRE,” with a new CUSIP number.

The reverse stock split also resulted in corresponding adjustments to outstanding partnership units of Global Medical REIT L.P., shares available under the company’s equity incentive plan, outstanding equity awards and certain performance metrics tied to share price. Fractional shares resulting from the split are settled in cash based on the closing price of the common stock on the effective date. The company has also established a common stock repurchase program authorizing repurchases of up to a specified dollar amount of its common stock, with purchases permitted in the open market, through block trades, privately negotiated transactions or pursuant to Rule 10b5-1 trading plans, subject to market conditions and other factors.

Dividends and distribution policy

As a REIT, Global Medical REIT emphasizes regular cash distributions. Its board of directors has declared recurring quarterly cash dividends on its common stock and on its Series A and Series B Cumulative Redeemable Preferred Stock. Public announcements describe the per-share dividend amounts, record dates and payment dates for these securities. The company has also discussed how adjusted dividend levels relate to Funds Available for Distribution, noting that certain dividend decisions are intended to align payout ratios with targeted levels while preserving capital for reinvestment.

Management and governance developments

In June 2025, GMRE appointed a new Chief Executive Officer and President and increased the size of its board of directors to add the new executive as a director. The company entered into an employment agreement that outlines base salary, target annual bonus opportunities, long-term incentive plan (LTIP) unit awards, severance protections, and non-competition, non-solicitation and confidentiality covenants. The agreement also describes potential severance and vesting outcomes in connection with certain termination events, including terminations without cause, resignations for good reason, and terminations in connection with a change in control, as defined in the agreement.

GMRE’s governance disclosures also include information about board composition and committee service. For example, an independent director who has served on the board since 2015 notified the company of his intention to retire at the conclusion of his current term at the 2026 annual meeting of stockholders. The company has stated that this decision was not the result of any disagreement relating to operations, policies or practices.

Operating performance and investment activity

Global Medical REIT regularly reports rental revenue, net income or loss, FFO, AFFO, FAD and various portfolio metrics in its quarterly earnings releases and related SEC filings. For recent periods, the company has highlighted increases in rental revenue driven by acquisitions completed after prior comparison dates, partially offset by dispositions. It has also reported portfolio occupancy in the mid-90% range, with millions of square feet of leasable space and annualized base rent exceeding one hundred million dollars.

Investment activity disclosed in 2025 includes the acquisition of a previously announced five-property medical real estate portfolio encompassing hundreds of thousands of leasable square feet and generating millions of dollars in annualized base rent, as well as several property dispositions that generated gross proceeds and gains on sale. The company has also described specific leasing outcomes at certain properties, including commencement of a long-term triple-net lease by a healthcare system affiliate at a large facility, with initial annual base rent and contractual annual rent increases.

Risk considerations and REIT-specific metrics

GMRE’s filings and releases emphasize that non-GAAP measures such as FFO, AFFO, FAD, EBITDAre, Adjusted EBITDAre, NOI, cash NOI and same-store cash NOI should be considered supplemental to GAAP metrics. The company explains how each measure is calculated, which items are added back or excluded, and why management believes these measures help evaluate operating performance, property-level cash flow and the company’s ability to fund dividends and capital expenditures. It also discloses that definitions and calculations may differ from those used by other real estate companies, and that these measures should not be viewed as alternatives to net income or cash flow from operations.

In addition, GMRE provides detail on Net Debt, defined as the principal amount of total debt outstanding (excluding certain adjustments) less cash, cash equivalents and restricted cash available for future investment. The company states that this measure is intended to approximate the net contractual amount of borrowed capital to be repaid and is used alongside leverage ratios such as Net Debt to annualized Adjusted EBITDAre.

Stock information and investor resources

Global Medical REIT’s common stock trades on the New York Stock Exchange under the ticker symbol GMRE. The company has also listed its 8.00% Series B Cumulative Redeemable Preferred Stock on the New York Stock Exchange under a separate preferred stock symbol, as described in its offering documents and SEC filings. Investors can review GMRE’s earnings releases, supplemental financial packages, prospectus supplements for securities offerings, and current reports on Form 8-K through the U.S. Securities and Exchange Commission’s EDGAR system.