10-Q Filing

GLOBAL MEDICAL REIT INC. CIK: 1533615 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-026350`
Period End Date	20170331
Filing Date	20170511
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	gmre-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 29 Cash Flow Statement 77

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Notes payable, net of unamortized discount	`DebtInstrumentUnamortizedDiscount`	$1.03M	USD	Point-in-time
Notes payable, net of unamortized discount	`DebtInstrumentUnamortizedDiscount`	$1.06M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Land	`Land`	$23.13M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Land	`Land`	$17.79M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Building	`InvestmentBuildingAndBuildingImprovements`	$179.25M	USD	Point-in-time
Building	`InvestmentBuildingAndBuildingImprovements`	$270.40M	USD	Point-in-time
Site improvements	`BuildingsAndImprovementsGross`	$1.47M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Site improvements	`BuildingsAndImprovementsGross`	$2.69M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$2.55M	USD	Point-in-time
Tenant improvements	`TenantImprovements`	$1.19M	USD	Point-in-time
Real Estate Investment Property, at Cost, Total	`RealEstateInvestmentPropertyAtCost`	$298.77M	USD	Point-in-time
Real Estate Investment Property, at Cost, Total	`RealEstateInvestmentPropertyAtCost`	$199.69M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Less: accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$4.67M	USD	Point-in-time
Less: accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$3.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.61M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.61M	shares	Point-in-time
Investment in real estate, net	`RealEstateInvestmentPropertyNet`	$196.37M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.61M	shares	Point-in-time
Investment in real estate, net	`RealEstateInvestmentPropertyNet`	$294.10M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$9.18M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$19.67M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$507.28K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$941.34K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.77M	USD	Point-in-time
Tenant receivables	`AccountsReceivableNet`	$347.11K	USD	Point-in-time
Tenant receivables	`AccountsReceivableNet`	$212.44K	USD	Point-in-time
Escrow deposits	`DepositsAssets`	$2.53M	USD	Point-in-time
Escrow deposits	`DepositsAssets`	$1.21M	USD	Point-in-time
Acquired lease intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$7.14M	USD	Point-in-time
Acquired lease intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$15.99M	USD	Point-in-time
Deferred assets	`DeferredCostsAndOtherAssets`	$1.09M	USD	Point-in-time
Deferred assets	`DeferredCostsAndOtherAssets`	$704.54K	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$927.09K	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$1.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$140.37K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.48K	USD	Point-in-time
Total assets	`Assets`	$325.77M	USD	Point-in-time
Total assets	`Assets`	$227.32M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$574.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$1.93M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$3.60M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$3.65M	USD	Point-in-time
Security deposits	`SecurityDepositLiability`	$2.10M	USD	Point-in-time
Security deposits	`SecurityDepositLiability`	$719.59K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrentAndNoncurrent`	$580.91K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrentAndNoncurrent`	$586.90K	USD	Point-in-time
Acquired lease intangible liability, net	`BelowMarketLeaseNet`	$277.92K	USD	Point-in-time
Acquired lease intangible liability, net	`BelowMarketLeaseNet`	$475.34K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	$421.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	$421.00K	USD	Point-in-time
Notes payable, net of unamortized discount of $1,028,797 and $1,061,602 at March 31, 2017 and December 31, 2016, respectively	`NotesPayable`	$38.41M	USD	Point-in-time
Notes payable, net of unamortized discount of $1,028,797 and $1,061,602 at March 31, 2017 and December 31, 2016, respectively	`NotesPayable`	$38.45M	USD	Point-in-time
Revolving credit facility	`LineOfCredit`	$27.70M	USD	Point-in-time
Revolving credit facility	`LineOfCredit`	$128.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$176.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$72.29M	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 500,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 17,605,675 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$17.61K	USD	Point-in-time
Common stock $0.001 par value, 500,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 17,605,675 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$17.61K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$172.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$172.00M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-23.18M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-16.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$149.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$155.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$227.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$325.77M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Rental revenue	`OperatingLeasesIncomeStatementLeaseRevenue`	$1.30M	USD	1 Quarter
Rental revenue	`OperatingLeasesIncomeStatementLeaseRevenue`	$4.63M	USD	1 Quarter
Other income	`OtherRealEstateRevenue`	$15.08K	USD	1 Quarter
Other income	`OtherRealEstateRevenue`	$29.60K	USD	1 Quarter
Total revenue	`Revenues`	$4.66M	USD	1 Quarter
Total revenue	`Revenues`	$1.31M	USD	1 Quarter
Acquisition fees	`BusinessCombinationAcquisitionRelatedCosts`	-	USD	1 Quarter
Acquisition fees	`BusinessCombinationAcquisitionRelatedCosts`	$942.47K	USD	1 Quarter
Acquisition fees - related party	`RelatedPartyCosts`	-	USD	1 Quarter
Acquisition fees - related party	`RelatedPartyCosts`	$754.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$888.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.84M	USD	1 Quarter
Management fees - related party	`ManagementFeeExpense`	$90.00K	USD	Annual
Management fees - related party	`ManagementFeeExpense`	$627.15K	USD	1 Quarter
Management fees - related party	`ManagementFeeExpense`	$90.00K	USD	1 Quarter
Depreciation expense	`Depreciation`	$1.35M	USD	1 Quarter
Depreciation expense	`Depreciation`	$398.83K	USD	1 Quarter
Amortization expense	`AdjustmentForAmortization`	$343.60K	USD	1 Quarter
Amortization expense	`AdjustmentForAmortization`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$1.13M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.10M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.26M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$7.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Net loss per share - Basic and Diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Net loss per share - Basic and Diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-3.11	USD	1 Quarter
Weighted average shares outstanding - Basic and Diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	624,978.00	shares	1 Quarter
Weighted average shares outstanding - Basic and Diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.61M	shares	1 Quarter

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.95M	USD	1 Quarter
Depreciation expense	`Depreciation`	$1.35M	USD	1 Quarter
Depreciation expense	`Depreciation`	$398.83K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$158.67K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$90.24K	USD	1 Quarter
Amortization of acquired lease intangible assets	`AmortizationOfLeasedAsset`	$343.60K	USD	1 Quarter
Amortization of acquired lease intangible assets	`AmortizationOfLeasedAsset`	-	USD	1 Quarter
Amortization of above (below) market leases	`AmortizationOfAboveAndBelowMarketLeases`	-	USD	1 Quarter
Amortization of above (below) market leases	`AmortizationOfAboveAndBelowMarketLeases`	$-8.20K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$419.61K	USD	1 Quarter
Capitalized deal costs charged to expense	`NoncashMergerRelatedCosts`	-	USD	1 Quarter
Capitalized deal costs charged to expense	`NoncashMergerRelatedCosts`	$3.15K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$1.13M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$319.50K	USD	1 Quarter
Tenant receivables	`IncreaseDecreaseInOtherReceivables`	$261.95K	USD	1 Quarter
Tenant receivables	`IncreaseDecreaseInOtherReceivables`	$134.68K	USD	1 Quarter
Prepaid assets	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid assets	`IncreaseDecreaseInPrepaidExpense`	$27.93K	USD	1 Quarter
Deferred assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$342.42K	USD	1 Quarter
Deferred assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$382.61K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$884.15K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.36M	USD	1 Quarter
Security deposits	`IncreaseDecreaseInSecurityDeposits`	$1.38M	USD	1 Quarter
Security deposits	`IncreaseDecreaseInSecurityDeposits`	$319.50K	USD	1 Quarter
Accrued management fees due to related party	`IncreaseDecreaseInDueToRelatedParties`	$6.44K	USD	1 Quarter
Accrued management fees due to related party	`IncreaseDecreaseInDueToRelatedParties`	$90.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.12M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$819.44K	USD	1 Quarter
Escrow deposits for purchase of properties	`PaymentsForProceedsFromOtherDeposits`	$-394.31K	USD	1 Quarter
Escrow deposits for purchase of properties	`PaymentsForProceedsFromOtherDeposits`	$1.31M	USD	1 Quarter
Loans to related party	`PaymentsToFundLongtermLoansToRelatedParties`	$21.50K	USD	1 Quarter
Loans to related party	`PaymentsToFundLongtermLoansToRelatedParties`	-	USD	1 Quarter
Pre-acquisition costs for purchase of properties	`PaymentsForProceedsFromDepositsOnRealEstateAcquisitions`	$-125.74K	USD	1 Quarter
Pre-acquisition costs for purchase of properties	`PaymentsForProceedsFromDepositsOnRealEstateAcquisitions`	-	USD	1 Quarter
Purchase of land, buildings, and other tangible and intangible assets and liabilities	`PaymentsForProceedsFromProductiveAssets`	$37.95M	USD	1 Quarter
Purchase of land, buildings, and other tangible and intangible assets and liabilities	`PaymentsForProceedsFromProductiveAssets`	$108.07M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-109.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-37.57M	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$510.70K	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-297.58K	USD	1 Quarter
Escrow deposits required by third party lenders	`PaymentsForDepositsAppliedToDebtRetirements`	$829.52K	USD	1 Quarter
Escrow deposits required by third party lenders	`PaymentsForDepositsAppliedToDebtRetirements`	$8.49K	USD	1 Quarter
Loans (repaid to) from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-450.00	USD	1 Quarter
Loans (repaid to) from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$152.89K	USD	1 Quarter
Proceeds from notes payable from acquisitions	`ProceedsFromConvertibleDebt`	$41.32M	USD	1 Quarter
Proceeds from notes payable from acquisitions	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Payments on notes payable from acquisitions	`PaymentsOnNotesPayableFromAcquisitions`	$9.32M	USD	1 Quarter
Payments on notes payable from acquisitions	`PaymentsOnNotesPayableFromAcquisitions`	-	USD	1 Quarter
Proceeds from note payable from related party	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from note payable from related party	`ProceedsFromNotesPayable`	$450.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromNotesPayableFromAcquisitions`	$101.20M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromNotesPayableFromAcquisitions`	-	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$769.16K	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$1.09M	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$3.60M	USD	Point-in-time
Dividends paid to stockholders	`PaymentsOfDividends`	$164.15K	USD	1 Quarter
Dividends paid to stockholders	`PaymentsOfDividends`	$3.60M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$30.01M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$97.12M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-11.31M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.68M	USD	1 Quarter
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.18M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.67M	USD	Point-in-time
Cash and cash equivalentsbeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$507.28K	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$9.18M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$19.67M	USD	Point-in-time
Cash and cash equivalentsend of period	`CashAndCashEquivalentsAtCarryingValue`	$507.28K	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$337.61K	USD	1 Quarter
Cash payments for interest	`InterestPaidNet`	$830.07K	USD	1 Quarter
Accrued dividends payable	`LiabilitiesAssumed1`	-	USD	1 Quarter
Accrued dividends payable	`LiabilitiesAssumed1`	$3.65M	USD	1 Quarter
Conversion of convertible debenture due to majority stockholder to shares of common stock	`StockIssued1`	$15.00M	USD	1 Quarter
Conversion of convertible debenture due to majority stockholder to shares of common stock	`StockIssued1`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.