Global Medical REIT : Fourth Quarter 2019 Earnings Package

www.globalmedicalreit.com

NYSE: GMRE

Fourth Quarter 2019 Earnings Supplemental

Three and Twelve Months Ended December 31, 2019

	Corporate Information and Analyst Coverage
Executive Team
Jeffrey Busch	Chief Executive Officer, Chairman and President
Alfonzo Leon	Chief Investment Officer
Danica Holley	Chief Operating Officer
Bob Kiernan	Chief Financial Officer and Treasurer
Jamie Barber	General Counsel and Corporate Secretary
Board of Directors
Jeffrey Busch	Chief Executive Officer, Chairman and President
Henry Cole	Lead Independent Director and Compensation Committee Chair
Paula Crowley	Director
Matthew Cypher, Ph.D.	Investment Committee Chair
Zhang Huiqi	Director
Zhang Jingguo	Director
Ronald Marston	Nominating and Corporate Governance Committee Chair
Dr. Roscoe Moore	Director
Lori Wittman	Audit Committee Chair

Sell-Side Analyst Coverage
Firm	Name	Email	Phone
Baird	Drew T. Babin	[e-mail]	610.238.6634
B. Riley FBR	Bryan Maher	[e-mail]	646.885.5423
Compass Point	Merrill Ross	[e-mail]	202.534.1392
D.A. Davidson	Barry Oxford Jr., CFA	[e-mail]	212.240.9871
Janney	Robert Stevenson	[e-mail]	646.448.3028
National Securities	Gaurav Mehta	[e-mail]	212.417.8008
Stifel	Chad Vanacore	[e-mail]	518.587.2581

Corporate Information
Corporate Headquarters	Stock Exchange Listing	Transfer Agent	Investor Relations
2 Bethesda Metro Center, Suite 440	New York Stock Exchange	American Stock Transfer & Trust Company	Evelyn Infurna - [e-mail]; 203.682.8265
Bethesda, MD 20814	Ticker: GMRE	800.937.5449

4Q-2019| Earnings Supplemental

2

Select Quarterly Financial Data

						(unaudited, and in thousands, except per share and unit amounts)
		December 31,		September 30,		June 30,		March 31,		December 31,
As of Period End (unless otherwise specified)		2019		2019		2019		2019		2018
Market capitalization (common and OP)	$	621,135	$	449,536	$	396,858	$	370,194	$	258,601
Market price per share - common	$	13.23	$	11.40	$	10.50	$	9.82	$	8.89
Common stock and OP units outstanding		46,949		39,433		37,796		37,698		29,089
Preferred equity	$	74,959	$	74,959	$	74,959	$	74,959	$	74,959
Common equity	$	355,311	$	266,029	$	256,217	$	265,261	$	194,336
Noncontrolling interest	$	30,083	$	30,455	$	30,427	$	30,342	$	30,455
Total stockholders' equity	$	460,353	$	371,443	$	361,603	$	370,562	$	299,750
Investment in real estate, gross	$	905,529	$	830,446	$	763,601	$	668,931	$	647,550
Borrowings:
Credit Facility - revolver, gross	$	51,350	$	67,225	$	144,475	$	123,675	$	180,275
Credit Facility - term loan, gross	$	300,000	$	300,000	$	175,000	$	100,000	$	100,000
Notes payable, gross	$	39,317	$	39,352	$	39,385	$	39,418	$	39,453
Weighted average interest rate for quarter		3.87%		4.21%		4.27%		4.67%		4.48%
Debt Covenants (as defined in Credit Facility):
Leverage ratio (up to 60% allowed)		43.0%		48.8%		46.7%		39.2%		49.0%
Fixed charge coverage ratio for the quarter (1.50x minimum allowed)		2.22		2.09		2.01		1.94		1.92
Three Months Ended
Rental revenue	$	20,385	$	18,117	$	16,835	$	15,141	$	14,348
Interest expense	$	4,765	$	4,549	$	4,132	$	4,025	$	4,294
Management fees - related party	$	1,727	$	1,621	$	1,584	$	1,334	$	1,142
G&A expenses	$	1,608	$	1,681	$	1,640	$	1,606	$	1,368
Depreciation and amortization expenses	$	7,397	$	6,506	$	5,863	$	4,869	$	4,661
Operating expenses	$	2,132	$	1,362	$	1,143	$	1,323	$	992
Total expenses	$	17,677	$	15,887	$	14,418	$	13,157	$	12,547
Gain on sale of investment property	$	-	$	-	$	-	$	-	$	7,675
Net income attributable to common stockholders	$	1,212	$	770	$	904	$	528	$	7,036
Net income per share	$	0.03	$	0.02	$	0.03	$	0.02	$	0.31
Wtd. avg. basic and diluted common shares (GAAP)		37,876		35,512		34,559		27,380		22,815
FFO *	$	8,717	$	7,359	$	6,870	$	5,457	$	5,035
FFO per share and unit *	$	0.21	$	0.19	$	0.18	$	0.17	$	0.20
AFFO*	$	8,675	$	7,498	$	6,836	$	5,394	$	4,988
AFFO per share and unit*	$	0.21	$	0.19	$	0.18	$	0.17	$	0.20
Wtd. avg. common shares, OP and LTIP units		41,794		39,449		38,487		31,206		25,371

4Q-2019| Earnings Supplemental * See Page 8 for a reconciliation of non-GAAP financial measures for Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO).	3

Fourth Quarter Highlights

FOURTH QUARTER 2019 AND SUBSEQUENT PERIOD HIGHLIGHTS

OPERATING HIGHLIGHTS

• Fourth quarter 2019 total revenue of $20.5 million, increased 42.3% compared to the prior year period.
• Quarterly net income per share of $0.03 on a diluted basis.
• Funds from Operations ("FFO") of $0.21 per share and unit for the fourth quarter of 2019, as compared to $0.20 per share and unit for the prior year period.
• Adjusted Funds from Operations ("AFFO") of $0.21 per share and unit for the fourth quarter of 2019, as compared to $0.20 per share and unit in the prior year period.

COMMON AND PREFERRED DIVIDENDS

• On December 13, 2019, the Board of Directors declared:
• • $0.20 per share cash dividend to common stockholders of record as of December 26, 2019, which was paid on January 9, 2020.
  • $0.46875 per share cash dividend to holders of record as of January 15, 2020 of its Series A Preferred Stock, which was paid on January 31, 2020.
• On March 3, 2020, the Board of Directors declared:
• • $0.20 per share cash dividend to common stockholders of record as of March 25, 2020, which is payable on April 9, 2020.
  • $0.46875 per share cash dividend to holders of record as of April 15, 2020 of its Series A Preferred Stock, which is payable on April 30, 2020.

ACQUISITION ACTIVITY

• During the fourth quarter of 2019, the Company acquired five properties, encompassing an aggregate 185,220 leasable square feet, for an aggregate purchase price of $72.8 million with a weighted average cap rate of 7.4%.
• From January 1, 2020 through March 4, 2020, the Company acquired three additional properties, encompassing an aggregate 246,623 leasable square feet, for an aggregate purchase price of $45.1 million with a weighted average cap. rate of 8.4%.

CAPITAL MARKETS ACTIVITY

• Issued 6.9 million shares of common stock at $13.00 per share in a public offering, which generated $89.7 million of gross proceeds.
• During the fourth quarter of 2019, the Company issued 0.6 million shares of common stock at an average offering price of $13.04 per share pursuant to its ATM program, generating gross proceeds of $7.6 million.

INTERNALIZATION

• On December 17, 2019, the Board of Directors announced it has formed a special committee of independent and disinterested directors to evaluate potential management internalization transaction.

4Q-2019| Earnings Supplemental

4

Condensed Consolidated Statements of Operations

(unaudited, and in thousands, except per share amounts)

Revenue

Rental revenue

Other income

Total revenue

Expenses

General and administrative

Operating expenses

Management fees - related party

Depreciation expense

Amortization expense

Interest expense

Preacquisition fees

Total expenses

Income before gain on sale of investment property Gain on sale of investment property

Net income

Less: Preferred stock dividends

Less: Net income attributable to noncontrolling interest

Net income attributable to common stockholders

Net income attributable to common stockholders per share - basic and diluted

Weighted average shares outstanding - basic and diluted

Three Months Ended

	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2018
$	20,385	$	18,117	$	16,835	$	15,141	$	14,348
	67		78		45		59		28
	20,452		18,195		16,880		15,200		14,376
	1,608		1,681		1,640		1,606		1,368
	2,132		1,362		1,143		1,323		992
	1,727		1,621		1,584		1,334		1,142
	5,585		5,006		4,608		3,867		3,680
	1,812		1,500		1,255		1,002		981
	4,765		4,549		4,132		4,025		4,294
	48		168		56		-		90
	17,677		15,887		14,418		13,157		12,547
	2,775		2,308		2,462		2,043		1,829
	-		-		-		-		7,675
$	2,775	$	2,308	$	2,462	$	2,043	$	9,504
	(1,455)		(1,455)		(1,455)		(1,455)		(1,455)
	(108)		(83)		(103)		(60)		(1,013)
$		$
1,212	770	$	904	$	528	$	7,036
$	0.03	$	0.02	$	0.03	$	0.02	$	0.31
	37,876		35,512		34,559		27,380		22,815

4Q-2019| Earnings Supplemental	5

Condensed Consolidated Balance Sheets

								(unaudited, and in thousands, except par values)
						As of
		December 31,		September 30,		June 30,		March 31,		December 31,
		2019		2019		2019		2019		2018
Assets
Investment in real estate:
Land	$	95,381	$	86,878	$	76,831	$	68,326	$	63,710
Building		693,533		637,505		597,029		533,430		518,451
Site improvements		9,912		9,100		7,672		6,982		6,880
Tenant improvements		33,909		31,465		27,371		16,206		15,357
Acquired lease intangible assets		72,794		65,498		54,698		43,987		43,152
		905,529		830,446		763,601		668,931		647,550
Less: accumulated depreciation and amortization		(56,503)		(48,731)		(41,882)		(35,771)		(30,625)
Investment in real estate, net		849,026		781,715		721,719		633,160		616,925
Cash and cash equivalents		2,765		2,815		3,216		1,844		3,631
Restricted cash		4,420		3,011		2,656		1,464		1,212
Tenant receivables		4,957		4,167		3,935		3,559		2,905
Due from related parties		50		75		-		-		-
Escrow deposits		3,417		2,865		3,518		3,296		1,752
Deferred assets		14,512		13,307		11,831		10,358		9,352
Derivative asset		2,194		-		-		-		-
Other assets		3,593		4,363		3,847		3,009		322
Total assets	$	884,934	$	812,318	$	750,722	$	656,690	$	636,099
Liabilities and Equity
Liabilities:
Credit Facility, net	$	347,518	$	363,242	$	315,691	$	219,993	$	276,353
Notes payable, net		38,650		38,651		38,652		38,652		38,654
Accounts payable and accrued expenses		5,069		5,501		4,224		3,385		3,664
Dividends payable		11,091		9,470		9,081		8,985		6,981
Security deposits and other		6,351		6,362		5,881		4,122		4,152
Due to related parties, net		1,648		1,584		1,358		1,100		1,030
Derivative liability		8,685		10,399		9,083		5,520		3,487
Other liability		2,405		2,379		2,371		2,367		-
Acquired lease intangible liability, net		3,164		3,287		2,778		2,004		2,028
Total liabilities		424,581		440,875		389,119		286,128		336,349
Equity:
Preferred stock ($77,625 liquidation preference)		74,959		74,959		74,959		74,959		74,959
Common stock		44		36		35		35		26
Additional paid-in capital		433,330		340,435		322,872		322,359		243,038
Accumulated deficit		(71,389)		(63,846)		(57,397)		(51,390)		(45,007)
Accumulated other comprehensive loss		(6,674)		(10,596)		(9,293)		(5,743)		(3,721)
Total Global Medical REIT Inc. stockholders' equity		430,270		340,988		331,176		340,220		269,295
Noncontrolling interest		30,083		30,455		30,427		30,342		30,455
Total equity		460,353		371,443		361,603		370,562		299,750
Total liabilities and equity	$	884,934	$	812,318	$	750,722	$	656,690	$	636,099

4Q-2019| Earnings Supplemental	6

4Q-2019| Earnings Supplemental

Condensed Consolidated Statements of Cash Flows

				(unaudited, and in thousands)
		Twelve Months Ended December 31,
		2019		2018
Operating activities
Net income	$	9,588	$	14,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		19,066		13,644
Amortization of acquired lease intangible assets		5,569		3,625
Amortization of above market leases, net		881		688
Amortization of debt issuance costs and other		1,312		1,640
Stock-based compensation expense		3,336		2,671
Capitalized preacquisition costs charged to expense		231		110
Noncash lease expense		111		-
Gain on sale of investment property		-		(7,675)
Other		105		-
Changes in operating assets and liabilities:
Tenant receivables		(2,142)		(2,201)
Deferred assets		(5,160)		(5,811)
Other assets		(110)		(40)
Accounts payable and accrued expenses		857		1,519
Security deposits and other		2,199		2,024
Accrued management fees due to related party		584		79
Net cash provided by operating activities		36,427		24,834
Investing activities
Purchase of land, buildings, and other tangible and intangible assets and liabilities		(254,985)		(180,837)
Net proceeds from sale of investment property		-		31,629
Escrow deposits for purchase of properties		(1,372)		174
Loans made to related parties		(16)		(85)
Capital expenditures on existing real estate investments		(1,824)		(2,535)
Pre-acquisition costs		-		36
Net cash used in investing activities		(258,197)		(151,618)
Financing activities
Net proceeds received from common equity offerings		189,498		37,307
Escrow deposits required by third party lenders		(293)		(288)
Repayment of notes payable		(136)		(22)
Proceeds from Credit Facility		244,250		186,100
Repayment of Credit Facility		(173,175)		(70,725)
Payments of debt issuance costs		(1,039)		(2,811)
Redemption of LTIP Units		-		(263)
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders		(29,171)		(18,964)
Dividends paid to preferred stockholders		(5,822)		(5,821)
Net cash provided by financing activities		224,112		124,513
Net increase (decrease) in cash and cash equivalents and restricted cash		2,342		(2,271)
Cash and cash equivalents and restricted cash-beginning of period		4,843		7,114
Cash and cash equivalents and restricted cash-end of period	$	7,185	$	4,843	7

Reconciliation of Funds from Operations (FFO) & Adjusted Funds from Operations (AFFO)

(unaudited, and in thousands, except per share and unit amounts)

Non-GAAP Financial Measures

FFO and AFFO are non-GAAP financial measures within the meaning of the rules of the SEC. The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts' ("NAREIT") definition, FFO means net income or loss computed in accordance with GAAP before noncontrolling interests of holders of OP units and LTIP units, excluding gains (or losses) from sales of property and extraordinary items, less preferred stock dividends, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and above-market lease amortization expense), and after adjustments for unconsolidated partnerships and joint ventures. Because FFO excludes real estate-related depreciation and amortization (other than amortization of deferred financing costs and above and below market lease amortization expense), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.

AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company's operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include: (a) recurring acquisition and disposition costs, (b) loss on the extinguishment of debt, (c) recurring straight line deferred rental revenue, (d) recurring stock-based compensation expense, (e) recurring amortization of above and below market leases, (f) recurring amortization of deferred financing costs, (g) recurring lease commissions, and (h) other items.

Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. The Company's FFO and AFFO computations may not be comparable to FFO and AFFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, that interpret the NAREIT definition differently than the Company does, or that compute FFO and AFFO in a different manner.

					Three Months Ended
		December 31,		September 30,		June 30,		March 31,		December 31,
		2019		2019		2019		2019		2018
Net income	$	2,775	$	2,308	$	2,462	$	2,043	$	9,504
Preferred stock dividends		(1,455)		(1,455)		(1,455)		(1,455)		(1,455)
Depreciation and amortization expense		7,397		6,506		5,863		4,869		4,661
Gain on sale of investment property		-		-		-		-		(7,675)
FFO	$	8,717	$	7,359	$	6,870	$	5,457	$	5,035
Amortization of above market leases, net(1)		247		229		191		219		204
Straight line deferred rental revenue		(1,492)		(1,476)		(1,472)		(1,366)		(1,345)
Stock-based compensation expense		843		868		854		771		693
Amortization of deferred financing costs and other		312		350		337		313		311
Preacquisition fees		48		168		56		-		90
AFFO	$	8,675	$	7,498	$	6,836	$	5,394	$	4,988
FFO per share and unit	$	0.21	$	0.19	$	0.18	$	0.17	$	0.20
AFFO per share and unit	$	0.21	$	0.19	$	0.18	$	0.17	$	0.20
Weighted Average Common Shares, OP and LTIP Units:
Common shares		37,876		35,512		34,559		27,380		22,815
OP units		3,143		3,143		3,143		3,145		1,968
LTIP units		775		794		785		681		588
Total Weighted Average Shares and Units		41,794		39,449		38,487		31,206		25,371

(1) The Company adopted the 2018 NAREIT FFO White Paper Restatement during the first quarter of 2019. Accordingly, amortization of above and below market leases is no longer included as a reconciling item in determining FFO.

4Q-2019| Earnings Supplemental	8

Capitalization and Dividend Summary

(unaudited, and in thousands, except per share data)

Capitalization - As of December 31, 2019

		Shares/Units	Share Price	Total
Common Equity
Common Shares	43,806	$13.23	$579,553
OP Units		3,143		41,582(2)
Total Common Shares and OP Units	46,949		$621,135
Preferred
Series A Cumulative Redeemable Preferred Stock (1)	3,105		$74,959
Debt
Credit Facility, gross				$351,350
Notes Payable, gross				39,317
Total Debt				$390,667
Total Capitalization				$1,086,761

1. The Company may redeem the Series A Preferred Stock for cash in whole or in part, on or after September 15, 2022 at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends.
2. Calculated using common share price.

Preferred Dividends

Date Announced	Record Date	Payment Date	Dividend Amount	Dividends per Share
December 13, 2018	January 15, 2019	January 31, 2019	$ 1,455	$	0.46875
March 6, 2019	April 15, 2019	April 30, 2019	$ 1,455	$	0.46875
June 14, 2019	July 15, 2019	July 31, 2019	$ 1,455	$	0.46875
September 13, 2019	October 15, 2019	October 31, 2019	$ 1,455	$	0.46875
December 13, 2019	January 15, 2020	January 31, 2020	$ 1,455	$	0.46875

Common Dividends

Date Announced	Record Date	Payment Date	Dividend Amount	Dividends per Share
December 13, 2018	December 26, 2018	January 10, 2019	$	5,695	$	0.20
March 6, 2019	March 26, 2019	April 10, 2019	$	7,688	$	0.20
June 14, 2019	June 26, 2019	July 11, 2019	$	7,699	$	0.20
September 13, 2019	September 25, 2019	October 10, 2019	$	8,004	$	0.20
December 13, 2019	December 26, 2019	January 9, 2020	$	9,541	$	0.20

4Q-2019| Earnings Supplemental	9

Acquisitions

2019 Completed and To-Date 2020 Acquisitions

In 2019, the Company completed 18 acquisitions, encompassing an aggregate 701,936 leasable square feet for a total purchase price of $253.5 million with annualized base rent of $19.0 million at a

weighted average cap rate of 7.5%.		Leasable		Price(1)		Base Rent(2)	Capitalization
	Date	Property	City, State	Square Feet		(in thousands)		(in thousands)	Rate(3)
2/28/2019	AMG Specialty Hospital	Zachary, LA	12,424	$	4,500	$	409	9.1%
3/19/2019	East Valley Gastro	Chandler, AZ	39,305		16,100		1,228	7.6%
		First Quarter Total		51,729	$	20,600	$	1,637	7.9%
4/15/2019	Encompass Health Rehabilitation Hospital of Desert Canyon	Las Vegas, NV	53,260	$	21,500	$	1,504	7.0%
4/15/2019	Cobalt Rehabilitation Hospital of Surprise	Surprise, AZ	54,575		28,500		1,971	6.9%
4/15/2019	Saint Joseph Rehabilitation Institute	Mishawaka, IN	45,920		16,000		1,464	9.2%
4/15/2019	Mercy Rehabilitation Hospital Oklahoma City	Oklahoma City, OK	53,449		28,000		1,919	6.9%
		Second Quarter Total		207,204	$	94,000	$	6,858	7.3%
7/12/2019	cCare	San Marcos, CA	20,230	$	11,850	$	864	7.3%
8/1/2019	East Lansing Portfolio	Lansing, MI	42,817		11,025		853	7.7%
8/5/2019	Bannockburn Medical Office	Bannockburn, IL	44,063		6,900		524	7.6%
8/6/2019	Advocate Dreyer	Aurora, IL	50,000		12,500		1,019	8.2%
8/14/2019	Mission Health	Livonia, MI	61,621		10,500		876	8.3%
8/23/2019	Arizona Center for Digestive Health	Gilbert, AZ	14,052		5,500		388	7.1%
9/26/2019	Med Express	Morgantown, WV	25,000		7,825		600	7.7%
		Third Quarter Total		257,783	$	66,100	$	5,124	7.8%
10/1/2019	Steward Surgical Hospital	Beaumont, TX	84,675	$	33,600	$	2,574	7.7%
10/25/2019	St. Davis Emergency Center	Bastrop, TX	28,500		11,828		917	7.8%
10/31/2019	Eye Center of NoFL	Panama City, FL	34,624		12,900		907	7.0%
11/15/2019	Southeast Orthopedics	Jacksonville, FL	20,869		8,700		616	7.1%
12/17/2019	Indiana Eye Clinic	Greenwood, IN	16,553		5,800		409	7.1%
		Fourth Quarter Total		185,220	$	72,828	$	5,423	7.4%
		Fiscal Year 2019 Total/Weighted Average		701,936	$	253,528	$	19,042	7.5%
2/13/2020	Wake Forest Baptist Health	High Point, NC	97,811	$	24,750	$	1,832	7.4%
2/27/2020	Medical Associates	Clinton, IA	115,142	$	11,350	$	1,282	11.3%
3/4/2020	Ascension St. Mary's Hospital	West Allis, WI	33,670	$	9,025	$	664	7.4%
		First Quarter To-Date Total		246,623	$	45,125	$	3,778	8.4%

1. Represents contractual purchase price.
2. December 2019 base rent or month of acquisition base rent multiplied by 12 (or actual NOI for cCare, East Lansing, Bannockburn, and Mission Health properties).
3. Capitalization rates are calculated based on current lease terms and do not give effect to future rent escalations.

Acquisitions Under Contract

We have four properties under contract for an aggregate purchase price of approximately $67.3 million. We are currently in the due diligence period for our properties under contract. If we identify problems with any of these properties or the operator of any property during our due diligence review, we may not close the transaction on a timely basis or we may terminate the purchase agreement and not close the transaction.

4Q-2019| Earnings Supplemental

10

	Portfolio Update
(as of December 31, 2019 unless otherwise stated)
Total Buildings	109
Total Leasable Square Feet	2,780,851
Total Tenants	89
Leased Occupancy	99.8%
Total Annualized Cash Rent (in thousands)	$70,447
Portfolio Rent Coverage*	4.9x
Weighted Average Cap Rate	7.9%
Weighted Average Lease Term (years)	8.8
Weighted Average Rent Escalations	2.1%

Gross Portfolio Growth Since IPO - (In Millions)

$1,000

$900

$905.5

$830.4

$800			$763.6
$700		$647.6	$668.9
	$602.0	$613.0
$600
$537.3
$500	$471.5
	$422.3
$400	$355.4
	$314.8

$300

$206.9

$200

$124.8

$100

$0

Q3-2016Q4-20161Q-20172Q-20173Q-2017	4Q2017		1Q-20182Q-20183Q-20184Q-20181Q-20192Q-20193Q-20194Q-2019
		Gross Real Estate Assets		Gross Real Estate Investments During Quarter

4Q-2019| Earnings Supplemental	*See page 17 for footnotes	11

Portfolio Update Continued

(as of December 31, 2019)

Asset Types

% of Annualized Base Rent(1)

3.2%

3.4%	3.3%	MOB Total	53.9%
	1.3%	MOB	30.1%
9.1%		MOB/ASC	17.7%
		MOB/Imaging/ER	6.1%
		IRF	25.8%
	53.9%	Surgical Hospital	9.1%
25.8%		Office	3.4%
		LTACH	3.3%
		Acute Hospital	3.2%
		FSED	1.3%

Top 10 States

% of Annualized Base Rent (1)

		Texas	21.7%
		Ohio	10.4%
19.6%	21.7%	Pennsylvania	8.8%
2.9%		Arizona	8.3%
	Oklahoma	7.9%
3.0%
	Florida	7.8%
3.6%	10.4%
		Illinois	6.0%
6.0%	8.8%	Tennessee	3.6%
7.8%	8.3%	Michigan	3.0%
7.9%
		California	2.9%
		Other	19.6%

Top 10 Tenants

% of Annualized Base Rent (1)

10.1%
7.8%
7.1%
	5.2%
		3.8%	3.7%	3.2%
			2.8%	2.7%	2.5%
Encompass Memorial Health Kindred Health	OCOM	Carrus Hospital Steward Health	Pipeline Health	Curahealth	Select Medical	Prospect Health

4Q-2019| Earnings Supplemental (1) Monthly base rent as of December 31, 2019 multiplied by 12

12

Operating Metrics

Lease Expiration Schedule

(as of December 31, 2019 unless otherwise stated)

($ in thousands)

	Number of	Leased	% of Total
Year	Leases	Square Feet	Leased SF		ABR	% of Total ABR
2020	3	6,753	0.2%	$	113	0.2%
2021	6	163,116	5.9%	$	3,976	5.6%
2022	12	60,887	2.2%	$	1,242	1.8%
2023	12	137,748	5.0%	$	3,990	5.7%
2024	22	244,305	8.8%	$	7,482	10.6%
2025	7	200,539	7.2%	$	5,268	7.5%
2026	14	273,263	9.9%	$	5,062	7.2%
2027	14	331,572	12.0%	$	9,970	14.2%
2028	4	66,952	2.4%	$	1,579	2.2%
2029	10	233,965	8.4%	$	6,691	9.5%
2030+	38	1,055,013	38.0%	$	25,074	35.5%
Total Leased	142	2,774,113	100.0%	$	$70,447	100.0%

Tenant Affiliation or Property Location
Category	By Rent
(A)	On Campus or Adjacent	22%
(B)	Health System Affiliated	50%
(C)	On Campus or Affiliated	58%
(D)	Rehab Hospital / LTACH	29%
(E)	Retail Center	25%
(F)	Medical Office Park	24%
(G)	National Surgical Operator	12%
(A), (B), (D), (E), (F) or (G)	95%

Tenant Credit Strength By Asset Type		Rent
% of	Coverage
Category	ABR	Ratio
Inpatient Rehab Facility (IRF)	23.73%	3.42x
Surgical Hospital (SH)	9.08%	3.97x
Acute Care Hospital	3.25%	1.28x
Long-term Acute Care Hospital (LTACH)	3.24%	3.12x
TOTAL/WEIGHTED AVERAGE	39.30%	3.35x
Medical Office Building (MOB)	22.90%	6.13x
MOB/Ambulatory Surgery Center (ASC)	13.60%	7.09x
TOTAL/WEIGHTED AVERAGE	36.50%	6.49x
All Tenants Calculated for Rent Coverage	75.80%	4.86x
Large/Credit Tenants Not Calculated	20.94%	N/A
Other Tenants Not Available	3.25%	N/A

4Q-2019| Earnings Supplemental	13
See page 17 for footnotes

Top 10 Tenant Profiles

Encompass Health (Ba3) (NYSE: EHC), headquartered in Birmingham, AL is a national leader in integrated healthcare services offering both facility-based and home-based patient care through its network of inpatient rehabilitation hospitals, home health agencies and hospice agencies. With a national footprint that spans 130 hospitals and 278 home health & hospice locations in 36 states and Puerto Rico, Encompass Health is committed to delivering high-quality,cost-effective care across the post-acute continuum. Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For, as well as Modern Healthcare's Best Places to Work.

Marietta Memorial Health System (MMH), (BB-) is headquartered in Marietta, OH, and is the largest health system in the Parkersburg-Marietta-Vienna MSA. The largest employer in Washington County, MMH comprises (i) two hospitals, Marietta Memorial Hospital (154-bed) and Selby General Hospital (25-bed) critical access hospital; (ii) the Belpre Campus; (iii) ten clinic outpatient service sites; and (iv) five imaging locations, and has over 2,500 employees and 211 accredited physicians.

Kindred Healthcare, LLC is a healthcare services company based in Louisville, KY with annual revenues of approximately $3.3 billion. At December 31, 2018, Kindred through its subsidiaries had approximately 35,700 employees providing healthcare services in 1,789 locations in 45 states, including 74 long-term acute care hospitals, 22 inpatient rehabilitation hospitals, 11 sub-acute units, 96 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,586 non-affiliated sites of service. Kindred is ranked as one of Fortune magazine's Most Admired Healthcare Companies for nine years.

Oklahoma Center for Orthopedic & Multi-SpecialtySurgery, LLC (OCOM) is based Oklahoma City, OK and affiliated with USPI and INTEGRIS, and is a leading hospital for orthopedic specialists. OCOM operates a surgical hospital with nine operating rooms and a physical therapy department, an ancillary surgery center, and multiple imaging centers in throughout Oklahoma City.

Carrus Hospital is located in Sherman, TX and provides acute rehabilitative care and long term acute care. Accredited with The Joint Commission's Gold Seal of Approval, Carrus Hospital serves Sherman, Durant, Denison, Gainesville, Denton, McKinney, Plano, Bonham, Lewisville, Carrollton, Fort Worth, Dallas, Oklahoma City and beyond.

Steward Health was formed in November 2010 by the private equity group Cerberus Capital Management ("Cerberus") to take the ownership of and turn-around a once-strugglingsix-hospital health system founded in 1985 by the Archdiocese of Boston and convert a previously non-profit system to a tax-paying operator. After a number of acquisitions, Steward today is the largest private hospital operator in the country that includes 37 community hospitals across nine states and the country of Malta serving over 800 communities, with more than 42,000 employees.

Pipeline Health is a privately‐held, community‐based hospital ownership and management company based in Los Angeles. The principals of Pipeline Health have more than 250 years of collective experience in clinical medicine, finance, hospital operations and acquisitions. Pipeline's growing business, through its affiliates, includes: Emergent Medical Associates, a leading provider of ER serving 20+ hospital sites and 900,000 patients annually; Integrated Anesthesia Medical Group, with 100 providers performing 15,000 procedures annually; Avanti Hospitals, a Los Angeles health system with four hospitals, 400+ beds and 55,000 ER visits annually; Cloudbreak, a telemedicine company with 75,000 monthly encounters in 700 hospitals; Pacific Healthworks, a physician practice management company; Benchmark Hospitalists; four community hospitals in Chicago and Dallas, and a recent addition of 22 freestanding EDs upon a merger with Adeptus Health.

Curahealth is a growing national platform currently consisted of 12 long-term acute care (LTAC) hospitals under the brand of Curahealth Hospitals and six inpatient rehabilitation facilities (IRF) under the brand of Cobalt Rehabilitation. The platform is a portfolio company sponsored by Nautic Partners, a middle-market private equity group focused on three specialties including healthcare. Nautic currently invests in six healthcare companies including Curahealth and had previously invested in and exited from 14 healthcare companies including Reliant Hospital Partners, an IRF operator that was later sold to Encompass.

Select Medical (B1) is headquartered in Mechanicsburg, PA and one of the largest operators of critical illness recovery hospitals (previously referred to as long term acute care hospitals), rehabilitation hospitals (previously referred to as inpatient rehabilitation facilities), outpatient rehabilitation clinics, and occupational health centers in the U.S. based on the number of facilities. As of December 31, 2018, Select Medical operated 96 critical illness recovery hospitals in 27 states, 26 rehabilitation hospitals in 11 states, and 1,662 outpatient rehabilitation clinics in 41 states. Select Medical's joint venture subsidiary Concentra operated 524 occupational health centers in 41 states.

Prospect Medical Holdings (B3) was Established in 1996, and has grown into a significant provider of coordinated regional healthcare services in Southern California, Connecticut, New Jersey, Pennsylvania, Rhode Island and South Central Texas. In addition to their medical groups, they own 20 acute and behavioral hospitals that are located in diverse areas within Southern California, Connecticut, New Jersey, Pennsylvania, Rhode Island and South Central Texas and maintain competitive market positions in the areas they serve. All of their facilities aim to provide a comprehensive range of services tailored to their specific communities, including partnerships with other hospitals, physicians and health plans.

4Q-2019| Earnings Supplemental	14

Real Estate Portfolio

(as of December 31, 2019, see page 17 for footnotes)

				Net Leasable Square		Annualized Rent (1)	Annualized Rent Per
Property	Location	# of Bldgs	Facility Type	Feet	Lease Years Remaining	($ in 000's)	Square Foot (1)
Select Medical Hospital	Omaha, NE	1	LTACH	41,113	3.6	$1,870	$45.48
Orthopedic Surgery Center of Asheville	Asheville, NC	1	ASC	8,840	2.2	$252	$28.51
Associates in Ophthalmology	West Mifflin, PA	1	MOB/ASC	27,193	10.7	$815	$29.97
Gastro One	Memphis, TN	6	MOB/ASC	52,266	8.0	$1,346	$25.75
Star Medical Center (3)	Plano, TX	1	Surgical Hospital	24,000	16.1	$1,343	$55.96
Surgical Institute of Michigan	Detroit, MI	1	MOB/ASC	15,018	6.2	$409	$27.23
Marina Towers	Melbourne, FL	1	MOB/Img	75,899	6.2	$1,149	$15.14
Berks Physicians & Surgeons	Wyomissing, PA	1	MOB	17,000	6.6	$463	$27.24
Berks Eye Surgery Center	Wyomissing, PA	1	ASC	6,500	6.6	$248	$38.15
East Orange General Hospital	East Orange, NJ	1	MOB	60,442	6.7	$1,000	$16.54
Brown Clinic	Watertown, SD	3	MOB/Img	48,132	11.7	$750	$15.58
Northern Ohio Medical Specialists	Sandusky, OH	8	MOB	55,760	7.8	$907	$16.27
Carson Medical Group Clinic	Carson City, NV	2	MOB	20,632	3.8	$376	$18.22
Piedmont Healthcare	Ellijay, GA	3	MOB	44,162	6.5	$386	$8.74
Encompass Altoona	Altoona, PA	1	IRF	70,007	1.4	$1,747	$24.95
Encompass Mechanicsburg	Mechanicsburg, PA	1	IRF	78,836	1.4	$1,962	$24.89
Encompass Mesa	Mesa, AZ	1	IRF	51,903	4.8	$1,869	$36.01
Geisinger Specialty Care	Lewisburg, PA	1	MOB/Img	28,480	3.3	$556	$19.52
Southwest Florida Neurological & Rehab	Cape Coral, FL	1	MOB	25,814	7.1	$551	$21.35
Las Cruces Orthopedic	Las Cruces, NM	1	MOB	15,761	9.1	$369	$23.41
Thumb Butte Medical Center	Prescott, AZ	1	MOB	12,000	7.2	$393	$32.75
Southlake Heart & Vascular Institute	Clermont, FL	1	MOB	18,152	2.9	$387	$21.32
Oklahoma Center for Orthopedic & Multi-Specialty Surgery	Oklahoma City, OK	3	Surgical Hospital/ Physical	97,406	13.3	$3,642	$37.39
Therapy/ASC
Unity Family Medicine	Brockport, NY	1	MOB	29,497	10.9	$621	$21.05
Lonestar Endoscopy	Flower Mound, TX	1	ASC	10,062	6.7	$306	$30.41
Carrus Specialty Hospital	Sherman, TX	1	IRF/LTACH	69,352	17.5	$2,685	$38.72
Cardiologists of Lubbock	Lubbock, TX	1	MOB	27,280	9.7	$624	$22.87
Conrad Pearson Clinic	Germantown, TN	1	MOB/ASC	33,777	4.4	$1,518	$44.94
Central Texas Rehabilitation Clinic	Austin, TX	1	IRF	59,258	7.3	$3,060	$51.64
Texas Digestive	Fort Worth, TX	1	MOB	18,084	8.5	$453	$25.05
Albertville Medical Building	Albertville, MN	1	MOB	21,486	9.0	$498	$23.18
Heartland Clinic	Moline, IL	1	MOB/ASC	34,020	13.5	$927	$27.25
Kansas City Cardiology	Lee's Summit, MO	1	MOB	12,180	5.0	$281	$23.07
Amarillo Bone & Joint Clinic	Amarillo, TX	1	MOB	23,298	10.0	$606	$26.01

Tenant/Guarantor (2)

Select Specialty Hospital - Omaha,

Inc./Select Medical Corporation

Orthopedic Surgery Center of

Ashville/Surgery Partners

Associates Surgery Centers, LLC,

Associates in Ophthalmology, Ltd.

Gastroenterology Center of the MidSouth

Star Medical Center/Lumin Health

Surgical Institute of Michigan/Surgical

Management Professionals

Marina Towers, LLC/First Choice

Healthcare Solutions, Inc.

Berks Eye Physicians & Surgeons

Berkshire Eye

Prospect Medical Holdings, Inc.

Brown Clinic

Northern Ohio Medical Specialists

Carson Medical Group

Piedmont Mountainside Hospital, Inc.

Encompass

Encompass

Encompass

Geisinger Health

Southwest Florida Neurosurgical

Associates

Las Cruces Orthopedic Associates

Thumb Butte Medical Center/Physician

Guaranty

Orlando Health, Southlake Hospital, Vascular Specialists of Central Florida

OCOM/INTEGRIS; USPI; physician

guaranty

Unity Hospital of Rochester

Lonestar Endoscopy Center, LLC

SDB Partners, LLC

Lubbock Heart Hospital/Surgery Partners,

Inc.

Urology Center of the South/Physician

guarantees

CTRH, LLC / Kindred Health

Texas Digestive Disease Consultants

Stellis Health

Heartland Clinic

Kansas City Cardiology

Amarillo Bone & Joint Clinic

4Q-2019| Earnings Supplemental

15

Real Estate Portfolio

(as of December 31, 2019, see page 17 for footnotes)

				Net Leasable Square		Annualized Rent (1)	Annualized Rent Per
Property	Location	# of Bldgs	Facility Type	Feet	Lease Years Remaining	($ in 000's)	Square Foot (1)	Tenant/Guarantor (2)
Respiratory Specialists	Wyomissing, PA	1	MOB	17,598	8.0	$413	$23.47	Berks Respiratory
Zion Eye Institute	St. George, UT	1	MOB/ASC	16,000	10.0	$408	$25.50	Zion Eye Institute
Fresenius Kidney Care	Moline, IL	2	MOB	27,173	11.3	$548	$20.17	Quad City Nephrology/Fresenius Medical
Care Holdings
Northern Ohio Medical Specialists	Fremont, OH	1	MOB	25,893	10.1	$624	$24.10	Northern Ohio Medical Specialists
Gainesville Eye	Gainesville, GA	1	MOB/ASC	34,020	10.1	$792	$23.28	SCP Eyecare Services
City Hospital at White Rock	Dallas, TX	1	Acute Hospital	236,314	18.2	$2,289	$9.69	Pipeline East Dallas
Orlando Health	Orlando, FL	5	MOB	59,644	4.2	$1,257	$21.08	Orlando Health
Memorial Health System	Belpre, OH	4	MOB/Img/ER/ASC	155,600	11.2	$5,482	$35.23	Marietta Memorial
Valley ENT	McAllen, TX	1	MOB	30,811	9.7	$448	$14.54	Valley ENT
Rock Surgery Center	Derby, KS	1	ASC	16,704	7.4	$255	$15.27	Rock Surgery Center/Rock Medical
Assets
Foot and Ankle Specialists	Bountiful, UT	1	MOB	22,335	13.8	$387	$17.33	Foot and Ankle Specialists of Utah /
physician guaranty
TriHealth	Cincinnati, OH	1	MOB	18,820	6.0	$313	$16.63	TriHealth
Cancer Center of Brevard	Melbourne, FL	1	Cancer Center	19,074	3.5	$636	$33.34	Brevard Radiation Oncology / Vantage
Oncology
Heartland Women's Healthcare	Southern IL	6	MOB	64,966	9.74	$1,188	$18.29	Heartland Women's Healthcare / USA
OBGYN Management
Prospect Medical	Vernon, CT	2	MOB/Dialysis/Administrative	58,550	11.70	$792	$13.34	Prospect ECHN / Prospect Medical
Holdings, Inc.
Citrus Valley Medical Associates	Corona, CA	1	MOB	41,803	11.0	$1,204	$28.80	Citrus Valley Medical Associates
AMG Specialty Hospital	Zachary, LA	1	LTACH	12,424	16.5	$409	$32.92	AMG Specialty Hospital
East Valley Gastroenterology & Hepatology Associates	Chandler, AZ	3	MOB/ASC	39,305	10.0	$1,228	$31.24	East Valley Gastroenterology &
Hepatology Associates/ USPI
Encompass Health Rehabilitation Hospital of Desert Canyon	Las Vegas, NV	1	IRF	53,260	5.4	$1,504	$28.24	Encompass Health
Cobalt Rehabilitation Hospital of Surprise	Surprise, AZ	1	IRF	54,575	11.0	$1,971	$36.12	Cobalt Rehabilitation
Saint Joseph Rehabilitation Institute	Mishawaka, IN	1	IRF	45,920	5.0	$1,464	$31.88	Trinity
Mercy Rehabilitation Hospital Oklahoma City	Oklahoma City, OK	1	IRF	53,449	7.7	$1,919	$35.90	Kindred/ Mercy
California Cancer Associates for Research and Excellence (cCare)	San Marcos, CA	1	MOB	20,230	7.6	$864	$42.71	California Cancer Associates for Research
and Excellence (cCare)
East Lansing Medical Office Portfolio	Lansing, MI	3	MOB/ASC	42,817	8.3	$854	$19.95	Genesis Surgery Center
Bannockburn Medical Office	Bannockburn, IL	1	MOB	44,063	6.1	$524	$11.89	Illinois Bone and Joint Institute
Advocate Dryer Clinic	Aurora, IL	1	Office	50,000	5.4	$1,019	$20.38	Advocate Dryer Clinic
Mission Health Medical Office	Livonia, MI	1	MOB	61,621	3.0	$876	$14.22	Trinity Health/ Ascension
Covenant Surgical Partners - Arizona Centers for Digestive Health	Gilbert, AZ	2	MOB/ASC	14,052	9.7	$388	$27.61	Covenant Surgical Partners
MedExpress - Urgent Care MSO	Morgantown, WV	1	Office	25,000	9.5	$600	$24.00	MedExpress - Urgent Care MSO
Steward - Medical Center of Southeast Texas	Beaumont, TX	1	Surgical Hospital	84,674	5.7	$2,574	$30.40	Steward - Medical Center of Southeast
Texas
HCA - St. David's Healthcare Partnership	Bastrop, TX	1	FSED	28,500	4.5	$917	$32.18	HCA - St. David's Healthcare Partnership
EyeSouth Partners - Eye Center South	Panama City, FL	3	MOB/ASC	34,624	14.7	$907	$26.20	EyeSouth Partners - Eye Center South
Southeast Orthopedic Specialists	Jacksonville, FL	2	MOB	20,869	14.9	$615	$29.47	Southeast Orthopedic Specialists
Indiana Eye Clinic	Greenwood, IN	1	MOB/ASC	16,553	13.4	$409	$24.71	Indiana Eye Clinic
Total Portfolio/Average		108		2,780,851	8.8	$70,447	$25.33

4Q-2019| Earnings Supplemental

16

Disclosures

(as of December 31, 2019)

Rent Coverage Ratio (see pages 11 and 13)

For purposes of calculating our portfolio weighted-average EBITDARM coverage ratio ("Rent Coverage Ratio"), we excluded credit-rated tenants or their subsidiaries for which financial statements were either not available or not sufficiently detailed. These ratios are based on latest available information only. Most tenant financial statements are unaudited and we have not independently verified any tenant financial information (audited or unaudited) and, therefore, we cannot assure you that such information is accurate or complete. Certain other tenants (approximately 3% of our portfolio) are excluded from the calculation due to lack of available financial information. Additionally, our Rent Coverage Ratio adds back physician distributions and compensation. Management believes that all adjustments are reasonable and necessary.

Real Estate Portfolio (see pages 15 and 16)

Data as of December 31, 2019.

1. Monthly base rent at December 31, 2019 multiplied by 12 (or actual NOI for cCare, East Lansing, Bannockburn and Mission Health properties). Accordingly, this methodology produces an annualized amount as of a point in time but does not take into account future contractual rental rate increases.
2. Certain lease guarantees are for less than 100% of the contractual rental payments.
3. Carrus Specialty Hospital does not include 12,000 square feet of shell space.

Additional Information

The information in this document should be read in conjunction with the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information filed with, or furnished to, the SEC. You can access the Company's reports and amendments to those reports filed or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act in the "Investor Relations" section on the Company's website (www.globalmedicalreit.com) under "SEC Filings" as soon as reasonably practicable after they are filed with, or furnished to, the SEC. The information on or connected to the Company's website is not, and shall not be deemed to be, a part of, or incorporated into, this Earnings Supplemental. You also can review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov.

Certain information contained in this package, including, but not limited to, information contained in our Top 10 tenant profiles is derived from publicly-availablethird-party sources. The Company has not independently verified this information and there can be no assurance that such information is accurate or complete.

4Q-2019| Earnings Supplemental	17

www.globalmedicalreit.com

NYSE: GMRE

INVESTOR RELATIONS

Evelyn Infurna

[e-mail]

203.682.8265