Global Medical REIT Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
XRN$28.70-3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001558370-25-010515
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001104659-25-106984
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 161 current paragraphs.
83 unchanged; 41 reworded; 35 added; 18 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 64 previous and 72 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
During 2025, the U.S. Federal Reserve (the “Fed”) continued lowering the Federal Funds Rate with the most recent cut in October 2025 bringing the target range to 3.75% to 4.00%. The 10-Year U.S. Treasury yield and Secured Overnight Financing Rate (“SOFR”) have also trended lower during 2025, with the 10-year U.S. Treasury yield and one-month SOFR at 4.15% and 4.13% as of September 30, 2025, respectively.
Current report
Although interest rates have trended lower during 2025, interest rates are significantly higher than in 2021, when we entered into interest rate swaps with respect to our $350 million term loan (“Term Loan A”) on our Second Amended and Restated Credit Facility (the “Credit Facility”). These interest rate swaps fixed the SOFR component of our interest rate on our Term Loan A at 1.36%; however, these swaps are set to expire in April 2026 (the original maturity date of Term Loan A). In connection with the Amended and Restated Credit Facility (defined below), we entered into $350 million of new forward-starting interest rate swaps that will be effective in May 2026 to fully hedge the SOFR component of the three Term Loan A tranches through their respective maturities at rates ranging from 3.24% to 3.32%. The current elevated interest rate environment has already resulted in material increases in our interest expense with respect to our floating-rate indebtedness and, beginning on the effective date of our new interest rate swaps, will materially increase our interest expense with respect to our fixed-rate indebtedness.
Current report
In summary, beginning on the effective date of our new interest rate swaps in May 2026, the impact of rising interest rates over the past several years will begin to affect our interest expense on our fixed-rate indebtedness, which is expected to negatively affect the Company’s net income. Additionally, any increase in the U.S. inflation rate may prompt the Fed to pause any future decreases to the Fed Funds Rate or increase the Fed Funds Rate, which may lead to an increase in our interest expense on our floating rate indebtedness.
Current report
Reverse Stock Split
Current report
In August 2025, the Board approved a reverse stock split of our outstanding shares of common stock at a ratio of one-for-five (the “Reverse Stock Split”). The Reverse Stock Split was completed on September 19, 2025. As a result of the Reverse Stock Split, on September 19, 2025, every five issued and outstanding shares of our common stock was converted into one share of our common stock, with a proportionate reduction in our (i) authorized shares of common stock from 500 million to 100 million, (ii) outstanding equity awards, (iii) number of shares remaining available for issuance under our 2016 Equity Incentive Plan, as amended, and (iv) outstanding common units of the Operating Partnership. The par value of each share of our common stock remained unchanged. Trading in our common stock on a split adjusted basis began at the market open on September 22, 2025. No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder that otherwise would have received fractional shares received, in lieu of such fractional shares, cash in an amount based on the closing price of our common stock on the New York Stock Exchange on September 19, 2025. The Reverse Stock Split resulted in approximately 60 fractional shares, for which cash payments totaling approximately two thousand dollars were paid in lieu of issuing such fractional shares. All common share and per common share amounts in the accompanying condensed consolidated financial statements and notes thereto and applicable disclosures have been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split.
Current report
Completed Property Dispositions During the Nine Months Ended September 30, 2025
Current report
During the nine months ended September 30, 2025, we recognized an impairment loss of $6.3 million related to our Aurora, Illinois facility.
Current report
Capital Activity
Current report
Common Stock Repurchase Program
Current report
In August 2025, the Board approved a $50 million common stock repurchase program (the “Stock Repurchase Program”). Under the Stock Repurchase Program, we may purchase up to $50 million of our outstanding shares of common stock from time to time in the open market, including through block purchases, through privately negotiated transactions or pursuant to any Rule 10b5-1 trading plan, in accordance with applicable securities laws. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions and other considerations. The Stock Repurchase Program does not obligate us to repurchase any dollar amount or number of shares of our common stock and may be suspended or discontinued at any time. No shares were repurchased during the nine months ended September 30, 2025.
Current report
Recent Developments
Current report
Closing of the Amended and Restated Credit Facility
Current report
On October 8, 2025, the Company, the Operating Partnership, as borrower, and certain subsidiaries of the Operating Partnership entered into a third amended and restated credit agreement (the “Amended and Restated Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, which contains the following material amendments to the Company’s Credit Facility:
Current report
In connection with the Amended and Restated Credit Facility, on October 7, 2025, the Company entered into $350 million of new forward starting interest rate swaps to fully hedge the SOFR component of the three Term Loan A tranches through their respective maturities.
Current report
Amortization expense for the three months ended September 30, 2025 was $3.8 million, compared to $3.6 million for the same period in 2024, an increase of $0.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the three months ended September 30, 2025, partially offset by dispositions during that period.
Current report
Income before other income (expense) for the three months ended September 30 2025 was $1.0 million, compared to $1.6 million for the same period in 2024, a decrease of $0.6 million.
Current report
During the three months ended September 30, 2025, we completed two dispositions resulting in an aggregate gain of $0.3 million. During the three months ended September 30, 2024, we completed two dispositions resulting in an aggregate gain of $1.8 million.
Current report
In August 2025, we entered into an agreement to sell our facility located in Aurora, Illinois. We recognized an impairment loss of $6.3 million during the three months ended September 30, 2025 to reduce the carrying value of the asset to its fair value, which was determined to be the contractual sales price less commissions and fees. The sale of this facility was completed in September 2025.
Current report
Net (Loss) Income
Current report
Net loss for the three months ended September 30, 2025 was $5.1 million, compared to net income of $3.4 million for the same period in 2024, a decrease of $8.5 million*.*
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Depreciation expense for the nine months ended September 30, 2025 was $32.8 million, compared to $30.2 million for the same period in 2024, an increase of $2.6 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the nine months ended September 30, 2025, partially offset by dispositions during that period.
Current report
Income before other income (expense) for the nine months ended September 30, 2025 was $3.8 million, compared to $5.3 million for the same period in 2024, a decrease of $1.5 million*.*
Current report
In August 2025, we entered into an agreement to sell our facility located in Aurora, Illinois. We recognized an impairment loss of $6.3 million during the nine months ended September 30, 2025 to reduce the carrying value of the asset to its fair value, which was determined to be the contractual sales price less commissions and fees. The sale of this facility was completed in September 2025.
Current report
Net (Loss) Income
Current report
Net loss for the nine months ended September 30, 2025 was $0.7 million, compared to net income $3.8 million for the same period in 2024, a decrease of $4.5 million*.*
Current report
Equity Issuances
Current report
Common Stock Repurchase Program
Current report
As described in “Capital Activity –Common Stock Repurchase Program,” in August 2025, the Board approved the Stock Repurchase Program. Under the Stock Repurchase Program, we may purchase up to $50 million of our outstanding shares of common stock from time to time in the open market, including through block purchases, through privately negotiated transactions or pursuant to any Rule 10b5-1 trading plan, in accordance with applicable securities laws. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions and other considerations. The Stock Repurchase Program does not obligate us to repurchase any dollar amount or number of shares of our common stock and may be suspended or discontinued at any time. No shares were repurchased during the nine months ended September 30, 2025 or from October 1, 2025 through November 3, 2025.
Current report
The Amended and Restated Credit Facility is an unsecured facility and contains the following material amendments to the Company’s previous Credit Facility:
Current report
In connection with the Amended and Restated Credit Facility, on October 7, 2025, the Company entered into $350 million of new forward starting interest rate swaps to fully hedge the SOFR component of the three Term Loan A tranches through their respective maturities.
Current report
At closing of the Amended and Restated Credit Facility, the weighted average term of the Company’s debt, including the drawn Revolver component, was 4.4 years.
Current report
As described in “Recent Developments –Closing of the Amended and Restated Credit Facility,” in connection with the Amended and Restated Credit Facility, the Company entered into $350 million of forward starting interest rate swaps (seven swaps in total) to fully hedge the SOFR component of the three Term Loan A tranches through their respective maturities as follows:
Current report
Net cash provided by operating activities for the nine months ended September 30, 2025 was $52.0 million, compared to $49.5 million for the same period in 2024. During the 2025 period, there was an increase in depreciation expense and the changes in operating asset and liability accounts offset each other.
Current report
our Credit Facility and lower payment of dividends to common and preferred stockholders as well as holders of OP Units and LTIP Units, partially offset by no proceeds received from common equity offerings and more funds used to repay notes payable.
Removed paragraphs (18)
Previous report
During 2024, the U.S. Federal Reserve (the “Fed”) began lowering the Federal Funds Rate after many quarters of increasing the target range for the rate to combat inflation. Beginning in September 2024 through December 2024, the Federal Funds Rate dropped from a range of 5.25% – 5.50% to 4.25% - 4.50%. However, U.S. Treasury yields and Secured Overnight Financing Rate (“SOFR”) swap rates have not responded in kind with 10-Year U.S. Treasury yields increasing from 3.79% at September 30, 2024 to 4.23% at June 30, 2025 and the five-year forward SOFR swap rates increasing from 3.21% to 3.38%, during the same period. The difference between the changes in the Federal Funds Rate and U.S. Treasury yields and forward SOFR swap rates reflect market expectations of increased inflationary pressures in the coming months and years as well as the effects of recently enacted global tariffs. Consequently, the Fed may maintain an elevated Federal Funds Rate, or determine to raise the Federal Funds Rate again, in 2025 and beyond if inflation begins to rise.
Previous report
Currently, interest rate swaps with respect to our $350 million term loan (“Term Loan A”) on our Credit Facility are set to expire on the maturity of Term Loan A in April 2026. If we refinance our Term Loan A and enter into new interest rate swaps, any related interest rate swap would likely be based on the five-year SOFR swap rate at the time of refinancing, which is likely to be much higher than our current SOFR swap rate on our Term Loan A. Additionally, although one-month SOFR, which is the base rate of the unhedged revolver component of our Credit Facility (our “Revolver”), decreased during 2024 in line with the decrease in the Federal Funds Rate, one-month SOFR remains elevated compared to 2021 and there is no assurance that one-month SOFR will continue to decrease in 2025 and beyond.
Previous report
In summary, the interest rate on our Revolver, which is based on one-month SOFR, decreased during the fourth quarter of 2024 along with the decrease in the Federal Funds Rate but has been relatively unchanged during 2025. With respect to our Term Loan A and its related interest rate swaps, if we refinance that loan (which we expect to complete during the fourth quarter of 2025) and hedge our prospective interest rate risk by entering into new interest rate swaps, the swap rates at the time of refinancing are expected to be significantly higher than our current interest rate swaps due to (i) the general increase in SOFR since 2021 and (ii) the widening between short-term and long-term rates based on renewed inflationary pressures.
Previous report
Completed Property Dispositions
Previous report
Capital Raising Activity
Previous report
Amortization expense for the three months ended June 30, 2025 was $4.0 million, compared to $3.9 million for the same period in 2024, an increase of $0.1 million. Although not significant, the increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the three months ended June 30, 2025, partially offset by dispositions during that period.
Previous report
Income before other income (expense) for the three months ended June 30, 2025 was $0.4 million, compared to $1.4 million for the same period in 2024, a decrease of $1.0 million*.*
Previous report
During the three months ended June 30, 2025, we completed one disposition resulting in a gain of $0.2 million. During the three months ended June 30, 2024, we completed one disposition resulting in a loss of $3.4 million.
Previous report
Net Income (Loss)
Previous report
Net income for the three months ended June 30, 2025 was $0.6 million, compared to net loss of $2.0 million for the same period in 2024, an increase of $2.6 million*.*
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Depreciation expense for the six months ended June 30, 2025 was $21.6 million, compared to $20.2 million for the same period in 2024, an increase of $1.4 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the six months ended June 30, 2025, partially offset by dispositions during that period.
Previous report
Income before other income (expense) for the six months ended June 30, 2025 was $2.8 million, compared to $3.7 million for the same period in 2024, a decrease of $0.9 million*.*
Previous report
Net Income
Previous report
Net income for the six months ended June 30, 2025 was $4.3 million, compared to $0.4 million for the same period in 2024, an increase of $3.9 million*.*
Previous report
Regarding Term Loan A that matures in May 2026, we are in active discussions with our Credit Facility lenders related to refinancing this obligation. As part of this process, we are also discussing extending the maturity date of the Revolver. Based on various factors, including current market conditions, the performance of our assets, and our lender discussions to date, we are not anticipating any significant adverse changes to the financial terms of the Credit Facility and expect to complete these transactions during the fourth quarter of 2025. Although we expect to complete the refinancing during the fourth quarter of 2025, subject to market and other conditions, there can be no assurance that the refinancing will be completed as expected or at all.
Previous report
The Credit Facility is an unsecured facility with a term of (i) four years (beginning on August 1, 2022) for the Revolver (subject to two, six-month extension options), (ii) five years for Term Loan A (beginning on May 3, 2021), and (iii) five years and six months (beginning on August 1, 2022) for Term Loan B. Interest rates on amounts outstanding under the Credit Facility equal SOFR plus a related spread adjustment of 10 basis points and a borrowing spread based on the current pricing grid in the Credit Facility.
Previous report
Net cash provided by operating activities for the six months ended June 30, 2025 was $34.4 million, compared to $33.2 million for the same period in 2024. During the 2025 period, net income was higher, partially offset by an aggregate gain on the sale of investment properties.
Reworded paragraphs (41)
Previous wording
Global Medical REIT Inc. (the “Company,” “us,” “we,” or “our”) is a Maryland corporation and internally managed REIT that acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Global Medical REIT L.P. (the “Operating Partnership”). Our wholly owned subsidiary, Global Medical REIT GP LLC, is the sole general partner of our Operating Partnership and, as of June 30, 2025, we owned 91.92% of the outstanding common operating partnership units (“OP Units”) of our Operating Partnership, with an aggregate of 8.08% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for OP Units.
Current wording
Global Medical REIT Inc. (the “Company,” “us,” “we,” or “our”) is a Maryland corporation and internally managed REIT that acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Global Medical REIT L.P. (the “Operating Partnership”). Our wholly owned subsidiary, Global Medical REIT GP LLC, is the sole general partner of our Operating Partnership and, as of September 30, 2025, we owned 92.14% of the outstanding common operating partnership units (“OP Units”) of our Operating Partnership, with an aggregate of 7.86% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for OP Units.
Previous wording
Our revenues are derived from the rental and operating expense reimbursement payments we receive from our tenants, and most of our leases are medium to long-term triple net leases with contractual rent escalation provisions. Our primary expenses are depreciation, interest, and general and administrative expenses. We finance our acquisitions with a mixture of debt and equity primarily from our cash from operations, borrowings under our Second Amended and Restated Credit Facility (the “Credit Facility”), and stock issuances.
Current wording
Our revenues are derived from the rental and operating expense reimbursement payments we receive from our tenants, and most of our leases are medium to long-term triple net leases with contractual rent escalation provisions. Our primary expenses are depreciation, interest, and general and administrative expenses. We finance our acquisitions with a mixture of debt and equity primarily from our cash from operations, borrowings under our credit facility, and stock issuances.
Previous wording
The following table summarizes the primary changes in our business and operations during the periods presented.
Current wording
The following table summarizes the primary changes in our business and operations during the periods presented. All per share, per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split.
Previous wording
As of June 30, 2025, we had gross investments of approximately $1.5 billion in real estate, consisting of 193 buildings with an aggregate of approximately 5.2 million leasable square feet and approximately $118 million of annualized base rent. This data does not include amounts for properties held in our unconsolidated joint venture.
Current wording
As of September 30, 2025, we had gross investments of approximately $1.5 billion in real estate, consisting of 191 buildings with an aggregate of approximately 5.2 million leasable square feet and approximately $118 million of annualized base rent. This data does not include amounts for properties held in our unconsolidated joint venture.
Previous wording
Completed Acquisitions During the Six Months Ended June 30, 2025
Current wording
Completed Acquisitions During the Nine Months Ended September 30, 2025
Previous wording
In October 2024, we entered into a purchase agreement to acquire a five-property portfolio (the “five-property portfolio”) of medical real estate for an aggregate purchase price of $69.6 million. In February 2025, we completed the acquisition of three properties in the five-property portfolio encompassing an aggregate of 188,874 leasable square feet for an aggregate purchase price of $31.5 million with aggregate annualized base rent of $2.7 million. In April 2025, we completed the acquisition of the remaining two properties in the five-property portfolio encompassing an aggregate of 297,724 leasable square feet for an aggregate purchase price of $38.1 million with aggregate annualized base rent of $3.6 million. In total, the five-property portfolio had a purchase price of $69.6 million with 486,598 leasable square feet and annualized base rent of $6.3 million.
Current wording
In October 2024, we entered into a purchase agreement to acquire a five-property portfolio (the “five-property portfolio”) of medical real estate for an aggregate purchase price of $69.6 million. In February 2025, we completed the acquisition of three properties in the five-property portfolio encompassing an aggregate of 188,874 leasable square feet for an aggregate purchase price of $31.5 million with aggregate annualized base rent of $2.7 million. In April 2025, we completed the acquisition of the remaining two properties in the five-property portfolio encompassing an aggregate of 297,724 leasable square feet for an aggregate purchase price of $38.1 million with
Previous wording
During the six months ended June 30, 2025, we completed three dispositions that generated aggregate gross proceeds of $9.6 million, resulting in an aggregate gain of $1.6 million.
Current wording
During the nine months ended September 30, 2025, we completed five dispositions that generated aggregate gross proceeds of $13.4 million, resulting in an aggregate gain of $1.9 million.
Previous wording
In January 2024, the Company and the Operating Partnership implemented a $300 million “at-the-market” equity offering program, pursuant to which we may offer and sell (including through forward sales), from time to time, shares of our common stock (the “2024 ATM Program”). No shares were sold under the 2024 ATM Program during the six months ended June 30, 2025.
Current wording
In January 2024, the Company and the Operating Partnership implemented a $300 million “at-the-market” equity offering program, pursuant to which we may offer and sell (including through forward sales), from time to time, shares of our common stock (the “2024 ATM Program”). No shares were sold under the 2024 ATM Program during the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2025, we borrowed $94.5 million under the Credit Facility and repaid $28.5 million, for a net amount borrowed of $66.0 million. During the six months ended June 30, 2024, we borrowed $38.5 million under the Credit Facility and repaid $25.9 million, for a net amount borrowed of $12.6 million. As of June 30, 2025, the net outstanding Credit Facility balance was $698.8 million and as of August 4, 2025, we had unutilized borrowing capacity under the Revolver of $177 million.
Current wording
During the nine months ended September 30, 2025, we borrowed $115.4 million under the Credit Facility and repaid $40.3 million, for a net amount borrowed of $75.1 million. During the nine months ended September 30, 2024, we borrowed $82.8 million under the Credit Facility and repaid $55.4 million, for a net amount borrowed of $27.4 million. As of September 30, 2025, the net outstanding Credit Facility balance was $708.5 million and as of November 3, 2025, we had unutilized borrowing capacity under the revolver component of the Credit Facility (the “Revolver”) of $171 million.
Previous wording
Total revenue for the six months ended June 30, 2025 was $72.6 million, compared to $69.4 million for the same period in 2024, an increase of $3.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the six months ended June 30, 2025, partially offset by dispositions during that period. Within that increase, $10.6 million in revenue was recognized from net lease expense recoveries during the six months ended June 30, 2025, compared to $9.9 million for the same period in 2024. Additionally, the prior year period included the recognition of reserves for $0.8 million of rent and the write-off of $0.1 million of deferred rent.
Current wording
Total revenue for the three months ended September 30, 2025 was $37.2 million, compared to $34.3 million for the same period in 2024, an increase of $2.9 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the three months ended September 30, 2025, partially offset by dispositions during that period. Within that increase, $5.2 million in revenue was recognized from net lease expense recoveries during the three months ended September 30, 2025, compared to $4.8 million for the same period in 2024.
Previous wording
General and administrative expenses for the three months ended June 30, 2025 were $6.0 million, compared to $4.6 million for the same period in 2024, an increase of $1.4 million. The increase primarily resulted from costs incurred during the current period pursuant to the Transition and Separation Agreement and General Release of Claims, dated January 8, 2025, by and among the Company, Inter-American Management LLC and Jeffrey Busch, our former Chief Executive Officer (the “Transition and Separation Agreement”). Additionally, there was an increase in non-cash LTIP compensation expense, which was $1.7 million for the three months ended June 30, 2025, compared to $1.3 million for the same period in 2024.
Current wording
General and administrative expenses for the three months ended September 30, 2025 were $4.9 million, compared to $4.4 million for the same period in 2024, an increase of $0.5 million. The increase primarily resulted from an increase in general corporate expenses, including costs related to our Reverse Stock Split, partially offset by a decrease in non-cash LTIP compensation expense, which was $1.2 million for the three months ended September 30, 2025, compared to $1.3 million for the same period in 2024.
Previous wording
Operating expenses for the three months ended June 30, 2025 were $8.2 million, compared to $7.2 million for the same period in 2024, an increase of $1.0 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the three months ended June 30, 2025, partially offset by dispositions during that period and a net reduction in costs at other properties. Included in these amounts were $5.4 million of recoverable property operating expenses incurred during the three months ended June 30, 2025, compared to $4.9 million for the same period in 2024. In addition, our operating expenses included $1.8 million of property operating expenses from gross leases for the three months ended June 30, 2025, compared to $0.9 million for the same period in 2024.* *
Current wording
Operating expenses for the three months ended September 30, 2025 were $8.2 million, compared to $7.4 million for the same period in 2024, an increase of $0.8 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the three months ended September 30, 2025, partially offset by dispositions during that period and a net reduction in costs at other properties. Included in these amounts were $5.2 million of recoverable property operating expenses incurred during the three months ended September 30, 2025, compared to $4.8 million for the same period in 2024. In addition, our operating expenses included $1.7 million of property operating expenses from gross leases for the three months ended September 30, 2025, compared to $1.6 million for the same period in 2024.* *
Previous wording
Depreciation expense for the three months ended June 30, 2025 was $11.3 million, compared to $10.1 million for the same period in 2024, an increase of $1.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the three months ended June 30, 2025, partially offset by dispositions during that period.
Current wording
Depreciation expense for the three months ended September 30, 2025 was $11.2 million, compared to $10.0 million for the same period in 2024, an increase of $1.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the three months ended September 30, 2025, partially offset by dispositions during that period.
Previous wording
Interest expense for the three months ended June 30, 2025 was $8.0 million, compared to $7.0 million for the same period in 2024, an increase of $1.0 million. The increase was primarily due to higher average borrowings and slightly higher interest rates during the three months ended June 30, 2025, compared to the same period in 2024.
Current wording
Interest expense for the three months ended September 30, 2025 was $8.2 million, compared to $7.2 million for the same period in 2024, an increase of $1.0 million. The increase was primarily due to higher average borrowings and higher interest rates during the three months ended September 30, 2025, compared to the same period in 2024.
Previous wording
The weighted average interest rate of our debt for the three months ended June 30, 2025 was 4.03% compared to 3.93% for the same period in 2024. Additionally, the weighted average interest rate and term of our debt was 4.09% and 1.6 years at June 30, 2025.
Current wording
The weighted average interest rate of our debt for the three months ended September 30, 2025 was 4.12% compared to 3.97% for the same period in 2024. Additionally, the weighted average interest rate and term of our debt was 4.06% and 1.3 years at September 30, 2025.
Previous wording
During the three months ended June 30, 2025, we recognized a loss from the Joint Venture of $50 thousand, which represented our 12.5% ownership interest in the net loss of the Joint Venture during that period.
Current wording
During the three months ended September 30, 2025, we recognized a loss from the Joint Venture of $33 thousand, which represented our 12.5% ownership interest in the net loss of the Joint Venture during that period.
Previous wording
Total revenue for the three months ended June 30, 2025 was $38.0 million, compared to $34.2 million for the same period in 2024, an increase of $3.8 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the three months ended June 30, 2025, partially offset by dispositions during that period. Within that increase, $5.4 million in revenue was recognized from net lease expense recoveries during the three months ended June 30, 2025, compared to $4.9 million for the same period in 2024. Additionally, the prior year period included the recognition of reserves for $0.8 million of rent and the write-off of $0.1 million of deferred rent.
Current wording
Total revenue for the nine months ended September 30, 2025 was $109.8 million, compared to $103.6 million for the same period in 2024, an increase of $6.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the nine months ended September 30, 2025, partially offset by dispositions during that period. Within that increase, $15.8 million in revenue was recognized from net lease expense recoveries during the nine months ended September 30, 2025, compared to $14.7 million for the same period in 2024. Additionally, the prior year period included the recognition of reserves for $0.8 million of rent and the write-off of $0.1 million of deferred rent.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 were $9.6 million, compared to $9.0 million for the same period in 2024, an increase of $0.6 million. The increase primarily resulted from costs incurred during the current period pursuant to the Transition and Separation Agreement with Mr. Busch, partially offset by a decrease in non-cash LTIP compensation expense, which was $1.9 million for the six months ended June 30, 2025, compared to $2.6 million for the same period in 2024.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 were $14.5 million, compared to $13.4 million for the same period in 2024, an increase of $1.1 million. The increase primarily resulted from costs incurred during the current period in connection with our CEO transition, partially offset by a decrease in non-cash LTIP compensation expense, which was $3.1 million for the nine months ended September 30, 2025, compared to $3.8 million for the same period in 2024.
Previous wording
Operating expenses for the six months ended June 30, 2025 were $15.8 million, compared to $14.6 million for the same period in 2024, an increase of $1.2 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to June 30, 2024 and through the six months ended June 30, 2025, partially offset by dispositions during that period and a net reduction in costs at other properties. Included in these amounts were $10.6 million of recoverable property operating expenses incurred during the six months ended June 30, 2025, compared to $9.9 million for the same period in 2024. In addition, our operating expenses included $3.2 million of property operating expenses from gross leases for the six months ended June 30, 2025, compared to $2.4 million for the same period in 2024.* *
Current wording
Operating expenses for the nine months ended September 30, 2025 were $24.0 million, compared to $22.1 million for the same period in 2024, an increase of $1.9 million. The increase primarily resulted from the impact of acquisitions that were completed subsequent to September 30, 2024 and through the nine months ended September 30, 2025, partially offset by dispositions during that period and a net reduction in costs at other properties. Included in these amounts were $15.8 million of recoverable property operating expenses incurred during the nine months ended September 30, 2025, compared to $14.7 million for the same period in 2024. In addition, our operating expenses included $4.9 million of property operating expenses from gross leases for the nine months ended September 30, 2025, compared to $4.0 million for the same period in 2024.* *
Previous wording
Amortization expense for the six months ended June 30, 2025 was $7.5 million, compared to $7.8 million for the same period in 2024, a decrease of $0.3 million. The decrease primarily resulted from the impact of dispositions that were completed subsequent to June 30, 2024 and through the six months ended June 30, 2025, partially offset by acquisitions that were completed during that period.
Current wording
Amortization expense for the nine months ended September 30, 2025 was $11.3 million, compared to $11.5 million for the same period in 2024, a decrease of $0.2 million. The decrease primarily resulted from the impact of dispositions that were completed subsequent to September 30, 2024 and through the nine months ended September 30, 2025, partially offset by acquisitions that were completed during that period.
Previous wording
Interest expense for the six months ended June 30, 2025 was $15.2 million, compared to $13.9 million for the same period in 2024, an increase of $1.3 million. The increase was primarily due to higher average borrowings during the six months ended June 30, 2025, compared to the same period in 2024.
Current wording
Interest expense for the nine months ended September 30, 2025 was $23.4 million, compared to $21.1 million for the same period in 2024, an increase of $2.3 million. The increase was primarily due to higher average borrowings and higher interest rates during the nine months ended September 30, 2025, compared to the same period in 2024.
Previous wording
The weighted average interest rate of our debt for the six months ended June 30, 2025 was 3.93% compared to 3.92% for the same period in 2024. Additionally, the weighted average interest rate and term of our debt was 4.09% and 1.6 years at June 30, 2025.
Current wording
The weighted average interest rate of our debt for the nine months ended September 30, 2025 was 4.00% compared to 3.93% for the same period in 2024. Additionally, the weighted average interest rate and term of our debt was 4.06% and 1.3 years at September 30, 2025.
Previous wording
During the six months ended June 30, 2025, we completed three dispositions resulting in an aggregate gain of $1.6 million. During the six months ended June 30, 2024, we completed one disposition resulting in a loss of $3.4 million.
Current wording
During the nine months ended September 30, 2025, we completed five dispositions resulting in an aggregate gain of $1.9 million. During the nine months ended September 30, 2024, we completed three dispositions resulting in an aggregate loss of $1.6 million.
Previous wording
During the six months ended June 30, 2025, we recognized a loss from the Joint Venture of $91 thousand, which represented our 12.5% ownership interest in the net loss of the Joint Venture during that period.
Current wording
During the nine months ended September 30, 2025, we recognized a loss from the Joint Venture of $123 thousand, which represented our 12.5% ownership interest in the net loss of the Joint Venture during that period.
Previous wording
As of June 30, 2025 and December 31, 2024, our principal assets consisted of investments in real estate, net, of $1.2 billion. We completed five acquisitions and three dispositions during the six months ended June 30, 2025. Our liquid assets consisted primarily
Current wording
As of September 30, 2025 and December 31, 2024, our principal assets consisted of investments in real estate, net, of $1.2 billion. We completed five acquisitions and five dispositions during the nine months ended September 30, 2025. Our liquid assets
Previous wording
of cash and cash equivalents and restricted cash of $9.2 million and $8.9 million, as of June 30, 2025 and December 31, 2024, respectively.
Current wording
consisted primarily of cash and cash equivalents and restricted cash of $9.8 million and $8.9 million, as of September 30, 2025 and December 31, 2024, respectively.
Previous wording
The increase in our cash and cash equivalents and restricted cash balances to $9.2 million as of June 30, 2025, compared to $8.9 million as of December 31, 2024, was primarily due to net borrowings on our Credit Facility, net proceeds received from the sale of investment properties, and net cash provided by operating activities, partially offset by funds used to acquire investment properties, the payment of dividends to common and preferred stockholders as well as holders of OP Units and LTIP Units, and funds used for capital expenditures on existing real estate investments and leasing commissions.
Current wording
The increase in our cash and cash equivalents and restricted cash balances to $9.8 million as of September 30, 2025, compared to $8.9 million as of December 31, 2024, was primarily due to net borrowings on our Credit Facility, net proceeds received from the sale of investment properties, and net cash provided by operating activities, partially offset by funds used to acquire investment properties, the payment of dividends to common and preferred stockholders as well as holders of OP Units and LTIP Units, funds used to repay notes payable, and funds used for capital expenditures on existing real estate investments and leasing commissions.
Previous wording
The increase in our total liabilities to $772.0 million as of June 30, 2025 compared to $700.6 million as of December 31, 2024, was primarily the result of higher net borrowings outstanding on our Credit Facility.
Current wording
The increase in our total liabilities to $767.4 million as of September 30, 2025 compared to $700.6 million as of December 31, 2024, was primarily the result of higher net borrowings outstanding on our Credit Facility, partially offset by a lower notes payable balance.
Previous wording
On May 28, 2025, the Board reduced the Company’s quarterly common stock dividend from $0.21 per share to $0.15 per share. We believe the reduction to the dividend best positions the Company for future growth, strengthens the balance sheet, and provides investors with an attractively yielding, well-covered dividend.
Current wording
On May 28, 2025, the Board reduced the Company’s quarterly common stock dividend from $1.05 per share to $0.75 per share (on a split-adjusted basis). We believe the reduction to the dividend best positions the Company for future growth, strengthens the balance sheet, and provides investors with an attractively yielding, well-covered dividend.
Previous wording
Our primary external sources of liquidity include net proceeds received from equity issuances, including the issuance of OP Units in connection with acquisitions of additional properties, and debt financing, including borrowings under our Credit Facility and secured term loans.
Current wording
Our primary external sources of liquidity include net proceeds received from equity issuances, including the issuance of OP Units in connection with acquisitions of additional properties, and debt financing, including borrowings under our Amended and Restated Credit Facility and secured term loans.
Previous wording
In January 2024, the Company and the Operating Partnership implemented the 2024 ATM Program, pursuant to which we may offer and sell (including through forward sales), from time to time, shares of our common stock. No shares were sold under the 2024 ATM Program during the six months ended June 30, 2025 or from July 1, 2025 through August 4, 2025.
Current wording
In January 2024, the Company and the Operating Partnership implemented the 2024 ATM Program, pursuant to which we may offer and sell (including through forward sales), from time to time, shares of our common stock. No shares were sold under the 2024 ATM Program during the nine months ended September 30, 2025 or from October 1, 2025 through November 3, 2025.
Previous wording
*Credit Facility.*Our Credit Facility consists of (i) the $350 million Term Loan A, (ii) the $150 million Term Loan B, and (iii) the $400 million Revolver. The Credit Facility also contains a $500 million accordion feature. As of August 4, 2025, we had unutilized borrowing capacity under the Credit Facility of $177 million.
Current wording
*Amended and Restated Credit Facility.*As described in “Recent Developments –Closing of the Amended and Restated Credit Facility,” the Company entered into an Amended and Restated Credit Facility on October 8, 2025. The Amended and Restated Credit Facility consists of (i) the $350 million Term Loan A, (ii) the $150 million Term Loan B, and (iii) the $400 million Revolver. The Amended and Restated Credit Facility also contains a $500 million accordion feature. As of November 3, 2025, we had unutilized borrowing capacity under the Amended and Restated Credit Facility of $171 million.
Previous wording
*Other Fixed Debt.*We have $14.2 million in gross notes payable as of June 30, 2025. This debt is comprised of two instruments.
Current wording
*Other Fixed Debt.*We have $1.2 million in gross notes payable as of September 30, 2025. This debt is comprised of one instrument.
Previous wording
Total Fixed Debt. Our fixed debt totaled $514.2 million on a gross basis at June 30, 2025, with a weighted average interest rate of 3.33% based on our interest rate swaps and at current leverage. The weighted average maturity of our fixed debt was 1.4 years at June 30, 2025.
Current wording
Total Fixed Debt. Our fixed debt totaled $501.2 million on a gross basis at September 30, 2025, with a weighted average interest rate of 3.31% based on our interest rate swaps and at current leverage. The weighted average maturity of our fixed debt was 1.1 years at September 30, 2025.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2025 was $66.4 million, compared to $0.9 million for the same period in 2024. During the 2025 period, we used significant funds to acquire investment properties, partially offset by more net proceeds received from the sale of investment properties and less funds used for capital expenditures on existing real estate investments and leasing commissions.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $67.2 million, compared to $26.4 million for the same period in 2024. During the 2025 period, we used more funds to acquire investment properties and received less net proceeds from the sale of investment properties, partially offset by less funds used for capital expenditures on existing real estate investments and leasing commissions.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025 was $32.3 million, compared to net cash used in financing activities of $31.2 million for the same period in 2024. During the 2025 period, we had higher net borrowings on our Credit Facility and lower repayment of our notes payable.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025 was $16.1 million, compared to net cash used in financing activities of $22.0 million for the same period in 2024. During the 2025 period, we had higher net borrowings on
Previous wording
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 recurring acquisition and disposition costs, loss on the extinguishment of debt, recurring straight line deferred rental revenue, recurring stock-based compensation expense, recurring amortization of above and below market leases, recurring amortization of debt issuance costs, severance and transition related expense, and other items related to unconsolidated partnerships and joint ventures.
Current wording
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 recurring acquisition and disposition costs, loss on the extinguishment of debt, recurring straight line deferred rental revenue, recurring stock-based compensation expense, recurring amortization of above and below market leases, recurring amortization of debt issuance costs, severance and transition related expense, costs related to our reverse stock split, and other items related to unconsolidated partnerships and joint ventures.
Previous wording
A reconciliation of net income to FFO and AFFO and FAD for the three and six months ended June 30, 2025 and 2024 is as follows:
Current wording
A reconciliation of net income to FFO and AFFO and FAD for the three and nine months ended September 30, 2025 and 2024 is as follows. All per share, per share and unit, and weighted average share and unit amounts have been adjusted to reflect the impact of the Reverse Stock Split.
Previous wording
The Company calculates EBITDAre in accordance with standards established by NAREIT and defines EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of investment properties, property impairment losses, andadjustments for unconsolidated partnerships and joint ventures to reflect EBITDAre on the same basis, as applicable. The Company defines Adjusted EBITDAreas EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and
Current wording
The Company calculates EBITDAre in accordance with standards established by NAREIT and defines EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, gain or loss on the sale of
Previous wording
transition related expense, transaction expense, adjustments related to our investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
Current wording
investment properties, property impairment losses, andadjustments for unconsolidated partnerships and joint ventures to reflect EBITDAre on the same basis, as applicable. The Company defines Adjusted EBITDAreas EBITDAre plus loss on extinguishment of debt, non-cash stock compensation expense, non-cash intangible amortization related to above and below market leases, severance and transition related expense, expenses related to our reverse stock split, transaction expense, adjustments related to our investments in unconsolidated joint ventures, and other normalizing items. Management considers EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
aggregate annualized base rent of $3.6 million. In total, the five-property portfolio had a purchase price of $69.6 million with 486,598 leasable square feet and annualized base rent of $6.3 million.
Current report — wording carried from elsewhere
Gain on Sale of Investment Properties
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Gain (Loss) on Sale of Investment Properties