The company's financial flexibility is constrained by a debt-to-equity ratio that climbed to 1.44 by 2025Q3, alongside a declining equity base that fell from $611.4M in 2023Q3 to $509.8M in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Aug'14 | Aug'13 | Aug'12 |
|---|
| Total Assets | 1.24B | 1.26B | 1.27B | 1.39B | 1.26B | 1.1B | 884.93M | 636.1M | 474.57M | 227.32M | 65.33M | 24.75M | 3.52K | 12.31K |
| Asset Growth % | -1.12% | -0.88% | -9.01% | 10.27% | 14.77% | 24.41% | 39.12% | 34.04% | 108.77% | 247.96% | 163.99% | 703136.52% | -71.42% | - |
| Real Estate & Other Assets | 0 | 1.17B | 1.17B | 1.26B | 1.14B | 21.98M | 18.19M | 589.99M | 7.2M | 1.77M | 93.65K | 352.4K | 0 | 0 |
| PP&E (Net) | 0 | 7.27M | 10.97M | 5.03M | 3.81M | 978.71M | 792.98M | 139K | 426.26M | 196.37M | 55.15M | 24.04M | 0 | 0 |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 |
| Total Current Assets | 16.31M | 17.35M | 14.35M | 30.53M | 24.95M | 42.05M | 32.3M | 9.68M | 9.46M | 22.04M | 10.09M | 350.31K | 3.52K | 12.31K |
| Cash & Equivalents | 9.08M | 6.82M | 1.28M | 4.02M | 7.21M | 5.51M | 2.77M | 3.63M | 5.11M | 19.67M | 9.18M | 332.58K | 3.52K | 12.31K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 212.44K | 23.3K | 2.79K | 0 | 0 |
| Other Current Assets | 0 | 2.84M | 6.12M | 18.27M | 11.5M | 10.75M | 10.37M | 2.96M | 3.64M | 0 | 901.94K | 14.94K | 0 | 0 |
| Intangible Assets | 144.57M | 54.07M | 65.97M | 91.31M | 87.94M | 52.27M | 41.46M | 36.29M | 31.65M | 7.14M | 0 | 0 | 0 | 0 |
| Total Liabilities | 712.4M | 700.57M | 661.89M | 744.2M | 625.91M | 643.15M | 424.58M | 336.35M | 215.56M | 72.29M | 65.47M | 22.87M | 19.42K | 7.88K |
| Total Debt | 0 | 653.59M | 624.19M | 704.65M | 579.86M | 607.62M | 395.06M | 315.01M | 203.44M | 66.53M | 63.94M | 22.24M | 0 | 0 |
| Net Debt | -9.08M | 646.78M | 622.91M | 700.64M | 572.64M | 602.11M | 392.3M | 311.38M | 198.34M | 46.86M | 54.75M | 21.91M | -3.52K | -12.31K |
| Long-Term Debt | 0 | 14.4M | 25.9M | 57.67M | 57.16M | 586.58M | 386.17M | 315.01M | 200.69M | 66.11M | 23.49M | 22.24M | 0 | 0 |
| Short-Term Borrowings | 0 | 631.73M | 585.33M | 636.45M | 514.57M | 18.09M | 6.49M | 276.35M | 0 | 27.7M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 7.46M | 12.96M | 10.54M | 8.13M | 2.96M | 2.4M | 2.03M | 1.29M | 277.92K | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 671.45M | 619.34M | 670.53M | 540.58M | 37.84M | 24.84M | 288.03M | 173.59M | 32.46M | 1.53M | 628.53K | 19.42K | 7.88K |
| Accounts Payable | 0 | 16.47M | 12.78M | 13.82M | 10.34M | 7.28M | 5.07M | 3.66M | 2.02M | 574K | 683.86K | 0 | 0 | 0 |
| Deferred Revenue | 0 | 6.73M | 5.09M | 4.44M | 0 | 0 | 0 | 336.35M | 212.81M | 3.19M | 0 | 0 | 0 | 0 |
| Other Liabilities | 712.4M | 7.26M | 3.69M | 5.46M | 20.04M | 15.78M | 11.16M | 5.18M | 3.16M | -26.56M | 847.17K | 0 | 0 | 0 |
| Total Equity | 530.07M | 555.92M | 605.81M | 649.07M | 637.58M | 457.76M | 460.35M | 299.75M | 259.01M | 200.02M | -138.61K | 1.87M | -15.9K | 4.43K |
| Equity Growth % | -4.65% | -8.24% | -6.66% | 1.8% | 39.28% | -0.56% | 53.58% | 15.73% | 29.5% | 144403.32% | -107.4% | 11882.89% | -458.79% | - |
| Shareholders Equity | 509.77M | 534.13M | 583.58M | 632.98M | 622.78M | 444.81M | 430.27M | 269.3M | 246.34M | 155.03M | -138.61K | 1.87M | -15.9K | 4.43K |
| Minority Interest | 20.3M | 21.79M | 22.23M | 16.08M | 14.79M | 12.96M | 30.08M | 30.45M | 12.68M | 44.99M | 0 | 0 | 0 | 0 |
| Common Stock | 13K | 67K | 66K | 66K | 65K | 49K | 44K | 26K | 22K | 17.61K | 250 | 250 | 8K | 5.5K |
| Additional Paid-in Capital | 0 | 734.22M | 722.42M | 721.99M | 711.41M | 504.79M | 433.33M | 243.04M | 205.79M | 172M | 3.01M | 3.01M | 79.98K | 49.5K |
| Retained Earnings | -349.96M | -293.74M | -238.98M | -198.71M | -157.02M | -116.77M | -71.39M | -45.01M | -34.43M | -16.99M | -3.15M | -1.14M | -95.91K | -50.57K |
| Preferred Stock | 124.11M | 74.96M | 74.96M | 74.96M | 74.96M | 74.96M | 74.96M | 74.96M | 74.96M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -0.97% | 0.53% | 1.55% | 1.44% | 1.49% | -0.19% | 1.21% | 2.43% | -0.01% | -4.34% | -3.57% | -5.27% | -572.74% | -406.95% |
| Return on Equity (ROE) | -2.23% | 1.14% | 3.29% | 2.98% | 3.22% | -0.42% | 2.43% | 4.83% | -0.02% | -6.36% | -185.45% | -70.2% | - | -1130.34% |
| Debt / Assets | - | 52.02% | 49.24% | 50.58% | 45.89% | 55.19% | 44.64% | 49.52% | 42.87% | 29.27% | 97.87% | 89.89% | - | - |
| Debt / Equity | - | 1.18x | 1.03x | 1.09x | 0.91x | 1.33x | 0.86x | 1.05x | 0.79x | 0.33x | - | 11.87x | - | - |
| Net Debt / EBITDA | -0.12x | 7.29x | 6.43x | 7.27x | 6.79x | 11.36x | 5.32x | 5.81x | 6.54x | 5.71x | - | - | - | - |
| Book Value per Share | 39.62 | 210.78 | 231.05 | 247.88 | 262.85 | 247.41 | 339.84 | 341.07 | 330.09 | 537.56 | -13.86 | 969.01 | -20.31 | 5.54 |
High leverage refinancing risk
According to the company's quarterly financial disclosures, the debt-to-equity ratio climbed steadily from 1.00 in 2023Q3 to 1.44 by 2025Q3, signaling that the REIT's reliance on external financing has intensified even as the broader interest rate environment has become increasingly punitive for small-cap healthcare operators.
The consistent upward trajectory in leverage suggests that the company has struggled to deleverage through organic cash flow, forcing a reliance on debt to bridge the gap between acquisition activity and operational performance. Investors should monitor whether this debt-heavy capital structure limits the firm's ability to navigate potential refinancing hurdles in the coming fiscal periods.
Based on reported figures, total equity declined from $611.4M in 2023Q3 to $509.8M by 2025Q4, a trend that appears to reflect the cumulative impact of persistent net losses and potential capital impairment within the underlying medical facility portfolio.
The contraction of the equity base suggests that the REIT is failing to retain sufficient earnings to bolster its net asset value, which may indicate that the current dividend policy is eroding the company's long-term capital foundation. This trend warrants further investigation into whether management will be forced to pursue dilutive equity raises to stabilize the balance sheet.
As reported in recent financial statements, cash reserves plummeted to $9.1M in 2025Q4, a level that appears insufficient given the company's significant capital expenditure requirements and the ongoing need to service a substantial debt load in a high-interest rate environment.
The minimal cash position suggests that the REIT lacks a meaningful buffer to address unexpected property-level maintenance or tenant-related disruptions. This lack of liquidity may force the company to rely on revolving credit facilities, which could further increase interest expense and exacerbate the existing pressure on distributable cash flow.
Financial data indicates that total assets remained relatively flat at $1.2B to $1.3B over the last ten quarters, which, when contrasted with the significant decline in equity, suggests that the company's asset base may be carrying unrealized valuation risks that are not yet fully reflected in GAAP reporting.
The stagnation of total assets despite ongoing acquisition efforts may imply that the company is disposing of higher-quality assets to fund operations, potentially leaving a portfolio of lower-yielding or more capital-intensive facilities. This strategy appears to be a defensive measure that may ultimately impair the long-term earnings power of the REIT.
Quick answers to the most common questions about buying GMRE stock.
As of 2025, Global Medical REIT Inc. (GMRE) had total assets of $1.24B including $16.3M in current assets.
Global Medical REIT Inc. (GMRE) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Global Medical REIT Inc. (GMRE) has total shareholders' equity (book value) of $509.8M ($39.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.