Revenue growth has effectively stalled at 0.6% in 2025Q4, while FFO per share experienced a sharp contraction from $6.58 in 2025Q1 to $0.28 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 |
|---|
| Revenue | 148.21M | 138.41M | 140.93M | 137.17M | 115.8M | 93.52M | 70.73M | 53.19M | 30.22M | 8.08M | 2.06M | 380.4K | 0 | 0 |
| Revenue Growth % | 7.08% | -1.79% | 2.75% | 18.45% | 23.83% | 32.23% | 32.96% | 76% | 274.07% | 291.89% | 441.97% | - | - | - |
| Property Operating Expenses | 0 | 29.25M | 28.08M | 25.19M | 15.49M | 10.87M | 6.54M | 3.72M | 1.86M | 1.43M | 1.02M | 360K | 0 | 0 |
| Net Operating Income (NOI) | 148.21M | 109.16M | 112.85M | 111.98M | 100.32M | 82.65M | 64.19M | 49.47M | 28.36M | 6.65M | 1.04M | 20.41K | 0 | 0 |
| NOI Margin % | 100% | 78.87% | 80.07% | 81.64% | 86.63% | 88.38% | 90.76% | 93.01% | 93.85% | 82.25% | 50.54% | 5.36% | - | - |
| Operating Expenses | 148.21M | 76.48M | 74.99M | 73.27M | 63.33M | 82.65M | 14.25M | 27.23M | 18.61M | 8.1M | 1.52M | 733.95K | 45.34K | 50.11K |
| G&A Expenses | 20M | 21.12M | 16.85M | 16.55M | 16.45M | 29.96M | 14.25M | 9.96M | 8.61M | 5.73M | 865.14K | 604.87K | 45.34K | 50.11K |
| EBITDA | 77.68M | 88.76M | 96.87M | 96.37M | 84.3M | 53M | 73.7M | 53.58M | 30.34M | 8.21M | -865.14K | -523.13K | -45.34K | 0 |
| EBITDA Margin % | 52.41% | 64.13% | 68.74% | 70.26% | 72.79% | 56.67% | 104.21% | 100.72% | 100.4% | 101.62% | -41.96% | -137.52% | - | - |
| Depreciation & Amortization | 58.04M | 56.08M | 59.01M | 57.66M | 47.31M | 36.82M | 23.76M | 31.33M | 23M | 10.43M | 659.67K | 129.08K | 0 | 50.11K |
| D&A / Revenue % | 39.16% | 40.52% | 41.87% | 42.04% | 40.85% | 39.37% | 33.6% | 58.9% | 76.09% | 129.03% | 32% | 33.93% | - | - |
| Operating Income | 0 | 32.68M | 37.86M | 38.71M | 36.99M | 0 | 49.94M | 22.24M | 7.35M | -2.21M | -1.52M | -652.21K | -45.34K | -50.11K |
| Operating Margin % | 0% | 23.61% | 26.87% | 28.22% | 31.94% | 0% | 70.61% | 41.82% | 24.31% | -27.41% | -73.96% | -171.45% | - | - |
| Interest Expense | 31.75M | 28.69M | 30.89M | 25.23M | 19.7M | 18.68M | 17.47M | 14.97M | 7.43M | 4.14M | 1.52M | 298.66K | 0 | 0 |
| Interest Coverage | 0.62x | 1.23x | 1.70x | 1.79x | 1.93x | 0.87x | 1.55x | 1.97x | 0.99x | -0.53x | -0.06x | -1.18x | - | - |
| Non-Operating Income | -19.64M | -2.7M | -14.76M | -6.51M | -1.05M | -16.18M | 22.88M | -7.29M | 2.52M | 2.19M | 614K | -298.66K | 0 | 0 |
| Pretax Income | -12.12M | 6.69M | 21.73M | 20M | 18.34M | -2.5M | 9.59M | 14.56M | -87K | -6.35M | -1.61M | -652.21K | -45.34K | -50.11K |
| Pretax Margin % | -8.17% | 4.83% | 15.42% | 14.58% | 15.84% | -2.67% | 13.56% | 27.37% | -0.29% | -78.64% | -78.06% | -171.45% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49K | 4.27M | 1.52M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 56.32% | -67.21% | -94.4% | 0% | 0% | 0% |
| Net Income | -12.12M | 6.63M | 20.61M | 19.14M | 17.62M | -1.93M | 9.23M | 13.49M | -38K | -6.35M | -1.61M | -652.21K | -45.34K | -50.11K |
| Net Margin % | -8.17% | 4.79% | 14.63% | 13.96% | 15.22% | -2.06% | 13.06% | 25.36% | -0.13% | -78.64% | -78.06% | -171.45% | - | - |
| Net Income Growth % | -282.66% | -67.82% | 7.68% | 8.63% | 1015.43% | -120.85% | -31.55% | 35600% | 99.4% | -294.81% | -146.74% | -1338.54% | 9.52% | - |
| Funds From Operations (FFO) | 45.93M | 62.72M | 79.62M | 76.8M | 64.93M | 34.89M | 32.99M | 44.82M | 22.96M | 4.07M | -949.58K | -523.13K | -45.34K | 0 |
| FFO Margin % | 30.99% | 45.31% | 56.5% | 55.99% | 56.07% | 37.31% | 46.65% | 84.26% | 75.96% | 50.4% | -46.06% | -137.52% | - | - |
| FFO Growth % | -26.77% | -21.23% | 3.67% | 18.29% | 86.08% | 5.75% | -26.38% | 95.23% | 463.84% | 528.79% | -81.52% | - | - | - |
| FFO per Share | 3.43 | 23.78 | 30.37 | 29.33 | 26.77 | 18.86 | 24.36 | 51.00 | 29.26 | 10.94 | -94.96 | -270.49 | -57.90 | 0.00 |
| FFO Payout Ratio % | 113.89% | 95.46% | 74.13% | 76.06% | 80.86% | 114.48% | 88.41% | 42.31% | 66.34% | 95.24% | -26.96% | -8.15% | 0% | - |
| EPS (Diluted) | -0.91 | 0.31 | 5.75 | 1.02 | -0.85 | -11.25 | -6.00 | 15.25 | -0.05 | -17.00 | -161.00 | -337.25 | -58.00 | -62.75 |
| EPS Growth % | -393.55% | -94.61% | 463.73% | 220% | 92.44% | -87.5% | -139.34% | 32205.26% | 99.72% | 89.44% | 52.26% | -481.47% | 7.57% | - |
| EPS (Basic) | -0.91 | 0.31 | 5.75 | 1.02 | 0.97 | -11.25 | -6.00 | 15.25 | -0.05 | -17.00 | -161.00 | -337.25 | -58.00 | -62.75 |
| Diluted Shares Outstanding | 13.38M | 2.64M | 2.62M | 2.62M | 2.43M | 1.85M | 1.35M | 878.84K | 784.68K | 372.08K | 10K | 1.93K | 783 | 800 |
High leverage refinancing risk
As reported in recent financial filings, GMRE's FFO per share experienced a sharp decline to $0.28 in 2025Q4 from $6.58 in 2025Q1, indicating significant earnings instability that warrants close investor scrutiny regarding the sustainability of the company's current dividend payout and overall capital allocation strategy.
The dramatic contraction in FFO per share suggests that the company's reliance on external growth is failing to offset the rising cost of capital. Investors should monitor whether this volatility is a temporary byproduct of portfolio recycling or a permanent impairment of the REIT's ability to generate accretive earnings.
Based on the company's reported quarterly data, AFFO has plummeted into deep negative territory, reaching -$101.4M in 2025Q4, which suggests that recurring capital expenditures and leasing costs are significantly outpacing the cash flow generated from the underlying medical office portfolio assets.
This divergence between FFO and AFFO implies that the company is likely capitalizing costs that are effectively recurring in nature, masking the true cash requirements of the business. Such a trend may indicate that the portfolio requires more intensive reinvestment than the triple-net lease structure initially suggests.
According to the provided income statement data, the NOI margin experienced a notable collapse to 42.7% in 2025Q3 before recovering to 100% in 2025Q4, a fluctuation that appears inconsistent with a stable triple-net lease model and warrants further investigation into potential property-level expense volatility.
While the NNN structure is designed to insulate the REIT from operating expenses, the erratic margin profile suggests that the company may be absorbing costs that should be tenant-reimbursable. This inconsistency raises questions about the effectiveness of lease enforcement and the quality of the underlying tenant base.
Financial statements reveal that revenue growth has stalled, with a marginal 0.6% increase in 2025Q4 following several quarters of negative growth, suggesting that the company's acquisition-led expansion strategy is currently struggling to gain traction in the prevailing high-interest rate environment.
The lack of meaningful top-line expansion implies that the REIT is unable to source accretive deals that exceed its cost of capital. Without a clear path to organic growth, the company appears increasingly dependent on asset dispositions to manage its balance sheet, which may further limit future revenue potential.
Quick answers to the most common questions about buying GMRE stock.
For fiscal year 2025, Global Medical REIT Inc. (GMRE) reported total revenue of $148.2M.
Global Medical REIT Inc. (GMRE) reported a net loss of $12.1M for the fiscal year ending 2025.