false000163156900016315692024-10-292024-10-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 29, 2024
COMMUNITY HEALTHCARE TRUST INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
| | | | | | | | | | | | | | |
| | | | |
| Maryland | | 001-37401 | | 46-5212033 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer
Identification No.) |
3326 Aspen Grove Drive, Suite 150, Franklin, Tennessee 37067
| | |
| (Address of principal executive offices) (Zip Code) |
(615) 771-3052
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each Class | Trading Symbol | Name of each exchange on which registered | |
| Common stock, $0.01 par value per share | CHCT | New York Stock Exchange | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 29, 2024, Community Healthcare Trust Incorporated (the "Company") issued a press release announcing its earnings for the third quarter ended September 30, 2024. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
This information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.
Item 7.01 Regulation FD Disclosure
The Company is furnishing its Supplemental Information for the third quarter ended September 30, 2024, which is also contained on its website (www.chct.reit). See Exhibit 99.2 to this Current Report on Form 8-K.
The Company has prepared an investor presentation for the third quarter ended September 30, 2024 that is expected to be used in meetings with current and potential investors. A copy of this presentation is available on the Company's website (www.chct.reit).
This information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits
The exhibits required by Item 601 of Regulation S-K which are filed with this report are listed in the Exhibit Index and are hereby incorporated in by reference.
EXHIBIT INDEX
| | | | | |
| Exhibit No. | Description |
| 99.1 | |
| 99.2 | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
|
| | |
| | COMMUNITY HEALTHCARE TRUST INCORPORATED |
| | |
| By: | /s/ William G. Monroe IV |
| | William G. Monroe IV |
| | Executive Vice President and Chief Financial Officer |
| October 29, 2024 | | |
Exhibit 99.1
News Release
Community Healthcare Trust Announces Results for the Three Months Ended September 30, 2024
FRANKLIN, Tenn., October 29, 2024 / PRNewswire / -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended September 30, 2024. The Company reported net income for the three months ended September 30, 2024 of approximately $1.7 million, or $0.04 per diluted common share. Funds from operations ("FFO") and adjusted funds from operations ("AFFO") for the three months ended September 30, 2024 totaled $0.48 and $0.55, respectively, per diluted common share.
Items Impacting Our Results include:
•During the three months ended September 30, 2024, the Company acquired one physician clinic for a purchase price of approximately $6.2 million. Upon acquisition, the 20,400 square foot property was 100.0% leased to a tenant with a lease expiration in 2027. This acquisition was funded with proceeds from the Company's Revolving Credit Facility.
•During the third quarter of 2024, the Company disposed of an 11,200 square foot surgical center in Texas, received net proceeds of approximately $1.0 million, and recognized an immaterial gain on sale.
•The Company has four properties under definitive purchase agreements for an aggregate expected purchase price of approximately $8.8 million. The Company's expected returns on these investments range from 9.29% to 9.50%. The Company expects to close on these properties in the fourth quarter of 2024; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
•The Company also has seven properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $169.5 million. The Company's expected returns on these investments are approximately 9.1% to 9.75%. The Company anticipates closing on these properties throughout 2025, 2026 and 2027; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
•On October 16, 2024, the Company entered into a second Amendment to the third amended and restated credit agreement (the "Amended Credit Facility") with a syndicate of lenders, under which Truist Bank serves as administrative agent. The Amended Credit Facility, among other things, (i) increased the Company's Revolving Credit Facility from $150.0 million to $400.0 million, (ii) extended the maturity date of the Revolving Credit Facility from March 19, 2026 to October 16, 2029, and (iii) lowered pricing on the Revolving Credit Facility by 10 to 30 basis points, depending on the Company's leverage ratio. Proceeds from the increased Revolving Credit Facility were used to repay the existing A-3 Term Loan which was scheduled to mature on March 29, 2026. In addition, amounts outstanding under the Revolving Credit Facility prior to the second Amendment will remain outstanding. Interest rate swaps previously entered into to fix the interest rates on the A-3 Term Loan will remain in place on the Revolving Credit Facility through their maturity on March 29, 2026.
•During the third quarter of 2024, the Company did not issue any shares under its at-the-market offering program.
•On October 24, 2024, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.465 per share. The dividend is payable on November 22, 2024 to stockholders of record on November 8, 2024.
About Community Healthcare Trust Incorporated
Community Healthcare Trust Incorporated is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States. As of September 30, 2024, the Company had investments of approximately $1.1 billion in 198 real estate properties (including a portion of one property accounted for as a sales-type lease and one property classified as held for sale). The properties are located in 35 states, totaling approximately 4.4 million square feet in the aggregate.
Additional information regarding the Company, including this quarter's operations, can be found at www.chct.reit. Please contact the Company at 615-771-3052 to request a printed copy of this information.
Cautionary Note Regarding Forward-Looking Statements
In addition to the historical information contained within, the matters discussed in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, “will,” “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Community Healthcare Trust Incorporated (the "Company"). Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, changes in governmental regulations, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract, catastrophic or extreme weather and other natural events and the physical effects of climate change, the occurrence of cyber incidents, effects on global and national markets as well as businesses resulting from increased inflation, changes in interest rates, supply chain disruptions, labor conditions, the conflicts in Ukraine and the Middle East, and/or uncertainties related to the 2024 U.S. presidential election, and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this press release and undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | | | |
| (Unaudited) | | | | |
| September 30, 2024 | | December 31, 2023 | | |
| | | | | |
ASSETS | | | | | |
Real estate properties: | | | | | |
Land and land improvements | $ | 146,118 | | | $ | 136,532 | | | |
Buildings, improvements, and lease intangibles | 989,019 | | | 913,416 | | | |
Personal property | 326 | | | 299 | | | |
Total real estate properties | 1,135,463 | | | 1,050,247 | | | |
Less accumulated depreciation | (232,747) | | | (200,810) | | | |
Total real estate properties, net | 902,716 | | | 849,437 | | | |
Cash and cash equivalents | 2,836 | | | 3,491 | | | |
Restricted cash | — | | | 1,142 | | | |
| | | | | |
| Real estate properties held for sale | 6,351 | | | 7,466 | | | |
Other assets, net | 69,876 | | | 83,876 | | | |
Total assets | $ | 981,779 | | | $ | 945,412 | | | |
| | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Liabilities | | | | | |
Debt, net | $ | 473,716 | | | $ | 403,256 | | | |
Accounts payable and accrued liabilities | 14,422 | | | 12,032 | | | |
| | | | | |
Other liabilities, net | 16,489 | | | 16,868 | | | |
Total liabilities | 504,627 | | | 432,156 | | | |
| | | | | |
Commitments and contingencies | | | | | |
| | | | | |
Stockholders' Equity | | | | | |
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding | — | | | — | | | |
Common stock, $0.01 par value; 450,000 shares authorized; 28,242 and 27,613 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 282 | | | 276 | | | |
Additional paid-in capital | 702,014 | | | 688,156 | | | |
Cumulative net income | 83,843 | | | 88,856 | | | |
Accumulated other comprehensive gain | 10,016 | | | 16,417 | | | |
Cumulative dividends | (319,003) | | | (280,449) | | | |
Total stockholders’ equity | 477,152 | | | 513,256 | | | |
Total liabilities and stockholders' equity | $ | 981,779 | | | $ | 945,412 | | | |
| | |
| The Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(Unaudited; Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | |
| REVENUES | | | | | | | |
| Rental income | $ | 29,335 | | | $ | 27,690 | | | $ | 85,582 | | | $ | 80,582 | |
| | | | | | | |
| | | | | | | |
| Other operating interest, net | 304 | | | 1,045 | | | 906 | | | 3,139 | |
| 29,639 | | | 28,735 | | | 86,488 | | | 83,721 | |
| | | | | | | |
| EXPENSES | | | | | | | |
| Property operating | 5,986 | | | 5,456 | | | 17,349 | | | 15,115 | |
General and administrative (1) | 4,935 | | | 3,618 | | | 14,249 | | | 23,610 | |
| Depreciation and amortization | 10,927 | | | 11,208 | | | 31,981 | | | 29,445 | |
| | | | | | | |
| 21,848 | | | 20,282 | | | 63,579 | | | 68,170 | |
| | | | | | | |
| OTHER (EXPENSE) INCOME | | | | | | | |
| | | | | | | |
| Gain on sale (impairment) of depreciable real estate asset | 5 | | | (102) | | | (135) | | | (102) | |
| Interest expense | (6,253) | | | (4,641) | | | (17,301) | | | (12,773) | |
| Credit loss reserve | — | | | — | | | (11,000) | | | — | |
| Deferred income tax expense | — | | | (221) | | | — | | | (306) | |
| Interest and other income, net | 206 | | | 3 | | | 514 | | | 777 | |
| (6,042) | | | (4,961) | | | (27,922) | | | (12,404) | |
| | | | | | | |
| NET INCOME (LOSS) | $ | 1,749 | | | $ | 3,492 | | | $ | (5,013) | | | $ | 3,147 | |
| | | | | | | |
NET INCOME (LOSS) PER COMMON SHARE (1) | | | | | | | |
| Net income (loss) per common share - Basic | $ | 0.04 | | | $ | 0.11 | | | $ | (0.27) | | | $ | 0.05 | |
| Net income (loss) per common share - Diluted | $ | 0.04 | | | $ | 0.11 | | | $ | (0.27) | | | $ | 0.05 | |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC | 26,660 | | | 25,514 | | | 26,479 | | | 24,940 | |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED | 26,660 | | | 25,514 | | | 26,479 | | | 24,940 | |
| ___________ | | | | | | |
(1) General and administrative expenses for the nine months ended September 30, 2024 included stock-based compensation expense totaling approximately $7.4 million. General and administrative expenses for the nine months ended September 30, 2023 included stock-based compensation expense totaling approximately $17.9 million, including the accelerated amortization of stock-based compensation totaling approximately $11.8 million, recognized upon the passing of our former CEO and President in the first quarter of 2023. |
| | |
| The Consolidated Statements of Income do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
COMMUNITY HEALTHCARE TRUST INCORPORATED
RECONCILIATION OF FFO and AFFO (1)
(Unaudited; Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | |
| Three Months Ended September 30, |
| 2024 | | 2023 |
| Net income | $ | 1,749 | | | $ | 3,492 | |
| Real estate depreciation and amortization | 11,077 | | | 11,375 | |
| | | |
| | | |
| (Gain on sale) impairment of depreciable real estate asset | (5) | | | 102 | |
| | | |
| Total adjustments | 11,072 | | | 11,477 | |
FFO (1) | $ | 12,821 | | | $ | 14,969 | |
| | | |
| Straight-line rent | (679) | | | (444) | |
| Stock-based compensation | 2,497 | | | 1,898 | |
| | | |
| | | |
AFFO (1) | $ | 14,639 | | | $ | 16,423 | |
FFO per Common Share-Diluted (1) | $ | 0.48 | | | $ | 0.58 | |
AFFO per Common Share-Diluted (1) | $ | 0.55 | | | $ | 0.63 | |
Weighted Average Common Shares Outstanding-Diluted (2) | 26,853 | | | 26,025 | |
| | | | | |
| (1) | | Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers funds from operations ("FFO") and adjusted funds from operations ("AFFO") to be appropriate measures of operating performance of an equity real estate investment trust ("REIT"). In particular, the Company believes that AFFO is useful because it allows investors, analysts and Company management to compare the Company's operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events.
The Company uses the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") definition of FFO. FFO is an operating performance measure adopted by NAREIT. NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to net income (calculated in accordance with GAAP), excluding gains or losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT also provides REITs with an option to exclude gains, losses and impairments of assets that are incidental to the main business of the REIT from the calculation of FFO.
In addition to FFO, the Company presents AFFO and AFFO per share. The Company defines AFFO as FFO, excluding certain expenses related to closing costs of properties acquired accounted for as business combinations and mortgages funded, excluding straight-line rent and the amortization of stock-based compensation, and including or excluding other non-cash items from time to time. AFFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definition.
FFO and AFFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company's financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and AFFO should be examined in conjunction with net income as presented elsewhere herein. |
| |
| |
| |
| (2) | | Diluted weighted average common shares outstanding for FFO and AFFO are calculated based on the treasury method, rather than the 2-class method used to calculate earnings per share. |
CONTACT: Bill Monroe, 615-771-3052
SOURCE: Community Healthcare Trust Incorporated
| | |
SUPPLEMENTAL INFORMATION Q3 2024 |
| | | | | | | | |
| Community Healthcare Trust | | 3Q 2024 | Supplemental Information |
ABOUT US
CHCT is a self-managed healthcare real estate investment trust (“REIT”) that owns a diverse portfolio of properties including medical office buildings, acute inpatient behavioral facilities, inpatient rehabilitation facilities, physician clinics, specialty centers, behavioral specialty facilities, and surgical centers and hospitals across the United States, primarily outside of urban centers. As a result of favorable demographic trends, increases in healthcare spending, and the shift in the delivery of healthcare services to community-based facilities, we believe our properties are essential for healthcare providers to serve their local markets.
TABLE OF CONTENTS
| | | | | | | | |
| Community Healthcare Trust | | 3Q 2024 | Supplemental Information |
COMPANY SNAPSHOT
| | | | | |
| September 30, 2024 |
Gross real estate investments (in thousands) (1) | $1,144,838 | |
| Total properties | 198 | |
% Leased (2) | 91.3 | % |
| Total square feet owned | 4,420,178 | |
| Weighted Average remaining lease term (years) | 6.8 | |
| Cash and cash equivalents (in thousands) | $2,836 | |
| Debt to Total Capitalization | 40.0 | % |
| Weighted average interest rate per annum on Revolving Line of Credit | 6.6 | % |
| Weighted average interest rate per annum on Term Loans | 4.4 | % |
| Equity market cap (in millions) | $512.6 | |
| Quarterly dividend paid in the period (per share) | $0.4625 | |
| Quarter end stock price (per share) | $18.15 | |
| Dividend yield | 10.19 | % |
| Common shares outstanding | 28,242,370 | |
| ___________ | |
(1) Includes a portion of one property accounted for as a sales-type lease and one property classified as held for sale. |
(2) Excludes real estate assets held for sale. |
| | | | | | | | |
| Community Healthcare Trust | Page | 3 | 3Q 2024 | Supplemental Information |
CORPORATE INFORMATION
| | | | | | | | | | | | | | | | | |
| | | | | |
| Community Healthcare Trust Incorporated |
| 3326 Aspen Grove Drive, Suite 150 |
| Franklin, TN 37067 |
| Phone: 615-771-3052 |
| E-mail: Investorrelations@chct.reit |
Website: www.chct.reit |
| |
| |
| BOARD OF DIRECTORS | |
| | | | | |
| | | | | |
| Alan Gardner | Robert Hensley | Claire Gulmi | R. Lawrence Van Horn | Cathrine Cotman | David H. Dupuy |
Chairman of the
Board | Audit Committee
Chair | Compensation Committee
Chair | ESG Committee
Chair | Board
member | Board
member |
| | | | | |
| | | | | |
| | | | | | | | | | | | |
| EXECUTIVE MANAGEMENT TEAM |
| | | | |
| | | | |
| David H. Dupuy | William G. Monroe IV | Leigh Ann Stach | Timothy L. Meyer |
| Chief Executive Officer
and President | Executive Vice President
Chief Financial Officer | Executive Vice President
Chief Accounting Officer | Executive Vice President
Asset Management |
| | | | |
| | | | |
| | | | | |
| COVERING ANALYSTS |
| |
| |
| A. Goldfarb - Piper Sandler | M. Lewis - Truist Securities |
| J. Kammert - Evercore ISI | R. Stevenson - Janney Capital Markets |
| W. Golladay - Baird | B. Oxford - Colliers International Securities |
| |
| |
| PROFESSIONAL SERVICES |
| |
| |
| Independent Registered Public Accounting Firm | Transfer Agent |
| BDO USA, P.C. | Equiniti Trust Company, LLC |
| 501 Commerce Street, Suite 1400 | Operations Center |
| Nashville, TN 37203 | 6201 15th Avenue |
| Brooklyn, NY 11219 |
| 1-800-937-5449 |
| | | | | | | | |
| Community Healthcare Trust | Page | 4 | 3Q 2024 | Supplemental Information |
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| | (Unaudited and in thousands, except per share data) |
STATEMENTS OF OPERATIONS ITEMS (1)(2)(3) | | | | | |
| Revenues | $ | 29,639 | | $ | 27,516 | | $ | 29,333 | | $ | 29,124 | | $ | 28,735 | |
| Net income (loss) | $ | 1,749 | | $ | (10,427) | | $ | 3,665 | | $ | 4,567 | | $ | 3,492 | |
| NOI | $ | 23,653 | | $ | 21,944 | | $ | 23,542 | | $ | 23,526 | | $ | 23,279 | |
| EBITDAre | $ | 18,924 | | $ | 6,491 | | $ | 18,989 | | $ | 19,834 | | $ | 19,664 | |
| Adjusted EBITDAre | $ | 21,421 | | $ | 19,960 | | $ | 21,413 | | $ | 21,863 | | $ | 21,562 | |
| FFO (1) (2) | $ | 12,821 | | $ | 11,608 | | $ | 14,043 | | $ | 14,914 | | $ | 14,969 | |
| AFFO (1) (2) | $ | 14,639 | | $ | 14,281 | | $ | 15,712 | | $ | 16,071 | | $ | 16,423 | |
| | | | | | |
| Per Diluted Share: | | | | | |
| Net income (loss) attributable to common shareholders (1) (2) | $ | 0.04 | | $ | (0.42) | | $ | 0.11 | | $ | 0.15 | | $ | 0.11 | |
| FFO (1) | $ | 0.48 | | $ | 0.43 | | $ | 0.53 | | $ | 0.57 | | $ | 0.58 | |
| AFFO (1) | $ | 0.55 | | $ | 0.53 | | $ | 0.59 | | $ | 0.61 | | $ | 0.63 | |
| ___________ | | | | | |
| (1) Net loss and FFO for the three months ended June 30, 2024 included lease and interest receivable reserves totaling approximately $3.2 million, including straight-line rent of approximately $0.9 million, resulting in a reduction of FFO per diluted share of approximately $0.12 per diluted share. AFFO, which adds back straight-line rent, was reduced by approximately $0.09 per diluted share for the three months ending June 30, 2024. |
| (2) Net loss for the three months ended June 30, 2024 includes an $11.0 million credit loss reserve related to notes receivable that are incidental to the Company's main business with a geriatric inpatient behavioral hospital tenant. |
| (3) Net income for the third quarter of 2023 included accelerated amortization of lease intangibles on the two GenesisCare properties where the leases have been rejected of approximately $1.5 million, or $0.06 per diluted common share. |
| | | | | | | | |
| Community Healthcare Trust | Page | 5 | 3Q 2024 | Supplemental Information |
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | As of |
| | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| | (Unaudited and dollars in thousands) |
| BALANCE SHEET ITEMS | | | | | |
| ASSETS | | | | | |
| Total real estate properties | $ | 1,135,463 | | $ | 1,120,450 | | $ | 1,090,690 | | $ | 1,050,247 | | $ | 1,044,893 | |
| Total assets | $ | 981,779 | | $ | 983,196 | | $ | 982,701 | | $ | 945,412 | | $ | 955,126 | |
| | | | | | |
| CAPITALIZATION | | | | | |
| Net debt | $ | 473,716 | | $ | 457,625 | | $ | 442,320 | | $ | 403,256 | | $ | 401,192 | |
| Total capitalization | $ | 1,183,615 | | $ | 1,177,230 | | $ | 1,165,024 | | $ | 1,117,322 | | $ | 1,116,448 | |
| Net debt/total capitalization | 40.0 | % | 38.9 | % | 38.0 | % | 36.1 | % | 35.9 | % |
| Market valuation | $ | 512,599 | | $ | 656,059 | | $ | 735,467 | | $ | 735,603 | | $ | 809,760 | |
| Enterprise value | $ | 983,479 | | $ | 1,112,950 | | $ | 1,172,841 | | $ | 1,134,226 | | $ | 1,206,019 | |
| | | | | | | | |
| Community Healthcare Trust | Page | 6 | 3Q 2024 | Supplemental Information |
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | | | | |
| As of |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
ASSETS | (Unaudited; Dollars and shares in thousands, except per share data) |
Real estate properties | | | | | |
Land and land improvements | $ | 146,118 | | $ | 143,717 | | $ | 142,120 | | $ | 136,532 | | $ | 135,809 | |
Buildings, improvements, and lease intangibles | 989,019 | | 976,415 | | 948,253 | | 913,416 | | 908,788 | |
Personal property | 326 | | 318 | | 317 | | 299 | | 296 | |
Total real estate properties | 1,135,463 | | 1,120,450 | | 1,090,690 | | 1,050,247 | | 1,044,893 | |
Less accumulated depreciation | (232,747) | | (221,834) | | (211,058) | | (200,810) | | (192,962) | |
Total real estate properties, net | 902,716 | | 898,616 | | 879,632 | | 849,437 | | 851,931 | |
Cash and cash equivalents | 2,836 | | 734 | | 3,805 | | 3,491 | | 3,885 | |
Restricted cash | — | | — | | 1,141 | | 1,142 | | 1,048 | |
| | | | | |
| Real estate properties held for sale | 6,351 | | 7,326 | | 7,466 | | 7,466 | | 1,115 | |
Other assets, net | 69,876 | | 76,520 | | 90,657 | | 83,876 | | 97,147 | |
Total assets | $ | 981,779 | | $ | 983,196 | | $ | 982,701 | | $ | 945,412 | | $ | 955,126 | |
| | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Liabilities | | | | | |
Debt, net | $ | 473,716 | | $ | 457,625 | | $ | 442,320 | | $ | 403,256 | | $ | 401,192 | |
Accounts payable and accrued liabilities | 14,422 | | 12,023 | | 11,775 | | 12,032 | | 15,446 | |
| | | | | |
Other liabilities, net | 16,489 | | 15,777 | | 16,960 | | 16,868 | | 16,194 | |
Total liabilities | 504,627 | | 485,425 | | 471,055 | | 432,156 | | 432,832 | |
| | | | | |
Commitments and contingencies | | | | | |
| | | | | |
Stockholders' Equity | | | | | |
Preferred stock, $0.01 par value; 50,000 shares authorized | — | | — | | — | | — | | — | |
Common stock, $0.01 par value; 450,000 shares authorized | 282 | | 280 | | 277 | | 276 | | 273 | |
Additional paid-in capital | 702,014 | | 699,833 | | 690,491 | | 688,156 | | 676,716 | |
Cumulative net income | 83,843 | | 82,094 | | 92,521 | | 88,856 | | 84,289 | |
Accumulated other comprehensive gain | 10,016 | | 21,490 | | 21,490 | | 16,417 | | 29,038 | |
Cumulative dividends | (319,003) | | (305,926) | | (293,133) | | (280,449) | | (268,022) | |
Total stockholders’ equity | 477,152 | | 497,771 | | 511,646 | | 513,256 | | 522,294 | |
Total liabilities and stockholders' equity | $ | 981,779 | | $ | 983,196 | | $ | 982,701 | | $ | 945,412 | | $ | 955,126 | |
| | | | | | | | |
| Community Healthcare Trust | Page | 7 | 3Q 2024 | Supplemental Information |
CONSOLIDATED STATEMENTS OF OPERATIONS
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
| 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| (Unaudited; Dollars and shares in thousands, except per share data) |
REVENUES | | | | | |
Rental income | $ | 29,335 | | $ | 27,905 | | $ | 28,342 | | $ | 28,100 | | $ | 27,690 | |
| | | | | |
| | | | | |
Other operating interest | 304 | | (389) | | 991 | | 1,024 | | 1,045 | |
| 29,639 | | 27,516 | | 29,333 | | 29,124 | | 28,735 | |
| | | | | |
EXPENSES | | | | | |
Property operating | 5,986 | | 5,572 | | 5,791 | | 5,598 | | 5,456 | |
General and administrative (1) | 4,935 | | 4,760 | | 4,554 | | 3,728 | | 3,618 | |
Depreciation and amortization | 10,927 | | 10,792 | | 10,262 | | 10,248 | | 11,208 | |
| | | | | |
| 21,848 | | 21,124 | | 20,607 | | 19,574 | | 20,282 | |
| | | | | |
| OTHER (EXPENSE) INCOME | | | | | |
| | | | | |
| (Gain on sale) impairment of depreciable real estate asset | 5 | | (140) | | — | | — | | (102) | |
| Interest expense | (6,253) | | (5,986) | | (5,062) | | (5,019) | | (4,641) | |
| Credit loss reserve | — | | (11,000) | | — | | — | | — | |
| Deferred income tax expense | — | | — | | — | | — | | (221) | |
| Interest and other income, net | 206 | | 307 | | 1 | | 36 | | 3 | |
| $ | (6,042) | | $ | (16,819) | | $ | (5,061) | | $ | (4,983) | | $ | (4,961) | |
| NET INCOME (LOSS) | $ | 1,749 | | $ | (10,427) | | $ | 3,665 | | $ | 4,567 | | $ | 3,492 | |
| | | | | |
| | | | | |
| | | | | |
| NET INCOME (LOSS) PER DILUTED COMMON SHARE | $ | 0.04 | | $ | (0.42) | | $ | 0.11 | | $ | 0.15 | | $ | 0.11 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 26,660 | | 26,479 | | 26,297 | | 25,981 | | 25,514 | |
DIVIDENDS DECLARED, PER COMMON SHARE, IN THE PERIOD | $ | 0.4625 | | $ | 0.4600 | | $ | 0.4575 | | $ | 0.4550 | | $ | 0.4525 | |
| | | | | | |
|
(1) GENERAL AND ADMINISTRATIVE EXPENSES: | | | | |
| Non-cash vs. Cash: | | | | | |
Non-cash (stock-based compensation) | 50.6 | % | 51.9 | % | 53.2 | % | 54.4 | % | 52.5 | % |
Cash | 49.4 | % | 48.1 | % | 46.8 | % | 45.6 | % | 47.5 | % |
| As a % of Revenue: | | | | | |
Non-cash (stock-based compensation) | 8.4 | % | 8.9 | % | 8.3 | % | 6.9 | % | 6.6 | % |
Cash | 8.2 | % | 8.3 | % | 7.3 | % | 5.8 | % | 6.0 | % |
| | | | | |
| | | | | | | | |
| Community Healthcare Trust | Page | 8 | 3Q 2024 | Supplemental Information |
RECONCILIATION OF NON-GAAP MEASURES
FUNDS FROM OPERATIONS (FFO) ADJUSTED FUNDS FROM OPERATIONS (AFFO)
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| | (Unaudited; Dollars and shares in thousands, except per share data) |
| NET INCOME (LOSS) (1) (2) | $ | 1,749 | | $ | (10,427) | | $ | 3,665 | | $ | 4,567 | | $ | 3,492 | |
| Real estate depreciation and amortization | 11,077 | | 10,895 | | 10,378 | | 10,347 | | 11,375 | |
| Credit loss reserve (2) | — | | 11,000 | | — | | — | | — | |
| | | | | | |
| | | | | | |
| | | | | | |
| (Gain on sale) impairment of depreciable real estate asset | (5) | | 140 | | — | | — | | 102 | |
| Total adjustments | 11,072 | | 22,035 | | 10,378 | | 10,347 | | 11,477 | |
| FFO (1) | $ | 12,821 | | $ | 11,608 | | $ | 14,043 | | $ | 14,914 | | $ | 14,969 | |
| Straight-line rent | (679) | | 204 | | (755) | | (872) | | (444) | |
| Stock-based compensation | 2,497 | | 2,469 | | 2,424 | | 2,029 | | 1,898 | |
| | | | | | |
| | | | | | |
| AFFO | $ | 14,639 | | $ | 14,281 | | $ | 15,712 | | $ | 16,071 | | $ | 16,423 | |
| FFO PER COMMON SHARE | $ | 0.48 | | $ | 0.43 | | $ | 0.53 | | $ | 0.57 | | $ | 0.58 | |
| AFFO PER COMMON SHARE | $ | 0.55 | | $ | 0.53 | | $ | 0.59 | | $ | 0.61 | | $ | 0.63 | |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 26,853 | | 26,791 | | 26,707 | | 26,346 | | 26,025 | |
| ________________ | | | | | |
(1) Net loss for the second quarter of 2024 included lease and interest receivable reserves totaling approximately $3.2 million, including straight-line rent of approximately $0.9 million, resulting in a reduction of FFO per diluted share of approximately $0.12 per diluted share. AFFO, which adds back straight-line rent, was reduced by approximately $0.09 per diluted share for second quarter of 2024. |
(2) Net loss for the second quarter of 2024 included an $11.0 million credit loss reserve related to notes receivable that are incidental to the Company's main business with a geriatric inpatient behavioral hospital tenant. |
|
| | | | | | |
| AFFO, ADJUSTED FOR ACQUISITIONS (1) | | | | | |
| | | | | |
| AFFO | $ | 14,639 | | $ | 14,281 | | $ | 15,712 | | $ | 16,071 | | $ | 16,423 | |
| Revenue on Properties Acquired in the period (2) | 34 | | 98 | | 774 | | 15 | | 757 | |
| Property operating expense adjustment (2) | (2) | | (10) | | (71) | | (5) | | (149) | |
| Interest expense adjustment (3) | (10) | | (28) | | (205) | | (3) | | (165) | |
| AFFO, ADJUSTED FOR ACQUISITIONS | $ | 14,661 | | $ | 14,341 | | $ | 16,210 | | $ | 16,078 | | $ | 16,866 | |
| | | | | | |
| (1) AFFO is adjusted to reflect acquisitions as if they had occurred on the first day of the applicable period. |
| (2) Revenue and expense adjustments are calculated based on expected returns and leases in place at acquisition. |
| (3) Assumes that acquisitions were 40% funded with debt and the remainder funded with equity. The interest expense adjustment was calculated using the weighted average interest rate on the Company's revolving credit facility for the period. |
|
| AMORTIZATION OF STOCK-BASED COMPENSATION | | | | | |
| Amortization Required by GAAP (1) | $ | 2,498 | | $ | 2,153 | | $ | 2,107 | | $ | 2,029 | | $ | 1,898 | |
| Amortization Based on Legal Vesting Periods | 2,019 | | 1,782 | | 1,746 | | 1,563 | | 1,540 | |
| Acceleration of Amortization | $ | 479 | | $ | 371 | | $ | 361 | | $ | 466 | | $ | 358 | |
| | | | | | |
| (1) GAAP requires that deferred compensation be amortized over the earlier of the vesting or retirement eligibility date. |
| | | | | | | | |
| Community Healthcare Trust | Page | 9 | 3Q 2024 | Supplemental Information |
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
NET OPERATING INCOME (NOI)
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| | (Unaudited; Dollars and shares in thousands, except per share data) |
| NET OPERATING INCOME | | | | | |
| Net income (loss) (1) | $ | 1,749 | | $ | (10,427) | | $ | 3,665 | | $ | 4,567 | | $ | 3,492 | |
| General and administrative | 4,935 | | 4,760 | | 4,554 | | 3,728 | | 3,618 | |
| | | | | | |
| Depreciation and amortization | 10,927 | | 10,792 | | 10,262 | | 10,248 | | 11,208 | |
| | | | | | |
| (Gain on sale of) impairment of depreciable real estate asset | (5) | | 140 | | — | | — | | 102 | |
| Credit loss reserve (2) | — | | 11,000 | | — | | — | | — | |
| Interest expense | 6,253 | | 5,986 | | 5,062 | | 5,019 | | 4,641 | |
| Deferred Income tax expense | — | | — | | — | | — | | 221 | |
| Interest and other income, net | (206) | | (307) | | (1) | | (36) | | (3) | |
| NOI | $ | 23,653 | | $ | 21,944 | | $ | 23,542 | | $ | 23,526 | | $ | 23,279 | |
|
| | | | | | |
EBITDAre and ADJUSTED EBITDAre | | | | | |
| | | | | | |
EBITDAre | | | | | |
| Net income (loss) (1) | $ | 1,749 | | $ | (10,427) | | $ | 3,665 | | $ | 4,567 | | $ | 3,492 | |
| Interest expense | 6,253 | | 5,986 | | 5,062 | | 5,019 | | 4,641 | |
| Depreciation and amortization | 10,927 | | 10,792 | | 10,262 | | 10,248 | | 11,208 | |
| Deferred Income tax expense | — | | — | | — | | — | | 221 | |
| | | | | | |
| (Gain on sale of) impairment of depreciable real estate asset | (5) | | 140 | | — | | — | | 102 | |
EBITDAre | $ | 18,924 | | $ | 6,491 | | $ | 18,989 | | $ | 19,834 | | $ | 19,664 | |
| Non-cash stock-based compensation expense | 2,497 | | 2,469 | | 2,424 | | 2,029 | | 1,898 | |
| | | | | | |
| Credit loss reserve | — | | 11,000 | | — | | — | | — | |
| | | | | | |
ADJUSTED EBITDAre | $ | 21,421 | | $ | 19,960 | | $ | 21,413 | | $ | 21,863 | | $ | 21,562 | |
| | | | | | |
ADJUSTED EBITDAre ANNUALIZED (3) | $ | 85,684 | | | | | |
| | | | | |
| (1) | | Net loss for the three months ended June 30, 2024 included the reversal of rent and interest related to a tenant totaling approximately $3.2 million, including straight-line rent of approximately $0.9 million. |
| (2) | | During the three months ended June 30, 2024, the Company recorded an $11.0 million credit loss reserve related to notes receivable that are incidental to the Company's main business with a geriatric inpatient behavioral hospital tenant. |
| (3) | | Adjusted EBITDAre multiplied by 4. This annualized amount may differ significantly from the actual full year results. |
| | | | | | | | |
| Community Healthcare Trust | Page | 10 | 3Q 2024 | Supplemental Information |
WEIGHTED AVERAGE SHARES
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 |
| | (Unaudited; Dollars and shares in thousands, except per share data) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | | | | | |
| Weighted average common shares outstanding | 28,168 | | 27,879 | | 27,680 | | 27,355 | | 26,823 | |
| Unvested restricted shares | (1,508) | | (1,400) | | (1,383) | | (1,374) | | (1,309) | |
| Weighted average common shares outstanding - EPS | 26,660 | | 26,479 | | 26,297 | | 25,981 | | 25,514 | |
| | | | | | |
| Weighted average common shares outstanding - FFO Basic | 26,660 | | 26,479 | | 26,297 | | 25,981 | | 25,514 | |
| Potential dilutive common shares (from below) | 193 | | 312 | | 410 | | 365 | | 511 | |
| Weighted average common shares outstanding - FFO Diluted | 26,853 | | 26,791 | | 26,707 | | 26,346 | | 26,025 | |
| | | | | | |
| TREASURY SHARE CALCULATION | | | | | |
| Unrecognized deferred compensation-end of period | $ | 27,575 | | $ | 26,764 | | $ | 28,564 | | $ | 26,776 | | $ | 28,814 | |
| Unrecognized deferred compensation-beginning of period | $ | 26,168 | | $ | 27,752 | | $ | 26,776 | | $ | 28,814 | | $ | 24,780 | |
| Average unrecognized deferred compensation | $ | 26,872 | | $ | 27,258 | | $ | 27,670 | | $ | 27,795 | | $ | 26,797 | |
| Average share price per share | $ | 20.44 | | $ | 24.30 | | $ | 26.36 | | $ | 27.54 | | $ | 33.56 | |
| Treasury shares | 1,315 | | 1,122 | | 1,049 | | 1,009 | | 798 | |
| | | | | | |
| Unvested restricted shares | (1,508) | | (1,400) | | (1,383) | | (1,374) | | (1,309) | |
| Unvested restricted share units | — | | (34) | | (76) | | — | | — | |
| Treasury shares | 1,315 | | 1,122 | | 1,049 | | 1,009 | | 798 | |
| Potential dilutive common shares | 193 | | 312 | | 410 | | 365 | | 511 | |
|
| | | | | | | | |
| Community Healthcare Trust | Page | 11 | 3Q 2024 | Supplemental Information |
DEBT SUMMARY
| | | | | | | | | | | |
| As of October 16, 2024 |
| Principal
Balance | Stated
Rate | Hedged
Rate |
| (in thousands) | | |
| | | |
Revolving credit facility (1) | $ | 202,000 | | 6.54% | 4.29% (partial) |
| | | |
| Term loan A-4 | 125,000 | | | 3.35% |
| Term loan A-5 | 150,000 | | | 5.36% |
| | | |
| | | |
| Debt | 477,000 | | | |
| Deferred Financing Costs, net | (1,284) | | | |
| Debt, net | $ | 475,716 | | | |
| | | |
|
(1) On October 16, 2024, the Company entered into a second amendment to the third amended and restated credit agreement (the "Amended Credit Facility") with a syndicate of lenders, under which Truist Bank serves as administrative agent. The Amended Credit Facility, among other things, (i) increased the Company's Revolving Credit Facility from $150.0 million to $400.0 million, (ii) extended the maturity date of the Revolving Credit Facility from March 19, 2026 to October 16, 2029, and (iii) lowered pricing on the Revolving Credit Facility by 10 to 30 basis points, depending on the Company's leverage ratio. Proceeds from the increased Revolving Credit Facility were used to repay the existing A-3 Term Loan which was scheduled to mature on March 29, 2026. In addition, amounts outstanding under the Revolving Credit Facility prior to the second Amendment will remain outstanding. Interest rate swaps previously entered into to fix the interest rates on the A-3 Term Loan will remain in place on the Revolving Credit Facility through their maturity on March 29, 2026.
| | | | | | | | |
| Select Covenants | Required | As of September 30, 2024 |
| Leverage ratio | ≤ 60.0% | 40.7 | % |
| Fixed charge coverage ratio | ≥ 1.50x | 3.5 |
| Tangible net worth (in thousands) | ≥ $504,476 | $692,947 |
| Secured indebtedness | ≤ 30.0% | — | % |
| Minimum debt service coverage ratio | ≥ 2.0 | 3.8 |
| | | | | | | | |
| Community Healthcare Trust | Page | 12 | 3Q 2024 | Supplemental Information |
2024 PROPERTY ACQUISITIONS
| | | | | | | | | | | | | | | | | | | | |
| Property | Market | Property
Type | Date
Acquired | % Leased at Acquisition | Purchase Price (in thousands) | Square Feet |
| Hospital of SE Mass. | New Bedford, MA | LTACH | 1/31/2024 | 100.0 | % | $ | 6,500 | | 70,657 | |
| Northbay Professional Pavilion | Elkton, MA | MOB | 3/25/2024 | 89.5 | % | 4,500 | | 19,656 | |
| Sanford Health Bemidji 1611 | Bemidji, MN | MOB | 3/29/2024 | 100.0 | % | 16,534 | | 45,800 | |
| Sanford Health Bemidji 1705 | Bemidji, MN | MOB | 3/29/2024 | 100.0 | % | 6,666 | | 28,900 | |
| Everest Rehabilitation Hospital | San Antonio, TX | IRF | 4/16/2024 | 100.0 | % | 23,500 | | 38,009 | |
| Pennsylvania Gastroenterology | Camp Hill, PA | PC | 7/22/2024 | 100.0 | % | 6,200 | | 20,400 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | 99.3 | % | $ | 63,900 | | 223,422 | |
| | | | | | | | |
| Community Healthcare Trust | Page | 13 | 3Q 2024 | Supplemental Information |
PORTFOLIO DIVERSIFICATION
| | | | | |
| Property Type | Annualized Rent (%) |
| Medical Office Building (MOB) | 39.3 | % |
| Inpatient Rehabilitation Facilities (IRF) | 19.2 | % |
| Acute Inpatient Behavioral (AIB) | 13.0 | % |
| Specialty Centers (SC) | 10.2 | % |
| Physician Clinics (PC) | 7.5 | % |
| Surgical Centers and Hospitals (SCH) | 4.6 | % |
| Behavioral Specialty Facilities (BSF) | 4.1 | % |
| Long-term Acute Care Hospitals (LTACH) | 2.1 | % |
| Total | 100.0 | % |
| | | | | |
| State | Annualized
Rent (%) |
| Texas (TX) | 17.0 | % |
| Illinois (IL) | 10.9 | % |
| Ohio (OH) | 10.2 | % |
| Florida (FL) | 8.0 | % |
| Pennsylvania (PA) | 6.0 | % |
| All Others | 47.9 | % |
| Total | 100.0 | % |
| | | | | |
| Tenant | Annualized
Rent (%) |
| LifePoint Health (LifePoint) | 8.7 | % |
| US Healthvest | 7.4 | % |
| Assurance Health (Assurance) | 3.0 | % |
| Summit Behavioral Healthcare (Summit) | 2.9 | % |
| Post Acute Medical (PAM) | 2.8 | % |
| Worcester Behavioral Innovations Hospital (Worcester) | 2.5 | % |
| Oceans Behavioral (Oceans) | 2.4 | % |
| UPMC - University of Pittsburgh Medical Center (UPMC) | 2.3 | % |
| Blue Cross Blue Shield of Louisiana (BCBS of LA) | 2.3 | % |
| Radiology Regional | 2.2 | % |
| All Others | 63.5 | % |
| Total | 100.0 | % |
| | | | | | | | |
| Community Healthcare Trust | Page | 14 | 3Q 2024 | Supplemental Information |
LEASE EXPIRATIONS
| | | | | | | | | | | | | | | | | | | | |
| | Total Leased Sq. Ft. | | Annualized Rent |
| Year | Number of
Leases Expiring | Amount (thousands) | Percent (%) | | Amount ($) (thousands) | Percent (%) |
| 2024 | 20 | | 77 | | 1.9 | % | | $ | 1,515 | | 1.4 | % |
| 2025 | 65 | | 390 | | 9.6 | % | | 10,169 | | 9.5 | % |
| 2026 | 72 | | 564 | | 14.0 | % | | 12,259 | | 11.4 | % |
| 2027 | 62 | | 373 | | 9.2 | % | | 7,823 | | 7.3 | % |
| 2028 | 57 | | 373 | | 9.2 | % | | 7,879 | | 7.3 | % |
| 2029 | 38 | | 338 | | 8.4 | % | | 8,584 | | 8.0 | % |
| 2030 | 17 | | 131 | | 3.2 | % | | 3,675 | | 3.4 | % |
| 2031 | 26 | | 365 | | 9.0 | % | | 9,896 | | 9.2 | % |
| 2032 | 14 | | 144 | | 3.6 | % | | 2,219 | | 2.1 | % |
| 2033 | 12 | | 72 | | 1.8 | % | | 1,478 | | 1.4 | % |
| Thereafter | 49 | | 1,190 | | 29.5 | % | | 41,546 | | 38.6 | % |
| Month-to-Month | 9 | | 23 | | 0.6 | % | | 475 | | 0.4 | % |
| Totals | 441 | | 4,040 | | 100.0 | % | | $ | 107,518 | | 100.0 | % |
Total portfolio was approximately 91.3% leased in the aggregate, excluding real estate assets held for sale, at September 30, 2024 with lease expirations ranging from 2024 through 2044.
| | | | | | | | |
| Community Healthcare Trust | Page | 15 | 3Q 2024 | Supplemental Information |
PROPERTY LOCATIONS
Approximately 52% of our property revenues are in MSAs with populations over 1,000,000 and approximately 93% are in statistical areas with populations over 100,000.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Lancaster MOB | MOB | 10,646 | | 0.24 | % | $ | 343.9 | | 0.32 | % | 12,799,100 | | Los Angeles-Long Beach-Anaheim, CA | 2 |
| Congress Medical Building 350 | MOB | 17,543 | | 0.39 | % | $ | 412.3 | | 0.38 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Congress Medical Building 390 | MOB | 30,855 | | 0.69 | % | $ | 468.9 | | 0.44 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Future Diagnostics Group | SC | 8,876 | | 0.20 | % | $ | 390.9 | | 0.36 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Gurnee Medical Office Building | MOB | 22,968 | | 0.51 | % | $ | 240.7 | | 0.22 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Joliet Oncology-Hematology Associates | PC | 7,905 | | 0.18 | % | $ | 385.0 | | 0.36 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Morris Cancer Center | MOB | 18,470 | | 0.41 | % | $ | 638.7 | | 0.59 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Oak Lawn Medical Plaza | MOB | 33,356 | | 0.75 | % | $ | 381.1 | | 0.35 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Presence | PC | 14,863 | | 0.33 | % | $ | 317.0 | | 0.29 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Presence Regional Cancer Center | SC | 44,888 | | 1.00 | % | $ | 1,474.9 | | 1.37 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Skin MD | PC | 13,565 | | 0.30 | % | $ | 526.3 | | 0.49 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Chicago Behavioral Hospital | AIB | 85,000 | | 1.90 | % | $ | 2,226.2 | | 2.07 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| US HealthVest - Lake | AIB | 83,658 | | 1.87 | % | $ | 2,964.5 | | 2.76 | % | 9,262,825 | | Chicago-Naperville-Elgin, IL-IN | 3 |
| Texas Rehabilitation Hospital of Fort Worth, LLC | IRF | 39,761 | | 0.89 | % | $ | 2,028.0 | | 1.89 | % | 8,100,037 | | Dallas-Fort Worth-Arlington, TX | 4 |
| Bayside Medical Center | MOB | 50,593 | | 1.13 | % | $ | 1,108.0 | | 1.03 | % | 7,510,253 | | Houston-Pasadena-The Woodlands, TX | 5 |
| Gessner Road MOB | MOB | 14,347 | | 0.32 | % | $ | 262.3 | | 0.24 | % | 7,510,253 | | Houston-Pasadena-The Woodlands, TX | 5 |
| Clear Lake Institute for Rehabilitation | IRF | 55,646 | | 1.25 | % | $ | 2,986.0 | | 2.78 | % | 7,510,253 | | Houston-Pasadena-The Woodlands, TX | 5 |
| Clinton Towers MOB | MOB | 37,344 | | 0.84 | % | $ | 983.2 | | 0.91 | % | 6,304,975 | | Washington-Arlington-Alexandria, DC-VA-MD-WV | 7 |
| 2301 Research Boulevard | MOB | 93,079 | | 2.08 | % | $ | 2,055.1 | | 1.91 | % | 6,304,975 | | Washington-Arlington-Alexandria, DC-VA-MD-WV | 7 |
| Haddon Hill Professional Center | MOB | 25,118 | | 0.56 | % | $ | 284.0 | | 0.26 | % | 6,246,160 | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8 |
| Hopebridge - Westlake | BSF | 15,057 | | 0.34 | % | $ | 232.7 | | 0.22 | % | 6,246,160 | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8 |
| Continuum Wellness Center | MOB | 8,227 | | 0.18 | % | $ | 164.2 | | 0.15 | % | 5,070,110 | | Phoenix-Mesa-Chandler, AZ | 10 |
| Desert Endoscopy Center | SCH | 11,722 | | 0.26 | % | $ | 304.8 | | 0.28 | % | 5,070,110 | | Phoenix-Mesa-Chandler, AZ | 10 |
| Mountain View Surgery Center | SCH | 14,046 | | 0.31 | % | $ | 532.8 | | 0.50 | % | 5,070,110 | | Phoenix-Mesa-Chandler, AZ | 10 |
| Associated Surgical Center of Dearborn | SCH | 12,400 | | 0.28 | % | $ | 361.3 | | 0.34 | % | 4,342,304 | | Detroit-Warren-Dearborn, MI | 14 |
| Berry Surgical Center | SCH | 27,217 | | 0.61 | % | $ | 627.7 | | 0.58 | % | 4,342,304 | | Detroit-Warren-Dearborn, MI | 14 |
| Smokey Point Behavioral Hospital | AIB | 70,100 | | 1.57 | % | $ | 2,814.4 | | 2.62 | % | 4,044,837 | | Seattle-Tacoma-Bellevue, WA | 15 |
| Sanford Health Bemidji 1611 | MOB | 45,800 | | 1.03 | % | $ | 1,569.2 | | 1.46 | % | 3,712,020 | | Minneapolis-St. Paul-Bloomington, MN-WI | 16 |
| | | | | | | | |
| Community Healthcare Trust | Page | 16 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Sanford Health Bemidji 1705 | MOB | 28,900 | | 0.65 | % | $ | 624.3 | | 0.58 | % | 3,712,020 | | Minneapolis-St. Paul-Bloomington, MN-WI | 16 |
| Bay Area Physicians Surgery Center | MOB | 17,943 | | 0.40 | % | $ | 361.1 | | 0.34 | % | 3,342,963 | | Tampa-St. Petersburg-Clearwater, FL | 17 |
| Sanderling Dialysis | SC | 11,300 | | 0.25 | % | $ | 427.0 | | 0.40 | % | 3,269,973 | | San Diego-Chula Vista-Carlsbad, CA | 18 |
| Liberty Dialysis | SC | 8,450 | | 0.19 | % | $ | 255.2 | | 0.24 | % | 3,005,131 | | Denver-Aurora-Centennial, CO | 19 |
| Waters Edge Medical | MOB | 23,388 | | 0.52 | % | $ | 392.0 | | 0.36 | % | 2,834,316 | | Baltimore-Columbia-Towson, MD | 20 |
| Northbay Professional Pavilion | MOB | 19,656 | | 0.44 | % | $ | 479.0 | | 0.45 | % | 2,834,316 | | Baltimore-Columbia-Towson, MD | 20 |
| Righttime Medical Care | SC | 6,236 | | 0.14 | % | $ | 347.4 | | 0.32 | % | 2,834,316 | | Baltimore-Columbia-Towson, MD | 20 |
| Bassin Center For Plastic-Surgery-Villages | PC | 2,894 | | 0.06 | % | $ | 174.4 | | 0.16 | % | 2,817,933 | | Orlando-Kissimmee-Sanford, FL | 21 |
| Bassin Center For Plastic Surgery-Orlando | PC | 2,420 | | 0.05 | % | $ | 145.8 | | 0.14 | % | 2,817,933 | | Orlando-Kissimmee-Sanford, FL | 21 |
| Kissimmee Physicians Clinic | PC | 4,902 | | 0.11 | % | $ | — | | — | % | 2,817,933 | | Orlando-Kissimmee-Sanford, FL | 21 |
| Orthopaedic Associates of Osceola | PC | 15,167 | | 0.34 | % | $ | 357.6 | | 0.33 | % | 2,817,933 | | Orlando-Kissimmee-Sanford, FL | 21 |
| Medical Village at Wintergarden | MOB | 21,532 | | 0.48 | % | $ | 609.5 | | 0.57 | % | 2,817,933 | | Orlando-Kissimmee-Sanford, FL | 21 |
| Eyecare Partners | PC | 6,487 | | 0.15 | % | $ | — | | — | % | 2,796,999 | | St. Louis, MO-IL | 23 |
| Eyecare Partners | PC | 5,560 | | 0.12 | % | $ | 52.8 | | 0.05 | % | 2,796,999 | | St. Louis, MO-IL | 23 |
| Eyecare Partners | SCH | 16,608 | | 0.37 | % | $ | 310.6 | | 0.29 | % | 2,796,999 | | St. Louis, MO-IL | 23 |
| Eyecare Partners | PC | 6,311 | | 0.14 | % | $ | 49.5 | | 0.05 | % | 2,796,999 | | St. Louis, MO-IL | 23 |
| Baptist Health | PC | 13,500 | | 0.30 | % | $ | 376.1 | | 0.35 | % | 2,703,999 | | San Antonio-New Braunfels, TX | 24 |
| San Antonio Head & Neck Surgical Associates | PC | 6,500 | | 0.15 | % | $ | 191.7 | | 0.18 | % | 2,703,999 | | San Antonio-New Braunfels, TX | 24 |
| Everest Rehabilitation Hospital | IRF | 38,000 | | 0.85 | % | $ | 2,138.5 | | 1.99 | % | 2,703,999 | | San Antonio-New Braunfels, TX | 24 |
| JDH Professional Building | MOB | 12,376 | | 0.28 | % | $ | 261.9 | | 0.24 | % | 2,703,999 | | San Antonio-New Braunfels, TX | 24 |
| The Heart & Vascular Center | MOB | 15,878 | | 0.36 | % | $ | 315.5 | | 0.29 | % | 2,422,725 | | Pittsburgh, PA | 27 |
| Butler Medical Center | MOB | 10,116 | | 0.23 | % | $ | 273.3 | | 0.25 | % | 2,422,725 | | Pittsburgh, PA | 27 |
| Forefront Dermatology Building | MOB | 15,650 | | 0.35 | % | $ | 352.3 | | 0.33 | % | 2,422,725 | | Pittsburgh, PA | 27 |
| Greentree Primary Care | MOB | 34,077 | | 0.76 | % | $ | 931.2 | | 0.87 | % | 2,422,725 | | Pittsburgh, PA | 27 |
| Vascular Access Centers of Southern Nevada | SC | 4,800 | | 0.11 | % | $ | 123.8 | | 0.12 | % | 2,336,573 | | Las Vegas-Henderson-North Las Vegas, NV | 29 |
| Assurance Health System | BSF | 14,381 | | 0.32 | % | $ | 571.7 | | 0.53 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| Cavalier Medical & Dialysis Center | MOB | 17,614 | | 0.39 | % | $ | 218.7 | | 0.20 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| 51 Cavalier Blvd | MOB | 17,935 | | 0.40 | % | $ | 175.8 | | 0.16 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| Anderson Ferry Plaza | MOB | 43,791 | | 0.98 | % | $ | 537.2 | | 0.50 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| Liberty Rehabilitation Hospital | IRF | 37,720 | | 0.84 | % | $ | 2,481.6 | | 2.31 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| Davita Commercial Way | SC | 4,980 | | 0.11 | % | $ | — | | — | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| | | | | | | | |
| Community Healthcare Trust | Page | 17 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Fresenius Florence Dialysis Center | MOB | 17,845 | | 0.40 | % | $ | 255.5 | | 0.24 | % | 2,271,479 | | Cincinnati, OH-KY-IN | 30 |
| Prairie Star Medical Facility I | MOB | 24,724 | | 0.55 | % | $ | 628.5 | | 0.58 | % | 2,221,343 | | Kansas City, MO-KS | 31 |
| Prairie Star Medical Facility II | MOB | 24,840 | | 0.56 | % | $ | 89.7 | | 0.08 | % | 2,221,343 | | Kansas City, MO-KS | 31 |
| Ravines Edge | MOB | 16,751 | | 0.38 | % | $ | 265.7 | | 0.25 | % | 2,180,271 | | Columbus, OH | 32 |
| Court Street Surgery Center | SCH | 7,787 | | 0.17 | % | $ | 82.6 | | 0.08 | % | 2,180,271 | | Columbus, OH | 32 |
| Hopebridge - Columbus | BSF | 13,969 | | 0.31 | % | $ | 175.2 | | 0.16 | % | 2,180,271 | | Columbus, OH | 32 |
| Sedalia Medical Center | MOB | 19,426 | | 0.43 | % | $ | 312.0 | | 0.29 | % | 2,180,271 | | Columbus, OH | 32 |
| Brook Park Medical Building | MOB | 18,444 | | 0.41 | % | $ | 291.8 | | 0.27 | % | 2,158,932 | | Cleveland, OH | 33 |
| Smith Road | MOB | 16,802 | | 0.38 | % | $ | 318.3 | | 0.30 | % | 2,158,932 | | Cleveland, OH | 33 |
| Assurance - Hudson | BSF | 13,290 | | 0.30 | % | $ | 570.8 | | 0.53 | % | 2,158,932 | | Cleveland, OH | 33 |
| Rockside Medical Center | MOB | 55,316 | | 1.24 | % | $ | 997.2 | | 0.93 | % | 2,158,932 | | Cleveland, OH | 33 |
| Assurance Health, LLC | BSF | 10,200 | | 0.23 | % | $ | 383.9 | | 0.36 | % | 2,138,468 | | Indianapolis-Carmel-Greenwood, IN | 34 |
| Assurance Health System | BSF | 13,722 | | 0.31 | % | $ | 510.6 | | 0.47 | % | 2,138,468 | | Indianapolis-Carmel-Greenwood, IN | 34 |
| Kindred Hospital Indianapolis North | LTACH | 37,270 | | 0.83 | % | $ | 1,613.9 | | 1.50 | % | 2,138,468 | | Indianapolis-Carmel-Greenwood, IN | 34 |
| Virginia Orthopaedic & Spine Specialists | PC | 8,445 | | 0.19 | % | $ | 156.2 | | 0.15 | % | 1,787,169 | | Virginia Beach-Chesapeake-Norfolk, VA-NC | 37 |
| Vibra LTACH | LTACH | 70,657 | | 1.58 | % | $ | 633.8 | | 0.59 | % | 1,677,803 | | Providence-Warwick, RI-MA | 39 |
| Warwick Oncology Center | SC | 10,236 | | 0.23 | % | $ | 393.5 | | 0.37 | % | 1,677,803 | | Providence-Warwick, RI-MA | 39 |
| South County Hospital | PC | 13,268 | | 0.30 | % | $ | 317.5 | | 0.30 | % | 1,677,803 | | Providence-Warwick, RI-MA | 39 |
| Ortho Rhode Island - Warwick | PC | 7,340 | | 0.16 | % | $ | 217.0 | | 0.20 | % | 1,677,803 | | Providence-Warwick, RI-MA | 39 |
| Mercy Rehabilitation Hospital | IRF | 39,637 | | 0.89 | % | $ | 2,028.0 | | 1.89 | % | 1,477,926 | | Oklahoma City, OK | 42 |
| Memphis Center | MOB | 11,669 | | 0.26 | % | $ | 237.0 | | 0.22 | % | 1,335,674 | | Memphis, TN-MS-AR | 45 |
| Sanderling Dialysis | SC | 10,133 | | 0.23 | % | $ | 569.0 | | 0.53 | % | 1,335,674 | | Memphis, TN-MS-AR | 45 |
| Gardendale MOB | MOB | 12,956 | | 0.29 | % | $ | 325.7 | | 0.30 | % | 1,184,290 | | Birmingham, AL | 47 |
| Sanford West Behavioral Facility | BSF | 96,886 | | 2.17 | % | $ | 1,383.0 | | 1.29 | % | 1,162,950 | | Grand Rapids-Wyoming-Kentwood, MI | 49 |
| Sterling Medical Center | MOB | 28,685 | | 0.64 | % | $ | 520.8 | | 0.48 | % | 1,155,604 | | Buffalo-Cheektowaga, NY | 50 |
| Glastonbury | MOB | 49,593 | | 1.11 | % | $ | 807.4 | | 0.75 | % | 1,151,543 | | Hartford-West Hartford-East Hartford, CT | 51 |
| Los Alamos Professional Plaza | MOB | 43,395 | | 0.97 | % | $ | 575.8 | | 0.54 | % | 898,471 | | McAllen-Edinburg-Mission, TX | 65 |
| El Paso Rehabilitation Hospital | IRF | 38,000 | | 0.85 | % | $ | 2,170.6 | | 2.02 | % | 873,331 | | El Paso, TX | 68 |
| UMass Memorial Health Cancer Center | SC | 20,046 | | 0.45 | % | $ | 882.1 | | 0.82 | % | 866,866 | | Worcester, MA | 69 |
| Worcester Behavioral | AIB | 81,972 | | 1.84 | % | $ | 2,731.2 | | 2.54 | % | 866,866 | | Worcester, MA | 69 |
| Columbia Gastroenterology Surgery Center | MOB | 17,016 | | 0.38 | % | $ | 346.9 | | 0.32 | % | 858,302 | | Columbia, SC | 70 |
| Genesis Care - Bonita Springs | SC | 4,445 | | 0.10 | % | $ | 289.0 | | 0.27 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| | | | | | | | |
| Community Healthcare Trust | Page | 18 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Cape Coral Suite 3 | SC | 12,130 | | 0.27 | % | $ | 450.4 | | 0.42 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Cape Coral Suite 3A | MOB | 2,023 | | 0.05 | % | $ | 39.0 | | 0.04 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Cape Coral Suite 5 & 6 | MOB | 6,379 | | 0.14 | % | $ | 101.2 | | 0.09 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Colonial Blvd Office | SC | 46,356 | | 1.04 | % | $ | — | | — | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Corporate Office 3660 | MOB | 22,104 | | 0.49 | % | $ | 620.5 | | 0.58 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Corporate Annex Building | MOB | 16,000 | | 0.36 | % | $ | 310.1 | | 0.29 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Wildwood Hammock RPET Facility | SC | 10,832 | | 0.24 | % | $ | 429.1 | | 0.40 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Wildwood Hammock - Diagnostic Imaging | SC | 9,376 | | 0.21 | % | $ | 405.6 | | 0.38 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Wildwood Hammock - Northland | MOB | 1,201 | | 0.03 | % | $ | 13.8 | | 0.01 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Eye Health of America 4101 | MOB | 43,322 | | 0.97 | % | $ | 1,015.1 | | 0.94 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Eye Health of America 2665 | MOB | 3,200 | | 0.07 | % | $ | 55.6 | | 0.05 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Eye Health of America 1320 | MOB | 6,757 | | 0.15 | % | $ | 80.9 | | 0.08 | % | 834,573 | | Cape Coral-Fort Myers, FL | 72 |
| Parkway Professional Plaza | MOB | 41,909 | | 0.94 | % | $ | 992.0 | | 0.92 | % | 818,330 | | Lakeland-Winter Haven, FL | 75 |
| Davita Turner Road | SC | 18,125 | | 0.41 | % | $ | 358.8 | | 0.33 | % | 814,363 | | Dayton-Kettering-Beavercreek, OH | 76 |
| Davita Springboro Pike | SC | 10,510 | | 0.24 | % | $ | 185.6 | | 0.17 | % | 814,363 | | Dayton-Kettering-Beavercreek, OH | 76 |
| Davita Business Center Court | SC | 12,988 | | 0.29 | % | $ | 233.0 | | 0.22 | % | 814,363 | | Dayton-Kettering-Beavercreek, OH | 76 |
| Mercy One Physicians Clinic | PC | 17,318 | | 0.39 | % | $ | 398.2 | | 0.37 | % | 737,164 | | Des Moines-West Des Moines, IA | 81 |
| Daytona Medical Office | MOB | 20,193 | | 0.45 | % | $ | 373.9 | | 0.35 | % | 721,796 | | Deltona-Daytona Beach-Ormond Beach, FL | 83 |
| Debary Professional Plaza | MOB | 21,874 | | 0.49 | % | $ | 305.0 | | 0.28 | % | 721,796 | | Deltona-Daytona Beach-Ormond Beach, FL | 83 |
| Novus Clinic | SCH | 14,315 | | 0.32 | % | $ | 305.2 | | 0.28 | % | 698,398 | | Akron, Oh | 85 |
| UH Walden Health Center | PC | 11,000 | | 0.25 | % | $ | — | | — | % | 698,398 | | Akron, Oh | 85 |
| UW Health Clinic- Portage | PC | 14,000 | | 0.31 | % | $ | 329.0 | | 0.31 | % | 694,345 | | Madison, WI | 87 |
| Cypress Medical Center | MOB | 39,746 | | 0.89 | % | $ | 447.9 | | 0.42 | % | 652,939 | | Wichita, KS | 90 |
| Family Medicine East | PC | 16,581 | | 0.37 | % | $ | 341.6 | | 0.32 | % | 652,939 | | Wichita, KS | 90 |
| Grene Vision Center | PC | 18,681 | | 0.42 | % | $ | — | | — | % | 652,939 | | Wichita, KS | 90 |
| Bassin Center For Plastic Surgery-Melbourne | PC | 5,228 | | 0.12 | % | $ | 315.1 | | 0.29 | % | 643,979 | | Palm Bay-Melbourne-Titusville, FL | 91 |
| Pennsylvania Gastroenterology | PC | 20,400 | | 0.46 | % | $ | 570.3 | | 0.53 | % | 606,055 | | Harrisburg-Carlisle, PA | 95 |
| Penn State Health - Camp Hill | SC | 8,400 | | 0.19 | % | $ | 183.6 | | 0.17 | % | 606,055 | | Harrisburg-Carlisle, PA | 95 |
| Penn State Health - Harrisburg | SC | 10,000 | | 0.22 | % | $ | 197.9 | | 0.18 | % | 606,055 | | Harrisburg-Carlisle, PA | 95 |
| Perrysburg Medical Arts Building | MOB | 25,930 | | 0.58 | % | $ | 448.5 | | 0.42 | % | 600,141 | | Toledo, OH | 97 |
| St. Vincent Mercy Medical Center, Inc. | PC | 23,368 | | 0.52 | % | $ | 326.2 | | 0.30 | % | 600,141 | | Toledo, OH | 97 |
| Assurance - Toledo | BSF | 13,290 | | 0.30 | % | $ | 536.4 | | 0.50 | % | 600,141 | | Toledo, OH | 97 |
| | | | | | | | |
| Community Healthcare Trust | Page | 19 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Granite Circle | MOB | 17,164 | | 0.38 | % | $ | 239.1 | | 0.22 | % | 600,141 | | Toledo, OH | 97 |
| Mercy Rehabilitation Hospital - Northwest Arkansas | IRF | 38,817 | | 0.87 | % | $ | 2,262.1 | | 2.10 | % | 590,337 | | Fayetteville-Springdale-Rogers, AR | 98 |
| Eynon Surgery Center | SCH | 6,500 | | 0.15 | % | $ | — | | — | % | 569,413 | | Scranton--Wilkes-Barre, PA | 100 |
| Riverview Medical Center | MOB | 26,199 | | 0.59 | % | $ | 354.6 | | 0.33 | % | 569,413 | | Scranton--Wilkes-Barre, PA | 100 |
| NEI | MOB | 22,743 | | 0.51 | % | $ | 409.4 | | 0.38 | % | 569,413 | | Scranton--Wilkes-Barre, PA | 100 |
| NEI | MOB | 15,768 | | 0.35 | % | $ | 236.4 | | 0.22 | % | 569,413 | | Scranton--Wilkes-Barre, PA | 100 |
| Cardiology Associates of Greater Waterbury | PC | 16,793 | | 0.38 | % | $ | 335.9 | | 0.31 | % | 568,158 | | New Haven, CT | 101 |
| Grandview Plaza | MOB | 20,042 | | 0.45 | % | $ | 313.0 | | 0.29 | % | 558,589 | | Lancaster, PA | 104 |
| Pinnacle Health | PC | 10,753 | | 0.24 | % | $ | 247.3 | | 0.23 | % | 558,589 | | Lancaster, PA | 104 |
| Manteca Medical Group Building | PC | 10,564 | | 0.24 | % | $ | 306.1 | | 0.28 | % | 551,430 | | Modesto, CA | 105 |
| Treasure Coast Medical Pavilion | MOB | 55,844 | | 1.25 | % | $ | 920.3 | | 0.86 | % | 536,901 | | Port St. Lucie, FL | 106 |
| Gulf Coast Cancer Centers-Brewton | SC | 3,971 | | 0.09 | % | $ | — | | — | % | 530,090 | | Pensacola-Ferry Pass-Brent, FL | 107 |
| Temple Rehabilitation Hospital | IRF | 38,817 | | 0.87 | % | $ | 2,280.3 | | 2.12 | % | 501,333 | | Killeen-Temple, TX | 110 |
| Martin Foot & Ankle Clinic | PC | 27,100 | | 0.61 | % | $ | 423.3 | | 0.39 | % | 464,640 | | York-Hanover, PA | 116 |
| UPMC Specialty Care | MOB | 25,982 | | 0.58 | % | $ | 453.4 | | 0.42 | % | 425,969 | | Youngstown-Warren, OH | 128 |
| Biltmore Medical Office | SC | 11,099 | | 0.25 | % | $ | 222.4 | | 0.21 | % | 417,202 | | Asheville, NC | 131 |
| Genesis Care - Weaverville | SC | 10,696 | | 0.24 | % | $ | 456.3 | | 0.42 | % | 417,202 | | Asheville, NC | 131 |
| AMG Specialty Hospital - Lafayette | MOB | 31,650 | | 0.71 | % | $ | 1,684.9 | | 1.57 | % | 414,288 | | Lafayette, LA | 132 |
| Affinity Health Center | MOB | 47,366 | | 1.06 | % | $ | 506.7 | | 0.47 | % | 399,474 | | Canton-Massillon, OH | 138 |
| Hills & Dales Professional Center | MOB | 27,920 | | 0.63 | % | $ | 366.3 | | 0.34 | % | 399,474 | | Canton-Massillon, OH | 138 |
| Prattville Town Center Medical Office Bldg | MOB | 13,319 | | 0.30 | % | $ | 387.8 | | 0.36 | % | 385,480 | | Montgomery, AL | 143 |
| Wellmont Bristol Urgent Care | SC | 4,548 | | 0.10 | % | $ | 77.3 | | 0.07 | % | 313,025 | | Kingsport-Bristol, TN-VA | 167 |
| Wellmont Norton Urgent Care | SC | 4,843 | | 0.11 | % | $ | 57.9 | | 0.05 | % | 313,025 | | Kingsport-Bristol, TN-VA | 167 |
| Norton Medical Plaza | MOB | 32,757 | | 0.73 | % | $ | 313.3 | | 0.29 | % | 313,025 | | Kingsport-Bristol, TN-VA | 167 |
| Bristol Pediatric Associates | MOB | 10,804 | | 0.24 | % | $ | 186.7 | | 0.17 | % | 313,025 | | Kingsport-Bristol, TN-VA | 167 |
| Londonderry Centre | MOB | 21,115 | | 0.47 | % | $ | 351.2 | | 0.33 | % | 304,865 | | Waco, TX | 169 |
| Westlake Medical Office | MOB | 14,100 | | 0.32 | % | $ | 254.6 | | 0.24 | % | 304,865 | | Waco, TX | 169 |
| Bluewater Orthopedics Center | MOB | 10,255 | | 0.23 | % | $ | 221.0 | | 0.21 | % | 304,818 | | Crestview-Fort Walton Beach-Destin, FL | 170 |
| Longview Rehabilitation Hospital | IRF | 38,817 | | 0.87 | % | $ | 2,314.5 | | 2.15 | % | 293,498 | | Longview, TX | 173 |
| Gulf Coast Cancer Centers-Foley | SC | 6,146 | | 0.14 | % | $ | 172.2 | | 0.16 | % | 253,507 | | Daphne-Fairhope-Foley, AL | 194 |
| Gulf Coast Cancer Centers- Gulf Shores | SC | 6,398 | | 0.14 | % | $ | 51.3 | | 0.05 | % | 253,507 | | Daphne-Fairhope-Foley, AL | 194 |
| | | | | | | | |
| Community Healthcare Trust | Page | 20 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Monroe Surgical Hospital | SCH | 58,121 | | 1.30 | % | $ | 2,413.3 | | 2.24 | % | 221,885 | | Monroe, LA | 214 |
| Meridian Behavioral Health Systems | AIB | 132,430 | | 2.96 | % | $ | 3,199.5 | | 2.98 | % | 203,164 | | Charleston, WV | 228 |
| Fresenius Ft. Valley | SC | 4,920 | | 0.11 | % | $ | 85.3 | | 0.08 | % | 200,779 | | Warner Robins, GA | 232 |
| Tuscola Professional Building | MOB | 25,500 | | 0.57 | % | $ | 610.2 | | 0.57 | % | 187,782 | | Saginaw, MI | 239 |
| Redding Oncology Center | SC | 12,206 | | 0.27 | % | $ | 607.0 | | 0.56 | % | 180,366 | | Redding, CA | 247 |
| Kedplasma | SC | 12,870 | | 0.29 | % | $ | 272.1 | | 0.25 | % | 179,165 | | Burlington, NC | 249 |
| Decatur Morgan Hospital Medical Office Building | MOB | 35,933 | | 0.80 | % | $ | 579.0 | | 0.54 | % | 158,635 | | Decatur, AL | 271 |
| Provena Medical Center | MOB | 54,894 | | 1.23 | % | $ | 786.4 | | 0.73 | % | 105,940 | | Kankakee, IL | 351 |
| Parkside Family & Davita Clinics | MOB | 15,637 | | 0.35 | % | $ | 216.8 | | 0.20 | % | 98,808 | | Victoria, TX | 366 |
| Cub Lake Square | MOB | 49,059 | | 1.10 | % | $ | 1,087.1 | | 1.01 | % | 109,175 | | Show Low, AZ | n/a |
| | | | | | | | |
| | | | | | | | |
| Emory Healthcare | MOB | 61,301 | | 1.37 | % | $ | 897.9 | | 0.84 | % | 104,821 | | LaGrange, GA-AL | n/a |
| Emory Southern Orthopedics | MOB | 31,473 | | 0.70 | % | $ | 716.4 | | 0.67 | % | 104,821 | | LaGrange, GA-AL | n/a |
| Emory Southern Orthopedics | MOB | 2,972 | | 0.07 | % | $ | 61.5 | | 0.06 | % | 104,821 | | LaGrange, GA-AL | n/a |
| Emory Healthcare | MOB | 5,600 | | 0.13 | % | $ | 82.0 | | 0.08 | % | 104,821 | | LaGrange, GA-AL | n/a |
| Nesbitt Place | MOB | 56,003 | | 1.25 | % | $ | 1,177.8 | | 1.10 | % | 84,472 | | Lawrence County, PA | n/a |
| Davita Etowah Dialysis Center | SC | 4,720 | | 0.11 | % | $ | 68.8 | | 0.06 | % | 69,369 | | Athens, TN | n/a |
| Marion Medical Plaza | MOB | 27,246 | | 0.61 | % | $ | 387.9 | | 0.36 | % | 64,851 | | Marion, OH | n/a |
| Davita Dialysis | MOB | 12,545 | | 0.28 | % | $ | 468.4 | | 0.44 | % | 55,720 | | Pahrump, NV | n/a |
| Fresenius Dialysis Center | MOB | 17,746 | | 0.40 | % | $ | 360.4 | | 0.34 | % | 55,635 | | Corsicana, TX | n/a |
| Arkansas Valley Surgery Center | MOB | 10,853 | | 0.24 | % | $ | 227.9 | | 0.21 | % | 50,318 | | Cañon City, CO | n/a |
| Fremont Medical Office Building & Surgery Ctr | MOB | 13,050 | | 0.29 | % | $ | 332.0 | | 0.31 | % | 37,187 | | Fremont, NE | n/a |
| Baylor Scott & White Clinic | PC | 37,354 | | 0.84 | % | $ | 490.7 | | 0.46 | % | 37,007 | | Brenham, TX | n/a |
| Eyecare Partners | PC | 8,421 | | 0.19 | % | $ | 134.3 | | 0.12 | % | 36,673 | | Centralia, IL | n/a |
| Ottumwa Medical Clinic | MOB | 68,895 | | 1.54 | % | $ | 758.4 | | 0.71 | % | 35,166 | | Ottumwa, IA | n/a |
| Ottumwa Medical Clinic | MOB | 6,850 | | 0.15 | % | $ | 94.3 | | 0.09 | % | 35,166 | | Ottumwa, IA | n/a |
| Fresenius Gallipolis Dialysis Center | SC | 15,110 | | 0.34 | % | $ | 157.9 | | 0.15 | % | 28,986 | | Gallipolis, OH | n/a |
| Sanderling Dialysis Center | SC | 4,186 | | 0.09 | % | $ | 303.9 | | 0.28 | % | 26,589 | | Crescent City, CA | n/a |
| Wellmont Lebanon Urgent Care | SC | 8,369 | | 0.19 | % | $ | 106.7 | | 0.10 | % | County: 26,586 | Rural - No CBSA | n/a |
| Rettig Family Healthcare | PC | 12,000 | | 0.27 | % | $ | 180.0 | | 0.17 | % | County: 23,437 | Rural - No CBSA | n/a |
| North Mississippi Health Services | MOB | 3,378 | | 0.08 | % | $ | 18.6 | | 0.02 | % | County: 35,252 | Rural - No CBSA | n/a |
| Sanderling Dialysis Center | SC | 5,217 | | 0.12 | % | $ | 278.9 | | 0.26 | % | County: 13,279 | Rural - No CBSA | n/a |
| | | | | | | | |
| Community Healthcare Trust | Page | 21 | 3Q 2024 | Supplemental Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Property Name | Property Type | Area | % of Square Feet | Annualized
Rent ($000's) | % of Annualized
Rent | Population | MSA/MISA | Rank |
| Princeton Cancer Center | SC | 7,236 | | 0.16 | % | $ | 198.5 | | 0.18 | % | County: 58,758 | Rural - No CBSA | n/a |
| North Mississippi Health Services | MOB | 17,629 | | 0.39 | % | $ | 97.0 | | 0.09 | % | County: 35,252 | Rural - No CBSA | n/a |
| North Mississippi Health Services | MOB | 27,743 | | 0.62 | % | $ | 152.7 | | 0.14 | % | County: 35,252 | Rural - No CBSA | n/a |
| North Mississippi Health Services | MOB | 18,074 | | 0.40 | % | $ | 99.5 | | 0.09 | % | County: 35,252 | Rural - No CBSA | n/a |
| North Mississippi Health Services | MOB | 9,890 | | 0.22 | % | $ | 54.4 | | 0.05 | % | County: 35,252 | Rural - No CBSA | n/a |
| Batesville Regional Medical Center | MOB | 9,263 | | 0.21 | % | $ | 51.0 | | 0.05 | % | County: 34,192 | Rural - No CBSA | n/a |
| Tri Lakes Behavioral | BSF | 58,400 | | 1.31 | % | $ | — | | — | % | County: 34,192 | Rural - No CBSA | n/a |
| Dahlonega Medical Mall | MOB | 22,804 | | 0.51 | % | $ | 390.2 | | 0.36 | % | County: 33,610 | Rural - No CBSA | n/a |
| Lexington Carilion Clinic | PC | 15,820 | | 0.35 | % | $ | 384.3 | | 0.36 | % | County: 22,573 | Rural - No CBSA | n/a |
| Andalusia Medical Plaza | SC | 10,373 | | 0.23 | % | $ | 291.3 | | 0.27 | % | County: 37,049 | Rural - No CBSA | n/a |
| Russellville Medical Plaza | MOB | 29,129 | | 0.65 | % | $ | 163.5 | | 0.15 | % | County: 31,362 | Rural - No CBSA | n/a |
| | | | | | | | |
| Community Healthcare Trust | Page | 22 | 3Q 2024 | Supplemental Information |
REPORTING DEFINITIONS
Acute Inpatient Behavioral Facilities (AIB)
Behavioral inpatient acute care facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses on an inpatient basis. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.
AFFO, Adjusted for Acquisitions
AFFO, Adjusted for Acquisitions, adjusts AFFO to show the impact of the real estate properties acquired in the period as if they had been acquired on the first day of the reporting period, using the expected returns and in-place leases at the time of the acquisition. The Company believes that AFFO, Adjusted for Acquisitions, is useful because it allows investors, analysts and Company management visibility into the impact on the Company's results of operations in future reporting periods resulting from its current period acquisitions.
Annualized Rent
Base rent for the current month multiplied by 12.
Behavioral Specialty Facilities (BSF)
Behavioral specialty facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.
EBITDAre and Adjusted EBITDAre
The Company uses the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") definition of EBITDAre which is net income plus interest expense, income tax expense, and depreciation and amortization, plus losses or minus gains on the disposition of depreciable property, including losses/gains on change of control, plus impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates and consolidated affiliates with non-controlling interest. The Company also presents Adjusted EBITDAre which is EBITDAre before non-cash stock-based compensation amortization.
We consider 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.
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers funds from operations ("FFO") and adjusted funds from operations ("AFFO") to be appropriate measures of operating performance of an equity real estate investment trust ("REIT"). In particular, the Company believes that AFFO is useful because it allows investors, analysts and Company management to compare the Company's operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events.
| | | | | | | | |
| Community Healthcare Trust | Page | 23 | 3Q 2024 | Supplemental Information |
REPORTING DEFINITIONS (continued)
The Company uses the NAREIT definition of FFO. FFO is an operating performance measure adopted by NAREIT. NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to net income (calculated in accordance with GAAP), excluding gains or losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT also provides REITs with an option to exclude gains, losses and impairments of assets that are incidental to the main business of the REIT from the calculation of FFO. The Company has included AFFO which it has defined as FFO, excluding certain expenses related to closing costs of properties acquired accounted for as business combinations and mortgages funded, excluding straight-line rent and the amortization of stock-based compensation, and including or excluding other non-cash items from time to time. AFFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definition.
FFO and AFFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company's financial performance or as alternatives to cash flow from operating activities
(determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and AFFO should be examined in conjunction with net income as presented elsewhere herein.
Inpatient Rehabilitation Facilities (IRF)
Inpatient rehabilitation facilities are free standing rehabilitation hospitals, or may be units within an acute care hospital, that provide intensive rehabilitation programs to patients.
Long-Term Acute Care Hospitals (LTACH)
Long-term acute care hospitals provide inpatient services for patients with complex medical conditions who require more sensitive care, monitoring or emergency support than that available in most skilled nursing facilities.
Medical Office Building (MOB)
Medical office buildings are buildings occupied by healthcare providers and may be located near hospitals or other facilities where healthcare services are rendered or in close proximity to a population base. Medical office buildings can be leased to physicians, physician practice groups, hospitals, healthcare systems or other healthcare providers.
Metropolitan Statistical Area (MSA or MISA)
MSAs or MISAs are geographical regions with relatively higher population densities at their core and have close economic ties throughout their area. MSAs and MISAs are defined by the Office of Management and Budget.
Net Operating Income (NOI)
NOI is a non-GAAP financial measure that is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties and other investments before general and administrative expenses, depreciation and amortization expense, gains or loss on the sale of real estate properties or other investments, interest expense, and income tax expense. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. CHCT's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing NOI.
| | | | | | | | |
| Community Healthcare Trust | Page | 24 | 3Q 2024 | Supplemental Information |
REPORTING DEFINITIONS (continued)
Physician Clinics (PC)
Physician clinics are freestanding healthcare facilities that are primarily devoted to the care of ambulatory patients, can be privately operated or publicly managed and funded, and typically provide primary healthcare needs of populations in local communities utilizing physicians and other healthcare providers.
Specialty Centers (SC)
Specialty centers include various types of centers which may, among others, include oncology centers, dialysis centers, urgent care centers, and blood plasma centers.
Surgical Centers and Hospitals (SCH)
Surgical centers and hospitals may include outpatient surgery centers where surgical procedures not requiring an overnight hospital stay are performed; as well as specialty hospitals that focus on providing care for certain conditions and performing certain procedures, such as cardiovascular and orthopedic surgery.
Total Capitalization
Debt plus stockholders' equity plus accumulated depreciation.
| | | | | | | | |
| Community Healthcare Trust | Page | 25 | 3Q 2024 | Supplemental Information |
DISCLAIMERS
FORWARD-LOOKING STATEMENTS
Certain statements made in this supplemental information package constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated market conditions are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” "outlook," "continue," "projects," “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, expectations, or intentions.
Forward-looking statements reflect the views of our management regarding current expectations and projections about future events and are based on currently available information. These forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data, or methods which may be incorrect or imprecise and we may not be able to realize them.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this supplemental information package, except as required by applicable law. You should not place undue reliance on any forward-looking statements that are based on information currently available to us or the third parties making the forward-looking statements. For a discussion of factors that could impact our future results, performance or transactions, see Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and the Company’s other filings with the Securities and Exchange Commission from time to time.
NON-GAAP FINANCIAL MEASURES
This presentation includes EBITDAre, Adjusted EBITDAre, Adjusted EBITDAre Annualized, Net Operating Income (or NOI), Funds From Operations (or FFO), Adjusted Funds From Operations (or AFFO), and AFFO, Adjusted for Acquisitions, which are non-GAAP financial measures. For purposes of the Securities and Exchange Commission’s (“SEC”) Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this presentation, GAAP refers to generally accepted accounting principles in the United States of America. Our use of the non-GAAP financial measure terms herein may not be comparable to that of other real estate investment trusts. Pursuant to the requirements of Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
| | | | | | | | |
| Community Healthcare Trust | Page | 26 | 3Q 2024 | Supplemental Information |
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Commmunity Healthcare (NYSE:CHCT)
Historical Stock Chart
From Oct 2024 to Nov 2024
Commmunity Healthcare (NYSE:CHCT)
Historical Stock Chart
From Nov 2023 to Nov 2024
