Workflow
Community Healthcare Trust(CHCT)
icon
Search documents
Community Healthcare Trust(CHCT) - 2020 Q1 - Quarterly Report
2020-05-05 21:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 Section13(a) of the Exchange Act. ☐ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION REPORT PURSUANT ...
Community Healthcare Trust(CHCT) - 2019 Q4 - Earnings Call Transcript
2020-02-26 20:23
Community Healthcare Trust Incorporated (NYSE:CHCT) Q4 2019 Earnings Conference Call February 26, 2020 10:00 AM ET Company Participants Timothy Wallace – Chairman, Chief Executive Officer and President Dave Dupuy – Chief Financial Officer Conference Call Participants Nate Crossett – Berenberg Rob Stevenson – Janney Drew Babin – Baird Alexander Goldfarb – Piper Sandler Michael Lewis – SunTrust Sheila McGrath – Evercore ISI Matt Boone – B. Riley FBR Operator Welcome to Community Healthcare Trust's 2019 Fourth ...
Community Healthcare Trust(CHCT) - 2019 Q4 - Annual Report
2020-02-25 22:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37401 | --- | --- | --- | |-----------------------------------------------------|--------------------------------------------------- ...
Community Healthcare Trust(CHCT) - 2019 Q3 - Earnings Call Transcript
2019-11-06 20:53
Community Healthcare Trust, Inc. (NYSE:CHCT) Q3 2019 Earnings Conference Call November 6, 2019 10:00 AM ET Company Participants Timothy Wallace – Chairman, Chief Executive Officer and President Dave Dupuy – Chief Financial Officer Page Barnes – Chief Operating Officer Conference Call Participants Sheila McGrath – Evercore ISI Rob Stevenson – Janney Alexander Goldfarb – Sandler O'Neill Bryan Maher – B. Riley Drew Babin – Baird Barry Oxford – D.A. Davidson Operator Welcome to Community Healthcare Trust 2019 T ...
Community Healthcare Trust(CHCT) - 2019 Q3 - Quarterly Report
2019-11-05 21:11
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37401 Community Healthcare Trust Incorporated (Exact Name of Registrant as Specified in Its Charter) Maryland (State or Oth ...
Community Healthcare Trust(CHCT) - 2019 Q2 - Earnings Call Transcript
2019-08-09 18:56
Community Healthcare Trust, Inc. (NYSE:CHCT) Q2 2019 Results Conference Call August 7, 2019 11:00 AM ET Company Participants Timothy Wallace - Chairman, Chief Executive Officer and President Dave Dupuy - Chief Financial Officer Page Barnes - Chief Operating Officer Leigh Ann Stach - Chief Accounting Officer Conference Call Participants Alexander Goldfarb - Sandler O'Neill Nate Crossett - Berenberg Rob Stevenson - Janney Andrew Babin - Baird Sheila McGrath - Evercore Barry Oxford - D.A. Davidson Operator Wel ...
Community Healthcare Trust(CHCT) - 2019 Q2 - Quarterly Report
2019-08-06 21:10
PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Community Healthcare Trust Incorporated as of June 30, 2019 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$490.5 million** from **$426.6 million** at year-end 2018, driven by real estate and increased debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total real estate properties, net** | $445,738 | $389,632 | | **Total assets** | $490,500 | $426,570 | | **Debt, net** | $198,176 | $147,766 | | **Total liabilities** | $211,380 | $154,911 | | **Total stockholders' equity** | $279,120 | $271,659 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenues increased due to acquisitions, but higher operating and interest expenses led to a decrease in net income for both periods Income Statement Summary (in thousands) | Period | Metric | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | Total Revenues | $14,316 | $12,402 | | | Net Income | $2,066 | $2,417 | | | Diluted EPS | $0.09 | $0.12 | | **Six Months Ended June 30** | Total Revenues | $27,757 | $23,831 | | | Net Income | $3,516 | $4,289 | | | Diluted EPS | $0.16 | $0.22 | [Condensed Consolidated Statements of Comprehensive (Loss) Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) The company reported a comprehensive loss for Q2 and H1 2019, primarily due to unrealized losses on cash flow hedges - For the six months ended June 30, 2019, the company recorded a net income of **$3.5 million** but a comprehensive loss of **$1.9 million**. The difference was driven by a **$5.4 million** loss in other comprehensive income, mainly from the change in fair value of cash flow hedges[13](index=13&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased to **$279.1 million** from stock issuance and net income, offset by dividends and comprehensive loss - Key changes in stockholders' equity for the six months ended June 30, 2019 include net proceeds from common stock issuance of **$23.0 million**, net income of **$3.5 million**, and dividends paid of **$15.4 million**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash increased to **$14.4 million**, with **$64.8 million** used for acquisitions, funded by **$57.3 million** from financing Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $14,383 | $13,028 | | **Net cash used in investing activities** | ($64,783) | ($30,653) | | **Net cash provided by financing activities** | $57,273 | $17,279 | - The significant increase in cash used for investing activities in H1 2019 (**$64.8M** vs **$30.7M** in H1 2018) was primarily due to a higher volume of real estate acquisitions (**$63.4M** vs **$20.1M**)[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's healthcare REIT business, portfolio, acquisitions, credit, derivatives, and subsequent events - As of June 30, 2019, the Company's portfolio consisted of 108 real estate properties in 30 states, with an investment value of approximately **$511.6 million**[19](index=19&type=chunk)[37](index=37&type=chunk) - During the first six months of 2019, the Company acquired five real estate properties for an aggregate purchase price of approximately **$64.6 million**[44](index=44&type=chunk)[45](index=45&type=chunk) - On March 29, 2019, the Company amended its credit facility, adding a new **$75.0 million** term loan (A-3 Term Loan) maturing in 2026[50](index=50&type=chunk) - Subsequent to quarter-end, the Company acquired three additional properties for approximately **$52.6 million** and declared a quarterly dividend of **$0.4125 per share**[89](index=89&type=chunk)[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, acquisition pipeline, liquidity, capital resources, and FFO reconciliation [Trends and Matters Impacting Operating Results](index=22&type=section&id=Trends%20and%20Matters%20Impacting%20Operating%20Results) Operating results are driven by acquisitions, with **$64.6 million** in H1 2019 and a **$102.8 million** pipeline, maintaining **90.1%** occupancy - The company has a significant acquisition pipeline with nine properties under definitive purchase agreements for an aggregate expected price of approximately **$102.8 million** (**$15.8 million** expected in Q3 2019 and **$87.0 million** through 2020)[101](index=101&type=chunk)[102](index=102&type=chunk) - As of June 30, 2019, the real estate portfolio was approximately **90.1% leased**[104](index=104&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Revenue increased due to acquisitions, but higher expenses led to decreased net income, with FFO reconciliation provided FFO Reconciliation (in thousands) | Period | Metric | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | Net Income | $2,066 | $2,417 | | | Funds from Operations | $7,406 | $7,041 | | | FFO per Share-Diluted | $0.40 | $0.40 | | **Six Months Ended June 30** | Total Revenues | $27,757 | $23,831 | | | Net Income | $3,516 | $4,289 | | | Funds from Operations | $14,138 | $13,824 | | | FFO per Share-Diluted | $0.76 | $0.78 | - The increase in revenues for Q2 2019 (**$1.9 million** or **15.4%**) and H1 2019 (**$3.9 million** or **16.5%**) compared to the same periods in 2018 was mainly due to acquisitions of real estate[117](index=117&type=chunk)[125](index=125&type=chunk) - Interest expense increased significantly by **43.3%** in Q2 and **51.6%** in H1 2019 year-over-year, primarily due to additional Term Loan borrowings to fund acquisitions[122](index=122&type=chunk)[130](index=130&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity from operations, credit, and equity issuances supports acquisitions and dividends, with **$131.0 million** borrowing capacity - As of June 30, 2019, the company had approximately **$131.0 million** of borrowing capacity remaining under its Revolving Credit Facility[140](index=140&type=chunk) - During the first six months of 2019, the company issued **641,053 shares** through its ATM Program, receiving proceeds of approximately **$23.2 million**[148](index=148&type=chunk) - The company's debt to total capitalization ratio was approximately **36.5%** at June 30, 2019[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate risk on borrowings using derivative instruments like interest rate swaps, not for speculation - The company's main market risk is **interest rate risk** associated with its borrowings[157](index=157&type=chunk) - To manage interest rate risk, the company uses derivative instruments, such as **interest rate swaps**, to hedge its exposure[157](index=157&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[158](index=158&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[159](index=159&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material pending or threatened litigation - The Company is not aware of any pending or threatened litigation that would have a **material adverse effect** on its financial condition or results[160](index=160&type=chunk) [Risk Factors](index=29&type=page&id=Item%201A.%20Risk%20Factors) The company will become a large accelerated filer, increasing compliance requirements and costs, including auditor attestation - The company will no longer qualify as an **emerging growth company** after December 31, 2019, and will be deemed a **large accelerated filer**[161](index=161&type=chunk)[163](index=163&type=chunk) - As a large accelerated filer, the company will face increased compliance requirements, including an **auditor attestation** on the effectiveness of internal control over financial reporting, which is expected to increase compliance costs[163](index=163&type=chunk)[165](index=165&type=chunk)[167](index=167&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the period - None[172](index=172&type=chunk) [Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the period - None[173](index=173&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[174](index=174&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No other information to report for the period - None[175](index=175&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL data files - The exhibits required by Item 601 of Regulation S-X are filed with the report and listed in the Exhibit Index[176](index=176&type=chunk)
Community Healthcare Trust(CHCT) - 2019 Q1 - Earnings Call Transcript
2019-05-10 03:26
Community Healthcare Trust Inc. (NYSE:CHCT) Q1 2019 Results Earnings Conference Call May 8, 2019 10:00 AM ET Company Participants Timothy Wallace - Chairman, CEO & President Page Barnes - Chief Operating Officer Leigh Ann Stach - Chief Accounting Officer Dave Dupay - Chief Financial Officer Conference Call Participants Sheila McGrath - Evercore ISI Barry Oxford - D.A. Davidson Drew Babin - Baird Alexander Goldfarb - Sandler O'Neill Rob Stevenson - Janney Nate Crossett - Berenberg Bryan Maher - B. Riley FBR ...
Community Healthcare Trust(CHCT) - 2019 Q1 - Quarterly Report
2019-05-07 21:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37401 Community Healthcare Trust Incorporated (Exact Name of Registrant as Specified in Its Charter) Maryland (State or Other J ...
Community Healthcare Trust(CHCT) - 2018 Q4 - Earnings Call Transcript
2019-02-27 20:08
Financial Data and Key Metrics Changes - Total revenues for Q4 2018 were approximately $12.2 million, an increase from $11 million in Q4 2017 [20] - Total revenues for 2018 were $48.6 million, compared to $37.3 million in 2017 [21] - The company reported a net loss of $1.885 million for Q4 2018, compared to a net income of $1.552 million in Q4 2017 [25] - Funds from operations (FFO) for Q4 2018 were $2.9 million, impacted by Highland's rent not recognized [26][27] - Adjusted funds from operations (AFFO) for Q4 2018 were $7.2 million or $0.41 per share diluted, compared to $6.6 million or $0.37 per share for the same period in 2017 [27][28] Business Line Data and Key Metrics Changes - Rental and investment interest revenues for Q4 2018 were $10.5 million, up from $9.5 million in Q4 2017 [21] - The real estate portfolio was approximately 89% leased, with a pro forma total of $10.8 million in rental and interest revenues if all Q4 acquisitions had occurred at the start of the quarter [22] Market Data and Key Metrics Changes - The company acquired 11 properties in Q4 2018 for approximately $24.1 million, with anticipated annual returns of 9.04% to 9.51% [14] - Two properties were acquired in early 2019 for approximately $32.7 million, with anticipated annual returns of 9% to 9.3% [15] Company Strategy and Development Direction - The company plans to continue utilizing its ATM program to access equity markets opportunistically [17] - The company aims to maintain debt below 40% of the book-to-total cap, with a long-term goal of 35% [57] - The management is focused on building a future pipeline of acquisitions to ensure visibility into future growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in collecting previously unrecognized amounts from Highland's rent and interest, citing strong cash flow from the facility [46] - The company anticipates occupancy levels to begin increasing in 2019, despite a recent decline [48][49] Other Important Information - The company declared a dividend of $40.75 per common share for Q4 2018, marking a continuous increase since its IPO [18] - The company has a signed lease with a new operator for the Highlands facility, expected to provide similar cash flow as before [10] Q&A Session Summary Question: Impact of operator situation on Q1 earnings - Management indicated that the transition agreement is in place and expects minimal impact on Q1 earnings, with payments being received [30] Question: Acquisition volume comparison to last year - Management noted that the acquisition volume is significantly higher this year due to a developed pipeline and ongoing opportunities [31][34] Question: Update on restructured tenant - Management reported positive performance from the restructured tenant and anticipates a good year ahead, with potential for significant paydown of the loan [38] Question: Concerns about other tenants - Management stated that while there are over 300 tenants, none are of significant concern at this time [42] Question: Expected trends in lease percentage - Management expects lease percentages to rise throughout 2019, with improved metrics compared to previous years [48][49] Question: General and administrative expenses outlook - Management anticipates a 5% to 10% increase in G&A expenses due to potential new hires [56]