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Community Healthcare Trust(CHCT) - 2023 Q3 - Earnings Call Transcript
2023-11-01 19:16
Financial Data and Key Metrics Changes - Total revenue increased from $24.8 million in Q3 2022 to $28.7 million in Q3 2023, representing a 15.8% year-over-year growth [23] - Funds from operations (FFO) rose from $13.8 million in Q3 2022 to $15 million in Q3 2023, an 8.9% increase year-over-year [24] - Adjusted funds from operations (AFFO) totaled $16.4 million in Q3 2023, up from $15.4 million in Q3 2022, marking a 6.9% year-over-year growth [89] - General and administrative expenses decreased from $3.8 million in Q2 2023 to $3.6 million in Q3 2023 [5] - Interest expense increased from $4.1 million in Q2 2023 to $4.6 million in Q3 2023 due to higher borrowings and interest rates [68] Business Line Data and Key Metrics Changes - The company acquired 7 properties totaling approximately 177,000 square feet for about $51.7 million, with properties 99.8% leased [65] - The weighted average remaining lease term remained stable at 7.1 years, while occupancy decreased from 91.7% to 91% due to lease rejections [86] Market Data and Key Metrics Changes - The company has 7 properties under review with expected investments of $166.5 million, anticipated returns ranging from 9.1% to 9.75% [66] - The company continues to see good leasing activity at locations previously occupied by GenesisCare, indicating a stable market demand [31] Company Strategy and Development Direction - The company plans to opportunistically utilize the ATM to access equity markets and expects to continue funding acquisitions through banking relationships [22] - The focus remains on healthcare-related assets, with a willingness to consider selling non-core properties if they do not fit long-term strategies [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing dialogue with potential sellers, indicating a positive outlook for acquisition opportunities [78] - The company is monitoring the debt markets closely, with no immediate maturities until 2026, allowing for strategic planning [76] Other Important Information - The company declared a dividend of $0.455 per common share for Q3, raising the annualized dividend to $1.82 per share [87] - Property operating expenses increased by approximately $670,000 quarter-over-quarter, attributed to seasonal increases and newly acquired properties [88] Q&A Session Summary Question: What is the mix of cash versus stock compensation for new hires? - Management is evaluating the compensation structure and will disclose details in the next 6 months [8] Question: How is the company approaching debt financing in the next 6 months? - The company plans to primarily use its revolving credit facility and will monitor the debt markets for opportunistic refinancing [76] Question: What is the confidence level in re-tenanting rejected assets versus selling them? - Management is optimistic about re-leasing the spaces and has conducted market studies to assess rental rates [31] Question: How has the recent rise in interest rates affected conversations with potential sellers? - The company feels it has an advantage as an all-cash buyer, allowing for selective acquisition opportunities [100]
Community Healthcare Trust(CHCT) - 2023 Q3 - Earnings Call Presentation
2023-11-01 16:42
Earnings Presentation – 3rd Quarter, 2023 October 25, 2023 Disclaimer Statement 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this presentation other than statements of historical fact, including statements regarding projections, expected operating ...
Community Healthcare Trust(CHCT) - 2023 Q3 - Quarterly Report
2023-10-30 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 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 Maryland 46-5212033 3326 Aspen Grove Drive Suite 150 Franklin, Tennessee 37067 (Address of Principal Executive Offices) (Zip Co ...
Community Healthcare Trust(CHCT) - 2023 Q2 - Earnings Call Presentation
2023-08-10 14:20
Investment Pipeline - Four properties were acquired after June 30, 2023, for approximately $35.6 million [1] - These properties were 100% leased upon acquisition, with lease expirations through 2038 [1] - Eight properties are under definitive purchase agreements for approximately $191.0 million, with expected returns of approximately 9.1% to 9.75% [2] - A term sheet is signed for dialysis clinic funding and development with an expected investment of up to $60.0 million and returns of approximately 9.5% [3] Portfolio Diversification - The top 3 tenants account for 22.1% of annualized rent [6] - Lifepoint Health accounts for $9.320 million, which is 9.9% of annualized rent [6] - US HealthVest accounts for $7.835 million, which is 8.3% of annualized rent [6] - GenesisCare accounts for $3.729 million, which is 3.9% of annualized rent [6] - All other tenants account for $73.564 million, which is 77.9% of annualized rent [6] - The total annualized revenue is $94.448 million [6] Financial Metrics - As of June 30, 2023, the company's market capitalization was $876.4 million and enterprise value was $1,240.8 million [84] - The company has achieved 152% total shareholder return since inception [84]
Community Healthcare Trust(CHCT) - 2023 Q2 - Earnings Call Transcript
2023-08-02 18:09
Financial Data and Key Metrics Changes - Total revenue increased from $24 million in Q2 2022 to $27.8 million in Q2 2023, representing a 15.6% year-over-year growth [24] - Property operating expenses decreased by approximately $100,000 quarter-over-quarter to $4.8 million [25] - General and administrative expenses decreased from $16.2 million in Q1 2023 to $3.8 million in Q2 2023 [25] - Adjusted funds from operations (AFFO) totaled $16 million in Q2 2023, up from $15 million in Q2 2022, marking a 7% growth year-over-year [27] - FFO grew from $2.2 million in Q1 2023 to $15.9 million in Q2 2023, with per diluted common share increasing from $0.09 to $0.62 [53] Business Line Data and Key Metrics Changes - Occupancy increased slightly from 91.6% to 91.7% [13] - Weighted average remaining lease term declined from 7.4 years to 7.1 years [13] - The company has three properties under definitive purchase agreements for a total expected purchase price of $16.1 million, with expected returns of approximately 9.2% to 10.3% [14] Market Data and Key Metrics Changes - Genesis Care, a tenant, filed for Chapter 11 bankruptcy, affecting approximately 3.1% of the company's gross real estate properties [11][19] - The company is monitoring the Genesis Care bankruptcy and its potential impacts [12] Company Strategy and Development Direction - The company aims to continue acquiring properties, with eight additional properties under review for an aggregate expected investment of $191 million [22] - The company plans to opportunistically utilize the ATM to access equity markets [48] - The management is focused on maintaining a strong capital structure while evaluating acquisition financing options [36] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for healthcare properties despite the Genesis Care situation, indicating a belief that there will be a buyer for the spaces [32] - The company is seeing more opportunities for acquisitions with less competition, which is viewed as a positive tailwind for the business [40] - Management noted that the issues with Genesis Care are primarily related to its capital structure rather than the underlying assets [77] Other Important Information - The company declared a dividend for Q2 2023, raising it to $0.4525 per common share, equating to an annualized dividend of $1.81 per share [23] - The company incurred property damage due to vandalism at a vacant property, estimating a casualty loss of approximately $1.6 million, but received insurance proceeds totaling $2.3 million, resulting in a net casualty gain of approximately $700,000 [45] Q&A Session Summary Question: Update on Genesis Care's bankruptcy and lease rejections - Management confirmed that Genesis Care still has the opportunity to reject leases until the bid submission deadline on September 22, with results expected in early October [30] Question: Concerns about vandalism at properties - Management stated that the vandalism incident was unusual and occurred at a vacant facility, emphasizing that security measures are in place for empty buildings [33] Question: Credit watch list and tenant concerns - Management indicated that the credit watch list includes a few tenants, but there are no significant concerns beyond Genesis Care [34] Question: Acquisition pipeline and competition - Management noted that there is less competition for acquisition opportunities, which is favorable for the company [40] Question: Utilization of Genesis Care properties - Management confirmed that the asset management team has verified that Genesis Care properties are operational and providing healthcare services [71]
Community Healthcare Trust(CHCT) - 2023 Q2 - Quarterly Report
2023-07-31 16:00
(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 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 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 | --- | --- | --- | |------------|------------------------ ...
Community Healthcare Trust(CHCT) - 2023 Q1 - Earnings Call Presentation
2023-05-04 04:49
C O M M U N I T Y H H A L T H C A R E LISTED NYSE SUPPLEMENTAL INFORMATION Q1 2023 CHCT Community Healthcare Trust 1Q 2023 | 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 S ...
Community Healthcare Trust(CHCT) - 2023 Q1 - Quarterly Report
2023-05-01 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 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 46-5212033 (State ...
Community Healthcare Trust(CHCT) - 2022 Q4 - Earnings Call Transcript
2023-02-15 19:49
Community Healthcare Trust Incorporated (NYSE:CHCT) Q4 2022 Earnings Conference Call February 15, 2023 10:00 AM ET Company Participants Dave Dupuy - Interim CEO Tim Meyer - EVP, Asset Management Conference Call Participants Rob Stevenson - Janney Alexander Goldfarb - Piper Sandler Michael Lewis - Truist Dave Rodgers - Baird Steve Sakwa - Evercore ISI Operator Welcome to Community Healthcare Trust's 2022 Fourth Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2022 fou ...
Community Healthcare Trust(CHCT) - 2022 Q4 - Annual Report
2023-02-13 16:00
• the continued adoption by providers of federal standards for, and the associated audits of, the meaningful-use of electronic health records and the transition to ICD-10 coding; • changes made by the Biden Administration to reverse actions taken by the Trump Administration that impacted enrollment in health insurance exchanges and Medicaid; As an owner of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances and also could be liable to third parties ...