Community Healthcare Trust(US:CHCT)2020-08-04 21:07Real Estate Acquisitions - The Company acquired 13 real estate properties totaling approximately 213,000 square feet for an aggregate purchase price of approximately $58.2 million during the first six months of 2020[100]. - The Company has two properties under definitive purchase agreements with an expected purchase price of approximately $2.6 million and expected returns of approximately 9.3%[101]. - The Company expects to close on three properties with an aggregate expected purchase price of approximately $68.0 million, with expected returns ranging from 9.5% to 11.0%[102]. - The Company has two properties under definitive purchase agreements for an aggregate expected purchase price of approximately $2.6 million, with expected returns of approximately 9.3%[142]. Rental Income and Revenue - Rental income for the three months ended June 30, 2020, increased by $4.5 million, or 33.4%, compared to the same period in 2019, primarily due to real estate acquisitions[114]. - For the six months ended June 30, 2020, rental income increased by $9.0 million, or 34.3%, compared to the same period in 2019[123]. - Revenues increased by approximately $8.5 million, or 30.5%, for the six months ended June 30, 2020, compared to the same period in 2019[125]. Financial Performance - Net income for the three months ended June 30, 2020, was $4.5 million, representing a 119.1% increase compared to $2.1 million in the same period in 2019[114]. - Funds from Operations (FFO) for the six months ended June 30, 2020, were approximately $21.2 million, compared to $14.1 million for the same period in 2019, representing a 50.5% increase[134]. - Cash flows provided by operating activities for the six months ended June 30, 2020, were approximately $23.7 million, compared to $14.4 million for the same period in 2019[149]. Expenses - Property operating expenses for the three months ended June 30, 2020, increased by $0.2 million, or 7.7%, compared to the same period in 2019[117]. - Property operating expenses rose by approximately $0.5 million, or 8.2%, for the six months ended June 30, 2020, primarily due to real estate acquisitions[126]. - General and administrative expenses increased by approximately $0.6 million, or 15.4%, for the six months ended June 30, 2020, mainly due to compensation-related expenses[127]. - Interest expense decreased by approximately $0.1 million, or 3.0%, for the three months ended June 30, 2020, due to a lower weighted average interest rate[121]. Debt and Capitalization - The Company had a debt to total capitalization ratio of approximately 29.3% as of June 30, 2020, remaining compliant with its financial covenants[141]. Dividends and Funding - The Company declared a quarterly common stock dividend of $0.4225 per share, equating to an annualized dividend of $1.69 per share[156]. - The Company expects to fund new investments through cash from operations, proceeds from its Credit Facility, or additional debt or equity offerings[145]. Portfolio Status - As of June 30, 2020, the Company's real estate portfolio was approximately 89.5% leased, with 107,000 square feet leased or renewed during the first half of 2020[103]. - The Company had investments in real estate properties totaling approximately $664.7 million as of June 30, 2020, compared to $511.6 million in 2019[112].