Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q1 2024 to $30.1 million in Q1 2025, representing a 2.5% year-over-year growth [12] - Compared to Q4 2024, total revenue grew by 2.7% from $29.3 million, driven by acquisitions and seasonal increases in operating expense reimbursements [13] - Funds from operations (FFO) decreased slightly by $77,000 quarter-over-quarter but remained at $12.7 million, with FFO per diluted share at $0.47 [14] Business Line Data and Key Metrics Changes - Occupancy and weighted average remaining lease term remained stable at 90.9% and 6.7 years, respectively [6] - The company acquired a behavioral residential treatment facility for approximately $9.7 million, with anticipated tenant improvements of $1.4 million [7] - The company signed definitive agreements for seven properties with an expected investment of $169.5 million, with anticipated returns ranging from 9.1% to 9.75% [8] Market Data and Key Metrics Changes - The company sold a building in Ohio for approximately $400,000, resulting in net proceeds of about $600,000 [9] - The geriatric psychiatric hospital operator, a tenant in six properties, represents an annual base rent of $3.2 million, with incremental operating improvements noted [9] Company Strategy and Development Direction - The company is focused on selective acquisitions and capital recycling opportunities, maintaining modest leverage levels [10][22] - The management is evaluating the potential for share buybacks but prioritizes capital allocation for growth and acquisitions [25][26] - The company aims to close on two inpatient rehab facilities in the near term, with a healthy pipeline of acquisitions expected [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of tenants and the healthcare sector's resilience amid economic challenges [44] - The company is monitoring the geriatric psychiatric hospital operator's sale process, expecting more clarity by the end of Q2 or early Q3 [19][40] - Management remains cautious about raising equity at current share prices, preferring to utilize selected asset sales and revolver draws for funding [22][23] Other Important Information - The company declared a dividend of $0.47 per common share for Q1 2025, marking a continuous increase since its IPO [10] - The company has an active watch list for tenants, indicating ongoing monitoring of tenant performance [43] Q&A Session Summary Question: Additional information on the geriatric psychiatric hospital operator's sale process - Management indicated that they expect more certainty regarding buyer interest by the end of Q2 or early Q3 [18] Question: Acquisition outlook and capital allocation - Management confirmed a healthy pipeline but noted less activity in Q1, with plans to utilize selected asset sales and revolver draws for funding [20][22] Question: Clarification on contractual payments with the psychiatric hospital operator - The $3.2 million is solely rent, with additional notes payments of approximately $2.5 million [30][31] Question: Concerns about smaller tenants in the portfolio - Management reported stability among tenants, with no significant issues arising in Q1 [43] Question: Conditions under which the company might not proceed with the $169 million pipeline - Management clarified that while there are obligations to acquire, they can opt out if the opportunity is not right [49] Question: Position of the company's notes in the event of asset sales by the psychiatric hospital operator - Management stated they hold a second lien on accounts receivable and a first lien on other assets [51]

Financial Data and Key Metrics Changes - Total revenue increased from $29,300,000 in Q1 2024 to $30,100,000 in Q1 2025, representing a 2.5% annual growth [11] - Compared to Q4 2024, total revenue grew by 2.7% quarter over quarter, attributed to incremental revenue from acquisitions and seasonal increases in operating expense reimbursements [12] - Funds from operations (FFO) decreased slightly by $77,000 quarter over quarter, remaining at $12,700,000, with FFO per diluted share at $0.47 [13] Business Line Data and Key Metrics Changes - Occupancy and weighted average remaining lease term remained flat at 90.9% and 6.7 years, respectively [6] - The company acquired a behavioral residential treatment facility for approximately $9,700,000, with anticipated tenant improvements of $1,400,000, expecting an annual return of 9.5% [7] - The company signed definitive purchase and sale agreements for seven properties with an expected investment of $169,500,000, with returns ranging from 9.1% to 9.75% [7] Market Data and Key Metrics Changes - The company sold a building in Ohio for approximately $400,000, receiving net proceeds of about $600,000, resulting in a gain on the property sale [8] - The geriatric psychiatric hospital operator, a tenant in six properties, represents an annual base rent of $3,200,000, with incremental operating improvements noted [9] Company Strategy and Development Direction - The company continues to be selective in acquisitions while focusing on property operating costs and tenant relationships [6] - Management is evaluating capital recycling opportunities and anticipates sufficient capital from selected asset sales and increased revolver capacity for near-term acquisitions [10] - The company raised its dividend to $0.47 per common share, marking a continuous increase since its IPO [10] Management's Comments on Operating Environment and Future Outlook - Management expects to have more clarity on the status of the geriatric psychiatric hospital operator's sale process by the end of Q2 or early Q3 [18] - The company is cautious about raising equity at current share prices and plans to utilize selected asset sales and revolver draws for funding acquisitions [22] - Overall, management sees stability among tenants and does not anticipate significant negative impacts from the macroeconomic environment on tenants' ability to pay rent [43] Other Important Information - The company has a solid pipeline of acquisitions expected to close over the next three years, totaling approximately $169,000,000 [49] - Management is open to evaluating various capital options, including preferred stock, but maintains a bias towards a simple capital structure [35] Q&A Session Summary Question: Additional information on the geriatric psychiatric hospital operator's sale process - Management indicated that they expect to have more certainty regarding buyer interest by the end of Q2 or early Q3 [18] Question: Acquisition outlook and capital allocation - Management confirmed that they are seeing attractive property acquisitions and are evaluating them, but are cautious about raising equity at current prices [22] Question: Clarification on contractual payments with the psychiatric hospital operator - The $3,200,000 is just the rent, with additional payments on notes amounting to approximately $2,500,000 [30][31] Question: Patience regarding the geriatric tenant's lease default - Management stated they are monitoring the situation and will make decisions based on buyer interest, emphasizing that patience is not unlimited [40] Question: Concerns about smaller tenants in the portfolio - Management reported stability across the portfolio and no significant issues with smaller tenants, indicating a positive macroeconomic outlook for healthcare providers [43]

Company Overview - Community Healthcare Trust (CHCT) has a market capitalization of $514.6 million and an enterprise value of $1,008.4 million as of March 31, 2025 [3] - The company has achieved a 56% total shareholder return since its inception [4] - CHCT has consistently increased its dividend for 39 consecutive quarters [4] - The company's portfolio consists of 201 properties and 313 tenants across 36 states [4] Investment Strategy & Portfolio - CHCT focuses on smaller, off-market or lightly marketed transactions to acquire high-quality assets at attractive yields [8] - The company's investment pipeline includes properties under definitive purchase agreements for approximately $169.5 million with expected returns of 9.1% to 9.75% [25] - The company's investment pipeline includes one property under a signed term sheet for an expected purchase price of approximately $4.1 million and expected return of approximately 9.25% [25] - The company's investment pipeline includes a term sheet signed with an operator for the funding and development of dialysis clinics for an expected aggregate investment of up to $60.0 million with expected aggregate returns of approximately 9.5% [25] - The portfolio is diversified across various property types, with Medical Office Buildings (MOB) representing 36.6%, Inpatient Rehabilitation Facilities (IRF) representing 19.1%, and Acute In-Patient Behavioral Facilities (AIB) representing 12.8% of the portfolio [29] - The portfolio is diversified across 36 states, with Texas (TX) accounting for 16.7%, Illinois (IL) for 11.4%, and Ohio (OH) for 10.1% of the portfolio [31] - The top 2 tenants account for 16.0% of annualized rent [26] Financial Position - The company maintains a conservative balance sheet, targeting a debt to total capitalization ratio of under 40% [7] - As of Q1 2025, Debt / Gross Real Estate Value is 41.0% [54] - As of Q1 2025, Debt to Capitalization is 42.5% [54] - The weighted average lease term is 6.7 years [56] - Leases expiring in 2025 account for 7.2% of total annualized lease revenue, amounting to $7.846 million [56]

Core Insights - Community Healthcare Trust (CHCT) reported revenue of $30.08 million for the quarter ended March 2025, reflecting a year-over-year increase of 2.6% and a surprise of +1.06% over the Zacks Consensus Estimate of $29.76 million [1] - The earnings per share (EPS) for the quarter was $0.55, significantly higher than the $0.11 reported in the same quarter last year, with an EPS surprise of +3.77% compared to the consensus estimate of $0.53 [1] Revenue Breakdown - Rental income amounted to $29.73 million, exceeding the three-analyst average estimate of $29.43 million, representing a year-over-year increase of +4.9% [4] - Other operating interest, net, was reported at $0.35 million, slightly above the estimated $0.32 million, but showed a significant decline of -64.9% compared to the year-ago quarter [4] Stock Performance - Over the past month, shares of Community Healthcare Trust have returned -11.8%, contrasting with the Zacks S&P 500 composite's -0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it may perform in line with the broader market in the near term [3]

Core Insights - Welltower Inc. reported strong financial results for the first quarter of 2025, with significant growth in net income and funds from operations, driven by robust performance in its Seniors Housing Operating portfolio [11][8]. Financial Performance - Reported net income attributable to common stockholders was $257.96 million, or $0.40 per diluted share, compared to $127.15 million, or $0.22 per diluted share in the prior year, marking a substantial increase [11][24]. - Normalized funds from operations (FFO) attributable to common stockholders were $787.18 million, or $1.20 per diluted share, an 18.8% increase year-over-year [11][26]. - Total revenues for the quarter reached $2.42 billion, up from $1.86 billion in the same period last year, reflecting strong demand in the seniors housing sector [11][23]. Capital Activity and Liquidity - The company sourced over $3.1 billion in capital, reducing net debt to consolidated enterprise value to 10.8% from 17.4% year-over-year, enhancing its liquidity profile [3][4]. - As of March 31, 2025, Welltower had approximately $8.6 billion in available liquidity, including $3.6 billion in cash and full capacity under its $5.0 billion line of credit [11][4]. Credit Ratings - S&P and Moody's upgraded Welltower's credit ratings to "A-" and "A3" respectively, citing strong operating performance and improved balance sheet metrics as key factors [4][11]. Portfolio Activity - In the first quarter, Welltower completed $2.8 billion in pro rata gross investments, including $2.7 billion in acquisitions and loan funding [5][11]. - A definitive agreement was announced to acquire a portfolio of 38 ultra-luxury seniors housing communities for C$4.6 billion, expected to close in late 2025 or early 2026 [6][11]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.67 per share for the quarter ended March 31, 2025, marking the 216th consecutive quarterly cash dividend [7][11]. Outlook for 2025 - The company revised its net income guidance to a range of $1.70 to $1.84 per diluted share and increased its normalized FFO guidance to $4.90 to $5.04 per diluted share [8][11]. - Average blended same store NOI growth is expected to be between 10.00% and 13.25%, with the Seniors Housing Operating segment projected to grow between 16.5% and 21.5% [12][11].

Calko Medical Building Brooklyn, NY Earnings Release and Supplemental Report First Quarter 2025 ___________________________________________________________________ To learn more about Healthpeak's commitment to responsible business and view our most recent Corporate Impact Report, please visit www.healthpeak.com/corporate-impact. Return to TOC 3 – Net income of $0.06 per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.46 per share, AFFO of $0.43 per share, and Total Same-Store Portfolio Cash (Ad ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $413 million for Q4 2024 and a normalized FFO of $0.18 per share, with a full-year GAAP net loss of $2.4 billion and normalized FFO of $0.80 per share [38][39] - Impairments and adjustments related to Prospect's Chapter 11 bankruptcy impacted GAAP results, leading to a $415 million adjustment to normalized FFO in the quarter [39] Business Line Data and Key Metrics Changes - The company has seen improvements in hospital fundamentals, with admissions and surgical volumes growing, leading to better coverage across all asset types in the portfolio [21] - New operators added to the portfolio are expected to ramp up cash rent payments to an aggregate quarterly run rate of about $40 million by October 2026 [22][54] Market Data and Key Metrics Changes - In the U.K., private medical insurance utilization has reached an all-time high, benefiting Circle Health and Priory, which reported strong revenue and EBITDARM performance [31][32] - LifePoint Health has shown strong top-line growth driven by increased admissions, with Conemaugh Memorial reporting a 23% year-over-year increase in admissions [34] Company Strategy and Development Direction - The company executed approximately $3 billion in liquidity transactions in 2024, exceeding its $2 billion target, and issued over $2.5 billion in secured bonds to strengthen liquidity [10][11] - The company aims to continue executing its strategy with a focus on generating predictable rent payments and enhancing recoveries from the Prospect bankruptcy [19][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model, emphasizing the need for hospitals to access affordable capital to innovate and serve patients [16] - The company anticipates total annualized cash rent of more than $1 billion once new tenants are fully ramped, with debt maturities covered through 2026 [19] Other Important Information - The company has agreed to provide $25 million in funding to support Prospect during its bankruptcy proceedings, pending court approval [14] - The company has a diverse global portfolio of hospital real estate, which remains attractive to investors and operators [11] Q&A Session Summary Question: Can you provide additional color on Prospect? - The settlement agreement is subject to court approval, and MPT is treated as a secured creditor, with various resolutions being sought for the best financial results [63][64] Question: Are there any other asset sales currently being evaluated? - No other pending sales have been announced, but there are a couple of small sales still pending, totaling well under $100 million [68][70] Question: Are the new tenants cash flow positive before rent? - Most operators are cash flow positive at this point, with cash collections ramping up [74][75] Question: What led to the decline in Accordion Health Services coverage? - The decline is attributed to ongoing healthcare reform in Colombia, not operational issues [86][87] Question: What is the percentage of encumbered versus unencumbered assets? - Approximately $6 billion is encumbered, with the remainder being unencumbered [109] Question: Any expectations about collecting rent from co-off payments? - Significant exposure to co-off is expected to come in March and April [102]

Financial Data and Key Metrics Changes - GAAP net income for the year ended 2024 was $42.7 million or $0.75 per diluted share, compared to $24 million or $0.42 per diluted share for the year ended 2023, indicating significant growth [22] - Cash NOI for the fourth quarter was $41 million, a decrease of 4.3% from $42.8 million in the same period in 2023 [22][23] - AFFO for the fourth quarter was $30.2 million or $0.54 per diluted share, compared to $32.7 million or $0.57 per diluted share during the same period in 2023 [24] Business Line Data and Key Metrics Changes - The company executed renewal leases and lease modifications for over 1.1 million rentable square feet, representing approximately 20% of the total real estate portfolio [15] - The weighted average lease rate increased by 50 basis points to 96% compared to 95.5% at the end of the third quarter [17] - The overall portfolio EBITDARM coverage ratio improved to 5.3 times, with only 1.8% of ABR coming from reporting obligors with EBITDARM coverage ratios below one time [10][18] Market Data and Key Metrics Changes - The company increased exposure to investment grade and rated tenants to 66.9% since the fourth quarter of 2023 [11] - The company noted a lack of new healthcare real estate development, creating a stickier leasing environment [7] - The company is particularly focused on opportunities within the Sunbelt region, also referred to as the "Smile States" [20] Company Strategy and Development Direction - The company aims to enhance the diversity, quality, and size of its healthcare real estate portfolio through strategic acquisitions and capital allocation [7][9] - The company plans to continue executing on its growth strategy in 2025, with a target to grow enterprise value by approximately 7.5% to 15% per annum [33][35] - The company is focused on long-term net lease investments in strategic locations with reliable tenancy sponsorship [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving credit metrics of tenants and the overall health of the healthcare industry [44] - The company anticipates attractive opportunities in the transaction market, despite a higher interest rate environment [20][21] - Management highlighted the importance of maintaining a strong and low to moderately leveraged balance sheet for future growth [27] Other Important Information - The company successfully resolved all exposure related to Genesis Care by re-leasing or selling all 17 assets owned [12] - The company announced a change in the frequency of distributions to stockholders from monthly to quarterly, effective in 2025 [28] - The company has seen a material change in its shareholder base, becoming more institutionally diversified [13] Q&A Session Summary Question: What is the 2025 guidance? - The company indicated a target to grow the enterprise roughly between 7.5% and 15% per annum, with a focus on disciplined growth and accretive assets [33][35] Question: What is the expected mix between loans and acquisitions in 2025? - The majority of transaction volume is expected to be acquisition fee ownership, with some opportunities in loans to fill gaps in development budgets [36][39] Question: Are there any known credit issues or tenant move-outs? - The company reported only one small tenant left, maintaining a high renewal rate and improving credit metrics across the portfolio [42][44] Question: What drove the timing of the Post Acute Medical lease extension? - The extension was driven by a proactive approach and a strong relationship with the tenant, providing them with more certainty as they grow their business [51][52] Question: What is the outlook for the Stoughton facility? - The company is actively marketing the Stoughton property for sale or lease, with interest in both residential and healthcare uses [60][61] Question: Where are the best acquisition opportunities currently? - The company sees attractive opportunities in inpatient rehab and outpatient medical facilities, as well as potential in micro hospitals and urgent care facilities [62]