Community Healthcare Trust Announces Results for the Three Months Ended September 30, 2024
Community Healthcare Trust (NYSE: CHCT) reported Q3 2024 results with net income of $1.7 million ($0.04 per diluted share). FFO and AFFO were $0.48 and $0.55 per diluted share, respectively. The company acquired a 20,400 sq ft physician clinic for $6.2 million and sold an 11,200 sq ft surgical center in Texas. CHCT has four properties under purchase agreements worth $8.8 million and seven post-completion properties valued at $169.5 million. The company amended its credit facility, increasing the revolving facility to $400 million and extending maturity to October 2029. A quarterly dividend of $0.465 per share was declared.
Community Healthcare Trust (NYSE: CHCT) ha riportato i risultati del terzo trimestre 2024 con un reddito netto di 1,7 milioni di dollari (0,04 dollari per azione diluita). L'FFO e l'AFFO sono stati rispettivamente di 0,48 e 0,55 dollari per azione diluita. L'azienda ha acquisito una clinica per medici di 20.400 piedi quadrati per 6,2 milioni di dollari e ha venduto un centro chirurgico di 11.200 piedi quadrati in Texas. CHCT ha quattro proprietà sottoposte a contratti di acquisto del valore di 8,8 milioni di dollari e sette proprietà post-completamento valutate 169,5 milioni di dollari. L'azienda ha modificato la propria linea di credito, aumentando il plafond a 400 milioni di dollari e prorogando la scadenza a ottobre 2029. È stato dichiarato un dividendo trimestrale di 0,465 dollari per azione.
Community Healthcare Trust (NYSE: CHCT) reportó los resultados del tercer trimestre de 2024 con un ingreso neto de 1.7 millones de dólares (0.04 dólares por acción diluida). El FFO y el AFFO fueron de 0.48 y 0.55 dólares por acción diluida, respectivamente. La empresa adquirió una clínica de médicos de 20,400 pies cuadrados por 6.2 millones de dólares y vendió un centro quirúrgico de 11,200 pies cuadrados en Texas. CHCT tiene cuatro propiedades bajo acuerdos de compra por un valor de 8.8 millones de dólares y siete propiedades después de la finalización valoradas en 169.5 millones de dólares. La compañía modificó su línea de crédito, aumentando la línea revolvente a 400 millones de dólares y extendiendo el vencimiento hasta octubre de 2029. Se declaró un dividendo trimestral de 0.465 dólares por acción.
커뮤니티 헬스케어 트러스트 (NYSE: CHCT)는 2024년 3분기 실적을 발표하며 순이익이 170만 달러(희석주당 0.04달러)라고 보고했습니다. FFO와 AFFO는 각각 희석주당 0.48달러와 0.55달러였습니다. 이 회사는 20,400 평방피트의 의사 클리닉을 620만 달러에 인수하고 텍사스에 있는 11,200 평방피트의 외과 센터를 판매했습니다. CHCT는 880만 달러의 매입 계약이 체결된 4개의 자산과 1억 6,950만 달러로 평가된 7개의 완공 후 자산을 보유하고 있습니다. 이 회사는 신용 시설을 수정하여 회전 대출 한도를 4억 달러로 늘리고 만기를 2029년 10월로 연장했습니다. 주당 0.465달러의 분기 배당금이 선언되었습니다.
Community Healthcare Trust (NYSE: CHCT) a publié les résultats du troisième trimestre 2024, avec un revenu net de 1,7 million de dollars (0,04 dollar par action diluée). Les FFO et AFFO étaient respectivement de 0,48 et 0,55 dollar par action diluée. L'entreprise a acquis une clinique de médecins de 20 400 pieds carrés pour 6,2 millions de dollars et a vendu un centre chirurgical de 11 200 pieds carrés au Texas. CHCT dispose de quatre propriétés sous contrats d'achat d'une valeur de 8,8 millions de dollars et de sept propriétés post-acha t d'une valeur de 169,5 millions de dollars. L'entreprise a modifié sa ligne de crédit, augmentant la facilité de crédit renouvelable à 400 millions de dollars et prolongeant l'échéance jusqu'en octobre 2029. Un dividende trimestriel de 0,465 dollar par action a été déclaré.
Community Healthcare Trust (NYSE: CHCT) hat die Ergebnisse des 3. Quartals 2024 veröffentlicht, mit einem Nettogewinn von 1,7 Millionen Dollar (0,04 Dollar pro verwässerter Aktie). FFO und AFFO lagen bei 0,48 und 0,55 Dollar pro verwässerter Aktie. Das Unternehmen erwarb eine 20.400 Quadratfuß große Arztpraxis für 6,2 Millionen Dollar und verkaufte ein 11.200 Quadratfuß großes chirurgisches Zentrum in Texas. CHCT hat vier Immobilien unter Kaufverträgen im Wert von 8,8 Millionen Dollar und sieben fertiggestellte Immobilien im Wert von 169,5 Millionen Dollar. Das Unternehmen hat seine Kreditfazilität geändert, indem es die revolvierende Kreditlinie auf 400 Millionen Dollar erhöht und die Fälligkeit auf Oktober 2029 verlängert hat. Eine vierteljährliche Dividende von 0,465 Dollar pro Aktie wurde erklärt.
- Increased revolving credit facility from $150M to $400M
- Lowered credit facility pricing by 10-30 basis points
- Extended credit facility maturity to October 2029
- Acquired fully leased physician clinic for $6.2M
- Strong pipeline with $178.3M in properties under purchase agreements
- Low net income of $1.7M ($0.04 per diluted share)
- Disposed of surgical center asset in Texas
Insights
The Q3 2024 results reveal mixed performance for Community Healthcare Trust. Net income of
The expansion of their credit facility to
The maintained quarterly dividend of
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 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 - The Company has four properties under definitive purchase agreements for an aggregate expected purchase price of approximately
$8.8 million 9.29% to9.50% . 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 9.1% to9.75% . 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 $400.0 million - 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
$0.46 5
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
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
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, | — | — | |
Common stock, | 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 |
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 | |||||||
The Consolidated Statements of Income do not include all of the information and footnotes required by accounting principles generally accepted in |
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
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SOURCE Community Healthcare Trust Incorporated
FAQ
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