CHCT 8-K
Community Healthcare Trust Inc (CHCT)
8-K
2021-02-16
For: 2021-02-16
View Original
Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 16, 2021 (February 16, 2021 )
(Exact Name of Registrant as Specified in Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) (Zip Code) | ||
(615 ) 771-3052
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
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 Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On February 16, 2021 , Community Healthcare Trust Incorporated (the "Company") issued a press release announcing its earnings for the fourth quarter ended December 31, 2020. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
This information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.
Item 7.01 Regulation FD Disclosure
The Company is furnishing its Supplemental Information for the fourth quarter ended December 31, 2020, which is also contained on its website (www.chct.reit). See Exhibit 99.2 to this Current Report on Form 8-K.
The Company has prepared an investor presentation for the fourth quarter ended December 31, 2020 that is expected to be used in meetings with current and potential investors. A copy of this presentation is available on the Company's website (www.chct.reit).
This information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits
The exhibits required by Item 601 of Regulation S-K which are filed with this report are listed in the Exhibit Index and are hereby incorporated in by reference.
EXHIBIT INDEX
| Exhibit Number | Description | ||||
| 99.1 | |||||
| 99.2 | |||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COMMUNITY HEALTHCARE TRUST INCORPORATED | ||||||||
| By: | /s/ David H. Dupuy David H. Dupuy Executive Vice President and Chief Financial Officer | |||||||
Exhibit 99.1
News Release
Community Healthcare Trust Announces Results for the Three Months Ended December 31, 2020
FRANKLIN, Tenn., February 16, 2021 / PRNewswire / -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended December 31, 2020. The Company reported net income for the fourth quarter of approximately $5.2 million, or $0.21 per diluted common share. Funds from operations and adjusted funds from operations ("AFFO") for the three months ended December 31, 2020 totaled $0.53 and $0.56, respectively, per diluted common share.
Highlights include:
•During the fourth quarter of 2020, the Company issued, through its at-the-market offering program ("ATM Program"), 480,592 shares of common stock at an average gross sales price of $47.65 per share and received net proceeds of approximately $22.4 million at an approximate 3.64% current equity yield.
•During the fourth quarter of 2020, the Company acquired ten real estate properties totaling approximately 216,102 square feet for an aggregate purchase price and cash consideration of approximately $67.9 million. Upon acquisition, the real estate properties were 100% leased in the aggregate with lease expirations through 2039.
•Subsequent to the fourth quarter of 2020, through February 16, 2021, the Company acquired four real estate properties totaling approximately 80,000 square feet for an aggregate purchase price of approximately $17.8 million and cash consideration of approximately $17.9 million, and entered into a $6.0 million term loan and a revolving line of credit up to $4.0 million with the tenant on two of the properties. Upon acquisition, the properties were 100.0% leased in the aggregate with lease expirations through 2036. These acquisitions were funded with cash on hand and proceeds from the Company's Revolving Credit Facility.
•The Company has two properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $42.0 million. The Company's expected aggregate return on these investments is approximately 9.1%. The Company expects to close on these properties in the first quarter of 2021; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
•The Company has one property under a definitive purchase agreement for an expected purchase price of approximately $4.4 million. The Company is currently performing due diligence procedures customary for this type of transaction. The Company expects to close on the purchase of this property in the second quarter of 2021; however, the Company cannot provide assurance as to the timing of when, or whether, this transaction will actually close.
•On February 11, 2021, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4275 per share. The dividend is payable on March 5, 2021 to stockholders of record on February 25, 2021.
COVID-19 Pandemic
•Many healthcare providers have been impacted by the COVID-19 pandemic. Some of them were unable to see patients for a period of time; others have seen a reduced number of elective procedures and/or patient visits; while others have experienced limited impact, or have even seen improved cash flows from either increases in census or from government funding.
•As a result of the pandemic, the Company entered into deferral agreements with eighteen tenants. These represented less than one percent of our annualized rent in the aggregate. Sixteen of these agreements required the tenants to repay the deferred amounts during the last half of 2020, while two of the agreements extended repayment beyond the end of 2020. The Company has remaining payments due under these agreements of less than $100,000 as of December 31, 2020.
1
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. The Company had investments of approximately $735.4 million in 141 real estate properties as of December 31, 2020, located in 33 states, totaling approximately 3.1 million square feet.
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
This press release contains statements that are "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", "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 Company's control. 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, the degree and nature of the Company's competition, the ability to consummate acquisitions under contract, effects on global and national markets as well as businesses resulting from the COVID-19 pandemic, and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the Company's other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this release and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
2
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands, except per share amounts)
| December 31, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Real estate properties: | |||||||||||
Land and land improvements | $ | 83,714 | $ | 68,129 | |||||||
Buildings, improvements, and lease intangibles | 651,398 | 534,503 | |||||||||
Personal property | 247 | 220 | |||||||||
Total real estate properties | 735,359 | 602,852 | |||||||||
Less accumulated depreciation | (102,899) | (77,523) | |||||||||
Total real estate properties, net | 632,460 | 525,329 | |||||||||
Cash and cash equivalents | 2,483 | 1,730 | |||||||||
Restricted cash | 409 | 293 | |||||||||
Other assets, net | 33,050 | 35,179 | |||||||||
Total assets | $ | 668,402 | $ | 562,531 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Debt, net | $ | 212,374 | $ | 194,243 | |||||||
Accounts payable and accrued liabilities | 5,743 | 3,606 | |||||||||
Other liabilities | 20,369 | 11,271 | |||||||||
Total liabilities | 238,486 | 209,120 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value; 450,000,000 shares authorized; 23,888,090 and 21,410,578 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 239 | 214 | |||||||||
Additional paid-in capital | 550,391 | 447,916 | |||||||||
Cumulative net income | 36,631 | 17,554 | |||||||||
Accumulated other comprehensive (loss) income | (11,846) | (4,808) | |||||||||
Cumulative dividends | (145,499) | (107,465) | |||||||||
Total stockholders’ equity | 429,916 | 353,411 | |||||||||
Total liabilities and stockholders' equity | $ | 668,402 | $ | 562,531 | |||||||
| The Condensed Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | ||
3
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2020 AND 2019
(Unaudited; Dollars in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Rental income | $ | 19,728 | $ | 16,292 | $ | 73,925 | $ | 58,269 | |||||||||||||||
Other operating interest | 396 | 541 | 1,759 | 2,580 | |||||||||||||||||||
| 20,124 | 16,833 | 75,684 | 60,849 | ||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Property operating | 3,485 | 2,840 | 13,614 | 12,235 | |||||||||||||||||||
General and administrative | 2,486 | 2,126 | 8,768 | 7,719 | |||||||||||||||||||
Depreciation and amortization | 6,905 | 5,906 | 25,378 | 22,225 | |||||||||||||||||||
| 12,876 | 10,872 | 47,760 | 42,179 | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND OTHER ITEMS | 7,248 | 5,961 | 27,924 | 18,670 | |||||||||||||||||||
Loss on sale of real estate | — | — | (313) | — | |||||||||||||||||||
Interest expense | (2,124) | (2,513) | (8,620) | (9,301) | |||||||||||||||||||
Deferred income tax expense | (40) | (1,421) | (80) | (1,430) | |||||||||||||||||||
Interest and other income, net | 156 | 186 | 166 | 437 | |||||||||||||||||||
| INCOME FROM CONTINUING OPERATIONS | 5,240 | 2,213 | 19,077 | 8,376 | |||||||||||||||||||
NET INCOME | $ | 5,240 | $ | 2,213 | $ | 19,077 | $ | 8,376 | |||||||||||||||
NET INCOME PER COMMON SHARE: | |||||||||||||||||||||||
Net income per common share – Basic | $ | 0.21 | $ | 0.09 | $ | 0.80 | $ | 0.37 | |||||||||||||||
Net income per common share – Diluted | $ | 0.21 | $ | 0.09 | $ | 0.80 | $ | 0.37 | |||||||||||||||
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-BASIC | 22,427 | 19,686 | 21,576 | 18,685 | |||||||||||||||||||
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-DILUTED | 22,427 | 19,686 | 21,576 | 18,685 | |||||||||||||||||||
| The Condensed Consolidated Statements of Income do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | ||
4
COMMUNITY HEALTHCARE TRUST INCORPORATED
RECONCILIATION OF FFO and AFFO (1)
(Unaudited; Amounts in thousands, except per share amounts)
| Three Months Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net income | $ | 5,240 | $ | 2,213 | |||||||
| Real estate depreciation and amortization | 6,951 | 5,943 | |||||||||
Income tax expense (2) | — | 1,321 | |||||||||
| Total adjustments | 6,951 | 7,264 | |||||||||
| Funds From Operations | $ | 12,191 | $ | 9,477 | |||||||
| Straight-line rent | (693) | (699) | |||||||||
| Stock-based compensation | 1,393 | 1,085 | |||||||||
| AFFO | $ | 12,891 | $ | 9,863 | |||||||
Funds from Operations per Common Share-Diluted | $ | 0.53 | $ | 0.47 | |||||||
| AFFO Per Common Share-Diluted | $ | 0.56 | $ | 0.49 | |||||||
Weighted Average Common Shares Outstanding-Diluted (3) | 23,068 | 20,220 | |||||||||
| (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 and FFO per share are operating performance measures 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 and gains or losses from change in control, plus depreciation and amortization related to real estate, plus 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, and after adjustments for unconsolidated partnerships and joint ventures, as well as other items discussed in NAREIT's Funds From Operations White Paper - 2018 Restatement. 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. 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) | In the fourth quarter of 2018, the Company recorded a $5.0 million impairment related to its mezzanine loan with Highland Hospital and recorded a related tax benefit and deferred tax asset of approximately $1.3 million. This deferred tax asset was impaired in the fourth quarter of 2019 and the tax benefit was reversed resulting in tax expense of $1.3 million. The Company believes that the mezzanine loan is incidental to the main operations of the Company. As such, the Company excluded the tax impact from the impairment of the note receivable in its calculation of FFO for the three months ended December 31, 2019. | ||||
| (3) | Diluted weighted average common shares outstanding for FFO are calculated based on the treasury method, rather than the 2-class method used to calculate earnings per share. | ||||
CONTACT: David H. Dupuy, 615-771-3052
SOURCE: Community Healthcare Trust Incorporated
5
Exhibit 99.2
 | CHCT | ||||
| LISTED | |||||
| NYSE | |||||
| SUPPLEMENTAL INFORMATION 4Q 2020 | ||
| Community Healthcare Trust | 4Q 2020 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, physician offices, specialty centers, acute inpatient behavioral facilities, behavioral specialty facilities, and inpatient rehabilitation facilities across the United States, primarily outside of urban centers. As a result of favorable demographic trends, increases in healthcare spending, and the shift in the delivery of healthcare services to community-based facilities, we believe our properties are essential for healthcare providers to serve their local markets.
TABLE OF CONTENTS
Portfolio Diversification | |||||
| Community Healthcare Trust | 4Q 2020 Supplemental Information | |||||||
| ||
COMPANY SNAPSHOT
| December 31, 2020 | |||||
Gross real estate investments (in thousands) (1) | $ | 738,847 | |||
| Total properties | 141 | ||||
| % Leased | 88.8 | % | |||
| Total square feet owned | 3,050,992 | ||||
| Weighted Average remaining lease term (years) | 8.1 | ||||
| Cash and cash equivalents and restricted cash (in thousands) | $ | 2,892 | |||
| Debt to Total Capitalization | 28.5 | % | |||
| Weighted average interest rate per annum on Revolving Line of Credit | 1.546 | % | |||
| Weighted average interest rate per annum on Term Loans | 3.881 | % | |||
| Equity market cap (in millions) | $ | 1,125.4 | |||
| Quarterly dividend paid in the period (per share) | $ | 0.4250 | |||
| Quarter end stock price (per share) | $ | 47.11 | |||
| Dividend yield | 3.61 | % | |||
| Common shares outstanding | 23,888,090 | ||||
| ___________ | |||||
(1) Includes a portion of one property accounted for as a financing lease included in Other Assets. | |||||
| Community Healthcare Trust | Page | 3 | 4Q 2020 | Supplemental Information | ||||||
| ||
CORPORATE INFORMATION
| Community Healthcare Trust Incorporated | ||||||||||||||
| 3326 Aspen Grove Drive, Suite 150 | ||||||||||||||
| Franklin, TN 37067 | ||||||||||||||
| Phone: 615-771-3052 | ||||||||||||||
| E-mail: [email protected] | ||||||||||||||
Website: www.chct.reit | ||||||||||||||
| BOARD OF DIRECTORS | ||||||||||||||
| Timothy G. Wallace | Alan Gardner | Robert Hensley | Claire Gulmi | R. Lawrence Van Horn | ||||||||||
| Chairman of the Board | Lead Independent Director | Audit Committee Chair | Compensation Committee Chair | Corporate Governance Committee Chair | ||||||||||
| EXECUTIVE MANAGEMENT TEAM | ||||||||
| Timothy G. Wallace | David H. Dupuy | Leigh Ann Stach | ||||||
| Chief Executive Officer and President | Executive Vice President Chief Financial Officer | Executive Vice President Chief Accounting Officer | ||||||
| COVERING ANALYSTS | |||||
| A. Goldfarb - Piper Sandler | M. Lewis - Truist Securities | ||||
| S. McGrath - Evercore ISI | R. Stevenson - Janney Capital Markets | ||||
| B. Maher - B. Riley FBR | N. Crossett - Berenberg Capital Markets | ||||
| A. Sweitzer - Baird | B. Oxford - D.A. Davidson & Co. | ||||
| G. Mehta - National Research | K. Bauser - Colliers International Securities | ||||
| PROFESSIONAL SERVICES | |||||
| Independent Registered Public Accounting Firm | Transfer Agent | ||||
| BDO USA, LLP | American Stock Transfer & Trust Company, LLC | ||||
| 501 Commerce Street, Suite 1400 | Operations Center | ||||
| Nashville, TN 37203 | 6201 15th Avenue | ||||
| Brooklyn, NY 11219 | |||||
| 1-800-937-5449 | |||||
| Community Healthcare Trust | Page | 4 | 4Q 2020 | Supplemental Information | ||||||
| ||
FINANCIAL HIGHLIGHTS
| Three Months Ended | ||||||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | ||||||||||||||||
| (Unaudited and in thousands, except per share data) | ||||||||||||||||||||
| INCOME ITEMS | ||||||||||||||||||||
| Revenues | $ | 20,124 | $ | 19,344 | $ | 18,280 | $ | 17,936 | $ | 16,833 | ||||||||||
| NOI | $ | 16,795 | $ | 15,781 | $ | 15,060 | $ | 14,600 | $ | 14,179 | ||||||||||
EBITDAre | $ | 14,309 | $ | 13,570 | $ | 13,161 | $ | 12,408 | $ | 12,053 | ||||||||||
Adjusted EDITDAre | $ | 15,702 | $ | 14,854 | $ | 14,231 | $ | 13,427 | $ | 13,138 | ||||||||||
| FFO | $ | 12,191 | $ | 11,598 | $ | 11,007 | $ | 10,209 | $ | 9,477 | ||||||||||
| AFFO | $ | 12,891 | $ | 11,968 | $ | 11,352 | $ | 10,350 | $ | 9,863 | ||||||||||
| Per Diluted Share: | ||||||||||||||||||||
| Net income attributable to common shareholders | $ | 0.21 | $ | 0.22 | $ | 0.19 | $ | 0.18 | $ | 0.09 | ||||||||||
| FFO | $ | 0.53 | $ | 0.52 | $ | 0.51 | $ | 0.48 | $ | 0.47 | ||||||||||
| AFFO | $ | 0.56 | $ | 0.53 | $ | 0.52 | $ | 0.49 | $ | 0.49 | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Gross real estate investments | $ | 735,359 | $ | 667,342 | $ | 664,687 | $ | 641,856 | $ | 602,852 | ||||||||||
| Total assets | $ | 668,402 | $ | 615,672 | $ | 612,304 | $ | 596,754 | $ | 562,531 | ||||||||||
| CAPITALIZATION | ||||||||||||||||||||
| Net debt | $ | 212,374 | $ | 179,342 | $ | 197,309 | $ | 203,276 | $ | 194,243 | ||||||||||
| Total capitalization | $ | 745,189 | $ | 684,956 | $ | 674,110 | $ | 654,633 | $ | 625,177 | ||||||||||
| Net debt/total capitalization | 28.5 | % | 26.2 | % | 29.3 | % | 31.1 | % | 31.1 | % | ||||||||||
| Community Healthcare Trust | Page | 5 | 4Q 2020 | Supplemental Information | ||||||
| ||
CONSOLIDATED BALANCE SHEETS
| As of | |||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | |||||||||||||
ASSETS | (Unaudited and in thousands, except per share data) | ||||||||||||||||
Real estate properties | |||||||||||||||||
Land and land improvements | $ | 83,714 | $ | 80,123 | $ | 78,999 | $ | 74,680 | $ | 68,129 | |||||||
Buildings, improvements, and lease intangibles | 651,398 | 586,978 | 585,454 | 566,954 | 534,503 | ||||||||||||
Personal property | 247 | 241 | 234 | 222 | 220 | ||||||||||||
Total real estate properties | 735,359 | 667,342 | 664,687 | 641,856 | 602,852 | ||||||||||||
Less accumulated depreciation | (102,899) | (95,993) | (89,698) | (83,582) | (77,523) | ||||||||||||
Total real estate properties, net | 632,460 | 571,349 | 574,989 | 558,274 | 525,329 | ||||||||||||
Cash and cash equivalents | 2,483 | 12,158 | 4,896 | 3,326 | 1,730 | ||||||||||||
Restricted cash | 409 | 340 | 351 | 282 | 293 | ||||||||||||
Other assets, net | 33,050 | 31,825 | 32,068 | 34,872 | 35,179 | ||||||||||||
Total assets | $ | 668,402 | $ | 615,672 | $ | 612,304 | $ | 596,754 | $ | 562,531 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Debt, net | $ | 212,374 | $ | 179,342 | $ | 197,309 | $ | 203,276 | $ | 194,243 | |||||||
Accounts payable and accrued liabilities | 5,743 | 5,800 | 5,497 | 5,297 | 3,606 | ||||||||||||
Other liabilities | 20,369 | 20,909 | 22,395 | 20,406 | 11,271 | ||||||||||||
Total liabilities | 238,486 | 206,051 | 225,201 | 228,979 | 209,120 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock, $0.01 par value; 50,000,000 shares authorized | — | — | — | — | — | ||||||||||||
Common stock, $0.01 par value; 450,000,000 shares authorized | 239 | 234 | 227 | 221 | 214 | ||||||||||||
Additional paid-in capital | 550,391 | 526,636 | 500,477 | 475,824 | 447,916 | ||||||||||||
Cumulative net income | 36,631 | 31,391 | 26,180 | 21,654 | 17,554 | ||||||||||||
Accumulated other comprehensive loss | (11,846) | (13,135) | (13,969) | (13,426) | (4,808) | ||||||||||||
Cumulative dividends | (145,499) | (135,505) | (125,812) | (116,498) | (107,465) | ||||||||||||
Total stockholders’ equity | 429,916 | 409,621 | 387,103 | 367,775 | 353,411 | ||||||||||||
Total liabilities and stockholders' equity | $ | 668,402 | $ | 615,672 | $ | 612,304 | $ | 596,754 | $ | 562,531 | |||||||
| Community Healthcare Trust | Page | 6 | 4Q 2020 | Supplemental Information | ||||||
| ||
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | |||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | |||||||||||||
(Unaudited and amounts in thousands, except per share data) | |||||||||||||||||
REVENUES | |||||||||||||||||
Rental income | $ | 19,728 | $ | 18,939 | $ | 17,830 | $ | 17,428 | $ | 16,292 | |||||||
Other operating interest | 396 | 405 | 450 | 508 | 541 | ||||||||||||
| 20,124 | 19,344 | 18,280 | 17,936 | 16,833 | |||||||||||||
EXPENSES | |||||||||||||||||
Property operating | 3,485 | 3,563 | 3,223 | 3,343 | 2,840 | ||||||||||||
General and administrative (1) (2) | 2,486 | 2,191 | 1,899 | 2,192 | 2,126 | ||||||||||||
Depreciation and amortization | 6,905 | 6,295 | 6,119 | 6,059 | 5,906 | ||||||||||||
| 12,876 | 12,049 | 11,261 | 11,594 | 10,872 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND OTHER ITEMS | 7,248 | 7,295 | 7,019 | 6,342 | 5,961 | ||||||||||||
Loss on sale of real estate | — | — | (313) | — | — | ||||||||||||
Interest expense | (2,124) | (2,064) | (2,183) | (2,249) | (2,513) | ||||||||||||
Deferred income tax expense (1) | (40) | (20) | (20) | — | (1,421) | ||||||||||||
Interest and other income, net | 156 | — | 3 | 7 | 186 | ||||||||||||
| 5,240 | (2,084) | (2,493) | (2,242) | (3,748) | |||||||||||||
NET INCOME | $ | 5,240 | $ | 5,211 | $ | 4,526 | $ | 4,100 | $ | 2,213 | |||||||
NET INCOME PER COMMON SHARE | |||||||||||||||||
Net income per common share – Basic | $ | 0.21 | $ | 0.22 | $ | 0.19 | $ | 0.18 | $ | 0.09 | |||||||
Net income per common share – Diluted | $ | 0.21 | $ | 0.22 | $ | 0.19 | $ | 0.18 | $ | 0.09 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 22,427 | 21,866 | 21,264 | 20,735 | 19,686 | ||||||||||||
DIVIDENDS DECLARED, PER COMMON SHARE, IN THE PERIOD | $ | 0.4250 | $ | 0.4225 | $ | 0.4200 | $ | 0.4175 | $ | 0.4150 | |||||||
| (1) Reclassed deferred income tax expense from general and administrative expense of $20 for each of the three months ended September 30, 2020 and June 30, 2020 to conform to the current period presentation. | |||||||||||||||||
(2) CASH VS. NON-CASH GENERAL AND ADMINISTRATIVE EXPENSES: | |||||||||||||||||
Non-cash (stock-based compensation) | 55 | % | 58 | % | 56 | % | 47 | % | 51 | % | |||||||
Cash | 45 | % | 42 | % | 44 | % | 53 | % | 49 | % | |||||||
| Community Healthcare Trust | Page | 7 | 4Q 2020 | Supplemental Information | ||||||
| ||
RECONCILIATION OF NON-GAAP MEASURES
FUNDS FROM OPERATIONS (FFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
| Three Months Ended | ||||||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | ||||||||||||||||
(Unaudited and amounts in thousands, except per share data) | ||||||||||||||||||||
| NET INCOME | $ | 5,240 | 5,211 | $ | 4,526 | $ | 4,100 | $ | 2,213 | |||||||||||
| Real estate depreciation and amortization | 6,951 | 6,387 | 6,168 | 6,109 | 5,943 | |||||||||||||||
| Income tax expense (benefit) | — | — | — | — | 1,321 | |||||||||||||||
| Loss (gain) on sales of real estate | — | — | 313 | — | — | |||||||||||||||
Total adjustments | 6,951 | 6,387 | 6,481 | 6,109 | 7,264 | |||||||||||||||
| FFO | $ | 12,191 | 11,598 | $ | 11,007 | $ | 10,209 | $ | 9,477 | |||||||||||
| Straight-line rent | (693) | (914) | (725) | (878) | (699) | |||||||||||||||
| Stock-based compensation | 1,393 | 1,284 | 1,070 | 1,019 | 1,085 | |||||||||||||||
| AFFO | $ | 12,891 | 11,968 | $ | 11,352 | $ | 10,350 | $ | 9,863 | |||||||||||
| FFO PER COMMON SHARE | $ | 0.53 | $ | 0.52 | $ | 0.51 | $ | 0.48 | $ | 0.47 | ||||||||||
| AFFO PER COMMON SHARE | $ | 0.56 | $ | 0.53 | $ | 0.52 | $ | 0.49 | $ | 0.49 | ||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 23,068 | 22,468 | 21,750 | 21,310 | 20,220 | |||||||||||||||
| AFFO, ADJUSTED FOR ACQUISITIONS (1) | ||||||||||||||||||||
| AFFO | 12,891 | 11,968 | 11,352 | 10,350 | 9,863 | |||||||||||||||
| Revenue on Properties Acquired in the period (2) | 333 | — | 348 | 838 | 294 | |||||||||||||||
| Property operating expense adjustment (2) | (35) | — | (46) | (368) | (36) | |||||||||||||||
| AFFO, ADJUSTED FOR ACQUISITIONS | $ | 13,189 | $ | 11,968 | $ | 11,654 | $ | 10,820 | $ | 10,121 | ||||||||||
| (1) AFFO is adjusted to reflect acquisitions as if they had occurred on the first day of the applicable period. | ||||||||||||||||||||
| (2) Revenue and expense adjustments are calculated based on expected returns and leases in place at acquisition. | ||||||||||||||||||||
| Community Healthcare Trust | Page | 8 | 4Q 2020 | Supplemental Information | ||||||
| ||
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
NET OPERATING INCOME (NOI)
| Three Months Ended | ||||||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | ||||||||||||||||
(Unaudited and amounts in thousands, except per share data) | ||||||||||||||||||||
| NET OPERATING INCOME | ||||||||||||||||||||
| Net income | $ | 5,240 | $ | 5,211 | $ | 4,526 | $ | 4,100 | $ | 2,213 | ||||||||||
| General and administrative | 2,486 | 2,191 | 1,899 | 2,192 | 2,126 | |||||||||||||||
| Depreciation and amortization | 6,905 | 6,295 | 6,119 | 6,059 | 5,906 | |||||||||||||||
| Loss on sale of depreciable real estate | — | — | 313 | — | — | |||||||||||||||
| Interest expense | 2,124 | 2,064 | 2,183 | 2,249 | 2,513 | |||||||||||||||
| Deferred Income tax expense | 40 | 20 | 20 | — | 1,421 | |||||||||||||||
| NOI | $ | 16,795 | $ | 15,781 | $ | 15,060 | $ | 14,600 | $ | 14,179 | ||||||||||
EBITDAre and ADJUSTED EBITDAre | ||||||||||||||||||||
EBITDAre | ||||||||||||||||||||
| Net income | $ | 5,240 | $ | 5,211 | $ | 4,526 | $ | 4,100 | $ | 2,213 | ||||||||||
| Interest expense | 2,124 | 2,064 | 2,183 | 2,249 | 2,513 | |||||||||||||||
| Depreciation and amortization | 6,905 | 6,295 | 6,119 | 6,059 | 5,906 | |||||||||||||||
| Deferred Income tax expense | 40 | 20 | 20 | — | 1,421 | |||||||||||||||
| Loss on sale of real estate | — | — | 313 | — | — | |||||||||||||||
EBITDAre | $ | 14,309 | $ | 13,590 | $ | 13,161 | $ | 12,408 | $ | 12,053 | ||||||||||
| Non-cash deferred compensation expense | 1,393 | 1,284 | 1,070 | 1,019 | 1,085 | |||||||||||||||
ADJUSTED EBITDAre | $ | 15,702 | $ | 14,874 | $ | 14,231 | $ | 13,427 | $ | 13,138 | ||||||||||
ADJUSTED EDITDAre ANNUALIZED (1) | $ | 62,808 | ||||||||||||||||||
| (1) | Adjusted EDITDAre multiplied by 4. This annualized amount may differ significantly from the actual full year results. | ||||
| Community Healthcare Trust | Page | 9 | 4Q 2020 | Supplemental Information | ||||||
| ||
WEIGHTED AVERAGE SHARES
| Three Months Ended | ||||||||||||||||||||
| 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | ||||||||||||||||
(Unaudited and amounts in thousands, except per share data) | ||||||||||||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||
| Weighted average common shares outstanding | 23,592 | 22,965 | 22,286 | 21,733 | 20,595 | |||||||||||||||
Unvested restricted shares | (1,165) | (1,099) | (1,022) | (998) | (910) | |||||||||||||||
Weighted average common shares outstanding - EPS | 22,427 | 21,866 | 21,264 | 20,735 | 19,685 | |||||||||||||||
Weighted average common shares outstanding - FFO Basic | 22,427 | 21,866 | 21,264 | 20,735 | 19,685 | |||||||||||||||
| Dilutive potential common shares (from below) | 641 | 602 | 486 | 575 | 535 | |||||||||||||||
| Weighted average common shares outstanding - FFO Diluted | 23,068 | 22,468 | 21,750 | 21,310 | 20,220 | |||||||||||||||
| TREASURY SHARE CALCULATION | ||||||||||||||||||||
| Unrecognized deferred compensation-end of period | $ | 24,202 | $ | 25,595 | $ | 19,904 | $ | 20,159 | $ | 16,570 | ||||||||||
| Unrecognized deferred compensation-beginning of period | $ | 25,595 | $ | 19,904 | $ | 20,159 | $ | 16,570 | $ | 17,655 | ||||||||||
| Average unrecognized deferred compensation | $ | 24,899 | $ | 22,750 | $ | 20,032 | $ | 18,365 | $ | 17,113 | ||||||||||
| Average share price per share | $ | 47.55 | $ | 45.75 | $ | 37.40 | $ | 43.48 | $ | 45.59 | ||||||||||
| Treasury shares | 524 | 497 | 536 | 423 | 375 | |||||||||||||||
| Unvested restricted shares | 1,165 | 1,099 | 1,022 | 998 | 910 | |||||||||||||||
| Treasury shares | (524) | (497) | (536) | (423) | (375) | |||||||||||||||
| Dilutive potential common shares | 641 | 602 | 486 | 575 | 535 | |||||||||||||||
| Community Healthcare Trust | Page | 10 | 4Q 2020 | Supplemental Information | ||||||
| ||
5-YEAR SELECTED FINANCIAL INFORMATION
| Year Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||||||
| STATEMENT OF OPERATIONS DATA | ||||||||||||||||||||
| Total revenues | $ | 75,684 | $ | 60,849 | $ | 48,557 | $ | 37,276 | $ | 25,042 | ||||||||||
| Total operating expenses | $ | 47,760 | $ | 42,179 | $ | 35,117 | $ | 30,367 | $ | 21,173 | ||||||||||
| Net income | $ | 19,077 | $ | 8,376 | $ | 4,403 | $ | 3,510 | $ | 2,721 | ||||||||||
| DILUTED INCOME PER SHARE | ||||||||||||||||||||
| Income per diluted common share | $ | 0.80 | $ | 0.37 | $ | 0.19 | $ | 0.19 | $ | 0.24 | ||||||||||
| Weighted average common shares outstanding - Diluted | 21,576 | 18,685 | 17,669 | 14,815 | 11,320 | |||||||||||||||
| BALANCE SHEET DATA (AS OF THE END OF THE PERIOD) | ||||||||||||||||||||
| Real estate properties, gross | $ | 735,359 | $ | 602,852 | $ | 444,930 | $ | 388,486 | $ | 252,736 | ||||||||||
| Real estate properties, net | $ | 632,460 | $ | 525,329 | $ | 389,632 | $ | 352,350 | $ | 234,332 | ||||||||||
| Mortgage notes receivable, net | $ | — | $ | — | $ | — | $ | 10,633 | $ | 10,786 | ||||||||||
| Total assets | $ | 668,402 | $ | 562,531 | $ | 426,570 | $ | 385,766 | $ | 251,529 | ||||||||||
| Debt, net | $ | 212,374 | $ | 194,243 | $ | 147,766 | $ | 93,353 | $ | 51,000 | ||||||||||
| Total stockholders' equity | $ | 429,916 | $ | 353,411 | $ | 271,659 | $ | 283,374 | $ | 194,007 | ||||||||||
| OTHER DATA | ||||||||||||||||||||
| Funds from operations | $ | 45,005 | $ | 32,074 | $ | 27,448 | $ | 21,224 | $ | 15,912 | ||||||||||
| Funds from operations per common share - Diluted | $ | 2.03 | $ | 1.67 | $ | 1.53 | $ | 1.41 | $ | 1.41 | ||||||||||
| Dividends paid | $ | 38,034 | $ | 31,947 | $ | 29,375 | $ | 24,432 | $ | 17,783 | ||||||||||
| Dividends declared and paid per common share | $ | 1.685 | $ | 1.645 | $ | 1.605 | $ | 1.565 | $ | 1.525 | ||||||||||
| Community Healthcare Trust | Page | 11 | 4Q 2020 | Supplemental Information | ||||||
| ||
EXECUTIVE COMPENSATION
| Performance Based Incentive Compensation | |||||||||||||||||||||||||||||||||||
| Name and Position | Year | Total Compensation | Salary Taken In Stock (1) | Other (2) | Bonus Stock (1) | Alignment of Interest Stock (3) | 1-Year Total Shareholder Return Stock | 3-Year Total Shareholder Return Stock | Total Performance Based Incentive Compensation | Percent of Total | |||||||||||||||||||||||||
| Timothy G. Wallace | 2020 | $ | 3,737,563 | $ | 645,000 | $ | 13,382 | $ | 548,250 | $ | 1,402,181 | $ | 483,750 | $ | 645,000 | $ | 3,079,181 | 82.4 | % | ||||||||||||||||
| Chief Executive Officer and President | 2019 | $ | 2,595,964 | $ | 540,000 | $ | 10,800 | $ | 216,000 | $ | 884,164 | $ | 405,000 | $ | 540,000 | $ | 2,045,164 | 78.8 | % | ||||||||||||||||
| 2018 | $ | 2,247,977 | $ | 458,167 | $ | — | $ | 183,267 | $ | 690,209 | $ | 458,167 | $ | 458,167 | $ | 1,789,810 | 79.6 | % | |||||||||||||||||
David H. Dupuy (4) | 2020 | $ | 2,451,981 | $ | 392,000 | $ | 188,572 | $ | 333,200 | $ | 852,209 | $ | 294,000 | $ | 392,000 | $ | 1,871,409 | 76.3 | % | ||||||||||||||||
| Executive Vice President and Chief Financial Officer | 2019 | $ | 1,383,110 | $ | 233,333 | $ | 192,729 | $ | 23,333 | $ | 321,215 | $ | 262,500 | $ | 350,000 | $ | 957,048 | 69.2 | % | ||||||||||||||||
| 2018 | $ | — | $ | — | $ | — | $ | — | — | — | — | $ | — | — | % | ||||||||||||||||||||
| W. Page Barnes | 2020 | $ | 2,150,234 | $ | 370,400 | $ | 11,616 | $ | 314,840 | $ | 805,178 | $ | 277,800 | $ | 370,400 | $ | 1,768,218 | 82.2 | % | ||||||||||||||||
| Executive Vice President and Chief Operating Officer | 2019 | $ | 1,579,239 | $ | 328,000 | $ | 8,930 | $ | 131,200 | $ | 537,109 | $ | 246,000 | $ | 328,000 | $ | 1,242,309 | 78.7 | % | ||||||||||||||||
| 2018 | $ | 1,330,517 | $ | 271,167 | $ | — | $ | 108,467 | $ | 408,549 | $ | 271,167 | $ | 271,167 | $ | 1,059,350 | 79.6 | % | |||||||||||||||||
| Leigh Ann Stach | 2020 | $ | 1,895,617 | $ | 326,800 | $ | 8,734 | $ | 277,780 | $ | 710,403 | $ | 245,100 | $ | 326,800 | $ | 1,560,083 | 82.3 | % | ||||||||||||||||
| Executive Vice President and Chief Accounting Officer | 2019 | $ | 1,274,444 | $ | 266,000 | $ | 1,000 | $ | 106,400 | $ | 435,544 | $ | 199,500 | $ | 266,000 | $ | 1,007,444 | 79.0 | % | ||||||||||||||||
| 2018 | $ | 1,284,916 | $ | 220,500 | $ | — | $ | 188,200 | $ | 435,216 | $ | 220,500 | $ | 220,500 | $ | 1,064,416 | 82.8 | % | |||||||||||||||||
| (1) Each Executive Officer has elected to take 100% of their salary and cash bonus in deferred stock with an 8-year cliff vesting. | |||||||||||||||||||||||||||||||||||
| (2) Other includes employer contributions to the executive officer's health savings account (HSA) and 401(k); moving and relocation expenses for Mr. Dupuy in 2019; and the value of the grant of 5,000 shares of restricted stock to Mr. Dupuy in each of the years 2019 and 2020. | |||||||||||||||||||||||||||||||||||
| (3) Alignment of interest stock grants per the Alignment Interest Program which is part of the Company's Incentive Plan. | |||||||||||||||||||||||||||||||||||
| (4) Mr. Dupuy joined the Company on May 1, 2019. | |||||||||||||||||||||||||||||||||||
| CEO Pay Ratios | |||||||||||||||||
| CEO and President | Median Employee | Average Employee | Lowest Paid Employee | ||||||||||||||
| Cash | $ | — | $ | 110,145 | $ | 145,208 | $ | 56,000 | |||||||||
| Compensation Taken in Stock | 3,724,181 | 29,026 | 237,481 | — | |||||||||||||
| Other Compensation | 13,382 | 2,620 | 4,828 | — | |||||||||||||
| Total Compensation | $ | 3,737,563 | $ | 141,791 | $ | 387,517 | $ | 56,000 | |||||||||
| CEO to Employee Ratio | 26.36 | 9.64 | 66.74 | ||||||||||||||
| Community Healthcare Trust | Page | 12 | 4Q 2020 | Supplemental Information | ||||||
| ||
DEBT SUMMARY
| Principal Balance | Stated Rate | Hedged Rate | |||||||||
| (in thousands) | |||||||||||
| Revolving credit facility | $ | 33,000 | 1.55 | % | |||||||
| Term loan A-1 | 50,000 | 1.56 | % | 3.60 | % | ||||||
| Term loan A-2 | 50,000 | 1.76 | % | 3.93 | % | ||||||
| Term loan A-3 | 75,000 | 1.96 | % | 4.03 | % | ||||||
| Total Credit Facility | 208,000 | ||||||||||
| Secured mortgage loan | 5,180 | 4.98 | % | 4.98 | % | ||||||
| Debt | 213,180 | ||||||||||
| Deferred Financing Costs, net | (806) | ||||||||||
| Debt, net | $ | 212,374 | |||||||||
| Select Covenants | Required | Q4 2020 | ||||||
| Leverage ratio | ≤ 60.0% | 28.2 | % | |||||
| Fixed charge coverage ratio | ≥ 1.50x | 5.9x | ||||||
| Tangible net worth (in thousands) | ≥ $404,898 | $542,688 | ||||||
| Secured indebtedness | ≤ 30.0% | 0.7 | % | |||||
| Community Healthcare Trust | Page | 13 | 4Q 2020 | Supplemental Information | ||||||
| ||
2020 PROPERTY ACQUISITIONS AND ANNUAL INVESTMENTS
| Property | Market | Property Type | Date Acquired | % Leased at Acquisition | Purchase Price (in thousands) | Square Feet | ||||||||||||||
| Baptist Health | San Antonio, TX | MOB | 1/27/2020 | 100.0 | % | $ | 4,003 | 13,500 | ||||||||||||
| San Antonio Head & Neck Surg. Assoc. | San Antonio, TX | MOB | 1/27/2020 | 100.0 | % | 1,931 | 6,500 | |||||||||||||
| Decatur Hospital MOB | Decatur, AL | MOB | 2/18/2020 | 93.9 | % | 5,784 | 35,943 | |||||||||||||
| Sanderling Dialysis Center | Ramona, CA | SC | 3/13/2020 | 100.0 | % | 4,100 | 11,300 | |||||||||||||
| Parkside Family & Davita Clinics | Cuero, TX | SC | 3/18/2020 | 100.0 | % | 2,153 | 15,515 | |||||||||||||
| Everest Rehabilitation Center | Rogers, AR | IRF | 3/27/2020 | 100.0 | % | 19,000 | 38,817 | |||||||||||||
| Land parcel | Oak Lawn, IL | MOB | 4/20/2020 | — | % | 400 | — | |||||||||||||
| Sanderling Dialysis Center | Germantown, TN | SC | 4/29/2020 | 100.0 | % | 3,900 | 10,600 | |||||||||||||
| Hopebridge Autism Center | Westlake, OH | SC | 6/5/2020 | 100.0 | % | 2,443 | 15,057 | |||||||||||||
| Hopebridge Autism Center | Columbus, IN | SC | 6/5/2020 | 100.0 | % | 1,813 | 13,969 | |||||||||||||
| Bluewater Orthopedics Center | Niceville, FL | MOB | 6/15/2020 | 100.0 | % | 2,294 | 10,250 | |||||||||||||
| Forefront Dermatology | Greensburg, PA | MOB | 6/16/2020 | 100.0 | % | 3,389 | 15,650 | |||||||||||||
| Lemak Medical Office Building | Gardendale, AL | MOB | 6/24/2020 | 100.0 | % | 2,948 | 12,956 | |||||||||||||
| Lemak Medical Office Building | Prattville, AL | MOB | 6/24/2020 | 100.0 | % | 4,091 | 13,319 | |||||||||||||
| Land parcel | Jensen Beach, FL | MOB | 9/18/2020 | — | % | 1,050 | — | |||||||||||||
| Lake Behavioral Hospital | Waukegan, IL | AIB | 10/1/2020 | 100.0 | % | 30,000 | 83,658 | |||||||||||||
| Genesis Care | Andalusia, AL | SC | 10/30/2020 | 100.0 | % | 3,698 | 10,373 | |||||||||||||
| Genesis Care | Asheville, NC | SC | 10/30/2020 | 100.0 | % | 2,187 | 10,850 | |||||||||||||
| Genesis Care | Bonita Springs, FL | SC | 10/30/2020 | 100.0 | % | 1,243 | 4,445 | |||||||||||||
| Genesis Care | Fort Myers, FL | SC | 10/30/2020 | 100.0 | % | 8,261 | 46,356 | |||||||||||||
| Genesis Care | Princeton, WV | SC | 10/30/2020 | 100.0 | % | 1,233 | 7,236 | |||||||||||||
| Genesis Care | Redding, CA | SC | 10/30/2020 | 100.0 | % | 5,508 | 12,206 | |||||||||||||
| Genesis Care | Southbridge, MA | SC | 10/30/2020 | 100.0 | % | 8,462 | 20,046 | |||||||||||||
| Genesis Care | Warwick, RI | SC | 10/30/2020 | 100.0 | % | 3,390 | 10,236 | |||||||||||||
| Genesis Care | Weaverville, NC | SC | 10/30/2020 | 100.0 | % | 3,927 | 10,696 | |||||||||||||
| 99.7 | % | $ | 127,208 | 429,478 | ||||||||||||||||
| Community Healthcare Trust | Page | 14 | 4Q 2020 | Supplemental Information | ||||||
| ||
PORTFOLIO DIVERSIFICATION
| Property Type | Annualized Rent (%) | ||||
| Medical Office Building (MOB) | 30.4 | % | |||
| Acute Inpatient Behavioral (AIB) | 19.3 | % | |||
| Specialty Centers (SC) | 15.3 | % | |||
| Inpatient Rehabilitation Facilities (IRF) | 13.4 | % | |||
| Physician Clinics (PC) | 10.1 | % | |||
| Surgical Centers and Hospitals (SCH) | 6.1 | % | |||
| Behavioral Specialty Facilities (BSF) | 3.3 | % | |||
| Long-term Acute Care Hospitals (LTACH) | 2.1 | % | |||
| Total | 100.0 | % | |||
| State | Annualized Rent (%) | ||||
| Illinois (IL) | 15.4 | % | |||
| Texas (TX) | 14.2 | % | |||
| Ohio (OH) | 8.3 | % | |||
| Florida (FL) | 7.8 | % | |||
| Massachusetts (MA) | 5.0 | % | |||
| West Virginia (WV) | 4.7 | % | |||
| Other (Less than 4%) | 44.6 | % | |||
| Total | 100.0 | % | |||
| Tenant | Annualized Rent (%) | ||||
| US Healthvest (US Healthvest) | 11.1 | % | |||
| Everest Rehabilitation (Everest) | 9.4 | % | |||
| Genesis Care (Genesis) | 4.9 | % | |||
| Summit Behavioral Healthcare (Summit) | 4.5 | % | |||
| All Others (Less than 4%) | 70.1 | % | |||
| Total | 100.0 | % | |||
| Community Healthcare Trust | Page | 15 | 4Q 2020 | Supplemental Information | ||||||
| ||
LEASE EXPIRATIONS
| Total Leased Sq. Ft. | Annualized Rent | ||||||||||||||||
| Year | Number of Leases Expiring | Amount | Percent (%) | Amount ($) (thousands) | Percent (%) | ||||||||||||
| 2021 | 29 | 164,676 | 6.1 | % | $ | 3,535 | 5.2 | % | |||||||||
| 2022 | 39 | 216,602 | 8.1 | % | 4,687 | 6.9 | % | ||||||||||
| 2023 | 47 | 271,815 | 10.1 | % | 5,384 | 8.0 | % | ||||||||||
| 2024 | 21 | 143,631 | 5.3 | % | 3,347 | 5.0 | % | ||||||||||
| 2025 | 27 | 253,353 | 9.4 | % | 7,052 | 10.4 | % | ||||||||||
| 2026 | 22 | 252,948 | 9.4 | % | 5,643 | 8.3 | % | ||||||||||
| 2027 | 4 | 12,325 | 0.5 | % | 360 | 0.5 | % | ||||||||||
| 2028 | 8 | 123,461 | 4.6 | % | 2,351 | 3.5 | % | ||||||||||
| 2029 | 13 | 177,744 | 6.6 | % | 5,217 | 7.7 | % | ||||||||||
| 2030 | 14 | 172,667 | 6.4 | % | 3,157 | 4.7 | % | ||||||||||
| Thereafter | 26 | 875,472 | 32.6 | % | 26,498 | 39.3 | % | ||||||||||
| Month-to-Month | 11 | 24,491 | 0.9 | % | 358 | 0.5 | % | ||||||||||
| Totals | 261 | 2,689,185 | 100.0 | % | $ | 67,589 | 100.0 | % | |||||||||
(1) Total portfolio was approximately 88.8% leased in the aggregate at December 31, 2020 with lease expirations ranging from 2021 through 2039.
| Community Healthcare Trust | Page | 16 | 4Q 2020 | Supplemental Information | ||||||
| ||
PROPERTY LOCATIONS
Approximately 47% of our property revenues are in MSAs with populations over 1,000,000 and approximately 92% are in MSAs with populations over 100,000.
| Property Name | Property Type | Area | % of Square Feet | Annualized Rent ($000's) | % of Annualized Rent | Population | MSA/MISA | Rank | ||||||||||||||||||
| Chicago Behavioral Hospital | BF | 85,000 | 2.79% | $ | 2,056.6 | 3.03% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Presence Regional Cancer Center | SC | 44,888 | 1.47% | $ | 1,701.0 | 2.51% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Morris Cancer Center | SC | 18,470 | 0.61% | $ | 578.8 | 0.85% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Skin MD | PC | 13,565 | 0.44% | $ | 474.1 | 0.70% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Gurnee Medical Office Building | MOB | 22,943 | 0.75% | $ | 129.2 | 0.19% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Future Diagnostics Group | SC | 8,876 | 0.29% | $ | 375.7 | 0.55% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Novamed Surgery Center | SCH | 31,158 | 1.02% | $ | 391.1 | 0.58% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Joliet Oncology-Hematology Associates | PC | 7,905 | 0.26% | $ | 348.8 | 0.51% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Presence | MOB | 14,863 | 0.49% | $ | 326.7 | 0.48% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| US HealthVest - Lake | AIB | 83,658 | 2.74% | $ | 2,835.0 | 4.18% | 9,458,539 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | |||||||||||||||||
| Kindred Healthcare | SC | 55,646 | 1.82% | $ | 2,705.2 | 3.99% | 7,066,141 | Houston-The Woodlands-Sugar Land, TX | 5 | |||||||||||||||||
| Bayside Medical Center | MOB | 50,593 | 1.66% | $ | 740.6 | 1.09% | 7,066,141 | Houston-The Woodlands-Sugar Land, TX | 5 | |||||||||||||||||
| Northwest Surgery Center | SCH | 11,200 | 0.37% | $ | — | —% | 7,066,141 | Houston-The Woodlands-Sugar Land, TX | 5 | |||||||||||||||||
| Haddon Hill Professional Center | MOB | 24,567 | 0.81% | $ | 502.5 | 0.74% | 6,102,434 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8 | |||||||||||||||||
| Mountain View Surgery Center | SCH | 13,835 | 0.45% | $ | — | —% | 4,948,203 | Phoenix-Mesa-Scottsdale, AZ | 10 | |||||||||||||||||
| Desert Endoscopy Center | SCH | 11,722 | 0.38% | $ | 249.7 | 0.37% | 4,948,203 | Phoenix-Mesa-Scottsdale, AZ | 10 | |||||||||||||||||
| Continuum Wellness Center | PC | 8,227 | 0.27% | $ | 150.6 | 0.22% | 4,948,203 | Phoenix-Mesa-Scottsdale, AZ | 10 | |||||||||||||||||
| Berry Surgical Center | SCH | 27,217 | 0.89% | $ | 580.0 | 0.86% | 4,319,629 | Detroit-Warren-Dearborn, MI | 14 | |||||||||||||||||
| Associated Surgical Center of Dearborn | SCH | 12,400 | 0.41% | $ | 381.3 | 0.56% | 4,319,629 | Detroit-Warren-Dearborn, MI | 14 | |||||||||||||||||
| Smokey Point Behavioral | BF | 70,100 | 2.30% | $ | 2,651.7 | 3.91% | 3,979,845 | Seattle-Tacoma-Bellevue, WA | 15 | |||||||||||||||||
| Sanderling Dialysis | SC | 11,300 | 0.37% | $ | 385.0 | 0.57% | 3,338,330 | San Diego-Carlsbad, CA | 17 | |||||||||||||||||
| Bay Area Physicians Surgery Center | SCH | 18,708 | 0.61% | $ | 726.1 | 1.07% | 3,194,831 | Tampa-St. Petersburg-Clearwater, FL | 18 | |||||||||||||||||
| Liberty Dialysis | SC | 8,450 | 0.28% | $ | 252.5 | 0.37% | 2,967,239 | Denver-Aurora-Lakewood, CO | 19 | |||||||||||||||||
| Eyecare Partners | SCH | 16,608 | 0.54% | $ | 282.3 | 0.42% | 2,803,228 | St. Louis, MO-IL | 20 | |||||||||||||||||
| Eyecare Partners | PC | 6,487 | 0.21% | $ | 126.4 | 0.19% | 2,803,228 | St. Louis, MO-IL | 20 | |||||||||||||||||
| Eyecare Partners | PC | 6,311 | 0.21% | $ | 45.0 | 0.07% | 2,803,228 | St. Louis, MO-IL | 20 | |||||||||||||||||
| Eyecare Partners | PC | 5,560 | 0.18% | $ | 41.2 | 0.06% | 2,803,228 | St. Louis, MO-IL | 20 | |||||||||||||||||
| Righttime Medical Care | SC | 6,236 | 0.20% | $ | 292.6 | 0.43% | 2,800,053 | Baltimore-Columbia-Towson, MD | 21 | |||||||||||||||||
| Bassin Center For Plastic-Surgery-Villages | PC | 2,894 | 0.09% | $ | 158.0 | 0.23% | 2,608,147 | Orlando-Kissimmee-Sanford, FL | 23 | |||||||||||||||||
| Medical Village at Wintergarden | MOB | 21,648 | 0.71% | $ | 564.6 | 0.83% | 2,608,147 | Orlando-Kissimmee-Sanford, FL | 23 | |||||||||||||||||
| Orthopaedic Associates of Osceola | PC | 15,167 | 0.50% | $ | 340.4 | 0.50% | 2,608,147 | Orlando-Kissimmee-Sanford, FL | 23 | |||||||||||||||||
| Bassin Center For Plastic Surgery-Orlando | PC | 2,420 | 0.08% | $ | 132.1 | 0.19% | 2,608,147 | Orlando-Kissimmee-Sanford, FL | 23 | |||||||||||||||||
| Kissimmee Physicians Clinic | PC | 4,902 | 0.16% | $ | 101.0 | 0.15% | 2,608,147 | Orlando-Kissimmee-Sanford, FL | 23 | |||||||||||||||||
| Baptist Health | MOB | 13,500 | 0.44% | $ | 368.9 | 0.54% | 2,550,960 | San Antonio-New Braunfels, TX | 24 | |||||||||||||||||
| Community Healthcare Trust | Page | 17 | 4Q 2020 | Supplemental Information | ||||||
| ||
| Property Name | Property Type | Area | % of Square Feet | Annualized Rent ($000's) | % of Annualized Rent | Population | MSA/MISA | Rank | ||||||||||||||||||
| San Antonio Head & Neck Surgical Assoc. | MOB | 6,500 | 0.21% | $ | 177.1 | 0.26% | 2,550,960 | San Antonio-New Braunfels, TX | 24 | |||||||||||||||||
| Forefront Dermatology Building | MOB | 15,650 | 0.51% | $ | 313.0 | 0.46% | 2,317,600 | Pittsburg, PA | 27 | |||||||||||||||||
| Butler Medical Center | MOB | 10,116 | 0.33% | $ | 265.3 | 0.39% | 2,317,600 | Pittsburgh, PA | 27 | |||||||||||||||||
| Vascular Access Ctrs. of Southern Nevada | SC | 4,800 | 0.16% | $ | — | —% | 2,266,715 | Las Vegas-Henderson-Paradise, NV | 28 | |||||||||||||||||
| Assurance Health System | BF | 14,381 | 0.47% | $ | 515.4 | 0.76% | 2,221,208 | Cincinnati, OH-KY-IN | 30 | |||||||||||||||||
| Fresenius Florence Dialysis Center | SC | 17,845 | 0.58% | $ | 437.8 | 0.65% | 2,221,208 | Cincinnati, OH-KY-IN | 30 | |||||||||||||||||
| Cavalier Medical & Dialysis Center | MOB | 36,986 | 1.21% | $ | 261.9 | 0.39% | 2,221,208 | Cincinnati, OH-KY-IN | 30 | |||||||||||||||||
| Davita Commercial Way | SC | 4,980 | 0.16% | $ | 106.6 | 0.16% | 2,221,208 | Cincinnati, OH-KY-IN | 30 | |||||||||||||||||
| Prairie Star Medical Facility I | MOB | 24,724 | 0.81% | $ | 868.0 | 1.28% | 2,157,990 | Kansas City, MO-KS | 31 | |||||||||||||||||
| Prairie Star Medical Facility II | MOB | 24,840 | 0.81% | $ | 95.9 | 0.14% | 2,157,990 | Kansas City, MO-KS | 31 | |||||||||||||||||
| Sedalia Medical Center | MOB | 20,064 | 0.66% | $ | 306.6 | 0.45% | 2,122,271 | Columbus, OH | 32 | |||||||||||||||||
| Hopebridge - Columbus | BSF | 13,969 | 0.46% | $ | 166.8 | 0.25% | 2,122,271 | Columbus, OH | 32 | |||||||||||||||||
| Court Street Surgery Center | SCH | 7,787 | 0.26% | $ | — | —% | 2,122,271 | Columbus, OH | 32 | |||||||||||||||||
| Kindred Hospital Indianapolis North | LTACH | 37,270 | 1.22% | $ | 1,439.2 | 2.12% | 2,074,537 | Indianapolis-Carmel-Anderson, IN | 33 | |||||||||||||||||
| Assurance Health System | BF | 13,722 | 0.45% | $ | 467.3 | 0.69% | 2,074,537 | Indianapolis-Carmel-Anderson, IN | 33 | |||||||||||||||||
| Assurance Health, LLC | BF | 10,200 | 0.33% | $ | 346.1 | 0.51% | 2,074,537 | Indianapolis-Carmel-Anderson, IN | 33 | |||||||||||||||||
| Rockside Medical Center | MOB | 55,013 | 1.80% | $ | 1,305.6 | 1.93% | 2,048,449 | Cleveland-Elyria, OH | 34 | |||||||||||||||||
| Brook Park Medical Building | MOB | 18,444 | 0.60% | $ | 364.6 | 0.54% | 2,048,449 | Cleveland-Elyria, OH | 34 | |||||||||||||||||
| Hopebridge - Westlake | BSF | 15,057 | 0.49% | $ | 223.4 | 0.33% | 2,048,449 | Cleveland-Elyria, OH | 34 | |||||||||||||||||
| Virginia Orthopaedic & Spine Specialists | PC | 8,445 | 0.28% | $ | 147.2 | 0.22% | 1,768,901 | Virginia Beach-Norfolk-Newport News, VA-NC | 37 | |||||||||||||||||
| Ortho RI - West Bay HQ | MOB | 21,252 | 0.70% | $ | 563.1 | 0.83% | 1,624,578 | Providence-Warwick, RI | 38 | |||||||||||||||||
| Genesis Care - Warwick | SC | 10,236 | 0.34% | $ | 327.7 | 0.48% | 1,624,578 | Providence-Warwick, RI | 38 | |||||||||||||||||
| Sanderling Dialysis | SC | 10,133 | 0.33% | $ | 513.0 | 0.76% | 1,346,045 | Memphis, TN-MS-AR | 43 | |||||||||||||||||
| Memphis Center | PC | 11,669 | 0.38% | $ | 113.0 | 0.17% | 1,346,045 | Memphis, TN-MS-AR | 43 | |||||||||||||||||
| Glastonbury | MOB | 50,519 | 1.66% | $ | 860.3 | 1.27% | 1,204,877 | Hartford-West Hartford-East Hartford, CT | 48 | |||||||||||||||||
| Sterling Medical Center | MOB | 28,737 | 0.94% | $ | 348.8 | 0.51% | 1,127,983 | Buffalo-Cheektowaga-Niagara Falls, NY | 49 | |||||||||||||||||
| Gardendale MOB | MOB | 12,956 | 0.42% | $ | 284.5 | 0.42% | 1,090,435 | Birmingham, AL | 50 | |||||||||||||||||
| Worcester Behavioral Hospital | BF | 81,972 | 2.69% | $ | 2,573.3 | 3.80% | 947,404 | Worcester, MA-CT | 58 | |||||||||||||||||
| Genesis Care - Southbridge | SC | 20,046 | 0.66% | $ | 802.4 | 1.18% | 947,404 | Worcester, MA-CT | 58 | |||||||||||||||||
| Los Alamos Professional Plaza | MOB | 41,797 | 1.37% | $ | 313.2 | 0.46% | 868,707 | McAllen-Edinburg-Mission, TX | 65 | |||||||||||||||||
| Cardiology Assoc. of Greater Waterbury | PC | 16,793 | 0.55% | $ | 310.7 | 0.46% | 854,757 | New Haven-Milford | 67 | |||||||||||||||||
| Columbia Gastroenterology Surgery Ctr | SCH | 17,016 | 0.56% | $ | 299.0 | 0.44% | 838,433 | Columbia, SC | 71 | |||||||||||||||||
| Davita Turner Road | SC | 18,125 | 0.59% | $ | 376.5 | 0.56% | 807,611 | Dayton-Kettering, OH | 73 | |||||||||||||||||
| Davita Business Center Court | SC | 13,048 | 0.43% | $ | 260.7 | 0.38% | 807,611 | Dayton-Kettering, OH | 73 | |||||||||||||||||
| Davita Springboro Pike | SC | 10,510 | 0.34% | $ | 214.1 | 0.32% | 807,611 | Dayton-Kettering, OH | 73 | |||||||||||||||||
| Genesis Care - Fort Myers | SC | 46,356 | 1.52% | $ | 790.3 | 1.17% | 770,577 | Cape Coral-Fort Myers, FL | 76 | |||||||||||||||||
| Genesis Care - Bonita Springs | SC | 4,445 | 0.15% | $ | 240.7 | 0.36% | 770,577 | Cape Coral-Fort Myers, FL | 76 | |||||||||||||||||
| Parkway Professional Plaza | MOB | 40,036 | 1.31% | $ | 630.1 | 0.93% | 724,777 | Lakeland-Winter Haven, FL | 81 | |||||||||||||||||
| Community Healthcare Trust | Page | 18 | 4Q 2020 | Supplemental Information | ||||||
| ||
| Property Name | Property Type | Area | % of Square Feet | Annualized Rent ($000's) | % of Annualized Rent | Population | MSA/MISA | Rank | ||||||||||||||||||
| UH Walden Health Center | PC | 11,000 | 0.36% | $ | 320.5 | 0.47% | 703,479 | Akron, OH | 82 | |||||||||||||||||
| Novus Clinic | SCH | 14,315 | 0.47% | $ | 287.5 | 0.42% | 703,479 | Akron, OH | 82 | |||||||||||||||||
| Daytona Medical Office | MOB | 19,156 | 0.63% | $ | 272.8 | 0.40% | 668,365 | Deltona-Daytona Beach-Ormond Beach, FL | 88 | |||||||||||||||||
| Debary Professional Plaza | MOB | 23,019 | 0.75% | $ | 127.6 | 0.19% | 668,365 | Deltona-Daytona Beach-Ormond Beach, FL | 88 | |||||||||||||||||
| UW Health Clinic- Portage | PC | 14,000 | 0.46% | $ | 306.3 | 0.45% | 664,865 | Madison, WI | 89 | |||||||||||||||||
| Perrysburg Medical Arts Building | MOB | 25,789 | 0.85% | $ | 385.1 | 0.57% | 641,816 | Toledo, OH | 93 | |||||||||||||||||
| St. Vincent Mercy Medical Center, Inc. | MOB | 23,368 | 0.77% | $ | 301.4 | 0.44% | 641,816 | Toledo, OH | 93 | |||||||||||||||||
| Cypress Medical Center | MOB | 39,746 | 1.30% | $ | 825.3 | 1.22% | 640,218 | Wichita, KS | 94 | |||||||||||||||||
| Family Medicine East | PC | 16,581 | 0.54% | $ | 410.8 | 0.61% | 640,218 | Wichita, KS | 94 | |||||||||||||||||
| Grene Vision Center | PC | 11,891 | 0.39% | $ | 311.8 | 0.46% | 640,218 | Wichita, KS | 94 | |||||||||||||||||
| Bassin Ctr For Plastic Surgery-Melbourne | PC | 5,228 | 0.17% | $ | 285.4 | 0.42% | 601,942 | Palm Bay-Melbourne-Titusville, FL | 96 | |||||||||||||||||
| Penn State Health - Harrisburg | SC | 10,000 | 0.33% | $ | 200.0 | 0.30% | 577,941 | Harrisburg-Carlisle, PA | 98 | |||||||||||||||||
| Penn State Health - Camp Hill | SC | 8,400 | 0.28% | $ | 168.0 | 0.25% | 577,941 | Harrisburg-Carlisle, PA | 98 | |||||||||||||||||
| Riverview Medical Center | SCH | 26,199 | 0.86% | $ | 427.3 | 0.63% | 553,885 | Scranton--Wilkes-Barre--Hazleton, PA | 101 | |||||||||||||||||
| Eynon Surgery Center | SCH | 6,500 | 0.21% | $ | 167.3 | 0.25% | 553,885 | Scranton--Wilkes-Barre--Hazleton, PA | 101 | |||||||||||||||||
| Manteca Medical Group Building | MOB | 10,564 | 0.35% | $ | 304.2 | 0.45% | 550,660 | Modesto, CA | 102 | |||||||||||||||||
| Grandview Plaza | PC | 20,000 | 0.66% | $ | 294.7 | 0.43% | 545,724 | Lancaster, PA | 104 | |||||||||||||||||
| Pinnacle Health | MOB | 10,753 | 0.35% | $ | 231.8 | 0.34% | 545,724 | Lancaster, PA | 104 | |||||||||||||||||
| Everest Rehabilitation Hospital | IRF | 38,817 | 1.27% | $ | 2,090.0 | 3.08% | 534,904 | Fayetteville-Springdale-Rogers, AR-MO | 107 | |||||||||||||||||
| Treasure Coast Medical Pavilion | MOB | 57,254 | 1.88% | $ | 709.5 | 1.05% | 489,297 | Port St. Lucie, FL | 113 | |||||||||||||||||
| AMG Specialty Hospital - Lafayette | BF | 29,062 | 0.95% | $ | — | —% | 489,207 | Lafayette, LA | 114 | |||||||||||||||||
| Genesis Care - Weaverville | SC | 10,696 | 0.35% | $ | 379.5 | 0.56% | 462,680 | Asheville, NC | 119 | |||||||||||||||||
| Genesis Care - Asheville | SC | 10,850 | 0.36% | $ | 192.0 | 0.28% | 462,680 | Asheville, NC | 119 | |||||||||||||||||
| Everest Rehabilitation Hospital | IRF | 38,817 | 1.27% | $ | 2,138.4 | 3.16% | 460,303 | Killeen-Temple, TX | 120 | |||||||||||||||||
| Martin Foot & Ankle Clinic | PC | 27,100 | 0.89% | $ | 391.1 | 0.58% | 449,058 | York-Hanover, PA | 121 | |||||||||||||||||
| Affinity Health Center | MOB | 47,366 | 1.55% | $ | 506.7 | 0.75% | 397,520 | Canton-Massillon, OH | 136 | |||||||||||||||||
| Prattville Town Center MOB | MOB | 13,319 | 0.44% | $ | 371.0 | 0.55% | 373,290 | Montgomery, AL | 145 | |||||||||||||||||
| Bristol Pediatric Associates | MOB | 10,975 | 0.36% | $ | 231.4 | 0.34% | 307,202 | Kingsport-Bristol-Bristol, TN-VA | 165 | |||||||||||||||||
| Wellmont Bristol Urgent Care | SC | 4,548 | 0.15% | $ | 73.9 | 0.11% | 307,202 | Kingsport-Bristol-Bristol, TN-VA | 165 | |||||||||||||||||
| Everest Rehabilitation Hospital | IRF | 38,817 | 1.27% | $ | 2,138.4 | 3.16% | 286,657 | Longview,TX | 172 | |||||||||||||||||
| Bluewater Orthopedics Center | MOB | 10,255 | 0.34% | $ | 210.2 | 0.31% | 284,809 | Crestview-Fort Walton Beach-Destin, FL | 173 | |||||||||||||||||
| Londonderry Centre | MOB | 20,334 | 0.67% | $ | 395.5 | 0.58% | 273,920 | Waco, TX | 177 | |||||||||||||||||
| Meridian Behavioral Health Systems | BF | 132,430 | 4.34% | $ | 3,015.0 | 4.45% | 257,074 | Charleston, WV | 189 | |||||||||||||||||
| Gulf Coast Cancer Centers-Foley | SC | 6,146 | 0.20% | $ | 162.2 | 0.24% | 223,234 | Daphne-Fairhope-Foley, AL | 203 | |||||||||||||||||
| Gulf Coast Cancer Centers- Gulf Shores | SC | 6,398 | 0.21% | $ | 126.7 | 0.19% | 223,234 | Daphne-Fairhope-Foley, AL | 203 | |||||||||||||||||
| Monroe Surgical Hospital | SCH | 58,121 | 1.90% | $ | 2,202.5 | 3.25% | 200,261 | Monroe, LA | 224 | |||||||||||||||||
| Tuscola Professional Building | MOB | 25,500 | 0.84% | $ | 598.2 | 0.88% | 190,539 | Saginaw, MI | 228 | |||||||||||||||||
| Community Healthcare Trust | Page | 19 | 4Q 2020 | Supplemental Information | ||||||
| ||
| Property Name | Property Type | Area | % of Square Feet | Annualized Rent ($000's) | % of Annualized Rent | Population | MSA/MISA | Rank | ||||||||||||||||||
| Fresenius Ft. Valley | SC | 4,920 | 0.16% | $ | 94.5 | 0.14% | 185,409 | Warner Robins, GA | 231 | |||||||||||||||||
| Genesis Care - Redding | SC | 12,206 | 0.40% | $ | 505.5 | 0.75% | 180,080 | Redding, CA | 237 | |||||||||||||||||
| Kedplasma | SC | 12,870 | 0.42% | $ | 272.1 | 0.40% | 169,509 | Burlington, NC | 251 | |||||||||||||||||
| Decatur Morgan Hospital MOB | MOB | 35,943 | 1.18% | $ | 567.2 | 0.84% | 152,603 | Decatur, AL | 273 | |||||||||||||||||
| Provena Medical Center | MOB | 53,653 | 1.76% | $ | 588.9 | 0.87% | 109,862 | Kankakee, IL | 344 | |||||||||||||||||
| Parkside Family & Davita Clinics | MOB | 15,637 | 0.51% | $ | 213.1 | 0.31% | 99,742 | Victoria, TX | 357 | |||||||||||||||||
| Fresenius Gallipolis Dialysis Center | SC | 15,110 | 0.50% | $ | 159.3 | 0.24% | 56,414 | Point Pleasant, WV-OH | N/A | |||||||||||||||||
| Davita Etowah Dialysis Center | SC | 4,720 | 0.15% | $ | 71.8 | 0.11% | 53,794 | Athens, TN | N/A | |||||||||||||||||
| Fresenius Dialysis Center | SC | 17,746 | 0.58% | $ | 132.0 | 0.19% | 50,113 | Corsicana, TX | N/A | |||||||||||||||||
| Arkansas Valley Surgery Center | SCH | 10,853 | 0.36% | $ | 212.0 | 0.31% | 47,839 | Cañon City, CO | N/A | |||||||||||||||||
| Davita Dialysis | SC | 12,545 | 0.41% | $ | 427.4 | 0.63% | 45,346 | Pahrump, NV | N/A | |||||||||||||||||
| Wellmont Associates Complex | MOB | 32,542 | 1.07% | $ | 461.7 | 0.68% | 41,364 | Big Stone Gap, VA | N/A | |||||||||||||||||
| Wellmont Norton Urgent Care | SC | 5,000 | 0.16% | $ | 57.5 | 0.08% | 41,364 | Big Stone Gap, VA | N/A | |||||||||||||||||
| Eyecare Partners | PC | 8,421 | 0.28% | $ | 122.1 | 0.18% | 37,205 | Centralia, IL | N/A | |||||||||||||||||
| Gulf Coast Cancer Centers-Brewton | SC | 3,971 | 0.13% | $ | 104.8 | 0.15% | 36,633 | Atmore, AL | N/A | |||||||||||||||||
| Ottumwa Medical Clinic | MOB | 75,448 | 2.47% | $ | 925.3 | 1.37% | 34,969 | Ottumwa, IA | N/A | |||||||||||||||||
| Sanderling Dialysis Center | SC | 4,186 | 0.14% | $ | 274.0 | 0.40% | 27,812 | Crescent City, CA | N/A | |||||||||||||||||
| Russellville Medical Plaza | MOB | 29,129 | 0.95% | $ | 152.1 | 0.22% | County: 31,362 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Genesis Care - Andalusia | SC | 10,373 | 0.34% | $ | 339.1 | 0.50% | County: 37,049 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Dahlonega Medical Mall | MOB | 22,227 | 0.73% | $ | 160.9 | 0.24% | County: 33,610 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Tri Lakes Behavioral | BF | 58,400 | 1.91% | $ | 527.0 | 0.78% | County: 34,192 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Batesville Regional Medical Center | MOB | 9,263 | 0.30% | $ | 46.1 | 0.07% | County: 34,192 | RURAL - NO CBSA | N/A | |||||||||||||||||
| North Mississippi Health Services | MOB | 27,743 | 0.91% | $ | 138.0 | 0.20% | County: 35,252 | RURAL - NO CBSA | N/A | |||||||||||||||||
| North Mississippi Health Services | MOB | 18,074 | 0.59% | $ | 89.9 | 0.13% | County: 35,252 | RURAL - NO CBSA | N/A | |||||||||||||||||
| North Mississippi Health Services | MOB | 17,629 | 0.58% | $ | 87.7 | 0.13% | County: 35,252 | RURAL - NO CBSA | N/A | |||||||||||||||||
| North Mississippi Health Services | MOB | 9,890 | 0.32% | $ | 49.2 | 0.07% | County: 35,252 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Genesis Care - Princeton | SC | 7,236 | 0.24% | $ | 170.8 | 0.25% | County: 58,758 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Sanderling Dialysis Center | SC | 5,217 | 0.17% | $ | 258.8 | 0.38% | County: 13,279 | RURAL - NO CBSA | N/A | |||||||||||||||||
| North Mississippi Health Services | MOB | 3,378 | 0.11% | $ | 16.8 | 0.02% | County: 35,252 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Rettig Family Healthcare | PC | 12,000 | 0.39% | $ | 180.0 | 0.27% | County: 23,437 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Haleyville Physicians Professional Bldg | MOB | 29,515 | 0.97% | $ | 154.1 | 0.23% | County: 23,629 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Wellmont Lebanon Urgent Care | SC | 8,369 | 0.27% | $ | 100.4 | 0.15% | County: 26,586 | RURAL - NO CBSA | N/A | |||||||||||||||||
| Community Healthcare Trust | Page | 20 | 4Q 2020 | Supplemental Information | ||||||
| ||
REPORTING DEFINITIONS
Acute Inpatient Behavioral Facilities (AIB)
Behavioral inpatient acute care facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses on an inpatient basis. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.
AFFO, Adjusted for Acquisitions
AFFO, Adjusted for Acquisitions, adjusts AFFO to show the impact of the real estate properties acquired in the period as if they had been acquired on the first day of the reporting period, using the expected returns and in-place leases at the time of the acquisition. The Company believes that AFFO, Adjusted for Acquisitions, is useful because it allows investors, analysts and Company management visibility into the impact on the Company's results of operations in future reporting periods resulting from its current period acquisitions.
Annualized Rent
Base rent for the current month multiplied by 12.
Behavioral Specialty Facilities (BSF)
Behavioral other specialty facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.
EBITDAre and Adjusted EDITDAre
The Company uses the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") definition of EBITDAre which is net income plus interest expense, income tax expense, and depreciation and amortization, plus losses or minus gains on the disposition of depreciable property, including losses/gains on change of control, plus impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus adjustments to reflect the entity's share of EDITDAre of unconsolidated affiliates and consolidated affiliates with non-controlling interest. The Company also presents Adjusted EDITDAre which is EDITDAre before non-cash deferred compensation amortization.
We consider EBITDAre and Adjusted EDITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
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.
| Community Healthcare Trust | Page | 21 | 4Q 2020 | Supplemental Information | ||||||
| ||
REPORTING DEFINITIONS (continued)
The Company uses the NAREIT definition of FFO. FFO and FFO per share are operating performance measures adopted by NAREIT. NAREIT defines FFO as the most commonly accepted and reported measure of a REIT's
operating performance equal to net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairments of real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company has included AFFO which it has defined 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 deferred compensation and may include 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.
Inpatient Rehabilitation Facilities (IRF)
Inpatient rehabilitation facilities are free standing rehabilitation hospitals, or may be units within an acute care hospital, that provide intensive rehabilitation programs to patients.
Long-Term Acute Care Hospitals (LTACH)
Long-term acute care hospitals provide inpatient services for patients with complex medical conditions who require more sensitive care, monitoring or emergency support than that available in most skilled nursing facilities.
Medical Office Building (MOB)
Medical office buildings are buildings occupied by healthcare providers and may be located near hospitals or other facilities where healthcare services are rendered or in close proximity to a population base. Medical office buildings can be leased to physicians, physician practice groups, hospitals, healthcare systems or other healthcare providers.
Metropolitan Statistical Area (MSA or MISA)
MSAs or MISAs are geographical regions with relatively higher population density's at their core and have close economic ties throughout their area. MSAs and MISAs are defined by the Office of Management and Budget.
Net Operating Income (NOI)
NOI is a non-GAAP financial measure that is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties and other investments before general and administrative expenses, depreciation and amortization expense, gains or loss on the sale of real estate properties or other investments, interest expense, and income tax expense. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. CHCT's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing NOI.
Physician Clinics (PC)
Physician clinics are freestanding healthcare facilities that are primarily devoted to the care of ambulatory patients, can be privately operated or publicly managed and funded, and typically provide primary healthcare needs of populations in local communities utilizing physicians and other healthcare providers.
| Community Healthcare Trust | Page | 22 | 4Q 2020 | Supplemental Information | ||||||
| ||
REPORTING DEFINITIONS (continued)
Specialty Centers (SC)
Specialty centers include various types of centers which may, among others, include oncology centers, dialysis centers, urgent care centers, and blood plasma centers.
Surgical Centers and Hospitals (SCH)
Surgical centers and hospitals may include outpatient surgery centers where surgical procedures not requiring an overnight hospital stay are performed; as well as specialty hospitals that focus on providing care for certain conditions and performing certain procedures, such as cardiovascular and orthopedic surgery.
Total Capitalization
Debt plus stockholders' equity plus accumulated depreciation.
| Community Healthcare Trust | Page | 23 | 4Q 2020 | Supplemental Information | ||||||
| ||
DISCLAIMERS
FORWARD-LOOKING STATEMENTS
Certain statements made in this supplemental information package constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated market conditions are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” "outlook," "continue," "projects," “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, expectations, or intentions.
Forward-looking statements reflect the views of our management regarding current expectations and projections about future events and are based on currently available information. These forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data, or methods which may be incorrect or imprecise and we may not be able to realize them.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this supplemental information package, except as required by applicable law. You should not place undue reliance on any forward-looking statements that are based on information currently available to us or the third parties making the forward-looking statements. For a discussion of factors that could impact our future results, performance or transactions, see Part I, Item 1A (Risk Factors) of our Annual Report on Form 10- K for the fiscal year ended December 31, 2020 and the Company’s other filings with the Securities and Exchange Commission from time to time.
NON-GAAP FINANCIAL MEASURES
This presentation includes EBITDAre, Adjusted EBITDAre, Adjusted EBITDAre Annualized, Net Operating Income (or NOI), Funds From Operations (or FFO), Adjusted Funds From Operations (or AFFO), and AFFO, Adjusted for Acquisitions, which are non-GAAP financial measures. For purposes of the Securities and Exchange Commission’s (“SEC”) Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this presentation, GAAP refers to generally accepted accounting principles in the United States of America. Our use of the non-GAAP financial measure terms herein may not be comparable to that of other real estate investment trusts. Pursuant to the requirements of Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
| Community Healthcare Trust | Page | 24 | 4Q 2020 | Supplemental Information | ||||||