Document
false0001631569 0001631569 2020-05-05 2020-05-05




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): May 5, 2020 (May 5, 2020)

COMMUNITY HEALTHCARE TRUST INCORPORATED
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
Maryland
 
001-37401
 
46-5212033
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)

3326 Aspen Grove Drive, Suite 150, Franklin, Tennessee 37067
(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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each Class
Trading Symbol
Name of each exchange on which registered
 
 
Common stock, $0.01 par value per share
CHCT
New York Stock Exchange
 

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 May 5, 2020, Community Healthcare Trust Incorporated (the "Company") issued a press release announcing its earnings for the first quarter ended March 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 and 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 first quarter ended March 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, dated May 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

(d) Exhibits

Exhibit
Number
 
Description
 
99.1
 
 
99.2
 
 








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
Date: May 5, 2020
 
 






Exhibit 99.1


News Release

Community Healthcare Trust Announces Results for the Three Months Ended March 31, 2020

FRANKLIN, Tenn., May 5, 2020 / PRNewswire / -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended March 31, 2020. The Company reported net income for the first quarter of approximately $4.1 million, or $0.18 per diluted common share. Funds from operations and adjusted funds from operations ("AFFO") for the three months ended March 31, 2020 totaled $0.48 and $0.49, respectively, per diluted common share. 

Highlights include:
•
During the first quarter of 2020, the Company issued, through its at-the-market offering program ("ATM Program"), 610,786 shares of common stock at an average gross sales price of $44.99 per share and received net proceeds of approximately $26.9 million at an approximate 3.79% current equity yield.

•
During the first quarter of 2020, the Company acquired six real estate properties totaling approximately 122,000 square feet for an aggregate purchase price of approximately $37.0 million and cash consideration of approximately $36.4 million. Upon acquisition, the properties were 98.2% leased in the aggregate with lease expirations through 2035.

•
Subsequent to March 31, 2020, the Company acquired one property with approximately 10,000 square feet for a purchase price of approximately $3.9 million and expects to fund an additional $1.5 million in tenant improvements. The property is 100% leased with the lease expiring in 2035.

•
The Company has four properties under definitive purchase agreements for an aggregate expected purchase price of approximately $9.9 million. The Company's expected aggregate returns on these investments range from approximately 9.05% to 9.24%. The Company expects to close on these properties in the second quarter of 2020; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.

•
The Company has three properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $68.0 million. The Company's expected aggregate returns on these investments range from approximately 9.5% to 11.0%. The Company expects to close these properties through the first half of 2021; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.

•
On May 4, 2020, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.42 per share. The dividend is payable on May 29, 2020 to stockholders of record on May 15, 2020.

COVID-19 Pandemic
•
Many healthcare providers have been impacted by the COVID-19 pandemic. Some of them are not seeing patients, 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 of April 30, 2020, the Company has entered into deferral agreements with approximately 7 tenants representing approximately 0.25 percent of our annualized rent. In addition, the Company is currently negotiating deferral agreements with approximately 30 tenants representing approximately 2.34 percent of our annualized rent.

•
Based upon need and request the Company has been providing these tenants, generally, with two to three months of base rent deferral (the tenant continues to pay operating expenses). Pursuant to these agreements the tenants are,

1


generally, required to repay the deferred amounts with funds received from business interruption insurance and/or the Payroll Protection Program of the Coronavirus Aid, Relief, and Economic Security (CARES) Act - with any remaining balance paid in equal monthly installments during the third and fourth quarters of 2020.


Highland Transition Update:
•
Highland Hospital, and related entities, filed for bankruptcy on March 29, 2020. The Company has agreed to provide debtor in possession financing of up to $3.65 million in order to facilitate the process. In addition, at March 31, 2020, the Company has a net investment of $550,000 in a note, secured by all assets of Highland Hospital.

•
The new operator continues to manage Highland Hospital pursuant to a management agreement and is in the process of preparing for the transfer of licenses and other assets.

•
The Company's lease with the new operator will become effective upon the sale of the assets to the new operator. The Company has received, and anticipates continuing to receive, its monthly payments.

•
The Company does not anticipate any material adverse long-term effect to its cash flows or net income related to the transition or subsequent leasing of this facility. The Company cannot provide assurance as to the timing or whether, this transaction will close.


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 non-urban markets throughout the United States. The Company had investments of approximately $641.9 million in 124 real estate properties as of March 31, 2020, located in 33 states, totaling approximately 2.7 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, 2019, in the Quarterly Report on Form 10-Q for the Quarter Ending March 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)
 
March 31, 2020
 
December 31, 2019
 
 
 
 
ASSETS
 
 
 
Real estate properties:
 
 
 
Land and land improvements
$
74,680

 
$
68,129

Buildings, improvements, and lease intangibles
566,954

 
534,503

Personal property
222

 
220

Total real estate properties
641,856

 
602,852

Less accumulated depreciation
(83,582
)
 
(77,523
)
Total real estate properties, net
558,274

 
525,329

Cash and cash equivalents
3,326

 
1,730

Restricted cash
282

 
293

Other assets, net
34,872

 
35,179

Total assets
$
596,754

 
$
562,531

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Liabilities
 
 
 
Debt, net
$
203,276

 
$
194,243

Accounts payable and accrued liabilities
5,297

 
3,606

Other liabilities
20,406

 
11,271

Total liabilities
228,979

 
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; 22,125,269 and 21,410,578 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
221

 
214

Additional paid-in capital
475,824

 
447,916

Cumulative net income
21,654

 
17,554

Accumulated other comprehensive (loss) income
(13,426
)
 
(4,808
)
Cumulative dividends
(116,498
)
 
(107,465
)
Total stockholders’ equity
367,775

 
353,411

Total liabilities and stockholders' equity
$
596,754

 
$
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 MONTHS ENDED March 31, 2020 AND 2019
(Unaudited; Dollars in thousands, except per share amounts)
 
Three Months Ended March 31,
 
2020
 
2019
REVENUES
 
 
 
Rental income
$
17,428

 
$
12,898

Other operating interest
508

 
543

 
17,936

 
13,441

 
 
 
 
EXPENSES
 
 
 
Property operating
3,343

 
3,075

General and administrative
2,192

 
1,785

Depreciation and amortization
6,059

 
5,246

 
11,594

 
10,106

 
 
 
 
INCOME FROM OPERATIONS
6,342

 
3,335

Interest expense
(2,249
)
 
(2,054
)
Interest and other income, net
7

 
169

NET INCOME
$
4,100

 
$
1,450

 
 
 
 
NET INCOME PER COMMON SHARE:
 
 
 
Net income per common share – Basic
$
0.18

 
$
0.06

Net income per common share – Diluted
$
0.18

 
$
0.06

WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-BASIC
20,735

 
17,955

WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-DILUTED
20,735

 
17,955


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 March 31,
 
2020
 
2019
Net income
$
4,100

 
$
1,450

   Real estate depreciation and amortization
6,109

 
5,282

   Total adjustments
6,109

 
5,282

Funds From Operations
$
10,209

 
$
6,732

   Straight-line rent
(878
)
 
(336
)
   Stock-based compensation
1,019

 
853

AFFO
$
10,350

 
$
7,249

   Funds from Operations per Common Share-Diluted
$
0.48

 
$
0.37

   AFFO Per Common Share-Diluted
$
0.49

 
$
0.40

Weighted Average Common Shares Outstanding-Diluted (2)
21,310

 
18,343

 
(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
)
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










chctlogoa25.jpg

Supplemental Information
First Quarter 2020

























NYSE: CHCT
www.chct.reit





TABLE OF CONTENTS













Cautionary Note Regarding Forward-Looking Statements

In addition to the historical information contained within, the matters discussed in this supplemental operating and financial information package 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”, “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, 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, 2019, in the Quarterly Report on Form 10-Q for the Quarter Ending March 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 supplemental operating and financial information package and 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.


Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 2


 CORPORATE INFORMATION

Corporate Headquarters
 
 
 
 
 
Community Healthcare Trust Incorporated
3326 Aspen Grove Drive, Suite 150
Franklin, Tennessee 37067
Phone: 615.771.3052
Website: www.chct.reit
 
 
Board of Directors
 
 
 
 
 
Timothy G. Wallace
Alan Gardner
Robert Hensley
Claire Gulmi
R. Lawrence Van Horn
Chairman of the Board,
Chief Executive Officer
and President
Lead Independent
Director
Audit Committee
Chair
Compensation Committee
Chair
Corporate Governance Committee
Chair
 
 
 
 
 
 
 
 
 
 
Executive Management Team
 
 
 
 
Timothy G. Wallace
W. Page Barnes
David H. Dupuy
Leigh Ann Stach
Chief Executive Officer
and President
Executive Vice President,
Chief Operating Officer
Executive Vice President,
Chief Financial Officer
Executive Vice President
Chief Accounting Officer
 
 
 
 
 
 
 
 
Covering Analysts
 
 
A. Goldfarb - Piper Sandler
M. Lewis - SunTrust Robinson Humphrey
S. McGrath - Evercore ISI
R. Stevenson - Janney Capital Markets
B. Maher - B. Riley FBR
N. Crossett - Berenberg Capital Markets
D. Babin - Baird
B. Oxford - D.A. Davidson & Co.
 
 
 
 
Professional Services
 
 
 Independent Registered Public Accounting Firm
Transfer Agent
BDO USA, LLP
American Stock Transfer & Trust Company, LLC
414 Union Street, Suite 1800
Operations Center
Nashville, Tennessee 37219
6201 15th Avenue
 
Brooklyn, New York 11219
 
1.800.937.5449


Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 3



HISTORICAL FFO AND AFFO (1)  
(Amounts in thousands, except per share data)

 
2020
 
 
2019
 
 
 
2018
 
Q1
 
Q4
Q3
Q2
Q1
 
Q4
Q3
Q2
Net income (loss)
$
4,100

 
$
2,213

$
2,647

$
2,066

$
1,450

 
$
(1,885
)
$
1,999

$
2,417

Real estate depreciation and amortization
6,109

 
5,943

5,812

5,340

5,282

 
5,109

4,918

4,624

            Impairment of note receivable (2)
—

 
—

—

—

—

 
5,000

—

—

            Income tax expense (benefit) (2)
—

 
1,321

—

—

—

 
(1,321
)
—

—

Gain from sale of depreciable real estate
—

 
—

—

—

—

 
(295
)
—

—

Total adjustments
6,109

 
7,264

5,812

5,340

5,282

 
8,493

4,918

4,624

Funds from Operations
$
10,209

 
$
9,477

$
8,459

$
7,406

$
6,732

 
$
6,608

$
6,917

$
7,041

   Transaction costs 
—

 
—

—

—

—

 
—

—

57

   Straight-line rent
(878
)
 
(699
)
(603
)
(413
)
(336
)
 
(126
)
(359
)
(391
)
   Stock-based compensation
1,019

 
1,085

1,007

899

853

 
747

690

801

AFFO
$
10,350

 
$
9,863

$
8,863

$
7,892

$
7,249

 
$
7,229

$
7,248

$
7,508

Funds from Operations per Common Share-Diluted
$
0.48

 
$
0.47

$
0.44

$
0.40

$
0.37

 
$
0.37

$
0.39

$
0.40

AFFO Per Common Share-Diluted
$
0.49

 
$
0.49

$
0.46

$
0.42

$
0.40

 
$
0.41

$
0.40

$
0.42

Weighted Average Common Shares Outstanding-Diluted (3)
21,310

 
20,220

19,315

18,685

18,343

 
17,848

17,948

17,800


(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 (computed in accordance with GAAP), excluding gains (or losses) from sales of property, 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.

(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 has excluded the impairment of the note receivable and the related tax impact from its calculation of FFO. The $5.0 million impairment on the loan and related tax benefit of $1.3 million recorded in 2018 was previously recognized as an adjustment to AFFO rather than FFO for the year ended December 31, 2018 and has been reclassified as an adjustment to Funds from Operations rather than to Adjusted Funds from Operations for 2018 to conform to the current year presentation.

(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.

Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 4


WEIGHTED AVERAGE SHARES
(Amounts in thousands, except per share data)

 
 
2020
 
 
 
2019
 
 
2018
 
 
Q1
 
Q4
Q3
Q2
Q1
 
Q4
Q3
Q2
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
21,733

 
20,595

19,698

19,055

18,736

 
18,558

18,331

18,188

 
Unvested restricted shares
(998
)
 
(910
)
(865
)
(809
)
(781
)
 
(710
)
(661
)
(608
)
 
Weighted average common shares outstanding - EPS
20,735

 
19,685

18,833

18,246

17,955

 
17,848

17,670

17,580

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - FFO Basic
20,735

 
19,685

18,833

18,246

17,955

 
17,848

17,670

17,580

 
Dilutive potential common shares (from below) (1)
575

 
535

482

439

388

 
—

278

220

 
Weighted average common shares outstanding - FFO Diluted
21,310

 
20,220

19,315

18,685

18,343

 
17,848

17,948

17,800

 
 
 
 
 
 
 
 
 
 
 
 
Treasury share calculation:
 
 
 
 
 
 
 
 
 
 
Unrecognized deferred compensation-end of period
$
20,159

 
$
16,570

$
17,655

$
13,645

$
13,919

 
$
12,174

$
12,921

$
10,443

Unrecognized deferred compensation-beginning of period
$
16,570

 
$
17,655

$
14,554

$
13,919

$
12,174

 
$
12,921

$
10,443

$
10,360

 
Average unrecognized deferred compensation
$
18,365

 
$
17,113

$
16,105

$
13,782

$
13,047

 
$
12,548

$
11,682

$
10,402

Average share price per share
$
43.48

 
$
45.59

$
42.13

$
37.23

$
33.23

 
$
29.70

$
30.52

$
26.82

Treasury shares
423

 
375

383

370

393

 
422

383

388

 
 
 
 
 
 
 
 
 
 
 
Unvested restricted shares
998

 
910

865

809

781

 
710

661

608

Treasury shares
(423
)
 
(375
)
(383
)
(370
)
(393
)
 
(422
)
(383
)
(388
)
Dilutive potential common shares
575

 
535

482

439

388

 
288

278

220

_____________
 
 
 
 
 
 
 
 
 
 
(1) The Company had a net loss for the 4th quarter of 2018. Including the dilutive effect of the restricted shares would have been anti-dilutive and were, therefore, excluded.


Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 5



BALANCE SHEET INFORMATION
(dollars in thousands, except per share data)

 
2020
2019
2018
 
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
ASSETS
 
 
 
 
 
 
 
 
Real estate properties
 
 
 
 
 
 
 
 
Land and land improvements
$
74,680

$
68,129

$
63,015

$
57,388

$
52,520

$
50,270

$
47,748

$
47,080

Buildings, improvements, and lease intangibles
566,954

534,503

503,110

454,050

425,763

394,527

376,310

369,563

Personal property
222

220

202

143

135

133

132

129

Total real estate properties
641,856

602,852

566,327

511,581

478,418

444,930

424,190

416,772

Less accumulated depreciation
(83,582
)
(77,523
)
(71,617
)
(65,843
)
(60,544
)
(55,298
)
(50,607
)
(45,682
)
Total real estate properties, net
558,274

525,329

494,710

445,738

417,874

389,632

373,583

371,090

Cash and cash equivalents
3,326

1,730

1,724

9,031

3,868

2,007

1,006

1,784

Restricted cash
282

293

224

234

166

385

—

—

Other assets, net
34,872

35,179

36,414

35,497

34,822

34,546

40,711

37,910

Total assets
$
596,754

$
562,531

$
533,072

$
490,500

$
456,730

$
426,570

$
415,300

$
410,784

 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Debt, net
$
203,276

$
194,243

$
215,460

$
198,176

$
179,117

$
147,766

$
127,449

$
125,417

Accounts payable and accrued liabilities
5,297

3,606

4,004

3,395

3,351

3,196

3,818

4,439

Other liabilities
20,406

11,271

12,661

9,809

4,579

3,949

4,716

4,570

Total liabilities
228,979

209,120

232,125

211,380

187,047

154,911

135,983

134,426

 
 
 
 
 
 
 
 
 
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
221

214

202

194

189

186

185

182

Additional paid-in capital
475,824

447,916

391,247

361,913

342,654

337,180

333,468

325,719

Cumulative net income
21,654

17,554

15,341

12,694

10,628

9,178

11,063

9,064

Accumulated other comprehensive (loss) income
(13,426
)
(4,808
)
(6,826
)
(4,769
)
(642
)
633

2,612

2,039

Cumulative dividends
(116,498
)
(107,465
)
(99,017
)
(90,912
)
(83,146
)
(75,518
)
(68,011
)
(60,646
)
Total stockholders’ equity
367,775

353,411

300,947

279,120

269,683

271,659

279,317

276,358

Total liabilities and stockholders' equity
$
596,754

$
562,531

$
533,072

$
490,500

$
456,730

$
426,570

$
415,300

$
410,784



Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 6


STATEMENTS OF OPERATIONS INFORMATION
(Amounts in thousands, except per share data)

 
2020
2019
2018
 
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
 
 
 
 
 
 
 
 
 
REVENUES
 
 
 
 
 
 
 
 
Rental income
$
17,428

$
16,292

$
15,718

$
13,361

$
12,898

$
11,715

$
11,926

$
11,810

Other operating interest
508

541

541

955

543

479

679

592

 
17,936

16,833

16,259

14,316

13,441

12,194

12,605

12,402

 
 
 
 
 
 
 
 
 
EXPENSES
 
 
 
 
 
 
 
 
Property operating
3,343

2,840

3,327

2,993

3,075

2,447

2,627

2,506

General and administrative
2,192

2,126

2,041

1,776

1,785

1,547

1,463

1,504

Depreciation and amortization
6,059

5,906

5,774

5,299

5,246

5,068

4,925

4,630

 
11,594

10,872

11,142

10,068

10,106

9,062

9,015

8,640

 
 
 
 
 
 
 
 
 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND OTHER ITEMS
6,342

5,961

5,117

4,248

3,335

3,132

3,590

3,762

Gain on sale of real estate
—

—

—

—

—

295

—

—

Interest expense
(2,249
)
(2,513
)
(2,483
)
(2,251
)
(2,054
)
(1,817
)
(1,643
)
(1,571
)
Impairment of note receivable
—

—

—

—

—

(5,000
)
—

—

Income tax (expense) benefit
—

(1,421
)
—

—

—

1,547

—

—

Interest and other income, net
7

186

13

69

169

(42
)
52

226

NET INCOME (LOSS)
$
4,100

$
2,213

$
2,647

$
2,066

$
1,450

$
(1,885
)
$
1,999

$
2,417

 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) PER COMMON SHARE
 
 
 
 
 
 
 
 
Net income (loss) per common share – Basic
$
0.18

$
0.09

$
0.12

$
0.09

$
0.06

$
(0.12
)
$
0.10

$
0.12

Net income (loss) per common share – Diluted
$
0.18

$
0.09

$
0.12

$
0.09

$
0.06

$
(0.12
)
$
0.10

$
0.12

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC
20,735

19,686

18,833

18,246

17,955

17,848

17,670

17,574

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED
20,735

19,686

18,833

18,246

17,955

17,848

17,670

17,574

DIVIDENDS DECLARED, PER COMMON SHARE, DURING THE PERIOD
$
0.4175

$
0.4150

$
0.4125

$
0.4100

$
0.4075

$
0.4050

$
0.4025

$
0.4000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
2019
2018
 
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
General and administrative expenses:
 
 
 
 
 
 
 
 
     Non-cash (deferred compensation)
47
%
51
%
49
%
51
%
48
%
48
%
47
%
53
%
     Cash
53
%
49
%
51
%
49
%
52
%
52
%
53
%
47
%





Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 7


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
2019
$
2,595,964

$
540,000

$
10,800

$
216,000

$
884,164

$
405,000

$
540,000

$
2,045,164

78.8
%
 
Chief Executive Officer and
President
2018
$
2,247,977

$
458,167

$
—

$
183,267

$
690,209

$
458,167

$
458,167

$
1,789,810

79.6
%
 
 
2017
$
1,592,017

$
376,333

$
—

$
150,533

$
500,651

$
282,250

$
282,250

$
1,215,684

76.4
%
 
 
 
 
 
 
 
 
 
 
 
 
David H. Dupuy (4)
2019
$
1,383,110

$
233,333

$
192,729

$
23,333

$
321,215

$
262,500

$
350,000

$
957,048

69.2
%
 
Executive Vice President and
Chief Financial Officer
2018
$
—

$
—

$
—

$
—

—

—

—

$
—

—
%
 
 
2017
$
—

$
—

$
—

$
—

—

—

—

$
—

—
%
 
 
 
 
 
 
 
 
 
 
 
 
W. Page Barnes
2019
$
1,579,239

$
328,000

$
8,930

$
131,200

$
537,109

$
246,000

$
328,000

$
1,242,309

78.7
%
 
Executive Vice President and
Chief Operating Officer
2018
$
1,330,517

$
271,167

$
—

$
108,467

$
408,549

$
271,167

$
271,167

$
1,059,350

79.6
%
 
 
2017
$
906,696

$
214,333

$
—

$
85,723

$
285,140

$
160,750

$
160,750

$
692,363

76.4
%
 
 
 
 
 
 
 
 
 
 
 
 
Leigh Ann Stach
2019
$
1,274,444

$
266,000

$
1,000

$
106,400

$
435,544

$
199,500

$
266,000

$
1,007,444

79.0
%
 
Executive Vice President and
Chief Accounting Officer
2018
$
1,284,916

$
220,500

$
—

$
188,200

$
435,216

$
220,500

$
220,500

$
1,064,416

82.8
%
 
 
2017
$
740,272

$
175,000

$
—

$
70,000

$
232,772

$
131,250

$
131,250

$
565,272

76.4
%
__________________
 
 
 
 
 
 
 
 
 
 
(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; and the value of the grant of 5,000 shares of restricted stock to Mr. Dupuy upon his joining the Company on May 1, 2019.
(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
$
—

$
102,000

$
59,897

$
50,000

Compensation Taken in Stock
$
2,585,164

$
—

$
249,207

$
1,000

Other Compensation
10,800

3,761

2,111

667

Total Compensation
$
2,595,964

$
105,761

$
311,215

$
51,667

CEO to Employee Ratio
 
24.55

8.34

50.24






Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 8


PROPERTY LOCATIONS

Approximately 47% of our property revenues are in MSAs with populations over 1,000,000 and approximately 91% are in MSAs with populations over 100,000.
Property Name
Property
 Type
Address
City
State
Area
% of
Square
 Feet
Annualized
 Rent (1)
% of Annualized
 Rent
Population
MSA/MISA
Rank
 
 
 
 
 
 
 
($ 000's)
 
 
 
 
Chicago Behavioral Hospital
BF
1771 Rand Road
Des Plaines
IL
85,000

3.10
%
$
2,016.3

3.37
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Presence Regional Cancer Center
SC
2614 Jefferson Street
Joliet
IL
44,888

1.64
%
$
1,675.8

2.80
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Morris Cancer Center
SC
1600 West US Route 6
Morris
IL
18,470

0.67
%
$
574.5

0.96
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Novamed Surgery Center
SCH
6309 West 95th Street
Oak Lawn
IL
30,455

1.11
%
$
351.1

0.59
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Skin MD
PC
16105 South LaGrange Road
Orland Park
IL
13,565

0.50
%
$
469.4

0.78
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Gurnee Medical Office Building
MOB
222 S. Greenleaf St.
Gurnee
IL
22,943

0.84
%
$
378.5

0.63
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Future Diagnostics Group
SC
254 Republic Avenue
Joliet
IL
8,876

0.32
%
$
375.7

0.63
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Joliet Oncology-Hematology Associates
PC
668 Cedar Crossing
New Lenox
IL
7,905

0.29
%
$
348.8

0.58
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Presence
MOB
7380 N. Lincoln Ave.
Lincolnwood
IL
14,863

0.54
%
$
318.8

0.53
%
9,498,716

Chicago-Naperville-Elgin, IL-IN-WI
3
Kindred Healthcare
SC
18839 McKay Blvd.
Humble
TX
55,646

2.03
%
$
2,705.2

4.52
%
6,997,384

Houston-The Woodlands-Sugar Land, TX
5
Bayside Medical Center
MOB
4001 Preston Avenue
Pasadena
TX
50,593

1.85
%
$
735.1

1.23
%
6,997,384

Houston-The Woodlands-Sugar Land, TX
5
Northwest Surgery Center
SCH
5215 Hollister Street
Houston
TX
11,200

0.41
%
$
466.4

0.78
%
6,997,384

Houston-The Woodlands-Sugar Land, TX
5
Haddon Hill Professional Center
MOB
63 Kresson Road
Cherry Hill
NJ
24,567

0.90
%
$
491.9

0.82
%
6,096,372

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
8
Mountain View Surgery Center
SCH
3131 West Peoria Avenue
Phoenix
AZ
13,835

0.51
%
$
325.0

0.54
%
4,857,962

Phoenix-Mesa-Scottsdale, AZ
11
Desert Endoscopy Center
SCH
610 E. Baseline Road
Tempe
AZ
11,722

0.43
%
$
249.7

0.42
%
4,857,962

Phoenix-Mesa-Scottsdale, AZ
11
Continuum Wellness Center
PC
3941 E. Baseline Road
Gilbert
AZ
8,227

0.30
%
$
147.8

0.25
%
4,857,962

Phoenix-Mesa-Scottsdale, AZ
11
Berry Surgical Center
SCH
28500 Orchard Lake Road
Farmington Hills
MI
27,217

0.99
%
$
580.0

0.97
%
4,326,442

Detroit-Warren-Dearborn, MI
14
Associated Surgical Center of Dearborn
SCH
24420 Ford Road
Dearborn Heights
MI
12,400

0.45
%
$
381.3

0.64
%
4,326,442

Detroit-Warren-Dearborn, MI
14
Smokey Point Behavioral
BF
3955 156th Street
Marysville
WA
70,100

2.56
%
$
2,612.5

4.37
%
3,939,363

Seattle-Tacoma-Bellevue, WA
15
Sanderling Dialysis
SC
2102 South Main Street
Ramona
CA
11,300

0.41
%
$
385.0

0.64
%
3,343,364

San Diego-Carlsbad, CA
17
Bay Area Physicians Surgery Center
SCH
6043 Winthrop Commerce Avenue
Riverview
FL
18,708

0.68
%
$
711.8

1.19
%
3,142,663

Tampa-St. Petersburg-Clearwater, FL
18
Liberty Dialysis
SC
4352 Trail Boss Drive
Castle Rock
CO
8,450

0.31
%
$
245.1

0.41
%
2,932,415

Denver-Aurora-Lakewood, CO
19
Eyecare Partners
SCH
3990 N Illinois Street
Swansea
IL
16,608

0.61
%
$
282.3

0.47
%
2,805,465

St. Louis, MO-IL
20
Eyecare Partners
PC
1111 W Lincoln
Belleville
IL
6,487

0.24
%
$
126.4

0.21
%
2,805,465

St. Louis, MO-IL
20
Eyecare Partners
PC
204 Bradford Lane
Waterloo
IL
6,311

0.23
%
$
45.0

0.08
%
2,805,465

St. Louis, MO-IL
20
Eyecare Partners
PC
1310 D'Adrian Professional Park
Godfrey
IL
5,560

0.20
%
$
41.2

0.07
%
2,805,465

St. Louis, MO-IL
20
Righttime Medical Care
SC
2114 Generals Highway
Annapolis
MD
6,236

0.23
%
$
292.6

0.49
%
2,802,789

Baltimore-Columbia-Towson, MD
21
Medical Village at Wintergarden
MOB
1210 E. Plant Street
Winter Garden
FL
21,648

0.79
%
$
548.6

0.92
%
2,572,962

Orlando-Kissimmee-Sanford, FL
23
Orthopaedic Associates of Osceola
PC
604 Oak Commons Boulevard
Kissimmee
FL
15,167

0.55
%
$
337.0

0.56
%
2,572,962

Orlando-Kissimmee-Sanford, FL
23
Bassin Center For Plastic-Surgery-Villages
PC
8575 NE 138th Lane Suites 103-104
Lady Lake
FL
2,894

0.11
%
$
156.4

0.26
%
2,572,962

Orlando-Kissimmee-Sanford, FL
22
Bassin Center For Plastic Surgery-Orlando
PC
422 Alafaya Trail #32
Orlando
FL
2,420

0.09
%
$
130.8

0.22
%
2,572,962

Orlando-Kissimmee-Sanford, FL
23
 
 
 
(CONTINUED)
 
 


 


 
 
 

Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 9


Property Name
Property
 Type
Address
City
State
Area
% of
Square
 Feet
Annualized
 Rent (1)
% of Annualized
 Rent
Population
MSA/MISA
Rank
 
 
 
 
 
 
 
($ 000's)
 
 
 
 
Kissimmee Physicians Clinic
PC
611 Oak Commons Blvd
Kissimmee
FL
4,902

0.18
%
$
98.0

0.16
%
2,572,962

Orlando-Kissimmee-Sanford, FL
23
Baptist Health
MOB
926 Brooklyn Avenue
San Antonio
TX
13,500

0.49
%
$
358.2

0.60
%
2,518,036

San Antonio-New Braunfels, TX
24
San Antonio Head & Neck Surgical Associates
MOB
6704 Randolph Blvd
San Antonio
TX
6,500

0.24
%
$
171.9

0.29
%
2,518,036

San Antonio-New Braunfels, TX
24
Butler Medical Center
MOB
142 Clearview Circle
Butler
PA
10,116

0.37
%
$
265.3

0.44
%
2,324,743

Pittsburgh, PA
27
Vascular Access Centers of Southern Nevada
SC
3150 West Charleston
Las Vegas
NV
4,800

0.18
%
$
—

—
%
2,231,647

Las Vegas-Henderson-Paradise, NV
28
Assurance Health System
BF
11690 Grooms Road
Cincinnati
OH
14,381

0.52
%
$
502.7

0.84
%
2,190,209

Cincinnati, OH-KY-IN
29
Fresenius Florence Dialysis Center
SC
7205 Dixie Hwy
Florence
KY
17,846

0.65
%
$
289.8

0.48
%
2,190,209

Cincinnati, OH-KY-IN
29
Cavalier Medical & Dialysis Center
MOB
47 & 51 Cavalier Blvd
Florence
KY
37,084

1.35
%
$
212.3

0.35
%
2,190,209

Cincinnati, OH-KY-IN
29
Davita Commercial Way
SC
90 Commercial Way
Springboro
OH
4,980

0.18
%
$
106.6

0.18
%
2,190,209

Cincinnati, OH-KY-IN
29
Prairie Star Medical Facility I
MOB
6815 Hilltop Road
Shawnee
KS
24,724

0.90
%
$
861.6

1.44
%
2,143,651

Kansas City, MO-KS
31
Prairie Star Medical Facility II
MOB
6850 Hilltop Road
Shawnee
KS
24,840

0.91
%
$
319.6

0.53
%
2,143,651

Kansas City, MO-KS
31
Sedalia Medical Center
MOB
5345 Hendron Road
Groveport
OH
20,064

0.73
%
$
302.4

0.51
%
2,106,541

Columbus, OH
32
Court Street Surgery Center
SCH
125 South Court Street
Circleville
OH
7,787

0.28
%
$
—

—
%
2,106,541

Columbus, OH
32
Rockside Medical Center
MOB
6701 Rockside Road
Independence
OH
55,279

2.02
%
$
1,384.5

2.31
%
2,057,009

Cleveland-Elyria, OH
33
Brook Park Medical Building
MOB
15900 Snow Road
Brook Park
OH
18,444

0.67
%
$
362.3

0.61
%
2,057,009

Cleveland-Elyria, OH
33
Kindred Hospital Indianapolis North
LTACH
Suite 2000 Box 82064, One American Square
Indianapolis
IN
37,270

1.36
%
$
1,412.4

2.36
%
2,048,703

Indianapolis-Carmel-Anderson, IN
34
Assurance Health System
BF
900 N High School Road
Indianapolis
IN
13,722

0.50
%
$
461.5

0.77
%
2,048,703

Indianapolis-Carmel-Anderson, IN
34
Assurance Health, LLC
BF
2725 Enterprise Drive
Anderson
IN
10,200

0.37
%
$
337.5

0.56
%
2,048,703

Indianapolis-Carmel-Anderson, IN
34
Virginia Orthopaedic & Spine Specialists
PC
3300 High Street
Portsmouth
VA
8,445

0.31
%
$
144.3

0.24
%
1,728,733

Virginia Beach-Norfolk-Newport News, VA-NC
37
Ortho RI - West Bay HQ
MOB
120 Centerville Road
Warwick
RI
21,252

0.78
%
$
552.1

0.92
%
1,621,337

Providence-Warwick, RI
38
Memphis Center
PC
11221 Latting Road
Eads
TN
11,669

0.43
%
$
108.0

0.18
%
1,350,620

Memphis, TN-MS-AR
43
Glastonbury
MOB
622 Hebron Avenue
Glastonbury
CT
50,519

1.84
%
$
842.2

1.41
%
1,206,300

Hartford-West Hartford-East Hartford, CT
48
Sterling Medical Center
MOB
200 Sterling Drive
Orchard Park
NY
28,702

1.05
%
$
406.6

0.68
%
1,130,152

Buffalo-Cheektowaga-Niagara Falls, NY
50
Worcester Behavioral
BF
100 Century Drive
Worcester
MA
81,972

2.99
%
$
2,535.3

4.24
%
947,866

Worcester, MA-CT (part)
57
Los Alamos Professional Plaza
MOB
427 E. Duranta Avenue
Alamo
TX
41,797

1.53
%
$
440.4

0.74
%
865,939

McAllen-Edinburg-Mission, TX
65
Cardiology Associates of Greater Waterbury
PC
455 Chase Parkway
Waterbury
CT
16,793

0.61
%
$
310.7

0.52
%
857,620

New Haven-Milford
66
Columbia Gastroenterology Surgery Center
SCH
2739 Laurel Street
Columbia
SC
15,949

0.58
%
$
372.9

0.62
%
832,666

Columbia, SC
70
Davita Turner Road
SC
455 Turner Road
Dayton
OH
18,125

0.66
%
$
376.0

0.63
%
806,548

Dayton, OH
73
Davita Business Center Court
SC
1431 Business Center Court
Dayton
OH
13,048

0.48
%
$
260.7

0.44
%
806,548

Dayton, OH
73
Davita Springboro Pike
SC
4700 Springboro Pike
Dayton
OH
10,510

0.38
%
$
213.5

0.36
%
806,548

Dayton, OH
73
Parkway Professional Plaza
MOB
4725 US Hwy 98 S
Lakeland
FL
40,036

1.46
%
$
621.1

1.04
%
708,009

Lakeland-Winter Haven, FL
81
UH Walden Health Center
PC
1119 Aurora Hudson Road
Aurora
OH
11,000

0.40
%
$
320.5

0.54
%
704,845

Akron, OH
82
Novus Clinic
SCH
518 West Avenue
Tallmadge
OH
14,315

0.52
%
$
283.3

0.47
%
704,845

Akron, OH
82
UW Health Clinic- Portage
PC
2977 County Highway CX
Portage
WI
14,000

0.51
%
$
306.3

0.51
%
660,422

Madison, WI
85
 
 
 
(CONTINUED)
 
 


 


 
 
 

Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 10


Property Name
Property
 Type
Address
City
State
Area
% of
Square
 Feet
Annualized
 Rent (1)
% of Annualized
 Rent
Population
MSA/MISA
Rank
 
 
 
 
 
 
 
($ 000's)
 
 
 
 
Daytona Medical Office
MOB
1620 Mason Avenue
Daytona Beach
FL
19,156

0.70
%
$
230.5

0.39
%
659,605

Deltona-Daytona Beach-Ormond Beach, FL
86
Debary Professional Plaza
MOB
110 Pond Court
Debary
FL
23,643

0.86
%
$
170.0

0.28
%
659,605

Deltona-Daytona Beach-Ormond Beach, FL
86
Cypress Medical Center
MOB
9300 E. 29th Street North
Wichita
KS
39,746

1.45
%
$
817.0

1.37
%
644,888

Wichita, KS
89
Family Medicine East
PC
1709 S. Rock Road
Wichita
KS
16,581

0.61
%
$
410.8

0.69
%
644,888

Wichita, KS
89
Grene Vision Center
PC
655 N. Woodlawn Blvd
Wichita
KS
11,891

0.43
%
$
311.8

0.52
%
644,888

Wichita, KS
89
Perrysburg Medical Arts Building
MOB
1103 Village Square Drive
Perrysburg
OH
25,789

0.94
%
$
383.1

0.64
%
602,871

Toledo, OH
93
St. Vincent Mercy Medical Center, Inc.
MOB
3930 Sunforest Court
Toledo
OH
23,368

0.85
%
$
301.4

0.50
%
602,871

Toledo, OH
93
Bassin Center For Plastic Surgery-Melbourne
PC
1705 Berglund Lane
Viera
FL
5,228

0.19
%
$
282.6

0.47
%
596,849

Palm Bay-Melbourne-Titusville, FL
94
Penn State Health - Harrisburg
SC
4518 Union Deposit Road
Harrisburg
PA
10,000

0.37
%
$
200.0

0.33
%
574,659

Harrisburg-Carlisle, PA
97
Penn State Health - Camp Hill
SC
3912 Trindle Road
Camp Hill
PA
8,400

0.31
%
$
168.0

0.28
%
574,659

Harrisburg-Carlisle, PA
97
Riverview Medical Center
SCH
423 Third Avenue
Kingston
PA
24,040

0.88
%
$
531.5

0.89
%
555,485

Scranton--Wilkes-Barre--Hazleton, PA
100
Eynon Surgery Center
SCH
681 Scranton Carbondale Hwy
Eynon
PA
6,500

0.24
%
$
166.3

0.28
%
555,485

Scranton--Wilkes-Barre--Hazleton, PA
100
Everest Rehabilitation Hospital
IRF
4309 Pleasant Crossing Blvd
Rogers
AR
38,817

1.42
%
$
2,090.0

3.49
%
549,128

Fayetteville-Springdale-Rogers, AR-MO
102
Manteca Medical Group Building
MOB
1262 East North Street
Manteca
CA
10,564

0.39
%
$
304.2

0.51
%
549,128

Modesto, CA
101
Grandview Plaza
PC
802 New Holland Avenue
Lancaster
PA
20,000

0.73
%
$
288.4

0.48
%
543,557

Lancaster, PA
103
Pinnacle Health
MOB
2145 Noll Drive
Lancaster
PA
10,753

0.39
%
$
227.3

0.38
%
543,557

Lancaster, PA
103
AMG Specialty Hospital - Lafayette
BF
310 Youngville Highway
Lafayette
LA
29,062

1.06
%
$
—

—
%
489,364

Lafayette, LA
109
Treasure Coast Medical Pavilion
MOB
3498 NW Federal Hwy #C
Jensen Beach
FL
56,703

2.07
%
$
701.6

1.17
%
482,040

Port St. Lucie, FL
110
Everest Rehabilitation Hospital
IRF
23621 S.E. HK Dodgen Loop
Temple
TX
38,817

1.42
%
$
2,090.0

3.49
%
451,679

Killeen-Temple, TX
119
Martin Foot & Ankle Clinic
PC
2300 Pleasant Valley Road
York
PA
27,100

0.99
%
$
391.1

0.65
%
448,273

York-Hanover, PA
120
Affinity Health Center
MOB
4455 Dressler Road NW
Canton
OH
47,366

1.73
%
$
707.2

1.18
%
398,655

Canton-Massillon, OH
135
Bristol Pediatric Associates
MOB
320 Steeles Road
Bristol
TN
10,975

0.40
%
$
230.8

0.39
%
306,616

Kingsport-Bristol-Bristol, TN-VA
162
Wellmont Bristol Urgent Care
SC
1220 Volunteer Parkway
Bristol
TN
4,548

0.17
%
$
72.8

0.12
%
306,616

Kingsport-Bristol-Bristol, TN-VA
162
Londonderry Centre
MOB
7030 New Sanger Avenue
Waco
TX
19,801

0.72
%
$
386.5

0.65
%
271,942

Waco, TX
179
Everest Rehabilitation Hospital
IRF
701 East Loop 281
Longview
TX
38,817

1.42
%
$
2,090.0

3.49
%
219,417

Longview,TX
205
Gulf Coast Cancer Centers-Foley
SC
1703 North Bunner Street
Foley
AL
6,146

0.22
%
$
162.2

0.27
%
218,022

Daphne-Fairhope-Foley, AL
206
Gulf Coast Cancer Centers- Gulf Shores
SC
253 Professional Lane
Gulf Shores
AL
6,398

0.23
%
$
—

—
%
218,022

Daphne-Fairhope-Foley, AL
206
Meridian Behavioral Health Systems
BF
300 56th SW
Charleston
WV
132,430

4.83
%
$
2,531.7

4.23
%
211,037

Charleston, WV
213
Fresenius Ft. Valley
SC
135 Avera Drive
Fort Valley
GA
4,920

0.18
%
$
92.6

0.15
%
193,835

Warner Robins, GA
227
Tuscola Professional Building
MOB
714 South Trumbull Street
Bay City
MI
25,500

0.93
%
$
586.5

0.98
%
190,800

Saginaw, MI
229
Monroe Surgical Hosptial
SCH
2408 Broadmoor Blvd
Monroe
LA
58,121

2.12
%
$
2,202.5

3.68
%
176,805

Monroe, LA
243
Kedplasma
SC
505 East Webb Avenue
Burlington
NC
12,870

0.47
%
$
272.1

0.45
%
166,436

Burlington, NC
259
Decatur Morgan Hospital Medical Office Building
MOB
2349 Danville Road, SW
Decatur
AL
35,943

1.31
%
$
613.3

1.02
%
152,046

Decatur, AL
274
Provena Medical Center
MOB
600-680 N. Convent Street
Bourbonnais
IL
53,653

1.96
%
$
499.1

0.83
%
110.024

Kankakee, IL
359
Parkside Family & Davita Clinics
MOB
1105 -1109 E Broadway Street
Cuero
TX
15,515

0.57
%
$
214.7

0.36
%
100

Victoria, TX
384
Fresenius Gallipolis Dialysis Center
SC
137 Pine Street
Gallipolis
OH
15,110

0.55
%
$
159.3

0.27
%
56.697

Point Pleasant, WV-OH
545
 
 
 
(CONTINUED)
 
 
 
 
 
 
 
 

Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 11


Property Name
Property
 Type
Address
City
State
Area
% of
Square
 Feet
Annualized
 Rent (1)
% of Annualized
 Rent
Population
MSA/MISA
Rank
 
 
 
 
 
 
 
($ 000's)
 
 
 
 
Wellmont Associates Complex
MOB
338 Cueburn Avenue
Norton
VA
32,542

1.19%

$
491.2

0.82
%
56,503

Big Stone Gap, VA
546
Wellmont Norton Urgent Care
SC
1014 Park Avenue
Norton
VA
5,000

0.18%

$
57.5

0.10
%
 56,503

Big Stone Gap, VA
546
Davita Etowah Dialysis Center
SC
109 Grady Road
Etowah
TN
4,720

0.17%

$
71.8

0.12
%
53,285

Athens, TN
572
Fresenius Dialysis Center
SC
1321 W. 2nd Avenue
Corsicana
TX
17,699

0.65%

$
132.0

0.22
%
48,701

Corsicana, TX
604
Arkansas Valley Surgery Center
SCH
933 Sell Avenue
Canon City
CO
10,854

0.40%

$
248.8

0.42
%
48,021

Cañon City, CO
611
Davita Dialysis
SC
330 Lola Lane
Pahrump
NV
12,545

0.46%

$
430.2

0.72
%
45,346

Pahrump, NV
638
Ottumwa Medical Clinic
MOB
1005 Pennsylvania Avenue
Ottumwa
IA
75,448

2.75%

$
1,014.4

1.70
%
44,222

Ottumwa, IA
654
Eyecare Partners
PC
408 W Second Street
Centralia
IL
8,421

0.31%

$
122.1

0.20
%
37,620

Centralia, IL
729
Gulf Coast Cancer Centers-Brewton
SC
1207 Azalea Place
Brewton
AL
3,971

0.14%

$
104.8

0.18
%
36,748

Atmore, AL
742
Sanderling Dialysis Center
SC
780 East Washington Boulevard
Crescent City
CA
4,186

0.15%

$
274.0

0.46
%
27,828

Crescent City, CA
834
Russellville Medical Plaza
MOB
15155 Hwy 43 NE
Russellville
AL
29,129

1.06%

$
148.4

0.25
%
 City: 9,697; County: 31,432

RURAL - NO CBSA
N/A
Tri Lakes Behavioral
BF
155 Keating Road
Batesville
MS
58,400

2.13%

$
513.9

0.86
%
 City: 7,463; County: 33,994

RURAL - NO CBSA
N/A
Batesville Regional Medical Center
MOB
205 Medical Center Dr
Batesville
MS
9,263

0.34%

$
44.9

0.08
%
 City: 7,463; County: 33,994

RURAL - NO CBSA
N/A
North Mississippi Health Services
MOB
1111 Earl Frye Blvd, 
Amory
MS
27,743

1.01%

$
134.5

0.22
%
 City: 7,316; County: 36,989

RURAL - NO CBSA
N/A
North Mississippi Health Services
MOB
1127 Earl Frye Blvd
Amory
MS
18,074

0.66%

$
87.7

0.15
%
 City: 7,316; County: 36,989

RURAL - NO CBSA
N/A
North Mississippi Health Services
MOB
1107 Earl Frye Blvd
Amory
MS
17,629

0.64%

$
85.5

0.14
%
 City: 7,316; County: 36,989

RURAL - NO CBSA
N/A
North Mississippi Health Services
MOB
404 Gilmore Drive
Amory
MS
9,890

0.36%

$
48.0

0.08
%
 City: 7,316; County: 36,989

RURAL - NO CBSA
N/A
North Mississippi Health Services
MOB
305 Highway 45N
Aberdeen
MS
3,378

0.12%

$
16.4

0.03
%
 City: 7,316; County: 36,989

RURAL - NO CBSA
N/A
Sanderling Dialysis Center
SC
102 Crestview Drive
Holdenville
OK
5,217

0.19%

$
252.4

0.42
%
 City: 5,771; County: 14,003

RURAL - NO CBSA
N/A
Dahlonega Medical Mall
MOB
134 Ansley Drive
Dahlonega
GA
22,227

0.81%

$
193.9

0.32
%
 City: 5,242; County: 32,873

RURAL - NO CBSA
N/A
Rettig Family Healthcare
PC
204 W Trinity Street
Groesbeck
TX
12,000

0.44%

$
180.0

0.30
%
 City: 4,328; County: 23,384

RURAL - NO CBSA
N/A
Haleyville Physicians Professional Building
MOB
42030 Hwy 195 East
Haleyville
AL
29,515

1.08%

$
150.4

0.25
%
 City: 3,982; County: 23,722

RURAL - NO CBSA
N/A
Wellmont Lebanon Urgent Care
SC
344 Overlook Drive
Lebanon
VA
8,369

0.31%

$
97.7

0.16
%
 City: 3,424; County: 28,897

RURAL - NO CBSA
N/A
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized rent was calculated by multiplying base rent for the month of March 2020 by 12.

Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 12


INVESTMENT ACTIVITY


2020 INVESTMENT ACTIVITY
 
 
 
 
 
 
 
 
 
 
 
Location
Property
Type
Acquisition Date
Purchase Price (in thousands)
Square Feet
Aggregate Leased
% at Acquisition
Property Acquisitions:
 
 
 
 
 
 
San Antonio, TX
MOB
1/27/2020
$
4,003

13,500

100.0
%
 
San Antonio, TX
MOB
1/27/2020
1,931

6,500

100.0
%
 
Decatur, AL
MOB
2/18/2020
5,784

35,943

93.9
%
 
Ramona, CA
SC
3/13/2020
4,100

11,300

100.0
%
 
Cuero, TX
SC
3/18/2020
2,153

15,515

100.0
%
 
Rogers, AR
IRF
3/27/2020
19,000

38,817

100.0
%
 
 
 
 
 
 
 
Total / Weighted Average
 
 
$
36,971

121,575

98.2
%


Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 13


LEASING INFORMATION


LEASE EXPIRATION SCHEDULE (1) 


 
 
Total Leased Square Footage
Annualized Lease Revenue
Year
Number of
Leases
Expiring
Amount
Percent (%)
Amount ($)
(in thousands)
Percent (%)
2020
40

184,880

7.5
%
3,762

6.3
%
2021
27

171,844

7.0
%
3,578

6.0
%
2022
37

217,505

8.9
%
4,845

8.1
%
2023
45

260,520

10.6
%
5,329

8.9
%
2024
21

135,631

5.5
%
3,068

5.1
%
2025
15

160,770

6.6
%
4,692

7.9
%
2026
12

181,763

7.4
%
3,842

6.4
%
2027
4

12,325

0.5
%
354

0.6
%
2028
5

101,070

4.1
%
1,980

3.3
%
2029
9

134,406

5.5
%
4,362

7.3
%
Thereafter
33

873,595

35.7
%
23,756

39.7
%
Month-to-Month
8

15,956

0.7
%
265

0.4
%
Totals
256

2,450,265

100.0
%
$
59,833

100.0
%

(1) Total portfolio was approximately 89.5% leased in the aggregate at March 31, 2020 with lease expirations ranging from 2020 through 2035.





Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 14


PROPERTY DIVERSIFICATION



chart-fa1715dac5f250a9ae2.jpg
Property Type (1)
Number of
Properties

Annualized
Rent (1)
($ in thousands)
Annualized Rent
(%)
Medical Office Building (MOB)
45
$
18,362

30.7
%
Behavioral Facilities (BF)
9
11,511

19.2
%
Inpatient Rehabilitation Facilities (IRF)
4
8,975

15.0
%
Specialty Centers (SC)
28
7,343

12.3
%
Surgical Centers and Hospitals (SCH)
15
7,153

11.9
%
Physician Clinics (PC)
22
5,077

8.5
%
Long-term Acute Care Hospitals (LTACH)
1
1,412

2.4
%
Total
124
$
59,833

100.0
%
______________________
 
 
 
(1) Annualized rent was calculated based on the contractual monthly rent amount for March 2020.














Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 15



PROPERTY DIVERSIFICATION
(continued)



chart-dfbad02d6ae15a51a2a.jpg

State
Number of
Properties
Annualized
Rent (1)
($ in thousands)
Annualized
Rent
(%)
TEXAS
12
$
9,970

16.7
%
ILLINOIS
15
7,625

12.7
%
OHIO
15
5,663

9.5
%
FLORIDA
11
3,989

6.7
%
KANSAS
5
2,721

4.5
%
WASHINGTON
1
2,612

4.4
%
MASSACHUSETTS
1
2,535

4.2
%
WEST VIRGINIA
1
2,532

4.2
%
PENNSYLVANIA
8
2,238

3.7
%
INDIANA
3
2,211

3.7
%
LOUISIANA
2
2,203

3.7
%
ARKANSAS
1
2,090

3.5
%
OTHER (Less than 3%)
49
13,444

22.5
%
TOTAL
124
$
59,833

100.0
%
_________________
 
 
 
(1) Annualized rent was calculated based on the contractual monthly rent amount for March 2020.







Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 16



PROPERTY DIVERSIFICATION
(continued)


chart-e67d1399d52a50a584d.jpg

Tenant
Annualized
Rent (1)
($ in thousands)
Annualized Rent
(%)
Everest Rehabilitation
$
6,270

10.5
%
US Healthvest
4,629

7.7
%
Post Acute Medical
2,705

4.5
%
Worcester Behavioral Innovations Hospital
2,535

4.2
%
Highland Hospital
2,532

4.2
%
AMITA Health
2,494

4.2
%
BCBS of Louisiana
2,202

3.7
%
Assurance Health
1,860

3.1
%
All Others (Less than 3%)
34,606

57.9
%
 
$
59,833

100.0
%
__________________
 
 
(1) Annualized rent was calculated based on the contractual monthly rent amount for March 2020.


            


Community Healthcare Trust / 1Q 2020 Supplemental Information
 
Page 17