Community Healthcare Trust Announces Results for the Three Months Ended June 30, 2020 – Wire Real Estate

Community Healthcare Trust Announces Results for the Three Months Ended June 30, 2020




Aug 8, 2020

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Community Healthcare Trust Incorporated announced results for the three months ended June 30, 2020. The Company reported net income for the second quarter of approximately $4.5 million, or $0.19 per diluted common share. Funds from operations and adjusted funds from operations (“AFFO”) for the three months ended June 30, 2020 totaled $0.51 and $0.52, respectively, per diluted common share.

Highlights include:

  • During the second quarter of 2020, the Company issued, through its at-the-market offering program (“ATM Program”), 578,759 shares of common stock at an average gross sales price of $41.70 per share and received net proceeds of approximately $23.7 million at an approximate 4.11% current equity yield.
  • During the second quarter of 2020, the Company acquired seven real estate properties totaling approximately 92,000 square feet and also acquired a land parcel adjacent to one of our existing properties to be used for additional parking for an aggregate purchase price of approximately $21.3 million and cash consideration of approximately $21.5 million. Upon acquisition, the real estate properties were 100% leased in the aggregate with lease expirations through 2035.
  • The Company has two properties under definitive purchase agreements for an aggregate expected purchase price of approximately $2.6 million and expected aggregate returns of approximately 9.3%. The Company expects to close on these properties in the third 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 on one of these properties in the fourth quarter and the other two through the middle of 2021; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
  • On August 3, 2020, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4225 per share. The dividend is payable on August 28, 2020 to stockholders of record on August 17, 2020.

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 of July 31, 2020, the Company has entered into, or anticipates entering into, deferral agreements with up to approximately 20 tenants representing less than one percent of our annualized rent. Pursuant to these agreements, the tenants are generally required to repay the deferred amounts in equal monthly installments during the third and fourth quarters of 2020.

Highland Update:

  • On July 1, 2020, the bankruptcy sale of Highland Hospital was completed and the operator who had been managing the facility acquired its operations and entered into a lease with the Company.
  • The Company provided debtor in possession financing (the “DIP”) to facilitate the sale and, as of the closing of the sale, had an approximately $1.2 million net payable. In addition, the Company continued to have a net investment of $550,000 in a separate note (the “Note”), secured by all assets of Highland Hospital.
  • As of the date of this filing, the DIP and the Note have been combined into a single net receivable balance of approximately $1.4 million.
  • The Company expects this receivable to be repaid in the next few months, as well as other amounts previously owed to the Company. However, the Company cannot provide assurance as to the timing or whether the receivable and other amounts will be received.

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 $664.7 million in 131 real estate properties as of June 30, 2020, located in 33 states, totaling approximately 2.8 million square feet.

Additional information regarding the Company, including this quarter’s operations, can be found at www.chct.reit. 

Community Healthcare Trust Incorporated  announced results for the three months ended June 30, 2020. The Company reported net income for the second quarter of approximately $4.5 million, or $0.19 per diluted common share. Funds from operations and adjusted funds from operations (“AFFO”) for the three months ended June 30, 2020 totaled $0.51 and $0.52, respectively, per diluted common share.

Highlights include:

  • During the second quarter of 2020, the Company issued, through its at-the-market offering program (“ATM Program”), 578,759 shares of common stock at an average gross sales price of $41.70 per share and received net proceeds of approximately $23.7 million at an approximate 4.11% current equity yield.
  • During the second quarter of 2020, the Company acquired seven real estate properties totaling approximately 92,000 square feet and also acquired a land parcel adjacent to one of our existing properties to be used for additional parking for an aggregate purchase price of approximately $21.3 million and cash consideration of approximately $21.5 million. Upon acquisition, the real estate properties were 100% leased in the aggregate with lease expirations through 2035.
  • The Company has two properties under definitive purchase agreements for an aggregate expected purchase price of approximately $2.6 million and expected aggregate returns of approximately 9.3%. The Company expects to close on these properties in the third 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 on one of these properties in the fourth quarter and the other two through the middle of 2021; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
  • On August 3, 2020, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4225 per share. The dividend is payable on August 28, 2020 to stockholders of record on August 17, 2020.

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 of July 31, 2020, the Company has entered into, or anticipates entering into, deferral agreements with up to approximately 20 tenants representing less than one percent of our annualized rent. Pursuant to these agreements, the tenants are generally required to repay the deferred amounts in equal monthly installments during the third and fourth quarters of 2020.

Highland Update:

  • On July 1, 2020, the bankruptcy sale of Highland Hospital was completed and the operator who had been managing the facility acquired its operations and entered into a lease with the Company.
  • The Company provided debtor in possession financing (the “DIP”) to facilitate the sale and, as of the closing of the sale, had an approximately $1.2 million net payable. In addition, the Company continued to have a net investment of $550,000 in a separate note (the “Note”), secured by all assets of Highland Hospital.
  • As of the date of this filing, the DIP and the Note have been combined into a single net receivable balance of approximately $1.4 million.
  • The Company expects this receivable to be repaid in the next few months, as well as other amounts previously owed to the Company. However, the Company cannot provide assurance as to the timing or whether the receivable and other amounts will be received.

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 $664.7 million in 131 real estate properties as of June 30, 2020, located in 33 states, totaling approximately 2.8 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.

See Campaign: http://www.chct.reit
Contact Information:
Please contact the Company at 615-771-3052 to request a printed copy of this information.

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