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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Commmunity Healthcare Trust | NYSE:CHCT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 0.65% | 24.59 | 24.84 | 24.24 | 24.41 | 187,273 | 23:44:28 |
|
(Mark One)
|
|
|
x
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
|
OR
|
||
¨
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
|
|
|
Maryland
(State or Other Jurisdiction of Incorporation or Organization)
|
|
46-5212033
(I.R.S. Employer Identification No.)
|
|
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
|
|
Large accelerated
filer ¨
|
Accelerated filer x
|
Emerging-growth company x
|
Non-accelerated filer ¨
|
Smaller reporting
company x
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
(Unaudited)
|
|
|
||||
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Real estate properties
|
|
|
|
||||
Land and land improvements
|
$
|
63,015
|
|
|
$
|
50,270
|
|
Buildings, improvements, and lease intangibles
|
503,110
|
|
|
394,527
|
|
||
Personal property
|
202
|
|
|
133
|
|
||
Total real estate properties
|
566,327
|
|
|
444,930
|
|
||
Less accumulated depreciation
|
(71,617
|
)
|
|
(55,298
|
)
|
||
Total real estate properties, net
|
494,710
|
|
|
389,632
|
|
||
Cash and cash equivalents
|
1,724
|
|
|
2,007
|
|
||
Restricted cash
|
224
|
|
|
385
|
|
||
Other assets, net
|
36,414
|
|
|
34,546
|
|
||
Total assets
|
$
|
533,072
|
|
|
$
|
426,570
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Debt, net
|
$
|
215,460
|
|
|
$
|
147,766
|
|
Accounts payable and accrued liabilities
|
4,004
|
|
|
3,196
|
|
||
Other liabilities
|
12,661
|
|
|
3,949
|
|
||
Total liabilities
|
232,125
|
|
|
154,911
|
|
||
|
|
|
|
||||
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; 20,177,693 and 18,634,502 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
|
202
|
|
|
186
|
|
||
Additional paid-in capital
|
391,247
|
|
|
337,180
|
|
||
Cumulative net income
|
15,341
|
|
|
9,178
|
|
||
Accumulated other comprehensive (loss) income
|
(6,826
|
)
|
|
633
|
|
||
Cumulative dividends
|
(99,017
|
)
|
|
(75,518
|
)
|
||
Total stockholders’ equity
|
300,947
|
|
|
271,659
|
|
||
Total liabilities and stockholders' equity
|
$
|
533,072
|
|
|
$
|
426,570
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
15,718
|
|
|
$
|
11,858
|
|
|
$
|
41,977
|
|
|
$
|
34,743
|
|
Other operating interest
|
541
|
|
|
679
|
|
|
2,039
|
|
|
1,625
|
|
||||
|
16,259
|
|
|
12,537
|
|
|
44,016
|
|
|
36,368
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EXPENSES
|
|
|
|
|
|
|
|
||||||||
Property operating
|
3,327
|
|
|
2,627
|
|
|
9,395
|
|
|
7,497
|
|
||||
General and administrative
|
2,041
|
|
|
1,395
|
|
|
5,602
|
|
|
4,092
|
|
||||
Depreciation and amortization
|
5,774
|
|
|
4,925
|
|
|
16,319
|
|
|
14,471
|
|
||||
|
11,142
|
|
|
8,947
|
|
|
31,316
|
|
|
26,060
|
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND OTHER ITEMS
|
5,117
|
|
|
3,590
|
|
|
12,700
|
|
|
10,308
|
|
||||
Interest expense
|
(2,483
|
)
|
|
(1,643
|
)
|
|
(6,788
|
)
|
|
(4,482
|
)
|
||||
Interest and other income, net
|
13
|
|
|
52
|
|
|
251
|
|
|
462
|
|
||||
INCOME FROM CONTINUING OPERATIONS
|
2,647
|
|
|
1,999
|
|
|
6,163
|
|
|
6,288
|
|
||||
NET INCOME
|
$
|
2,647
|
|
|
$
|
1,999
|
|
|
$
|
6,163
|
|
|
$
|
6,288
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
||||||||
Net income per common share – Basic
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.28
|
|
|
$
|
0.31
|
|
Net income per common share – Diluted
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.28
|
|
|
$
|
0.31
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC
|
18,832,902
|
|
|
17,669,681
|
|
|
18,347,630
|
|
|
17,695,688
|
|
||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED
|
18,832,902
|
|
|
17,669,681
|
|
|
18,347,630
|
|
|
17,695,688
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME
|
$
|
2,647
|
|
|
$
|
1,999
|
|
|
$
|
6,163
|
|
|
$
|
6,288
|
|
||
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|||||||||
|
|
(Decrease) increase in fair value of cash flow hedges
|
(2,060
|
)
|
|
527
|
|
|
(7,305
|
)
|
|
2,152
|
|
||||
|
|
Reclassification for amounts recognized as interest expense
|
3
|
|
|
46
|
|
|
(154
|
)
|
|
201
|
|
||||
|
Total other comprehensive (loss) income
|
(2,057
|
)
|
|
573
|
|
|
(7,459
|
)
|
|
2,353
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
590
|
|
|
$
|
2,572
|
|
|
$
|
(1,296
|
)
|
|
$
|
8,641
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Cumulative Net
Income
|
|
Accumulated Other Comprehensive (Loss) Income
|
|
Cumulative Dividends
|
|
Total Stockholders' Equity
|
||||||||||||||||||
|
Shares
|
Amount
|
|
Shares
|
Amount
|
|
|||||||||||||||||||||||||
Balance at June 30, 2019
|
—
|
|
$
|
—
|
|
|
19,401,244
|
|
$
|
194
|
|
|
$
|
361,913
|
|
|
$
|
12,694
|
|
|
$
|
(4,769
|
)
|
|
$
|
(90,912
|
)
|
|
$
|
279,120
|
|
Issuance of common stock, net of issuance costs
|
—
|
|
—
|
|
|
680,309
|
|
$
|
7
|
|
|
$
|
28,333
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,340
|
|
|
Stock-based compensation
|
—
|
|
—
|
|
|
96,140
|
|
1
|
|
|
1,001
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,002
|
|
|||||||
Unrecognized gain on cash flow hedges
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,060
|
)
|
|
—
|
|
|
(2,060
|
)
|
|||||||
Reclassification adj for losses included in net income (interest expense)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Net income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
2,647
|
|
|
—
|
|
|
—
|
|
|
2,647
|
|
|||||||
Dividends to common stockholders ($0.4125 per share)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,105
|
)
|
|
(8,105
|
)
|
|||||||
Balance at September 30, 2019
|
—
|
|
$
|
—
|
|
|
20,177,693
|
|
$
|
202
|
|
|
$
|
391,247
|
|
|
$
|
15,341
|
|
|
$
|
(6,826
|
)
|
|
$
|
(99,017
|
)
|
|
$
|
300,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2018
|
—
|
|
$
|
—
|
|
|
18,634,502
|
|
$
|
186
|
|
|
$
|
337,180
|
|
|
$
|
9,178
|
|
|
$
|
633
|
|
|
$
|
(75,518
|
)
|
|
$
|
271,659
|
|
Issuance of common stock, net of issuance costs
|
—
|
|
—
|
|
|
1,321,362
|
|
14
|
|
|
51,318
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,332
|
|
|||||||
Stock-based compensation
|
—
|
|
—
|
|
|
221,829
|
|
2
|
|
|
2,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,751
|
|
|||||||
Unrecognized loss on cash flow hedges
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,305
|
)
|
|
—
|
|
|
(7,305
|
)
|
|||||||
Reclassification adj for gain included in net income (interest expense)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154
|
)
|
|
—
|
|
|
(154
|
)
|
|||||||
Net income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
6,163
|
|
|
—
|
|
|
—
|
|
|
6,163
|
|
|||||||
Dividends to common stockholders ($1.23 per share)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,499
|
)
|
|
(23,499
|
)
|
|||||||
Balance at September 30, 2019
|
—
|
|
$
|
—
|
|
|
20,177,693
|
|
$
|
202
|
|
|
$
|
391,247
|
|
|
$
|
15,341
|
|
|
$
|
(6,826
|
)
|
|
$
|
(99,017
|
)
|
|
$
|
300,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at June 30, 2018
|
—
|
|
—
|
|
|
18,199,975
|
|
182
|
|
|
325,719
|
|
|
9,064
|
|
|
2,039
|
|
|
(60,646
|
)
|
|
276,358
|
|
|||||||
Issuance of common stock, net of issuance costs
|
—
|
|
—
|
|
|
234,000
|
|
2
|
|
|
7,062
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,064
|
|
|||||||
Stock-based compensation
|
—
|
|
—
|
|
|
99,827
|
|
1
|
|
|
687
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
688
|
|
|||||||
Unrecognized gain on cash flow hedges
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
527
|
|
|
—
|
|
|
527
|
|
|||||||
Reclassification adj for losses included in net income (interest expense)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|||||||
Net income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|||||||
Dividends to common stockholders ($0.4025 per share)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,365
|
)
|
|
(7,365
|
)
|
|||||||
Balance at September 30, 2018
|
—
|
|
$
|
—
|
|
|
18,533,802
|
|
185
|
|
|
333,468
|
|
|
11,063
|
|
|
2,612
|
|
|
(68,011
|
)
|
|
279,317
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2017
|
—
|
|
$
|
—
|
|
|
18,085,798
|
|
$
|
181
|
|
|
$
|
324,303
|
|
|
$
|
4,775
|
|
|
$
|
258
|
|
|
$
|
(46,143
|
)
|
|
$
|
283,374
|
|
Issuance of common stock, net of issuance costs
|
—
|
|
—
|
|
|
234,000
|
|
2
|
|
|
7,062
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,064
|
|
|||||||
Stock-based compensation
|
—
|
|
—
|
|
|
214,004
|
|
2
|
|
|
2,103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,105
|
|
|||||||
Unrecognized gain on cash flow hedges
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,153
|
|
|
—
|
|
|
2,153
|
|
|||||||
Reclassification adj for loss included in net income (interest expense)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
201
|
|
|
—
|
|
|
201
|
|
|||||||
Net income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
6,288
|
|
|
—
|
|
|
—
|
|
|
6,288
|
|
|||||||
Dividends to common stockholders ($1.20 per share)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,868
|
)
|
|
(21,868
|
)
|
|||||||
Balance at September 30, 2018
|
—
|
|
$
|
—
|
|
|
18,533,802
|
|
$
|
185
|
|
|
$
|
333,468
|
|
|
$
|
11,063
|
|
|
$
|
2,612
|
|
|
$
|
(68,011
|
)
|
|
$
|
279,317
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
6,163
|
|
|
$
|
6,288
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
16,731
|
|
|
14,929
|
|
||
Stock-based compensation
|
2,751
|
|
|
2,105
|
|
||
Straight-line rent receivable
|
(1,353
|
)
|
|
(1,165
|
)
|
||
Deferred income tax expense (benefit)
|
9
|
|
|
(103
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Other assets
|
(1,889
|
)
|
|
(3,332
|
)
|
||
Accounts payable and accrued liabilities
|
723
|
|
|
(373
|
)
|
||
Other liabilities
|
52
|
|
|
(427
|
)
|
||
Net cash provided by operating activities
|
23,187
|
|
|
17,922
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
||||
Acquisitions of real estate
|
(115,624
|
)
|
|
(26,820
|
)
|
||
Acquisitions of notes receivable
|
—
|
|
|
(2,201
|
)
|
||
Funding of notes receivable
|
—
|
|
|
(4,833
|
)
|
||
Proceeds from the repayment of notes receivable
|
752
|
|
|
50
|
|
||
Capital expenditures on existing real estate properties
|
(3,461
|
)
|
|
(4,220
|
)
|
||
Net cash used in investing activities
|
(118,333
|
)
|
|
(38,024
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
||||
Net repayments on revolving credit facility
|
(6,750
|
)
|
|
(6,000
|
)
|
||
Term loan borrowings
|
75,000
|
|
|
40,000
|
|
||
Mortgage note repayments
|
(77
|
)
|
|
—
|
|
||
Dividends paid
|
(23,499
|
)
|
|
(21,868
|
)
|
||
Proceeds from issuance of common stock
|
51,640
|
|
|
7,147
|
|
||
Equity issuance costs
|
(308
|
)
|
|
(83
|
)
|
||
Debt issuance costs
|
(1,304
|
)
|
|
(218
|
)
|
||
Net cash provided by financing activities
|
94,702
|
|
|
18,978
|
|
||
Decrease in cash and cash equivalents and restricted cash
|
(444
|
)
|
|
(1,124
|
)
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
2,392
|
|
|
2,130
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
$
|
1,948
|
|
|
$
|
1,006
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
||||
Interest paid
|
$
|
6,380
|
|
|
$
|
3,823
|
|
Invoices accrued for construction, tenant improvement and other capitalized costs
|
$
|
270
|
|
|
$
|
102
|
|
Reclassification between accounts and notes receivable
|
$
|
45
|
|
|
$
|
—
|
|
Reclassification of registration statement costs incurred in prior year to equity issuance costs
|
$
|
321
|
|
|
$
|
34
|
|
(Decrease) increase in fair value of cash flow hedges
|
$
|
(7,305
|
)
|
|
$
|
2,152
|
|
Fair value of property received in foreclosure
|
$
|
—
|
|
|
$
|
4,541
|
|
Notes and mortgage receivable repayments utilized to originate note receivable
|
$
|
—
|
|
|
$
|
18,167
|
|
(Dollars in thousands)
|
Number of Facilities
|
|
Land and
Land Improvements
|
|
Buildings, Improvements, and Lease Intangibles
|
|
Personal
Property
|
|
Total
|
|
Accumulated Depreciation
|
|||||||||||
Medical office buildings:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Florida
|
5
|
|
|
$
|
4,648
|
|
|
$
|
29,384
|
|
|
$
|
—
|
|
|
$
|
34,032
|
|
|
$
|
5,328
|
|
Ohio
|
6
|
|
|
3,665
|
|
|
26,578
|
|
|
—
|
|
|
30,243
|
|
|
6,209
|
|
|||||
Texas
|
3
|
|
|
3,164
|
|
|
15,591
|
|
|
—
|
|
|
18,755
|
|
|
4,862
|
|
|||||
Illinois
|
3
|
|
|
1,918
|
|
|
15,019
|
|
|
—
|
|
|
16,937
|
|
|
3,195
|
|
|||||
Kansas
|
3
|
|
|
2,455
|
|
|
15,539
|
|
|
—
|
|
|
17,994
|
|
|
4,480
|
|
|||||
Iowa
|
1
|
|
|
2,241
|
|
|
9,062
|
|
|
—
|
|
|
11,303
|
|
|
2,967
|
|
|||||
Other states
|
16
|
|
|
5,587
|
|
|
40,952
|
|
|
—
|
|
|
46,539
|
|
|
5,805
|
|
|||||
|
37
|
|
|
23,678
|
|
|
152,125
|
|
|
—
|
|
|
175,803
|
|
|
32,846
|
|
|||||
Physician clinics:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Kansas
|
2
|
|
|
610
|
|
|
6,921
|
|
|
—
|
|
|
7,531
|
|
|
1,690
|
|
|||||
Illinois
|
6
|
|
|
2,888
|
|
|
9,709
|
|
|
—
|
|
|
12,597
|
|
|
838
|
|
|||||
Florida
|
5
|
|
|
506
|
|
|
10,322
|
|
|
—
|
|
|
10,828
|
|
|
1,101
|
|
|||||
Other states
|
9
|
|
|
2,903
|
|
|
21,742
|
|
|
—
|
|
|
24,645
|
|
|
3,984
|
|
|||||
|
22
|
|
|
6,907
|
|
|
48,694
|
|
|
—
|
|
|
55,601
|
|
|
7,613
|
|
|||||
Surgical centers and hospitals:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Louisiana
|
1
|
|
|
1,683
|
|
|
21,353
|
|
|
—
|
|
|
23,036
|
|
|
1,511
|
|
|||||
Michigan
|
2
|
|
|
637
|
|
|
8,383
|
|
|
—
|
|
|
9,020
|
|
|
2,623
|
|
|||||
Illinois
|
2
|
|
|
2,355
|
|
|
8,222
|
|
|
—
|
|
|
10,577
|
|
|
1,797
|
|
|||||
Florida
|
1
|
|
|
271
|
|
|
7,070
|
|
|
—
|
|
|
7,341
|
|
|
1,043
|
|
|||||
Arizona
|
2
|
|
|
576
|
|
|
5,389
|
|
|
—
|
|
|
5,965
|
|
|
1,774
|
|
|||||
Other states
|
7
|
|
|
2,130
|
|
|
17,935
|
|
|
—
|
|
|
20,065
|
|
|
4,534
|
|
|||||
|
15
|
|
|
7,652
|
|
|
68,352
|
|
|
—
|
|
|
76,004
|
|
|
13,282
|
|
|||||
Specialty centers:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Illinois
|
3
|
|
|
3,489
|
|
|
24,733
|
|
|
—
|
|
|
28,222
|
|
|
2,916
|
|
|||||
Other states
|
22
|
|
|
5,207
|
|
|
38,623
|
|
|
—
|
|
|
43,830
|
|
|
8,365
|
|
|||||
|
25
|
|
|
8,696
|
|
|
63,356
|
|
|
—
|
|
|
72,052
|
|
|
11,281
|
|
|||||
Behavioral facilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Massachusetts
|
1
|
|
|
3,835
|
|
|
23,303
|
|
|
—
|
|
|
27,138
|
|
|
177
|
|
|||||
West Virginia
|
1
|
|
|
2,138
|
|
|
22,897
|
|
|
—
|
|
|
25,035
|
|
|
1,171
|
|
|||||
Illinois
|
1
|
|
|
1,300
|
|
|
18,803
|
|
|
—
|
|
|
20,103
|
|
|
1,568
|
|
|||||
Washington
|
1
|
|
|
2,725
|
|
|
25,064
|
|
|
—
|
|
|
27,789
|
|
|
120
|
|
|||||
Other states
|
5
|
|
|
2,538
|
|
|
18,880
|
|
|
—
|
|
|
21,418
|
|
|
1,097
|
|
|||||
|
9
|
|
|
12,536
|
|
|
108,947
|
|
|
—
|
|
|
121,483
|
|
|
4,133
|
|
|||||
Inpatient rehabilitation facilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Texas
|
2
|
|
|
3,023
|
|
|
44,530
|
|
|
—
|
|
|
47,553
|
|
|
548
|
|
|||||
|
2
|
|
|
3,023
|
|
|
44,530
|
|
|
—
|
|
|
47,553
|
|
|
548
|
|
|||||
Long-term acute care hospitals:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Indiana
|
1
|
|
|
523
|
|
|
14,405
|
|
|
—
|
|
|
14,928
|
|
|
1,566
|
|
|||||
|
1
|
|
|
523
|
|
|
14,405
|
|
|
—
|
|
|
14,928
|
|
|
1,566
|
|
|||||
Corporate property
|
—
|
|
|
—
|
|
|
2,701
|
|
|
202
|
|
|
2,903
|
|
|
348
|
|
|||||
Total real estate investments
|
111
|
|
|
$
|
63,015
|
|
|
$
|
503,110
|
|
|
$
|
202
|
|
|
$
|
566,327
|
|
|
$
|
71,617
|
|
2019 (three months ending December 31)
|
$
|
12,889
|
|
2020
|
49,652
|
|
|
2021
|
46,663
|
|
|
2022
|
43,440
|
|
|
2023
|
39,016
|
|
|
2024 and thereafter
|
247,654
|
|
|
|
$
|
439,314
|
|
|
|
|
Relative Fair Value
|
Estimated Useful Life
|
||
|
|
|
(in thousands)
|
(In years)
|
||
Land and land improvements
|
$
|
12,497
|
|
4.7-18.4
|
||
Building and building improvements
|
103,253
|
|
20-40
|
|||
Intangibles:
|
|
|
||||
|
At-market lease intangibles
|
2,186
|
|
3.8-10.8
|
||
|
Below-market lease intangibles
|
(44
|
)
|
8.3
|
||
|
|
Total intangibles
|
2,142
|
|
|
|
Accounts receivable and other assets assumed
|
15
|
|
|
|||
Accounts payable, accrued liabilities and other liabilities assumed
|
(2,198
|
)
|
|
|||
Prorated rent, interest and operating expense reimbursement amounts collected
|
(85
|
)
|
|
|||
|
Total cash consideration
|
$
|
115,624
|
|
|
|
Balance as of
|
|
|||||
(Dollars in thousands)
|
September 30, 2019
|
December 31, 2018
|
Maturity Dates
|
||||
|
|
|
|
||||
Revolving Credit Facility
|
$
|
36,250
|
|
$
|
43,000
|
|
3/23
|
A-1 Term Loan, net
|
49,815
|
|
49,759
|
|
3/22
|
||
A-2 Term Loan, net
|
49,761
|
|
49,722
|
|
3/24
|
||
A-3 Term Loan, net
|
74,411
|
|
—
|
|
3/26
|
||
Mortgage Note Payable
|
5,223
|
|
5,285
|
|
5/24
|
||
|
$
|
215,460
|
|
$
|
147,766
|
|
|
|
Asset Derivatives Fair Value at
|
|
Liability Derivatives Fair Value at
|
||||||||||||
|
September 30, 2019
|
December 31, 2018
|
Balance Sheet Classification
|
|
September 30, 2019
|
December 31, 2018
|
Balance Sheet Classification
|
||||||||
Interest rate swaps
|
$
|
—
|
|
$
|
902
|
|
Other assets
|
|
$
|
6,826
|
|
$
|
98
|
|
Other Liabilities
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||
(Dollars in thousands)
|
2019
|
2018
|
|
2019
|
2018
|
||||||||
Amount of unrealized (loss) gain recognized in OCI on derivative
|
$
|
(2,060
|
)
|
$
|
527
|
|
|
$
|
(7,305
|
)
|
$
|
2,152
|
|
Amount of (gain) loss reclassified from accumulated OCI into interest expense
|
$
|
3
|
|
$
|
46
|
|
|
$
|
(154
|
)
|
$
|
201
|
|
Total Interest Expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded
|
$
|
2,483
|
|
$
|
1,643
|
|
|
$
|
6,788
|
|
$
|
4,482
|
|
|
Nine Months Ended
September 30, 2019 |
Year Ended
December 31, 2018
|
||
Balance, beginning of period
|
18,634,502
|
|
18,085,798
|
|
Issuance of common stock
|
1,321,362
|
|
334,700
|
|
Restricted stock-based awards
|
221,829
|
|
214,004
|
|
Balance, end of period
|
20,177,693
|
|
18,634,502
|
|
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||
Shares issued
|
680,309
|
|
|
1,321,362
|
|
||
Proceeds received (in millions)
|
$
|
28.5
|
|
|
$
|
51.6
|
|
Average gross sales price per share ($)
|
$
|
42.70
|
|
|
$
|
39.88
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(Dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
2,647
|
|
|
$
|
1,999
|
|
|
$
|
6,163
|
|
|
$
|
6,288
|
|
Participating securities' share in earnings
|
(373
|
)
|
|
(287
|
)
|
|
(1,024
|
)
|
|
(769
|
)
|
||||
Net income, less participating securities' share in earnings
|
$
|
2,274
|
|
|
$
|
1,712
|
|
|
$
|
5,139
|
|
|
$
|
5,519
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average Common Shares outstanding
|
|
|
|
|
|
|
|
||||||||
Weighted average Common Shares outstanding
|
19,697,574
|
|
|
18,330,340
|
|
|
19,166,309
|
|
|
18,228,006
|
|
||||
Unvested restricted shares
|
(864,672
|
)
|
|
(660,659
|
)
|
|
(818,679
|
)
|
|
(532,318
|
)
|
||||
Weighted average Common Shares outstanding–Basic
|
18,832,902
|
|
|
17,669,681
|
|
|
18,347,630
|
|
|
17,695,688
|
|
||||
Dilutive potential common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average Common Shares outstanding –Diluted
|
18,832,902
|
|
|
17,669,681
|
|
|
18,347,630
|
|
|
17,695,688
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic Net Income per Common Share
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.28
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Net Income per Common Share
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.28
|
|
|
$
|
0.31
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||
|
|
2019
|
2018
|
|
2019
|
2018
|
||||
Stock-based awards, beginning of period
|
813,752
|
|
609,660
|
|
|
709,487
|
|
512,115
|
|
|
|
Stock in lieu of compensation
|
14,862
|
|
17,420
|
|
|
72,391
|
|
69,767
|
|
|
Stock awards
|
81,278
|
|
82,407
|
|
|
149,438
|
|
144,237
|
|
|
Total stock granted
|
96,140
|
|
99,827
|
|
|
221,829
|
|
214,004
|
|
|
Vested shares
|
—
|
|
—
|
|
|
(21,424
|
)
|
(16,632
|
)
|
Stock-based awards, end of period
|
909,892
|
|
709,487
|
|
|
909,892
|
|
709,487
|
|
|
Balance as of
|
|||||
(Dollars in thousands)
|
September 30, 2019
|
December 31, 2018
|
||||
Notes receivable
|
$
|
23,402
|
|
$
|
24,110
|
|
Accounts and interest receivables
|
3,573
|
|
2,158
|
|
||
Straight-line rent receivables
|
4,567
|
|
3,254
|
|
||
Prepaid assets
|
688
|
|
487
|
|
||
Deferred financing costs, net
|
746
|
|
318
|
|
||
Leasing commissions, net
|
900
|
|
790
|
|
||
Deferred tax asset
|
2,016
|
|
2,024
|
|
||
Fair value of interest rate swaps
|
—
|
|
902
|
|
||
Above-market intangible assets, net
|
150
|
|
168
|
|
||
Right-of-use leased asset
|
140
|
|
—
|
|
||
Other
|
232
|
|
335
|
|
||
|
$
|
36,414
|
|
$
|
34,546
|
|
•
|
On April 25, 2018, the Company provided a $23.0 million loan to a newly formed company, secured by all assets and ownership interests in seven long-term acute care hospitals and one inpatient rehabilitation hospital. The loan, which matures on May 1, 2031, currently bears interest at 9% per annum, with principal payments beginning in May 2021.
|
•
|
On December 31, 2018, the Company entered into notes with a tenant totaling $0.9 million. The notes bear interest at 9% per annum and mature on December 31, 2019.
|
Classification
|
Carrying Amount
(in millions)
|
Maximum Exposure to Loss
(in millions)
|
||||
Notes receivable
|
$
|
0.4
|
|
$
|
0.4
|
|
Note receivable
|
$
|
23.0
|
|
$
|
23.0
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
(Dollars in thousands)
|
Carrying Value
|
Fair Value
|
|
Carrying Value
|
Fair Value
|
||||||||
Notes receivable
|
$
|
23,402
|
|
$
|
23,494
|
|
|
$
|
24,110
|
|
$
|
23,936
|
|
Interest rate swap asset
|
$
|
—
|
|
$
|
—
|
|
|
$
|
902
|
|
$
|
902
|
|
Interest rate swap liability
|
$
|
6,826
|
|
$
|
6,826
|
|
|
$
|
269
|
|
$
|
269
|
|
Mortgage note payable
|
$
|
5,314
|
|
$
|
5,323
|
|
|
$
|
5,391
|
|
$
|
5,307
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease) to
Net Income
|
||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
REVENUES
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
15,718
|
|
|
$
|
11,858
|
|
|
$
|
3,860
|
|
32.6
|
%
|
Other operating interest
|
541
|
|
|
679
|
|
|
(138
|
)
|
(20.3
|
)%
|
|||
|
16,259
|
|
|
12,537
|
|
|
3,722
|
|
29.7
|
%
|
|||
EXPENSES
|
|
|
|
|
|
|
|||||||
Property operating
|
3,327
|
|
|
2,627
|
|
|
(700
|
)
|
(26.6
|
)%
|
|||
General and administrative
|
2,041
|
|
|
1,395
|
|
|
(646
|
)
|
(46.3
|
)%
|
|||
Depreciation and amortization
|
5,774
|
|
|
4,925
|
|
|
(849
|
)
|
(17.2
|
)%
|
|||
|
11,142
|
|
|
8,947
|
|
|
(2,195
|
)
|
(24.5
|
)%
|
|||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND OTHER ITEMS
|
5,117
|
|
|
3,590
|
|
|
1,527
|
|
42.5
|
%
|
|||
Interest expense
|
(2,483
|
)
|
|
(1,643
|
)
|
|
(840
|
)
|
(51.1
|
)%
|
|||
Other income
|
13
|
|
|
52
|
|
|
(39
|
)
|
(75.0
|
)%
|
|||
INCOME FROM CONTINUING OPERATIONS
|
2,647
|
|
|
1,999
|
|
|
648
|
|
32.4
|
%
|
|||
NET INCOME
|
$
|
2,647
|
|
|
$
|
1,999
|
|
|
$
|
648
|
|
32.4
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(Dollars in thousands, excepts per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
2,647
|
|
|
$
|
1,999
|
|
|
$
|
6,163
|
|
|
$
|
6,288
|
|
Real estate depreciation and amortization
|
5,812
|
|
|
4,918
|
|
|
16,434
|
|
|
14,453
|
|
||||
Total adjustments
|
5,812
|
|
|
4,918
|
|
|
16,434
|
|
|
14,453
|
|
||||
Funds from Operations
|
$
|
8,459
|
|
|
$
|
6,917
|
|
|
$
|
22,597
|
|
|
$
|
20,741
|
|
Funds from Operations per Common Share-Basic
|
$
|
0.45
|
|
|
$
|
0.39
|
|
|
$
|
1.23
|
|
|
$
|
1.17
|
|
Funds from Operations per Common Share-Diluted
|
$
|
0.44
|
|
|
$
|
0.39
|
|
|
$
|
1.20
|
|
|
$
|
1.16
|
|
Weighted Average Common Shares Outstanding-Basic
|
18,832,902
|
|
|
17,669,681
|
|
|
18,347,630
|
|
|
17,695,688
|
|
||||
Weighted Average Common Shares Outstanding-Diluted (1)
|
19,315,354
|
|
|
17,947,568
|
|
|
18,769,670
|
|
|
17,839,014
|
|
•
|
Leverage ratios and financial covenants included in our Credit Facility;
|
•
|
Dividend payout percentage; and
|
•
|
Interest rates, underlying treasury rates, debt market spreads and equity markets.
|
•
|
the requirement that our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002;
|
•
|
compliance with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;
|
•
|
the requirement that we provide full and more detailed disclosures regarding executive compensation; and
|
•
|
the requirement that we hold a non-binding advisory vote on executive compensation and obtain stockholder approval of any golden parachute payments not previously approved.
|
Exhibit
Number
|
Description
|
||
3.1
|
|||
3.2
|
|||
31.1 *
|
|||
31.2 *
|
|||
32.1 **
|
|||
101.INS
|
XBRL Instance Document
|
||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
||
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
||
|
|
(1)
|
Filed as Exhibit 3.1 to Amendment No. 2 to the Registration Statement on Form S-11 of the Company filed with the Securities and Exchange Commission on May 6, 2015 (Registration No. 333-203210) and incorporated herein by reference.
|
(2)
|
Filed as Exhibit 3.2 to the Registration Statement on Form S-11 of the Company filed with the Securities and Exchange Commission on April 2, 2015 (Registration No. 333-203210) and incorporated herein by reference.
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
COMMUNITY HEALTHCARE TRUST INCORPORATED
|
|
|
|
|
|
By:
|
/s/ Timothy G. Wallace
|
|
|
Timothy G. Wallace
|
|
|
Chief Executive Officer and President
|
|
|
|
|
By:
|
/s/ David H. Dupuy
|
|
|
David H. Dupuy
|
|
|
Executive Vice President and Chief Financial Officer
|
1 Year Commmunity Healthcare Chart |
1 Month Commmunity Healthcare Chart |
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