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During the first quarter of 2017, the Company acquired 10 properties for a total purchase price of $28.5 million, including cash consideration of $28.4 million. The 10 properties, located in five states, total approximately 145,000 square feet and were 95.2% leased upon acquisition with lease expirations through 2032. During the first quarter of 2017, the Company also acquired a property, adjacent to its corporate office, for a cash purchase price of approximately $0.9 million. The property is currently leased to a tenant but the Company intends to use the property for future expansion of its corporate office.
Since March 31, 2017 and through May 9, 2017, the Company acquired six real estate properties totaling approximately 79,900 square feet for an aggregate purchase price of approximately $4.1 million, including cash consideration of approximately $4.2 million. Upon acquisition, the properties were 100% leased with lease expirations through 2032. The acquisitions were funded with proceeds from our Revolving Credit Facility.
The Company has three properties under definitive purchase agreements for an aggregate expected purchase price of approximately $15.3 million as of May 9, 2017. The Company's expected return on these investments is approximately 9.0%. The Company is currently performing due diligence procedures customary for these types of transactions and cannot provide any assurance as to the timing or when or whether these transactions will actually close.
A common stock dividend of $0.39 per common share was declared on May 4, 2017 for the first quarter of 2017. This dividend is payable on June 2, 2017 to shareholders of record on May 19, 2017.
On March 29, 2017, the Company entered into an amended and restated $250 million credit facility. The credit facility provides for a $150 million revolving facility and $100 million in term loans, and through the accordion feature, allows borrowings up to a a total of $450.0 million, including the ability to add and fund additional term loans. The term loans, which allow for a delayed draw of a portion of the funds, consists of $50 million maturing in March 2022 and $50 million maturing in March 2024. The revolving facility matures in August 2019, with two 12-month extension options. The amended and restated credit facility replaces the Company’s $150 million revolving credit facility. At closing, the Company borrowed $12 million under its revolving facility and $60 million, under the term loans, in equal amounts of 5 and 7 year maturities. The Company has 15 months from the close date to borrow undrawn amounts under the term loans. Also, on March 31, 2017, the Company entered into interest rate swap agreements that fixed the interest rates on the term loans, resulting in fixed interest rates under the term loans ranging from 4.147% to 4.535% depending on the maturity, the Company’s leverage, and other factors.
As announced on March 1, 2017, the Company’s Chairman, Chief Executive Officer and President Timothy Wallace entered into a 10b5-1 plan to acquire shares of the Company’s common stock. The plan replaced Mr. Wallace's 10b5-1 trading plan dated February 29, 2016, which expired on December 31, 2016. The new trading plan was entered into on February 27, 2017 and became effective April 3, 2017. Under the plan, Mr. Wallace will be able to purchase up to the lesser of $2,000,000 or 100,000 shares of the Company's common stock, subject to timing, price and trading limitations.
The following information was filed by Community Healthcare Trust Inc (CHCT) on Tuesday, May 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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