Community Healthcare Trust Inc (CHCT) 10-Q Quarterly Report May 2019

FRANKLIN, Tenn., February 26, 2019 / PRNewswire / -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended December 31, 2018. The Company reported a net loss for the fourth quarter of approximately $1.9 million, or $0.12 per diluted common share. Funds from operations and adjusted funds from operations ("AFFO") for the three months ended December 31, 2018 totaled $0.16 and $0.41, respectively, per diluted common share.

Highlights include:


•	During the fourth quarter of 2018, the Company issued, through its at-the-market offering program ("ATM Program"), 100,700 shares of common stock at an average gross sales price of $30.83 per share and received net proceeds of approximately $3.0 million at an approximate 5.363% current equity yield.

•

During the fourth quarter of 2018, the Company acquired 11 real estate properties totaling approximately 143,000 square feet for an aggregate purchase price of approximately $24.1 million, including cash consideration of approximately $18.5 million and the assumption of mortgage debt on one of the properties of $5.4 million. Upon acquisition, the properties were 96.6% leased in the aggregate with lease expirations ranging from 2019 through 2028. Transaction costs totaling approximately $0.5 million related to these acquisitions were capitalized in the period and included in real estate assets.


•	In February 2019, the Company acquired two real estate properties totaling approximately 83,000 square feet for an aggregate purchase price and cash consideration of approximately $32.7 million. Upon acquisition, the properties were 100.0% leased in the aggregate with lease expirations in 2029.

•

The Company has five properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $103.0 million. The Company's expected aggregate returns on these investments range from approximately 9.4% to 11.0%. The Company expects to close these properties through the end of 2019; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.


•	On February 7, 2019, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4075 per share. The dividend is payable on March 1, 2019 to stockholders of record on February 22, 2019.

Information on Impairment:


•	During the second half of 2018, the Company experienced payment issues with the old operator of Highlands Hospital ("Highlands"). The Company learned in December, that these issues were caused by a diversion of funds creating a material breach of our agreements.


•	The Company took aggressive actions to protect its position and, in 2019, signed a Transition Agreement to transition the property to a new operator. In addition, the Company has signed a new lease with a new operator, effective upon the transfer of the licenses, which is anticipated to happen in the second quarter of 2019.


•	The Company has approximately $30.0 million invested at Highlands with $25.0 million in real estate and $5.0 million in a mezzanine loan that was incidental to the acquisition of the real estate.

The following information was filed by Community Healthcare Trust Inc (CHCT) on Tuesday, February 26, 2019 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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Inside Community Healthcare Trust Inc's 10-Q Quarterly Report:

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Community Healthcare Trust Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

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Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: CHCT
CIK: 1631569
Form Type: 10-Q Quarterly Report
Accession Number: 0001631569-19-000021
Submitted to the SEC: Tue May 07 2019 1:02:59 PM EST
Accepted by the SEC: Tue May 07 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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Community Healthcare Trust Inc (CHCT) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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