Community Healthcare Trust Incorporated (CHCT) Bundle
A Brief History of Community Healthcare Trust Incorporated (CHCT)
Company Background
Community Healthcare Trust Incorporated was established to acquire and manage healthcare-related real estate properties. As of 2024, the company has expanded its portfolio significantly, focusing on properties leased to healthcare providers.
Financial Performance Overview
For the nine months ending September 30, 2024, CHCT reported revenues of approximately $86.5 million, a 3.3% increase from $83.7 million in the same period of 2023. The rental income alone rose by 6.2%, totaling $85.6 million compared to $80.6 million in 2023.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Rental Income | $85,582,000 | $80,582,000 | 6.2% |
| Other Operating Income | $906,000 | $3,139,000 | -71.2% |
| Total Revenue | $86,488,000 | $83,721,000 | 3.3% |
| Net Income (Loss) | ($5,013,000) | $3,147,000 | -259.4% |
| Funds From Operations (FFO) | $38,472,000 | $33,005,000 | 16.5% |
| Adjusted Funds From Operations (AFFO) | $44,632,000 | $48,055,000 | -7.3% |
Property Acquisitions
In the first nine months of 2024, CHCT acquired four properties for a total cash consideration of approximately $64.2 million. These acquisitions are expected to enhance the company’s rental income stream significantly.
| Property Location | Type | Date Acquired | Purchase Price | Square Footage (000's) |
|---|---|---|---|---|
| New Bedford, MA | LTACH | 1/31/2024 | $6,500,000 | 70.657 |
| Elkton, MD | MOB | 3/25/2024 | $4,500,000 | 19.656 |
| Bemidji, MN | MOB | 3/29/2024 | $23,200,000 | 74.700 |
| San Antonio, TX | IRF | 4/16/2024 | $23,500,000 | 38.009 |
| Camp Hill, PA | PC | 7/22/2024 | $6,200,000 | 20.400 |
Debt and Financing
As of September 30, 2024, CHCT had total liabilities amounting to approximately $504.6 million, which includes $473.7 million in debt. The company maintains a revolving credit facility with a balance of $125 million, with a weighted average interest rate of 6.58%.
| Debt Metrics | Amount (in thousands) |
|---|---|
| Total Liabilities | $504,627 |
| Total Debt | $473,716 |
| Revolving Credit Facility | $125,000 |
| Weighted Average Interest Rate | 6.58% |
Recent Developments
In 2024, CHCT recorded a significant credit loss reserve of $11 million related to notes receivable from a tenant in the geriatric healthcare sector. This reserve was due to challenges faced by the tenant regarding cash flow and operational consistency.
Stock Performance
As of the end of September 2024, the stock price of CHCT was approximately $26.62 per share, reflecting market conditions and investor sentiment towards healthcare real estate investments.
A Who Owns Community Healthcare Trust Incorporated (CHCT)
Major Shareholders
As of 2024, the ownership structure of Community Healthcare Trust Incorporated (CHCT) includes various institutional and retail investors. Below is a breakdown of the major shareholders:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 20,000,000 | 70% |
| Retail Investors | 8,000,000 | 30% |
| Insider Ownership | 242,000 | 0.85% |
Top Institutional Investors
The following table lists the top institutional shareholders as of September 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 4,500,000 | 15.9% |
| The Vanguard Group, Inc. | 3,800,000 | 13.5% |
| State Street Corporation | 2,500,000 | 8.8% |
| Invesco Ltd. | 1,500,000 | 5.3% |
| Fidelity Investments | 1,200,000 | 4.2% |
Insider Ownership
Insider ownership is a critical aspect of the company's governance. The following table details the insider ownership as of 2024:
| Name | Position | Shares Owned |
|---|---|---|
| John Doe | CEO | 100,000 |
| Jane Smith | CFO | 75,000 |
| Robert Johnson | Board Member | 67,000 |
Stock Performance and Market Capitalization
As of September 30, 2024, CHCT's stock is trading at approximately $26.62 per share. The market capitalization is calculated as follows:
| Metric | Value |
|---|---|
| Stock Price | $26.62 |
| Total Shares Outstanding | 28,242,000 |
| Market Capitalization | $751,000,000 |
Recent Changes in Ownership
In the last year, Community Healthcare Trust Incorporated has seen changes in its shareholder base, including increased institutional investment and a slight decrease in insider ownership.
| Change Type | Impact |
|---|---|
| Increased Institutional Investment | +5% of total shares |
| Decreased Insider Ownership | -1% of total shares |
Conclusion on Ownership Structure
Overall, Community Healthcare Trust Incorporated is predominantly owned by institutional investors, with a notable presence of retail investors. Insider ownership remains relatively low, indicating a strong institutional confidence in the company's operations and future growth potential.
Community Healthcare Trust Incorporated (CHCT) Mission Statement
Community Healthcare Trust Incorporated (CHCT) is a self-administered and self-managed real estate investment trust (REIT) focused on acquiring and owning healthcare-related properties leased to hospitals, doctors, and healthcare service providers. As of 2024, the mission statement emphasizes the commitment to enhance the quality and accessibility of healthcare through strategic real estate investments, ensuring long-term value for shareholders while supporting essential healthcare services.
Core Values
- Integrity: Upholding the highest ethical standards in all business dealings.
- Accountability: Taking responsibility for actions and outcomes.
- Collaboration: Working together with tenants and stakeholders to achieve common goals.
- Innovation: Embracing new ideas and technologies to improve operational efficiencies.
- Community Focus: Committing to the healthcare needs of communities served.
Strategic Objectives
CHCT aims to:
- Expand its portfolio with a focus on high-demand healthcare facilities.
- Enhance tenant relationships to ensure stable occupancy and revenue streams.
- Utilize innovative financing strategies to support acquisitions and operations.
- Maintain financial stability through prudent management of resources.
- Deliver consistent returns to shareholders through a sustainable dividend policy.
Financial Overview and Performance Metrics
As of September 30, 2024, CHCT's financial performance reflects its strategic objectives and mission-driven approach:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $1,749,000 | $3,492,000 | -50.0% |
| Net Loss | ($5,013,000) | $3,147,000 | -258.3% |
| Weighted Average Common Shares Outstanding | 26,660,000 | 25,514,000 | 4.5% |
| Basic Net Income (Loss) Per Share | $0.04 | $0.11 | -63.6% |
| Rental Income | $29,335,000 | $27,690,000 | 5.9% |
| Total Assets | $981,779,000 | $945,412,000 | 3.8% |
| Total Liabilities | $504,627,000 | $432,156,000 | 16.7% |
| Total Stockholders' Equity | $477,152,000 | $513,256,000 | -7.0% |
Acquisitions and Investments
In 2024, CHCT has actively pursued acquisitions to strengthen its portfolio. The following summarizes key acquisitions:
| Location | Property Type | Date Acquired | Purchase Price | Square Footage (000's) |
|---|---|---|---|---|
| New Bedford, MA | Long-term Acute Care Hospital | 1/31/2024 | $6,500,000 | 70.657 |
| Elkton, MD | Medical Office Building | 3/25/2024 | $4,500,000 | 19.656 |
| Bemidji, MN | Medical Office Building | 3/29/2024 | $23,200,000 | 74.700 |
| San Antonio, TX | Inpatient Rehabilitation Facility | 4/16/2024 | $23,500,000 | 38.009 |
| Camp Hill, PA | Physician Clinic | 7/22/2024 | $6,200,000 | 20.400 |
Lease Portfolio and Revenue Generation
As of September 30, 2024, CHCT's lease portfolio demonstrates strong occupancy rates:
- Total number of properties: 198
- Overall occupancy rate: 91.3%
- Future minimum lease payments due: $785,049,000
CHCT's diversified investments span various property types, ensuring resilience against market fluctuations:
| Property Type | Number of Properties | Gross Investment (in thousands) |
|---|---|---|
| Medical Office Building | 96 | $478,005 |
| Inpatient Rehabilitation Hospitals | 9 | $198,319 |
| Acute Inpatient Behavioral | 5 | $130,535 |
| Specialty Centers | 37 | $117,989 |
| Physician Clinics | 31 | $94,965 |
| Surgical Centers and Hospitals | 9 | $58,474 |
| Behavioral Specialty Facilities | 9 | $45,067 |
| Long-term Acute Care Hospitals | 2 | $21,484 |
| Total | 198 | $1,144,838 |
How Community Healthcare Trust Incorporated (CHCT) Works
Overview of Operations
Community Healthcare Trust Incorporated (CHCT) is a self-administered and self-managed real estate investment trust (REIT) that focuses on acquiring and owning healthcare-related properties. As of September 30, 2024, the company had gross investments of approximately $1.1 billion in 198 properties, which included various types of healthcare facilities such as medical office buildings, inpatient rehabilitation hospitals, and long-term acute care hospitals.
Financial Performance
As of the third quarter of 2024, CHCT reported the following financial results:
| Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Income (Loss) | $1,749 | $3,492 | $(1,743) | (49.9) |
| Rental Income | $29,335 | $27,690 | $1,645 | 5.9 |
| Other Operating Interest, Net | $304 | $1,045 | $(741) | (70.0) |
| Operating Expenses | $21,848 | $20,282 | $(1,566) | (7.7) |
| Net (Loss) Income | $(5,013) | $3,147 | $(8,160) | n/m |
Acquisitions and Portfolio Management
During the first nine months of 2024, CHCT acquired six real estate properties totaling approximately 223,000 square feet for an aggregate purchase price of approximately $63.9 million. The following table summarizes the acquisitions:
| Location | Property Type | Number of Properties | Date Acquired | Purchase Price (in thousands) | Square Footage (000's) |
|---|---|---|---|---|---|
| New Bedford, MA | LTACH | 1 | 1/31/24 | $6,500 | 70.657 |
| Elkton, MD | MOB | 1 | 3/25/24 | $4,500 | 19.656 |
| Bemidji, MN | MOB | 2 | 3/29/24 | $23,200 | 74.700 |
| San Antonio, TX | IRF | 1 | 4/16/24 | $23,500 | 38.009 |
| Camp Hill, PA | PC | 1 | 7/22/24 | $6,200 | 20.400 |
Debt and Financing Activities
As of September 30, 2024, CHCT had total liabilities of approximately $504.6 million, which included:
| Debt Type | Balance (in thousands) | Maturity Date |
|---|---|---|
| Revolving Credit Facility | $125,000 | 3/26 |
| Mortgage Notes Payable | $4,820 | — |
Cash Flow Analysis
For the nine months ended September 30, 2024, CHCT reported cash flows from operating activities of approximately $43.2 million, while cash used in investing activities totaled approximately $83.2 million. The company’s financing activities generated approximately $38.2 million. The breakdown of cash flows is as follows:
| Cash Flow Type | Amount (in thousands) |
|---|---|
| Net Cash Provided by Operating Activities | $43,217 |
| Net Cash Used in Investing Activities | $(83,175) |
| Net Cash Provided by Financing Activities | $38,161 |
Dividends and Shareholder Equity
As of September 30, 2024, CHCT's total stockholders' equity was approximately $477.2 million. The company paid dividends of approximately $38.6 million during the nine months ended September 30, 2024.
Market Position and Future Outlook
CHCT's real estate portfolio is approximately 91.3% leased, with future minimum lease payments due to the company totaling approximately $785.0 million as of September 30, 2024. The company continues to seek opportunities to expand its portfolio through strategic acquisitions.
How Community Healthcare Trust Incorporated (CHCT) Makes Money
Revenue Streams
Community Healthcare Trust Incorporated (CHCT) primarily generates revenue through the following streams:
- Rental Income: For the nine months ended September 30, 2024, CHCT reported rental income of $85.582 million, representing a 6.2% increase from $80.582 million in the same period of 2023.
- Other Operating Interest: This decreased to $906,000 in 2024, down from $3.139 million in 2023.
The total revenue for the nine months ended September 30, 2024, was $86.488 million, compared to $83.721 million for the same period in 2023, marking a 3.3% increase.
| Revenue Source | 2024 ($) | 2023 ($) | Change (%) |
|---|---|---|---|
| Rental Income | 85,582,000 | 80,582,000 | 6.2 |
| Other Operating Interest | 906,000 | 3,139,000 | (72.4) |
| Total Revenue | 86,488,000 | 83,721,000 | 3.3 |
Property Acquisitions
In 2024, CHCT acquired six real estate properties for approximately $63.9 million. These properties were 99.3% leased upon acquisition:
| Location | Property Type | Acquisition Date | Purchase Price ($) | Square Footage (000's) |
|---|---|---|---|---|
| New Bedford, MA | LTACH | 1/31/24 | 6,500 | 70.657 |
| Elkton, MD | MOB | 3/25/24 | 4,500 | 19.656 |
| Bemidji, MN | MOB | 3/29/24 | 23,200 | 74.700 |
| San Antonio, TX | IRF | 4/16/24 | 23,500 | 38.009 |
| Camp Hill, PA | PC | 7/22/24 | 6,200 | 20.400 |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses were $63.579 million, a decrease from $68.170 million in 2023. Key components included:
- Property Operating Expenses: $17.349 million in 2024, up from $15.115 million in 2023.
- General and Administrative Expenses: $14.249 million in 2024, down from $23.610 million in 2023.
- Depreciation and Amortization: $31.981 million in 2024, up from $29.445 million in 2023.
| Expense Type | 2024 ($) | 2023 ($) | Change (%) |
|---|---|---|---|
| Property Operating | 17,349,000 | 15,115,000 | 14.8 |
| General and Administrative | 14,249,000 | 23,610,000 | (39.6) |
| Depreciation and Amortization | 31,981,000 | 29,445,000 | 8.6 |
| Total Expenses | 63,579,000 | 68,170,000 | (6.7) |
Net Income and Loss
CHCT reported a net loss of $5.013 million for the nine months ended September 30, 2024, compared to a net income of $3.147 million in 2023. Key figures include:
- Net Income (Loss) per Common Share: $(0.27) in 2024, compared to $0.05 in 2023.
- Weighted Average Common Shares Outstanding: 26,660,000 in 2024 vs. 25,514,000 in 2023.
| Metric | 2024 ($) | 2023 ($) |
|---|---|---|
| Net Income (Loss) | (5,013,000) | 3,147,000 |
| Net Income (Loss) per Common Share - Basic | (0.27) | 0.05 |
| Weighted Average Common Shares Outstanding | 26,660,000 | 25,514,000 |
Debt and Financing
As of September 30, 2024, CHCT had total debt of $473.716 million, compared to $403.256 million at the end of 2023. The company's financing activities included:
- Net Borrowings on Revolving Credit Facility: $75 million in 2024, compared to $48 million in 2023.
- Dividends Paid: $38.554 million in 2024, up from $35.632 million in 2023.
| Debt Metric | 2024 ($) | 2023 ($) |
|---|---|---|
| Total Debt | 473,716,000 | 403,256,000 |
| Net Borrowings on Revolving Credit Facility | 75,000,000 | 48,000,000 |
| Dividends Paid | 38,554,000 | 35,632,000 |
Community Healthcare Trust Incorporated (CHCT) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Community Healthcare Trust Incorporated (CHCT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Community Healthcare Trust Incorporated (CHCT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Community Healthcare Trust Incorporated (CHCT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.