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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | | | | |
(Mark One) | | |
☒ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 |
OR |
☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Commission file number: 001-37401
Community Healthcare Trust Incorporated
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
Maryland | | 46-5212033 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
3326 Aspen Grove Drive
Suite 150
Franklin, Tennessee 37067
(Address of Principal Executive Offices) (Zip Code)
(615) 771-3052
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| 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 | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging-growth company | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The Registrant had 26,559,075 shares of Common Stock, $0.01 par value per share, outstanding as of July 26, 2023.
COMMUNITY HEALTHCARE TRUST INCORPORATED
FORM 10-Q
June 30, 2023
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | |
| (Unaudited) | | |
| June 30, 2023 | | December 31, 2022 |
ASSETS | | | |
Real estate properties | | | |
Land and land improvements | $ | 127,433 | | | $ | 117,657 | |
Buildings, improvements, and lease intangibles | 859,231 | | | 825,257 | |
Personal property | 284 | | | 253 | |
Total real estate properties | 986,948 | | | 943,167 | |
Less accumulated depreciation | (181,769) | | | (165,341) | |
Total real estate properties, net | 805,179 | | | 777,826 | |
Cash and cash equivalents | 2,627 | | | 11,233 | |
Restricted cash | 1,049 | | | 835 | |
| | | |
Other assets, net | 91,611 | | | 86,531 | |
Total assets | $ | 900,466 | | | $ | 876,425 | |
| | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Liabilities | | | |
Debt, net | $ | 368,127 | | | $ | 352,997 | |
Accounts payable and accrued liabilities | 10,605 | | | 11,377 | |
Other liabilities, net | 16,409 | | | 15,237 | |
Total liabilities | 395,141 | | | 379,611 | |
| | | |
Commitments and contingencies |
| |
|
| | | |
Stockholders' Equity | | | |
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding | — | | | — | |
Common stock, $0.01 par value; 450,000 shares authorized; 26,541 and 25,897 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 265 | | | 259 | |
Additional paid-in capital | 657,057 | | | 625,136 | |
Cumulative net income | 80,797 | | | 81,142 | |
Accumulated other comprehensive income | 23,085 | | | 22,667 | |
Cumulative dividends | (255,879) | | | (232,390) | |
Total stockholders’ equity | 505,325 | | | 496,814 | |
Total liabilities and stockholders' equity | $ | 900,466 | | | $ | 876,425 | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited; Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
REVENUES | | | | | | | |
Rental income | $ | 26,764 | | | $ | 23,197 | | | $ | 52,892 | | | $ | 45,801 | |
| | | | | | | |
| | | | | | | |
Other operating interest | 1,046 | | | 852 | | | 2,094 | | | 1,729 | |
| 27,810 | | | 24,049 | | | 54,986 | | | 47,530 | |
| | | | | | | |
EXPENSES | | | | | | | |
Property operating | 4,786 | | | 4,062 | | | 9,659 | | | 8,153 | |
General and administrative (1) | 3,787 | | | 3,610 | | | 19,992 | | | 6,926 | |
Depreciation and amortization | 9,219 | | | 8,077 | | | 18,237 | | | 16,019 | |
| | | | | | | |
| 17,792 | | | 15,749 | | | 47,888 | | | 31,098 | |
| | | | | | | |
INCOME BEFORE INCOME TAXES AND OTHER ITEMS | 10,018 | | | 8,300 | | | 7,098 | | | 16,432 | |
| | | | | | | |
Interest expense | (4,140) | | | (2,755) | | | (8,132) | | | (5,381) | |
| | | | | | | |
Deferred income tax (expense) benefit | (50) | | | (16) | | | (85) | | | 1 | |
Interest and other income | 749 | | | 55 | | | 774 | | | 56 | |
| | | | | | | |
NET INCOME (LOSS) | $ | 6,577 | | | $ | 5,584 | | | $ | (345) | | | $ | 11,108 | |
| | | | | | | |
NET INCOME PER COMMON SHARE: | | | | | | | |
Net income (loss) per common share – Basic | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
Net income (loss) per common share – Diluted | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | |
___________ | | | | | | |
(1) General and administrative expenses for the six months ended June 30, 2023 included stock-based compensation expense totaling approximately $16.0 million, including the accelerated amortization of stock-based compensation totaling approximately $11.8 million recognized upon the passing of our former CEO and President. General and administrative expenses for the six months ended June 30, 2022 included stock-based compensation expense totaling approximately $4.3 million. See Note 9. |
| | | | | | | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited; Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | | |
NET INCOME (LOSS) | $ | 6,577 | | | $ | 5,584 | | | $ | (345) | | | $ | 11,108 | |
| Other comprehensive income: | | | | | | | |
| | Increase in fair value of cash flow hedges | 9,875 | | | 4,584 | | | 4,902 | | | 15,991 | |
| | Reclassification for amounts recognized as interest expense | (2,474) | | | 635 | | | (4,484) | | | 1,750 | |
| Total other comprehensive income | 7,401 | | | 5,219 | | | 418 | | | 17,741 | |
COMPREHENSIVE INCOME | $ | 13,978 | | | $ | 10,803 | | | $ | 73 | | | $ | 28,849 | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(Unaudited; Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid in Capital | | Cumulative Net Income | | Accumulated Other Comprehensive Income | | Cumulative Dividends | | Total Stockholders' Equity |
| Shares | Amount | | Shares | Amount | |
Balance at March 31, 2023 | — | | $ | — | | | 26,274 | $ | 263 | | | $ | 648,384 | | | $ | 74,220 | | | $ | 15,684 | | | $ | (244,036) | | | $ | 494,515 | |
Issuance of common stock, net of issuance costs | — | | — | | | 236 | 2 | | | 7,943 | | | — | | | — | | | — | | | 7,945 | |
Stock-based compensation, net of forfeitures | — | | — | | | 31 | — | | | 1,693 | | | — | | | — | | | — | | | 1,693 | |
Shares withheld on vesting of stock-based compensation | — | | — | | | — | | — | | | (963) | | | — | | | — | | | — | | | (963) | |
Increase in fair value of cash flow hedges | — | | — | | | — | — | | | — | | | — | | | 9,875 | | | — | | | 9,875 | |
Reclassification for amounts recognized as interest expense | — | | — | | | — | — | | | — | | | — | | | (2,474) | | | — | | | (2,474) | |
Net income | — | | — | | | — | — | | | — | | | 6,577 | | | — | | | — | | | 6,577 | |
Dividends to common stockholders ($0.4500 per share) | — | | — | | | — | — | | | — | | | — | | | — | | | (11,843) | | | (11,843) | |
Balance at June 30, 2023 | — | | $ | — | | | 26,541 | $ | 265 | | | $ | 657,057 | | | $ | 80,797 | | | $ | 23,085 | | | $ | (255,879) | | | $ | 505,325 | |
| | | | | | | | | | | | | | | |
Balance at December 31, 2022 | — | | $ | — | | | 25,897 | $ | 259 | | | $ | 625,136 | | | $ | 81,142 | | | $ | 22,667 | | | $ | (232,390) | | | $ | 496,814 | |
Issuance of common stock, net of issuance costs | — | | — | | | 485 | 5 | | | 16,846 | | | — | | | — | | | — | | | 16,851 | |
Stock-based compensation, net of forfeitures | — | | — | | | 159 | 1 | | | 16,038 | | | — | | | — | | | — | | | 16,039 | |
Shares withheld on vesting of stock-based compensation | — | | — | | | — | | — | | | (963) | | | — | | | — | | | — | | | (963) | |
Increase in fair value of cash flow hedges | — | | — | | | — | — | | | — | | | — | | | 4,902 | | | — | | | 4,902 | |
Reclassification for amounts recognized as interest expense | — | | — | | | — | — | | | — | | | — | | | (4,484) | | | — | | | (4,484) | |
Net loss | — | | — | | | — | — | | | — | | | (345) | | | — | | | — | | | (345) | |
Dividends to common stockholders ($0.8975 per share) | — | | — | | | — | — | | | — | | | — | | | — | | | (23,489) | | | (23,489) | |
Balance at June 30, 2023 | — | | $ | — | | | 26,541 | $ | 265 | | | $ | 657,057 | | | $ | 80,797 | | | $ | 23,085 | | | $ | (255,879) | | | $ | 505,325 | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Unaudited; Dollars and shares in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 March 31, 2022 | — | | $ | — | | | 25,072 | $ | 251 | | | $ | 597,548 | | | $ | 64,647 | | | $ | 7,542 | | | $ | (198,874) | | | $ | 471,114 | |
Stock issuance costs | — | | — | | | — | — | | | (101) | | | — | | | — | | | — | | | (101) | |
Stock-based compensation, net of forfeitures | — | | — | | | 27 | — | | | 2,184 | | | — | | | — | | | — | | | 2,184 | |
Increase in fair value of cash flow hedges | — | | — | | | — | — | | | — | | | — | | | 4,584 | | | — | | | 4,584 | |
Reclassification for amounts recognized as interest expense | — | | — | | | — | — | | | — | | | — | | | 635 | | | — | | | 635 | |
Net income | — | | — | | | — | — | | | — | | | 5,584 | | | — | | | — | | | 5,584 | |
Dividends to common stockholders ($0.4400 per share) | — | | — | | | — | — | | | — | | | — | | | — | | | (11,038) | | | (11,038) | |
Balance at June 30, 2022 | — | | $ | — | | | 25,099 | $ | 251 | | | $ | 599,631 | | | $ | 70,231 | | | $ | 12,761 | | | $ | (209,912) | | | $ | 472,962 | |
| | | | | | | | | | | | | | | |
Balance at December 31, 2021 | — | | $ | — | | | 24,983 | $ | 250 | | | $ | 595,624 | | | $ | 59,123 | | | $ | (4,980) | | | $ | (187,905) | | | $ | 462,112 | |
Issuance of common stock | — | | — | | | — | — | | | (299) | | | — | | | — | | | — | | | (299) | |
Stock-based compensation, net of forfeitures | — | | — | | | 116 | 1 | | | 4,306 | | | — | | | — | | | — | | | 4,307 | |
Increase in fair value of cash flow hedges | — | | — | | | — | — | | | — | | | — | | | 15,991 | | | — | | | 15,991 | |
Reclassification for amounts recognized as interest expense | — | | — | | | — | — | | | — | | | — | | | 1,750 | | | — | | | 1,750 | |
Net income | — | | — | | | — | — | | | — | | | 11,108 | | | — | | | — | | | 11,108 | |
Dividends to common stockholders ($0.8775 per share) | — | | — | | | — | — | | | — | | | — | | | — | | | (22,007) | | | (22,007) | |
Balance at June 30, 2022 | — | | $ | — | | | 25,099 | $ | 251 | | | $ | 599,631 | | | $ | 70,231 | | | $ | 12,761 | | | $ | (209,912) | | | $ | 472,962 | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in thousands) | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
OPERATING ACTIVITIES | | | |
Net (loss) income | $ | (345) | | | $ | 11,108 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | |
Depreciation and amortization | 18,237 | | | 16,019 | |
Other amortization | 508 | | | 419 | |
Stock-based compensation | 4,239 | | | 4,307 | |
Accelerated amortization of stock-based compensation | 11,799 | | | — | |
Straight-line rent receivable | (1,737) | | | (1,737) | |
Net gain from insurance recovery on casualty loss | (706) | | | — | |
| | | |
| | | |
| | | |
| | | |
Deferred income tax expense (benefit) | 85 | | | (1) | |
Changes in operating assets and liabilities: | | | |
Other assets | (1,853) | | | (782) | |
Accounts payable and accrued liabilities | (233) | | | 263 | |
Other liabilities | (620) | | | (77) | |
Net cash provided by operating activities | 29,374 | | | 29,519 | |
| | | |
INVESTING ACTIVITIES | | | |
Acquisitions of real estate | (39,712) | | | (28,671) | |
| | | |
Funding of notes receivable | (1,985) | | | (3,000) | |
| | | |
Proceeds from the repayment of notes receivable | 2,255 | | | 1,500 | |
Insurance proceeds from casualty loss | 2,273 | | | — | |
Capital expenditures on existing real estate properties | (7,884) | | | (3,648) | |
Net cash used in investing activities | (45,053) | | | (33,819) | |
| | | |
FINANCING ACTIVITIES | | | |
Net borrowings on revolving credit facility | 15,000 | | | 26,000 | |
| | | |
| | | |
Mortgage note repayments | (63) | | | (69) | |
Dividends paid | (23,489) | | | (22,007) | |
Proceeds from issuance of common stock | 16,944 | | | — | |
Taxes paid on behalf of employees and shares withheld upon share vestings | (964) | | | — | |
Equity issuance costs | (141) | | | (133) | |
| | | |
| | | |
Net cash provided by financing activities | 7,287 | | | 3,791 | |
Decrease in cash and cash equivalents and restricted cash | (8,392) | | | (509) | |
Cash and cash equivalents and restricted cash, beginning of period | 12,068 | | | 2,867 | |
Cash and cash equivalents and restricted cash, end of period | $ | 3,676 | | | $ | 2,358 | |
| | | |
Supplemental Cash Flow Information: | | | |
Interest paid (net of capitalized interest) | $ | 7,868 | | | $ | 5,053 | |
Invoices accrued for construction, tenant improvement and other capitalized costs | $ | 3,776 | | | $ | 1,395 | |
| | | |
Reclassification of registration statement costs incurred in prior year to equity issuance costs | $ | 91 | | | $ | 221 | |
| | | |
Increase in fair value of cash flow hedges | $ | 4,902 | | | $ | 15,991 | |
Income taxes paid | $ | 69 | | | $ | 42 | |
Capitalized interest | $ | 349 | | | $ | 364 | |
| | | |
See accompanying notes to the condensed consolidated financial statements.
COMMUNITY HEALTHCARE TRUST INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
(Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Overview
Community Healthcare Trust Incorporated (the ‘‘Company’’, ‘‘we’’, ‘‘our’’) was organized in the State of Maryland on March 28, 2014. The Company is a fully-integrated healthcare real estate company that owns and acquires real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. As of June 30, 2023, the Company had investments of approximately $991.2 million in 184 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and one property classified as an asset held for sale with a gross amount totaling approximately $1.3 million (see Note 10 – Other Assets, net and Note 4 – Real Estate Acquisitions and Dispositions, respectively)). The properties are located in 34 states, totaling approximately 4.0 million square feet in the aggregate and were approximately 91.7% leased at June 30, 2023 with a weighted average remaining lease term of approximately 7.1 years. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm's review.
Basis of Presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2023. All intercompany accounts and transactions have been eliminated.
Use of Estimates in the Condensed Consolidated Financial Statements
Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amounts approximate fair value due to the short term maturity of these investments. The following table provides a reconciliation of cash and cash equivalents and restricted cash: | | | | | | | | | | | |
| Balance as of June 30, |
(Dollars in thousands) | 2023 | | 2022 |
Cash and cash equivalents | $ | 2,627 | | | $ | 1,699 | |
Restricted cash | 1,049 | | | 659 | |
Cash, cash equivalents and restricted cash | $ | 3,676 | | | $ | 2,358 | |
Income Taxes
The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and two subsidiaries have also elected for those
Notes to Condensed Consolidated Financial Statements - Continued
subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRSs to the extent applicable. The Company also evaluates the realizability of its deferred tax assets and will record valuation allowances if it is determined that more likely than not the asset will not be recovered. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
NOTE 2. REAL ESTATE PROPERTIES
As of June 30, 2023, we had investments of approximately $991.2 million in 184 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and one property classified as held for sale with a gross amount totaling approximately $1.3 million). The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables:
| | | | | | | | |
Property Type | # of Properties | Gross Investment (in thousands) |
Medical Office Building | 85 | | $ | 390,389 | |
Inpatient Rehabilitation Facilities | 7 | | 151,234 | |
Acute Inpatient Behavioral | 5 | | 130,410 | |
Specialty Centers | 37 | | 119,865 | |
Physician Clinics | 30 | | 86,602 | |
Surgical Centers and Hospitals | 10 | | 52,762 | |
Behavioral Specialty Facilities | 9 | | 45,019 | |
Long-term Acute Care Hospitals | 1 | | 14,937 | |
Total | 184 | | $ | 991,218 | |
| | | | | | | | |
State | # of Properties | Gross Investment (in thousands) |
Texas | 16 | | $ | 138,913 | |
Illinois | 16 | | 121,755 | |
Ohio | 25 | | 110,285 | |
Florida | 22 | | 96,249 | |
Pennsylvania | 13 | | 42,408 | |
All Others | 92 | | 481,608 | |
Total | 184 | | $ | 991,218 | |
| | | | | | | | |
Primary Tenant | # of Properties | Gross Investment (in thousands) |
Lifepoint Health (1) | 5 | | $ | 82,337 | |
US HealthVest | 3 | | 77,964 | |
GenesisCare | 9 | | 31,047 | |
All Others | 167 | | 799,870 | |
Total | 184 | | $ | 991,218 | |
____________ | | |
(1) During the first quarter of 2023, Everest Rehabilitation assigned its leases to Lifepoint Health on four properties in which the Company had a gross investment totaling $80.7 million at June 30, 2023. |
Notes to Condensed Consolidated Financial Statements - Continued
GenesisCare Bankruptcy
On June 1, 2023, GenesisCare and certain of its affiliates ("GenesisCare") filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. On June 27, 2023, the U.S. Bankruptcy Court for the Southern District of Texas approved GenesisCare’s request to reject certain unexpired real property leases including one lease of approximately 11,000 square feet with CHCT North Carolina, LLC, a subsidiary of the Company. At June 30, 2023, GenesisCare was the sole tenant in seven of our properties and a tenant in two of our multi-tenanted properties, representing approximately 3.1% of our gross real estate properties, or approximately 119,000 square feet. Other than the one rejected lease noted above, GenesisCare has met substantially all of its lease payment obligations due to the Company through July 2023. The Company has engaged counsel to monitor the GenesisCare bankruptcy progress and any additional potential impacts to the Company.
NOTE 3. REAL ESTATE LEASES
Lessor Accounting
The Company’s properties are generally leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2042. The Company’s leases generally require the lessee to pay minimum rent, with fixed rent renewal terms or increases based on a Consumer Price Index and may also include additional rent, which may include the reimbursement of taxes (including property taxes), insurance, maintenance and other operating costs associated with the leased property.
Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. Some leases also allow the lessee to renew or extend their lease term or in some cases terminate their lease, based on conditions provided in the lease.
Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of June 30, 2023, are as follows (in thousands):
| | | | | |
2023 (six months ended December 31) | $ | 46,294 | |
2024 | 89,080 | |
2025 | 82,644 | |
2026 | 72,506 | |
2027 | 66,194 | |
2028 and thereafter | 343,830 | |
| $ | 700,548 | |
Rental income is recognized as earned over the life of the lease agreement on a straight-line basis when collection of rental payments over the term of the lease is probable. Straight-line rent included in rental income was approximately $0.8 million and $0.9 million, respectively, for the three months ended June 30, 2023 and 2022, and was approximately $1.7 million for each of the six months ended June 30, 2023 and 2022.
Purchase Option Provisions
Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. At June 30, 2023, the Company had an aggregate gross investment of approximately $43.3 million in 12 real estate properties with purchase options exercisable at June 30, 2023 that had not been exercised.
Notes to Condensed Consolidated Financial Statements - Continued
Sales-type Lease
The Company has a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million included in other assets, net on the Company's Condensed Consolidated Balance Sheets. Future lease payments due to the Company under this lease for the years ending December 31, as of June 30, 2023, are as follows (in thousands):
| | | | | |
2023 (six months ended December 31) | $ | 170 | |
2024 | 346 | |
2025 | 356 | |
2026 | 367 | |
2027 | 378 | |
2028 and thereafter | 5,210 | |
Total undiscounted lease receivable | 6,827 | |
Discount | (3,794) | |
Lease receivable | $ | 3,033 | |
The Company recognized interest income of approximately $0.1 million during each of the three months ended June 30, 2023 and 2022 and recognized interest income of approximately $0.2 million during each of the six months ended June 30, 2023 and 2022 related to this lease which is included in other operating interest on the Company's Consolidated Statements of Income.
Lessee Accounting
At June 30, 2023, the Company was obligated, as the lessee, under four non-prepaid ground leases accounted for as operating leases with expiration dates, including renewal options, through 2076, and two non-prepaid ground leases accounted for as financing leases with expiration dates through 2109, including renewal options. Any rental increases related to the Company's ground leases are generally either stated or based on the Consumer Price Index. The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands):
| | | | | | | | |
| Operating | Financing |
2023 (six months ended December 31) | $ | 21 | | $ | 70 | |
2024 | 43 | | 154 | |
2025 | 44 | | 154 | |
2026 | 44 | | 154 | |
2027 | 45 | | 154 | |
2028 and thereafter | 1,148 | | 6,956 | |
Total undiscounted lease payments | 1,345 | | 7,642 | |
Discount | (565) | | (4,364) | |
Lease liabilities | $ | 780 | | $ | 3,278 | |
The following table discloses other information regarding the ground leases.
| | | | | | | | |
| Three Months Ended June 30, |
| 2023 | 2022 |
Operating leases: | | |
Weighted-average remaining lease term in years (including renewal options) | 35.7 | 36.4 |
Weighted-average discount rate | 4.0 | % | 4.0 | % |
| | |
Financing leases: | | |
Weighted-average remaining lease term in years (including renewal options) | 40.3 | 36.5 |
Weighted-average discount rate | 4.2 | % | 4.1 | % |
Notes to Condensed Consolidated Financial Statements - Continued
NOTE 4. REAL ESTATE ACQUISITIONS AND DISPOSITIONS
Acquisitions
During the second quarter of 2023, the Company acquired three real estate properties and one land parcel. Upon acquisition, the properties were 98.3% leased in the aggregate with lease expirations through 2033. Amounts reflected in revenues and net income for these properties for the three months ended June 30, 2023 were approximately $0.1 million and $32,000, respectively, and transaction costs totaling approximately $0.4 million were capitalized relating to these property acquisitions.
During the first quarter of 2023, the Company acquired seven real estate properties. Upon acquisition, the properties were 100.0% leased in the aggregate with lease expirations through 2031. Amounts reflected in revenues and net income for these properties for the six months ended June 30, 2023 were approximately $1.3 million and $0.3 million, respectively, and transaction costs totaling approximately $0.4 million were capitalized relating to these property acquisitions.
The following table summarizes our property acquisitions for the six months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
Location | Property Type (1) | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage |
| | | (000's) | (000's) | (000's) | (000's) | |
LaGrange, GA | MOB | 01/18/23 | $ | 8,007 | | $ | 8,087 | | $ | 8,118 | | $ | (31) | | 55,310 | |
West Point, GA | MOB | 01/18/23 | 811 | | 819 | | 822 | | (3) | | 5,600 | |
Canton, OH | MOB | 01/30/23 | 3,669 | | 3,706 | | 4,287 | | (581) | | 27,920 | |
Scranton, PA | MOB | 02/23/23 | 1,957 | | 2,165 | | 2,317 | | (152) | | 22,743 | |
Scranton, PA | MOB | 02/23/23 | 2,207 | | 2,366 | | 2,340 | | 26 | | 15,768 | |
LaGrange, GA | MOB | 03/06/23 | 6,469 | | 6,458 | | 6,622 | | (164) | | 31,473 | |
LaGrange, GA | MOB | 03/06/23 | 249 | | 294 | | 300 | | (6) | | 2,972 | |
Lakeland, FL | Land | 04/03/23 | 838 | | 845 | | 846 | | (1) | | — | |
Hermitage, PA | MOB | 05/04/23 | 4,218 | | 4,382 | | 4,529 | | (147) | | 25,982 | |
San Antonio, TX | MOB | 05/22/23 | 2,772 | | 2,783 | | 3,031 | | (248) | | 12,376 | |
Clinton, MD | MOB | 06/21/23 | 7,850 | | 7,807 | | 7,867 | | (60) | | 37,344 | |
| | | $ | 39,047 | | $ | 39,712 | | $ | 41,079 | | $ | (1,367) | | 237,488 | |
| | | | | | | |
(1) MOB - Medical Office Building |
(2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition. |
|
The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the six months ended June 30, 2023.
| | | | | | | | | | | | | | |
| | | Relative Fair Value | Estimated Useful Life |
| | | (in thousands) | (in years) |
Land and land improvements | $ | 10,051 | | 6.9 |
Building and building improvements | 25,427 | | 23.6 |
Intangibles: | | |
| At-market lease intangibles | 5,601 | | 3.8 |
| Above-market lease intangibles | 481 | | 3.6 |
| Below-market lease intangibles | (1,644) | | 5.9 |
| | Total intangibles | 4,438 | | |
| | |
| | |
| | |
Accounts payable, accrued liabilities and other liabilities assumed | (282) | | |
Accounts receivable and other assets acquired | 242 | | |
Prorated rent, interest and operating expense reimbursement amounts collected | (164) | | |
| Total cash consideration | $ | 39,712 | | |
Notes to Condensed Consolidated Financial Statements - Continued
Asset Held for Sale
The Company incurred property damage due to vandalism at a property in Houston, Texas which was covered by our insurance policies. The Company estimated the fair value of the damaged property and recorded a casualty loss, for the difference between the estimated fair value less costs to sale and the insurance proceeds received. The Company determined that the estimated amount of the casualty loss was approximately $1.6 million and received insurance proceeds totaling $2.3 million, resulting in a net casualty gain of approximately $0.7 million which was included in Interest and other income on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023.
At June 30, 2023, the Company committed to a plan to dispose of the property in Houston, Texas and classified the property as an asset held for sale totaling approximately $1.3 million which was included in Other assets, net and classified liabilities related to the property as liabilities held for sale totaling approximately $56,000 which were included in Other liabilities, net on the Condensed Consolidated Balance Sheet.
NOTE 5. DEBT, NET
The table below details the Company's debt as of June 30, 2023 and December 31, 2022.
| | | | | | | | | | | |
| Balance as of | |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 | Maturity Dates |
| | | |
Credit Facility: | | | |
Revolving Credit Facility | $ | 15,000 | | $ | — | | 3/26 |
A-3 Term Loan, net | 74,670 | | 74,609 | | 3/26 |
A-4 Term Loan, net | 124,465 | | 124,409 | | 3/28 |
A-5 Term Loan, net | 149,124 | | 149,059 | | 3/30 |
Mortgage Note Payable, net | 4,868 | | 4,920 | | 5/24 |
| $ | 368,127 | | $ | 352,997 | | |
On December 14, 2022, Community Healthcare Trust Incorporated, as borrower, entered into a first amendment (the "First Amendment") to the third amended and restated credit agreement (the "Credit Facility") by and among Community Healthcare Trust Incorporated, as borrower, the several banks and financial institutions party thereto as lenders, and Truist Bank, as administrative agent. The First Amendment amended the Credit Facility to, among other things, (i) establish a new seven-year and three-month term loan facility in the aggregate principal amount of $150.0 million (the "A-5 Term Loan"), which matures on March 14, 2030 and (ii) replace LIBOR as a benchmark interest rate for loans under the Credit Facility with SOFR. The proceeds from the A-5 Term Loan were used in part to repay the seven-year term loan facility in the aggregate principal amount of $50.0 million (the "A-2 Term Loan") which was set to mature on March 29, 2024.
The Credit Facility allows the Company to borrow, through the accordion feature, up to $700.0 million, including the ability to add and fund incremental term loans. The Company's material subsidiaries are guarantors of the obligations under the Credit Facility.
The Credit Facility provides for a $150.0 million Revolving Credit Facility and $350.0 million in term loans (the "Term Loans"). The Revolving Credit Facility matures on March 19, 2026 and includes one 12-month option to extend the maturity date, subject to the satisfaction of certain conditions. The Term Loans include a seven-year term loan facility in the aggregate principal amount of $75.0 million (the "A-3 Term Loan"), which matures on March 29, 2026, a seven-year term loan facility in the aggregate principal amount of $125.0 million (the "A-4 Term Loan"), which matures on March 19, 2028, and the A-5 Term Loan, which matures on March 14, 2030.
Notes to Condensed Consolidated Financial Statements - Continued
Under the First Amendment, amounts outstanding under the Revolving Credit Facility will bear interest at a floating rate based on the Company's option, on either: (i) adjusted term SOFR or adjusted daily simple SOFR plus 1.25% to 1.90% or (ii) a base rate plus 0.25% to 0.90% in each case, depending upon the Company’s leverage ratio. In addition, the Company is obligated to pay an annual fee equal to 0.20% of the amount of the unused portion of the Revolving Credit Facility if amounts borrowed are greater than 33.3% of the borrowing capacity under the Revolving Credit Facility and 0.25% of the unused portion of the Revolving Credit Facility if amounts borrowed are less than or equal to 33.3% of the borrowing capacity under the Revolving Credit Facility. The Company had $15.0 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.80% and a borrowing capacity remaining of $135.0 million at June 30, 2023.
Under the First Amendment, amounts outstanding under the Term Loans will bear interest at a floating rate that is based, at the Company's option, on either (i) adjusted term SOFR or adjusted daily SOFR plus 1.45% to 2.30% or (ii) a base rate plus 0.45% to 1.30%, in each case, depending upon the Company’s leverage ratio. The Company has entered into interest rate swaps to fix the interest rates on the Term Loans. See Note 6 – Derivative Financial Instruments for more details on the interest rate swaps. At June 30, 2023, the Company had $350.0 million outstanding under the Term Loans which had a fixed weighted average interest rate under the swaps of approximately 4.3%.
The Company’s ability to borrow under the Credit Facility is subject to its ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales, as well as financial maintenance covenants. The Company was in compliance with its financial covenants under its Credit Facility as of June 30, 2023.
Mortgage Note Payable
The Company's mortgage note payable is secured by a building which had a $6.5 million carrying balance at June 30, 2023. The mortgage note amortizes monthly at a fixed interest rate of 4.98% with a balloon payment of approximately $4.8 million due upon maturity on May 1, 2024.
NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS
Risk Management Objective of Using Derivatives
The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
As of June 30, 2023, the Company had seventeen outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $350.0 million, including two forward-starting interest rate swaps for notional amounts totaling $50.0 million, which will not become effective until March 29, 2024.
Notes to Condensed Consolidated Financial Statements - Continued
Tabular Disclosure of Fair Value of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.
| | | | | | | | | | | | | | | | | | | | | | | |
| Asset Derivatives Fair Value at | | Liability Derivatives Fair Value at |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 | Balance Sheet Classification | | June 30, 2023 | December 31, 2022 | Balance Sheet Classification |
Interest rate swaps | $ | 23,085 | | $ | 22,667 | | Other assets, net | | $ | — | | $ | — | | Other liabilities, net |
The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income ("AOCI") and are subsequently reclassified to interest expense in the period that the hedged forecasted transaction affects earnings.
Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s Term Loans. During the next twelve months, the Company estimates that an additional $10.5 million will be reclassified from AOCI as a decrease to interest expense.
Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2023 and 2022.
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(Dollars in thousands) | 2023 | 2022 | | 2023 | 2022 |
Amount of unrealized gain recognized in OCI on derivatives | $ | 9,875 | | $ | 4,584 | | | $ | 4,902 | | $ | 15,991 | |
Amount of (gain) loss reclassified from AOCI into interest expense | $ | (2,474) | | $ | 635 | | | $ | (4,484) | | $ | 1,750 | |
Total interest expense presented in the Condensed Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded | $ | 4,140 | | $ | 2,755 | | | $ | 8,132 | | $ | 5,381 | |
Tabular Disclosures of Offsetting Derivatives
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of June 30, 2023 and December 31, 2022. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets.
| | | | | | | | | | | | | | | | | | | | |
Offsetting of Derivative Assets (as of June 30, 2023) |
| | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets |
(In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount |
Derivatives | $ | 23,085 | | $ | — | | $ | 23,085 | | $ | — | | $ | — | | $ | 23,085 | |
| | | | | | | | | | | | | | | | | | | | |
Offsetting of Derivative Liabilities (as of June 30, 2023) |
| | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets |
(In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount |
Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
Notes to Condensed Consolidated Financial Statements - Continued
| | | | | | | | | | | | | | | | | | | | |
Offsetting of Derivative Assets (as of December 31, 2022) |
| | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets |
(In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount |
Derivatives | $ | 22,667 | | $ | — | | $ | 22,667 | | $ | — | | $ | — | | $ | 22,667 | |
| | | | | | | | | | | | | | | | | | | | |
Offsetting of Derivative Liabilities (as of December 31, 2022) |
| | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets |
(In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount |
Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
Credit-risk-related Contingent Features
As of June 30, 2023, the Company did not have any derivatives in a net liability position. As of June 30, 2023, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company terminated these interest rate swaps or breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.
NOTE 7. STOCKHOLDERS' EQUITY
Common Stock
The following table provides a reconciliation of the beginning and ending common stock balances for the six months ended June 30, 2023 and for the year ended December 31, 2022:
| | | | | | | | |
(In thousands) | Six Months Ended June 30, 2023 | Year Ended December 31, 2022 |
Balance, beginning of period | 25,897 | 24,983 |
Issuance of common stock | 485 | 600 |
Restricted stock issued | 190 | 318 |
Restricted stock withheld and forfeited | (31) | (4) |
Balance, end of period | 26,541 | 25,897 |
ATM Program
The Company has an at-the-market offering program ("ATM Program"), with Piper Sandler & Co., Evercore Group L.L.C., Truist Securities, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated, Fifth Third Securities, Inc. and Janney Montgomery Scott LLC, as sales agents (collectively, the “Agents”). Under the ATM Program, the Company may issue and sell shares of its common stock, having an aggregate gross sales price of up to $500.0 million. The shares of common stock may be sold from time to time through or to one or more of the Agents, as may be determined by the Company in its sole discretion, subject to the terms and conditions of the agreement and applicable law.
Notes to Condensed Consolidated Financial Statements - Continued
The Company's activity under the ATM Program during the six months ended June 30, 2023 is detailed in the table below. As of June 30, 2023, the Company had approximately $461.5 million remaining that may be issued under the ATM Program.
| | | | | | | | |
| Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 |
Shares issued (in thousands) | 236 | 485 |
Net proceeds received (in millions) (1) | $8.0 | $16.9 |
Average gross sales price per share | $34.45 | $35.60 |
___________ | |
(1) Net proceeds totaling $0.7 million were received on April 3, 2023 relating to shares sold and issued in March 2023. |
NOTE 8. NET INCOME (LOSS) PER COMMON SHARE
The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022, respectively.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(In thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 |
Net income (loss) | $ | 6,577 | | | $ | 5,584 | | | $ | (345) | | | $ | 11,108 | |
Participating securities' share in earnings | (550) | | | (668) | | | (1,373) | | | (1,327) | |
Net income (loss), less participating securities' share in earnings | $ | 6,027 | | | $ | 4,916 | | | $ | (1,718) | | | $ | 9,781 | |
| | | | | | | |
Weighted average Common Shares outstanding | | | | | | | |
Weighted average Common Shares outstanding | 26,358 | | | 25,087 | | | 26,202 | | | 25,074 | |
Unvested restricted shares | (1,293) | | | (1,509) | | | (1,554) | | | (1,500) | |
Weighted average Common Shares outstanding–Basic | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | |
| | | | | | | |
Dilutive potential common shares | — | | | — | | | — | | | — | |
Weighted average Common Shares outstanding –Diluted | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | |
| | | | | | | |
Basic Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
| | | | | | | |
Diluted Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
Notes to Condensed Consolidated Financial Statements - Continued
NOTE 9. STOCK INCENTIVE PLAN
A summary of the activity under the Company's 2014 Incentive Plan, as amended, for the three and six months ended June 30, 2023 and 2022 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods.
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(Dollars and shares in thousands) | 2023 | 2022 | | 2023 | 2022 |
Stock-based awards, beginning of period | 1,836 | | 1,502 | | | 1,708 | | 1,416 | |
| Stock in lieu of compensation | 22 | | 8 | | | 84 | | 52 | |
| Stock awards | 39 | | 19 | | | 106 | | 67 | |
| Total stock granted | 61 | | 27 | | | 190 | | 119 | |
| Vested shares (1) | (692) | | (17) | | | (692) | | (22) | |
| Forfeited shares | (2) | | — | | | (3) | | (1) | |
Stock-based awards, end of period | 1,203 | | 1,512 | | | 1,203 | | 1,512 | |
Amortization expense (1) | $ | 1,692 | | $ | 2,184 | | | $ | 16,038 | | $ | 4,307 | |
___________ | |
(1) Amortization expense for the six months ended June 30, 2023 included the accelerated amortization totaling $11.8 million recognized during the three months ended March 31, 2023, upon the passing of our former CEO and President. These shares vested during the three months ended June 30, 2023. |
Accelerated Amortization and Vesting of Restricted Stock
The Company's former CEO and President, Timothy Wallace, passed away in March 2023. At the time of his passing, Mr. Wallace had 624,725 shares of restricted stock that had not been fully amortized. In accordance with the terms of his employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation related to his unvested shares and recognized an additional $11.8 million of amortization expense in the first quarter of 2023.
NOTE 10. OTHER ASSETS, NET
Other assets, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below.
| | | | | | | | |
| Balance as of |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 |
Notes receivable | $ | 32,435 | | $ | 32,705 | |
| | |
Accounts and interest receivable | 3,622 | | 2,679 | |
Straight-line rent receivable | 17,176 | | 15,429 | |
| | |
Prepaid assets | 1,685 | | 980 | |
Deferred financing costs, net | 577 | | 683 | |
Leasing commissions, net | 2,081 | | 1,848 | |
Deferred tax assets, net | 221 | | 306 | |
Fair value of interest rate swaps | 23,085 | | 22,667 | |
Above-market lease intangible assets, net | 2,554 | | 2,399 | |
Sales-type lease receivable | 3,033 | | 3,035 | |
Financing right-of-use asset | 2,515 | | 2,545 | |
Asset held for sale | 1,254 | | — | |
Operating lease right-of-use assets | 744 | | 759 | |
Other | 629 | | 496 | |
| $ | 91,611 | | $ | 86,531 | |
Notes to Condensed Consolidated Financial Statements - Continued
The Company's notes receivable mainly included:
•At June 30, 2023 and December 31, 2022, notes receivable included a $7.5 million and $9.0 million, respectively, term loan, secured by all assets and ownership interests in seven long-term acute care hospitals and one inpatient rehabilitation hospital owned by the borrower. The term loan will be repaid in equal monthly installments of $250,000 through the maturity date of December 31, 2025 and bears interest at 9% per annum.
•At June 30, 2023 and December 31, 2022, notes receivable included a term loan totaling $17.0 million and a revolving credit facility totaling $5.4 million and $5.0 million, respectively, secured by assets and ownership interests of six geriatric behavioral hospitals and affiliated companies all of which are co-borrowers on the loans. The term loan bears interest at 9% per annum, with interest only payments due initially and then equal monthly installments of principal payments due beginning March 31, 2024. The term loan facility matures on December 31, 2032. The revolving credit facility bears interest at 9% per annum and matures on December 31, 2025. In addition, the Company has committed to fund, at the Company’s discretion, additional amounts, up to $5.0 million with interest at 9% per annum on any amount funded, that may be used by the borrower to pay existing liabilities of co-borrowers. The term loan, the revolving credit facility and the additional commitment all include a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of each note.
•At June 30, 2023 and December 31, 2022, notes receivable included a $2.5 million and $1.7 million, respectively, revolving credit facility. Commencing on October 1, 2023, the revolving credit facility will be repaid in equal monthly installments of $40,000 through the maturity date of April 1, 2027. The revolving credit facility bears interest at 9% per annum, as well as a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of the note.
The Company identified the borrowers of these notes as variable interest entities ("VIEs"), but management determined that the Company was not the primary beneficiary of the VIEs because we lack either directly or through related parties any material decision-making rights or control of the entities that impact the borrowers' economic performance. We are not obligated to provide support beyond our stated commitment to the borrowers, and accordingly our maximum exposure to loss as a result of this relationship is limited to the amount of our outstanding notes receivable. The VIEs that we have identified at June 30, 2023 are summarized in the table below.
| | | | | | | | |
Classification | Carrying Amount (in thousands) | Maximum Exposure to Loss (in thousands) |
Note receivable (term loan) | $ | 7,500 | | $ | 7,500 | |
Note receivable (revolving credit facility) | $ | 5,435 | | $ | 5,435 | |
Note receivable (term loan) | $ | 17,000 | | $ | 17,000 | |
Note receivable (revolving credit facility) | $ | 2,500 | | $ | 2,500 | |
Notes to Condensed Consolidated Financial Statements - Continued
NOTE 11. OTHER LIABILITIES, NET
Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below.
| | | | | | | | |
| Balance as of |
(Dollars in thousands) | June 30, 2023 | December 31, 2022 |
Prepaid rent | $ | 5,579 | | $ | 3,853 | |
Security deposits | 3,662 | | 5,766 | |
Below-market lease intangibles, net | 2,439 | | 1,075 | |
| | |
Financing lease liability | 3,278 | | 3,279 | |
Operating lease liability | 780 | | 786 | |
Liabilities held for sale | 56 | | — | |
Other | 615 | | 478 | |
| $ | 16,409 | | $ | 15,237 | |
NOTE 12. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practical to estimate the fair value.
Cash and cash equivalents and restricted cash - The carrying amount approximates the fair value.
Notes receivable - The fair value is estimated using cash flow analyses, based on an assumed market rate of interest or at a rate consistent with the rates on notes carried by the Company and are classified as level 2 inputs in the hierarchy.
Borrowings under our Credit Facility - The carrying amount approximates the fair value because the borrowings are based on variable market interest rates. The fair value estimates were determined using level 2 inputs.
Derivative financial instruments (Interest rate swaps) - The fair value is estimated using discounted cash flow techniques. These techniques incorporate primarily level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as level 2 inputs in the hierarchy.
Mortgage note payable - The fair value is estimated using cash flow analyses which are based on an assumed market rate of interest or at a rate consistent with the rates on mortgage notes assumed by the Company and are classified as level 2 inputs in the hierarchy.
The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at June 30, 2023 and December 31, 2022, using level 2 inputs.
| | | | | | | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
(Dollars in thousands) | Carrying Value | Fair Value | | Carrying Value | Fair Value |
| | | | | |
Notes receivable | $ | 32,435 | | $ | 32,604 | | | $ | 32,705 | | $ | 32,716 | |
Interest rate swap asset | $ | 23,085 | | $ | 23,085 | | | $ | 22,667 | | $ | 22,667 | |
| | | | | |
Mortgage note payable (principal amount) | $ | 4,884 | | $ | 4,729 | | | $ | 4,947 | | $ | 4,761 | |
Notes to Condensed Consolidated Financial Statements - Continued
NOTE 13. SUBSEQUENT EVENTS
Dividend Declared
On July 27, 2023, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4525 per share. The dividend is payable on August 25, 2023 to stockholders of record on August 11, 2023.
Acquisitions
Subsequent to June 30, 2023, the Company acquired three medical office buildings and one inpatient rehabilitation facility in two separate transactions for an aggregate purchase price of approximately $35.6 million and cash consideration of approximately $35.7 million. Upon acquisition, the properties were 100.0% leased with lease expirations through 2038.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Disclosure Regarding Forward-Looking Statements
This report and other materials that Community Healthcare Trust Incorporated (the "Company") has filed or may file with the Securities and Exchange Commission, as well as information included in oral statements or other written statements made, or to be made, by management of the Company, contain, or will contain, statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, "will', “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, changes in governmental regulations, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract, catastrophic or extreme weather and other natural events and the physical effects of climate change, the occurrence of cyber incidents, effects on global and national markets as well as businesses resulting from increased inflation, rising interest rates, supply chain disruptions, labor conditions, and/or the conflict between Russia and Ukraine, and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this report and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
The purpose of this Management's Discussion and Analysis ("MD&A") is to provide an understanding of the Company's consolidated financial condition, results of operations and cash. MD&A is provided as a supplement to, and should be read in conjunction with, the Company's Condensed Consolidated Financial Statements and accompanying notes.
Overview
References such as "we," "us," "our," and "the Company" mean Community Healthcare Trust Incorporated, a Maryland corporation, and its consolidated subsidiaries.
We were organized in the State of Maryland on March 28, 2014. We are a self-administered, self-managed healthcare real estate investment trust, or REIT, that acquires and owns properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers.
Trends and Matters Impacting Operating Results
Management monitors factors and trends that it believes are important to the Company and the REIT industry in order to gauge their potential impact on the operations of the Company. Certain of the factors and trends that management believes may impact the operations of the Company are discussed below.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Real Estate Acquisitions
During the first six months of 2023, the Company acquired 10 real estate properties and a land parcel adjacent to one of our facilities totaling approximately 237,488 square feet for an aggregate purchase price of approximately $39.0 million and cash consideration of approximately $39.7 million. Upon acquisition, the properties were 99.5% leased in the aggregate with lease expirations through 2033. These acquisitions were funded through the Company's free cash flow, proceeds from equity sales through the ATM program, and the Company's Revolving Credit Facility. See Note 4 – Real Estate Acquisitions and Dispositions to the Condensed Consolidated Financial Statements for more details on these acquisitions.
Subsequent Acquisitions
Subsequent to June 30, 2023, the Company acquired three medical office buildings and one inpatient rehabilitation facility in two separate transactions for an aggregate purchase price of approximately $35.6 million and cash consideration of approximately $35.7 million. Upon acquisition, the properties were 100.0% leased with lease expirations through 2038.
Acquisition Pipeline
The Company has three properties under definitive purchase agreements for an aggregate expected purchase price of approximately $16.1 million. The Company's expected returns on these investments range from 9.2% to 10.3%. The Company expects to close on these properties in the third quarter of 2023; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
The Company also has eight properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $191.0 million. The Company's expected return on these investments will approximate 9.1% to 9.75%. The Company anticipates closing on these properties throughout 2023, 2024 and 2025; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
Leased Square Footage
As of June 30, 2023, our real estate portfolio was approximately 91.7% leased. During the first six months of 2023, we had expiring or terminated leases related to approximately 189,000 square feet, and we leased or renewed leases relating to approximately 158,000 square feet.
Purchase Option Provisions
Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase.
At June 30, 2023, the Company had an aggregate gross investment of approximately $43.3 million in 12 real estate properties with purchase options exercisable at June 30, 2023 that had not been exercised.
Inflation
Inflation has been increasing significantly and a prolonged period of high and persistent inflation could cause an increase in our expenses, capital expenditures, and cost of our variable-rate borrowings which could have a material impact on our financial position or results of operations. Many of our lease agreements contain provisions designed to mitigate the adverse impact of inflation, including annual rent increases based on stated increases or CPI increases. In response to inflationary pressures, the Federal Reserve began raising interest rates in 2022 and has indicated that it foresees further interest rate increases throughout 2023. Higher interest rates imposed by the Federal Reserve to address inflation may adversely impact real estate asset values and increase our interest expense on our variable-rate borrowings under our revolving credit facility.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Results of Operations
The Company's results of operations for the three and six months ended June 30, 2023 compared to the same periods in 2022 were impacted by real estate acquisitions, capital market activity, the amortization of non-cash compensation, including the non-cash accelerated amortization of unvested restricted shares upon the passing of the Company's former CEO and President, as well as other items discussed in more detail below.
Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022
The table below shows our results of operations for the three months ended June 30, 2023 compared to the same period in 2022 and the effect of changes in those results from period to period on our net income.
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Increase (Decrease) to Net income |
(Dollars in thousands) | 2023 | | 2022 | | $ | % |
REVENUES | | | | | | |
Rental income | $ | 26,764 | | | $ | 23,197 | | | $ | 3,567 | | 15.4 | % |
| | | | | | |
Other operating interest | 1,046 | | | 852 | | | 194 | | 22.8 | % |
| 27,810 | | | 24,049 | | | 3,761 | | 15.6 | % |
EXPENSES | | | | | | |
Property operating | 4,786 | | | 4,062 | | | (724) | | (17.8) | % |
General and administrative | 3,787 | | | 3,610 | | | (177) | | (4.9) | % |
Depreciation and amortization | 9,219 | | | 8,077 | | | (1,142) | | (14.1) | % |
| 17,792 | | | 15,749 | | | (2,043) | | (13.0) | % |
| | | | | | |
INCOME BEFORE INCOME TAXES AND OTHER ITEMS | 10,018 | | | 8,300 | | | 1,718 | | 20.7 | % |
| | | | | | |
Interest expense | (4,140) | | | (2,755) | | | (1,385) | | (50.3) | % |
Deferred income tax expense | (50) | | | (16) | | | (34) | | n/m |
Interest and other income | 749 | | | 55 | | | 694 | | n/m |
| | | | | | |
NET INCOME | $ | 6,577 | | | $ | 5,584 | | | $ | 993 | | 17.8 | % |
n/m - not meaningful
Revenues
Rental income increased approximately $3.6 million, or 15.4%, for the three months ended June 30, 2023 compared to the same period in 2022. Income on properties acquired during 2022 and 2023 increased rental income by approximately $3.4 million.
Other operating interest increased $0.2 million, or 22.8%, for the three months ended June 30, 2023 compared to the same period in 2022 due mainly to additional amounts funded under existing notes receivable.
Expenses
Property operating expenses increased approximately $0.7 million, or 17.8%, for the three months ended June 30, 2023 compared to the same period in 2022. Expenses on properties acquired during 2022 and 2023 increased property operating expenses by approximately $0.6 million.
General and administrative expenses increased approximately $0.2 million, or 4.9%, for the three months ended June 30, 2023 compared to the same period in 2022 due mostly to an increase in professional fees.
Depreciation and amortization expense increased approximately $1.1 million, or 14.1%, for the three months ended June 30, 2023 compared to the same period in 2022. This increase was comprised mainly of the following:
•Acquisitions of real estate in 2022 and 2023 resulted in an increase of approximately $1.4 million;
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
•Tenant improvements and other capital expenditures resulted in an increase of approximately $0.2 million; and
•Fully amortized real estate lease intangibles which generally have a shorter depreciable life than a building resulted in a decrease of approximately $0.5 million.
Interest expense
Interest expense increased approximately $1.4 million, or 50.3%, for the three months ended June 30, 2023 compared to the same period in 2022. Contractual interest due under the Credit Facility increased approximately $1.4 million due mainly to the Credit Facility refinancing in the fourth quarter of 2022 (See Note 5 to the Condensed Consolidated Financial Statements), along with a rise in interest rates.
Interest and other income
Interest and other income increased approximately $0.7 million for the three months ended June 30, 2023 compared to the same period in 2022. During the three months ended June 30, 2023, the Company recognized a net casualty gain relating to a property totaling $0.7 million. (See Note 4 to the Condensed Consolidated Financial Statements for more detail.)
Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022
The table below shows our results of operations for the six months ended June 30, 2023 compared to the same period in 2022 and the effect of changes in those results from period to period on our net income.
| | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Increase (Decrease) to Net income |
(Dollars in thousands) | 2023 | | 2022 | | $ | % |
REVENUES | | | | | | |
Rental income | $ | 52,892 | | | $ | 45,801 | | | $ | 7,091 | | 15.5 | % |
| | | | | | |
Other operating interest | 2,094 | | | 1,729 | | | 365 | | 21.1 | % |
| 54,986 | | | 47,530 | | | 7,456 | | 15.7 | % |
EXPENSES | | | | | | |
Property operating | 9,659 | | | 8,153 | | | (1,506) | | (18.5) | % |
General and administrative | 19,992 | | | 6,926 | | | (13,066) | | n/m |
Depreciation and amortization | 18,237 | | | 16,019 | | | (2,218) | | (13.8) | % |
| 47,888 | | | 31,098 | | | (16,790) | | (54.0) | % |
| | | | | | |
INCOME BEFORE INCOME TAXES AND OTHER ITEMS | 7,098 | | | 16,432 | | | (9,334) | | (56.8) | % |
| | | | | | |
Interest expense | (8,132) | | | (5,381) | | | (2,751) | | (51.1) | % |
Deferred income tax (expense) benefit | (85) | | | 1 | | | (86) | | n/m |
Interest and other income | 774 | | | 56 | | | 718 | | n/m |
| | | | | | |
NET (LOSS) INCOME | $ | (345) | | | $ | 11,108 | | | $ | (11,453) | | (103.1) | % |
n/m - not meaningful
Revenues
Rental income increased approximately $7.1 million, or 15.5%, for the six months ended June 30, 2023 compared to the same period in 2022. Income on properties acquired during 2022 and 2023 increased rental income by approximately $6.7 million.
Other operating interest increased $0.4 million, or 21.1%, for the six months ended June 30, 2023 compared to the same period in 2022 due mainly to additional amounts funded under existing notes receivable.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Expenses
Property operating expenses increased approximately $1.5 million, or 18.5%, for the six months ended June 30, 2023 compared to the same period in 2022. Expenses on properties acquired during 2022 and 2023 increased property operating expenses by approximately $1.2 million.
General and administrative expenses increased approximately $13.1 million for the six months ended June 30, 2023 compared to the same period in 2022 due to several factors. In accordance with the terms of the Company's former CEO and President's employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation related to his unvested shares and recognized an additional $11.8 million of non-cash amortization expense in the first quarter of 2023. Also, compensation expense increased approximately $0.7 million for the six months ended June 30, 2023 compared to the same period in 2022, of which approximately $0.3 million related to the payment of employer taxes due upon the accelerated vesting of the Company's former CEO and President's shares, and the remainder related mainly to new employees and salary increases. Further, professional fees increased approximately $0.4 million for the six months ended June 30, 2023 compared to the same period in 2022, of which $0.1 million related to audit and accounting fees and $0.3 million related mainly to legal fees. The increase in legal fees was largely related to the passing of our former CEO and President, including related executive and board matters.
Depreciation and amortization expense increased approximately $2.2 million, or 13.8%, for the six months ended June 30, 2023 compared to the same period in 2022. This increase was comprised mainly of the following:
•Acquisitions of real estate in 2022 and 2023 resulted in an increase of approximately $2.7 million;
•Tenant improvements and other capital expenditures resulted in an increase of approximately $0.4 million; and
•Fully amortized real estate lease intangibles which generally have a shorter depreciable life than a building resulted in a decrease of approximately $0.9 million.
Interest expense
Interest expense increased approximately $2.8 million, or 51.1%, for the six months ended June 30, 2023 compared to the same period in 2022. Contractual interest due under the Credit Facility increased approximately $2.7 million due to the Credit Facility refinancing in the fourth quarter of 2022 (See Note 5 to the Condensed Consolidated Financial Statements), along with a rise in interest rates.
Interest and other income
Interest and other income increased approximately $0.7 million for the six months ended June 30, 2023 compared to the same period in 2022. During the three months ended June 30, 2023, the Company recognized a net casualty gain relating to a property totaling $0.7 million. See Note 4 to the Condensed Consolidated Financial Statements for more detail.
Non-GAAP Financial Measures and Key Performance Indicators
Management considers certain non-GAAP financial measures and key performance indicators to be useful supplemental measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. The Company reports non-GAAP financial measures because these measures are observed by management to also be among the most predominant measures used by the REIT industry and by industry analysts to evaluate REITs. For these reasons, management deems it appropriate to disclose and discuss these non-GAAP financial measures. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors, as well as reconciliations of those measures to the most directly comparable GAAP financial measure.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
The non-GAAP financial measures and key performance indicators presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income, as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs. Management believes that in order to facilitate a clear understanding of the Company's historical consolidated operating results, these measures should be examined in conjunction with net income and cash flows from operations as presented in the Condensed Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q.
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")
FFO is an operating performance measure adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to net income (calculated in accordance with GAAP), excluding gains or losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT also provides REITs with an option to exclude gains, losses and impairments of assets that are incidental to the main business of the REIT from the calculation of FFO.
In addition to FFO, the Company presents AFFO and AFFO per share. The Company defines AFFO as FFO, excluding certain expenses related to closing costs of properties acquired accounted for as business combinations and mortgages funded, excluding straight-line rent and the amortization of stock-based compensation, and including or excluding other non-cash items from time to time. AFFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definition.
Management believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, management believes FFO, AFFO, FFO per share and AFFO per share provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, primarily depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, impairments and gains or losses from sales of real estate, losses and impairment of incidental assets, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO, AFFO, FFO per share and AFFO per share can facilitate comparisons of operating performance between periods.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
The table below reconciles net income to FFO and AFFO for the three months ended June 30, 2023 compared to the same period in 2022.
| | | | | | | | | | | |
| Three Months Ended June 30, |
(In thousands, except per share amounts) | 2023 | | 2022 |
Net income | $ | 6,577 | | | $ | 5,584 | |
Real estate depreciation and amortization | 9,293 | | | 8,141 | |
| | | |
| | | |
FFO (2) | 15,870 | | | 13,725 | |
Straight-line rent | (819) | | | (917) | |
Stock-based compensation | 1,692 | | | 2,184 | |
Net gain from insurance recovery on casualty loss | (706) | | | — | |
| | | |
AFFO | $ | 16,037 | | | $ | 14,992 | |
| | | |
FFO per diluted common share (2) | $ | 0.62 | | | $ | 0.57 | |
| | | |
AFFO per diluted common share | $ | 0.63 | | | $ | 0.62 | |
Weighted average common shares outstanding - diluted (1) | 25,650 | | | 24,247 | |
___________________
(1) Diluted weighted average common shares outstanding for FFO and AFFO are calculated based on the treasury method, rather than the 2-class method used to calculate earnings per share.
(2) FFO includes a $0.7 million net casualty gain from insurance proceeds received related to one property that was vandalized. The net gain increased FFO by $0.03 per diluted share for the three months ended June 30, 2023 (See Note 4 to the Condensed Consolidated Financial Statements).
Net Operating Income ("NOI")
NOI is a key performance indicator. NOI is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties and other investments before general and administrative expenses, depreciation and amortization expense, gains or loss on the sale of real estate properties or other investments, interest expense, and income tax expense. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. The Company's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing NOI.
The table below reconciles net income to NOI for the three months ended June 30, 2023 compared to the same period in 2022.
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
(In thousands) | 2023 | | 2022 |
Net income | $ | 6,577 | | | $ | 5,584 | |
| General and administrative | 3,787 | | | 3,610 | |
| | | | |
| Depreciation and amortization | 9,219 | | | 8,077 | |
| | | | |
| Interest expense | 4,140 | | | 2,755 | |
| Deferred income tax expense | 50 | | | 16 | |
| Interest and other income | (749) | | | (55) | |
NOI | $ | 23,024 | | | $ | 19,987 | |
EBITDAre and Adjusted EBITDAre
The Company uses the NAREIT definition of EBITDAre which is net income or loss plus interest expense, income tax expense, and depreciation and amortization, plus losses or minus gains on the disposition of depreciable property, including losses/gains on change of control, plus impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates and consolidated affiliates with non-controlling interest. The Company also presents Adjusted EBITDAre which is EBITDAre before non-cash stock-based compensation expense.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
We consider EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
The table below reconciles net income to EBITDAre and Adjusted EBITDAre for the three months ended June 30, 2023 compared to the same period in 2022.
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
(In thousands) | 2023 | | 2022 |
Net income | $ | 6,577 | | | $ | 5,584 | |
| Interest expense | 4,140 | | | 2,755 | |
| Depreciation and amortization | 9,219 | | | 8,077 | |
| Deferred income tax expense | 50 | | | 16 | |
| | | | |
EBITDAre | $ | 19,986 | | | $ | 16,432 | |
| Non-cash stock-based compensation expense | 1,692 | | | 2,184 | |
| Net gain from insurance recovery on casualty loss | (706) | | | — | |
Adjusted EBITDAre | $ | 20,972 | | | $ | 18,616 | |
|
Liquidity and Capital Resources
The Company monitors its liquidity and capital resources and relies on several key indicators in its assessment of capital markets for financing acquisitions and other operating activities as needed, including the following:
•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 Company uses these indicators and others to compare its operations to its peers and to help identify areas in which the Company may need to focus its attention.
Financing Policy
The Company’s current financing policy prohibits aggregate debt (secured or unsecured) in excess of 40% of the Company's total capitalization, except for short-term, transitory periods. At June 30, 2023, our debt to total capitalization ratio (debt plus stockholders' equity plus accumulated depreciation) was approximately 34.9%.
Sources and Uses of Cash
The Company derives most of its revenues from its real estate properties. Our rental income represents our primary source of liquidity to fund our dividends, general and administrative expenses, property operating expenses, capital improvements on our properties, interest expense on our Credit Facility, and other expenses incurred related to managing our existing portfolio. To the extent additional resources are needed, the Company will fund its investment activity generally through equity or debt issuances either in the public or private markets or through proceeds from our Credit Facility.
The Company expects to meet its liquidity needs through cash on hand, cash flows from operations and cash flows from sources discussed above. The Company believes that its liquidity and sources of capital are adequate to satisfy its cash requirements. The Company cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to the Company in sufficient amounts to meet its liquidity needs.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Credit Facility
The Company's first amendment (the "First Amendment") to the third amended and restated credit facility (the "Credit Facility") provides for a $150.0 million Revolving Credit Facility that matures on March 19, 2026 and includes one 12-month option to extend the maturity date, and $350.0 million in Term Loans, as well as an accordion feature which allows borrowings up to a total of $700.0 million, including the ability to add and fund additional term loans. Note 5 – Debt, net to the Condensed Consolidated Financial Statements provides more details on the Company's Credit Facility. At June 30, 2023, the Company had borrowing capacity remaining under the Revolving Credit Facility of approximately $135.0 million.
The Company’s ability to borrow under the Credit Facility is subject to its ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales, as well as financial maintenance covenants. The Company was in compliance with its financial covenants under its Credit Facility as of June 30, 2023.
Mortgage Note Payable
The Company also had outstanding at June 30, 2023, a $4.9 million mortgage note payable, secured by one of its properties. The mortgage note amortizes monthly at a fixed interest rate of 4.98% with a balloon payment of approximately $4.8 million due upon maturity on May 1, 2024. The Company expects to fund the balloon payment with proceeds from the Company's ATM Program or proceeds from the Company's Revolving Credit Facility.
Ground Leases
At June 30, 2023, the Company was obligated, as the lessee, under four non-prepaid ground leases accounted for as operating leases with expiration dates, including renewal options, through 2076, and two non-prepaid ground leases accounted for as financing leases with expiration dates through 2109, including renewal options. Any rental increases related to the Company's ground leases are generally either stated or based on the Consumer Price Index. At June 30, 2023, the Company's aggregate obligation under these ground leases was approximately $9.0 million. See Note 3 – Real Estate Leases to the Condensed Consolidated Financial Statements.
Subsequent Acquisitions
Subsequent to June 30, 2023, the Company acquired three medical office buildings and one inpatient rehabilitation facility in two separate transactions for an aggregate purchase price of approximately $35.6 million and cash consideration of approximately $35.7 million. Upon acquisition, the properties were 100.0% leased with lease expirations through 2038. These acquisitions were funded through the Company's free cash flow, proceeds from equity sales through the ATM program, and the Company's Revolving Credit Facility.
Acquisition Pipeline
The Company has 3 properties under definitive purchase agreements for an aggregate expected purchase price of approximately $16.1 million. The Company's expected returns on these investments range from 9.2% to 10.3%. The Company expects to close on these properties in the third quarter of 2023; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close. The Company expects to fund these acquisitions with proceeds from the Company's ATM Program or proceeds from the Company's Revolving Credit Facility.
The Company also has eight properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $191.0 million. The Company's expected return on these investments will approximate 9.1% to 9.75%. The Company anticipates closing on these properties throughout 2023, 2024 and 2025; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close. The Company expects to fund these acquisitions through the Company's free cash flow, proceeds from equity sales through the ATM program, and the Company's Revolving Credit Facility.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Tenant Improvements and Capital Improvements
Subject to Company approval, we may fund or reimburse tenants for tenant improvements, which are allowed for in certain leases, of up to approximately $11.9 million as of June 30, 2023.
The Company has also entered into contracts regarding certain capital expenditures with remaining commitments totaling approximately $5.5 million as of June 30, 2023. Reimbursement of these expenditures by our tenants will be determined by each tenant's lease.
The Company expects to fund these expenditures through the Company's free cash flow, proceeds from equity sales through the ATM program, and the Company's Revolving Credit Facility.
Notes Receivable
The Company had entered into notes with one tenant with a maximum commitment remaining to fund totaling $5.1 million at June 30, 2023. See Note 10 – Other Assets, net to the Condensed Consolidated Financial Statements.
Automatic Shelf Registration Statement
On November 2, 2022, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission. The registration statement is for an indeterminate number of securities and is effective for three years. Under this registration statement, the Company has the capacity to offer and sell from time to time various types of securities, including common stock, preferred stock, depository shares, rights, debt securities, warrants and units.
Operating Activities
Cash flows provided by operating activities for the six months ended June 30, 2023 and 2022 were approximately $29.4 million and $29.5 million, respectively. Cash flows provided by operating activities were generally provided by contractual rents and interest on our notes receivable, net of property operating expenses not reimbursed by the tenants and general and administrative expenses.
Investing Activities
Cash flows used in investing activities for the six months ended June 30, 2023 and 2022 were approximately $45.1 million and $33.8 million, respectively. During the six months ended June 30, 2023, the Company invested in 10 properties and one land parcel for an aggregate cash consideration of approximately $39.7 million and funded notes totaling approximately $2.0 million. Also, during the six months ended June 30, 2023, the Company received payments on its notes totaling $2.3 million, received insurance proceeds from a casualty loss totaling $2.3 million, and funded capital expenditures on its existing portfolio totaling approximately $7.9 million.
During the six months ended June 30, 2022, the Company invested in three properties for an aggregate cash consideration of approximately $28.7 million and funded notes receivable totaling approximately $3.0 million. Also, during the six months ended June 30, 2022, the Company received payments on its notes receivable totaling $1.5 million and funded capital expenditures on its existing portfolio totaling approximately $3.6 million.
Financing Activities
Cash flows provided by financing activities for the six months ended June 30, 2023 and 2022 were approximately $7.3 million and $3.8 million, respectively. During the six months ended June 30, 2023, the Company (i) borrowed $15.0 million under its Revolving Credit Facility, (ii) completed equity offerings under its at-the-market program, resulting in net proceeds, net of underwriters' discount and offering costs, of approximately $16.8 million, (iii) upon the vesting of stock-based awards for certain employees, withheld shares and paid taxes totaling approximately $1.0 million on behalf of the employees, and (iv) paid dividends totaling approximately $23.5 million.
During the six months ended June 30, 2022, the Company borrowed $26.0 million under its Revolving Credit Facility and paid dividends totaling approximately $22.0 million.
Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued
Security Deposits
As of June 30, 2023, the Company held approximately $3.7 million in security deposits for the benefit of the Company in the event the obligated tenant fails to perform under the terms of its respective lease. Generally, the Company may, at its discretion and upon notification to the tenant, draw upon the security deposits if there are any defaults under the leases.
Dividends
The Company is required to pay dividends to its stockholders at least equal to 90% of its taxable income in order to maintain its qualification as a REIT.
On July 27, 2023, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4525 per share. The dividend is payable on August 25, 2023 to stockholders of record on August 11, 2023. This rate equates to an annualized dividend of $1.81 per share.
The ability of the Company to pay dividends is dependent upon its ability to generate cash flows and to make accretive new investments.
Corporate Responsibility
The Company is committed to conducting its business according to the highest ethical standards and upholding its corporate responsibilities as a public company operating for the benefit of its stockholders. To that end, the Company modified its Governance Committee to be the Environmental, Social, and Governance (“ESG”) Committee with a revised charter included on the Company’s website at www.chct.reit. Among other duties, the ESG Committee meets at least annually to review and recommend to the Board the general strategy and initiatives regarding ESG matters, including the Company’s internal and external communications and disclosures.
The Company’s Board of Directors has adopted a revised Code of Ethics and Business Conduct that not only applies to its directors, officers, and other employees but also extends the Company's expectations that its vendors, service providers, contractors, and consultants will embrace the Company's commitment to integrity and personal responsibility by complying with this Code at all times. The Code of Ethics and Business Conduct includes the Company’s commitment to promote high standards of integrity by conducting its affairs honestly and ethically and to include in its periodic reports or other publicly available documents information and metrics related to internal monitoring, whistleblower, or reporting systems.
The Company’s whistleblower policy prohibits the Company and its affiliates and their officers, employees and agents from discharging, demoting, suspending, threatening, harassing or in any other manner discriminating against any employee for raising a concern. If an employee desires to raise a concern in a confidential or anonymous manner, the concern may be directed to the whistleblower officer at the Company’s whistleblower hotline. During the quarter ended June 30, 2023, the whistleblower officer received no whistleblower complaints.
The Company’s Information Technology infrastructure is cloud-based, utilizing Software as a Service (“SaaS”) applications for substantially all of its software requirements. Management has formed an IT Committee consisting of the Chief Executive Officer, Chief Financial Officer, and the Vice President of Information Technology to review and discuss information security matters and cyber security risks. The committee meets at least twice a year and reports to the Board of Directors as needed. The Company has adopted the Center of Internet Security (CIS) v8 IG1 cyber security controls including adopting an annual information security training program for its employees. The Company has partnered with a global cyber security leader to continuously and proactively manage and mitigate the ever growing list of cyber threats. As part of the managed monitoring and remediation platform, the Company benefits from a $100,000 breach prevention warranty. Since the Company’s inception, the Company has not had a security breach resulting in expenses, penalties or settlements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevailing market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. We may use certain derivative financial instruments to manage, or hedge, interest rate risks related to our borrowings. We will not use derivatives for trading or speculative purposes and only enter into contracts with major financial institutions based upon their credit rating and other factors. An interest rate swap is a contractual agreement entered into by two counterparties under which each agrees to make periodic payments to the other for an agreed period of time based on a notional amount of principal. Under the most common form of interest rate swap, known from our perspective as a floating-to-fixed interest rate swap, a series of floating, or variable, rate payments on a notional amount of principal is exchanged for a series of fixed interest rate payments on such notional amount. During the six months ended June 30, 2023, there were no material changes in the quantitative and qualitative disclosures about market risks presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer has concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.
Changes In Internal Control Over Financial Reporting
There were no changes in our system of internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company may, from time to time, be involved in litigation arising in the ordinary course of business or which may be expected to be covered by insurance. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this Quarterly Report on Form 10-Q, an investor should consider the risk factors included in its Annual Report on Form 10-K for the year ended December 31, 2022 and other reports that may be filed by the Company. There were no material changes in the risk factors presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three months ended June 30, 2023, the Company canceled shares of Company common stock to satisfy employee tax withholding obligations payable upon the vesting of stock-based awards, as follows:
| | | | | | | | | | | | | | |
Period | Total Number of Shares Purchased | Average Price Paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum Number of Shares that may yet be purchased under the plans or programs |
| | | | |
April 1 - April 30 | 14,790 | | $ | 36.39 | | — | | — | |
May 1 - May 31 | 12,474 | | $ | 33.86 | | — | | — | |
June 1 - June 30 | — | | $ | — | | — | | — | |
Total | 27,264 | | | | |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
During the quarter ended June 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
ITEM 6. EXHIBITS
The exhibits required by Item 601 of Regulation S-K which are filed with this report are listed in the Exhibit Index and are hereby incorporated in by reference.
EXHIBIT INDEX
| | | | | | | | | | | |
Exhibit No. | Description |
3.1 | |
3.2 | |
10.1 † | |
10.2 † | |
31.1 * | |
31.2 * | |
32.1 ** | |
101.INS | Inline XBRL Instance Document |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
___________________
(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 Quarterly Report on Form 10-Q of the Company filed with the Securities and Exchange Commission on November 3, 2020 (File No. 001-37401) and incorporated herein by reference.
(3)Filed as Exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on April 10, 2023 (File No. 001-37401) and incorporated herein by reference.
(4)Filed as Exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on May 17, 2023 (File No. 001-37401) and incorporated herein by reference.
* Filed herewith.
** Furnished herewith.
† Denotes executive compensation plan or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 1, 2023
| | | | | | | | |
| COMMUNITY HEALTHCARE TRUST INCORPORATED |
| | |
| By: | /s/ David H. Dupuy |
| | David H. Dupuy |
| | Chief Executive Officer and President |
| | |
| By: | /s/ William G. Monroe IV |
| | William G. Monroe IV |
| | Executive Vice President and Chief Financial Officer |
Exhibit 31.1
Community Healthcare Trust Incorporated
Quarterly Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, David H. Dupuy, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Community Healthcare Trust Incorporated;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2023
| | | | | |
| /s/ David H. Dupuy |
| David H. Dupuy |
| Chief Executive Officer and President |
Exhibit 31.2
Community Healthcare Trust Incorporated
Quarterly Certification
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, William G. Monroe IV, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Community Healthcare Trust Incorporated;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2023
| | | | | |
| /s/ William G. Monroe IV |
| William G. Monroe IV |
| Executive Vice President and Chief Financial Officer |
Exhibit 32.1
Community Healthcare Trust Incorporated
Certification Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Community Healthcare Trust Incorporated (the "Company") for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David H. Dupuy, Chief Executive Officer and President of the Company, and I, William G. Monroe IV, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
i.The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
ii.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 1, 2023
| | | | | |
| /s/ David H. Dupuy |
| David H. Dupuy |
| Chief Executive Officer and President |
| |
| /s/ William G. Monroe IV |
| William G. Monroe IV |
| Executive Vice President and Chief Financial Officer |
v3.23.2
Cover Page - shares
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6 Months Ended |
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Jun. 30, 2023 |
Jul. 26, 2023 |
Cover [Abstract] |
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Community Healthcare Trust Inc
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Entity Incorporation, State or Country Code |
MD
|
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Entity Tax Identification Number |
46-5212033
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Entity Address, Address Line One |
3326 Aspen Grove Drive
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Suite 150
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Common stock, $0.01 par value per share
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CHCT
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Real estate properties |
|
|
Land and land improvements |
$ 127,433
|
$ 117,657
|
Buildings, improvements, and lease intangibles |
859,231
|
825,257
|
Personal property |
284
|
253
|
Total real estate properties |
986,948
|
943,167
|
Less accumulated depreciation |
(181,769)
|
(165,341)
|
Total real estate properties, net |
805,179
|
777,826
|
Cash and cash equivalents |
2,627
|
11,233
|
Restricted cash |
1,049
|
835
|
Other assets, net |
91,611
|
86,531
|
Total assets |
900,466
|
876,425
|
Liabilities |
|
|
Debt, net |
368,127
|
352,997
|
Accounts payable and accrued liabilities |
10,605
|
11,377
|
Other liabilities, net |
16,409
|
15,237
|
Total liabilities |
395,141
|
379,611
|
Commitments and contingencies |
|
|
Stockholders' Equity |
|
|
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding |
0
|
0
|
Common stock, $0.01 par value; 450,000 shares authorized; 26,541 and 25,897 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
265
|
259
|
Additional paid-in capital |
657,057
|
625,136
|
Cumulative net income |
80,797
|
81,142
|
Accumulated other comprehensive income |
23,085
|
22,667
|
Cumulative dividends |
(255,879)
|
(232,390)
|
Total stockholders’ equity |
505,325
|
496,814
|
Total liabilities and stockholders' equity |
$ 900,466
|
$ 876,425
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
50,000,000
|
50,000,000
|
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0
|
0
|
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0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
450,000,000
|
450,000,000
|
Common stock, shares issued (in shares) |
26,541,000
|
25,897,000
|
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26,541,000
|
25,897,000
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
REVENUES |
|
|
|
|
|
Rental income |
|
$ 26,764
|
$ 23,197
|
$ 52,892
|
$ 45,801
|
Other operating interest |
|
1,046
|
852
|
2,094
|
1,729
|
Total revenue |
|
27,810
|
24,049
|
54,986
|
47,530
|
EXPENSES |
|
|
|
|
|
Property operating |
|
4,786
|
4,062
|
9,659
|
8,153
|
General and administrative |
[1] |
3,787
|
3,610
|
19,992
|
6,926
|
Depreciation and amortization |
|
9,219
|
8,077
|
18,237
|
16,019
|
Total expenses |
|
17,792
|
15,749
|
47,888
|
31,098
|
INCOME BEFORE INCOME TAXES AND OTHER ITEMS |
|
10,018
|
8,300
|
7,098
|
16,432
|
Interest expense |
|
(4,140)
|
(2,755)
|
(8,132)
|
(5,381)
|
Deferred income tax (expense) benefit |
|
(50)
|
(16)
|
(85)
|
1
|
Interest and other income |
|
749
|
55
|
774
|
56
|
Net income (loss) |
|
$ 6,577
|
$ 5,584
|
$ (345)
|
$ 11,108
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
Net income (loss) per common share – basic (in dollars per share) |
|
$ 0.24
|
$ 0.21
|
$ (0.07)
|
$ 0.41
|
Net income (loss) per common share – diluted (in dollars per share) |
|
$ 0.24
|
$ 0.21
|
$ (0.07)
|
$ 0.41
|
Weighted average common shares outstanding - basic (in shares) |
|
25,065
|
23,578
|
24,648
|
23,574
|
Weighted average common shares outstanding - diluted (in shares) |
|
25,065
|
23,578
|
24,648
|
23,574
|
|
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
NET INCOME (LOSS) |
$ 6,577
|
$ 5,584
|
$ (345)
|
$ 11,108
|
Other comprehensive income: |
|
|
|
|
Increase in fair value of cash flow hedges |
9,875
|
4,584
|
4,902
|
15,991
|
Reclassification for amounts recognized as interest expense |
(2,474)
|
635
|
(4,484)
|
1,750
|
Total other comprehensive income |
7,401
|
5,219
|
418
|
17,741
|
COMPREHENSIVE INCOME |
$ 13,978
|
$ 10,803
|
$ 73
|
$ 28,849
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Additional Paid in Capital |
Cumulative Net Income |
Accumulated Other Comprehensive Income |
Cumulative Dividends |
Beginning balance (in shares) at Dec. 31, 2021 |
|
0
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 462,112
|
$ 0
|
$ 250
|
$ 595,624
|
$ 59,123
|
$ (4,980)
|
$ (187,905)
|
Balance, beginning of period (in shares) at Dec. 31, 2021 |
24,983,000
|
|
24,983,000
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Issuance of common stock, net of issuance costs |
$ (299)
|
|
|
(299)
|
|
|
|
Stock-based compensation, net of forfeitures (in shares) |
|
|
116,000
|
|
|
|
|
Stock-based compensation, net of forfeitures |
4,307
|
|
$ 1
|
4,306
|
|
|
|
Increase in fair value of cash flow hedges |
15,991
|
|
|
|
|
15,991
|
|
Reclassification for amounts recognized as interest expense |
1,750
|
|
|
|
|
1,750
|
|
Net (loss) income |
11,108
|
|
|
|
11,108
|
|
|
Dividends to common stockholders |
(22,007)
|
|
|
|
|
|
(22,007)
|
Ending balance (in shares) at Jun. 30, 2022 |
|
0
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
472,962
|
$ 0
|
$ 251
|
599,631
|
70,231
|
12,761
|
(209,912)
|
Balance, end of period (in shares) at Jun. 30, 2022 |
|
|
25,099,000
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
0
|
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 462,112
|
$ 0
|
$ 250
|
595,624
|
59,123
|
(4,980)
|
(187,905)
|
Balance, beginning of period (in shares) at Dec. 31, 2021 |
24,983,000
|
|
24,983,000
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Issuance of common stock, net of issuance costs (in shares) |
600,000
|
|
|
|
|
|
|
Ending balance (in shares) at Dec. 31, 2022 |
0
|
0
|
|
|
|
|
|
Ending balance at Dec. 31, 2022 |
$ 496,814
|
$ 0
|
$ 259
|
625,136
|
81,142
|
22,667
|
(232,390)
|
Balance, end of period (in shares) at Dec. 31, 2022 |
25,897,000
|
|
25,897,000
|
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
0
|
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
$ 471,114
|
$ 0
|
$ 251
|
597,548
|
64,647
|
7,542
|
(198,874)
|
Balance, beginning of period (in shares) at Mar. 31, 2022 |
|
|
25,072,000
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Issuance of common stock, net of issuance costs |
(101)
|
|
|
(101)
|
|
|
|
Stock-based compensation, net of forfeitures (in shares) |
|
|
27,000
|
|
|
|
|
Stock-based compensation, net of forfeitures |
2,184
|
|
|
2,184
|
|
|
|
Increase in fair value of cash flow hedges |
4,584
|
|
|
|
|
4,584
|
|
Reclassification for amounts recognized as interest expense |
635
|
|
|
|
|
635
|
|
Net (loss) income |
5,584
|
|
|
|
5,584
|
|
|
Dividends to common stockholders |
(11,038)
|
|
|
|
|
|
(11,038)
|
Ending balance (in shares) at Jun. 30, 2022 |
|
0
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
$ 472,962
|
$ 0
|
$ 251
|
599,631
|
70,231
|
12,761
|
(209,912)
|
Balance, end of period (in shares) at Jun. 30, 2022 |
|
|
25,099,000
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
0
|
0
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 496,814
|
$ 0
|
$ 259
|
625,136
|
81,142
|
22,667
|
(232,390)
|
Balance, beginning of period (in shares) at Dec. 31, 2022 |
25,897,000
|
|
25,897,000
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Issuance of common stock, net of issuance costs (in shares) |
485,000
|
|
485,000
|
|
|
|
|
Issuance of common stock, net of issuance costs |
$ 16,851
|
|
$ 5
|
16,846
|
|
|
|
Stock-based compensation, net of forfeitures (in shares) |
|
|
159,000
|
|
|
|
|
Stock-based compensation, net of forfeitures |
16,039
|
|
$ 1
|
16,038
|
|
|
|
Shares withheld on vesting of stock-based compensation |
(963)
|
|
|
(963)
|
|
|
|
Increase in fair value of cash flow hedges |
4,902
|
|
|
|
|
4,902
|
|
Reclassification for amounts recognized as interest expense |
(4,484)
|
|
|
|
|
(4,484)
|
|
Net (loss) income |
(345)
|
|
|
|
(345)
|
|
|
Dividends to common stockholders |
$ (23,489)
|
|
|
|
|
|
(23,489)
|
Ending balance (in shares) at Jun. 30, 2023 |
0
|
0
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 505,325
|
$ 0
|
$ 265
|
657,057
|
80,797
|
23,085
|
(255,879)
|
Balance, end of period (in shares) at Jun. 30, 2023 |
26,541,000
|
|
26,541,000
|
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
0
|
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
$ 494,515
|
$ 0
|
$ 263
|
648,384
|
74,220
|
15,684
|
(244,036)
|
Balance, beginning of period (in shares) at Mar. 31, 2023 |
|
|
26,274,000
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Issuance of common stock, net of issuance costs (in shares) |
|
|
236,000
|
|
|
|
|
Issuance of common stock, net of issuance costs |
7,945
|
|
$ 2
|
7,943
|
|
|
|
Stock-based compensation, net of forfeitures (in shares) |
|
|
31,000
|
|
|
|
|
Stock-based compensation, net of forfeitures |
1,693
|
|
|
1,693
|
|
|
|
Shares withheld on vesting of stock-based compensation |
(963)
|
|
|
(963)
|
|
|
|
Increase in fair value of cash flow hedges |
9,875
|
|
|
|
|
9,875
|
|
Reclassification for amounts recognized as interest expense |
(2,474)
|
|
|
|
|
(2,474)
|
|
Net (loss) income |
6,577
|
|
|
|
6,577
|
|
|
Dividends to common stockholders |
$ (11,843)
|
|
|
|
|
|
(11,843)
|
Ending balance (in shares) at Jun. 30, 2023 |
0
|
0
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 505,325
|
$ 0
|
$ 265
|
$ 657,057
|
$ 80,797
|
$ 23,085
|
$ (255,879)
|
Balance, end of period (in shares) at Jun. 30, 2023 |
26,541,000
|
|
26,541,000
|
|
|
|
|
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- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
OPERATING ACTIVITIES |
|
|
Net (loss) income |
$ (345)
|
$ 11,108
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
18,237
|
16,019
|
Other amortization |
508
|
419
|
Stock-based compensation |
4,239
|
4,307
|
Accelerated amortization of stock-based compensation |
11,799
|
0
|
Straight-line rent receivable |
(1,737)
|
(1,737)
|
Net gain from insurance recovery on casualty loss |
(706)
|
0
|
Deferred income tax expense (benefit) |
85
|
(1)
|
Changes in operating assets and liabilities: |
|
|
Other assets |
(1,853)
|
(782)
|
Accounts payable and accrued liabilities |
(233)
|
263
|
Other liabilities |
(620)
|
(77)
|
Net cash provided by operating activities |
29,374
|
29,519
|
INVESTING ACTIVITIES |
|
|
Acquisitions of real estate |
(39,712)
|
(28,671)
|
Funding of notes receivable |
(1,985)
|
(3,000)
|
Proceeds from the repayment of notes receivable |
2,255
|
1,500
|
Insurance proceeds from casualty loss |
2,273
|
0
|
Capital expenditures on existing real estate properties |
(7,884)
|
(3,648)
|
Net cash used in investing activities |
(45,053)
|
(33,819)
|
FINANCING ACTIVITIES |
|
|
Net borrowings on revolving credit facility |
15,000
|
26,000
|
Mortgage note repayments |
(63)
|
(69)
|
Dividends paid |
(23,489)
|
(22,007)
|
Proceeds from issuance of common stock |
16,944
|
0
|
Taxes paid on behalf of employees and shares withheld upon share vestings |
(964)
|
0
|
Equity issuance costs |
(141)
|
(133)
|
Net cash provided by financing activities |
7,287
|
3,791
|
Decrease in cash and cash equivalents and restricted cash |
(8,392)
|
(509)
|
Cash and cash equivalents and restricted cash, beginning of period |
12,068
|
2,867
|
Cash and cash equivalents and restricted cash, end of period |
3,676
|
2,358
|
Supplemental Cash Flow Information: |
|
|
Interest paid (net of capitalized interest) |
7,868
|
5,053
|
Invoices accrued for construction, tenant improvement and other capitalized costs |
3,776
|
1,395
|
Reclassification of registration statement costs incurred in prior year to equity issuance costs |
91
|
221
|
Increase in fair value of cash flow hedges |
4,902
|
15,991
|
Income taxes paid |
69
|
42
|
Capitalized interest |
$ 349
|
$ 364
|
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Overview Community Healthcare Trust Incorporated (the ‘‘Company’’, ‘‘we’’, ‘‘our’’) was organized in the State of Maryland on March 28, 2014. The Company is a fully-integrated healthcare real estate company that owns and acquires real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. As of June 30, 2023, the Company had investments of approximately $991.2 million in 184 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and one property classified as an asset held for sale with a gross amount totaling approximately $1.3 million (see Note 10 – Other Assets, net and Note 4 – Real Estate Acquisitions and Dispositions, respectively)). The properties are located in 34 states, totaling approximately 4.0 million square feet in the aggregate and were approximately 91.7% leased at June 30, 2023 with a weighted average remaining lease term of approximately 7.1 years. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm's review.
Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2023. All intercompany accounts and transactions have been eliminated.
Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.
Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amounts approximate fair value due to the short term maturity of these investments. The following table provides a reconciliation of cash and cash equivalents and restricted cash: | | | | | | | | | | | | | Balance as of June 30, | (Dollars in thousands) | 2023 | | 2022 | Cash and cash equivalents | $ | 2,627 | | | $ | 1,699 | | Restricted cash | 1,049 | | | 659 | | Cash, cash equivalents and restricted cash | $ | 3,676 | | | $ | 2,358 | |
Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRSs to the extent applicable. The Company also evaluates the realizability of its deferred tax assets and will record valuation allowances if it is determined that more likely than not the asset will not be recovered. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
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v3.23.2
Real Estate Properties
|
6 Months Ended |
Jun. 30, 2023 |
Real Estate [Abstract] |
|
Real Estate Properties |
REAL ESTATE PROPERTIES As of June 30, 2023, we had investments of approximately $991.2 million in 184 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and one property classified as held for sale with a gross amount totaling approximately $1.3 million). The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables: | | | | | | | | | Property Type | # of Properties | Gross Investment (in thousands) | Medical Office Building | 85 | | $ | 390,389 | | Inpatient Rehabilitation Facilities | 7 | | 151,234 | | Acute Inpatient Behavioral | 5 | | 130,410 | | Specialty Centers | 37 | | 119,865 | | Physician Clinics | 30 | | 86,602 | | Surgical Centers and Hospitals | 10 | | 52,762 | | Behavioral Specialty Facilities | 9 | | 45,019 | | Long-term Acute Care Hospitals | 1 | | 14,937 | | Total | 184 | | $ | 991,218 | |
| | | | | | | | | State | # of Properties | Gross Investment (in thousands) | Texas | 16 | | $ | 138,913 | | Illinois | 16 | | 121,755 | | Ohio | 25 | | 110,285 | | Florida | 22 | | 96,249 | | Pennsylvania | 13 | | 42,408 | | All Others | 92 | | 481,608 | | Total | 184 | | $ | 991,218 | |
| | | | | | | | | Primary Tenant | # of Properties | Gross Investment (in thousands) | Lifepoint Health (1) | 5 | | $ | 82,337 | | US HealthVest | 3 | | 77,964 | | GenesisCare | 9 | | 31,047 | | All Others | 167 | | 799,870 | | Total | 184 | | $ | 991,218 | | ____________ | | | (1) During the first quarter of 2023, Everest Rehabilitation assigned its leases to Lifepoint Health on four properties in which the Company had a gross investment totaling $80.7 million at June 30, 2023. |
GenesisCare Bankruptcy On June 1, 2023, GenesisCare and certain of its affiliates ("GenesisCare") filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. On June 27, 2023, the U.S. Bankruptcy Court for the Southern District of Texas approved GenesisCare’s request to reject certain unexpired real property leases including one lease of approximately 11,000 square feet with CHCT North Carolina, LLC, a subsidiary of the Company. At June 30, 2023, GenesisCare was the sole tenant in seven of our properties and a tenant in two of our multi-tenanted properties, representing approximately 3.1% of our gross real estate properties, or approximately 119,000 square feet. Other than the one rejected lease noted above, GenesisCare has met substantially all of its lease payment obligations due to the Company through July 2023. The Company has engaged counsel to monitor the GenesisCare bankruptcy progress and any additional potential impacts to the Company.
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v3.23.2
Real Estate Leases
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Real Estate Leases |
REAL ESTATE LEASES Lessor Accounting The Company’s properties are generally leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2042. The Company’s leases generally require the lessee to pay minimum rent, with fixed rent renewal terms or increases based on a Consumer Price Index and may also include additional rent, which may include the reimbursement of taxes (including property taxes), insurance, maintenance and other operating costs associated with the leased property.
Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. Some leases also allow the lessee to renew or extend their lease term or in some cases terminate their lease, based on conditions provided in the lease.
Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of June 30, 2023, are as follows (in thousands): | | | | | | 2023 (six months ended December 31) | $ | 46,294 | | 2024 | 89,080 | | 2025 | 82,644 | | 2026 | 72,506 | | 2027 | 66,194 | | 2028 and thereafter | 343,830 | | | $ | 700,548 | |
Rental income is recognized as earned over the life of the lease agreement on a straight-line basis when collection of rental payments over the term of the lease is probable. Straight-line rent included in rental income was approximately $0.8 million and $0.9 million, respectively, for the three months ended June 30, 2023 and 2022, and was approximately $1.7 million for each of the six months ended June 30, 2023 and 2022.
Purchase Option Provisions Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. At June 30, 2023, the Company had an aggregate gross investment of approximately $43.3 million in 12 real estate properties with purchase options exercisable at June 30, 2023 that had not been exercised. Sales-type Lease The Company has a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million included in other assets, net on the Company's Condensed Consolidated Balance Sheets. Future lease payments due to the Company under this lease for the years ending December 31, as of June 30, 2023, are as follows (in thousands):
| | | | | | 2023 (six months ended December 31) | $ | 170 | | 2024 | 346 | | 2025 | 356 | | 2026 | 367 | | 2027 | 378 | | 2028 and thereafter | 5,210 | | Total undiscounted lease receivable | 6,827 | | Discount | (3,794) | | Lease receivable | $ | 3,033 | |
The Company recognized interest income of approximately $0.1 million during each of the three months ended June 30, 2023 and 2022 and recognized interest income of approximately $0.2 million during each of the six months ended June 30, 2023 and 2022 related to this lease which is included in other operating interest on the Company's Consolidated Statements of Income.
Lessee Accounting At June 30, 2023, the Company was obligated, as the lessee, under four non-prepaid ground leases accounted for as operating leases with expiration dates, including renewal options, through 2076, and two non-prepaid ground leases accounted for as financing leases with expiration dates through 2109, including renewal options. Any rental increases related to the Company's ground leases are generally either stated or based on the Consumer Price Index. The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands):
| | | | | | | | | | Operating | Financing | 2023 (six months ended December 31) | $ | 21 | | $ | 70 | | 2024 | 43 | | 154 | | 2025 | 44 | | 154 | | 2026 | 44 | | 154 | | 2027 | 45 | | 154 | | 2028 and thereafter | 1,148 | | 6,956 | | Total undiscounted lease payments | 1,345 | | 7,642 | | Discount | (565) | | (4,364) | | Lease liabilities | $ | 780 | | $ | 3,278 | |
The following table discloses other information regarding the ground leases. | | | | | | | | | | Three Months Ended June 30, | | 2023 | 2022 | Operating leases: | | | Weighted-average remaining lease term in years (including renewal options) | 35.7 | 36.4 | Weighted-average discount rate | 4.0 | % | 4.0 | % | | | | Financing leases: | | | Weighted-average remaining lease term in years (including renewal options) | 40.3 | 36.5 | Weighted-average discount rate | 4.2 | % | 4.1 | % |
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v3.23.2
Real Estate Acquisitions And Dispositions
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Real Estate Acquisitions and Dispositions |
REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions During the second quarter of 2023, the Company acquired three real estate properties and one land parcel. Upon acquisition, the properties were 98.3% leased in the aggregate with lease expirations through 2033. Amounts reflected in revenues and net income for these properties for the three months ended June 30, 2023 were approximately $0.1 million and $32,000, respectively, and transaction costs totaling approximately $0.4 million were capitalized relating to these property acquisitions.
During the first quarter of 2023, the Company acquired seven real estate properties. Upon acquisition, the properties were 100.0% leased in the aggregate with lease expirations through 2031. Amounts reflected in revenues and net income for these properties for the six months ended June 30, 2023 were approximately $1.3 million and $0.3 million, respectively, and transaction costs totaling approximately $0.4 million were capitalized relating to these property acquisitions.
The following table summarizes our property acquisitions for the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | Location | Property Type (1) | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage | | | | (000's) | (000's) | (000's) | (000's) | | LaGrange, GA | MOB | 01/18/23 | $ | 8,007 | | $ | 8,087 | | $ | 8,118 | | $ | (31) | | 55,310 | | West Point, GA | MOB | 01/18/23 | 811 | | 819 | | 822 | | (3) | | 5,600 | | Canton, OH | MOB | 01/30/23 | 3,669 | | 3,706 | | 4,287 | | (581) | | 27,920 | | Scranton, PA | MOB | 02/23/23 | 1,957 | | 2,165 | | 2,317 | | (152) | | 22,743 | | Scranton, PA | MOB | 02/23/23 | 2,207 | | 2,366 | | 2,340 | | 26 | | 15,768 | | LaGrange, GA | MOB | 03/06/23 | 6,469 | | 6,458 | | 6,622 | | (164) | | 31,473 | | LaGrange, GA | MOB | 03/06/23 | 249 | | 294 | | 300 | | (6) | | 2,972 | | Lakeland, FL | Land | 04/03/23 | 838 | | 845 | | 846 | | (1) | | — | | Hermitage, PA | MOB | 05/04/23 | 4,218 | | 4,382 | | 4,529 | | (147) | | 25,982 | | San Antonio, TX | MOB | 05/22/23 | 2,772 | | 2,783 | | 3,031 | | (248) | | 12,376 | | Clinton, MD | MOB | 06/21/23 | 7,850 | | 7,807 | | 7,867 | | (60) | | 37,344 | | | | | $ | 39,047 | | $ | 39,712 | | $ | 41,079 | | $ | (1,367) | | 237,488 | | | | | | | | | | (1) MOB - Medical Office Building | (2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition. | |
The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the six months ended June 30, 2023. | | | | | | | | | | | | | | | | | | Relative Fair Value | Estimated Useful Life | | | | (in thousands) | (in years) | Land and land improvements | $ | 10,051 | | 6.9 | Building and building improvements | 25,427 | | 23.6 | Intangibles: | | | | At-market lease intangibles | 5,601 | | 3.8 | | Above-market lease intangibles | 481 | | 3.6 | | Below-market lease intangibles | (1,644) | | 5.9 | | | Total intangibles | 4,438 | | | | | | | | | | | | Accounts payable, accrued liabilities and other liabilities assumed | (282) | | | Accounts receivable and other assets acquired | 242 | | | Prorated rent, interest and operating expense reimbursement amounts collected | (164) | | | | Total cash consideration | $ | 39,712 | | |
Asset Held for Sale The Company incurred property damage due to vandalism at a property in Houston, Texas which was covered by our insurance policies. The Company estimated the fair value of the damaged property and recorded a casualty loss, for the difference between the estimated fair value less costs to sale and the insurance proceeds received. The Company determined that the estimated amount of the casualty loss was approximately $1.6 million and received insurance proceeds totaling $2.3 million, resulting in a net casualty gain of approximately $0.7 million which was included in Interest and other income on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023.
At June 30, 2023, the Company committed to a plan to dispose of the property in Houston, Texas and classified the property as an asset held for sale totaling approximately $1.3 million which was included in Other assets, net and classified liabilities related to the property as liabilities held for sale totaling approximately $56,000 which were included in Other liabilities, net on the Condensed Consolidated Balance Sheet.
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- DefinitionThe entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
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v3.23.2
Debt, net
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt, net |
DEBT, NET The table below details the Company's debt as of June 30, 2023 and December 31, 2022. | | | | | | | | | | | | | Balance as of | | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Maturity Dates | | | | | Credit Facility: | | | | Revolving Credit Facility | $ | 15,000 | | $ | — | | 3/26 | A-3 Term Loan, net | 74,670 | | 74,609 | | 3/26 | A-4 Term Loan, net | 124,465 | | 124,409 | | 3/28 | A-5 Term Loan, net | 149,124 | | 149,059 | | 3/30 | Mortgage Note Payable, net | 4,868 | | 4,920 | | 5/24 | | $ | 368,127 | | $ | 352,997 | | |
On December 14, 2022, Community Healthcare Trust Incorporated, as borrower, entered into a first amendment (the "First Amendment") to the third amended and restated credit agreement (the "Credit Facility") by and among Community Healthcare Trust Incorporated, as borrower, the several banks and financial institutions party thereto as lenders, and Truist Bank, as administrative agent. The First Amendment amended the Credit Facility to, among other things, (i) establish a new seven-year and three-month term loan facility in the aggregate principal amount of $150.0 million (the "A-5 Term Loan"), which matures on March 14, 2030 and (ii) replace LIBOR as a benchmark interest rate for loans under the Credit Facility with SOFR. The proceeds from the A-5 Term Loan were used in part to repay the seven-year term loan facility in the aggregate principal amount of $50.0 million (the "A-2 Term Loan") which was set to mature on March 29, 2024.
The Credit Facility allows the Company to borrow, through the accordion feature, up to $700.0 million, including the ability to add and fund incremental term loans. The Company's material subsidiaries are guarantors of the obligations under the Credit Facility.
The Credit Facility provides for a $150.0 million Revolving Credit Facility and $350.0 million in term loans (the "Term Loans"). The Revolving Credit Facility matures on March 19, 2026 and includes one 12-month option to extend the maturity date, subject to the satisfaction of certain conditions. The Term Loans include a seven-year term loan facility in the aggregate principal amount of $75.0 million (the "A-3 Term Loan"), which matures on March 29, 2026, a seven-year term loan facility in the aggregate principal amount of $125.0 million (the "A-4 Term Loan"), which matures on March 19, 2028, and the A-5 Term Loan, which matures on March 14, 2030. Under the First Amendment, amounts outstanding under the Revolving Credit Facility will bear interest at a floating rate based on the Company's option, on either: (i) adjusted term SOFR or adjusted daily simple SOFR plus 1.25% to 1.90% or (ii) a base rate plus 0.25% to 0.90% in each case, depending upon the Company’s leverage ratio. In addition, the Company is obligated to pay an annual fee equal to 0.20% of the amount of the unused portion of the Revolving Credit Facility if amounts borrowed are greater than 33.3% of the borrowing capacity under the Revolving Credit Facility and 0.25% of the unused portion of the Revolving Credit Facility if amounts borrowed are less than or equal to 33.3% of the borrowing capacity under the Revolving Credit Facility. The Company had $15.0 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.80% and a borrowing capacity remaining of $135.0 million at June 30, 2023.
Under the First Amendment, amounts outstanding under the Term Loans will bear interest at a floating rate that is based, at the Company's option, on either (i) adjusted term SOFR or adjusted daily SOFR plus 1.45% to 2.30% or (ii) a base rate plus 0.45% to 1.30%, in each case, depending upon the Company’s leverage ratio. The Company has entered into interest rate swaps to fix the interest rates on the Term Loans. See Note 6 – Derivative Financial Instruments for more details on the interest rate swaps. At June 30, 2023, the Company had $350.0 million outstanding under the Term Loans which had a fixed weighted average interest rate under the swaps of approximately 4.3%.
The Company’s ability to borrow under the Credit Facility is subject to its ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales, as well as financial maintenance covenants. The Company was in compliance with its financial covenants under its Credit Facility as of June 30, 2023.
Mortgage Note Payable The Company's mortgage note payable is secured by a building which had a $6.5 million carrying balance at June 30, 2023. The mortgage note amortizes monthly at a fixed interest rate of 4.98% with a balloon payment of approximately $4.8 million due upon maturity on May 1, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Derivative Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Financial Instruments |
DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.
Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
As of June 30, 2023, the Company had seventeen outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $350.0 million, including two forward-starting interest rate swaps for notional amounts totaling $50.0 million, which will not become effective until March 29, 2024. Tabular Disclosure of Fair Value of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives Fair Value at | | Liability Derivatives Fair Value at | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Balance Sheet Classification | | June 30, 2023 | December 31, 2022 | Balance Sheet Classification | Interest rate swaps | $ | 23,085 | | $ | 22,667 | | Other assets, net | | $ | — | | $ | — | | Other liabilities, net |
The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income ("AOCI") and are subsequently reclassified to interest expense in the period that the hedged forecasted transaction affects earnings.
Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s Term Loans. During the next twelve months, the Company estimates that an additional $10.5 million will be reclassified from AOCI as a decrease to interest expense.
Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2023 and 2022. | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (Dollars in thousands) | 2023 | 2022 | | 2023 | 2022 | Amount of unrealized gain recognized in OCI on derivatives | $ | 9,875 | | $ | 4,584 | | | $ | 4,902 | | $ | 15,991 | | Amount of (gain) loss reclassified from AOCI into interest expense | $ | (2,474) | | $ | 635 | | | $ | (4,484) | | $ | 1,750 | | Total interest expense presented in the Condensed Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded | $ | 4,140 | | $ | 2,755 | | | $ | 8,132 | | $ | 5,381 | |
Tabular Disclosures of Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of June 30, 2023 and December 31, 2022. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Assets (as of June 30, 2023) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | 23,085 | | $ | — | | $ | 23,085 | | $ | — | | $ | — | | $ | 23,085 | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Liabilities (as of June 30, 2023) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Assets (as of December 31, 2022) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | 22,667 | | $ | — | | $ | 22,667 | | $ | — | | $ | — | | $ | 22,667 | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Liabilities (as of December 31, 2022) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
Credit-risk-related Contingent Features As of June 30, 2023, the Company did not have any derivatives in a net liability position. As of June 30, 2023, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company terminated these interest rate swaps or breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.
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v3.23.2
Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders' Equity |
STOCKHOLDERS' EQUITY Common Stock The following table provides a reconciliation of the beginning and ending common stock balances for the six months ended June 30, 2023 and for the year ended December 31, 2022: | | | | | | | | | (In thousands) | Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | Balance, beginning of period | 25,897 | 24,983 | Issuance of common stock | 485 | 600 | Restricted stock issued | 190 | 318 | Restricted stock withheld and forfeited | (31) | (4) | Balance, end of period | 26,541 | 25,897 |
ATM Program The Company has an at-the-market offering program ("ATM Program"), with Piper Sandler & Co., Evercore Group L.L.C., Truist Securities, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated, Fifth Third Securities, Inc. and Janney Montgomery Scott LLC, as sales agents (collectively, the “Agents”). Under the ATM Program, the Company may issue and sell shares of its common stock, having an aggregate gross sales price of up to $500.0 million. The shares of common stock may be sold from time to time through or to one or more of the Agents, as may be determined by the Company in its sole discretion, subject to the terms and conditions of the agreement and applicable law. The Company's activity under the ATM Program during the six months ended June 30, 2023 is detailed in the table below. As of June 30, 2023, the Company had approximately $461.5 million remaining that may be issued under the ATM Program.
| | | | | | | | | | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | Shares issued (in thousands) | 236 | 485 | Net proceeds received (in millions) (1) | $8.0 | $16.9 | Average gross sales price per share | $34.45 | $35.60 | ___________ | | (1) Net proceeds totaling $0.7 million were received on April 3, 2023 relating to shares sold and issued in March 2023. |
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v3.23.2
Net Income (Loss) Per Common Share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Income (Loss) Per Common Share |
NET INCOME (LOSS) PER COMMON SHARE The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022, respectively. | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 | Net income (loss) | $ | 6,577 | | | $ | 5,584 | | | $ | (345) | | | $ | 11,108 | | Participating securities' share in earnings | (550) | | | (668) | | | (1,373) | | | (1,327) | | Net income (loss), less participating securities' share in earnings | $ | 6,027 | | | $ | 4,916 | | | $ | (1,718) | | | $ | 9,781 | | | | | | | | | | Weighted average Common Shares outstanding | | | | | | | | Weighted average Common Shares outstanding | 26,358 | | | 25,087 | | | 26,202 | | | 25,074 | | Unvested restricted shares | (1,293) | | | (1,509) | | | (1,554) | | | (1,500) | | Weighted average Common Shares outstanding–Basic | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | | | | | | | | | | Dilutive potential common shares | — | | | — | | | — | | | — | | Weighted average Common Shares outstanding –Diluted | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | | | | | | | | | | Basic Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | | | | | | | | | | Diluted Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
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v3.23.2
Stock Incentive Plan
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Incentive Plan |
STOCK INCENTIVE PLAN A summary of the activity under the Company's 2014 Incentive Plan, as amended, for the three and six months ended June 30, 2023 and 2022 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods. | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (Dollars and shares in thousands) | 2023 | 2022 | | 2023 | 2022 | Stock-based awards, beginning of period | 1,836 | | 1,502 | | | 1,708 | | 1,416 | | | Stock in lieu of compensation | 22 | | 8 | | | 84 | | 52 | | | Stock awards | 39 | | 19 | | | 106 | | 67 | | | Total stock granted | 61 | | 27 | | | 190 | | 119 | | | Vested shares (1) | (692) | | (17) | | | (692) | | (22) | | | Forfeited shares | (2) | | — | | | (3) | | (1) | | Stock-based awards, end of period | 1,203 | | 1,512 | | | 1,203 | | 1,512 | | Amortization expense (1) | $ | 1,692 | | $ | 2,184 | | | $ | 16,038 | | $ | 4,307 | | ___________ | | (1) Amortization expense for the six months ended June 30, 2023 included the accelerated amortization totaling $11.8 million recognized during the three months ended March 31, 2023, upon the passing of our former CEO and President. These shares vested during the three months ended June 30, 2023. |
Accelerated Amortization and Vesting of Restricted Stock The Company's former CEO and President, Timothy Wallace, passed away in March 2023. At the time of his passing, Mr. Wallace had 624,725 shares of restricted stock that had not been fully amortized. In accordance with the terms of his employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation related to his unvested shares and recognized an additional $11.8 million of amortization expense in the first quarter of 2023.
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v3.23.2
Other Assets, net
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Other Assets, net |
OTHER ASSETS, NET Other assets, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below. | | | | | | | | | | Balance as of | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Notes receivable | $ | 32,435 | | $ | 32,705 | | | | | Accounts and interest receivable | 3,622 | | 2,679 | | Straight-line rent receivable | 17,176 | | 15,429 | | | | | Prepaid assets | 1,685 | | 980 | | Deferred financing costs, net | 577 | | 683 | | Leasing commissions, net | 2,081 | | 1,848 | | Deferred tax assets, net | 221 | | 306 | | Fair value of interest rate swaps | 23,085 | | 22,667 | | Above-market lease intangible assets, net | 2,554 | | 2,399 | | Sales-type lease receivable | 3,033 | | 3,035 | | Financing right-of-use asset | 2,515 | | 2,545 | | Asset held for sale | 1,254 | | — | | Operating lease right-of-use assets | 744 | | 759 | | Other | 629 | | 496 | | | $ | 91,611 | | $ | 86,531 | |
The Company's notes receivable mainly included:
•At June 30, 2023 and December 31, 2022, notes receivable included a $7.5 million and $9.0 million, respectively, term loan, secured by all assets and ownership interests in seven long-term acute care hospitals and one inpatient rehabilitation hospital owned by the borrower. The term loan will be repaid in equal monthly installments of $250,000 through the maturity date of December 31, 2025 and bears interest at 9% per annum.
•At June 30, 2023 and December 31, 2022, notes receivable included a term loan totaling $17.0 million and a revolving credit facility totaling $5.4 million and $5.0 million, respectively, secured by assets and ownership interests of six geriatric behavioral hospitals and affiliated companies all of which are co-borrowers on the loans. The term loan bears interest at 9% per annum, with interest only payments due initially and then equal monthly installments of principal payments due beginning March 31, 2024. The term loan facility matures on December 31, 2032. The revolving credit facility bears interest at 9% per annum and matures on December 31, 2025. In addition, the Company has committed to fund, at the Company’s discretion, additional amounts, up to $5.0 million with interest at 9% per annum on any amount funded, that may be used by the borrower to pay existing liabilities of co-borrowers. The term loan, the revolving credit facility and the additional commitment all include a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of each note.
•At June 30, 2023 and December 31, 2022, notes receivable included a $2.5 million and $1.7 million, respectively, revolving credit facility. Commencing on October 1, 2023, the revolving credit facility will be repaid in equal monthly installments of $40,000 through the maturity date of April 1, 2027. The revolving credit facility bears interest at 9% per annum, as well as a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of the note.
The Company identified the borrowers of these notes as variable interest entities ("VIEs"), but management determined that the Company was not the primary beneficiary of the VIEs because we lack either directly or through related parties any material decision-making rights or control of the entities that impact the borrowers' economic performance. We are not obligated to provide support beyond our stated commitment to the borrowers, and accordingly our maximum exposure to loss as a result of this relationship is limited to the amount of our outstanding notes receivable. The VIEs that we have identified at June 30, 2023 are summarized in the table below. | | | | | | | | | Classification | Carrying Amount (in thousands) | Maximum Exposure to Loss (in thousands) | Note receivable (term loan) | $ | 7,500 | | $ | 7,500 | | Note receivable (revolving credit facility) | $ | 5,435 | | $ | 5,435 | | Note receivable (term loan) | $ | 17,000 | | $ | 17,000 | | Note receivable (revolving credit facility) | $ | 2,500 | | $ | 2,500 | |
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v3.23.2
Other Liabilities, net
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Other Liabilities, net |
OTHER LIABILITIES, NET Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below. | | | | | | | | | | Balance as of | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Prepaid rent | $ | 5,579 | | $ | 3,853 | | Security deposits | 3,662 | | 5,766 | | Below-market lease intangibles, net | 2,439 | | 1,075 | | | | | Financing lease liability | 3,278 | | 3,279 | | Operating lease liability | 780 | | 786 | | Liabilities held for sale | 56 | | — | | Other | 615 | | 478 | | | $ | 16,409 | | $ | 15,237 | |
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v3.23.2
Fair Value of Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practical to estimate the fair value.
Cash and cash equivalents and restricted cash - The carrying amount approximates the fair value.
Notes receivable - The fair value is estimated using cash flow analyses, based on an assumed market rate of interest or at a rate consistent with the rates on notes carried by the Company and are classified as level 2 inputs in the hierarchy.
Borrowings under our Credit Facility - The carrying amount approximates the fair value because the borrowings are based on variable market interest rates. The fair value estimates were determined using level 2 inputs.
Derivative financial instruments (Interest rate swaps) - The fair value is estimated using discounted cash flow techniques. These techniques incorporate primarily level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as level 2 inputs in the hierarchy.
Mortgage note payable - The fair value is estimated using cash flow analyses which are based on an assumed market rate of interest or at a rate consistent with the rates on mortgage notes assumed by the Company and are classified as level 2 inputs in the hierarchy.
The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at June 30, 2023 and December 31, 2022, using level 2 inputs. | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | (Dollars in thousands) | Carrying Value | Fair Value | | Carrying Value | Fair Value | | | | | | | Notes receivable | $ | 32,435 | | $ | 32,604 | | | $ | 32,705 | | $ | 32,716 | | Interest rate swap asset | $ | 23,085 | | $ | 23,085 | | | $ | 22,667 | | $ | 22,667 | | | | | | | | Mortgage note payable (principal amount) | $ | 4,884 | | $ | 4,729 | | | $ | 4,947 | | $ | 4,761 | |
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
SUBSEQUENT EVENTS Dividend Declared On July 27, 2023, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4525 per share. The dividend is payable on August 25, 2023 to stockholders of record on August 11, 2023.
Acquisitions Subsequent to June 30, 2023, the Company acquired three medical office buildings and one inpatient rehabilitation facility in two separate transactions for an aggregate purchase price of approximately $35.6 million and cash consideration of approximately $35.7 million. Upon acquisition, the properties were 100.0% leased with lease expirations through 2038.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2023. All intercompany accounts and transactions have been eliminated.
|
Use of Estimates in the Condensed Consolidated Financial Statements |
Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents and Restricted CashCash and cash equivalents includes short-term investments with original maturities of three months or less when purchased.
|
Restricted Cash |
Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amounts approximate fair value due to the short term maturity of these investments.
|
Income Taxes |
Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRSs to the extent applicable. The Company also evaluates the realizability of its deferred tax assets and will record valuation allowances if it is determined that more likely than not the asset will not be recovered. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of cash and cash equivalents |
The following table provides a reconciliation of cash and cash equivalents and restricted cash: | | | | | | | | | | | | | Balance as of June 30, | (Dollars in thousands) | 2023 | | 2022 | Cash and cash equivalents | $ | 2,627 | | | $ | 1,699 | | Restricted cash | 1,049 | | | 659 | | Cash, cash equivalents and restricted cash | $ | 3,676 | | | $ | 2,358 | |
|
Restrictions on cash and cash equivalents |
The following table provides a reconciliation of cash and cash equivalents and restricted cash: | | | | | | | | | | | | | Balance as of June 30, | (Dollars in thousands) | 2023 | | 2022 | Cash and cash equivalents | $ | 2,627 | | | $ | 1,699 | | Restricted cash | 1,049 | | | 659 | | Cash, cash equivalents and restricted cash | $ | 3,676 | | | $ | 2,358 | |
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v3.23.2
Real Estate Properties (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Real Estate [Abstract] |
|
Schedule of real estate property investments |
The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables: | | | | | | | | | Property Type | # of Properties | Gross Investment (in thousands) | Medical Office Building | 85 | | $ | 390,389 | | Inpatient Rehabilitation Facilities | 7 | | 151,234 | | Acute Inpatient Behavioral | 5 | | 130,410 | | Specialty Centers | 37 | | 119,865 | | Physician Clinics | 30 | | 86,602 | | Surgical Centers and Hospitals | 10 | | 52,762 | | Behavioral Specialty Facilities | 9 | | 45,019 | | Long-term Acute Care Hospitals | 1 | | 14,937 | | Total | 184 | | $ | 991,218 | |
| | | | | | | | | State | # of Properties | Gross Investment (in thousands) | Texas | 16 | | $ | 138,913 | | Illinois | 16 | | 121,755 | | Ohio | 25 | | 110,285 | | Florida | 22 | | 96,249 | | Pennsylvania | 13 | | 42,408 | | All Others | 92 | | 481,608 | | Total | 184 | | $ | 991,218 | |
| | | | | | | | | Primary Tenant | # of Properties | Gross Investment (in thousands) | Lifepoint Health (1) | 5 | | $ | 82,337 | | US HealthVest | 3 | | 77,964 | | GenesisCare | 9 | | 31,047 | | All Others | 167 | | 799,870 | | Total | 184 | | $ | 991,218 | | ____________ | | | (1) During the first quarter of 2023, Everest Rehabilitation assigned its leases to Lifepoint Health on four properties in which the Company had a gross investment totaling $80.7 million at June 30, 2023. |
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v3.23.2
Real Estate Leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Schedule of future minimum lease payments for operating leases |
Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of June 30, 2023, are as follows (in thousands): | | | | | | 2023 (six months ended December 31) | $ | 46,294 | | 2024 | 89,080 | | 2025 | 82,644 | | 2026 | 72,506 | | 2027 | 66,194 | | 2028 and thereafter | 343,830 | | | $ | 700,548 | |
|
Sales-type maturity |
Future lease payments due to the Company under this lease for the years ending December 31, as of June 30, 2023, are as follows (in thousands): | | | | | | 2023 (six months ended December 31) | $ | 170 | | 2024 | 346 | | 2025 | 356 | | 2026 | 367 | | 2027 | 378 | | 2028 and thereafter | 5,210 | | Total undiscounted lease receivable | 6,827 | | Discount | (3,794) | | Lease receivable | $ | 3,033 | |
|
Schedule of operating lease payments |
The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands): | | | | | | | | | | Operating | Financing | 2023 (six months ended December 31) | $ | 21 | | $ | 70 | | 2024 | 43 | | 154 | | 2025 | 44 | | 154 | | 2026 | 44 | | 154 | | 2027 | 45 | | 154 | | 2028 and thereafter | 1,148 | | 6,956 | | Total undiscounted lease payments | 1,345 | | 7,642 | | Discount | (565) | | (4,364) | | Lease liabilities | $ | 780 | | $ | 3,278 | |
|
Schedule of finance lease payments |
The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands): | | | | | | | | | | Operating | Financing | 2023 (six months ended December 31) | $ | 21 | | $ | 70 | | 2024 | 43 | | 154 | | 2025 | 44 | | 154 | | 2026 | 44 | | 154 | | 2027 | 45 | | 154 | | 2028 and thereafter | 1,148 | | 6,956 | | Total undiscounted lease payments | 1,345 | | 7,642 | | Discount | (565) | | (4,364) | | Lease liabilities | $ | 780 | | $ | 3,278 | |
|
Ground leases |
The following table discloses other information regarding the ground leases. | | | | | | | | | | Three Months Ended June 30, | | 2023 | 2022 | Operating leases: | | | Weighted-average remaining lease term in years (including renewal options) | 35.7 | 36.4 | Weighted-average discount rate | 4.0 | % | 4.0 | % | | | | Financing leases: | | | Weighted-average remaining lease term in years (including renewal options) | 40.3 | 36.5 | Weighted-average discount rate | 4.2 | % | 4.1 | % |
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- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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v3.23.2
Real Estate Acquisitions And Dispositions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of acquisitions |
The following table summarizes our property acquisitions for the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | Location | Property Type (1) | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage | | | | (000's) | (000's) | (000's) | (000's) | | LaGrange, GA | MOB | 01/18/23 | $ | 8,007 | | $ | 8,087 | | $ | 8,118 | | $ | (31) | | 55,310 | | West Point, GA | MOB | 01/18/23 | 811 | | 819 | | 822 | | (3) | | 5,600 | | Canton, OH | MOB | 01/30/23 | 3,669 | | 3,706 | | 4,287 | | (581) | | 27,920 | | Scranton, PA | MOB | 02/23/23 | 1,957 | | 2,165 | | 2,317 | | (152) | | 22,743 | | Scranton, PA | MOB | 02/23/23 | 2,207 | | 2,366 | | 2,340 | | 26 | | 15,768 | | LaGrange, GA | MOB | 03/06/23 | 6,469 | | 6,458 | | 6,622 | | (164) | | 31,473 | | LaGrange, GA | MOB | 03/06/23 | 249 | | 294 | | 300 | | (6) | | 2,972 | | Lakeland, FL | Land | 04/03/23 | 838 | | 845 | | 846 | | (1) | | — | | Hermitage, PA | MOB | 05/04/23 | 4,218 | | 4,382 | | 4,529 | | (147) | | 25,982 | | San Antonio, TX | MOB | 05/22/23 | 2,772 | | 2,783 | | 3,031 | | (248) | | 12,376 | | Clinton, MD | MOB | 06/21/23 | 7,850 | | 7,807 | | 7,867 | | (60) | | 37,344 | | | | | $ | 39,047 | | $ | 39,712 | | $ | 41,079 | | $ | (1,367) | | 237,488 | | | | | | | | | | (1) MOB - Medical Office Building | (2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition. | |
|
Schedule of assets acquired and liabilities assumed |
The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the six months ended June 30, 2023. | | | | | | | | | | | | | | | | | | Relative Fair Value | Estimated Useful Life | | | | (in thousands) | (in years) | Land and land improvements | $ | 10,051 | | 6.9 | Building and building improvements | 25,427 | | 23.6 | Intangibles: | | | | At-market lease intangibles | 5,601 | | 3.8 | | Above-market lease intangibles | 481 | | 3.6 | | Below-market lease intangibles | (1,644) | | 5.9 | | | Total intangibles | 4,438 | | | | | | | | | | | | Accounts payable, accrued liabilities and other liabilities assumed | (282) | | | Accounts receivable and other assets acquired | 242 | | | Prorated rent, interest and operating expense reimbursement amounts collected | (164) | | | | Total cash consideration | $ | 39,712 | | |
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v3.23.2
Debt, net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of debt |
The table below details the Company's debt as of June 30, 2023 and December 31, 2022. | | | | | | | | | | | | | Balance as of | | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Maturity Dates | | | | | Credit Facility: | | | | Revolving Credit Facility | $ | 15,000 | | $ | — | | 3/26 | A-3 Term Loan, net | 74,670 | | 74,609 | | 3/26 | A-4 Term Loan, net | 124,465 | | 124,409 | | 3/28 | A-5 Term Loan, net | 149,124 | | 149,059 | | 3/30 | Mortgage Note Payable, net | 4,868 | | 4,920 | | 5/24 | | $ | 368,127 | | $ | 352,997 | | |
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v3.23.2
Derivative Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of fair value of derivative instruments on balance sheet |
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives Fair Value at | | Liability Derivatives Fair Value at | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Balance Sheet Classification | | June 30, 2023 | December 31, 2022 | Balance Sheet Classification | Interest rate swaps | $ | 23,085 | | $ | 22,667 | | Other assets, net | | $ | — | | $ | — | | Other liabilities, net |
The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Assets (as of June 30, 2023) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | 23,085 | | $ | — | | $ | 23,085 | | $ | — | | $ | — | | $ | 23,085 | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Liabilities (as of June 30, 2023) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Assets (as of December 31, 2022) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | 22,667 | | $ | — | | $ | 22,667 | | $ | — | | $ | — | | $ | 22,667 | |
| | | | | | | | | | | | | | | | | | | | | Offsetting of Derivative Liabilities (as of December 31, 2022) | | | | | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | Derivatives | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
|
Schedule of derivative Income |
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2023 and 2022. | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (Dollars in thousands) | 2023 | 2022 | | 2023 | 2022 | Amount of unrealized gain recognized in OCI on derivatives | $ | 9,875 | | $ | 4,584 | | | $ | 4,902 | | $ | 15,991 | | Amount of (gain) loss reclassified from AOCI into interest expense | $ | (2,474) | | $ | 635 | | | $ | (4,484) | | $ | 1,750 | | Total interest expense presented in the Condensed Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded | $ | 4,140 | | $ | 2,755 | | | $ | 8,132 | | $ | 5,381 | |
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v3.23.2
Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of reconciliation of common stock |
The following table provides a reconciliation of the beginning and ending common stock balances for the six months ended June 30, 2023 and for the year ended December 31, 2022: | | | | | | | | | (In thousands) | Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | Balance, beginning of period | 25,897 | 24,983 | Issuance of common stock | 485 | 600 | Restricted stock issued | 190 | 318 | Restricted stock withheld and forfeited | (31) | (4) | Balance, end of period | 26,541 | 25,897 |
|
Schedule of ATM Program |
As of June 30, 2023, the Company had approximately $461.5 million remaining that may be issued under the ATM Program. | | | | | | | | | | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | Shares issued (in thousands) | 236 | 485 | Net proceeds received (in millions) (1) | $8.0 | $16.9 | Average gross sales price per share | $34.45 | $35.60 | ___________ | | (1) Net proceeds totaling $0.7 million were received on April 3, 2023 relating to shares sold and issued in March 2023. |
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v3.23.2
Net Income (Loss) Per Common Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of net income per share |
The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022, respectively. | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 | Net income (loss) | $ | 6,577 | | | $ | 5,584 | | | $ | (345) | | | $ | 11,108 | | Participating securities' share in earnings | (550) | | | (668) | | | (1,373) | | | (1,327) | | Net income (loss), less participating securities' share in earnings | $ | 6,027 | | | $ | 4,916 | | | $ | (1,718) | | | $ | 9,781 | | | | | | | | | | Weighted average Common Shares outstanding | | | | | | | | Weighted average Common Shares outstanding | 26,358 | | | 25,087 | | | 26,202 | | | 25,074 | | Unvested restricted shares | (1,293) | | | (1,509) | | | (1,554) | | | (1,500) | | Weighted average Common Shares outstanding–Basic | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | | | | | | | | | | Dilutive potential common shares | — | | | — | | | — | | | — | | Weighted average Common Shares outstanding –Diluted | 25,065 | | | 23,578 | | | 24,648 | | | 23,574 | | | | | | | | | | Basic Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | | | | | | | | | | Diluted Net Income (Loss) per Common Share | $ | 0.24 | | | $ | 0.21 | | | $ | (0.07) | | | $ | 0.41 | |
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v3.23.2
Stock Incentive Plan (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of nonvested restricted stock activity |
A summary of the activity under the Company's 2014 Incentive Plan, as amended, for the three and six months ended June 30, 2023 and 2022 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods. | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (Dollars and shares in thousands) | 2023 | 2022 | | 2023 | 2022 | Stock-based awards, beginning of period | 1,836 | | 1,502 | | | 1,708 | | 1,416 | | | Stock in lieu of compensation | 22 | | 8 | | | 84 | | 52 | | | Stock awards | 39 | | 19 | | | 106 | | 67 | | | Total stock granted | 61 | | 27 | | | 190 | | 119 | | | Vested shares (1) | (692) | | (17) | | | (692) | | (22) | | | Forfeited shares | (2) | | — | | | (3) | | (1) | | Stock-based awards, end of period | 1,203 | | 1,512 | | | 1,203 | | 1,512 | | Amortization expense (1) | $ | 1,692 | | $ | 2,184 | | | $ | 16,038 | | $ | 4,307 | | ___________ | | (1) Amortization expense for the six months ended June 30, 2023 included the accelerated amortization totaling $11.8 million recognized during the three months ended March 31, 2023, upon the passing of our former CEO and President. These shares vested during the three months ended June 30, 2023. |
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v3.23.2
Other Assets, net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of other assets |
Other assets, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below. | | | | | | | | | | Balance as of | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Notes receivable | $ | 32,435 | | $ | 32,705 | | | | | Accounts and interest receivable | 3,622 | | 2,679 | | Straight-line rent receivable | 17,176 | | 15,429 | | | | | Prepaid assets | 1,685 | | 980 | | Deferred financing costs, net | 577 | | 683 | | Leasing commissions, net | 2,081 | | 1,848 | | Deferred tax assets, net | 221 | | 306 | | Fair value of interest rate swaps | 23,085 | | 22,667 | | Above-market lease intangible assets, net | 2,554 | | 2,399 | | Sales-type lease receivable | 3,033 | | 3,035 | | Financing right-of-use asset | 2,515 | | 2,545 | | Asset held for sale | 1,254 | | — | | Operating lease right-of-use assets | 744 | | 759 | | Other | 629 | | 496 | | | $ | 91,611 | | $ | 86,531 | |
|
Schedule of VIEs |
The VIEs that we have identified at June 30, 2023 are summarized in the table below. | | | | | | | | | Classification | Carrying Amount (in thousands) | Maximum Exposure to Loss (in thousands) | Note receivable (term loan) | $ | 7,500 | | $ | 7,500 | | Note receivable (revolving credit facility) | $ | 5,435 | | $ | 5,435 | | Note receivable (term loan) | $ | 17,000 | | $ | 17,000 | | Note receivable (revolving credit facility) | $ | 2,500 | | $ | 2,500 | |
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v3.23.2
Other Liabilities, net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
Schedule of other liabilities |
Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 are detailed in the table below. | | | | | | | | | | Balance as of | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Prepaid rent | $ | 5,579 | | $ | 3,853 | | Security deposits | 3,662 | | 5,766 | | Below-market lease intangibles, net | 2,439 | | 1,075 | | | | | Financing lease liability | 3,278 | | 3,279 | | Operating lease liability | 780 | | 786 | | Liabilities held for sale | 56 | | — | | Other | 615 | | 478 | | | $ | 16,409 | | $ | 15,237 | |
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v3.23.2
Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value, by balance sheet grouping |
The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at June 30, 2023 and December 31, 2022, using level 2 inputs. | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | (Dollars in thousands) | Carrying Value | Fair Value | | Carrying Value | Fair Value | | | | | | | Notes receivable | $ | 32,435 | | $ | 32,604 | | | $ | 32,705 | | $ | 32,716 | | Interest rate swap asset | $ | 23,085 | | $ | 23,085 | | | $ | 22,667 | | $ | 22,667 | | | | | | | | Mortgage note payable (principal amount) | $ | 4,884 | | $ | 4,729 | | | $ | 4,947 | | $ | 4,761 | |
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v3.23.2
Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Accounting Policies [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 2,627
|
$ 11,233
|
$ 1,699
|
|
Restricted cash |
1,049
|
835
|
659
|
|
Cash, cash equivalents and restricted cash |
$ 3,676
|
$ 12,068
|
$ 2,358
|
$ 2,867
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v3.23.2
Real Estate Properties - Additional Information (Details) ft² in Thousands, $ in Thousands |
Jun. 30, 2023
USD ($)
ft²
real_estate_property
|
Jun. 27, 2023
ft²
lease
|
Dec. 31, 2022
USD ($)
|
Real Estate Properties [Line Items] |
|
|
|
Total real estate properties | $ |
$ 991,218
|
|
|
Number of real estate properties |
184
|
|
|
Number of properties held for investment in financing lease |
1
|
|
|
Lease receivable | $ |
$ 3,033
|
|
$ 3,035
|
Number of properties held for sale |
1
|
|
|
Area of real estate property (in square feet) | ft² |
4,000
|
|
|
Percentage leased |
91.70%
|
|
|
Held for sale |
|
|
|
Real Estate Properties [Line Items] |
|
|
|
Disposal property | $ |
$ 1,300
|
|
|
GenesisCare |
|
|
|
Real Estate Properties [Line Items] |
|
|
|
Total real estate properties | $ |
$ 31,047
|
|
|
Number of real estate properties |
9
|
|
|
Area of real estate property (in square feet) | ft² |
119
|
|
|
Percentage leased |
3.10%
|
|
|
GenesisCare | NORTH CAROLINA |
|
|
|
Real Estate Properties [Line Items] |
|
|
|
Number of leases | lease |
|
1
|
|
Area of real estate property (in square feet) | ft² |
|
11
|
|
GenesisCare | Sole Tenant Property |
|
|
|
Real Estate Properties [Line Items] |
|
|
|
Number of real estate properties |
7
|
|
|
GenesisCare | Multi-Tenant Property |
|
|
|
Real Estate Properties [Line Items] |
|
|
|
Number of real estate properties |
2
|
|
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v3.23.2
Real Estate Properties - Schedule of Real Estate Property Investments (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
real_estate_property
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
184
|
Total real estate properties | $ |
$ 991,218
|
Lifepoint Health |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
5
|
Total real estate properties | $ |
$ 82,337
|
US HealthVest |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
3
|
Total real estate properties | $ |
$ 77,964
|
GenesisCare |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
9
|
Total real estate properties | $ |
$ 31,047
|
All Others |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
167
|
Total real estate properties | $ |
$ 799,870
|
Everest Rehabilitation |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
4
|
Total real estate properties | $ |
$ 80,700
|
Texas |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
16
|
Total real estate properties | $ |
$ 138,913
|
Illinois |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
16
|
Total real estate properties | $ |
$ 121,755
|
Ohio |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
25
|
Total real estate properties | $ |
$ 110,285
|
Florida |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
22
|
Total real estate properties | $ |
$ 96,249
|
Pennsylvania |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
13
|
Total real estate properties | $ |
$ 42,408
|
All Others |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
92
|
Total real estate properties | $ |
$ 481,608
|
Medical Office Building |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
85
|
Total real estate properties | $ |
$ 390,389
|
Inpatient Rehabilitation Facilities |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
7
|
Total real estate properties | $ |
$ 151,234
|
Acute Inpatient Behavioral |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
5
|
Total real estate properties | $ |
$ 130,410
|
Specialty Centers |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
37
|
Total real estate properties | $ |
$ 119,865
|
Physician Clinics |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
30
|
Total real estate properties | $ |
$ 86,602
|
Surgical Centers and Hospitals |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
10
|
Total real estate properties | $ |
$ 52,762
|
Behavioral Specialty Facilities |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
9
|
Total real estate properties | $ |
$ 45,019
|
Long-term Acute Care Hospitals |
|
Real Estate Properties [Line Items] |
|
Number of real estate properties | real_estate_property |
1
|
Total real estate properties | $ |
$ 14,937
|
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v3.23.2
Real Estate Leases - Additional Information (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023
USD ($)
real_estate_property
lease
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
real_estate_property
lease
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Concentration Risk [Line Items] |
|
|
|
|
|
Straight line rent |
$ 800
|
$ 900
|
$ 1,737
|
$ 1,737
|
|
Real estate investment property, net |
$ 805,179
|
|
$ 805,179
|
|
$ 777,826
|
Number of real estate properties | real_estate_property |
184
|
|
184
|
|
|
Number of properties held for investment in financing lease | real_estate_property |
1
|
|
1
|
|
|
Lease receivable |
$ 3,033
|
|
$ 3,033
|
|
$ 3,035
|
Interest income |
$ 100
|
$ 100
|
$ 200
|
$ 200
|
|
Number of operating leases | lease |
4
|
|
4
|
|
|
Number of finance leases | lease |
2
|
|
2
|
|
|
Four Real Estate Property |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Real estate investment property, net |
$ 43,300
|
|
$ 43,300
|
|
|
Number of real estate properties | real_estate_property |
12
|
|
12
|
|
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v3.23.2
Real Estate Acquisitions And Dispositions - Additional Information (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023
USD ($)
land_parcel
real_estate_property
|
Mar. 31, 2023
real_estate_property
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
Impairment of real estate assets |
|
|
$ 1,600
|
|
|
Insurance proceeds from casualty loss |
|
|
2,273
|
$ 0
|
|
Liabilities held for sale |
$ 56
|
|
56
|
|
$ 0
|
Interest And Other Income |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Insurance proceeds from casualty loss |
|
|
700
|
|
|
Held for sale |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Disposal property |
1,300
|
|
1,300
|
|
|
Liabilities held for sale |
$ 56
|
|
56
|
|
|
Acquisitions Of Properties During Q2 2023 |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Number of real estate properties acquired | real_estate_property |
3
|
|
|
|
|
Number of land parcel acquired | land_parcel |
1
|
|
|
|
|
Percentage of properties that were leased at acquisition (in percent) |
98.30%
|
|
|
|
|
Pro forma information, revenue of acquiree since acquisition date, actual |
$ 100
|
|
|
|
|
Pro forma information, income of acquiree since acquisition date, actual |
32
|
|
|
|
|
Transaction costs |
$ 400
|
|
|
|
|
Acquisitions Of Properties During Q1 2023 |
|
|
|
|
|
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v3.23.2
Real Estate Acquisitions And Dispositions - Summary of Real Estate Acquisitions (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
ft²
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Square footage (in square feet) | ft² |
4,000,000
|
Acquisitions Of Properties During Q1 2023 | LaGrange, GA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 8,007
|
Cash Consideration |
8,087
|
Real Estate |
8,118
|
Other |
$ (31)
|
Square footage (in square feet) | ft² |
55,310
|
Acquisitions Of Properties During Q1 2023 | West Point, GA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 811
|
Cash Consideration |
819
|
Real Estate |
822
|
Other |
$ (3)
|
Square footage (in square feet) | ft² |
5,600
|
Acquisitions Of Properties During Q1 2023 | Canton, OH |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 3,669
|
Cash Consideration |
3,706
|
Real Estate |
4,287
|
Other |
$ (581)
|
Square footage (in square feet) | ft² |
27,920
|
Acquisitions Of Properties During Q1 2023 | Scranton, PA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 1,957
|
Cash Consideration |
2,165
|
Real Estate |
2,317
|
Other |
$ (152)
|
Square footage (in square feet) | ft² |
22,743
|
Acquisitions Of Properties During Q1 2023 | Scranton, PA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 2,207
|
Cash Consideration |
2,366
|
Real Estate |
2,340
|
Other |
$ 26
|
Square footage (in square feet) | ft² |
15,768
|
Acquisitions Of Properties During Q1 2023 | LaGrange, GA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 6,469
|
Cash Consideration |
6,458
|
Real Estate |
6,622
|
Other |
$ (164)
|
Square footage (in square feet) | ft² |
31,473
|
Acquisitions Of Properties During Q1 2023 | LaGrange, GA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 249
|
Cash Consideration |
294
|
Real Estate |
300
|
Other |
$ (6)
|
Square footage (in square feet) | ft² |
2,972
|
Acquisitions Of Properties During Q2 2023 | Lakeland, FL |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 838
|
Cash Consideration |
845
|
Real Estate |
846
|
Other |
$ (1)
|
Square footage (in square feet) | ft² |
0
|
Acquisitions Of Properties During Q2 2023 | Hermitage, PA |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 4,218
|
Cash Consideration |
4,382
|
Real Estate |
4,529
|
Other |
$ (147)
|
Square footage (in square feet) | ft² |
25,982
|
Acquisitions Of Properties During Q2 2023 | San Antonio, TX |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 2,772
|
Cash Consideration |
2,783
|
Real Estate |
3,031
|
Other |
$ (248)
|
Square footage (in square feet) | ft² |
12,376
|
Acquisitions Of Properties During Q2 2023 | Clinton, MD |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 7,850
|
Cash Consideration |
7,807
|
Real Estate |
7,867
|
Other |
$ (60)
|
Square footage (in square feet) | ft² |
37,344
|
Acquisitions Of Properties During 2023 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 39,047
|
Cash Consideration |
39,712
|
Real Estate |
41,079
|
Other |
$ (1,367)
|
Square footage (in square feet) | ft² |
237,488
|
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v3.23.2
Debt, net - Schedule of Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Debt, net |
$ 368,127
|
$ 352,997
|
Mortgage Note Payable, net |
|
|
Debt Instrument [Line Items] |
|
|
Debt, net |
4,868
|
4,920
|
Revolving Credit Facility | Line of Credit | Third Amended And Restated Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Debt, net |
15,000
|
0
|
A-3 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Debt, net |
74,670
|
74,609
|
A-4 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Debt, net |
124,465
|
124,409
|
A-5 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Debt, net |
$ 149,124
|
$ 149,059
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
Debt, net - Narrative (Details)
|
Dec. 14, 2022
USD ($)
option
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
Amount outstanding |
|
$ 368,127,000
|
$ 352,997,000
|
Real estate investment property, net |
|
805,179,000
|
777,826,000
|
Mortgage Note Payable, net |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Amount outstanding |
|
$ 4,868,000
|
4,920,000
|
Fixed interest rate (in percent) |
|
4.98%
|
|
Debt instrument, balloon payment to be paid |
|
$ 4,800,000
|
|
Mortgage Note Payable, net | Building |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Real estate investment property, net |
|
6,500,000
|
|
Third Amended And Restated Credit Facility | A-5 Term Loan, net | Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Face amount |
$ 150,000,000
|
|
|
Debt term (in years) |
7 years 3 months
|
|
|
Amount outstanding |
|
149,124,000
|
149,059,000
|
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 150,000,000
|
|
|
Number of options to extend | option |
1
|
|
|
Length of extension |
12 months
|
|
|
Amount outstanding |
|
$ 15,000,000
|
0
|
Weighted average interest rate percentage |
|
6.80%
|
|
Remaining borrowing capacity |
|
$ 135,000,000
|
|
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit | SOFR | Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
1.25%
|
|
|
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit | SOFR | Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
1.90%
|
|
|
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit | Base Rate | Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
0.25%
|
|
|
Third Amended And Restated Credit Facility | Revolving Credit Facility | Line of Credit | Base Rate | Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
0.90%
|
|
|
Third Amended And Restated Credit Facility | Term Loan | Line of Credit |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 350,000,000
|
|
|
Third Amended And Restated Credit Facility | A-2 Term Loan, net | Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Face amount |
$ 50,000,000
|
|
|
Debt term (in years) |
7 years
|
|
|
Third Amended And Restated Credit Facility | Credit Facility, Accordion Feature |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 700,000,000
|
|
|
Third Amended And Restated Credit Facility | A-3 Term Loan, net | Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Face amount |
$ 75,000,000
|
|
|
Debt term (in years) |
7 years
|
|
|
Amount outstanding |
|
74,670,000
|
74,609,000
|
Third Amended And Restated Credit Facility | A-4 Term Loan, net | Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Face amount |
$ 125,000,000
|
|
|
Debt term (in years) |
7 years
|
|
|
Amount outstanding |
|
124,465,000
|
$ 124,409,000
|
Third Amended And Restated Credit Facility | Revolving Credit Facility, Unused Borrowing Capacity Rate 1 | Line of Credit |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Unused borrowing commitment fee percentage |
0.20%
|
|
|
Percentage of borrowing capacity outstanding |
33.30%
|
|
|
Third Amended And Restated Credit Facility | Revolving Credit Facility, Unused Borrowing Capacity Rate 2 | Line of Credit |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Unused borrowing commitment fee percentage |
0.25%
|
|
|
Percentage of borrowing capacity outstanding |
33.30%
|
|
|
First Amended And Restated Credit Facility | Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Amount outstanding |
|
$ 350,000,000
|
|
Weighted average interest rate percentage |
|
4.30%
|
|
First Amended And Restated Credit Facility | Term Loan | SOFR | Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
1.45%
|
|
|
First Amended And Restated Credit Facility | Term Loan | SOFR | Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
2.30%
|
|
|
First Amended And Restated Credit Facility | Term Loan | Base Rate | Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
0.45%
|
|
|
First Amended And Restated Credit Facility | Term Loan | Base Rate | Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable rate percentage |
1.30%
|
|
|
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- DefinitionThe estimated net amount of existing gains or losses on cash flow hedges at the reporting date expected to be reclassified to earnings within the next 12 months.
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v3.23.2
Derivative Financial Instruments - Fair Value Balance Sheet (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] |
|
|
Interest rate swap asset |
$ 23,085
|
$ 22,667
|
Interest rate swap liability |
$ 0
|
$ 0
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Other assets, net
|
Other assets, net
|
Derivative Liability, Statement of Financial Position [Extensible Enumeration] |
Other liabilities, net
|
Other liabilities, net
|
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Interest rate swap asset |
$ 23,085
|
$ 22,667
|
Interest rate swap liability |
$ 0
|
$ 0
|
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- DefinitionIndicates line item in statement of financial position that includes derivative asset.
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v3.23.2
Derivative Financial Instruments - Cash Flow Hedging (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Interest Expense
|
Interest Expense
|
Interest Expense
|
Interest Expense
|
Interest Rate Contract | Cash Flow Hedging |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Amount of unrealized gain recognized in OCI on derivatives |
$ 9,875
|
$ 4,584
|
$ 4,902
|
$ 15,991
|
Total interest expense presented in the Condensed Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded |
4,140
|
2,755
|
8,132
|
5,381
|
Interest Rate Contract | Cash Flow Hedging | Interest Expense |
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
Amount of (gain) loss reclassified from AOCI into interest expense |
$ (2,474)
|
$ 635
|
$ (4,484)
|
$ 1,750
|
X |
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v3.23.2
Derivative Financial Instruments - Offsetting of Derivative Assets and Liability (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Derivative Asset [Abstract] |
|
|
Gross Amounts of Recognized Assets |
$ 23,085
|
$ 22,667
|
Gross Amounts Offset in the Condensed Consolidated Balance Sheet |
0
|
0
|
Net Amounts of Assets in the Condensed Consolidated Balance Sheets |
23,085
|
22,667
|
Gross amounts not offset in the condensed Consolidated balance sheets, financial instruments |
0
|
0
|
Gross amounts not offset in the condensed consolidated balance sheets, net amount |
0
|
0
|
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received |
23,085
|
22,667
|
Derivative Liability [Abstract] |
|
|
Gross Amounts of Recognized Liabilities |
0
|
0
|
Gross Amounts Offset in the Condensed Consolidated Balance Sheet |
0
|
0
|
Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets |
0
|
0
|
Gross amounts not offset in the condensed consolidated balance sheets, financial instruments |
0
|
0
|
Gross amounts not offset in the condensed consolidated balance sheets, cash collateral received |
0
|
0
|
Gross amounts not offset in the condensed consolidated balance sheets, net amount |
$ 0
|
$ 0
|
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Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net income (loss) |
$ 6,577
|
$ 5,584
|
$ (345)
|
$ 11,108
|
Participating securities' share in earnings |
(550)
|
(668)
|
(1,373)
|
(1,327)
|
Net income (loss), less participating securities' share in earnings |
$ 6,027
|
$ 4,916
|
$ (1,718)
|
$ 9,781
|
Weighted average Common Shares outstanding |
|
|
|
|
Weighted average common shares outstanding (in shares) |
26,358
|
25,087
|
26,202
|
25,074
|
Unvested restricted shares (in shares) |
(1,293)
|
(1,509)
|
(1,554)
|
(1,500)
|
Weighted average common shares outstanding – basic (in shares) |
25,065
|
23,578
|
24,648
|
23,574
|
Dilutive potential common share (in shares) |
0
|
0
|
0
|
0
|
Weighted average common shares outstanding –diluted (in shares) |
25,065
|
23,578
|
24,648
|
23,574
|
Basic net income (loss) per common share (in dollars per share) |
$ 0.24
|
$ 0.21
|
$ (0.07)
|
$ 0.41
|
Diluted net income (loss) per common share (in dollars per share) |
$ 0.24
|
$ 0.21
|
$ (0.07)
|
$ 0.41
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v3.23.2
Stock Incentive Plan (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
Mar. 03, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Stock-based awards: |
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
$ 16,000
|
$ 4,300
|
Accelerated amortization of stock-based compensation |
|
|
|
|
$ 11,799
|
$ 0
|
Restricted Common Stock | Former CEO and President |
|
|
|
|
|
|
Stock-based awards: |
|
|
|
|
|
|
Accelerated amortization of stock-based compensation |
|
|
$ 11,800
|
|
|
|
Share based payment award, accelerated vesting (in shares) |
624,725
|
|
|
|
|
|
2014 Incentive Plan | Restricted Common Stock |
|
|
|
|
|
|
Stock-based awards: |
|
|
|
|
|
|
Stock-based awards, beginning of period (in shares) |
|
1,836,000
|
1,708,000
|
1,502,000
|
1,708,000
|
1,416,000
|
Granted (in shares) |
|
61,000
|
|
27,000
|
190,000
|
119,000
|
Vested (in shares) |
|
(692,000)
|
|
(17,000)
|
(692,000)
|
(22,000)
|
Forfeited (in shares) |
|
(2,000)
|
|
0
|
(3,000)
|
(1,000)
|
Stock-based awards, end of period (in shares) |
|
1,203,000
|
1,836,000
|
1,512,000
|
1,203,000
|
1,512,000
|
Stock-based compensation expense |
|
$ 1,692
|
|
$ 2,184
|
$ 16,038
|
$ 4,307
|
2014 Incentive Plan | Stock in lieu of compensation |
|
|
|
|
|
|
Stock-based awards: |
|
|
|
|
|
|
Granted (in shares) |
|
22,000
|
|
8,000
|
84,000
|
52,000
|
2014 Incentive Plan | Stock awards |
|
|
|
|
|
|
Stock-based awards: |
|
|
|
|
|
|
Granted (in shares) |
|
39,000
|
|
19,000
|
106,000
|
67,000
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
Other Assets, net - Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Notes receivable |
$ 32,435
|
$ 32,705
|
Accounts and interest receivable |
3,622
|
2,679
|
Straight-line rent receivable |
17,176
|
15,429
|
Prepaid assets |
1,685
|
980
|
Deferred financing costs, net |
577
|
683
|
Leasing commissions, net |
2,081
|
1,848
|
Deferred tax assets, net |
221
|
306
|
Fair value of interest rate swaps |
23,085
|
22,667
|
Above-market lease intangible assets, net |
2,554
|
2,399
|
Sales-type lease receivable |
3,033
|
3,035
|
Financing right-of-use asset |
2,515
|
2,545
|
Asset held for sale |
1,254
|
0
|
Operating lease right-of-use assets |
744
|
759
|
Other |
629
|
496
|
Other assets, net |
$ 91,611
|
$ 86,531
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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v3.23.2
Other Assets, net - Narrative (Details)
|
6 Months Ended |
|
Jun. 30, 2023
USD ($)
hospital
|
Dec. 31, 2022
USD ($)
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
$ 32,435,000
|
$ 32,705,000
|
Note receivable (term loan) | Variable Interest Entity, Not Primary Beneficiary |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
$ 7,500,000
|
|
Notes Receivable |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Note receivable interest rate |
9.00%
|
|
Additional funding |
$ 5,000,000
|
|
Non-cash interest rate |
3.00%
|
|
Notes Receivable | Note receivable (term loan) |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
$ 7,500,000
|
9,000,000
|
Payment received |
$ 250,000
|
|
Note receivable interest rate |
9.00%
|
|
Notes Receivable | Note receivable (revolving credit facility) |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Payment received |
$ 40,000
|
|
Note receivable (term loan) | Variable Interest Entity, Not Primary Beneficiary |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
17,000,000
|
17,000,000
|
Note receivable (revolving credit facility) | Variable Interest Entity, Not Primary Beneficiary |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
5,435,000
|
5,000,000
|
Note receivable (revolving credit facility) | Variable Interest Entity, Not Primary Beneficiary |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
$ 2,500,000
|
$ 1,700,000
|
Long-Term Acute Care Hospitals | Note receivable (term loan) |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Number of properties used to secure notes by borrower | hospital |
7
|
|
Inpatient Rehabilitation Facilities | Note receivable (term loan) |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Number of properties used to secure notes by borrower | hospital |
1
|
|
Geriatric Behavioral Hospital |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Number of properties used to secure notes by borrower | hospital |
6
|
|
Revolving Credit Facility | Notes Receivable |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Note receivable interest rate |
9.00%
|
|
Revolving Credit Facility | Note receivable (revolving credit facility) |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Note receivable interest rate |
9.00%
|
|
Non-cash interest rate |
3.00%
|
|
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v3.23.2
Other Assets, net - VIEs (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Variable Interest Entity [Line Items] |
|
|
Carrying amount |
$ 32,435
|
$ 32,705
|
Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan) |
|
|
Variable Interest Entity [Line Items] |
|
|
Carrying amount |
7,500
|
|
Maximum exposure to loss |
7,500
|
|
Variable Interest Entity, Not Primary Beneficiary | Note receivable (revolving credit facility) |
|
|
Variable Interest Entity [Line Items] |
|
|
Carrying amount |
5,435
|
5,000
|
Maximum exposure to loss |
5,435
|
|
Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan) |
|
|
Variable Interest Entity [Line Items] |
|
|
Carrying amount |
17,000
|
17,000
|
Maximum exposure to loss |
17,000
|
|
Variable Interest Entity, Not Primary Beneficiary | Note receivable (revolving credit facility) |
|
|
Variable Interest Entity [Line Items] |
|
|
Carrying amount |
2,500
|
$ 1,700
|
Maximum exposure to loss |
$ 2,500
|
|
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v3.23.2
Other Liabilities, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] |
|
|
Prepaid rent |
$ 5,579
|
$ 3,853
|
Security deposits |
3,662
|
5,766
|
Below-market lease intangibles, net |
$ 2,439
|
$ 1,075
|
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] |
Other liabilities, net
|
Other liabilities, net
|
Financing lease liability |
$ 3,278
|
$ 3,279
|
Operating lease, liability, statement of financial position |
Other liabilities, net
|
Other liabilities, net
|
Operating lease liability |
$ 780
|
$ 786
|
Liabilities held for sale |
56
|
0
|
Other |
615
|
478
|
Other liabilities, net |
$ 16,409
|
$ 15,237
|
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v3.23.2
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Notes receivable |
$ 32,435
|
$ 32,705
|
Interest rate swap asset |
23,085
|
22,667
|
Carrying Value |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Notes receivable |
32,435
|
32,705
|
Mortgage note payable (principal amount) |
4,884
|
4,947
|
Carrying Value | Interest rate swaps |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap asset |
23,085
|
22,667
|
Fair Value | Fair Value, Inputs, Level 2 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Notes receivable |
32,604
|
32,716
|
Mortgage note payable (principal amount) |
4,729
|
4,761
|
Fair Value | Interest rate swaps | Fair Value, Inputs, Level 2 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap asset |
$ 23,085
|
$ 22,667
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.
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Commmunity Healthcare (NYSE:CHCT)
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Commmunity Healthcare (NYSE:CHCT)
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