Q1 2024 Community Healthcare Trust Inc Earnings Call Transcript
Key Points
- Community Healthcare Trust Inc reported a 7.9% annual growth in total revenue, rising from $27.2 million in Q1 2023 to $29.3 million in Q1 2024.
- Occupancy rates increased from 91.1% to 92.3% during the quarter, indicating strong property demand and effective asset management.
- The company successfully acquired four properties with a high aggregate lease rate of 98.6% and anticipated returns between 9.3% to 9.75%.
- Community Healthcare Trust Inc declared a dividend of $0.46 per common share for the first quarter, continuing its history of quarterly dividend increases since IPO.
- The company has definitive purchase and sale agreements for seven properties with an expected investment of $169.5 million, projecting returns ranging from 9.1% to 9.75%.
- General and administrative expenses increased by $826,000 quarter over quarter to $4.6 million, driven by changes in executive compensation plans.
- Adjusted funds from operations (AFFO) decreased by 2.2% from $16.1 million in Q4 2023 to $15.7 million in Q1 2024.
- The company experienced a decrease in funds from operations (FFO), declining from $14.9 million in Q4 2023 to $14 million in Q1 2024.
- Interest expenses slightly increased by $43,000 quarter over quarter to $5.1 million, adding to the financial costs.
- There was a noted drag on financial performance due to vacant assets, particularly impacting the expense lines with increased property operating expenses.
Welcome to the Community Healthcare Trust's 2024 first quarter earnings release conference call. On the call today, the company will discuss its 2024 first quarter financial results. We will also discuss progress made in various aspects of its business. Following the remarks, the phone lines will be open for a question and answer session.
The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit. The company wants to emphasize that some of the information that may be discussed on this call will be based on information as of today, May 1, 2024 and may contain forward-looking statements that involve risk and uncertainty.
Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's disclosures regarding forward-looking statements and in its earnings release as well as risks factors and MD&A and its SEC filing company undertakes no obligation to update forward-looking
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