Q3 2024 Community Healthcare Trust Inc Earnings Call Transcript
Key Points
- Community Healthcare Trust Inc (CHCT) successfully increased its revolving credit facility from $150 million to $400 million, extended its maturity date by five years, and achieved lower pricing.
- The company reported a 3.1% annual growth in total revenue, increasing from $28.7 million in Q3 2023 to $29.6 million in Q3 2024.
- CHCT declared a dividend for the third quarter and raised it to $0.465 per common share, marking an annualized dividend of $1.86 per share.
- The company acquired one physician clinic for approximately $6.2 million with an expected return of 9.3%, and has four properties under definitive purchase agreements with expected returns ranging from 9.29% to 9.5%.
- CHCT's funds from operations (FFO) increased from $11.6 million in Q2 2024 to $12.8 million in Q3 2024, with FFO per diluted common share rising from $0.43 to $0.48.
- Occupancy decreased from 92.6% to 91.3% during the quarter due to lease terminations and expirations.
- The weighted average remaining lease term decreased slightly from 7.1 years to 6.8 years.
- The company is not yet receiving rent and interest from a geriatric psychiatric hospital operator, a tenant in six properties, representing a base rent of $3.2 million.
- Interest expense increased from $6 million in Q2 2024 to $6.3 million in Q3 2024 due to increased borrowings under the revolving credit facility.
- Despite having access to its ATM, CHCT did not sell equity due to a depressed share price, indicating potential challenges in raising capital through equity markets.
Welcome to the Community Healthcare Trust 2024 Third Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2024 third quarter financial results. It 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, October 30, 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 in its earnings release as well as its risk factors and MD&A in its SEC filings. The company undertakes no obligation to update forward-looking
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