In This Article:
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Total Revenue: $29.3 million for Q4 2024, compared to $29.6 million in Q3 2024.
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Property Operating Expenses: Decreased by $500,000 to $5.5 million in Q4 2024.
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General and Administrative Expenses: Decreased from $4.9 million in Q3 2024 to $4.8 million in Q4 2024.
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Interest Expense: Increased from $6.3 million in Q3 2024 to $6.4 million in Q4 2024.
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Funds From Operations (FFO): $12.7 million in Q4 2024, down 14.5% year over year from $14.9 million in Q4 2023.
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FFO per Diluted Share: $0.48 in Q4 2024, unchanged from the previous quarter.
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Adjusted Funds From Operations (AFFO): $14.6 million in Q4 2024, same as Q3 2024.
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AFFO per Diluted Share: $0.55 in Q4 2024, unchanged from the previous quarter.
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Occupancy Rate: Decreased slightly to 90.9% at year-end 2024.
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Weighted Average Remaining Lease Term: Declined slightly to 6.7 years.
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Dividend: Raised to $46.75 per common share, annualized to $1.87 per share.
Release Date: February 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Community Healthcare Trust Inc (NYSE:CHCT) acquired three physician clinics in the fourth quarter, fully leased with anticipated annual returns of approximately 9.4%.
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The company has signed definitive purchase agreements for six properties with an expected investment of $146 million, with returns ranging from 9.1% to 9.75%.
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CHCT increased its revolving credit facility from $150 million to $400 million, extending its maturity date by five years and achieving lower pricing.
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The company declared a dividend for the fourth quarter and raised it to $46.75 per common share, continuing its streak of raising dividends every quarter since its IPO.
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CHCT's property operating expenses decreased by approximately $500,000 quarter over quarter, primarily due to lower utility expenses.
Negative Points
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Occupancy decreased slightly to 90.9%, and the weighted average remaining lease term declined to 6.7 years.
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The geriatric psychiatric hospital operator, a tenant in six properties, did not pay rent or interest in the fourth quarter, impacting financial results.
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Funds from operations (FFO) declined by 14.5% year over year, primarily due to the loss of rent and interest from the geriatric psychiatric hospital operator.
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Interest expense increased from $6.3 million to $6.4 million due to higher borrowings and interest rate spreads.
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The company's low share price prevented it from issuing shares under its ATM program last quarter, impacting capital raising efforts.