Community Healthcare Trust Announces Results for the Three Months Ended December 31, 2015

25 Feb, 2016, 17:00 ET from Community Healthcare Trust, Inc.

FRANKLIN, Tenn., Feb. 25, 2016 /PRNewswire/ -- Community Healthcare Trust Incorporated (NYSE: CHCT) today announced results for the three months ended December 31, 2015.  Normalized FFO for the three months ended December 31, 2015 totaled $0.37 per diluted common share.  The Company reported net income for the fourth quarter of approximately $121,000.

Highlights include:

  • During the fourth quarter of 2015, the Company acquired eight properties and its new corporate office for a total purchase price of $29.9 million. The eight properties, located in five states, total approximately 214,000 square feet and were 97.7% leased upon acquisition.
  • A quarterly common stock dividend of $0.3775 per common share was declared on February 8, 2016. This dividend is payable on March 4, 2016 to shareholders of record on February 19, 2016.

About Community Healthcare Trust Incorporated Community Healthcare Trust is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in non-urban markets throughout the United States.  The Company had investments of approximately $143.9 million in 41 real estate properties as of December 31, 2015, located in 18 states and total approximately 789,500 square feet.

Additional information regarding the Company, including this quarter's operations, can be found at www.communityhealthcaretrust.com.  Please contact the Company at 615-771-3052 to request a printed copy of this information.

Cautionary Note Regarding Forward-Looking Statements In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed from time to time in the Company's filings with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof.  The Company undertakes no obligation to update forward-looking statements, whether as the result of new information, future developments, or otherwise, except as may be required by law.

 

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)

December 31, 2015

December 31, 2014

ASSETS

Real estate properties:

Land

$

13,216

$

Buildings, improvements, and lease intangibles

119,716

Personal property

35

Total real estate properties

132,967

Less accumulated depreciation

(5,203)

Total real estate properties, net

127,764

Cash and cash equivalents

2,018

2

Mortgage note receivable, net

10,897

Other assets, net

2,124

Total assets

$

142,803

$

2

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Revolving credit facility

$

17,000

$

Accounts payable and accrued liabilities

812

Other liabilities

2,721

Total liabilities

20,533

Commitments and contingencies

Stockholders' Equity

Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding

Common stock, $0.01 par value; 450,000,000 shares authorized; 7,596,940 and 200,000 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively

76

2

Additional paid-in capital

127,578

Cumulative net income (deficit)

(1,456)

Cumulative dividends

(3,928)

Total stockholders' equity

122,270

2

Total liabilities and stockholders' equity

$

142,803

$

2

(1)

The Condensed Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 

 

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015 AND 2014,

THE YEAR ENDED DECEMBER 31, 2015 AND

 FOR THE PERIOD FROM MARCH 28, 2014 (INCEPTION) THROUGH DECEMBER 31, 2014

(Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended

December 31,

Year Ended

For the Period

March 28, 2014

(inception)

through

2015

2014

December 31, 2015

December 31, 2014

REVENUES

Rental income

$

3,050

$

$

6,364

$

Tenant reimbursements

1,202

1,964

Mortgage interest

304

304

4,556

8,632

EXPENSES

Property operating

1,123

2,012

General and administrative

646

2,472

Depreciation and amortization

2,416

5,204

Bad debts

71

71

4,256

9,759

OTHER INCOME (EXPENSE)

Interest expense

(183)

(364)

Interest and other income, net

4

35

(179)

(329)

NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

$

121

$

$

(1,456)

$

INCOME (LOSS) PER COMMON SHARE:

Net income (loss) per common share – Basic

$

0.02

$

$

(0.31)

$

Net income (loss) per common share – Diluted

$

0.02

$

$

(0.31)

$

WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-BASIC

7,511,183

200,000

4,726,925

200,000

WEIGHTED AVERAGE COMMON SHARE OUTSTANDING-DILUTED

7,511,815

200,000

4,726,925

200,000

(1)

The Condensed Consolidated Statements of Comprehensive Income (Loss) do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 

 

COMMUNITY HEALTHCARE TRUST INCORPORATED

RECONCILIATION OF FFO AND NORMALIZED FFO (1)

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended December 31,

2015

2014

Net income

$

121

$

   Real estate depreciation and amortization

2,415

   Total adjustments

2,415

Funds From Operations

$

2,536

$

   Transaction costs

243

Normalized Funds From Operations

$

2,779

$

   Funds from Operations per Common Share-Diluted

$

0.34

$

   Normalized Funds From Operations Per Common Share-Diluted

$

0.37

$

FFO Weighted Average Common Shares Outstanding

7,511,815

200,000

(1)

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  However, since real estate values have historically risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.  For that reason, the Company considers FFO and normalized FFO to be appropriate measures of operating performance of an equity REIT.  In particular, the Company believes that normalized FFO is useful because it allows investors, analysts and Company management to compare the Company's operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events.

 

The Company uses the NAREIT definition of FFO.  Funds from operations ("FFO") and FFO per share are operating performance measures 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 (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." The Company has included normalized FFO above which it has defined as FFO excluding certain expenses related to the Company's initial public offering and closing costs of properties acquired and mortgages funded.  Normalized FFO 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.

 

FFO and normalized FFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company's financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company's liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company's needs.  The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and normalized FFO should be examined in conjunction with net income as presented elsewhere herein.

 

CONTACT: W. Page Barnes, 615-771-3052

SOURCE Community Healthcare Trust, Inc.



RELATED LINKS

http://www.communityhealthcaretrust.com