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Dec 31, 2023
CHCT Q4 2023 Earnings Report
Community Healthcare Trust reported net income for Q4 2023, acquired two real estate properties, and declared a quarterly common stock dividend.
Key Takeaways
Community Healthcare Trust reported a net income of $4.6 million, or $0.15 per diluted common share, for the three months ended December 31, 2023. The company acquired two real estate properties for $7.1 million and issued approximately 348,000 shares of common stock for net proceeds of approximately $9.5 million. A quarterly common stock dividend of $0.4575 per share was declared.
Net income for Q4 2023 was approximately $4.6 million, or $0.15 per diluted common share.
Acquired two real estate properties for an aggregate purchase price of approximately $7.1 million.
Issued approximately 348,000 shares of common stock at an average gross sales price of $27.73 per share for net proceeds of approximately $9.5 million.
Declared a quarterly common stock dividend of $0.4575 per share.
Revenue by Segment
Forward Guidance
The Company expects to close on three properties under definitive purchase agreements during the first half of 2024. The Company anticipates closing on two of seven properties under definitive purchase agreements in 2024 with the remainder throughout 2025 and 2026. The company expects to close on one property under a definitive sale agreement during the second or third quarter of 2024.
Positive Outlook
- Expected aggregate return on investments ranges from approximately 9.08% to 9.20% for three properties under definitive purchase agreements.
- Expected returns on investments are approximately 9.1% to 9.75% for seven properties under definitive purchase agreements.
- Sales price less estimated costs to sell exceed the carrying value of one property under a definitive sale agreement.
- GenesisCare is expected to assume or assign to buyers all of the Company's remaining leases with no material changes to the lease terms.
- GenesisCare has met substantially all of its lease payment obligations due to the Company through February 2024.
Challenges Ahead
- The Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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