The following is a summary of the Community Healthcare Trust Incorporated (CHCT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Community Healthcare Trust reported Q1 2024 total revenue of $29.3 million, a 7.9% increase from last year.
Property operating expenses increased by $193,000 due to seasonal utility costs and maintenance.
General and administrative expenses rose by $826,000 from the previous quarter.
A rise in interest expense was observed, increasing to $5.1 million.
Funds from operations decreased to $14 million, while Adjusted funds from operations remained steady at $15.7 million.
The dividend was increased to $0.46 per share, resulting in an annualized dividend of $1.84 per share.
Business Progress:
The company witnessed a rise in occupancy, from 91.1% to 92.3% over the quarter.
Four properties were acquired for approximately $34.2 million, adding around 165,000 sq.ft. of space.
A new patient rehabilitation facility was obtained for $23.5 million.
Future expansion plans include the acquisition of seven new properties with an expected total investment of $169.5 million.
Changes in executive compensation are under consideration, with 50% of executive bonuses proposed to be paid in cash, influencing AFFO by approximately $0.01.
By March 2026, the company plans for the expected maturity of their revolver, and is possibly anticipating a lower interest rate environment.
The company will be attending the NAREIT conference in June.
More details: Community Healthcare Trust Inc IR
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