Community Healthcare Trust Inc (CHCT) Reports Q3 2023 Earnings, Net Income of $3.5 Million
Community Healthcare Trust Inc (NYSE:CHCT) reported a net income of approximately $3.5 million, or $0.11 per diluted common share, for Q3 2023.
The company acquired seven real estate properties for an aggregate purchase price of approximately $51.7 million during Q3 2023, and two more properties after the quarter ended.
CHCT's total investments in real estate properties reached approximately $1.05 billion as of September 30, 2023.
The company's Board of Directors declared a quarterly common stock dividend of $0.455 per share, payable on November 24, 2023.
Community Healthcare Trust Inc (NYSE:CHCT) announced its Q3 2023 earnings on October 31, 2023. The company reported a net income of approximately $3.5 million, or $0.11 per diluted common share. Funds from operations (FFO) and adjusted funds from operations (AFFO) for the quarter totaled $0.58 and $0.63, respectively, per diluted common share.
Acquisitions and Investments
During Q3 2023, CHCT acquired seven real estate properties for an aggregate purchase price of approximately $51.7 million. These properties, totaling approximately 177,000 square feet, were 99.8% leased in the aggregate with lease expirations through 2038. After the quarter ended, the company acquired two medical office buildings in a single transaction for an aggregate purchase price and cash consideration of approximately $7.1 million. The properties were 96.8% leased in the aggregate with lease expirations through 2031.
Financial Highlights
As of September 30, 2023, CHCT had investments of approximately $1.05 billion in 191 real estate properties. The properties are located in 34 states, totaling approximately 4.2 million square feet in the aggregate. During the third quarter of 2023, the company issued 552,000 shares of common stock at an average gross sales price of $32.93 per share for net proceeds of approximately $17.8 million.
Dividend Declaration
On October 26, 2023, the companys Board of Directors declared a quarterly common stock dividend in the amount of $0.455 per share. The dividend is payable on November 24, 2023 to stockholders of record on November 9, 2023.
Balance Sheet and Income Statement Summary
As per the condensed consolidated balance sheet, as of September 30, 2023, CHCT had total assets of $955.126 million, up from $876.425 million as of December 31, 2022. Total liabilities stood at $432.832 million, while total stockholders' equity was $522.294 million.
According to the condensed consolidated statements of income, the company's rental income for Q3 2023 was $27.69 million, up from $23.919 million in the same period in 2022. Net income for the quarter was $3.492 million, down from $5.673 million in Q3 2022.
Explore the complete 8-K earnings release (here) from Community Healthcare Trust Inc for further details.
This article first appeared on GuruFocus.
