Community Healthcare Trust Inc

Community Healthcare Trust Inc. is a self-administered healthcare REIT that owns and leases properties used by hospitals, physicians, healthcare systems, and other healthcare service providers. Its portfolio is built through small to mid-sized acquisitions, often off-market or via sale-leaseback transactions, with an emphasis on long-term, contract-based rental income from need-based healthcare real estate.

4,2 %

+4,7 %

— Community Healthcare Trust Inc
%
Healthcare property leasing80% Long-term leases on properties used for medical and healthcare delivery.
Property acquisition and sale-leaseback transactions10% Acquisition of healthcare facilities, often through off-market or lightly marketed deals.
Tenant improvements and redevelopment5% Capital invested to refurbish, reposition, or convert healthcare buildings for new uses.
Interest and other property-related income5% Ancillary income including notes receivable and other contractual property-related items.

The company’s customers are healthcare operators that need specialized real estate rather than general office space...

  • Hospitals and health systemsprimary

    Lease hospitals and system-affiliated facilities to support clinical operations and long-term occupancy needs.

  • Physicians and outpatient clinicsprimary

    Lease medical office and clinic space for routine care, diagnostics, and specialty practices.

  • Behavioral health and rehabilitation operatorssecondary

    Lease specialty facilities for inpatient behavioral care and rehabilitation services.

  • Specialty care providerssecondary

    Lease dialysis, surgical, and other niche healthcare buildings tailored to service delivery.

  • Healthcare sellers in sale-leaseback transactionssecondary

    Sell properties to the REIT and remain as tenants to raise capital while preserving operating control.

The portfolio is spread across 36 U.S. states, which reduces reliance on any single local market but still leaves the...

  • •Portfolio spans 36 U.S. states
  • •Texas contributes 14.3% of annualized rent
  • •Florida contributes 12.4% of annualized rent
  • •No other state exceeds 10% of annualized rent
  • •Submarket focus lowers competition versus urban healthcare assets

The company is focused on growing through disciplined acquisitions of smaller healthcare properties, typically in the...

01
Disciplined healthcare property acquisitionshort-term

Small, off-market deals can improve returns and reduce auction competition.

02
Portfolio diversificationmedium-term

Diversification across tenants, facility types, and states reduces concentration risk.

03
Relationship-driven sourcingmedium-term

Deep provider and intermediary relationships create proprietary acquisition flow.

04
Selective redevelopment and capital recyclingmedium-term

Redevelopment can reposition assets and asset sales can fund new investments.

The business is exposed to tenant credit risk, because rent depends on healthcare operators that are themselves...

high

Tenant credit deterioration

Rental income depends on healthcare operators remaining solvent and current on lease payments.

Scope
Largest tenants include US Healthvest and Lifepoint Health; no tenant exceeds 10% of annualized rent.
Materiality
high
high

Healthcare regulation and reimbursement changes

Operators may face lower margins or licensure issues, which can impair their ability to pay rent.

Scope
Behavioral, hospital, and specialty care tenants are especially sensitive to reimbursement and licensing.
Materiality
high
medium

Geographic concentration

A meaningful share of rent comes from Texas and Florida, so local downturns could affect results.

Scope
Texas 14.3% and Florida 12.4% of annualized rent.
Materiality
medium
medium

Acquisition execution risk

Growth depends on sourcing and closing accretive healthcare property deals at acceptable prices.

Scope
Targeted off-market transactions may be harder to source consistently.
Materiality
medium
medium

Interest rate and leverage risk

Higher borrowing costs can reduce acquisition returns and pressure dividend coverage.

Scope
The company uses debt and equity markets, including a credit facility and ATM program.
Materiality
medium
Revenue recognition from leases
A lease starting later can defer real estate revenue recognition
Sale-leaseback accounting
Can shift amounts between other assets, real estate properties, and income timing
Long-lived asset impairment
Could create non-cash impairment charges on real estate assets
Credit loss reserves
Directly reduces earnings and signals tenant-specific credit stress
Tenant improvement and redevelopment commitments
Affects future cash outflows and may change asset basis and depreciation

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: 28.4.2026