コミュニティ・ヘルスケア・トラスト（CHCT）2026年第3四半期決算説明会：入居率改善に伴いFFOが上昇

Community Healthcare Trust（CHCT）は、リース活動、物件取得、および一般管理費の削減に支えられ、2026年第3四半期の売上高、FFO（事業キャッシュフロー）、およびAFFO（調整後FFO）の増加を発表しました。経営陣はまた、成長資金を調達するための9,900万ドルの物件取得パイプラインと継続的な資産売却の概要を明らかにしました。

要点

• 総売上高は前年同期比4.4%増、前四半期比3.9%増の3,240万ドルとなりました。
• FFOは1,500万ドル（希薄化後普通株式1株当たり0.54ドル）となり、前年同期の1,350万ドル（同0.50ドル）から増加しました。
• AFFOは1,600万ドル（希薄化後普通株式1株当たり0.58ドル）に達し、前年同期比でそれぞれ6.1%増、1株当たり0.02ドル増となりました。
• ポートフォリオの入居率は第2四半期の89.8%から90.1%に改善し、経営陣は堅調なリース活動が継続していることを挙げました。
• CHCTは第3四半期の1件の物件売却および10月の追加2件の売却により、3,280万ドルの純手取金を獲得しました。3,000万ドル以上の物件が引き続き活発に売出し中です。
• 同社は4件の物件を合計9,900万ドルの予定価格で取得する正式契約を締結しており、予想利回りは9.1%〜9.75%の範囲となっています。

主要財務データ

事業および運営実績

入居率は前四半期比で30ベーシスポイント上昇し、90.1%となりました。経営陣は、空室削減に向けた取り組みの大部分をリース活動に集中させるものの、リーシングが困難または高コストであり、長期的にポートフォリオに適合しない小規模な空室物件については売却する可能性があると述べました。

ルイジアナ州ラファイエットの精神科病院の再開発物件は、第3四半期初頭に賃貸契約を開始しました。さらに3件の再開発プロジェクトが建設中であり、2026年第4四半期後半または2027年第1四半期前半に完了する予定です。これらのプロジェクトは長期賃貸契約によって裏付けられています。

CHCTはまた、建設中のスペキュラティブ・スーツ（即居可能オフィス）1件、許認可申請中1件、設計中3件を抱えています。このプログラムは、医療テナントが即居可能なスペースを求めているビルを対象としており、入居と純営業利益（NOI）実現の加速を目指しています。

キャピタル・リサイクルは引き続き資金調達戦略の中核となっています。CHCTは当四半期中に1件、10月に2件の物件を売却し、合計3,280万ドルの純手取金を獲得しました。入院リハビリテーション施設を含む最大規模の取引では、第4四半期に910万ドルの売却益が発生する見込みです。同社は米内国歳入法第1031条に基づく同種資産の買い換えを活用して、別の入院リハビリテーション施設を取得する予定です。

契約済みの4件の取得案件は、合計予定取得価格が9,900万ドルで、予想利回りは9.1%〜9.75%です。経営陣は、最初の取引完了を2026年第4四半期、2件目を2027年第1四半期、残りの2件を2027年中盤から2028年前半の間と見込んでいます。

経営陣の見通し

経営陣は、昇給、税金、福利厚生、ボーナス支給のタイミングによる四半期ごとの変動は継続する可能性があるものの、今後数四半期にわたり一般管理費は前年同期を下回る推移が続くと予想しています。

同社は、建設中の再開発プロジェクト3件の賃貸契約が、使用許可証の取得やライセンス取得を条件として、2027年第1四半期後半または第2四半期前半に開始すると予測しています。

経営陣は、9%台半ばの機会を含め、9%〜10%の取得利回りは引き続き達成可能であると述べました。また、資産売却による手取金の確保や内部留保資金の蓄積に伴い、取引活動は2027年にかけて加速すると予想しています。

CHCTは、厳選した資産売却とコミットメントラインの枠により、短期的な物件取得に十分な資金を確保できると見込んでいます。なお、同社は第3四半期中にアット・ザ・マーケット（ATM）プログラムを通じた株式発行を行いませんでした。

リスクおよび注視点

高齢者向け精神科病院6件の事業売却案は度重なる遅延に直面しています。テナントは当四半期中に前四半期比17万ドル増となる約54万ドルの賃料を支払っており、経営陣は事業業績が改善したと述べました。しかし、買収候補者は依然としてデューデリジェンスを実施中であり、CHCTとの最終契約および新たな長期賃貸契約の交渉を続けています。

買い手の独占交渉権は失効しました。経営陣は引き続き取引の完了を期待していますが、他の選択肢を確保するために関心を示している他の投資家との協議も進めています。

物件取得のタイミングもズレが生じています。経営陣は、取引完了の遅れにより、物件の売却から手取金の再投資までの間に一時的な収益の縮小が生じることを指摘しました。

いくつかの空室物件は依然としてリーシングが困難な状態です。CHCTは非戦略的なビルの売却を進める可能性がありますが、経営陣はそれに関連する運営費および売却手取金は比較的小規模であると述べています。

アナリスト質疑応答の要点

• 空室対策戦略：経営陣は入居率改善の大部分がリース活動によるものになると予想しています。リーシングの見通しが不調なままの場合、非戦略的で小規模な空室資産を一部売却する可能性があります。
• プライベート市場の需要：CHCTは、売却に出された大型の入院リハビリテーション施設に対して強い関心が寄せられたと報告しました。経営陣は、これによって得られた利益について、公開市場における評価とプライベート市場における不動産需要との間のギャップを示す証拠であると捉えています。
• 収益の質：経営陣は、第3四半期の希薄化後普通株式1株当たり0.54ドルのFFOに重要な一時的要因は含まれていないと述べました。一般管理費の削減が引き続き追い風になると予想されますが、資産売却と取得のタイミングのズレによって一部相殺される見込みです。
• 物件取得の機会：経営陣は、目標利回りを概ね9%〜10%として、今後数四半期で追加の取引機会が発生する可能性があると述べました。
• 精神科病院の取引：CHCTは当初の買い手によるデューデリジェンスプロセスの長期化を受け、既存の取引完了に向けて引き続き取り組みつつも、代替案を模索しています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Welcome to Community Healthcare Trust's 2026 Third Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2026 third quarter financial results. It will also discuss progress made in various aspects of its business. [Operator Instructions] The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit. The company wants to emphasize that some of the information that may be discussed on this call will be based on information as of today, November 4, 2026, and may contain forward-looking statements that involve risks and uncertainties.

Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's disclosures regarding forward-looking statements in its earnings release as well as its risk factors and MD&A and its SEC filings. The company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

During this call, the company will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is available in its earnings release, which is posted on its website. Call participants are advised that this conference call is being recorded for playback purposes. An archive of the call will be available on the company's Investor Relations website for approximately 30 days and is the property of the company. This call may not be recorded or otherwise reproduced or distributed without the company's prior written permission.

Now, I would like to turn the call over to Dave Dupuy, CEO of Community Healthcare Trust. Over to you.

David Dupuy

Great. Thank you very much, Sagar. Good morning, and thank you for joining us for Community Healthcare Trust's Third Quarter 2026 Conference Call. Joining me on the call today are Bill Monroe, our Chief Financial Officer; Leigh Stach, our Chief Accounting Officer; and Mark Kearns, our SVP of Asset Management.

Before we begin, I'd like to remind everybody that our earnings release and supplemental data report were released last night and furnished on Form 8-K, along with our quarterly report on Form 10-Q. In addition, an investor presentation was posted to our website last night. I would like to start with updates to our key strategic priorities designed to drive durable growth and elevate the overall quality of the portfolio, which are occupancy improvement, portfolio reinvestment through redevelopment and speculative suites, strategic capital recycling and accelerated acquisition growth.

Starting with occupancy improvement, we continue to see robust leasing activity across the portfolio. Occupancy increased from 89.8% in the second quarter to 90.1% in the third quarter. Our leasing pipeline remains strong, and the team is executing well as we work toward our target occupancy.

Turning to portfolio reinvestment, we continue to advance our redevelopment projects on schedule. As noted last quarter, our behavioral hospital redevelopment in Lafayette, Louisiana, commenced its lease early in the third quarter. We have 3 additional redevelopment projects currently under construction with completion expected late in the fourth quarter or early in the first quarter, backed by long-term leases. Following receipt of certificates of occupancy and licensure, these leases are projected to commence late in the first quarter or early in the second quarter of 2027.

Regarding our speculative suite program, we currently have 1 suite under construction, one in permitting and 3 others in the design phase. These suites are strategically positioned in high-demand buildings where tenants are actively seeking turnkey-ready space. Proactively delivering these spaces allows us to capture prospective health care tenants faster, accelerating both occupancy gains and NOI realization.

Our strategic capital recycling program remains active. As highlighted in our press release, we successfully monetized 1 property in the third quarter and 2 additional properties in October, generating total net proceeds of $32.8 million. The largest transaction, an inpatient rehab facility, will result in a $9.1 million gain in the fourth quarter. We are executing this sale through a Section 1031 like-kind exchange using the net proceeds to acquire another high-quality inpatient rehab facility expected to close late in the fourth quarter.

We currently have more than $30 million of properties actively marketed for disposition. These proceeds will fund our high-quality, high-yield acquisition pipeline while maintaining our disciplined leverage profile. Finally, looking at acquisition growth, we have signed definitive purchase and sale agreements for 4 properties to be acquired upon completion and occupancy for an aggregate expected purchase price of $99 million. The expected return on these investments should range from 9.1% to 9.75%.

We anticipate closing the first of these properties in the fourth quarter, a second in the first quarter of '27 and the remaining 2 between mid-'27 and early '28. As visibility into our disposition pipeline solidifies, we are actively evaluating new acquisition candidates. While we do not have additional properties currently under contract, the market is offering compelling opportunities aligned with our quality and return objectives. We anticipate transaction activity to accelerate through 2027 as our disposition proceeds are realized and our retained capital continues to compound.

Next, I'd like to walk through a few key operational updates from the third quarter. The geriatric behavioral hospital operator, which leases 6 of our properties, paid approximately $540,000 in rent this quarter, a $170,000 increase over the second quarter. As previously noted, this tenant has signed a letter of intent with an experienced behavioral health care operator to acquire the operations of all 6 facilities. The prospective buyer is actively working through legal and business due diligence, negotiating definitive purchase agreements with the tenant and finalizing new long-term leases for the 6 hospitals with CHCT.

While the process has encountered multiple delays, the tenant and prospective buyer continue working collaboratively to resolve outstanding issues. We remain actively engaged with all parties and will provide further updates as appropriate regarding the transaction of the certainty. Given buyer's extended due diligence time line, alongside the tenant's improved operating performance, we are also proactively engaging with other parties who previously expressed an interest in buying the business. We did not issue any shares under our ATM last quarter; however, we anticipate having sufficient capital from selected asset sales, coupled with our revolver capacity to fund near-term acquisitions.

Going forward, we will evaluate the best uses of our capital, all while maintaining modest leverage levels. To finish up, we declared our dividend for the third quarter and kept it steady at $0.33 per common share. This equates to an annualized dividend of $1.32 per share. That takes care of the items I wanted to cover, so I will hand things off to Bill to provide additional details on our financial results for the quarter.

William Monroe

Thank you, Dave. I will now provide more details on our third quarter financial performance, which was strong across the board and the result of early execution wins on our strategic plan announced last quarter. I'm pleased to report total revenue grew from $31.1 million in the third quarter of 2025 to $32.4 million in the third quarter of 2026, representing 4.4% annual growth over the same period last year. This growth was a combination of higher occupancy from leasing activity and acquisitions. When compared to our $31.2 million of total revenue in the second quarter of 2026, we achieved 3.9% total revenue growth quarter-over-quarter.

Moving to expenses, property operating expenses increased by only approximately $100,000 quarter-over-quarter to $6 million for the third quarter of 2026, which is actually a smaller increase than we typically see during the summer from higher utility costs compared to the milder temperatures in the second quarter. On a year-over-year basis, property operating expenses increased by less than $50,000 or less than 1%, which demonstrates the strong cost management results our asset management team has achieved this year.

Total general and administrative expense was $4.2 million in the third quarter of 2026, a significant reduction both quarter-over-quarter of approximately $700,000 and year-over-year of approximately $470,000. This G&A expense decline is the culmination of a number of actions we have taken, including changes we've previously made to reduce executive compensation and stock-based compensation as well as fully amortized restricted stock.

We expect to continue to see some quarterly fluctuation in G&A with our typical relatively higher Q1 and Q3 levels due to the timing of salary increases, tax and benefit payments and bonuses, but we believe G&A will consistently be lower year-over-year for the next few quarters. Interest expense increased by less than $100,000 quarter-over-quarter to $7.5 million in the third quarter of 2026. We had no incremental borrowings under our revolving credit facility during the third quarter. And, in fact, our leverage levels decreased by 0.2x of a turn to 5.8x. But interest expense increased slightly from both the 1 extra day of interest in the third quarter compared to the second quarter and the FOMC decision in mid-September to raise interest rates by 25 basis points.

Moving to funds from operations, FFO in the third quarter of 2026 was $15 million, a 10.4% increase year-over-year compared to the $13.5 million of FFO in the third quarter of 2025. On a diluted common share basis, FFO increased $0.04 from $0.50 in the third quarter of 2025 to $0.54 in the third quarter of 2026. FFO also increased 13.2% quarter-over-quarter or $0.06 from the $13.2 million or $0.48 per diluted common share in the second quarter of 2026. These increases are primarily the result of the higher revenues and lower expenses I discussed earlier.

Adjusted funds from operations, or AFFO, which adjusts for straight-line rent and stock-based compensation, totaled $16 million in the third quarter of 2026, a 6.1% increase year-over-year compared to the $15.1 million of AFFO in the third quarter of 2025. AFFO on a diluted common share basis was $0.58 in the third quarter of 2026 or $0.02 higher than the $0.56 of AFFO in the third quarter of 2025. AFFO also increased 4% or $0.02 quarter-over-quarter from $15.4 million or $0.56 per diluted common share in the second quarter of 2026. That concludes our prepared remarks. Sagar, we are now ready to begin the question-and-answer session.

Operator

[Operator Instructions] Your first question comes from the line of Rob Stevenson with Huntington.

質疑応答

Robert Stevenson

Dave, how are you guys thinking about the vacancy at this point? Are you going to sell more of the vacant assets or the assets with stubborn vacancy? Or are you still thinking at this point that the market over the next couple of quarters is going to allow you to lease up some more of the vacancy?

David Dupuy

Look, Rob, good to hear from you, and thanks for the question. What I would say is we go through a detailed portfolio review on a quarterly basis where we look at our entire portfolio and evaluate leasing activity and opportunities to lease space. And what I would say is our goal is to improve our portfolio over time based on our capital recycling. That said, I think we've got a handful of properties that are still empty. I'd say a couple of those we think are very likely that are going to get leased. And so we will continue to own those buildings.

But there are also a couple of those properties that are smaller that are difficult to lease that would be expensive and aren't good long-term fits for the portfolio. So I think it's going to be a combination. But as you see from the quarterly numbers and what we did in terms of selling a couple of empty buildings, those buildings don't generate a lot of proceeds for us, but it's really a focus on making sure that we're executing on making -- getting the right buildings in the portfolio. And so the leasing activity we're seeing more broadly in the marketplace has been very favorable. And so I think most of our activity is going to be on the leasing side, but there will continue to be a handful of buildings that aren't strategic that we would look to exit if we don't feel like there's a good opportunity to lease those buildings.

Robert Stevenson

Okay. And for the vacant buildings, did you guys wind up shedding any material amount of expenses associated with not having a tenant in them that you guys were paying? Or was it relatively immaterial?

David Dupuy

It's relatively immaterial. But look, it's -- there's definitely property taxes and other operating expense of an empty building that we're able to get rid of. But it's a relatively small amount given the size of those buildings.

Robert Stevenson

Okay. And then I guess the other question for me is we've heard from other asset types that there's a very strong buyer pool right now for 1031 and especially the bonus depreciation buyer trying to close up by year-end. Are you guys seeing that much in your type of assets?

David Dupuy

I think what I would say is we've been so targeted as far as what we're looking to sell that, yes, in those processes, we've seen a great deal of interest. But it's not like we're -- our goal is to do a smaller number of larger attractive cap rate sales to help fund our pipeline. And so it's been pretty rifle shot. But yes, I mean, it has been a very robust process on both of those larger inpatient rehab facilities we've sold. And I think the gains associated with those sales give credence to the fact that there's certainly a dislocation between where we're valued from a public markets perspective and what the private market views as attractive real estate.

So yes, I mean, the dispositions that we're looking at for high-quality buildings that we're using as capital recycling to fund our pipeline is a very rifle shot approach. But yes, we hear from people, many inbound calls looking to buy properties on a one-off basis. Candidly, we're not interested in doing that.

Robert Stevenson

Okay. And then last one for me. Bill, what -- was there anything -- the $0.54 in the third quarter, what's sort of nonrecurring as we think about rolling forward out of the quarter? Obviously, you'll have the trade out of some of the dispositions, et cetera. But when we're thinking about earnings in fourth quarter and going forward, anything in there that we need to be aware of that's especially not reoccurring?

William Monroe

No, nothing material. I did highlight in my remarks some of the declines we saw in G&A and how we do think that, that is kind of the right level set for the next few quarters. And so we think that's certainly going to provide some benefits and tailwinds to our overall FFO in particular.

David Dupuy

The only thing I would add to that, Rob, is we're doing some -- we're doing a capital recycling. We sold one building. We're going to invest in another building. There's going to be a little bit of leakage between when we sold the building and when we invest in the new building because those acquisitions got pushed a little bit. But as far as what we expect going forward, I think the numbers we're showing are consistent and will continue to grow.

Operator

[Operator Instructions] Our next question comes from Jim Kammert with Evercore.

James Kammert

David, I don't want to put words in your mouth, but you intimated that I think that maybe as regards to the Assurance assets, there are other people that or other tenants or buyers that might be interested. Is that -- did I hear that properly? And secondly, does that mean you're souring at all on the existing sort of buyer? I'm just trying to clarify.

David Dupuy

Yes. Jim, thanks for the question. I guess what I would say, we can't go into details on the negotiations between the current transaction contemplated. But what I can say is their exclusivity has expired. The performance of the business, the underlying business is doing much better today than when the LOI was signed 18 months or so ago. We have had interest from others associated with the process. And just given the fact that it's taken longer and quite frankly, we're a little bit frustrated with the length of time and the amount of due diligence and some of the issues that have gone into this process. We just think it's in the best interest of us and frankly, the tenant to not have all the eggs in this basket if we can't get that indeed over the finish line.

I guess from our perspective, we still are -- we still hope that the deal goes through, but we need to have some alternatives should it not. And so given the outstanding interest that we've had from others, we're going to explore those. So let's see how it plays out. But yes, you did hear correctly.

James Kammert

That's very helpful. And just a second question, perhaps you mentioned also that you're seeing -- obviously, you get the cost of capital improved, hopefully, you get a little bit more offensively on the acquisition pipeline. Do you have any sense of where would those yields compare, let's say, to your known $99 million pipeline of 9.1% to 9.75%? Do you think if you had the cost of capital, could you get middle 9s, high 9s on some of the other deals that are starting to cross the threshold?

David Dupuy

Yes, absolutely. We continue to be focused. We've got a high bar, both from a quality perspective, but also from a yield perspective. And so our view is that 9% to 10% range is certainly achievable. And based on some of the activity that we're seeing in the marketplace, yes, we think that, that mid-9 range, anywhere from 9% to 10% is achievable. And so part of what we -- our original expectation was we were going to have 2 inpatient rehab facilities close the second half of this year. And since those have been pushed out and since we have greater clarity around the dispositions we're working on, we're now able to work on some of those other acquisition candidates.

And so that's why I said in my prepared remarks, you should expect some additional activity in the upcoming quarters. And so we're looking at a number of things. And hopefully, we'll have some activity we can share at our next call.

Operator

[Operator Instructions] As there are no further questions at the moment, I would now like to turn the conference back to Dave Dupuy for closing comments. Over to you, sir.

David Dupuy

Great. Thank you so much, and thank you, everybody, for dialing in. Look forward to seeing those who will be there at REITWorld coming up in just a couple of weeks. Talk soon. Bye.

Operator

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.