社區醫療信託 (CHCT) 2026 年第三季財報電話會議：出租率改善帶動 FFO 上升

在租賃活動、收購以及一般與行政費用下降的推動下，Community Healthcare Trust (CHCT) 2026 年第三季的營收、營運資金 (FFO) 和調整後營運資金 (AFFO) 均有所成長。管理層還概述了 9,900 萬美元的收購管道，並持續透過出售資產籌集成長資金。

重點摘要

• 總營收年增 4.4%、季增 3.9%，達到 3,240 萬美元。
• FFO 從去年同期的 1,350 萬美元（即每股稀釋普通股 0.50 美元）升至 1,500 萬美元（即每股稀釋普通股 0.54 美元）。
• AFFO 達到 1,600 萬美元，或每股稀釋普通股 0.58 美元，分別比去年同期增長 6.1% 與每股 0.02 美元。
• 投資組合出租率從第二季的 89.8% 提升至 90.1%，管理層歸因於租賃活動持續強勁。
• CHCT 透過第三季出售一座物業及 10 月額外出售兩座物業，共獲得 3,280 萬美元淨收益。目前仍有價值超過 3,000 萬美元的物業正在積極處置推廣中。
• 該公司已簽署確定協議，預計以總價 9,900 萬美元收購四座物業，預估報酬率介於 9.1% 至 9.75%。

關鍵財務數據

業務與營運表現

出租率比上一季增加 30 個基點升至 90.1%。管理層表示，降低空置率的努力仍將主要集中於招租，不過 CHCT 也可能出售招租困難或成本高昂、且長期而言不符合投資組合規劃的較小型空置物業。

位於路易斯安那州拉法葉 (Lafayette) 的身心健康醫院再開發項目於第三季初開始租賃。另有三個再開發項目正在施工中，預計將於 2026 年第四季末或 2027 年第一季初完工。這些項目均有長期租約支持。

CHCT 還有一個投機性套房項目正在施工中，一個處於許可申請階段，三個處於設計階段。該計劃旨在鎖定醫療保健租戶尋求即可搬入空間的大樓，以加速出租率提升與淨營運收益實現。

資本回收仍是資金策略的核心。CHCT 在本季出售了一座物業，10 月又出售了兩座，總計產生 3,280 萬美元的淨收益。其中最大的交易涉及一座住院復健設施，預計將在第四季產生 910 萬美元的利得。該公司計劃利用 1031 條款同類財產置換來收購另一座住院復健設施。

已簽約的四項收購案預估總購買價格為 9,900 萬美元，預估報酬率為 9.1% 至 9.75%。管理層預計首案於 2026 年第四季完成交割，第二案於 2027 年第一季交割，其餘兩案將於 2027 年年中至 2028 年年初之間完成交割。

管理層財測指引

管理層預計未來幾個季度的一般與行政費用將保持低於去年同期的水準，儘管受加薪、稅務、福利及獎金發放時間影響，季度間仍可能出現波動。

該公司預計，正在施工的三個再開發項目的租約將於 2027 年第一季末或第二季初開始生效，具體取決於竣工證明與執照取得情況。

管理層表示，9% 至 10% 的收購殖利率目標仍可實現，包括 9.5% 左右的機會。同時隨著處置物業收益到位及留存資本累積，預計交易活動將在 2027 年間加速。

CHCT 預計選定的資產出售與旋轉信貸額度將為近期收購提供充足資金。該公司在第三季未透過市價發行 (ATM) 計劃發行新股。

風險與關注焦點

擬出售的六家老年身心健康醫院營運案面臨屢次延誤。租戶本季支付了約 54 萬美元的租金，季增 17 萬美元，管理層表示營運表現已有所改善。然而，潛在買家仍處於盡職調查階段，並仍在與 CHCT 談判確定協議及新的長期租約。

買家的排他性談判權已到期。管理層繼續希望交易能順利完成，但也正在接觸其他有興趣的對象以保留備選方案。

收購時間點也出現轉變。管理層指出，交割延誤會在資產處置與收益再投資之間造成短暫的獲利空檔。

數座空置物業仍難以出租。CHCT 可能會處置非戰略性建築，不過管理層表示相關營運費用與出售收益相對較小。

分析師問答重點

• 空置策略：管理層預期大部分出租率的改善將來自租賃。若招租前景依然黯淡，可能會出售少數較小型的非戰略性空置資產。
• 私有市場需求：CHCT 報告指出，求售的大型住院復健設施吸引了強烈興趣。管理層認為產生的收益證明了公開市場估值與私有市場對該房產需求之間的差距。
• 獲利品質：管理層指出，第三季每股稀釋普通股 FFO 為 0.54 美元，其中並無重大非經常性項目。一般與行政費用 (G&A) 下降預計將繼續成為利多因素，但部分將被處置與收購之間的時間差所抵銷。
• 收購機會：管理層表示，未來幾個季度可能會出現更多交易，目標殖利率普遍介於 9% 至 10% 之間。
• 身心健康醫院交易：在原買家的盡職調查過程拉長後，CHCT 正探索其他替代方案，同時繼續努力推進完成現有交易。

完整電話會議逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.