chct-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
OR
☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-37401

Community Healthcare Trust Incorporated

(Exact Name of Registrant as Specified in Its Charter)


Maryland						46-5212033
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

3326 Aspen Grove Drive

Suite 150

Franklin, Tennessee 37067

(Address of Principal Executive Offices) (Zip Code)

(615) 771-3052

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.01 par value per share

CHCT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Emerging-growth company

☐

Non-accelerated filer

☐

Smaller reporting

company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The Registrant had 28,471,424 shares of Common Stock, $0.01 par value per share, outstanding as of October 21, 2025.

COMMUNITY HEALTHCARE TRUST INCORPORATED

FORM 10-Q

SEPTEMBER 30, 2025

TABLE OF CONTENTS


		Page
PART I.—FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Statements of Stockholders' Equity	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	36
Item 4.	Controls and Procedures	36

PART II.—OTHER INFORMATION		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38

SIGNATURES		39

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars and shares in thousands, except per share amounts)


	(Unaudited)
	September 30, 2025		December 31, 2024
ASSETS
Real estate properties
Land and land improvements	$	154,272	$	149,501
Buildings, improvements, and lease intangibles	1,035,070		996,104
Personal property	809		326
Total real estate properties	1,190,151		1,145,931
Less accumulated depreciation	(272,481)		(242,609)
Total real estate properties, net	917,670		903,322
Cash and cash equivalents	3,383		4,384


Assets held for sale, net	6,205		6,755
Other assets, net	60,003		78,102
Total assets	$	987,261	$	992,563

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Debt, net	$	530,138	$	485,955
Accounts payable and accrued liabilities	17,205		14,289

Other liabilities, net	13,095		16,354
Total liabilities	560,438		516,598

Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding	—		—
Common stock, $0.01 par value; 450,000 shares authorized; 28,471 and 28,242 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	285		282
Additional paid-in capital	714,890		704,524
Cumulative net income	76,349		85,675
Accumulated other comprehensive income	7,568		17,631
Cumulative dividends	(372,269)		(332,147)
Total stockholders’ equity	426,823		475,965
Total liabilities and stockholders' equity	$	987,261	$	992,563

See accompanying notes to the condensed consolidated financial statements.

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited; Dollars and shares in thousands, except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
REVENUES
Rental income	$	30,814	$	29,335	$	90,672	$	85,582


Other operating interest	272		304		(423)		906
	31,086		29,639		90,249		86,488

EXPENSES
Property operating	5,930		5,986		17,610		17,349
General and administrative (1)	4,658		4,935		20,317		14,249
Depreciation and amortization	10,902		10,927		32,724		31,981

	21,490		21,848		70,651		63,579

OTHER (EXPENSE) INCOME

(Loss) Gains on sale and impairments of real estate assets	(888)		5		(248)		(135)
Interest expense	(7,075)		(6,253)		(20,019)		(17,301)
Credit loss reserve	—		—		(8,672)		(11,000)

Interest and other income, net	7		206		15		514
	(7,956)		(6,042)		(28,924)		(27,922)

NET INCOME (LOSS)	$	1,640	$	1,749	$	(9,326)	$	(5,013)

NET INCOME (LOSS) PER COMMON SHARE
Net income (loss) per common share - Basic	$	0.03	$	0.04	$	(0.43)	$	(0.27)
Net income (loss) per common share - Diluted	$	0.03	$	0.04	$	(0.43)	$	(0.27)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC	26,934		26,660		26,824		26,479
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED	26,934		26,660		26,824		26,479



__________
(1) General and administrative expenses for the nine months ended September 30, 2025, included severance and transition-related expenses totaling $1.3 million related to a termination in the second quarter of 2025. Non-cash stock-based compensation expense for the three and nine months ended September 30, 2025 totaled $2.5 million and $12.3 million, respectively. Non-cash stock-based compensation expense for the nine months ended September 30, 2025 included accelerated amortization of $4.6 million related to the termination in the second quarter of 2025. Non-cash stock-based compensation expense for the three and nine months ended September 30, 2024 totaled $2.5 million and $7.4 million, respectively.

See accompanying notes to the condensed consolidated financial statements.

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited; Dollars in thousands)


			Three Months Ended September 30,				Nine Months Ended September 30,
			2025		2024		2025		2024

NET INCOME (LOSS)			$	1,640	$	1,749	$	(9,326)	$	(5,013)
	Other comprehensive loss:
		Increase (decrease) in fair value of cash flow hedges	308		(8,749)		(4,568)		1,824
		Reclassification for amounts recognized as interest expense	(1,861)		(2,725)		(5,495)		(8,225)
	Total other comprehensive loss		(1,553)		(11,474)		(10,063)		(6,401)
COMPREHENSIVE INCOME (LOSS)			$	87	$	(9,725)	$	(19,389)	$	(11,414)

See accompanying notes to the condensed consolidated financial statements.

COMMUNITY HEALTHCARE TRUST INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(Unaudited; Dollars and shares in thousands, except per share amounts)


	Preferred Stock			Common Stock			Additional Paid in Capital		Cumulative Net Income		Accumulated Other Comprehensive Income		Cumulative Dividends		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance at June 30, 2025	—	$	—	28,368	$	284	$	712,498	$	74,709	$	9,121	$	(358,792)	$	437,820
Issuance of common stock, net of issuance costs	—	—		—	—		(14)		—		—		—

SEC Form 10-Q filed by Community Healthcare Trust Incorporated