Here are 1-2 brief analogies for Community Healthcare Trust (CHCT):

• Like Welltower (WELL) or Ventas (VTR), but specializing in healthcare properties located in smaller, non-urban areas.
• A real estate landlord like Equity Residential (EQIX), but for medical offices and clinics instead of apartments.

• Leasing of Healthcare Properties: This service, categorized as Real Estate Leasing and Management, involves providing specialized real estate facilities, such as medical office buildings, hospitals, and senior living facilities, for lease to healthcare operators and providers.

Community Healthcare Trust (CHCT) is a real estate investment trust (REIT) that owns and leases healthcare properties. As such, it sells primarily to other companies, specifically healthcare operating companies that lease its properties.

CHCT maintains a highly diversified tenant base to mitigate risk. According to its latest investor presentations and filings (e.g., Q4 2023), no single tenant accounts for more than 4% of its annualized rent. Furthermore, its top five tenants collectively represent only about 16.5% of annualized rent. Due to this high level of diversification and the absence of any dominant customer, Community Healthcare Trust does not publicly disclose the names of individual "major" customer companies that would represent a significant portion of its revenue.

Therefore, while its customers are other healthcare companies, specific names of major customers are not publicly disclosed by CHCT.

• CHCT Management, LLC

David H. Dupuy, Chief Executive Officer and President

Mr. Dupuy was appointed permanent CEO of Community Healthcare Trust on March 6, 2023, after serving as interim CEO since February 10, 2023. He continues to serve on the REIT's board. Prior to his appointment as CEO, Mr. Dupuy served as the company's Executive Vice President and Chief Financial Officer, a role he assumed on May 1, 2019. Before joining Community Healthcare Trust, Mr. Dupuy was a Managing Director of the Healthcare Investment Banking Group at SunTrust Robinson Humphrey. He also served as Senior Vice President of the Healthcare Group at Bank of America Corporation, where he developed financing, acquisition, and equity strategies for middle-market healthcare companies. Earlier in his career, Mr. Dupuy was Vice President and Regional Director for KDA Holdings, where he led consulting, financing, and development of outpatient medical facilities. Notably, he was also the Chief Financial Officer and a Founding Partner of LIFESIGNS Holdings, Inc., a provider of diagnostic healthcare services. Mr. Dupuy began his career in 1991 with NationsBank (a predecessor to Bank of America).

William G. Monroe IV, Executive Vice President and Chief Financial Officer

Mr. Monroe was appointed Chief Financial Officer of Community Healthcare Trust, effective June 1, 2023. Prior to this role, he served as Managing Director of the Healthcare Investment Banking Group at Truist Securities, Inc. in Atlanta. In this position, he was responsible for buy-and-sell side advisory services, as well as debt and equity capital markets origination for various healthcare service segments, including acute hospital, post-acute, alternate site, and healthcare REITs. Mr. Monroe joined Truist Securities, Inc. as a Vice President in 2011, through its predecessor firm SunTrust Robinson Humphrey, Inc. His investment banking career began at J.P. Morgan Securities LLC in New York, where he was an Associate in the Syndicated & Leveraged Finance Group from 2006 to 2009. He has also held positions as Vice President of Private Equity Placement at Fortress Group, Inc. from 2010 to 2011, Commercial Banking Associate at SunTrust Bank, and Consulting Analyst at Accenture.

Leigh Ann Stach, Executive Vice President and Chief Accounting Officer

Ms. Stach was appointed Executive Vice President and Chief Accounting Officer of Community Healthcare Trust, effective May 1, 2019. She had previously served as the company’s Vice President—Financial Reporting and Chief Accounting Officer since its formation in March 2014. From 1994 to 2013, Ms. Stach held various roles, including Vice President—Financial Reporting, at Healthcare Realty Trust ("HR"), where her responsibilities included oversight of financial reporting, accounting, and internal audit. Before her time at Healthcare Realty Trust, Ms. Stach was a senior accountant in financial reporting and an internal auditor with HCA from 1988 to 1994.

Mark E. Kearns, Senior Vice President, Asset Management

Gary Moothart, VP & Controller

1. High Leverage and Interest Rate Risk: Community Healthcare Trust has a high debt-to-equity ratio, reported at 114.2% in Q2 2025 and approximately 124.2% in Q3 2025. This significant leverage, combined with a reliance on floating-rate debt, exposes the company to substantial interest rate risk. Rising interest rates directly increase interest expenses, which negatively impacts cash flow and the company's ability to service its debt. In Q2 2025, the company's earnings before interest and taxes (EBIT) were insufficient to cover its interest expenses, with an interest coverage ratio of just 0.7x.
2. Tenant Credit Issues and Concentration Risk: CHCT has encountered significant and unanticipated tenant issues, including ongoing collection problems with a particular tenant. A notable risk is the company's exposure to a single geriatric behavioral hospital operator that leases six of its properties. In Q2 2025, an $8.7 million credit loss reserve was recorded related to notes receivable with this specific tenant, indicating a direct threat to rental income and financial results if these issues persist or worsen.
3. Limited Access to Capital and Growth Constraints: The company faces challenges in funding new acquisitions and achieving growth due to a narrowing spread between investment yields and its weighted average cost of capital (WACC), as well as increased debt costs. The current low share price makes issuing new equity to finance property acquisitions non-accretive, meaning it would dilute existing shareholders without generating sufficient returns. This situation forces CHCT to either rely more heavily on additional debt, thereby increasing financial risk, or to sell existing assets to fund new purchases, which can limit future income and dividend expansion.

Community Healthcare Trust (CHCT) operates as a real estate investment trust (REIT) specializing in acquiring, owning, and managing healthcare properties in non-urban markets across the United States. Its primary service involves leasing these properties, which include hospitals, medical office buildings, rehabilitation facilities, and other specialty healthcare facilities, to various healthcare providers.

The addressable market for CHCT's services is the U.S. healthcare real estate market. This market was estimated at approximately $1.32 trillion USD in 2024. It is projected to grow significantly, with estimates placing its value at approximately $1.39 trillion in 2025 and reaching up to $2.27 trillion by 2030.

Community Healthcare Trust (CHCT) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Acquisitions of Healthcare Properties: CHCT consistently emphasizes its strategy of acquiring healthcare facilities. The company has a significant pipeline of planned acquisitions, with definitive purchase and sale agreements for properties totaling expected investments of $146 million to $169.5 million, anticipated to close throughout 2025, 2026, and 2027. These new acquisitions are a core focus for improving future financial performance.
2. Rent Escalations from Existing Leases: As a real estate investment trust (REIT), CHCT benefits from contractual rent escalations embedded within its long-term leases. The company's weighted average lease term increased slightly from 6.6 to 6.7 years in Q3 2025, which supports stable and growing rental income over time.
3. Improved Occupancy Rates: Despite minor fluctuations, CHCT is actively working to increase its portfolio's occupancy. After a slight decrease in Q3 2025, the company's leasing team was focused on new leases, with an expectation to increase leased occupancy by 50 to 100 basis points by year-end. Management has also set a target for a 100 basis points improvement in occupancy by 2026. Maintaining high occupancy is considered a key factor for underpinning revenue growth.
4. Redevelopment and Renovations: CHCT is engaged in redevelopment and significant renovation projects for several of its properties. As of Q4 2024, four properties were undergoing such enhancements with long-term tenants in place, which are expected to contribute to revenue upon their completion.
5. Strategic Capital Recycling: The company actively uses a capital recycling program, involving the disposition of existing assets and reinvesting the proceeds into higher-yielding properties. This strategy, while also a funding mechanism, aims to enhance the overall quality and return profile of its portfolio, thereby indirectly driving revenue growth. For example, a capital recycling transaction in Q3 2025 from the sale of an inpatient rehab hospital was anticipated to result in an approximately $11.5 million gain. This approach allows CHCT to pursue accretive acquisitions while maintaining financial flexibility.

Share Issuance

• Community Healthcare Trust issued approximately 294,000 shares through its at-the-market (ATM) offering program in the second quarter of 2024, resulting in net proceeds of approximately $7.0 million.
• The company operates under an at-the-market offering program with a stated capacity of $300 million.
• No shares were issued under the ATM program in Q4 2024 or Q1 2025 due to prevailing share prices.

Capital Expenditures

• In 2024, Community Healthcare Trust acquired nine real estate properties for approximately $72.1 million.
• Acquisitions in 2024 also included an inpatient rehabilitation facility for approximately $23.5 million in Q2 and a medical office building for $6.2 million post-Q2.
• The company has an active pipeline of future property acquisitions, with definitive purchase agreements totaling $169.5 million, anticipated to close between 2025 and 2027.