• Community Healthcare Trust is like Public Storage for doctors' offices and outpatient clinics.
• Think of Community Healthcare Trust as a Simon Property Group for medical office buildings.
• Community Healthcare Trust is essentially a Prologis for outpatient healthcare facilities.

• Leasing Healthcare Real Estate: Community Healthcare Trust acquires and leases out properties for outpatient healthcare services.

Community Healthcare Trust (CHCT) operates as a real estate investment trust (REIT) that leases properties primarily to healthcare service providers. CHCT has a highly diversified tenant base, with no single tenant representing more than 4.5% of its annualized contractual rent as of December 31, 2020.

Therefore, specific "major customers" by name, along with their symbols, are not publicly disclosed. Its customer base consists of a variety of healthcare businesses. These tenants primarily fall into the following categories:

• Physical therapy providers
• Physician groups
• Surgical centers
• Diagnostic centers

David H. Dupuy, Chief Executive Officer and President

David H. Dupuy was appointed permanent Chief Executive Officer of Community Healthcare Trust in March 2023, after serving as Interim CEO since February 2023. Prior to this, he served as the company's Executive Vice President and Chief Financial Officer, a role he assumed in May 2019. Mr. Dupuy’s career includes serving as Managing Director of the Healthcare Investment Banking Group at SunTrust Robinson Humphrey in Atlanta. He was also 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, he was a Vice President and Regional Director for KDA Holdings, leading consulting, financing, and development for outpatient medical facilities. Notably, he was a Chief Financial Officer and Founding Partner of LIFESIGNS Holdings, Inc., a diagnostic healthcare services provider. He began his career in 1991 with NationsBank, a predecessor to Bank of America.

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

William G. Monroe IV became Community Healthcare Trust's Chief Financial Officer on June 1, 2023. Before joining CHCT, Mr. Monroe was a Managing Director in the Healthcare Investment Banking Group at Truist Securities, Inc., where he was responsible for buy-and-sell side advisory services, as well as debt and equity capital markets origination for various healthcare services segments, including healthcare REITs. He joined Truist Securities, Inc. in 2011 through its predecessor firm, SunTrust Robinson Humphrey, Inc. His investment banking career started at J.P. Morgan Securities LLC, where he was an Associate in the Syndicated & Leveraged Finance Group from 2006 to 2009. From 2010 to 2011, Mr. Monroe served as Vice President of Private Equity Placement at Fortress Group, Inc., indicating experience with private equity. He also held positions as a Commercial Banking Associate at SunTrust Bank and a Consulting Analyst at Accenture prior to business school.

Leigh Ann Stach, Executive Vice President and Chief Accounting Officer

Leigh Ann Stach was appointed Executive Vice President and Chief Accounting Officer, effective May 1, 2019. She previously served as the company's Vice President—Financial Reporting and Chief Accounting Officer since its formation in March 2014. Ms. Stach's experience includes serving as Vice President—Financial Reporting at Healthcare Realty Trust (HR) from 1994 to 2013, where she oversaw financial reporting, accounting, and internal audit. Before HR, she was a senior accountant in financial reporting and an internal auditor with HCA from 1988 to 1994.

Mark E. Kearns, Senior Vice President of Asset Management

Mark E. Kearns was appointed Senior Vice President of Asset Management in May 2025. He has over 25 years of experience in healthcare real estate. Prior to joining Community Healthcare Trust, Mr. Kearns was Vice President of Leasing at Welltower from 2022 to 2024, responsible for client relationship management, asset strategies, capital deployment, and portfolio occupancy growth. He also served as Senior Director and Director at Healthpeak from 2015 to 2022, where he managed leasing strategies for a national portfolio. He began his career in 1998 in outpatient medical development with DASCO (later Lend Lease).

The key risks for Community Healthcare Trust (CHCT) include its significant exposure to interest rate fluctuations, the financial health and potential bankruptcy of its tenants, and the execution risks associated with its capital recycling strategy for acquisitions.

1. Interest Rate Risk and Elevated Leverage: Community Healthcare Trust is highly sensitive to changes in interest rates, primarily due to a substantial portion (34%) of its debt being at floating rates. Rising interest rates directly increase the company's borrowing costs, which can negatively impact its cash flow, Funds From Operations (FFO), and its ability to cover dividend payments. The company also operates with an elevated leverage ratio, with debt at approximately 52% of its enterprise value and a net debt to total capitalization of 42.9% as of late 2025. This reliance on debt makes CHCT particularly dependent on favorable financing conditions and continued Fed rate cuts to manage its cost of capital.
2. Tenant Financial Health and Bankruptcy Risk: A critical risk for CHCT stems from the financial stability of its tenants, as the company's rental revenue is directly tied to their ability to make payments. Instances of tenant bankruptcies or defaults can significantly reduce CHCT's cash flows and overall financial performance. There has been specific concern noted regarding an uncertain recovery for a behavioral health tenant, which has led to credit loss provisions and can pressure the company's financial performance and payout ratio. The broader healthcare industry faces rising operational costs, which can thin tenant margins and subsequently affect their capacity to meet rent obligations. Furthermore, a study highlighted that REIT acquisition of hospitals was associated with a 5.7-fold higher risk of closure or bankruptcy for the acquired hospitals compared to non-REIT acquired hospitals, indicating a systemic risk to tenants within the REIT model.
3. Capital Recycling and Acquisition Execution Risk: Community Healthcare Trust relies on capital recycling, primarily through asset sales, to fund its new acquisitions, rather than utilizing new equity or additional debt, especially in an environment of elevated interest rates. This strategy carries execution risk, as any delays or discounts encountered during asset sales could directly impede the company's planned portfolio expansion and future earnings growth. Successfully acquiring new properties with attractive yields and effectively managing this capital allocation process is crucial for CHCT's continued growth, particularly given competitive challenges from larger REITs.

The clear emerging threat for Community Healthcare Trust is the accelerating adoption and expanding capabilities of **telehealth and telemedicine** services.

As virtual consultations, remote monitoring, and digital diagnostics become increasingly sophisticated and widely accepted, the traditional demand for physical outpatient healthcare facilities could diminish. This shift directly impacts CHCT's business model, which relies on owning and leasing income-producing real estate properties for outpatient healthcare services, potentially leading to reduced occupancy rates, slower rental growth, or even a decrease in the intrinsic value of its assets.

The addressable market for Community Healthcare Trust's main products and services, which are real estate properties associated with the delivery of outpatient healthcare services, is the U.S. healthcare real estate market. This market was estimated to be approximately $1,324.52 billion USD in 2024. The U.S. healthcare real estate market is projected to grow, with an estimated revenue of approximately $2.27 trillion USD by 2030.

Here are 3-5 expected drivers of future revenue growth for Community Healthcare Trust (CHCT) over the next 2-3 years:

1. Accretive Acquisitions: Community Healthcare Trust consistently pursues the acquisition of new income-producing healthcare real estate properties. Management has outlined a forward acquisition pipeline of $122.5 million, with anticipated cap rates ranging from 9.1% to 9.75%, expected to close from the first quarter through 2027. For the year 2025, the company acquired three properties, all 100% leased with long-term agreements extending to 2040, expecting returns between 9.3% and 9.5%. This disciplined approach to acquiring high-yield assets is a key driver of revenue expansion.
2. Capital Recycling and Reinvestment: The company actively engages in capital recycling by selling existing assets and reinvesting the proceeds into new properties with higher return potential. In Q4 2025, CHCT generated approximately $12.1 million in net gains from sales, which were used to fund new growth. An example includes the sale of an inpatient rehabilitation facility at a 7.9% cap rate, with the proceeds reinvested into a new facility for $28.5 million. This strategy allows for strategic portfolio enhancement and efficient allocation of capital without increasing leverage.
3. Increasing Occupancy Rates and Extended Lease Terms: Growing the occupancy rate of its existing portfolio and securing longer lease agreements contribute to stable and increasing rental income. In Q4 2025, the portfolio occupancy improved to 90.6% from 90.1% in the prior quarter. Furthermore, the weighted average lease term increased from 6.7 years to 7.0 years, enhancing cash flow visibility and reducing rollover risk, which helps ensure long-term revenue stability.
4. Redevelopment and Renovations of Existing Properties: Investing in the redevelopment and significant renovation of current properties is expected to drive future earnings growth. Three properties are currently undergoing such projects with long-term tenants already in place. The largest of these projects is anticipated to commence rent in the third quarter of 2026 after obtaining necessary licensing, further contributing to revenue.
5. Strategic Focus on Secondary and Tertiary Markets: Community Healthcare Trust's strategy of concentrating on secondary and tertiary markets is a driver for revenue growth. This approach is noted to support higher occupancy rates and long-term stability for shareholder returns due to strong leasing activity and property demand in these areas. This geographical focus underpins both margin expansion and sustained revenue.

Share Repurchases

• No significant share repurchases were reported in 2024 and 2025, with management explicitly stating no shares were issued under the at-the-market (ATM) program during these periods.

Share Issuance

• Community Healthcare Trust did not issue any shares under its at-the-market (ATM) offering program in Q4 2024 and Q4 2025.
• Management anticipates funding near-term acquisitions through existing credit facilities and asset sales, rather than issuing new equity.
• Over the five-year period from 2019 through 2024, the company's outstanding shares increased by 8% annually.

Inbound Investments

• No information available regarding large strategic investments made in Community Healthcare Trust by third parties during the specified period.

Outbound Investments

• In Q4 2025, Community Healthcare Trust acquired an inpatient rehabilitation facility for approximately $28.5 million, funded through a like-kind exchange after selling other properties. For the full year 2025, it acquired three properties totaling $64.5 million.
• During 2024, the company acquired four properties for $34.2 million in Q1 and another property for $23.5 million post-Q1, contributing to annual investments of $58.0 million.
• Community Healthcare Trust has definitive purchase agreements for five properties with an aggregate expected investment of $122.5 million, anticipated to close throughout 2026 and 2027, with expected returns of 9.1% to 9.75%.

Capital Expenditures

• The primary focus of capital expenditures for Community Healthcare Trust is the acquisition of income-producing real estate properties.
• The company aims for annual property acquisitions ranging from $120 million to $150 million.
• In Q4 2025, the company engaged in capital recycling by selling three properties for approximately $31.6 million and reinvesting $28.5 million into a new inpatient rehabilitation facility, demonstrating a focus on portfolio optimization through acquisitions.