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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, 2021
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: 001-39153
hct-20210930_g1.jpg
Healthcare Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland38-3888962
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
650 Fifth Ave.30th Floor, New YorkNY                 10019
___________________________________________________ __________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareHTIAThe Nasdaq Global Market
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
Non-accelerated filer
Smaller reporting company
Emerging growth 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 Section 13(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
As of November 9, 2021, the registrant had 99,281,753 shares of common stock outstanding.
1

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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Page

2



Table of Contents

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements.

HEALTHCARE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30,
2021
December 31, 2020
ASSETS(Unaudited)(Unaudited)
Real estate investments, at cost:
Land$206,463 $212,651 
Buildings, fixtures and improvements2,145,217 2,133,057 
Construction in progress1,417  
Acquired intangible assets291,471 276,015 
Total real estate investments, at cost2,644,568 2,621,723 
Less: accumulated depreciation and amortization(555,107)(512,775)
Total real estate investments, net2,089,461 2,108,948 
Assets held for sale 90 
Cash and cash equivalents29,784 72,357 
Restricted cash26,081 17,989 
Derivative assets, at fair value65 13 
Straight-line rent receivable, net23,994 23,322 
Operating lease right-of-use assets13,790 13,912 
Prepaid expenses and other assets (including $1,152 and $1,278 due from related parties as of September 30, 2021 and December 31, 2020, respectively)
30,411 34,932 
Deferred costs, net14,987 15,332 
Total assets$2,228,573 $2,286,895 
LIABILITIES AND EQUITY  
Mortgage notes payable, net$542,575 $542,698 
Credit facilities, net626,423 674,551 
Market lease intangible liabilities, net10,729 10,803 
Derivative liabilities, at fair value21,829 38,389 
Accounts payable and accrued expenses (including $317 and $299 due to related parties as of September 30, 2021 and December 31, 2020)
41,702 42,271 
Operating lease liabilities9,054 9,155 
Deferred rent6,415 6,914 
Distributions payable1,879 742 
Total liabilities1,260,606 1,325,523 
Stockholders’ Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,740,000 and 2,210,000 authorized as of September 30, 2021 and December 31, 2020, respectively; 3,977,144 issued and outstanding as of September 30, 2021 and 1,610,000 issued and outstanding as of December 31, 2020
40 16 
Common stock, $0.01 par value, 300,000,000 shares authorized, 99,281,753 shares (including 1,434,440 shares paid as a stock dividend on October 15, 2021) and 95,040,783 shares (including 1,265,037 shares paid as a stock dividend on January 15, 2021) issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
978 938 
Additional paid-in capital2,222,023 2,104,261 
Accumulated other comprehensive loss(22,478)(39,673)
Distributions in excess of accumulated earnings(1,239,361)(1,108,557)
Total stockholders’ equity961,202 956,985 
Non-controlling interests6,765 4,387 
Total equity967,967 961,372 
Total liabilities and equity$2,228,573 $2,286,895 

The accompanying notes are an integral part of these consolidated financial statements.
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HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data)
(Unaudited)


 Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenue from tenants$82,006 $95,835 $246,602 $290,734 
Operating expenses:   
Property operating and maintenance51,218 61,678 152,133 183,189 
Impairment charges26,642 1,011 33,601 32,842 
Operating fees to related parties6,045 5,984 17,851 17,969 
Acquisition and transaction related2,198 175 2,453 680 
General and administrative4,723 3,162 13,318 14,622 
Depreciation and amortization19,786 20,211 59,390 60,589 
Total expenses
110,612 92,221 278,746 309,891 
Operating income (loss) before gain on sale of real estate investments(28,606)3,614 (32,144)(19,157)
Gains on sale of real estate investments  2,284 2,306 
Operating income (loss)(28,606)3,614 (29,860)(16,851)
Other income (expense):
Interest expense(11,775)(12,840)(36,016)(38,677)
Interest and other income
4 2 60 43 
Loss on non-designated derivatives(33)(69)(32)(45)
Total other expenses
(11,804)(12,907)(35,988)(38,679)
Loss before income taxes(40,410)(9,293)(65,848)(55,530)
Income tax expense(55)(78)(162)(78)
Net loss(40,465)(9,371)(66,010)(55,608)
Net loss (income) attributable to non-controlling interests331 (397)229 (223)
Allocation for preferred stock(1,834)(732)(4,402)(2,224)
Net loss attributable to common stockholders(41,968)(10,500)(70,183)(58,055)
Other comprehensive income (loss):
   Unrealized gain (loss) on designated derivatives3,139 2,845 17,190 (36,775)
Comprehensive loss attributable to common stockholders$(38,829)$(7,655)$(52,993)$(94,830)
Weighted-average shares outstanding — Basic and Diluted (1)
99,097,121 99,026,440 99,068,356 98,799,334 
Net loss per common share attributable to common stockholders — Basic and Diluted (1)
$(0.42)$(0.11)$(0.71)$(0.59)
_____
(1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)


Nine Months Ended September 30, 2021
Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20201,610,000 16 93,775,746 $938 $2,104,261 $(39,673)$(1,108,557)$956,985 $4,387 $961,372 
Issuance of Preferred Stock, net
2,367,144 24 — — 56,265 — — 56,289 — 56,289 
Share-based compensation, net
— — — — 996 — — 996 — 996 
Distributions declared in common stock, $0.63 per share
— — 4,071,567 40 60,581 — (60,621) —  
Distributions declared on preferred stock, $1.38 per share
— — — — — — (4,402)(4,402)— (4,402)
Distributions to non-controlling interest holders
— — — — — — — — (46)(46)
Issuance of Preferred OP Units— — — — — — — — 2,578 2,578 
Net loss
— — — — — — (65,781)(65,781)(229)(66,010)
Unrealized gain on designated derivatives— — — — — 17,190 — 17,190 — 17,190 
Rebalancing of ownership percentage
— — — — (80)5 — (75)75  
Balance, September 30, 20213,977,144 $40 97,847,313 $978 $2,222,023 $(22,478)$(1,239,361)$961,202 $6,765 $967,967 

Three Months Ended September 30, 2021
Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, June 30, 20213,962,144 40 96,434,080 $964 $2,201,383 $(25,621)$(1,176,900)$999,866 $4,351 $1,004,217 
Issuance of Preferred Stock, net
15,000  — — 45 — — 45 — 45 
Share-based compensation, net
— — — — 334 — — 334 — 334 
Distributions declared in common stock, $0.21 per share
— — 1,413,233 14 20,479 — (20,493) —  
Distributions declared on preferred stock, $0.46 per share
— — — — — — (1,834)(1,834)— (1,834)
Distributions to non-controlling interest holders
— — — — — — — — (46)(46)
Issuance of Preferred OP Units— — — — — — — — 2,578 2,578 
Net loss
— — — — — — (40,134)(40,134)(331)(40,465)
Unrealized gain on designated derivatives— — — — — 3,138 — 3,138 — 3,138 
Rebalancing of ownership percentage
— — — — (218)5 — (213)213  
Balance, September 30, 20213,977,144 $40 97,847,313 $978 $2,222,023 $(22,478)$(1,239,361)$961,202 $6,765 $967,967 
______

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)


Nine Months Ended September 30, 2020
Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par ValueNumber of
Shares
Par ValueAdditional
Paid-in
Capital
Distributions in Excess of Accumulated EarningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20191,610,000 $16 92,356,664 $923 $2,078,628 $(7,043)$(971,190)$1,101,334 $5,410 $1,106,744 
Issuance of Preferred Stock, net— — — — (191)— — (191)— (191)
Common stock issued through distribution reinvestment plan— — 875,896 9 14,595 — — 14,604 — 14,604 
Common stock repurchases— — (705,101)(7)(10,539)— — (10,546)— (10,546)
Share-based compensation, net— — — — 1,011 — — 1,011 — 1,011 
Distributions declared in cash on common stock, $0.42 per share
— — — — — — (39,269)(39,269)— (39,269)
Distributions declared on preferred stock, $1.38 per share
— — — — — — (2,224)(2,224)— (2,224)
Distributions to non-controlling interest holders— — — — — — — — (201)(201)
Net loss— — — — — — (55,831)(55,831)223 (55,608)
Unrealized loss on designated derivatives— — — — — (37,336)— (37,336)— (37,336)
Rebalancing of ownership percentage— — — — 321 561 — 882 (882) 
Balance, September 30, 20201,610,000 $16 92,527,459 $925 $2,083,825 $(43,818)$(1,068,514)$972,434 $4,550 $976,984 
Three Months Ended September 30, 2020
Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in Excess of Accumulated EarningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, June 30, 20201,610,000 $16 92,398,190 $924 $2,081,074 $(46,489)$(1,058,014)$977,511 $4,795 $982,306 
Issuance of Preferred Stock, net— — — — 175 — — 175 — 175 
Common stock issued through distribution reinvestment plan
— — 129,269 1 2,014 — — 2,015 — 2,015 
Share-based compensation, net
— — — — 335 — — 335 — 335 
Distributions declared on preferred stock, $0.46 per share
— — — — — — (732)(732)— (732)
Distributions to non-controlling interest holders
— — — — — — — — (28)(28)
Net loss— — — — — — (9,768)(9,768)397 (9,371)
Unrealized loss on designated derivatives— — — — — 2,284 — 2,284 — 2,284 
Rebalancing of ownership percentage— — — — 227 387 — 614 (614) 
Balance, September 30, 20201,610,000 $16 92,527,459 $925 $2,083,825 $(43,818)$(1,068,514)$972,434 $4,550 $976,984 
______

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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HEALTHCARE TRUST, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20212020
Cash flows from operating activities: 
Net loss$(66,010)$(55,608)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization59,390 60,589 
Amortization of deferred financing costs3,221 3,255 
Amortization of terminated swap 634 633 
Amortization of mortgage premiums and discounts, net42 45 
Accretion of market lease and other intangibles, net(100)(111)
Bad debt expense655 2,365 
Equity-based compensation996 1,011 
Gain on sale of real estate investments, net(2,284)(2,306)
Loss on non-designated derivative instruments32 45 
Impairment charges33,601 32,842 
Changes in assets and liabilities:
Straight-line rent receivable(669)(2,289)
Prepaid expenses and other assets(165)(3,117)
Accounts payable, accrued expenses and other liabilities(2,840)6,343 
Deferred rent(499)(1,914)
Net cash provided by operating activities26,004 41,783 
Cash flows from investing activities:
Property acquisitions and development costs(146,146)(90,985)
Capital expenditures and other assets acquired(11,501)(17,629)
Deposits for real estate investments (1,480)
Proceeds from sales of real estate investments94,461 8,294 
Net cash used in investing activities(63,186)(101,800)
Cash flows from financing activities:
Payments on credit facilities(174,074) 
Proceeds from credit facilities125,000 95,000 
Payments on mortgage notes payable(942)(672)
Payments for derivative instruments(85)(34)
Payments of deferred financing costs(173)(2,461)
Proceeds from sale of preferred stock, net56,901  
Preferred stock issuance costs(615)(366)
Common stock repurchases (10,539)
Distributions paid on common stock  (31,354)
Dividends paid on preferred stock (3,311)(1,657)
Distributions to non-controlling interest holders (201)
Net cash provided by financing activities2,701 47,716 
Net change in cash, cash equivalents and restricted cash(34,481)(12,301)
Cash, cash equivalents and restricted cash, beginning of period90,346 111,599 
Cash, cash equivalents and restricted cash, end of period$55,865 $99,298 
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HEALTHCARE TRUST, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20212020
Cash, cash equivalents, end of period$29,784 $82,233 
Restricted cash, end of period26,081 17,065 
Cash, cash equivalents and restricted cash, end of period$55,865 $99,298 
Supplemental disclosures of cash flow information:
Cash paid for interest$32,490 $34,173 
Cash paid for income taxes311 315 
Non-cash investing and financing activities:
Common stock issued through stock dividends$60,621 $ 
Common stock issued through distribution reinvestment plan
$ $