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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 June 30, 2022
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-20220630_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
Former name, former address and former fiscal year, if changed since last report: Not Applicable
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
7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareHTIBPThe 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 August 8, 2022, the registrant had 103,610,154 shares of common stock outstanding.
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HEALTHCARE TRUST, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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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)
June 30,
2022
December 31, 2021
ASSETS(Unaudited)(Unaudited)
Real estate investments, at cost:
Land$207,055 $206,392 
Buildings, fixtures and improvements2,090,869 2,117,896 
Acquired intangible assets290,921 288,372 
Total real estate investments, at cost2,588,845 2,612,660 
Less: accumulated depreciation and amortization(580,371)(562,733)
Total real estate investments, net2,008,474 2,049,927 
Cash and cash equivalents42,664 59,738 
Restricted cash26,828 25,644 
Derivative assets, at fair value23,668 174 
Straight-line rent receivable, net24,906 23,858 
Operating lease right-of-use assets7,864 7,914 
Prepaid expenses and other assets (including $73 and $929 due from related parties as of June 30, 2022 and December 31, 2021, respectively)
29,630 32,564 
Deferred costs, net14,312 14,581 
Total assets$2,178,346 $2,214,400 
LIABILITIES AND EQUITY  
Mortgage notes payable, net$578,606 $584,239 
Credit facilities, net501,624 502,051 
Market lease intangible liabilities, net10,155 10,943 
Derivative liabilities, at fair value 13,903 
Accounts payable and accrued expenses (including $33 and $47 due to related parties as of June 30, 2022 and December 31, 2021)
40,075 42,709 
Operating lease liabilities8,109 8,130 
Deferred rent6,818 8,619 
Distributions payable3,496 3,406 
Total liabilities1,148,883 1,174,000 
Stockholders’ Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,740,000 authorized; 3,977,144 issued and outstanding as of June 30, 2022 and December 31, 2021
40 40 
7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 3,680,000 authorized; 3,630,000 issued and outstanding as of June 30, 2022 and December 31, 2021
36 36 
Common stock, $0.01 par value, 300,000,000 shares authorized, 102,164,671 shares and 99,281,754 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
1,022 993 
Additional paid-in capital2,372,889 2,329,839 
Accumulated other comprehensive income (loss)22,095 (14,341)
Distributions in excess of accumulated earnings(1,373,296)(1,282,871)
Total stockholders’ equity1,022,786 1,033,696 
Non-controlling interests6,677 6,704 
Total equity1,029,463 1,040,400 
Total liabilities and equity$2,178,346 $2,214,400 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
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 June 30,Six Months Ended June 30,
2022202120222021
Revenue from tenants$83,826 $81,160 $167,476 $164,596 
Operating expenses:   
Property operating and maintenance52,592 51,560 105,682 100,915 
Impairment charges6,193 6,081 16,837 6,959 
Operating fees to related parties6,352 5,923 12,670 11,806 
Acquisition and transaction related375 123 954 255 
General and administrative3,999 2,543 8,898 8,595 
Depreciation and amortization20,251 19,502 40,671 39,604 
Total expenses
89,762 85,732 185,712 168,134 
Operating income (loss) before gain on sale of real estate investments(5,936)(4,572)(18,236)(3,538)
Gain/(loss) on sale of real estate investments 2,456 (303)2,284 
Operating income (loss)(5,936)(2,116)(18,539)(1,254)
Other income (expense):
Interest expense(12,050)(11,919)(23,814)(24,241)
Interest and other income
2 4 14 56 
Gains (losses) on non-designated derivatives392 (13)1,386 1 
Total other expenses
(11,656)(11,928)(22,414)(24,184)
Loss before income taxes(17,592)(14,044)(40,953)(25,438)
Income tax expense(43)(59)(82)(107)
Net loss(17,635)(14,103)(41,035)(25,545)
Net loss (income) attributable to non-controlling interests29 (56)78 (102)
Allocation for preferred stock(3,449)(1,826)(6,899)(2,568)
Net loss attributable to common stockholders(21,055)(15,985)(47,856)(28,215)
Other comprehensive income (loss):
   Unrealized gain (loss) on designated derivatives10,170 (1,795)36,436 14,051 
Comprehensive (loss) income attributable to common stockholders$(10,885)$(17,780)$(11,420)$(14,164)
Weighted-average shares outstanding — Basic and Diluted (1)
103,445,973 103,374,896 103,445,973 103,374,896 
Net loss per common share attributable to common stockholders — Basic and Diluted (1)
$(0.20)$(0.15)$(0.46)$(0.27)
_____
(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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HEALTHCARE TRUST, INC. AND SUBSIDIARIES

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


Six Months Ended June 30, 2022
Series A Preferred StockSeries B Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par Value
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, 20213,977,144 40 3,630,000 $36 99,281,754 $993 $2,329,839 $(14,341)$(1,282,871)$1,033,696 $6,704 $1,040,400 
Issuance of Preferred Stock, net— — — — — — (11)— — (11)— (11)
Share-based compensation, net— — — — — — 664 — — 664 — 664 
Distributions declared in common stock, $0.42 per share
— — — — 2,882,917 29 42,540 — (42,569) —  
Distributions declared on Series A Preferred Stock, $0.92 per share
— — — — — — — — (3,666)(3,666)— (3,666)
Distributions declared on Series B Preferred Stock, $0.90 per share
— — — — — — — — (3,233)(3,233)— (3,233)
Distributions to non-controlling interest holders— — — — — — — — — — (92)(92)
Net loss— — — — — — — — (40,957)(40,957)(78)(41,035)
Unrealized gain on designated derivatives— — — — — — — 36,436 — 36,436 — 36,436 
Rebalancing of ownership percentage— — — — — — (143)— — (143)143  
Balance, June 30, 20223,977,144 $40 3,630,000 $36 102,164,671 $1,022 $2,372,889 $22,095 $(1,373,296)$1,022,786 $6,677 $1,029,463 




Three Months Ended June 30, 2022
Series A Preferred StockSeries B Preferred StockCommon StockAccumulated Other Comprehensive Loss
Number of
Shares
Par Value
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, March 31, 20223,977,144 40 3,630,000 $36 100,737,224 $1,007 $2,350,902 $11,925 $(1,330,730)$1,033,180 $6,914 $1,040,094 
Issuance of Preferred Stock, net— — — — — — 43 — — 43 — 43 
Share-based compensation, net— — — — — — 332 — — 332 — 332 
Distributions declared in common stock, $0.21 per share
— — — — 1,427,447 15 21,450 — (21,465) —  
Distributions declared on Series A Preferred Stock, $0.46 per share
— — — — — — — — (1,789)(1,789)— (1,789)
Distributions declared on Series B Preferred Stock, $0.45 per share
— — — — — — — — (1,706)(1,706)— (1,706)
Distributions to non-controlling interest holders— — — — — — — — — — (46)(46)
Net loss— — — — — — — — (17,606)(17,606)(29)(17,635)
Unrealized gain on designated derivatives— — — — — — — 10,170 — 10,170 — 10,170 
Rebalancing of ownership percentage— — — — — — 162 — — 162 (162) 
Balance, June 30, 20223,977,144 $40 3,630,000 $36 102,164,671 $1,022 $2,372,889 $22,095 $(1,373,296)$1,022,786 $6,677 $1,029,463 

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)


Six Months Ended June 30, 2021
Series A 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, 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, net2,352,144 24 — — 56,220 — — 56,244 — 56,244 
Share-based compensation, net— — — — 662 — — 662 — 662 
Distributions declared in common stock, $0.42 per share
— — 2,658,334 26 40,102 — (40,128) —  
Distributions declared on preferred stock, $0.92 per share
— — — — — — (2,568)(2,568)— (2,568)
Unrealized loss on designated derivatives— — — — — 14,052 — 14,052 — 14,052 
Net loss— — — — — — (25,647)(25,647)102 (25,545)
Rebalancing of ownership percentage— — — — 138  — 138 (138) 
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 



Three Months Ended June 30, 2021
Series A 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, March 31, 20211,610,000 $16 95,040,782 $950 $2,124,510 $(23,827)$(1,140,713)$960,936 $4,428 $965,364 
Issuance of Preferred Stock, net2,352,144 24 — — 56,220 — — 56,244 — 56,244 
Share-based compensation, net
— — — — 330 — — 330 — 330 
Distributions declared in common stock, $0.21 per share
— — 1,393,298 14 20,188 — (20,202) —  
Distributions declared on preferred stock, $0.46 per share
— — — — — — (1,826)(1,826)— (1,826)
Unrealized loss on designated derivatives— — — — — (1,792)— (1,792)— (1,792)
Net loss— — — — — — (14,159)(14,159)56 (14,103)
Rebalancing of ownership percentage— — — — 135 (2)— 133 (133) 
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 


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)
Six Months Ended June 30,
20222021
Cash flows from operating activities: 
Net loss$(41,035)$(25,545)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization40,671 39,604 
Amortization of deferred financing costs2,333 2,143 
Amortization of terminated swap 423 423 
Amortization of mortgage premiums and discounts, net5 28 
Accretion of market lease and other intangibles, net(245)(39)
Bad debt expense865 233 
Equity-based compensation664 662 
Losses (gains) on sale of real estate investments, net303 (2,284)
Gains on non-designated derivative instruments(1,386)(1)
Impairment charges16,837 6,959 
Changes in assets and liabilities:
Straight-line rent receivable(1,053)(512)
Prepaid expenses and other assets1,892 2,477 
Accounts payable, accrued expenses and other liabilities(4,736)(5,378)
Deferred rent(1,801)(1,167)
Net cash provided by operating activities13,737 17,603 
Cash flows from investing activities:
Property acquisitions and development costs(17,799)(44,249)
Capital expenditures and other assets acquired(9,075)(7,155)
Proceeds from sales of real estate investments11,759 94,461 
Net cash (used in) provided by investing activities(15,115)43,057 
Cash flows from financing activities:
Payments on credit facilities (173,674)
Proceeds from credit facilities 40,000 
Payments on mortgage notes payable(7,199)(621)
Payments for derivative instruments(39)(85)
Payments of deferred financing costs(277)(50)
Proceeds from sale of preferred stock, net 56,244 
Preferred stock issuance costs(6)(176)
Dividends paid on Series A Preferred stock (3,666)(1,484)
Dividends paid on Series B Preferred stock(3,233) 
Distributions to non-controlling interest holders(92) 
Net cash used in financing activities(14,512)(79,846)
Net change in cash, cash equivalents and restricted cash(15,890)(19,186)
Cash, cash equivalents and restricted cash, beginning of period85,382 90,346 
Cash, cash equivalents and restricted cash, end of period$69,492 $71,160 
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Table of Contents
HEALTHCARE TRUST, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
20222021
Cash, cash equivalents, end of period$42,664 $