EX-99.2 3 supplementalinfo2023q3.htm EX-99.2 Document


                Exhibit 99.2
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CHCT
LISTED
NYSE
                
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SUPPLEMENTAL INFORMATION
Q3 2023

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Community Healthcare Trust3Q 2023 | Supplemental Information

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ABOUT US
CHCT is a self-managed healthcare real estate investment trust (“REIT”) that owns a diverse portfolio of properties including medical office buildings, acute inpatient behavioral facilities, inpatient rehabilitation facilities, physician clinics, specialty centers, behavioral specialty facilities, and surgical centers and hospitals across the United States, primarily outside of urban centers. As a result of favorable demographic trends, increases in healthcare spending, and the shift in the delivery of healthcare services to community-based facilities, we believe our properties are essential for healthcare providers to serve their local markets. 




TABLE OF CONTENTS



Community Healthcare Trust3Q 2023 | Supplemental Information

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COMPANY SNAPSHOT
                                                        
September 30, 2023
Gross real estate investments (in thousands) (1)
$1,049,025 
Total properties191 
% Leased91.0 %
Total square feet owned4,202,547 
Weighted Average remaining lease term (years)7.1
Cash and cash equivalents and restricted cash (in thousands)$4,933 
Debt to Total Capitalization35.9 %
Weighted average interest rate per annum on Revolving Line of Credit7.1 %
Weighted average interest rate per annum on Term Loans4.3 %
Equity market cap (in millions)$809.8 
Quarterly dividend paid in the period (per share)$0.4525 
Quarter end stock price (per share)$29.70 
Dividend yield6.09 %
Common shares outstanding27,264,661 
___________
(1) Includes a portion of one property accounted for as a sales-type lease and one property classified as held for sale.

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Community Healthcare Trust
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CORPORATE INFORMATION
Community Healthcare Trust Incorporated
3326 Aspen Grove Drive, Suite 150
Franklin, TN 37067
Phone: 615-771-3052
E-mail: Investorrelations@chct.reit
Website: www.chct.reit
BOARD OF DIRECTORS
Alan GardnerRobert HensleyClaire GulmiR. Lawrence Van HornCathrine CotmanDavid Dupuy
Chairman of the
Board
Audit Committee
Chair
Compensation Committee
Chair
ESG Committee
Chair
Board
member
Board
member
EXECUTIVE MANAGEMENT TEAM
David H. DupuyWilliam G. Monroe IVLeigh Ann StachTimothy L. Meyer
Chief Executive Officer
and President
Executive Vice President
Chief Financial Officer
Executive Vice President
Chief Accounting Officer
Executive Vice President
Asset Management
COVERING ANALYSTS
A. Goldfarb - Piper SandlerM. Lewis - Truist Securities
S. Sakwa - Evercore ISIR. Stevenson - Janney Capital Markets
W. Golladay - BairdD. Toti - Colliers International Securities
PROFESSIONAL SERVICES
Independent Registered Public Accounting Firm Transfer Agent
BDO USA, P.C.Equiniti Trust Company, LLC
501 Commerce Street, Suite 1400Operations Center
Nashville, TN 37203
6201 15th Avenue
Brooklyn, NY 11219
1-800-937-5449


Community Healthcare Trust
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FINANCIAL HIGHLIGHTS
Three Months Ended
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited and in thousands, except per share data)
STATEMENTS OF OPERATIONS ITEMS
Revenues$28,735 $27,810 $27,176 $25,342 $24,807 
Net income (loss) (1)(2)(3)
$3,492 $6,577 $(6,922)$5,238 $5,673 
NOI$23,279 $23,024 $22,303 $21,186 $20,480 
EBITDAre
$19,664 $19,986 $6,123 $17,040 $16,725 
Adjusted EBITDAre
$21,562 $20,972 $20,469 $19,685 $19,189 
FFO (2)
$14,969 $15,870 $2,166 $13,620 $13,751 
AFFO$16,423 $16,037 $15,595 $15,411 $15,362 
Per Diluted Share:
Net income (loss) attributable to common shareholders $0.11 $0.24 $(0.32)$0.19 $0.21 
FFO$0.58 $0.62 $0.09 $0.56 $0.57 
AFFO$0.63 $0.63 $0.62 $0.63 $0.63 
___________
(1) Net loss for the first quarter of 2023 included accelerated amortization of deferred compensation of approximately $11.8 million, or $0.47 per diluted common share and $0.46 FFO per diluted share, recognized upon passing of our former CEO and President.
(2) Net income for the second quarter of 2023 includes a $0.7 million net casualty gain recognized from insurance proceeds received related to one property that was vandalized, increasing FFO by $0.03 per diluted share.
(3) Net income for the third quarter of 2023 included accelerated amortization of lease intangibles on the two GenesisCare properties where the leases have been rejected of approximately $1.5 million, or $0.06 per diluted common share.
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FINANCIAL HIGHLIGHTS (Continued)
As of
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited and dollars in thousands)
BALANCE SHEET ITEMS
ASSETS
Total real estate properties$1,044,893 $986,948 $971,026 $943,167 $886,958 
Total assets$955,126 $900,466 $886,294 $876,425 $811,929 
CAPITALIZATION
Net debt$401,192 $368,127 $365,061 $352,997 $310,781 
Total capitalization$1,116,448 $1,055,221 $1,033,922 $1,015,152 $946,307 
Net debt/total capitalization35.9 %34.9 %35.3 %34.8 %32.8 %
Market valuation$809,760 $876,392 $961,617 $927,129 $828,547 
Enterprise value$1,206,019 $1,240,843 $1,322,053 $1,268,058 $1,135,990 
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CONSOLIDATED BALANCE SHEETS
As of
3Q 20232Q 20231Q 20234Q 20223Q 2022
ASSETS
(Unaudited; Dollars and shares in thousands, except per share data)
Real estate properties
Land and land improvements
$135,809 $127,433 $122,702 $117,657 $103,413 
Buildings, improvements, and lease intangibles
908,788 859,231 848,060 825,257 783,308 
Personal property
296 284 264 253 237 
Total real estate properties
1,044,893 986,948 971,026 943,167 886,958 
Less accumulated depreciation
(192,962)(181,769)(174,346)(165,341)(157,040)
Total real estate properties, net
851,931 805,179 796,680 777,826 729,918 
Cash and cash equivalents
3,885 2,627 3,666 11,233 2,656 
Restricted cash
1,048 1,049 959 835 682 
Other assets, net
98,262 91,611 84,989 86,531 78,673 
Total assets
$955,126 $900,466 $886,294 $876,425 $811,929 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Debt, net
$401,192 $368,127 $365,061 $352,997 $310,781 
Accounts payable and accrued liabilities
15,446 10,605 10,478 11,377 8,143 
Other liabilities, net
16,194 16,409 16,240 15,237 14,519 
Total liabilities
432,832 395,141 391,779 379,611 333,443 
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value; 50,000 shares authorized
— — — — — 
Common stock, $0.01 par value; 450,000 shares authorized
273 265 263 259 253 
Additional paid-in capital
676,716 657,057 648,384 625,136 601,968 
Cumulative net income
84,289 80,797 74,220 81,142 75,904 
Accumulated other comprehensive gain
29,038 23,085 15,684 22,667 21,468 
Cumulative dividends
(268,022)(255,879)(244,036)(232,390)(221,107)
Total stockholders’ equity
522,294 505,325 494,515 496,814 478,486 
Total liabilities and stockholders' equity
$955,126 $900,466 $886,294 $876,425 $811,929 
Community Healthcare Trust
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CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited; Dollars and shares in thousands, except per share data)
REVENUES
Rental income
$27,690 $26,764 $26,128 $24,383 $23,919 
Other operating interest
1,045 1,046 1,048 959 888 
28,735 27,810 27,176 25,342 24,807 
EXPENSES
Property operating
5,456 4,786 4,873 4,156 4,327 
        General and administrative (1) (2)
3,618 3,787 16,205 4,149 3,762 
Depreciation and amortization
11,208 9,219 9,018 8,317 8,003 
20,282 17,792 30,096 16,622 16,092 
INCOME BEFORE INCOME TAXES AND OTHER ITEMS
8,453 10,018 (2,920)8,720 8,715 
Impairment of real estate asset
(102)— — — — 
Interest expense
(4,641)(4,140)(3,992)(3,464)(3,028)
Deferred income tax expense
(221)(50)(35)(21)(21)
Interest and other income
749 25 
NET INCOME (LOSS)
$3,492 $6,577 $(6,922)$5,238 $5,673 
NET INCOME (LOSS) PER COMMON SHARE
NET INCOME (LOSS) PER DILUTED COMMON SHARE
$0.11 $0.24 $(0.32)$0.19 $0.21 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
25,514 25,065 24,227 23,787 23,587 
DIVIDENDS DECLARED, PER COMMON SHARE, IN THE PERIOD
$0.4525 $0.4500 $0.4475 $0.4450 $0.4425 
                                      
(1) GENERAL AND ADMINISTRATIVE EXPENSES:
Non-cash vs. Cash:
     Non-cash (stock-based compensation)
52.5 %44.7 %57.8 %63.8 %65.5 %
     Cash
47.5 %55.3 %42.2 %36.2 %34.5 %
As a % of Revenue:
     Non-cash (stock-based compensation)
6.6 %5.9 %9.3 %10.4 %9.9 %
     Cash
6.0 %7.3 %6.8 %5.9 %5.2 %
(2) General and administrative expenses for the three months ended March 31, 2023 includes the accelerated amortization of stock-based compensation totaling $11.8 million recognized upon the passing of our former CEO and President but the accelerated amortization is not included in the calculations above in footnote (1).

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RECONCILIATION OF NON-GAAP MEASURES
FUNDS FROM OPERATIONS (FFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
Three Months Ended
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited; Dollars and shares in thousands, except per share data)
NET INCOME (LOSS)$3,492 $6,577 $(6,922)$5,238 $5,673 
Real estate depreciation and amortization11,375 9,293 9,088 8,382 8,078 
Impairment of real estate asset102 — — — — 
Total adjustments
11,477 9,293 9,088 8,382 8,078 
FFO (1)14,969 15,870 2,166 13,620 13,751 
Straight-line rent(444)(819)(917)(854)(853)
Stock-based compensation1,898 1,692 2,547 2,645 2,464 
Accelerated amortization of stock-based compensation— — 11,799 — — 
Net gain from insurance recovery on casualty loss— (706)— — — 
AFFO$16,423 $16,037 $15,595 $15,411 $15,362 
FFO PER COMMON SHARE (1)$0.58 $0.62 $0.09 $0.56 $0.57 
AFFO PER COMMON SHARE$0.63 $0.63 $0.62 $0.63 $0.63 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING26,025 25,650 25,298 24,471 24,312 
________________
(1) FFO for the second quarter of 2023 includes a $0.7 million net casualty gain from insurance proceeds received related to one property that was vandalized. The net gain increased FFO by $0.03 per diluted share for the three months ended June 30, 2023.
AFFO, ADJUSTED FOR ACQUISITIONS (1)
AFFO$16,423 $16,037 $15,595 $15,411 $15,362 
Revenue on Properties Acquired in the period (2)757 308 383 1,116 308 
Property operating expense adjustment (2)(149)(71)(104)(308)(4)
Interest expense adjustment (3)(165)(68)(65)(232)(58)
AFFO, ADJUSTED FOR ACQUISITIONS$16,866 $16,206 $15,809 $15,987 $15,608 
                                   
(1) AFFO is adjusted to reflect acquisitions as if they had occurred on the first day of the applicable period.
(2) Revenue and expense adjustments are calculated based on expected returns and leases in place at acquisition.
(3) Assumes that acquisitions were 40% funded with debt and the remainder funded with equity. The interest expense adjustment was calculated using the weighted average interest rate on the Company's revolving credit facility for the period.
AMORTIZATION OF STOCK-BASED COMPENSATION (1)
Amortization Required by GAAP (2)$1,898 $1,692 $2,547 $2,675 $2,464 
Amortization Based on Legal Vesting Periods1,540 1,430 1,830 1,845 1,822 
Acceleration of Amortization$358 $262 $717 $830 $642 
                                   
(1) Excludes the accelerated amortization totaling $11.8 million recognized in the first quarter of 2023 upon the passing of our former CEO and President.
(2) GAAP requires that deferred compensation be amortized over the earlier of the vesting or retirement eligibility date.
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RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
NET OPERATING INCOME (NOI)
Three Months Ended
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited; Dollars and shares in thousands, except per share data)
NET OPERATING INCOME
Net income (loss)$3,492 $6,577 $(6,922)$5,238 $5,673 
General and administrative3,618 3,787 4,406 4,149 3,762 
Accelerated amortization of stock-based compensation— — 11,799 — — 
Depreciation and amortization11,208 9,219 9,018 8,317 8,003 
Impairment of real estate asset102 — — — — 
Interest expense4,641 4,140 3,992 3,464 3,028 
Deferred Income tax expense (benefit)221 50 35 21 21 
Interest and other income, net(3)(749)(25)(3)(7)
NOI$23,279 $23,024 $22,303 $21,186 $20,480 
EBITDAre and ADJUSTED EBITDAre
EBITDAre
Net income (loss)$3,492 $6,577 $(6,922)$5,238 $5,673 
Interest expense4,641 4,140 3,992 3,464 3,028 
Depreciation and amortization11,208 9,219 9,018 8,317 8,003 
Deferred Income tax expense221 50 35 21 21 
Gain on sale of depreciable real estate102 — — — — 
EBITDAre
$19,664 $19,986 $6,123 $17,040 $16,725 
Non-cash stock-based compensation expense1,898 1,692 2,547 2,645 2,464 
Accelerated amortization of stock-based compensation— — 11,799 — — 
Net gain from insurance recovery on casualty loss— (706)— — — 
ADJUSTED EBITDAre
$21,562 $20,972 $20,469 $19,685 $19,189 
ADJUSTED EBITDAre ANNUALIZED (1)
$86,248 

(1)
Adjusted EBITDAre multiplied by 4. This annualized amount may differ significantly from the actual full year results.



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WEIGHTED AVERAGE SHARES
Three Months Ended
3Q 20232Q 20231Q 20234Q 20223Q 2022
(Unaudited; Dollars and shares in thousands, except per share data)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding26,823 26,358 26,043 25,498 25,221 
Unvested restricted shares
(1,309)(1,293)(1,816)(1,711)(1,634)
Weighted average common shares outstanding - EPS
25,514 25,065 24,227 23,787 23,587 
Weighted average common shares outstanding - FFO Basic
25,514 25,065 24,227 23,787 23,587 
Dilutive potential common shares (from below) 511 585 1,071 684 725 
Weighted average common shares outstanding - FFO Diluted26,025 25,650 25,298 24,471 24,312 
TREASURY SHARE CALCULATION
Unrecognized deferred compensation-end of period$28,814 $24,780 $24,465 $33,652 $36,364 
Unrecognized deferred compensation-beginning of period$24,780 $24,465 $33,652 $36,364 $30,886 
Average unrecognized deferred compensation$26,797 $24,623 $29,059 $35,008 $33,625 
Average share price per share$33.56 $34.78 $39.01 $34.06 $36.97 
Treasury shares798 708 745 1,027 909 
Unvested restricted shares(1,309)(1,293)(1,816)(1,711)(1,634)
Treasury shares798 708 745 1,027 909 
Dilutive potential common shares511 585 1,071 684 725 


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EXECUTIVE COMPENSATION
Performance Based Incentive Compensation
Name and PositionYearTotal
Compensation
Salary
Taken In
Stock (1)
Other (2)Bonus
Stock (1)
Alignment
of Interest
Stock (3)
1-Year Total
Shareholder
 Return
 Stock
3-Year Total
Shareholder
 Return
 Stock
5-Year Total Shareholder Return
 Stock
Total
Performance
Based
Incentive
Compensation
Percent
of Total
Timothy G. Wallace (4)2022$4,540,328 $794,200 $12,425 $913,330 $1,710,257 $— $222,023 $888,093 $3,733,703 82.2 %
Former Chief Executive Officer and President2021$4,788,861 $750,000 $11,650 $862,500 $1,621,703 $— $771,504 $771,504 $4,027,211 84.1 %
2020$3,737,563 $645,000 $13,382 $548,250 $1,402,181 $483,750 $645,000 $— $3,079,181 82.4 %
David H. Dupuy (5)2022$2,785,183 $487,200 $7,487 $560,280 $1,049,216 $— $136,192 $544,808 $2,290,496 82.2 %
Chief Executive Officer, President and
Former Chief Financial Officer
2021$3,183,341 $460,000 $253,262 $529,000 $994,675 $— $473,202 $473,202 $2,470,079 77.6 %
2020$2,451,981 $392,000 $188,572 $333,200 $852,209 $294,000 $392,000 $— $1,871,409 76.3 %
Leigh Ann Stach2022$2,342,141 $410,500 $1,750 $472,075 $883,998 $— $114,764 $459,054 $1,929,891 82.4 %
Executive Vice President and
Chief Accounting Officer
2021$2,472,513 $387,600 $3,648 $445,740 $838,123 $— $398,701 $398,701 $2,081,265 84.2 %
2020$1,895,617 $326,800 $8,734 $277,780 $710,403 $245,100 $326,800 $— $1,560,083 82.3 %
Timothy L. Meyer (6)2022$1,785,445 $312,400 $4,311 $359,260 $672,777 $— $87,339 $349,358 $1,468,734 82.3 %
Executive Vice President -
Asset Management
2021$917,202 $280,000 $14,789 $165,000 $457,413 $— $— $— $622,413 67.9 %
(1) Each Executive Officer has elected to take 100% of their salary and cash bonus in deferred stock with an 8-year cliff vesting.
(2) Other includes employer contributions to the executive officer's health savings account (HSA) and 401(k); the value of the grant of 5,000 shares of restricted stock to Mr. Dupuy in each of the years 2020 and 2021, and the value of the grant of 260 shares of restricted stock to Mr. Meyer in 2021.
(3) Alignment of interest stock grants per the Alignment Interest Program which is part of the Company's Incentive Plan.
(4) Mr. Wallace, our former CEO and President, passed away on March 3, 2023.
(5) Mr. Dupuy was appointed as CEO effective March 6, 2023 and continued on as CFO until his successor was named on June 1, 2023.
(6) Mr. Meyer joined the Company on July 1, 2019 and was promoted to Executive Vice President on October 1, 2021.
CEO Pay Ratios
Former CEO and
President
Median
Employee
Average
Employee (1)
Lowest Paid
Employee (1)
Cash$— $123,900 $114,349 $63,500 
Compensation Taken in Stock4,527,903 68,500 295,291 — 
Other Compensation12,425 3,047 4,638 1,348 
Total Compensation$4,540,328 $195,447 $414,278 $64,848 
CEO to Employee Ratio23:111:170:1
___________
(1) Excludes part-time employees who worked less than 20 hours per week.
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DEBT SUMMARY
As of September 30, 2023
Principal
Balance
Stated
Rate
Hedged
Rate
(in thousands)
Revolving credit facility$48,000 7.05 %— 
Term loan A-375,000 4.29 %
Term loan A-4125,000 3.35 %
Term loan A-5150,000 5.11 %
Total Credit Facility398,000 
Secured mortgage loan4,853 4.98 %— 
Debt402,853 
Deferred Financing Costs, net(1,661)
Debt, net$401,192 

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Select CovenantsRequired3Q 2023
Leverage ratio≤ 60.0%37.1 %
Fixed charge coverage ratio≥ 1.50x4.7
Tangible net worth (in thousands)≥ $491,756$681,718
Secured indebtedness≤ 30.0%0.4 %
Minimum debt service coverage ratio≥ 2.05.3

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2023 PROPERTY ACQUISITIONS
PropertyMarketProperty
Type
Date
Acquired
% Leased at Acquisition
Purchase
 Price
(in thousands)
Square Feet
Emory HealthcareLaGrange, GAMOB01/18/23100.0 %$8,007 55,310 
Emory HealthcareWest Point, GAMOB01/18/23100.0 %811 5,600 
Hills & Dales Professional CenterCanton, OHMOB01/30/23100.0 %3,669 27,920 
Northeastern Eye InstituteScranton, PAMOB02/23/23100.0 %1,957 22,743 
Northeastern Eye InstituteScranton, PAMOB02/23/23100.0 %2,207 15,768 
Emory Southern OrthopedicsLaGrange, GAMOB03/06/23100.0 %6,469 31,473 
Emory Southern OrthopedicsLaGrange, GAMOB03/06/23100.0 %249 2,972 
LandLakeland, FLn/a04/03/23n/a838 — 
UPMC Hermitage RoadHermitage, PAMOB05/04/23100.0 %4,218 25,982 
JDH Professional BuildingSan Antonio, TXMOB05/22/23100.0 %2,772 12,376 
Clinton Towers MOBClinton, MDMOB06/21/2394.9 %7,850 37,344 
Eye Health of AmericaFt. Myers, FLMOB7/28/2023100.0 %10,646 43,322 
Eye Health of AmericaFt. Myers, FLMOB7/28/2023100.0 %582 3,200 
Eye Health of AmericaImmokalee, FLMOB7/28/2023100.0 %847 6,757 
Everest Rehabilitation HospitalEl Paso, TXIRF7/31/2023100.0 %23,500 37,992 
The Heart & Vascular CenterBeaver, PAMOB8/24/2023100.0 %3,330 15,878 
Westlake Medical OfficeWestlake, OHMOB8/25/2023100.0 %2,425 14,100 
Nesbitt PlaceNewcastle, PAMOB9/15/202398.3 %10,375 56,003 
99.6 %$90,752 414,740 
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PORTFOLIO DIVERSIFICATION
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Property Type Annualized Rent (%)
Medical Office Building (MOB)36.8 %
Inpatient Rehabilitation Facilities (IRF)18.4 %
Acute Inpatient Behavioral (AIB)13.8 %
Specialty Centers (SC)11.0 %
Physician Clinics (PC)8.3 %
Surgical Centers and Hospitals (SCH)5.1 %
Behavioral Specialty Facilities (BSF)5.0 %
Long-term Acute Care Hospitals (LTACH)1.6 %
Total100.0 %

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StateAnnualized
Rent (%)
Texas (TX)16.2 %
Ohio (OH)11.3 %
Illinois (IL)10.9 %
Florida (FL)8.2 %
Pennsylvania (PA)6.1 %
All Others47.3 %
Total100.0 %



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TenantAnnualized
Rent (%)
Lifepoint Health11.6 %
US HealthVest8.0 %
All Others80.4 %
Total100.0 %
            

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LEASE EXPIRATIONS
chart-86d6ba09149d4a86b59.jpg
Total Leased Sq. Ft.Annualized Rent
YearNumber of
Leases Expiring
Amount
(thousands)
Percent (%)
Amount ($)
(thousands)
Percent (%)
202316 99 2.6 %$1,837 1.9 %
202470 331 8.7 %7,020 7.1 %
202549 325 8.5 %8,783 8.9 %
202662 536 14.0 %11,482 11.6 %
202748 282 7.4 %5,925 6.0 %
202854 304 8.0 %5,572 5.6 %
202923 259 6.8 %6,693 6.8 %
203013 83 2.2 %2,652 2.7 %
203120 336 8.8 %9,072 9.2 %
203212 142 3.7 %1,964 2.0 %
Thereafter49 1,100 28.6 %37,480 37.7 %
Month-to-Month13 26 0.7 %506 0.5 %
Totals429 3,823 100.0 %$98,986 100.0 %
Total portfolio was approximately 91.0% leased in the aggregate at September 30, 2023 with lease expirations ranging from 2023 through 2039.

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PROPERTY LOCATIONS
                                                                            
Approximately 48% of our property revenues are in MSAs with populations over 1,000,000 and approximately 91% are in MSAs with populations over 100,000.
Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Lancaster MOBMOB10,646 0.25 %$210.8 0.21 %13,200,998 Los Angeles-Long Beach-Anaheim, CA2
Future Diagnostics GroupSC8,876 0.21 %$390.9 0.39 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Gurnee Medical Office BuildingMOB22,943 0.55 %$237.7 0.24 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Joliet Oncology-Hematology AssociatesPC7,905 0.19 %$375.6 0.38 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Morris Cancer CenterMOB18,470 0.44 %$623.4 0.63 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Center for Reconstructive Surgery - Oak LawnMOB33,356 0.79 %$409.3 0.41 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
PresencePC14,863 0.35 %$310.8 0.31 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Presence Regional Cancer CenterSC44,888 1.07 %$1,453.1 1.47 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Skin MDPC13,565 0.32 %$512.2 0.52 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Chicago Behavioral HospitalAIB85,000 2.02 %$2,182.5 2.21 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
US HealthVest - LakeAIB83,658 1.99 %$2,920.7 2.95 %9,618,502 Chicago-Naperville-Elgin, IL-IN-WI3
Texas Rehabilitation Hospital of Fort Worth, LLCIRF39,761 0.95 %$1,988.2 2.01 %7,637,387 Dallas-Fort Worth-Arlington, TX4
Bayside Medical CenterMOB50,593 1.20 %$1,064.9 1.08 %7,122,240 Houston-The Woodlands-Sugar Land, TX5
Gessner Road MOBMOB14,360 0.34 %$301.8 0.30 %7,122,240 Houston-The Woodlands-Sugar Land, TX5
Clear Lake Institute for RehabilitationIRF55,646 1.32 %$2,913.2 2.94 %7,122,240 Houston-The Woodlands-Sugar Land, TX5
Northwest Surgery CenterSCH11,200 0.27 %$— — %7,122,240 Houston-The Woodlands-Sugar Land, TX5
Clinton Towers MOBMOB37,344 0.89 %$947.2 0.96 %6,385,162 Washington-Arlington-Alexandria, DC-VA-MD-WV6
2301 Research BoulevardMOB93,079 2.21 %$2,171.9 2.19 %6,385,162 Washington-Arlington-Alexandria, DC-VA-MD-WV6
Haddon Hill Professional CenterMOB25,118 0.60 %$276.1 0.28 %6,245,051 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD7
Hopebridge - WestlakeBSF15,057 0.36 %$229.6 0.23 %6,245,051 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD7
Continuum Wellness CenterMOB8,227 0.20 %$159.9 0.16 %4,845,832 Phoenix-Mesa-Chandler, AZ11
Desert Endoscopy CenterSCH11,722 0.28 %$304.8 0.31 %4,845,832 Phoenix-Mesa-Chandler, AZ11
Mountain View Surgery CenterSCH14,046 0.33 %$547.8 0.55 %4,845,832 Phoenix-Mesa-Chandler, AZ11
Associated Surgical Center of DearbornSCH12,400 0.30 %$353.4 0.36 %4,392,041 Detroit-Warren-Dearborn, MI14
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Berry Surgical CenterSCH27,217 0.65 %$615.4 0.62 %4,392,041 Detroit-Warren-Dearborn, MI14
Smokey Point Behavioral HospitalAIB70,100 1.67 %$2,772.8 2.80 %4,018,762 Seattle-Tacoma-Bellevue, WA15
Sanderling DialysisSC11,300 0.27 %$414.6 0.42 %3,298,634 San Diego-Chula Vista-Carlsbad, CA17
Bay Area Physicians Surgery CenterMOB17,943 0.43 %$290.1 0.29 %3,175,275 Tampa-St. Petersburg-Clearwater, FL18
Liberty DialysisSC8,450 0.20 %$275.9 0.28 %2,963,821 Denver-Aurora-Lakewood, CO19
Waters Edge MedicalMOB23,388 0.56 %$419 0.42 %2,844,510 Baltimore-Columbia-Towson, MD20
Righttime Medical CareSC6,236 0.15 %$330.9 0.33 %2,844,510 Baltimore-Columbia-Towson, MD20
Eyecare PartnersPC6,487 0.15 %$139 0.14 %2,820,253 St. Louis, MO-IL21
Eyecare PartnersPC5,560 0.13 %$45.3 0.05 %2,820,253 St. Louis, MO-IL21
Eyecare PartnersSCH16,608 0.40 %$310.6 0.31 %2,820,253 St. Louis, MO-IL21
Eyecare PartnersPC6,311 0.15 %$49.5 0.05 %2,820,253 St. Louis, MO-IL21
Bassin Center For Plastic-Surgery-VillagesPC2,894 0.07 %$170.2 0.17 %2,673,376 Orlando-Kissimmee-Sanford, FL22
Bassin Center For Plastic Surgery-OrlandoPC2,420 0.06 %$142.3 0.14 %2,673,376 Orlando-Kissimmee-Sanford, FL22
Kissimmee Physicians ClinicPC4,902 0.12 %$110.3 0.11 %2,673,376 Orlando-Kissimmee-Sanford, FL22
Orthopaedic Associates of OsceolaPC15,167 0.36 %$347.2 0.35 %2,673,376 Orlando-Kissimmee-Sanford, FL22
Medical Village at WintergardenMOB21,532 0.51 %$591.5 0.60 %2,673,376 Orlando-Kissimmee-Sanford, FL22
Baptist HealthPC13,500 0.32 %$403.1 0.41 %2,558,143 San Antonio-New Braunfels, TX24
San Antonio Head & Neck Surgical AssociatesPC6,500 0.15 %$187.9 0.19 %2,558,143 San Antonio-New Braunfels, TX24
JDH Professional BuildingMOB12,376 0.29 %$261.9 0.26 %2,558,143 San Antonio-New Braunfels, TX24
The Heart & Vascular CenterMOB15,878 0.38 %$307.8 0.31 %2,370,930 Pittsburgh, PA27
Butler Medical CenterMOB10,116 0.24 %$273.3 0.28 %2,370,930 Pittsburgh, PA27
Forefront Dermatology BuildingMOB15,650 0.37 %$342 0.35 %2,370,930 Pittsburgh, PA27
Nesbitt PlaceMOB56,003 1.33 %$1,097.2 1.11 %2,370,930 Pittsburgh, PA27
Greentree Primary CareMOB34,077 0.81 %$888 0.90 %2,370,930 Pittsburgh, PA27
Vascular Access Centers of Southern NevadaSC4,800 0.11 %$97.9 0.10 %2,265,461 Las Vegas-Henderson-Paradise, NV29
Assurance Health SystemBSF14,381 0.34 %$555.4 0.56 %2,256,884 Cincinnati, OH-KY-IN30
Cavalier Medical & Dialysis CenterMOB17,614 0.42 %$218.2 0.22 %2,256,884 Cincinnati, OH-KY-IN30
51 Cavalier BlvdMOB18,016 0.43 %$179.6 0.18 %2,256,884 Cincinnati, OH-KY-IN30
Anderson Ferry PlazaMOB43,599 1.04 %$549.1 0.55 %2,256,884 Cincinnati, OH-KY-IN30
Everest Rehabilitation HospitalIRF37,720 0.90 %$2,444.9 2.47 %2,256,884 Cincinnati, OH-KY-IN30
Davita Commercial WaySC4,980 0.12 %$— — %2,256,884 Cincinnati, OH-KY-IN30
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Fresenius Florence Dialysis CenterMOB17,845 0.42 %$305.4 0.31 %2,256,884 Cincinnati, OH-KY-IN30
Prairie Star Medical Facility IMOB24,724 0.59 %$921 0.93 %2,192,035 Kansas City, MO-KS31
Prairie Star Medical Facility IIMOB24,840 0.59 %$154.1 0.16 %2,192,035 Kansas City, MO-KS31
Ravines EdgeMOB16,751 0.40 %$263.9 0.27 %2,138,926 Columbus, OH32
Court Street Surgery CenterSCH7,787 0.19 %$80.2 0.08 %2,138,926 Columbus, OH32
Hopebridge - ColumbusBSF13,969 0.33 %$173 0.17 %2,138,926 Columbus, OH32
Sedalia Medical CenterMOB20,043 0.48 %$304.4 0.31 %2,138,926 Columbus, OH32
Assurance Health, LLCBSF10,200 0.24 %$372.9 0.38 %2,111,040 Indianapolis-Carmel-Anderson, IN33
Assurance Health SystemBSF13,722 0.33 %$495.8 0.50 %2,111,040 Indianapolis-Carmel-Anderson, IN33
Kindred Hospital Indianapolis NorthLTACH37,270 0.89 %$1,566.9 1.58 %2,111,040 Indianapolis-Carmel-Anderson, IN33
Brook Park Medical BuildingMOB18,444 0.44 %$399.9 0.40 %2,088,251 Cleveland-Elyria, OH34
Smith RoadMOB16,802 0.40 %$310.3 0.31 %2,088,251 Cleveland-Elyria, OH34
Assurance - HudsonBSF13,290 0.32 %$554.2 0.56 %2,088,251 Cleveland-Elyria, OH34
Rockside Medical CenterMOB55,316 1.32 %$1,015.4 1.03 %2,088,251 Cleveland-Elyria, OH34
Westlake Medical OfficeMOB14,100 0.34 %$248.2 0.25 %2,088,251 Cleveland-Elyria, OH34
Virginia Orthopaedic & Spine SpecialistsPC8,445 0.20 %$153.1 0.15 %1,799,674 Virginia Beach-Norfolk-Newport News, VA-NC37
Genesis Care - WarwickSC10,236 0.24 %$380.8 0.38 %1,676,579 Providence-Warwick, RI-MA38
South County HospitalPC13,268 0.32 %$311.3 0.31 %1,676,579 Providence-Warwick, RI-MA38
Ortho Rhode Island - WarwickPC7,340 0.17 %$217 0.22 %1,676,579 Providence-Warwick, RI-MA38
Mercy Rehabilitation HospitalIRF39,637 0.94 %$1,988.2 2.01 %1,425,695 Oklahoma City, OK41
Memphis CenterMOB11,669 0.28 %$232.3 0.23 %1,337,779 Memphis, TN-MS-AR43
Sanderling DialysisSC10,133 0.24 %$552.4 0.56 %1,337,779 Memphis, TN-MS-AR43
GlastonburyMOB49,593 1.18 %$581.1 0.59 %1,213,531 Hartford-East Hartford-Middletown, CT48
Sterling Medical CenterMOB28,685 0.68 %$366.5 0.37 %1,166,902 Buffalo-Cheektowaga, NY49
Gardendale MOBMOB12,956 0.31 %$317.4 0.32 %1,115,289 Birmingham-Hoover, AL50
Genesis Care - SouthbridgeSC20,046 0.48 %$861.4 0.87 %978,529 Worcester, MA-CT57
Worcester BehavioralAIB81,972 1.95 %$2,690.9 2.72 %978,529 Worcester, MA-CT57
Los Alamos Professional PlazaMOB43,395 1.03 %$648.7 0.66 %870,781 McAllen-Edinburg-Mission, TX65
Everest Rehabilitation HospitalIRF38,000 0.90 %$2,138.5 2.16 %868,859 El Paso, TX67
Cardiology Associates of Greater WaterburyPC16,793 0.40 %$323.3 0.33 %864,835 New Haven-Milford, CT68
Columbia Gastroenterology Surgery CenterMOB17,016 0.40 %$344.1 0.35 %829,470 Columbia, SC72
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Davita Turner RoadSC18,125 0.43 %$351.8 0.36 %814,049 Dayton-Kettering, OH73
Davita Springboro PikeSC10,510 0.25 %$182.6 0.18 %814,049 Dayton-Kettering, OH73
Davita Business Center CourtSC12,988 0.31 %$228.4 0.23 %814,049 Dayton-Kettering, OH73
Genesis Care - Bonita SpringsSC4,445 0.11 %$279.7 0.28 %760,822 Cape Coral-Fort Myers, FL78
Cape Coral Suite 3SC12,130 0.29 %$437.3 0.44 %760,822 Cape Coral-Fort Myers, FL78
Cape Coral Suite 3AMOB2,023 0.05 %$37.9 0.04 %760,822 Cape Coral-Fort Myers, FL78
Cape Coral Suite 5 & 6MOB6,379 0.15 %$98.1 0.10 %760,822 Cape Coral-Fort Myers, FL78
Colonial Blvd OfficeSC46,356 1.10 %$— — %760,822 Cape Coral-Fort Myers, FL78
Corporate Office 3660MOB22,104 0.53 %$602.3 0.61 %760,822 Cape Coral-Fort Myers, FL78
Corporate Annex BuildingMOB16,000 0.38 %$301.1 0.30 %760,822 Cape Coral-Fort Myers, FL78
Wildwood Hammock RPET FacilitySC10,832 0.26 %$416.6 0.42 %760,822 Cape Coral-Fort Myers, FL78
Wildwood Hammock - Diagnostic ImagingSC9,376 0.22 %$393.8 0.40 %760,822 Cape Coral-Fort Myers, FL78
Wildwood Hammock - NorthlandMOB1,201 0.03 %$13.2 0.01 %760,822 Cape Coral-Fort Myers, FL78
Eye Health of America 4101MOB43,322 1.03 %$1,004.4 1.01 %760,822 Cape Coral-Fort Myers, FL78
Eye Health of America 2665MOB3,200 0.08 %$54.7 0.06 %760,822 Cape Coral-Fort Myers, FL78
Eye Health of America 1320MOB6,757 0.16 %$79.7 0.08 %760,822 Cape Coral-Fort Myers, FL78
Parkway Professional PlazaMOB40,918 0.97 %$815.3 0.82 %725,046 Lakeland-Winter Haven, FL81
Mercy One Physicians ClinicPC17,318 0.41 %$390.4 0.39 %709,466 Des Moines-West Des Moines, IA82
Novus ClinicSCH14,315 0.34 %$300.7 0.30 %702,219 Akron, Oh83
UH Walden Health CenterPC11,000 0.26 %$320.5 0.32 %702,219 Akron, Oh83
UW Health Clinic- PortagePC14,000 0.33 %$325.1 0.33 %680,796 Madison, WI87
Daytona Medical OfficeMOB20,193 0.48 %$369.9 0.37 %668,921 Deltona-Daytona Beach-Ormond Beach, FL90
Debary Professional PlazaMOB21,874 0.52 %$188.5 0.19 %668,921 Deltona-Daytona Beach-Ormond Beach, FL90
Cypress Medical CenterMOB39,746 0.95 %$374.6 0.38 %647,610 Wichita, KS93
Family Medicine EastPC16,581 0.39 %$331.6 0.34 %647,610 Wichita, KS93
Grene Vision CenterPC18,681 0.44 %$314.8 0.32 %647,610 Wichita, KS93
Perrysburg Medical Arts BuildingMOB25,930 0.62 %$443.4 0.45 %646,604 Toledo, OH94
St. Vincent Mercy Medical Center, Inc.PC23,368 0.56 %$319.9 0.32 %646,604 Toledo, OH94
Assurance - ToledoBSF13,290 0.32 %$520.8 0.53 %646,604 Toledo, OH94
Granite CircleMOB17,164 0.41 %$236 0.24 %646,604 Toledo, OH94
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Bassin Center For Plastic Surgery-MelbournePC5,228 0.12 %$307.4 0.31 %606,612 Palm Bay-Melbourne-Titusville, FL96
Penn State Health - Camp HillSC8,400 0.20 %$178.2 0.18 %591,712 Harrisburg-Carlisle, PA98
Penn State Health - HarrisburgSC10,000 0.24 %$195 0.20 %591,712 Harrisburg-Carlisle, PA98
Eynon Surgery CenterSCH6,500 0.15 %$195.8 0.20 %567,559 Scranton--Wilkes-Barre, PA100
Riverview Medical CenterMOB26,199 0.62 %$444.2 0.45 %567,559 Scranton--Wilkes-Barre, PA100
NEIMOB22,743 0.54 %$409.4 0.41 %567,559 Scranton--Wilkes-Barre, PA100
NEIMOB15,768 0.38 %$304.9 0.31 %567,559 Scranton--Wilkes-Barre, PA100
Grandview PlazaMOB20,000 0.48 %$306.3 0.31 %552,984 Lancaster, PA102
Pinnacle HealthPC10,753 0.26 %$246 0.25 %552,984 Lancaster, PA102
Manteca Medical Group BuildingPC10,564 0.25 %$304.3 0.31 %552,878 Modesto, CA103
Everest Rehabilitation HospitalIRF38,817 0.92 %$2,228.7 2.25 %546,725 Fayetteville-Springdale-Rogers, AR105
UPMC Specialty CareMOB25,982 0.62 %$453.4 0.46 %541,243 Youngstown-Warren-Boardman, OH-PA107
Treasure Coast Medical PavilionMOB55,844 1.33 %$864.6 0.87 %487,657 Port St. Lucie, FL115
AMG Specialty Hospital - LafayetteMOB29,062 0.69 %$— — %478,384 Lafayette, LA116
Everest Rehabilitation HospitalIRF38,817 0.92 %$2,246.6 2.27 %475,367 Killeen-Temple, TX118
Biltmore Medical OfficeSC10,850 0.26 %$— — %469,015 Asheville, NC120
Genesis Care - WeavervilleSC10,696 0.25 %$443.2 0.45 %469,015 Asheville, NC120
Martin Foot & Ankle ClinicPC27,100 0.64 %$414.9 0.42 %456,438 York-Hanover, PA121
Affinity Health CenterMOB47,366 1.13 %$506.7 0.51 %401,574 Canton-Massillon, OH137
Hills & Dales Professional CenterMOB27,920 0.66 %$352.8 0.36 %401,574 Canton-Massillon, OH137
Prattville Town Center Medical Office BldgMOB13,319 0.32 %$379.7 0.38 %386,047 Montgomery, AL142
Wellmont Bristol Urgent CareSC4,548 0.11 %$76.2 0.08 %307,614 Kingsport-Bristol, TN-VA165
Bristol Pediatric AssociatesMOB10,804 0.26 %$183.5 0.19 %307,614 Kingsport-Bristol, TN-VA165
Bluewater Orthopedics CenterMOB10,255 0.24 %$218.2 0.22 %286,973 Crestview-Fort Walton Beach-Destin, FL171
Everest Rehabilitation HospitalIRF38,817 0.92 %$2,280.3 2.30 %286,184 Longview, TX172
Londonderry CentreMOB21,115 0.50 %$339.8 0.34 %277,547 Waco, TX176
Meridian Behavioral Health SystemsAIB132,430 3.15 %$3,136.8 3.17 %258,859 Charleston, WV