Community Healthcare Trust Announces Results for the Three Months Ended March 31, 2023.

FRANKLIN, Tenn: Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended March 31, 2023. The Company reported a net loss for the three months ended March 31, 2023 of approximately $6.9 million, or a $0.32 loss per diluted common share. Funds from operations ("FFO") and adjusted funds from operations ("AFFO") for the three months ended March 31, 2023 totaled $0.09 and $0.62, respectively, per diluted common share.

Items Impacting Our Results include:

On March 3, 2023, Timothy G. Wallace, our former Chief Executive Officer ("CEO"), President and Chairman of the Board passed away after a brief medical leave of absence. On March 6, 2023, the Company's board of directors ("Board") appointed David H. Dupuy, who has served as the Company's Chief Financial Officer ("CFO") since 2019, as the Company's new CEO and Mr. Dupuy will continue to serve as CFO until a successor is chosen for that position. At the time of his passing, Mr. Wallace had 624,725 shares of restricted stock that had not vested. Upon his passing, Mr. Wallace's unvested shares of restricted stock vested in accordance with the terms of his employment agreement, and the Company accelerated the unamortized balance of deferred compensation related to his unvested shares and recognized an additional $11.8 million of amortization expense in the first quarter of 2023.

During the three months ended March 31, 2023, the Company acquired seven real estate properties for an aggregate purchase price of approximately $23.4 million. Upon acquisition, the properties totaling approximately 162,000 square feet, were 100.0% leased in the aggregate with lease expirations through 2031.

The...