STOCK TITAN

Community Healthcare Trust (NYSE: CHCT) swings to Q4 2025 profit on asset gains

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Community Healthcare Trust reported solid fourth-quarter 2025 results, with net income of about $14.4 million, or $0.51 per diluted share. FFO was $0.49 per share and AFFO was $0.55 per share, supported by property sales and steady rental income.

The company acquired an inpatient rehabilitation facility in Florida for roughly $28.5 million, funded via a like-kind exchange after selling an inpatient rehab facility in Texas and two other buildings for total net proceeds of about $31.6 million, generating a gain of around $12.3 million. It also has five properties under definitive purchase agreements with an expected aggregate price of approximately $122.5 million and targeted returns of 9.1%9.75%, though closings are not assured.

As of December 31, 2025, the REIT held roughly $1.2 billion of real estate across 198 properties totaling about 4.5 million square feet and was 90.6% leased. Net debt stood near $532.2 million, with net debt to total capitalization of 42.9%. The board declared a quarterly dividend of $0.4775 per share, payable March 4, 2026.

Positive

  • None.

Negative

  • None.

Insights

Q4 profit was boosted by asset sales, while core cash flow and the balance sheet remained stable but not dramatically changed.

Community Healthcare Trust delivered Q4 2025 net income of $14.4 million, far above the prior year quarter, largely because of approximately $12.3 million in net gains from property sales. Core metrics were steadier: FFO was $13.3 million or $0.49 per share, and AFFO was $14.9 million or $0.55 per share.

The company recycled capital by selling three buildings, including a Texas inpatient rehab asset, and reinvesting via a like-kind exchange into a fully leased Florida inpatient rehab facility with an expected 9.3% return and lease maturity in 2040. It also outlined five additional properties under definitive purchase agreements totaling about $122.5 million, with projected returns between 9.1% and 9.75%, though timing and certainty of closing remain explicitly subject to completion and due diligence.

Portfolio-level metrics look relatively balanced: total real estate investments around $1.2 billion, occupancy of 90.6%, and net debt of about $532.2 million, implying net debt to total capitalization of 42.9%. The quarterly dividend was raised slightly to $0.4775 per share versus the $0.4750 paid in the period, and the company did not issue equity under its program in Q4 2025. Overall, this appears to be an operationally steady quarter with notable transaction activity but no clear, thesis-changing development.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 17, 2026

COMMUNITY HEALTHCARE TRUST INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Maryland 001-37401 46-5212033
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)

3326 Aspen Grove Drive, Suite 150, Franklin, Tennessee 37067
(Address of principal executive offices) (Zip Code)

(615) 771-3052
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each exchange on which registered
Common stock, $0.01 par value per shareCHCTNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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.




Item 2.02    Results of Operations and Financial Condition

On February 17, 2026, Community Healthcare Trust Incorporated (the "Company") issued a press release announcing its earnings for the fourth quarter ended December 31, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

This information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.

Item 7.01     Regulation FD Disclosure

The Company is furnishing its Supplemental Information for the fourth quarter ended December 31, 2025, which is also contained on its website (www.chct.reit). See Exhibit 99.2 to this Current Report on Form 8-K.

The Company has prepared an investor presentation for the fourth quarter ended December 31, 2025 that is expected to be used in meetings with current and potential investors. A copy of this presentation is available on the Company's website (www.chct.reit).

This information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

The exhibits required by Item 601 of Regulation S-K which are filed with this report are listed in the Exhibit Index and are hereby incorporated in by reference.






EXHIBIT INDEX
Exhibit No.Description
99.1
Press release dated February 17, 2026
99.2
Supplemental Information - Fourth Quarter 2025
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)






SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 COMMUNITY HEALTHCARE TRUST INCORPORATED
By:/s/ William G. Monroe IV
William G. Monroe IV
Executive Vice President and Chief Financial Officer
February 17, 2026  




Exhibit 99.1

News Release

Community Healthcare Trust Announces Results for the Three Months Ended December 31, 2025

FRANKLIN, Tenn., February 17, 2026 / PRNewswire / -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended December 31, 2025. The Company reported net income for the three months ended December 31, 2025 of approximately $14.4 million, or $0.51 per diluted common share. Funds from operations ("FFO") and adjusted funds from operations ("AFFO") for the three months ended December 31, 2025 totaled $0.49 and $0.55 per diluted common share, respectively.

Items Impacting Our Results include:
During the fourth quarter of 2025, the Company acquired an inpatient rehabilitation facility in Florida upon completion of construction for a purchase price of approximately $28.5 million and cash consideration of approximately $28.5 million. The property was 100.0% leased to a tenant with a lease expiration in 2040 and an expected return of approximately 9.3%. The acquisition was funded with net proceeds from the sale of an inpatient rehabilitation facility in Texas through a like-kind exchange under Section 1031 of the United States Internal Revenue Code.

During the fourth quarter of 2025, the Company disposed of three buildings, including the inpatient rehabilitation facility in Texas which was used to fund the inpatient rehabilitation acquisition in Florida, received net proceeds in the aggregate of approximately $31.6 million, and recognized a net gain of approximately $12.3 million on the sales. Also, on February 12, 2026, the Company sold the property classified as an asset held for sale at December 31, 2025 and received net proceeds of approximately $5.2 million.

During the fourth quarter of 2025, the geriatric behavioral hospital operator, a tenant in six of the Company's properties, paid rent and interest totaling $0.2 million. In July 2025, the tenant signed a Letter of Intent (LOI) for the sale of its business to a behavioral healthcare provider. Among other terms and conditions of the sale, the buyer would sign new leases for the six geriatric hospitals owned by the Company. The buyer is finalizing legal and business due diligence, and while the transaction is progressing, the Company cannot provide assurance regarding the specific timing or the ultimate certainty of the closing.

The Company has five properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $122.5 million. The Company's expected returns on these investments are approximately 9.1% to 9.75%. The Company anticipates closing on one of these properties in the first quarter of 2026 and the remaining properties throughout 2026 and 2027; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.

During the fourth quarter of 2025, the Company did not issue any shares under its ATM program.

On February 12, 2026, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.4775 per share. The dividend is payable on March 4, 2026 to stockholders of record on February 23, 2026.



1


About Community Healthcare Trust Incorporated
Community Healthcare Trust Incorporated is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States. As of December 31, 2025, the Company had investments of approximately $1.2 billion in 198 real estate properties (including one property with sales-type leases and one property classified as held for sale). The properties are located in 36 states, totaling approximately 4.5 million square feet in the aggregate.

Additional information regarding the Company, including this quarter's operations, can be found at www.chct.reit.  Please contact the Company at 615-771-3052 to request a printed copy of this information.


Cautionary Note Regarding Forward-Looking Statements
In addition to the historical information contained within, the matters discussed in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, “will,” “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Community Healthcare Trust Incorporated (the "Company"). Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, changes in governmental regulations, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract, catastrophic or extreme weather and other natural events and the physical effects of climate change, the occurrence of cyber incidents, effects on global and national markets as well as businesses resulting from increased inflation, changes in interest rates, supply chain disruptions, labor conditions, prolonged government shutdown or budgetary reductions or impasses, tariffs and global trade tensions, and/or international conflicts, and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this press release and undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.


2



COMMUNITY HEALTHCARE TRUST INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands, except per share amounts)
December 31, 2025December 31, 2024
ASSETS
Real estate properties:
Land and land improvements
$154,673 $149,501 
Buildings, improvements, and lease intangibles
1,047,743 996,104 
Personal property
813 326 
Total real estate properties
1,203,229 1,145,931 
Less accumulated depreciation
(280,316)(242,609)
Total real estate properties, net
922,913 903,322 
Cash and cash equivalents
3,340 4,384 
Assets held for sale5,265 6,755 
Other assets, net
59,239 78,102 
Total assets
$990,757 $992,563 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Debt, net
$532,199 $485,955 
Accounts payable and accrued liabilities
14,925 14,289 
Other liabilities, net
14,246 16,354 
Total liabilities
561,370 516,598 
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding
— — 
Common stock, $0.01 par value; 450,000 shares authorized; 28,471 and 28,242 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
285 282 
Additional paid-in capital
717,450 704,524 
Cumulative net income
90,777 85,675 
Accumulated other comprehensive gain
6,691 17,631 
Cumulative dividends
(385,816)(332,147)
Total stockholders’ equity
429,387 475,965 
Total liabilities and stockholders' equity
$990,757 $992,563 

The Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
 

3



COMMUNITY HEALTHCARE TRUST INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(Dollars and shares in thousands, except per share amounts)

Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025202420252024
(Unaudited)
REVENUES
Rental income$30,679 $28,983 $121,351 $114,565 
Other operating interest267 315 (156)1,221 
30,946 29,298 121,195 115,786 
EXPENSES
Property operating6,014 5,485 23,624 22,834 
General and administrative (1)
4,778 4,809 25,095 19,058 
Depreciation and amortization10,814 10,797 43,538 42,778 
21,606 21,091 92,257 84,670 
OTHER (EXPENSE) INCOME
Gains on the sales of depreciable real estate assets, net of losses and impairments12,051 14 11,803 (121)
Interest expense(6,959)(6,405)(26,978)(23,706)
Credit loss reserve— — (8,672)(11,000)
Deferred income tax expense(23)— (23)— 
Interest and other income, net19 16 34 530 
5,088 (6,375)(23,836)(34,297)
NET INCOME (LOSS)$14,428 $1,832 $5,102 $(3,181)
NET INCOME (LOSS) PER COMMON SHARE
Net income (loss) per common share - Basic$0.51 $0.04 $0.08 $(0.23)
Net income (loss) per common share - Diluted$0.51 $0.04 $0.08 $(0.23)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC26,953 26,682 26,857 26,530 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED26,953 26,682 26,857 26,530 
(1) General and administrative expenses for the twelve months ended December 31, 2025, included severance and transition-related expenses totaling $1.3 million related to a termination in 2025. Non-cash stock-based compensation expense for the three and twelve months ended December 31, 2025 totaled $2.6 million and $14.9 million. respectively. Non-cash stock-based compensation expense for the twelve months ended December 31, 2025 included accelerated amortization of $4.6 million related to the termination in 2025. Non-cash stock-based compensation expense for the three and twelve months ended December 31, 2024 totaled $2.6 million and $10.0 million, respectively.

The Consolidated Statements of Operations do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.


4



COMMUNITY HEALTHCARE TRUST INCORPORATED
RECONCILIATION OF FFO and AFFO (1)
(Unaudited; Dollars and shares in thousands, except per share amounts)
Three Months Ended December 31,
20252024
Net income$14,428 $1,832 
   Real estate depreciation and amortization10,952 10,927 
Gains on the sales of depreciable real estate assets, net of losses and impairments(12,051)(14)
   Total adjustments(1,099)10,913 
FFO (1)(2)
$13,329 $12,745 
   Straight-line rent(985)(712)
   Stock-based compensation2,599 2,597 
AFFO (1)(2)
$14,943 $14,630 
   FFO per Common Share-Diluted (1)(2)
$0.49 $0.48 
   AFFO per Common Share-Diluted (1)(2)
$0.55 $0.55 
Weighted Average Common Shares Outstanding-Diluted (2)
27,259 26,786 
(1)
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers funds from operations ("FFO") and adjusted funds from operations ("AFFO") to be appropriate measures of operating performance of an equity real estate investment trust ("REIT"). In particular, the Company believes that AFFO is useful because it allows investors, analysts and Company management to compare the Company's operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events.

The Company uses the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") definition of FFO. FFO is an operating performance measure adopted by NAREIT. NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to net income (calculated in accordance with GAAP), excluding gains or losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT also provides REITs with an option to exclude gains, losses and impairments of assets that are incidental to the main business of the REIT from the calculation of FFO.

In addition to FFO, the Company presents AFFO and AFFO per share. The Company defines AFFO as FFO, excluding certain expenses related to closing costs of properties acquired accounted for as business combinations and mortgages funded, excluding straight-line rent and the amortization of stock-based compensation, and including or excluding other non-cash items from time to time. AFFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definition.

FFO and AFFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company's financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and AFFO should be examined in conjunction with net income as presented elsewhere herein.
(2)
Diluted weighted average common shares outstanding for FFO and AFFO are calculated based on the treasury method, rather than the 2-class method used to calculate earnings per share. Restricted stock awards and time-based RSUs are included in the calculation of weighted average common shares outstanding to the extent that they are dilutive. Performance-based RSUs are included in the calculation of weighted average common shares outstanding to the extent that they are in-the-money as of the end of the reporting period and are dilutive.

CONTACT: Bill Monroe, 615-771-3052
SOURCE: Community Healthcare Trust Incorporated
5


Exhibit 99.2                
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CHCT
LISTED
NYSE
                
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SUPPLEMENTAL INFORMATION
Q4 2025

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Community Healthcare Trust4Q 2025 | 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
Company Snapshot
3
Corporate Information
4
Financial Highlights
5
Consolidated Balance Sheets
7
Consolidated Statements of Operations
8
Reconciliation of Non-GAAP Measures
9
Weighted Average Shares
11
Debt Summary
12
Investment Activity
13
Portfolio Diversification
14
Lease Expirations
15
Property Locations
16
Reporting Definitions
24
Disclaimers
27



Community Healthcare Trust4Q 2025 | Supplemental Information

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COMPANY SNAPSHOT

December 31, 2025
Gross real estate investments (in thousands) (1)
$1,216,563 
Total properties198 
% Leased (2)
90.6%
Total square feet owned4,498,839 
Weighted Average remaining lease term (years)7.0 
Cash and cash equivalents (in thousands)$3,340 
Debt to Total Capitalization42.9%
Weighted average interest rate per annum on Revolving Line of Credit(3)
5.2%
Weighted average interest rate per annum on Term Loans (4)
4.7%
Equity market cap (in millions)$467.5 
Quarterly dividend paid in the period (per share)$0.4750 
Quarter end stock price (per share)$16.42 
Dividend yield11.57%
Common shares outstanding28,471,424 
___________
(1) Includes one property with two sales-type leases and one property classified as held for sale.
(2) Excludes the real estate asset held for sale.
(3) Revolving Line of Credit is partially hedged; this rate represents the weighted average of fixed and floating rates.
(4) Term Loans are fully hedged; this rate represents the weighted average hedged rates.




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Community Healthcare Trust
Page | 3
4Q 2025 | Supplemental Information

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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 H. 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 Stach
Chief Executive Officer
and President
Executive Vice President
Chief Financial Officer
Executive Vice President
Chief Accounting Officer
COVERING ANALYSTS
A. Goldfarb - Piper SandlerM. Lewis - Truist Securities
J. Kammert - Evercore ISIB. Oxford - 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
Page | 4
4Q 2025 | Supplemental Information

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FINANCIAL HIGHLIGHTS
Three Months Ended
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited and in thousands, except per share data)
STATEMENTS OF OPERATIONS ITEMS (1)(2)(3)(4)
Revenues$30,946 $31,086 $29,085 $30,078 $29,298 
Net income (loss)$14,428 $1,640 $(12,557)$1,591 $1,832 
NOI$24,932 $25,156 $23,500 $23,983 $23,813 
EBITDAre
$20,173 $20,505 $4,274 $18,886 $19,020 
Adjusted EBITDAre
$22,772 $22,970 $20,068 $21,596 $21,617 
FFO $13,329 $13,547 $6,336 $12,668 $12,745 
AFFO $14,943 $15,099 $13,585 $14,739 $14,630 
Per Diluted Share: (1)(2)(3)(4)
Net income (loss) attributable to common shareholders
$0.51 $0.03 $(0.50)$0.03 $0.04 
FFO $0.49 $0.50 $0.23 $0.47 $0.48 
AFFO $0.55 $0.56 $0.50 $0.55 $0.55 
___________
(1) Net income for the fourth quarter of 2025 included net gains on sale, net of losses, totaling approximately $12.3 million, resulting in an increase of $0.46 per diluted share.
(2) Net loss, FFO and AFFO for the second quarter of 2025 included interest receivable reserves totaling approximately $1.7 million, resulting in a reduction of $0.06 per diluted share, FFO, and AFFO.
(3) Net loss for the second quarter of 2025 included an $8.7 million credit loss reserve related to notes receivable with a geriatric behavioral hospital tenant that are incidental to the Company's main business.
(4) Net loss and FFO for the second quarter of 2025 included severance and transition-related charges totaling approximately $5.9 million, including approximately $4.6 million of non-cash accelerated amortization of stock-based compensation, which reduced FFO per diluted common share by approximately $0.22.
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Community Healthcare Trust
Page | 5
4Q 2025 | Supplemental Information

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FINANCIAL HIGHLIGHTS (Continued)
As of
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited and dollars in thousands)
BALANCE SHEET ITEMS
ASSETS
Total real estate properties$1,203,229 $1,190,151 $1,158,312 $1,148,772 $1,145,931 
Total assets$990,757 $987,261 $966,292 $985,114 $992,563 
CAPITALIZATION
Net debt$532,199 $530,138 $500,077 $496,016 $485,955 
Total capitalization$1,241,902 $1,229,442 $1,200,858 $1,210,874 $1,204,529 
Net debt/total capitalization42.9 %43.1 %41.6 %41.0 %40.3 %
Market valuation$467,501 $435,613 $471,766 $514,631 $542,536 
Enterprise value$996,360 $962,368 $966,980 $1,008,376 $1,024,107 
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Community Healthcare Trust
Page | 6
4Q 2025 | Supplemental Information

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CONSOLIDATED BALANCE SHEETS
As of
4Q 20253Q 20252Q 20251Q 20254Q 2024
ASSETS
(Unaudited; Dollars and shares in thousands, except per share data)
Real estate properties
Land and land improvements
$154,673 $154,272 $152,887 $149,506 $149,501 
Buildings, improvements, and lease intangibles
1,047,743 1,035,070 1,004,616 998,933 996,104 
Personal property
813 809 809 333 326 
Total real estate properties
1,203,229 1,190,151 1,158,312 1,148,772 1,145,931 
Less accumulated depreciation
(280,316)(272,481)(262,961)(253,537)(242,609)
Total real estate properties, net
922,913 917,670 895,351 895,235 903,322 
Cash and cash equivalents
3,340 3,383 4,863 2,271 4,384 
Assets held for sale, net5,265 6,205 5,465 6,755 6,755 
Other assets, net
59,239 60,003 60,613 80,853 78,102 
Total assets
$990,757 $987,261 $966,292 $985,114 $992,563 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Debt, net
$532,199 $530,138 $500,077 $496,016 $485,955 
Accounts payable and accrued liabilities
14,925 17,205 13,944 12,058 14,289 
Other liabilities, net
14,246 13,095 14,451 15,719 16,354 
Total liabilities
561,370 560,438 528,472 523,793 516,598 
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
285 285 284 283 282 
Additional paid-in capital
717,450 714,890 712,498 706,776 704,524 
Cumulative net income
90,777 76,349 74,709 87,266 85,675 
Accumulated other comprehensive gain
6,691 7,568 9,121 12,402 17,631 
Cumulative dividends
(385,816)(372,269)(358,792)(345,406)(332,147)
Total stockholders’ equity
429,387 426,823 437,820 461,321 475,965 
Total liabilities and stockholders' equity
$990,757 $987,261 $966,292 $985,114 $992,563 
Community Healthcare Trust
Page | 7
4Q 2025 | Supplemental Information

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CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited; Dollars and shares in thousands, except per share data)
REVENUES
Rental income
$30,679 $30,814 $30,128 $29,730 $28,983 
Other operating interest
267 272 (1,043)348 315 
30,946 31,086 29,085 30,078 29,298 
EXPENSES
Property operating
6,014 5,930 5,585 6,095 5,485 
        General and administrative (1)(2)
4,778 4,658 10,559 5,100 4,809 
Depreciation and amortization
10,814 10,902 10,879 10,943 10,797 
21,606 21,490 27,023 22,138 21,091 
OTHER (EXPENSE) INCOME
Gains on the sales of depreciable real estate assets, net of losses and impairments12,051 (888)640 — 14 
Interest expense(6,959)(7,075)(6,592)(6,352)(6,405)
Credit loss reserve— — (8,672)— — 
Deferred income tax expense(23)— — — — 
Interest and other income, net19 16 
5,088 (7,956)(14,619)(6,349)(6,375)
NET INCOME (LOSS)$14,428 $1,640 $(12,557)$1,591 $1,832 
NET INCOME (LOSS) PER DILUTED COMMON SHARE$0.51 $0.03 $(0.50)$0.03 $0.04 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
26,953 26,934 26,803 26,733 26,682 
DIVIDENDS DECLARED, PER COMMON SHARE, IN THE PERIOD
$0.4750 $0.4725 $0.4700 $0.4675 $0.4650 
                                      
(1) GENERAL AND ADMINISTRATIVE EXPENSES:
Non-cash vs. Cash:
     Non-cash (stock-based compensation)
54.4 %52.9 %54.3 %53.1 %54.0 %
     Cash
45.6 %47.1 %45.7 %46.9 %46.0 %
As a % of Revenue:
     Non-cash (stock-based compensation)
8.4 %8.0 %8.7 %9.0 %8.8 %
     Cash
7.0 %7.1 %7.3 %7.9 %7.5 %
(2) General and administrative expenses for the three months ended June 30, 2025 includes the accelerated amortization of stock-based compensation totaling $4.6 million and severance and transition related expense totaling $1.3 million, recognized upon a termination. These amounts are not included in the calculations above in footnote (1).
Community Healthcare Trust
Page | 8
4Q 2025 | Supplemental Information

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RECONCILIATION OF NON-GAAP MEASURES
FUNDS FROM OPERATIONS (FFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
Three Months Ended
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited; Dollars and shares in thousands, except per share data)
NET INCOME (LOSS)(1)(2)(3)(4)
$14,428 $1,640 $(12,557)$1,591 $1,832 
Real estate depreciation and amortization10,952 11,019 10,861 11,077 10,927 
Credit loss reserve— — 8,672 — — 
Gains on the sales of depreciable real estate assets, net of losses and impairments(12,051)888 (640)— (14)
FFO(1)(3)
$13,329 $13,547 $6,336 $12,668 $12,745 
Straight-line rent(985)(913)(1,184)(639)(712)
Stock-based compensation2,599 2,465 2,531 2,710 2,597 
Accelerated amortization of stock-based compensation— — 4,591 — — 
Severance and transition related expenses— — 1,311 — — 
AFFO(2)(3)
$14,943 $15,099 $13,585 $14,739 $14,630 
FFO PER COMMON SHARE$0.49 $0.50 $0.23 $0.47 $0.48 
AFFO PER COMMON SHARE$0.55 $0.56 $0.50 $0.55 $0.55 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING27,259 27,195 27,011 27,007 26,786 
________________
(1) Net income for the fourth quarter of 2025 included net gains on sale, net of losses, totaling approximately $12.3 million, resulting in an increase of $0.46 per diluted share.
(2) Net loss, FFO and AFFO for the second quarter of 2025 included interest receivable reserves totaling approximately $1.7 million, resulting in a reduction of $0.06 per diluted share for net loss, FFO, and AFFO.
(3) Net loss for the second quarter of 2025 included an $8.7 million credit loss reserve related to notes receivable with a geriatric behavioral hospital tenant that are incidental to the Company's main business.
(4) Net loss and FFO for the second quarter of 2025 included severance and transition-related charges totaling approximately $5.9 million, including approximately $4.6 million of non-cash accelerated amortization of stock-based compensation, which reduced FFO per diluted common share by approximately $0.22.
AFFO, ADJUSTED FOR ACQUISITIONS (1)
AFFO$14,943 $15,099 $13,585 $14,739 $14,630 
Revenue on Properties Acquired in the period (2)
510 62 122 — 205 
Property operating expense adjustment (2)
(67)(8)— — (48)
Interest expense adjustment (3)
(114)(14)— (41)(44)
AFFO, ADJUSTED FOR ACQUISITIONS$15,272 $15,139 $13,707 $14,698 $14,743 
                                   
(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) The interest expense adjustment was calculated using the weighted average interest rate on the Company's revolving credit facility.
AMORTIZATION OF STOCK-BASED COMPENSATION
Amortization Required by GAAP (1)(2)
$2,599 $2,465 $2,531 $2,710 $2,597 
Amortization Based on Legal Vesting Periods (2)
2,173 2,122 2,035 2,208 2,073 
Acceleration of Amortization$426 $343 $496 $502 $524 
                                   
(1) GAAP requires that deferred compensation be amortized over the earlier of the vesting or retirement eligibility date.
(2) Amortization amounts for the second quarter of 2025 do not include the accelerated amortization of stock-based compensation totaling $4.6 million recognized upon a termination.
Community Healthcare Trust
Page | 9
4Q 2025 | Supplemental Information

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RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
NET OPERATING INCOME (NOI)
Three Months Ended
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited; Dollars and shares in thousands, except per share data)
NET OPERATING INCOME
Net income (loss)(1)(2)
$14,428 $1,640 $(12,557)$1,591 $1,832 
General and administrative(3)
4,778 4,658 4,657 5,100 4,809 
Severance and transition-related compensation— — 1,311 — — 
Depreciation and amortization10,814 10,902 10,879 10,943 10,797 
(Gains) on the sales of depreciable real estate assets, net of losses and impairments(12,051)888 (640)— (14)
Credit loss reserve— — 8,672 — — 
Interest expense6,959 7,075 6,592 6,352 6,405 
Deferred Income tax expense23 — — — — 
Interest and other income, net(19)(7)(5)(3)(16)
NOI$24,932 $25,156 $18,909 $23,983 $23,813 
EBITDAre and ADJUSTED EBITDAre
EBITDAre
Net (loss) income (1)(2)
$14,428 $1,640 $(12,557)$1,591 $1,832 
Interest expense6,959 7,075 6,592 6,352 6,405 
Depreciation and amortization10,814 10,902 10,879 10,943 10,797 
Deferred Income tax expense23 — — — — 
(Gains) on the sales of depreciable real estate assets, net of losses and impairments(12,051)888 (640)— (14)
EBITDAre
$20,173 $20,505 $4,274 $18,886 $19,020 
Non-cash stock-based compensation expense2,599 2,465 2,531 2,710 2,597 
Accelerated amortization of stock-based compensation— — 4,591 — — 
Credit loss reserve— — 8,672 — — 
ADJUSTED EBITDAre
$22,772 $22,970 $20,068 $21,596 $21,617 
ADJUSTED EBITDAre ANNUALIZED (4)
$91,088 

(1)
During the second quarter of 2025, the Company reversed interest totaling approximately $1.7 million related to a tenant.
(2)During the second quarter of 2025 the Company recorded severance and transition-related charges totaling approximately $5.9 million related to the termination of an employee, including approximately $4.6 of million non-cash accelerated amortization of stock-based compensation.
(3)Severance and transition-related compensation, which is included in general and administrative expenses on the income statement, is shown separately in the reconciliation above for the second quarter of 2025.
(4)
Adjusted EBITDAre multiplied by 4. This annualized amount may differ significantly from the actual full year results.



Community Healthcare Trust
Page | 10
4Q 2025 | Supplemental Information

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WEIGHTED AVERAGE SHARES
Three Months Ended
4Q 20253Q 20252Q 20251Q 20254Q 2024
(Unaudited; Dollars and shares in thousands, except per share data)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (1)
Weighted average common shares outstanding28,471 28,430 28,364 28,324 28,242 
Unvested restricted shares
(1,518)(1,496)(1,561)(1,591)(1,560)
Weighted average common shares outstanding - EPS
26,953 26,934 26,803 26,733 26,682 
Weighted average common shares outstanding - FFO Basic
26,953 26,934 26,803 26,733 26,682 
Potential dilutive common shares (from below)306 261 208 274 104 
Weighted average common shares outstanding - FFO Diluted27,259 27,195 27,011 27,007 26,786 
TREASURY SHARE CALCULATION
Unrecognized deferred compensation-end of period$17,665 $19,968 $19,919 $25,420 $25,220 
Unrecognized deferred compensation-beginning of period$19,968 $19,919 $25,420 $25,668 $27,575 
Average unrecognized deferred compensation$18,817 $19,944 $22,670 $25,544 $26,398 
Average share price per share$14.93 $15.66 $16.50 $19.08 $18.13 
Treasury shares1,260 1,274 1,374 1,339 1,456 
Unvested restricted shares(1,518)(1,496)(1,561)(1,591)(1,560)
Unvested restricted share units(48)(39)(21)(22)— 
Treasury shares1,260 1,274 1,374 1,339 1,456 
Potential dilutive common shares306 261 208 274 104 
(1) Restricted stock awards and time-based RSUs are included in the calculation of weighted average common shares outstanding if dilutive. Performance-based RSUs are included in the calculation of weighted average common shares outstanding to the extent that they in-the-money as of the end of the reporting period and are dilutive.
Community Healthcare Trust
Page | 11
4Q 2025 | Supplemental Information

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DEBT SUMMARY
As of December 31, 2025
Principal
Balance
Stated
Rate
Hedged
Rate
(in thousands)
Revolving credit facility (1)
$258,000 5.36%3.84% (partial)
Term loan A-4125,000 3.60%
Term loan A-5150,000 5.61%
Debt533,000 
Deferred Financing Costs, net(801)
Debt, net$532,199 
(1) Interest rate swaps previously entered into to fix the interest rates on the A-3 Term Loan will remain in place on the Revolving Credit Facility through their maturity on March 29, 2026.
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Select CovenantsRequired
As of December 31, 2025
Leverage ratio≤ 60.0%43.6 %
Fixed charge coverage ratio≥ 1.50x3.0
Tangible net worth (in thousands)≥ $504,476$690,558
Secured indebtedness≤ 30.0%— %
Minimum debt service coverage ratio≥ 2.03.2
Community Healthcare Trust
Page | 12
4Q 2025 | Supplemental Information

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2025 PROPERTY INVESTMENTS
PropertyMarketProperty
Type
Date
Acquired
% Leased at Acquisition
Purchase
 Price
(in thousands)
Square Feet
TRT RecoveryCartersville, GABSF
3/6/2025 (1)
100.0 %$9,504 38,339 
Everest Rehabilitation Hospital OrlandoOcoee, FLIRF7/9/2025100.0 %26,500 37,151 
Everest Rehabilitation Hospital AuburndaleAuburndale, FLIRF12/2/2025100.0 %28,500 37,151 
100.0 %$64,504 112,641 
(1) The date acquired for the Cartersville, GA property is the date the Company closed on the transaction with the seller. The lease commenced on 4/4/2025.


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Community Healthcare Trust
Page | 13
4Q 2025 | Supplemental Information

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PORTFOLIO DIVERSIFICATION
chart-68cd36836d1046279f7a.jpg
Property Type Annualized Rent (%)
Medical Office Building (MOB)36.0 %
Inpatient Rehabilitation Facilities (IRF)21.2 %
Acute Inpatient Behavioral (AIB)12.6 %
Specialty Centers (SC)8.9 %
Physician Clinics (PC)8.2 %
Behavioral Specialty Facilities (BSF)7.1 %
Surgical Centers and Hospitals (SCH)4.0 %
Long-term Acute Care Hospitals (LTACH)2.0 %
Total100.0 %
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StateAnnualized
Rent (%)
Texas (TX)14.3 %
Florida (FL)12.4 %
Illinois (IL)9.9 %
Ohio (OH)9.8 %
Pennsylvania (PA)6.1 %
All Others47.5 %
Total100.0 %


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TenantAnnualized
Rent (%)
US Healthvest7.3 %
LifePoint Health (LifePoint)6.4 %
PAM Health (PAM)4.9 %
Summit Behavioral Healthcare (Summit)2.9 %
Assurance Health (Assurance)2.9 %
Worcester Behavioral Innovations Hospital (Worcester)2.5 %
Everest Rehabilitation Hospital Lakeland, LLC2.4 %
Oceans Behavioral (Oceans)2.3 %
Radiology Regional2.2 %
Blue Cross Blue Shield of Louisiana (BCBS of LA)2.2 %
All Others64.0 %
Total100.0 %
            
Community Healthcare Trust
Page | 14
4Q 2025 | Supplemental Information

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LEASE EXPIRATIONS
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Total Leased Sq. Ft.Annualized Rent
YearNumber of
Leases Expiring
Amount
(thousands)
Percent (%)
Amount ($)
(thousands)
Percent (%)
202677 460 11.3 %$10,144 9.0 %
202768 373 9.2 %8,099 7.2 %
202870 480 11.8 %10,070 8.9 %
202945 370 9.1 %9,454 8.4 %
203037 303 7.4 %6,918 6.1 %
203128 390 9.6 %10,884 9.6 %
203225 206 5.1 %4,070 3.6 %
203313 75 1.8 %1,655 1.5 %
203419 255 6.3 %9,356 8.3 %
203516 233 5.7 %8,831 7.8 %
Thereafter32 890 21.7 %32,080 28.5 %
Month-to-Month41 1.0 %1,230 1.1 %
Totals439 4,076 100.0 %$112,791 100.0 %
Total portfolio was approximately 90.6% leased in the aggregate, excluding the real estate asset held for sale, at December 31, 2025 with lease expirations ranging from 2026 through 2045.

Community Healthcare Trust
Page | 15
4Q 2025 | Supplemental Information

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PROPERTY LOCATIONS
                                                                            
Approximately 52% of our property revenues are in MSAs with populations over 1,000,000 and approximately 93% are in statistical areas with populations over 100,000.
Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Lancaster MOBMOB10,098 0.22 %$310.1 0.27 %12,927,614 Los Angeles-Long Beach-Anaheim, CA2
Congress Medical Building 350MOB17,543 0.39 %$169.7 0.15 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Congress Medical Building 390MOB30,855 0.68 %$521.4 0.46 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Future Diagnostics GroupSC8,876 0.20 %$314.2 0.28 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Gurnee Medical Office BuildingMOB22,968 0.51 %$310.4 0.28 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
New Lenox Medical ClinicPC7,905 0.17 %$347.8 0.31 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Morris Medical CenterMOB18,470 0.41 %$388.7 0.34 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Oak Lawn Medical PlazaMOB33,356 0.73 %$466.8 0.41 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Lincolnwood Medical BuildingPC14,863 0.33 %$323.4 0.29 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Joliet Medical BuildingSC44,888 0.99 %$462.0 0.41 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Endeavor HealthPC13,700 0.30 %$284.3 0.25 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Skin MDPC13,565 0.30 %$539.8 0.48 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Chicago Behavioral HospitalAIB85,000 1.87 %$2,270.7 2.01 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
US HealthVest - LakeAIB83,658 1.84 %$3,054.1 2.71 %9,408,576 Chicago-Naperville-Elgin, IL-IN3
Texas Rehabilitation Hospital of Fort Worth, LLCIRF39,761 0.87 %$2,068.5 1.83 %8,344,032 Dallas-Fort Worth-Arlington, TX4
Bayside Medical CenterMOB50,593 1.11 %$1,118.7 0.99 %7,796,182 Houston-Pasadena-The Woodlands, TX5
Gessner Road MOBMOB14,347 0.32 %$368.2 0.33 %7,796,182 Houston-Pasadena-The Woodlands, TX5
Clear Lake Institute for RehabilitationIRF55,646 1.22 %$3,060.7 2.71 %7,796,182 Houston-Pasadena-The Woodlands, TX5
Clinton Towers MOBMOB37,371 0.82 %$1,100.2 0.98 %6,436,489 Washington-Arlington-Alexandria, DC-VA-MD-WV7
2301 Research BoulevardMOB93,109 2.05 %$2,224.3 1.97 %6,436,489 Washington-Arlington-Alexandria, DC-VA-MD-WV7
TRT Recovery Cartersville, LLCBSF38,339 0.84 %$1,048.8 0.93 %6,411,149 Atlanta-Sandy Springs-Roswell, GA8
Haddon Hill Professional CenterMOB25,118 0.55 %$302.6 0.27 %6,330,422 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD9
Hopebridge - WestlakeBSF15,057 0.33 %$239.2 0.21 %6,330,422 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD9
Continuum Wellness CenterMOB8,227 0.18 %$168.4 0.15 %5,186,958 Phoenix-Mesa-Chandler, AZ10
Virtuous Health CenterSCH11,722 0.26 %$441.3 0.39 %5,186,958 Phoenix-Mesa-Chandler, AZ10
Desert Mtn Health CenterBSF14,046 0.31 %$647.2 0.57 %5,186,958 Phoenix-Mesa-Chandler, AZ10
Associated Surgical Center of DearbornSCH12,400 0.27 %$369.5 0.33 %4,400,578 Detroit-Warren-Dearborn, MI14
Community Healthcare Trust
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Berry Surgical CenterSCH27,217 0.60 %$640.2 0.57 %4,400,578 Detroit-Warren-Dearborn, MI14
Smokey Point Behavioral HospitalAIB70,100 1.54 %$2,856.6 2.53 %4,145,494 Seattle-Tacoma-Bellevue, WA15
Sanford Health Bemidji 1611MOB45,800 1.01 %$1,616.3 1.43 %3,757,952 Minneapolis-St. Paul-Bloomington, MN-WI16
Sanford Health Bemidji 1705MOB28,900 0.64 %$649.5 0.58 %3,757,952 Minneapolis-St. Paul-Bloomington, MN-WI16
Bay Area Physicians CenterMOB17,943 0.39 %$416.8 0.37 %3,424,560 Tampa-St. Petersburg-Clearwater, FL17
Sanderling Dialysis Center - 2102SC11,300 0.25 %$438.9 0.39 %3,298,799 San Diego-Chula Vista-Carlsbad, CA18
Liberty DialysisSC8,450 0.19 %$262.9 0.23 %3,052,498 Denver-Aurora-Centennial, CO19
Bassin Center For Plastic-Surgery-VillagesPC2,894 0.06 %$178.5 0.16 %2,940,513 Orlando-Kissimmee-Sanford, FL20
Kissimmee Medical PlazaPC4,902 0.11 %$— — %2,940,513 Orlando-Kissimmee-Sanford, FL20
PAM Health Rehabilitation Hospital of OcoeeIRF37,151 0.82 %$2,500.0 2.22 %2,940,513 Orlando-Kissimmee-Sanford, FL20
Orthopaedic Associates of OsceolaPC15,167 0.33 %$368.3 0.33 %2,940,513 Orlando-Kissimmee-Sanford, FL20
Medical Village at WintergardenMOB21,532 0.47 %$642.8 0.57 %2,940,513 Orlando-Kissimmee-Sanford, FL20
Waters Edge MedicalMOB23,388 0.51 %$409.8 0.36 %2,859,024 Baltimore-Columbia-Towson, MD22
Northbay Professional PavilionMOB19,656 0.43 %$487.1 0.43 %2,859,024 Baltimore-Columbia-Towson, MD22
Righttime Medical CareSC6,236 0.14 %$359.5 0.32 %2,859,024 Baltimore-Columbia-Towson, MD22
Belleville Medical OfficePC6,487 0.14 %$— — %2,811,927 St. Louis, MO-IL23
Eyecare Partners - 1310PC5,560 0.12 %$55.5 0.05 %2,811,927 St. Louis, MO-IL23
Eyecare Partners - 3990SCH16,608 0.37 %$310.6 0.28 %2,811,927 St. Louis, MO-IL23
Eyecare Partners - 204PC6,311 0.14 %$52.0 0.05 %2,811,927 St. Louis, MO-IL23
Heartland Women's Healthcare of Advantia ShilohPC16,212 0.36 %$357.7 0.32 %2,811,927 St. Louis, MO-IL23
Heartland Women's Healthcare of Advantia WentzvillePC7,900 0.17 %$137.0 0.12 %2,811,927 St. Louis, MO-IL23
Baptist HealthPC13,500 0.30 %$387.5 0.34 %2,763,006 San Antonio-New Braunfels, TX24
San Antonio Head & Neck Surgical AssociatesPC6,500 0.14 %$195.5 0.17 %2,763,006 San Antonio-New Braunfels, TX24
Rehabilitation Institute of South San AntonioIRF38,000 0.84 %$2,170.6 1.92 %2,763,006 San Antonio-New Braunfels, TX24
JDH Professional BuildingMOB12,376 0.27 %$264.5 0.23 %2,763,006 San Antonio-New Braunfels, TX24
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
The Heart & Vascular CenterPC15,878 0.35 %$315.5 0.28 %2,429,917 Pittsburgh, PA28
Butler Medical CenterMOB10,116 0.22 %$172.5 0.15 %2,429,917 Pittsburgh, PA28
Forefront Dermatology BuildingPC15,650 0.34 %$362.9 0.32 %2,429,917 Pittsburgh, PA28
Greentree Primary CareMOB33,715 0.74 %$1,048.6 0.93 %2,429,917 Pittsburgh, PA28
Vascular Access Centers of Southern NevadaSC4,800 0.11 %$127.5 0.11 %2,398,871 Las Vegas-Henderson-North Las Vegas, NV29
Assurance Health System - 11690BSF14,381 0.32 %$588.7 0.52 %2,302,815 Cincinnati, OH-KY-IN30
Cavalier Medical & Dialysis CenterMOB17,614 0.39 %$224.4 0.20 %2,302,815 Cincinnati, OH-KY-IN30
51 Cavalier BlvdMOB17,935 0.39 %$184.3 0.16 %2,302,815 Cincinnati, OH-KY-IN30
Anderson Ferry PlazaMOB43,791 0.96 %$654.1 0.58 %2,302,815 Cincinnati, OH-KY-IN30
Liberty Rehabilitation HospitalIRF37,720 0.83 %$2,518.8 2.23 %2,302,815 Cincinnati, OH-KY-IN30
Florence Medical BuildingMOB17,845 0.39 %$262.2 0.23 %2,302,815 Cincinnati, OH-KY-IN30
Prairie Star Medical Facility IMOB24,724 0.54 %$639.1 0.57 %2,253,579 Kansas City, MO-KS31
Prairie Star Medical Facility IIMOB24,840 0.55 %$243.6 0.22 %2,253,579 Kansas City, MO-KS31
Ravines EdgeMOB16,751 0.37 %$267.5 0.24 %2,225,377 Columbus, OH32
Hope Valley Recovery - CirclevilleBSF7,787 0.17 %$88.5 0.08 %2,225,377 Columbus, OH32
Hopebridge - ColumbusBSF13,969 0.31 %$177.4 0.16 %2,225,377 Columbus, OH32
Sedalia Medical CenterMOB19,426 0.43 %$347.0 0.31 %2,225,377 Columbus, OH32
Assurance Health, LLCBSF10,200 0.22 %$395.3 0.35 %2,174,833 Indianapolis-Carmel-Greenwood, IN33
Assurance Health System - 900BSF13,722 0.30 %$538.0 0.48 %2,174,833 Indianapolis-Carmel-Greenwood, IN33
Kindred Hospital Indianapolis NorthLTACH37,270 0.82 %$1,652.4 1.47 %2,174,833 Indianapolis-Carmel-Greenwood, IN33
Brook Park Medical BuildingMOB18,444 0.41 %$39.1 0.03 %2,171,877 Cleveland, OH34
Smith RoadMOB16,802 0.37 %$326.4 0.29 %2,171,877 Cleveland, OH34
Assurance - HudsonBSF13,290 0.29 %$586.6 0.52 %2,171,877 Cleveland, OH34
Rockside Medical CenterMOB55,316 1.22 %$621.8 0.55 %2,171,877 Cleveland, OH34
Virginia Orthopaedic & Spine SpecialistsPC8,445 0.19 %$159.3 0.14 %1,794,278 Virginia Beach-Chesapeake-Norfolk, VA-NC37
LTAC Hospital of SE MassachusettsLTACH70,657 1.55 %$646.4 0.57 %1,700,901 Providence-Warwick, RI-MA39
Warwick Oncology CenterSC10,236 0.23 %$317.3 0.28 %1,700,901 Providence-Warwick, RI-MA39
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
South County HospitalPC13,268 0.29 %$323.9 0.29 %1,700,901 Providence-Warwick, RI-MA39
Mercy Rehabilitation HospitalIRF39,637 0.87 %$2,068.5 1.83 %1,497,821 Oklahoma City, OK42
Memphis CenterMOB11,669 0.26 %$241.7 0.21 %1,339,345 Memphis, TN-MS-AR45
Sanderling Dialysis Center - 7710SC10,133 0.22 %$584.8 0.52 %1,339,345 Memphis, TN-MS-AR45
Gardendale MOBMOB12,956 0.29 %$325.6 0.29 %1,192,583 Birmingham, AL47
Sanford West Behavioral FacilityBSF96,886 2.13 %$1,421.3 1.26 %1,178,826 Grand Rapids-Wyoming-Kentwood, MI49
GlastonburyMOB48,375 1.06 %$953.7 0.85 %1,169,048 Hartford-West Hartford-East Hartford, CT50
Sterling Medical CenterMOB28,478 0.63 %$525.4 0.47 %1,160,172 Buffalo-Cheektowaga, NY51
Los Alamos Professional PlazaMOB43,395 0.95 %$427.4 0.38 %914,820 McAllen-Edinburg-Mission, TX64
UMass Memorial Health Cancer CenterSC20,046 0.44 %$855.3 0.76 %881,248 Worcester, MA68
Worcester BehavioralAIB81,972 1.80 %$2,772.2 2.46 %881,248 Worcester, MA68
El Paso Rehabilitation HospitalIRF38,000 0.84 %$2,203.1 1.95 %879,392 El Paso, TX69
Columbia Gastroenterology Surgery CenterPC17,016 0.37 %$349.8 0.31 %870,193 Columbia, SC70
Genesis Care - Bonita SpringsSC4,445 0.10 %$297.0 0.26 %860,959 Cape Coral-Fort Myers, FL72
Cape Coral Suite 3SC12,130 0.27 %$477.8 0.42 %860,959 Cape Coral-Fort Myers, FL72
Cape Coral Suite 3AMOB2,023 0.04 %$41.4 0.04 %860,959 Cape Coral-Fort Myers, FL72
Cape Coral Suite 5 & 6MOB6,379 0.14 %$104.3 0.09 %860,959 Cape Coral-Fort Myers, FL72
Colonial Blvd OfficeSC46,356 1.02 %$— — %860,959 Cape Coral-Fort Myers, FL72
Corporate Office 3660MOB22,104 0.49 %$658.3 0.58 %860,959 Cape Coral-Fort Myers, FL72
Corporate Annex BuildingMOB16,000 0.35 %$329.0 0.29 %860,959 Cape Coral-Fort Myers, FL72
Wildwood Hammock RPET FacilitySC10,832 0.24 %$455.2 0.40 %860,959 Cape Coral-Fort Myers, FL72
Wildwood Hammock - Diagnostic ImagingSC9,376 0.21 %$430.4 0.38 %860,959 Cape Coral-Fort Myers, FL72
Wildwood Hammock - NorthlandMOB1,201 0.03 %$14.4 0.01 %860,959 Cape Coral-Fort Myers, FL72
Eye Health of America 4101MOB43,322 0.95 %$1,025.7 0.91 %860,959 Cape Coral-Fort Myers, FL72
Eye Health of America 2665MOB3,200 0.07 %$56.5 0.05 %860,959 Cape Coral-Fort Myers, FL72
Eye Health of America 1320MOB6,757 0.15 %$82.0 0.07 %860,959 Cape Coral-Fort Myers, FL72
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Everest Physical Rehabilitation HospitalIRF37,151 0.82 %$2,654.5 2.35 %852,878 Lakeland-Winter Haven, FL73
Parkway Professional PlazaMOB41,909 0.92 %$1,005.7 0.89 %852,878 Lakeland-Winter Haven, FL73
Davita Turner RoadSC18,125 0.40 %$366.0 0.32 %821,740 Dayton-Kettering-Beavercreek, OH76
Davita Springboro PikeSC10,510 0.23 %$189.3 0.17 %821,740 Dayton-Kettering-Beavercreek, OH76
Davita Business Center CourtSC12,988 0.29 %$237.6 0.21 %821,740 Dayton-Kettering-Beavercreek, OH76
Mercy One Physicians ClinicPC17,318 0.38 %$406.2 0.36 %753,913 Des Moines-West Des Moines, IA82
Daytona Medical OfficeMOB20,193 0.44 %$381.2 0.34 %739,516 Deltona-Daytona Beach-Ormond Beach, FL83
Debary Professional PlazaMOB21,361 0.47 %$324.2 0.29 %739,516 Deltona-Daytona Beach-Ormond Beach, FL83
UW Health Clinic- PortagePC14,000 0.31 %$335.6 0.30 %707,606 Madison, WI85
Novus ClinicSCH14,315 0.31 %$309.8 0.27 %702,209 Akron, Oh87
Aurora Health CenterPC15,650 0.34 %$344.3 0.31 %702,209 Akron, Oh87
Cypress Medical CenterMOB37,428 0.82 %$458.2 0.41 %661,217 Wichita, KS89
Family Medicine EastPC16,581 0.36 %$341.6 0.30 %661,217 Wichita, KS89
Wichita Medical ClinicPC18,681 0.41 %$— — %661,217 Wichita, KS89
Bassin Center For Plastic Surgery-MelbournePC5,228 0.12 %$322.5 0.29 %658,447 Palm Bay-Melbourne-Titusville, FL90
Pennsylvania GastroenterologyPC20,400 0.45 %$587.4 0.52 %615,361 Harrisburg-Carlisle, PA94
Penn State Health - Camp HillSC8,400 0.18 %$189.1 0.17 %615,361 Harrisburg-Carlisle, PA94
Penn State Health - HarrisburgSC10,000 0.22 %$200.9 0.18 %615,361 Harrisburg-Carlisle, PA94
Mercy Rehabilitation Hospital - Northwest ArkansasIRF38,817 0.85 %$2,296.1 2.04 %605,615 Fayetteville-Springdale-Rogers, AR96
Perrysburg Medical Arts BuildingMOB26,585 0.58 %$507.4 0.45 %601,396 Toledo, OH98
Sunforest Ct Medical CenterMOB23,368 0.51 %$332.8 0.30 %601,396 Toledo, OH98
Assurance - ToledoBSF13,290 0.29 %$551.3 0.49 %601,396 Toledo, OH98
Granite CircleMOB17,164 0.38 %$242.4 0.21 %601,396 Toledo, OH98
Cardiology Associates of Greater WaterburyPC16,793 0.37 %$348.5 0.31 %576,718 New Haven, CT100
Riverview Medical CenterMOB26,427 0.58 %$815.1 0.72 %574,009 Scranton--Wilkes-Barre, PA102
NEI - 200MOB22,743 0.50 %$409.4 0.36 %574,009 Scranton--Wilkes-Barre, PA102
NEI - 204MOB15,768 0.35 %$236.4 0.21 %574,009 Scranton--Wilkes-Barre, PA102
Grandview PlazaMOB20,042 0.44 %$319.8 0.28 %563,293 Lancaster, PA104
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Pinnacle HealthPC10,753 0.24 %$250.0 0.22 %563,293 Lancaster, PA104
Manteca Medical Group BuildingMOB10,519 0.23 %$323.5 0.29 %556,972 Modesto, CA105
Treasure Coast Medical PavilionMOB55,844 1.23 %$943.2 0.84 %556,336 Port St. Lucie, FL106
Gulf Coast Cancer Centers-BrewtonSC3,971 0.09 %$— — %542,297 Huntsville, AL107
Martin Foot & Ankle ClinicPC27,100 0.60 %$431.7 0.38 %471,240 York-Hanover, PA116
UPMC Specialty CareMOB25,982 0.57 %$453.4 0.40 %426,086 Youngstown-Warren, OH131
Biltmore Medical OfficeSC11,099 0.24 %$222.4 0.20 %422,333 Asheville, NC132
Genesis Care - WeavervilleSC10,696 0.24 %$469.8 0.42 %422,333 Asheville, NC132
Lafayette BehavioralBSF31,650 0.70 %$1,684.9 1.49 %419,704 Lafayette, LA133
Belden Medical Arts BuildingMOB47,366 1.04 %$506.7 0.45 %400,551 Canton-Massillon, OH139
Hills & Dales Professional CenterMOB27,920 0.61 %$351.6 0.31 %400,551 Canton-Massillon, OH139
Prattville Town Center Medical Office BldgMOB13,319 0.29 %$281.1 0.25 %387,885 Montgomery, AL145
Wellmont Bristol Urgent CareSC4,548 0.10 %$78.5 0.07 %313,876 Kingsport-Bristol, TN-VA167
Steeles Road Medical BuildingPC10,804 0.24 %$164.8 0.15 %313,876 Kingsport-Bristol, TN-VA167
Bluewater Orthopedics CenterMOB10,255 0.23 %$223.8 0.20 %310,149 Crestview-Fort Walton Beach-Destin, FL169
Londonderry CentreMOB21,203 0.47 %$382.5 0.34 %307,123 Waco, TX171
Westlake Medical OfficeMOB14,100 0.31 %$238.3 0.21 %307,123 Waco, TX171
Longview Rehabilitation HospitalIRF38,817 0.85 %$2,349.2 2.08 %295,490 Longview, TX174
Gulf Coast Cancer Centers-FoleySC6,146 0.14 %$174.7 0.15 %261,608 Daphne-Fairhope-Foley, AL193
Gulf Shores BuildingSC6,398 0.14 %$51.3 0.05 %261,608 Daphne-Fairhope-Foley, AL193
Monroe Surgical HospitalSCH58,121 1.28 %$2,473.6 2.19 %221,921 Monroe, LA215
Ft. Valley Dialysis CenterSC4,920 0.11 %$87.0 0.08 %204,110 Warner Robins, GA231
Meridian Behavioral Health SystemsAIB132,430 2.91 %$3,263.5 2.89 %202,091 Charleston, WV232
Tuscola Professional BuildingMOB25,500 0.56 %$622.4 0.55 %187,714 Saginaw, MI241
KedplasmaSC12,870 0.28 %$272.1 0.24 %183,040 Burlington, NC245
Redding Oncology CenterSC12,206 0.27 %$623.8 0.55 %181,121 Redding, CA250
Community Healthcare Trust
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
Decatur Morgan Hospital Medical Office BuildingMOB35,933 0.79 %$582.4 0.52 %159,651 Decatur, AL273
Bourbonnais Medical CenterMOB54,894 1.21 %$847.6 0.75 %106,410 Kankakee, IL351
Parkside Family & Davita ClinicsMOB15,637 0.34 %$222.2 0.20 %99,170 Victoria, TX366
Cub Lake SquareMOB48,993 1.08 %$851.1 0.75 %109,516 Show Low, AZn/a
Emory Healthcare - 303MOB61,301 1.35 %$924.8 0.82 %105,326 LaGrange, GA-ALn/a
Emory Southern Orthopedics - 1805MOB31,473 0.69 %$730.8 0.65 %105,326 LaGrange, GA-ALn/a
Emory Southern Orthopedics - 1801MOB2,972 0.07 %$62.7 0.06 %105,326 LaGrange, GA-ALn/a
Emory Healthcare - 1610MOB5,600 0.12 %$84.5 0.07 %105,326 LaGrange, GA-ALn/a
Nesbitt PlaceMOB56,003 1.23 %$1,061.6 0.94 %84,233 Lawrence County, PAn/a
Davita Etowah Dialysis CenterSC4,720 0.10 %$70.1 0.06 %70,691 Athens, TNn/a
Marion Medical PlazaMOB27,246 0.60 %$389.9 0.35 %64,976 Marion, OHn/a
Corsicana Medical PlazaMOB17,746 0.39 %$373.2 0.33 %56,533 Corsicana, TXn/a
Pahrump Medical PlazaMOB12,545 0.28 %$479.5 0.43 %55,990 Pahrump, NVn/a
Arkansas Valley Surgery CenterMOB10,717 0.24 %$235.3 0.21 %50,093 Cañon City, COn/a
Fremont Medical Office Building & Surgery CtrMOB13,050 0.29 %$345.8 0.31 %37,884 Fremont, NEn/a
Baylor Scott & White ClinicPC37,354 0.82 %$505.8 0.45 %37,810 Brenham, TXn/a
Eyecare Partners - 408PC8,421 0.19 %$134.3 0.12 %36,437 Centralia, ILn/a
Ottumwa Medical Clinic - 1005MOB68,895 1.52 %$746.6 0.66 %35,681 Ottumwa, IAn/a
Ottumwa Medical Clinic - 1007MOB6,850 0.15 %$96.2 0.09 %35,681 Ottumwa, IAn/a
Fresenius Gallipolis Dialysis CenterSC15,110 0.33 %$160.2 0.14 %28,886 Gallipolis, OHn/a
Sanderling Dialysis Center - 780SC4,186 0.09 %$312.4 0.28 %27,009 Crescent City, CAn/a
Princeton Cancer CenterSC7,236 0.16 %$204.4 0.18 %County: 58,758Rural - No CBSAn/a
Andalusia Medical PlazaSC10,373 0.23 %$294.4 0.26 %County: 37,049Rural - No CBSAn/a
North Mississippi Health Services - 1107MOB17,629 0.39 %$99.8 0.09 %County: 35,252Rural - No CBSAn/a
North Mississippi Health Services - 1111MOB27,743 0.61 %$157.1 0.14 %County: 35,252Rural - No CBSAn/a
North Mississippi Health Services - 1127MOB18,074 0.40 %$102.3 0.09 %County: 35,252Rural - No CBSAn/a
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Property NameProperty TypeArea% of Square Feet Annualized
Rent ($000's)
% of Annualized
 Rent
PopulationMSA/MISARank
North Mississippi Health Services - 404MOB9,890 0.22 %$56.0 0.05 %County: 35,252Rural - No CBSAn/a
North Mississippi Health Services - 305MOB3,378 0.07 %$19.1 0.02 %County: 35,252Rural - No CBSAn/a
Batesville Regional Medical CenterMOB9,263 0.20 %$52.5 0.05 %County: 34,192Rural - No CBSAn/a
Tri Lakes BehavioralBSF58,400 1.28 %$— — %County: 34,192Rural - No CBSAn/a
Dahlonega Medical MallMOB22,805 0.50 %$396.7 0.35 %County: 33,610Rural - No CBSAn/a
Russellville Medical PlazaMOB29,129 0.64 %$173.1 0.15 %County: 31,362Rural - No CBSAn/a
Norton Medical ClinicSC4,843 0.11 %$60.3 0.05 %County: 34,973Rural - No CBSAn/a
Norton Medical PlazaMOB32,757 0.72 %$316.1 0.28 %County: 34,973Rural - No CBSAn/a
Wellmont Lebanon Urgent CareSC8,369 0.18 %$108.8 0.10 %County: 26,586Rural - No CBSAn/a
Lexington Carilion ClinicPC15,820 0.35 %$392.0 0.35 %County: 22,573Rural - No CBSAn/a
Sanderling Dialysis Center - 102SC5,217 0.11 %$295.6 0.26 %County: 13,279Rural - No CBSAn/a
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REPORTING DEFINITIONS
Acute Inpatient Behavioral Facilities (AIB)
Behavioral inpatient acute care facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses on an inpatient basis. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.

AFFO, Adjusted for Acquisitions
AFFO, Adjusted for Acquisitions, adjusts AFFO to show the impact of the real estate properties acquired in the period as if they had been acquired on the first day of the reporting period, using the expected returns and in-place leases at the time of the acquisition. The Company believes that AFFO, Adjusted for Acquisitions, is useful because it allows investors, analysts and Company management visibility into the impact on the Company's results of operations in future reporting periods resulting from its current period acquisitions.

Annualized Rent
Base rent for the current month multiplied by 12.

Behavioral Specialty Facilities (BSF)
Behavioral specialty facilities are healthcare facilities that provide a range of clinical services for mental health and/or substance abuse diagnoses. Behavioral health services provided may include assessment, treatment, individual medical evaluation and management (including medication management), individual and group therapy, behavioral health counseling, family therapy and psychological testing for recipients of all ages.

EBITDAre and Adjusted EBITDAre
The Company uses the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") definition of EBITDAre which is net income plus interest expense, income tax expense, and depreciation and amortization, plus losses or minus gains on the disposition of depreciable property, including losses/gains on change of control, plus impairment write-downs of depreciable property and of investments in unconsolidated affiliates caused by a decrease in value of depreciable property in the affiliate, plus or minus adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates and consolidated affiliates with non-controlling interest. The Company also presents Adjusted EBITDAre which is EBITDAre before non-cash stock-based compensation amortization.

We consider EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers funds from operations ("FFO") and adjusted funds from operations ("AFFO") to be appropriate measures of operating performance of an equity real estate investment trust ("REIT"). In particular, the Company believes that AFFO is useful because it allows investors, analysts and Company management to compare the Company's operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events.
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REPORTING DEFINITIONS (continued)
The Company uses the NAREIT definition of FFO. FFO is an operating performance measure adopted by NAREIT. NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to net income (calculated in accordance with GAAP), excluding gains or losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT also provides REITs with an option to exclude gains, losses and impairments of assets that are incidental to the main business of the REIT from the calculation of FFO. The Company has included AFFO which it has defined as FFO, excluding certain expenses related to closing costs of properties acquired accounted for as business combinations and mortgages funded, excluding straight-line rent and the amortization of stock-based compensation, and including or excluding other non-cash items from time to time. AFFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definition.

FFO and AFFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company's financial performance or as alternatives to cash flow from operating activities
(determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and AFFO should be examined in conjunction with net income as presented elsewhere herein.

Inpatient Rehabilitation Facilities (IRF)
Inpatient rehabilitation facilities are free standing rehabilitation hospitals, or may be units within an acute care hospital, that provide intensive rehabilitation programs to patients.

Long-Term Acute Care Hospitals (LTACH)
Long-term acute care hospitals provide inpatient services for patients with complex medical conditions who require more sensitive care, monitoring or emergency support than that available in most skilled nursing facilities.

Medical Office Building (MOB)
Medical office buildings are buildings occupied by healthcare providers and may be located near hospitals or other facilities where healthcare services are rendered or in close proximity to a population base. Medical office buildings can be leased to physicians, physician practice groups, hospitals, healthcare systems or other healthcare providers.

Metropolitan Statistical Area (MSA or MISA)
MSAs or MISAs are geographical regions with relatively higher population densities at their core and have close economic ties throughout their area. MSAs and MISAs are defined by the Office of Management and Budget.

Net Operating Income (NOI)
NOI is a non-GAAP financial measure that is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties and other investments before general and administrative expenses, depreciation and amortization expense, gains or loss on the sale of real estate properties or other investments, interest expense, and income tax expense. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. CHCT's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing NOI.


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REPORTING DEFINITIONS (continued)
Physician Clinics (PC)
Physician clinics are freestanding healthcare facilities that are primarily devoted to the care of ambulatory patients, can be privately operated or publicly managed and funded, and typically provide primary healthcare needs of populations in local communities utilizing physicians and other healthcare providers.

Specialty Centers (SC)
Specialty centers include various types of centers which may, among others, include oncology centers, dialysis centers, urgent care centers, and blood plasma centers.

Surgical Centers and Hospitals (SCH)
Surgical centers and hospitals may include outpatient surgery centers where surgical procedures not requiring an overnight hospital stay are performed; as well as specialty hospitals that focus on providing care for certain conditions and performing certain procedures, such as cardiovascular and orthopedic surgery.

Total Capitalization
Debt plus stockholders' equity plus accumulated depreciation.
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DISCLAIMERS

FORWARD-LOOKING STATEMENTS
Certain statements made in this supplemental information package constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated market conditions are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” "outlook," "continue," "projects," “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, expectations, or intentions. 
 
Forward-looking statements reflect the views of our management regarding current expectations and projections about future events and are based on currently available information. These forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data, or methods which may be incorrect or imprecise and we may not be able to realize them. 
 
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this supplemental information package, except as required by applicable law. You should not place undue reliance on any forward-looking statements that are based on information currently available to us or the third parties making the forward-looking statements. For a discussion of factors that could impact our future results, performance or transactions, see Part I, Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and the Company’s other filings with the Securities and Exchange Commission from time to time.  
 

NON-GAAP FINANCIAL MEASURES 
This presentation includes EBITDAre, Adjusted EBITDAre, Adjusted EBITDAre Annualized, Net Operating Income (or NOI), Funds From Operations (or FFO), Adjusted Funds From Operations (or AFFO), and AFFO, Adjusted for Acquisitions, which are non-GAAP financial measures. For purposes of the Securities and Exchange Commission’s (“SEC”) Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this presentation, GAAP refers to generally accepted accounting principles in the United States of America. Our use of the non-GAAP financial measure terms herein may not be comparable to that of other real estate investment trusts. Pursuant to the requirements of Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. 

Community Healthcare Trust
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4Q 2025 | Supplemental Information

FAQ

How did Community Healthcare Trust (CHCT) perform financially in Q4 2025?

Community Healthcare Trust reported Q4 2025 net income of about $14.4 million, or $0.51 per diluted share. Funds from operations were $13.3 million ($0.49 per share) and adjusted FFO was $14.9 million ($0.55 per share), reflecting strong contribution from property sales and rent.

What major property transactions did CHCT complete in the fourth quarter of 2025?

In Q4 2025, CHCT bought an inpatient rehabilitation facility in Florida for approximately $28.5 million, fully leased through 2040 with an expected 9.3% return. It funded this via a like-kind exchange after selling three buildings for about $31.6 million, realizing a net gain near $12.3 million.

What is Community Healthcare Trust’s acquisition pipeline as of year-end 2025?

The company has five properties under definitive purchase agreements with an expected total price of about $122.5 million. Anticipated returns range from roughly 9.1% to 9.75%, and management expects closings across 2026–2027, while cautioning that timing and completion are not guaranteed.

How leveraged is Community Healthcare Trust at December 31, 2025?

At December 31, 2025, CHCT reported debt, net of deferred costs, of roughly $532.2 million and total capitalization of about $1.24 billion. This equates to net debt to total capitalization of 42.9%, with key credit facility covenants showing leverage comfortably within required limits.

What dividend did CHCT declare around its Q4 2025 results?

On February 12, 2026, the board declared a quarterly dividend of $0.4775 per common share, payable March 4, 2026 to shareholders of record on February 23, 2026. In the Q4 2025 period, CHCT also paid a prior quarterly dividend of $0.4750 per share.

What does CHCT’s portfolio look like at the end of 2025?

As of December 31, 2025, CHCT had investments of roughly $1.2 billion across 198 properties in 36 states, totaling about 4.5 million square feet. The portfolio was approximately 90.6% leased, mainly to outpatient-focused healthcare tenants such as medical office, behavioral, and rehabilitation facilities.

How did CHCT’s full-year 2025 results compare to 2024?

For 2025, CHCT generated net income of about $5.1 million versus a net loss of roughly $3.2 million in 2024. Full-year rental income increased to about $121.4 million from $114.6 million. Results reflected higher revenues, property gains, a credit loss reserve, and severance-related charges during 2025.

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