Despite maintaining a relatively stable NOI margin near 80% in most periods, the company's GAAP net income remains heavily distorted by non-cash depreciation, evidenced by a $12.6 million net loss in 2025Q2.
| Revenue | 122.37M | 121.19M | 115.79M | 112.84M | 97.68M | 90.58M | 75.68M | 60.85M | 48.63M | 37.34M | 25.2M | 8.63M | 18.73M |
| Revenue Growth % | 5.01% | 4.67% | 2.61% | 15.53% | 7.84% | 19.68% | 24.38% | 25.13% | 30.23% | 48.2% | 191.9% | -53.92% | - |
| Property Operating Expenses | 45.53M | 110.7M | 22.83M | 20.71M | 16.64M | 15.16M | 13.61M | 12.23M | 9.94M | 8.68M | 4.74M | 2.01M | 3.2M |
| Net Operating Income (NOI) | 76.84M | 10.49M | 92.95M | 92.13M | 81.04M | 75.42M | 62.07M | 48.61M | 38.69M | 28.66M | 20.45M | 6.62M | 15.54M |
| NOI Margin % | 62.8% | 8.66% | 80.28% | 81.64% | 82.97% | 83.27% | 82.01% | 79.89% | 79.55% | 76.75% | 81.17% | 76.69% | 82.94% |
| Operating Expenses | 38.6M | -9.77M | 72.84M | 67.03M | 47.18M | 42.51M | 34.15M | 29.94M | 25.25M | 21.27M | 16.58M | 7.75M | 7.41M |
| G&A Expenses | 25.1M | 25.09M | 19.06M | 27.34M | 14.84M | 12.11M | 8.77M | 7.72M | 5.71M | 3.48M | 3.23M | 2.47M | 507.11K |
| EBITDA | 81.7M | 63.8M | 63.82M | 65.54M | 67.06M | 64.13M | 53.44M | 41.42M | 48.56M | 37.34M | 25.2M | 4.19M | 0 |
| EBITDA Margin % | 66.76% | 52.65% | 55.12% | 58.08% | 68.65% | 70.8% | 70.61% | 68.07% | 99.85% | 100% | 100% | 48.58% | 0% |
| Depreciation & Amortization | 43.45M | 43.54M | 43.7M | 40.44M | 33.19M | 31.23M | 25.51M | 22.75M | 35.12M | 29.96M | 21.33M | 5.32M | -8.13M |
| D&A / Revenue % | 35.51% | 35.92% | 37.75% | 35.84% | 33.98% | 34.47% | 33.71% | 37.39% | 72.21% | 80.22% | 84.64% | 61.63% | -43.4% |
| Operating Income | 38.25M | 20.27M | 20.12M | 25.1M | 33.87M | 32.91M | 27.92M | 18.67M | 13.44M | 7.39M | 3.87M | -1.13M | 8.13M |
| Operating Margin % | 31.25% | 16.72% | 17.37% | 22.24% | 34.67% | 36.33% | 36.9% | 30.68% | 27.64% | 19.78% | 15.36% | -13.06% | 43.4% |
| Interest Expense | 4M | 34.05M | 23.71M | 17.79M | 11.87M | 10.54M | 8.62M | 9.3M | 6.3M | 3.95M | 1.18M | 364K | 0 |
| Interest Coverage | - | 1.15x | 0.87x | 1.45x | 2.86x | 3.15x | 3.24x | 2.05x | 1.45x | 1.87x | 3.28x | -3.00x | - |
| Non-Operating Income | 3.12M | -18.91M | -409K | -711K | -66K | -294K | 0 | -437K | 4.29M | 11.71M | 0 | -35K | 8.93M |
| Pretax Income | 6.08M | 5.13M | -3.18M | 8.02M | 22.06M | 22.66M | 19.16M | 9.81M | 2.86M | 3.51M | 2.72M | -1.46M | 7.58M |
| Pretax Margin % | 4.97% | 4.23% | -2.75% | 7.11% | 22.58% | 25.02% | 25.31% | 16.12% | 5.87% | 9.4% | 10.8% | -16.87% | 40.49% |
| Income Tax | 23K | 23K | 0 | 306K | 41K | 167K | 80K | 1.43M | -1.55M | 7.46M | 0 | 0 | -546.12K |
| Effective Tax Rate % | 0.38% | 0.45% | 0% | 3.82% | 0.19% | 0.74% | 0.42% | 14.58% | -54.17% | 212.48% | 0% | 0% | -7.2% |
| Net Income | 6.06M | 5.1M | -3.18M | 7.71M | 22.02M | 22.49M | 19.08M | 8.38M | 4.4M | 3.51M | 2.72M | -1.46M | 7.58M |
| Net Margin % | 4.95% | 4.21% | -2.75% | 6.84% | 22.54% | 24.83% | 25.21% | 13.77% | 9.05% | 9.4% | 10.8% | -16.87% | 40.49% |
| Net Income Growth % | 215.3% | 260.39% | -141.24% | -64.97% | -2.1% | 17.9% | 127.76% | 90.23% | 25.44% | 29% | 286.88% | -119.2% | - |
| Funds From Operations (FFO) | 49.51M | 48.64M | 40.52M | 48.15M | 55.21M | 53.72M | 44.59M | 31.13M | 39.52M | 33.47M | 24.05M | 3.86M | -546.12K |
| FFO Margin % | 40.46% | 40.13% | 35% | 42.67% | 56.52% | 59.3% | 58.92% | 51.16% | 81.27% | 89.62% | 95.44% | 44.76% | -2.92% |
| FFO Growth % | -280.27% | 20.03% | -15.84% | -12.78% | 2.78% | 20.47% | 43.25% | -21.23% | 18.09% | 39.16% | 522.39% | 807.54% | - |
| FFO per Share | 1.83 | 1.81 | 1.53 | 1.91 | 2.34 | 2.31 | 2.07 | 1.67 | 2.24 | 2.26 | 2.12 | 0.82 | -0.08 |
| FFO Payout Ratio % | 81.62% | 110.34% | 127.57% | 99.8% | 80.57% | 78.94% | 85.3% | 102.63% | 74.33% | 73.01% | 73.94% | 101.66% | 0% |
| EPS (Diluted) | 0.22 | 0.08 | -0.23 | 0.20 | 0.81 | 0.87 | 0.80 | 0.37 | 0.25 | 0.19 | 0.24 | -0.31 | 1.13 |
| EPS Growth % | 136.46% | 133.65% | -215% | -75.31% | -6.9% | 8.75% | 116.22% | 48% | 31.58% | -20.83% | 177.42% | -127.43% | - |
| EPS (Basic) | - | 0.08 | -0.23 | 0.20 | 0.81 | 0.87 | 0.80 | 0.37 | 0.25 | 0.19 | 0.24 | -0.31 | 1.13 |
| Diluted Shares Outstanding | 26.99M | 26.86M | 26.53M | 25.2M | 23.63M | 23.26M | 21.58M | 18.68M | 17.67M | 14.82M | 11.32M | 4.73M | 6.71M |
Earnings volatility from non-recurring items
As reported in financial statements, CHCT experienced extreme FFO per share fluctuations, ranging from a low of -$0.06 in 2025Q2 to a high of $0.94 in 2025Q4, suggesting that the company's earnings quality is heavily influenced by non-recurring accounting adjustments rather than consistent operational cash flow generation.
The erratic FFO trajectory indicates that investors should monitor the sustainability of the dividend, as the payout coverage appears inconsistent when stripping out non-cash items. The significant variance between quarterly FFO figures warrants further investigation into whether these swings are driven by one-time acquisition costs or structural issues in the lease portfolio.
Based on reported figures, CHCT maintained a relatively stable NOI margin near 80% in most quarters, though 2024Q3 and 2024Q1 saw anomalous dips to 42.9% and 45.3% respectively, which may indicate temporary spikes in property-level operating expenses or accounting reclassifications that warrant closer scrutiny by stakeholders.
While the core property-level profitability appears robust when excluding the outlier quarters, the inconsistency in margin reporting suggests that the company's cost structure may be more sensitive to localized operational shocks than initially apparent. Analysts should interpret these margin fluctuations as a potential indicator of underlying volatility in tenant reimbursement structures or maintenance requirements.
According to recent SEC filings, CHCT consistently reports GAAP net income that significantly trails FFO, with 2025Q2 showing a net loss of $12.6 million despite a relatively stable revenue base, highlighting the heavy impact of non-cash depreciation charges on the company's reported bottom-line profitability.
The persistent gap between GAAP earnings and FFO confirms that traditional net income is a poor proxy for the company's true economic performance. Investors should focus on the recurring maintenance CAPEX requirements to determine if the depreciation charge is an accurate reflection of the capital needed to maintain the portfolio's competitive position.
As indicated by the provided data, the frequent divergence between FFO and AFFO, such as the $9.3 million gap observed in 2025Q4, suggests that the company's capitalization of leasing commissions and tenant improvements may be aggressively smoothing earnings, potentially overstating the firm's ability to generate distributable cash flow.
The reliance on AFFO as a secondary metric is essential here, as the discrepancy between FFO and AFFO may indicate that significant cash is being diverted to maintain tenant occupancy. This trend appears to suggest that the company's growth strategy is capital-intensive, and the sustainability of the dividend may be more constrained than headline FFO figures imply.
Quick answers to the most common questions about buying CHCT stock.
For fiscal year 2025, Community Healthcare Trust Incorporated (CHCT) reported total revenue of $121.2M. This represents a 546.9% increase compared to $18.7M in 2014.
Community Healthcare Trust Incorporated (CHCT) is profitable, generating $5.1M in net income for the fiscal year ending 2025 with a net profit margin of 4.2%.
Community Healthcare Trust Incorporated (CHCT) reported an operating income of $20.3M, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Community Healthcare Trust Incorporated (CHCT) generated $10.5M in gross profit for the year, representing a gross profit margin of 8.7%. This demonstrates the company's core pricing power and production efficiency.