Steady top-line expansion, including 7.4% revenue growth in 2026Q2, is contrasted by significant earnings volatility, as evidenced by swings in FFO per share from -$0.06 to $0.48 over the past four quarters, indicating underlying profitability is periodically distorted by non-cash items.
Community Healthcare Trust Incorporated (CHCT) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Revenue | 124.51M | 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 % | 5.43% | 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 | 45.81M | 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) | 78.7M | 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 % | 63.21% | 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 | 30.02M | -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 | 25.33M | 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 | 91.8M | 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 % | 73.73% | 52.65% | 55.12% | 58.08% | 68.65% | 70.8% | 70.61% | 68.07% | 99.85% | 100% | 100% | 48.58% | 0% |
| Depreciation & Amortization | 43.11M | 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 % | 34.63% | 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 | 48.69M | 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 % | 39.1% | 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 | -3.06M | -18.91M | -409K | -711K | -66K | -294K | 0 | -437K | 4.29M | 11.71M | 0 | -35K | 8.93M |
| Pretax Income | 20.99M | 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 % | 16.86% | 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 | 11K | 23K | 0 | 306K | 41K | 167K | 80K | 1.43M | -1.55M | 7.46M | 0 | 0 | -546.12K |
| Effective Tax Rate % | 0.05% | 0.45% | 0% | 3.82% | 0.19% | 0.74% | 0.42% | 14.58% | -54.17% | 212.48% | 0% | 0% | -7.2% |
| Net Income | 20.98M | 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 % | 16.85% | 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 % | 384.09% | 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) | 64.09M | 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 % | 51.48% | 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 % | 1083.61% | 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 | 2.37 | 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 % | 84.95% | 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) | 0.78 | 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 % | 272.2% | 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 | 27.02M | 26.86M | 26.53M | 25.2M | 23.63M | 23.26M | 21.58M | 18.68M | 17.67M | 14.82M | 11.32M | 4.73M | 6.71M |
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.
Key Metrics
Top Statement Risk
Volatile and episodic net income
Metrics are mathematically derived from official filings.
Steady Top-Line Growth Amidst Earnings Volatility
Community Healthcare Trust has exhibited consistent top-line expansion, with revenue growing 7.4% year-over-year in the second quarter of 2026, according to the most recent reported figures, suggesting successful portfolio growth despite uneven profitability trends.
The revenue trajectory indicates ongoing organic and possibly acquisition-driven growth, with sequential quarterly revenue stabilizing above the $30 million mark. This steady top-line progression provides a foundational stability, though it contrasts sharply with the significant volatility observed in FFO and Net Income, which appear driven by non-operational factors rather than core rental growth.
NOI Margin Volatility Suggests Periodic Distortions
While the normalized NOI margin hovers around a healthy 80%, as evidenced in recent quarters like 2026Q2, severe fluctuations down to 10.7% in 2025Q4 point to significant non-recurring items or adjustments that obscure underlying property-level profitability.
The consistent ~80% NOI margin during 'clean' quarters indicates a sound operating cost structure for a healthcare REIT. However, the episodic collapses in margin are not indicative of operational failure but rather highlight substantial non-cash or non-operational items hitting the NOI line, warranting investigation into the specific components of property-level expenses and other income in those periods.
FFO Recovery Masks Structural Dilution Pressure
After a sharp decline to negative FFO in Q2 2025, the company's funds from operations have rebounded to $13.2M in 2026Q1, though the year-over-year FFO per share growth of 9.9% in Q2 2026 may understate dilution from equity issuances over the period.
The recovery in FFO is encouraging, but the per-share trajectory requires context. The significant gap between total FFO growth and FFO per share growth over multiple quarters implies potential share count expansion, possibly from ATM programs, which could be dilutive to existing investors even as absolute earnings recover. The current dividend yield of approximately 3% appears safe relative to recent FFO generation.
Q2 2025 to Q2 2026: A Clear Operational Recovery
The twelve-month period from the trough quarter of Q2 2025, marked by negative FFO, to the second quarter of 2026 represents a definitive inflection, with FFO swinging from a loss to $13.1 million and revenue expanding by 7.4%.
This reversal suggests the company has moved past a period of acute operational or financial stress, potentially related to asset impairments, lease restructuring, or other one-time events that depressed 2025 results. The key analytical question is whether this recovery is sustainable organic growth or primarily a bounce from artificially depressed earnings levels in the prior year.
Episodic Earnings Swings Signal Quality Concerns
The extreme volatility in GAAP Net Income, which plunged from positive $14.4M in Q4 2025 to negative $12.6M in Q2 2025, represents a significant challenge to earnings quality and suggests material non-recurring items or revaluations are heavily influencing reported profitability.
For a REIT whose value derives from predictable cash flows, such large swings in bottom-line earnings are a red flag. They imply that core operational stability may be overshadowed by large, unpredictable adjustments—potentially from asset write-downs, debt extinguishment costs, or straight-line rent adjustments—making it difficult to assess true recurring economic performance from GAAP figures alone.