CHCT - Earnings call transcript Q1 2021 | Community Healthcare Trust Incorporated

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Operator

Welcome to Community Healthcare Trust 2021 First Quarter Earnings Release Conference Call.

On the call today, the company will discuss its 2021 first quarter financial results. It will also discuss progress made in various aspects of its business.

Following the remarks, the phone lines will be open for a question and answer session. The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit. X, emphasize on of based involve this as today, to may information on risks wants contain of discussed may be call May and company uncertainty. that statements the some that information forward The looking and that XXXX, will be Actual differ those materially set statements. in such results may from forth

risk in earnings For developments of and risks company's SEC these a as well release company obligation the statements may as forward undertakes MD&A be as except information, regarding to looking looking uncertainties, result disclosures factors as filings. The update future its discussion of new otherwise, its statements, in you its and the should no by required or review whether forward law.

discuss call reconciliation the playback measures. non-GAAP company. This available XX recorded the the in advised permission. the will GAAP conference the on is of is available are of company's website distributed is on During and between for earnings property or days X website. may and being this The purposes. release, which its prior archive that not approximately reproduced call its Relations posted the Investor financial will the participants or call be call, for All An without company company's is the made otherwise written recorded be

Healthcare of I Go Now to over ahead, would like to Trust Inc. Community call Wallace, CEO turn Tim the Tim.

Tim Wallace

joining our morning us Thanks first for thank conference for today Garrett. Good call. everyone you and quarter XXXX

and is Dupuy, On Chief Leigh the our Officer; Stach, Officer. Chief call our with Financial Accounting Dave me today

an report Form both a standpoint. impacted We and last Health COVID-XX providers last filed by been and data process, XX-Q report the from is X-K was care acquisition from standpoint and had released on announcement also quarterly pandemic. an with normal supplemental and operations quarter, our As our filed have an busy night our earnings night. were

of saw and/or Some a patient procedures visits. reduced number

pre-pandemic are our basically tenant levels. most back operations of However, to

rent remaining representing deferral X had than $XX,XXX. company the XX, less tenant with March of As X

are great shape. receivables Our in

collections Our has update pandemic. asset group This will management done on to be hopefully. last great probably COVID issues job during the related a my

Now onto issues. normal more

we an place. in As active ATM have you know, program

first the an sales an yield. $XX.XX price of received at ATM net gross through equity issued its per quarter, XXX,XXX During the approximately at $XX.X shares average share. stock current of program approximately of We company proceeds X.XX% million

previously extended and more increased modified credit was As am as Dave's steal here on he lot later. give sure announced, and will I that facilities. part our a will we not I color

for quarter, XXX,XXX a the total leased properties we running were of XXX% leases X.X% properties approximately acquired with XX.XX%. square to During price of first approximately of anticipated and million. annual with returns XXXX X feet a $XX.X through purchase These

revolving loan a loan we in addition, million into up the tenant with $X of $X our a entered term conference and million quarter In of properties the as discussed call. fourth X to on company these

was second aggregate property of and has close for purchase $X.X price due agreements the these the approximately feet So quarter, XX% annual purchase The expected totaling $X.X properties price diligence the aggregate is XX.X%. has returns expirations far purchase X, aggregate square return performing and of with an under quarter. property and through through currently XX,XXX company approximately leased lease approximately properties The an million, Upon to in approximately X million. approximately company acquired X.X%. expected definitive company of expects for anticipated XXXX of this X May an acquisition,

next will XX for up investment. approximately investor disclosed in that up XX presentation these is that website properties It new we is our we the be to and million months. approximately investments anticipated with signed of posted that new made approximately $XXX sheets term over the on addition, have to new clients In X

enough We expect have the to and the XX%. properties our facilities anticipated with anticipate and to opportunistically sheets on returns having properties have to markets. term on continue access to continue utilize We ATM acquisitions of fund strategically equity several X% we our under to availability many review out credit to

remaining common dividend for moving we as Occupancy an equates quarter part X.XX and activity say on providers. to Our are On dividend to quarter lease encouraged we raised cover per up some our by be weighted term the takes I to hand we raised wanted And up share. our to This front, activity I the picked cover, continue the average approximately for slightly another care believe health so continue it of the proud share. the up first items since at we declared things ticked dividend quarter care to see I $X.XX years. to that leasing our numbers. Dave every have per to of I will annualized off of IPO. $X.XX the and

Dave Dupuy

everyone. morning Great. Thanks good Tim, and

aspects the wanted filings. our recent the key highlight are SEC I to which our of of in into financial jumping included results, some Before details refinancing,

financing borrowing positions future. our investment to loan our successfully structure now growth and In at and provisions X in modest addition for and to leverage growth term our revolver million grade unsecured new extending refinancing point $XXX to attractive years, very the have with believe some grid. REITs, both Since strategy, we the manage the make and We business today diversification, it financing with that for pricing investment bond adding company for rated allow with maturity credit X-year an and consistent other our continued in loan a we disciplined at rates future. essentially wanted in agreement grade facilities line are the

onto numbers. the Now

representing to million busy in a growth. of last million, $XX.X total million first XXXX XXXX growth report that fourth from the and sequential grew same representing had to period for $XX.X we discussed, the X.X% year. revenue quarter. first XXXX, Tim of of in I'm productive quarter quarter first As the the pleased was over Revenue XX.X% quarter $XX.X

not in our full impact see we results. later first Our acquisitions in X quarter, quarter closed largest their the so did

a increase revenue reconciliation by as From total increase million well the our were Increases a to the million from item. the noncash first or compensation would So had $X.X first in are sequentially expense, we first under perspective, as in And to and to G&A revenue. total first all to X.X%. in additional deferred acquisitions $X.X expense driven forma expenses property expense acquisitions which expenses increased increased million to Meanwhile, $XXX,XXX on basis, total in in quarter-over-quarter increased proforma the G&A refinancing, day fees an $XX.X quarter. in increased by catch-up growth deferred in with our taxes, increased write-off financing the from first The a $X.X fund an is the our with quarter of our associated as if million of have million POE was million the to $X.X XX%. first and on line or revolver well primarily operating $X.X due quarter, increase quarter. $X.X X%. associated quarter outstandings from XXXX refinancing the occurred is interest pro costs of or or million this POE with in as experiencing Meanwhile, an

of a pleased term us costs interest for million operations, our loan, grew to Going in that a moves due of XXXX higher $XXX million the which FFO, growth or the into from $X.XX the quarter quarter from will for $XX.X share report trend of to XXXX, per the AFFO new in I of tier XXXX, stock-based our diluted forward, in XXXX, pricing line $XX.X operations, quarter funds the growth an higher first am million, of loans. in which adjust last in FFO from sequentially. first And XXXX, first same million share the $XX.X $X.XX XX.X% straight $XX.X $X.XX diluted total million the rent FFO was per-share increased basis, first from share on of $X.XX representing over first to and in to the period increased per funds diluted increase of million On per for share in of quarter XXXX quarter quarter year. or the XX.X%. XXXX growth a of compensation from first to diluted $XX.X per Adjusted the first fourth compared share XX.X%. basis, per X.X% representing with quarter XX.X% quarter XXXX year-over-year. Meanwhile,

representing on if all perspective, fourth the to increased XXXX, numbers total on the was by a of pro for of million, a have forma pro first I AFFO occurred first of we're the That's acquisitions per to the quarter from a on growth sequential pro million, quarter X.X% would question-and-answer AFFO quarter, all session. increasing basis $XX.X Finally, share. of start from a And day forma AFFO to ready perspective. first $X.X basis. XXX,XXX approximately Garrett, have $XX.X a forma

Operator

Baird. from Sweitzer Amanda from comes question first The Instructions] [Operator

Amanda Sweitzer

targeting about that you about X potential entrepreneurs the came talked talk little more in view upgrade future? the bucket? the those falling past, how there sheets in just those a On a think on, term you agreements partners. those serial larger signed a And Do about? into for on that properties transactions can you've is partnerships bit And then as credit I you as

Tim Wallace

the So Amanda, that to give thanks that because and presentation went only to Page of have back for the you X found one investor question. the information. the prize And you're I

ability serial properties, yesterday probably pipeline part are companies this the doing entrepreneur do of having that. these These bring diligence of we are we -- continuing out was looks them that of call. time at discussions client some and and as see might. pipeline. the a close and on was way they're fill to quarter what ongoing larger of any this But really And history a first meeting we due significant them year, them probably they anticipate do to We that have look very get yes, we at takes them. forward? more of it. some company. XXXX. about focus for And good where the how had But at But one the you focus XXXX and we before the But a a feel And won't to So the selling and half like where best prize look meeting relationships, then to we we entrepreneurs, serial are building they of like. point program, that this our basically yes, it some the on of to

to that that's anticipate happen. we going So

when it's nice going if as underwriting not credit and a we our in value. do step then up to and in does, happen, it we Although have

Amanda Sweitzer

That's great and helpful.

pipeline and million with to your those X-year deals guidance do kind to raise step-up of your $XXX a X- go-forward XXXX, that you have Or you $XXX time? expect of acquisition over lineups kind to in And the million targeted moderate might into acquisitions in basis? XXXX on do kind and a so expect of you that

Tim Wallace

very feel in million to think We mean I produce can that the feel we it. comfortable always anybody growing I range. caution that We return. from increasing consistently comfortable $XXX million $XXX something It's with.

we I main reason million, wouldn't said, be the million able that. if so million million $X $XXX is over our -- million we And a the may And $X.X significant to I've do look we year $X.X the on a as not any to to quarter X as in to get and go a maintain a margin buying it we we're or optimize see bigger, time, $XXX billion profit $XXX million to deals. mean, profit, or step-up year, $XXX but

Operator

from Sandler. Alexander question comes next of Piper Our Goldfarb

Alexander Goldfarb

that, you, X. guess But us dig -- future and release, the guess Amanda that been first. to style I something would you have to X And press I hey, that in to for. typical of for would things Page highlighted but again, thought digging it's for for your kudos would've leaves I through questions understated that have

Tim Wallace

that website the And just presentation. with SEC, put release But the the sheets just on address a reason basis. is the the in announced is it the press sheets or for available because in Q. let have term is We main never on a me earnings but investor the presentation widely term available we filed second, in not always investor made

other that, than put following So anything investor just sheets presentation. never historic norms the we've term on we're and in

Alexander Goldfarb

attorneys stuff you have, that should publicize just mean, with it the it'd great and if I to more. it's hopefully be Well, Okay. it. comfortable be guys great

press could investor that the not press acquisition and if good be So release. into know, to pointing presentation in may you awesome. for Tim, are the going out But attorneys comfortable it material have the with that the thank release,

So appreciate that.

So two questions.

you facility, drive the of mentioned mentioned higher think the And actual didn't First, are facility. Dave, higher, you the line I because to have I terms the if know going if the investment bigger, I on of down. that the closer grade, And therefore spreads curious, that's costs. more rate on rates, is drawn facility, the you new or meant and more to credit gets think company the would sort go if spreads, size interest just more you of would the the is of that I'm figure interest would as just or credit-worthy, the case, the higher I interest

So or sure a if a of it level I just comment absolute comment spreads about wasn't interest. was was if it about just

Dave Dupuy

things, really, X Alex. it's So

first added The term loan. refinanced that, dated is term million loan. million we $XXX a with And the short simultaneous we $XX

then So million swapped. $XX incrementally, we added debt we've of that

added investment So we the -- debt an at higher an in second thing of But rate pricing component. We've the interest is same perspective got some it grid is additional from we've grade fixed terms there. works. costs how do our

time investment then from X, the in are our ability the and have we years there's ratings that details So investment to grade X we to a grade when extent to transition filings, achieve grid. now included the

the grid tier. some put but Our because currently higher leverage a business, is just on incremental pricing in same, we're we the

has nothing -- not pricing gone our has up. So

In go as spreads. so to investment down we're paying higher pricing fact, just we're pathway in metrics, grade but for it's higher a slightly more of our get and result, sort a we've tier, a as got we

Tim Wallace

Alex. Yes. add, I mean, things X I'd

capital XX.X%. a line were agreement. So is And at XX% before to in debt the bright we

lower were Dave we mentioning. was So a in as tier,

at XX.X%. we're Now

slide tier. So the back we're we'll upper the we XX%. equity, as in raise under down But probably more

Did know. other new thing, on don't fixed the I into go the what and was you rate Dave, The debt?

Dave Dupuy

details higher is, than X.X% fixed on which on there, rate, No. we LIBOR-based I into blended rate, our new of $XXX the haven't have but gone term Yes. do a revolver. fixed drawings the loan, course, million

the part well. issue that's as So of

Tim Wallace

But lower than.

Dave Dupuy

than But our. lower

Tim Wallace

Lower we off. paid than the $XX million

Dave Dupuy

Right.

Alexander Goldfarb

Okay.

a your second entrepreneurs, are to that business person but that noticed the relationships presale then there? others there's mean, on the sensing you out has you serial and that hard it's Obviously, you're success just guys wonderful And that with everyone to Cool. else. do is CHCT developers Okay. the the question haven't have had. Tim, competition more with, I believe

a and you're where, to coming seeing that competition situation are major asset of and runway because So across diligence you still Or this form? competitors? individual a of of in more is due you a a of is the there's sort markets, out this of much lot the lot really have lot way of yourself not

Tim Wallace

I'd other just on don't like everybody and to big we and to to operators on but transactions. individual say mean, don't it. smart, diligence on the the big due do individual really assets. do we're do transactions, I think just I think do people have look looks the diligence We we else focused due I

and get And of meeting. our what to we're is once looks I probably other the So say, we're I doing you people what week a a are head getting and on helping because lot do it execute we the of nothing today. and takes thing And think unique set to it I to easiest isn't to point where to where constituents to get of just are of a set why but easy, scratch doing if my the issue doing. haven't don't people kind today. a understand that's unique Board at relatively And we we a it up picked from to discussion our had point,

Operator

National Our next Securities. Gaurav Mehta from question of comes

Gaurav Mehta

on First question your lease expiration.

in of tenant expecting comment Are your XXXX I leasing renewal remarks, and what expecting that hoping are spreads you said was lease seen think on activity. your expirations. prepared some you renewals, for if kind XXXX? maybe I you XXX% in could you've you pickup the

Tim Wallace

how good XXX% leasing never morning. -- and due had years expect And coming I than it's expect renewals. of the We is actually, believe. less never the a But question. Appreciate but exactly XXXX we year, is I easiest standpoint. one Well, we've from much this X%, forget

Dave Dupuy

X.X%.

Tim Wallace

tells it's Dave X.X%. me

time about nose the the what about renewals. from business, XXXX their being of providers But last close several a talk we're after and good have already providers, real transactions care And down, we that basically seeing year just signed. pandemic because of to started, leasing. So on took working we're excited all leasing didn't actually size lot are to and the we're have kept

we're standpoint. excited we're what a so from about seeing And leasing

Gaurav Mehta

Great.

your a on It little as quarter your Second question percentage G&A. seems revenue this G&A was a like than historically. of higher

about revenue. talked XX% range a You've to as G&A XX% of percentage

kind over next I or rate you So guess, run the are are what of G&A you down go expecting forward? to quarters, guys going maybe expecting few

Dave Dupuy

I'd Yes, on so things of a that G&A couple say.

a noncash knows information sort the of on provide ratio X, everyone Page we I versus supplemental of in First of all, cash G&A. think

And G&A quarter every is our significant of noncash. a portion so

And so the to the increases. first we every say we as portion in the would a little on I G&A tend have cash bit because what G&A, quarter, in higher mentioned salary I year of comments, expense do

to that, deferred kind dilution as double also on of from we our hit. that of G&A bit. addition As get are HSA regard amount range quarter, in point comp mentioned we'd Because issued we're to it's with everything. part the a and cash think in I say then go we're perspective. X% to from to taking also There's I that, and increasing a first some refinancing the funding And what a X% noncash the to a just that G&A, unusual shares that perspective, G&A onetime somewhere in out into basis, of FFO we're to that safe a be well. things regarding little everybody's revenue that in facility the of But

is that should think X% probably see range. next So our hit of quarters. to But FFO, to against X% double of the over a expect our few against good you I that basis cash a it's sort earnings. kind And and

Tim Wallace

on take is, in because It's we've a X and taken never here a that, the deferred everybody in the item. -- room their way G&A. comp cash percent the comment I'll their stock. the or of always what focus And we cash XXX% add comp, the on Because comp our said that always has noncash,

affect going already the to one et never shares though it's ability therefore a an that So it's it's pay to outstanding. even the are expense, dividend, And cetera.

opposed because if And out, a we're analysis. that deferred to pointed of factor the we kind Dave noncash just as noncash, on out FFO, as focus getting So then don't double out on AFFO hit always why the compensation. that's AFFO takes you

Operator

of Riley FBR. next from question Maher Bryan B. comes Our

Bryan Maher

And that question. kind of why willing know can classify as providers, the Why us how most recent to these many you interest is could the I the Quick I tenants. don't them kind maybe of remind that presentation a lot environment. probably would to the spread to owners, people to at suspect at as would you XX.XX%, in be and the and their do leases in of less want they X.X% doctors, rich capture pretty pocketbooks. rate which kind of to own near X% borrow a

through So they're to pay rates? again these willing can us just why you walk

Tim Wallace

we basically, our they go and with of could I a mean cells. of And probably could borrow say offer they a lot but either would business. brain we're we it, is working program. one-off you their one they banks. lose the one-stop What thing understand And is on basis, a

quicker, be internal them don't from X $XX company And go are, to turns the to of The is basis. ability is And on standpoint So bank the their stop an on they sell million, from get and wherever EBITDA provide return the construction the up doing if going benefit is, or to million, construction we're one we to out. by it's their their a goal of them, in that it they real for finance one-stop one-off on for clinics. they're If doing what wherever wherever from that quickly rate properties provides loan, growth to provide they to property the standpoint, need the a basically out actually significantly. do $XX provide investment grow have it's dialysis a shop. goes the case or the operations financing years can takeout the an we that to of what the are million, they they $XX basis to purchasing

provide basically credit what being faster, faster. when upgrade basically, the us us we to turn, And for grow in them to what that ability that do we So out sell does then happens. is a is able gives

everybody's So cost developing the of done fact the whatever. most to benefit. matter et mean a yield of it out And is with done, or or X% cetera, this X.X% an I the -- cost normal to is stuff yield most work to works is to we developer,

paying when get it price basis XXX out, sell So in they're not there. for to until to then points they to is a basically, turn, works XX the pay not And but bad company. that

the it standpoint, years at from lot that who's a sense. $X look of can turn quicker, do $XXX you trying into if million it if So entrepreneur's X they million, to makes

Bryan Maher

up a And in maybe bigger X%, that's wouldn't made care Why is caps. buying generally you swallow mean, guys that Healthcare But Trust and a these a division these of up you diligence Community aren't but why rate often for Q&A XX% cap doing and you involved a And might caps, wouldn't X%, understand understand this just and us, about why buying got MOB. health X% something this we how you isn't going total of so MOBs X.X% comment and X%, properties. REITs don't this. one X% we've hey, big here say, of Why we an see? chunk REIT, juice hey, caps and there's returns? about cobbling in entity X% XX% at that's that their hear over that bigger REIT I all head, of your doing other scratch I lot the people

Tim Wallace

from at that REITs been a mean, at portfolios which and has do when about X% If to people yet. your in cheaper I've stock. in they've the have mean, almost to And higher price I their at I day. the it expensive you something everybody of their offered if have think rates, fact they people And matter concept silly X% and of mean, basically NAVs. I an that. But fact it, to sale it's at relatively buy a thing a beginning. point is mean, the a mean, that we're strange attention is, we're buy someone what from to in the I valuing I the something every situation started makes this a now for cap is found for been come something gotten rates, said for they of acquiring the the stock. the and rate. that's devalued very cap quandary to cap It's to cap stuff the get all of value REIT But kind sudden a that buying X% just of better me, for reduces we're that's multiples it paying rate, with a absolute concept into. nobody's of time. NAV themselves matter impossible standpoint

Bryan Maher

those I Well, comments. for much pay it. attention Appreciate too don't but NAV, to thanks

Operator

question comes Nate from next The Berenberg. Crossett of

Connor Siversky

struggling eyes This in right Nate. now operators the see continue is lot having for of we're rural just And positioning? best of a areas. on market more and to you're your LPACs we of for to question, in degree. the a frame And I state I'm related certain MOBs, to the to class seeing that news some asset on acquisition flow mean, framework wondering me the fit Quick call. terms Thanks opportunities on to general one seeing on Connor where pipeline.

these I'm wondering just yield you're to So what at targets? hit looking

Tim Wallace

I what of in everything. why a the We're acquisitions. able And reasons I I'm is buying million always currently $X the the -- because at. why and in the do And it properties. is again, probably looking biggest they're mean what physicians. doing is to And we're pipeline it. than there's nobody else to biggest from physicians. the reason the buying source $X physicians got interested basically are thing at that looked our serial mean, other through entrepreneurs, thinking we've we've we're the million number of

back price okay, and the mean, going they we've go got anything we takes I and the they we'll to market, is or reconcile your price, to a of same for and for kind market this offer that it's Because last to go X that else months for set sometimes better. So say, the been out come the to nobody price. X them in, we is in years. them take it and got

Dave Dupuy

significant physicians, I a in chunk a health lot you, see to on of look we're this that at the do, to it. won't big of an just line. comfortable that's Behavioral We everything surprise very we're we mean, sure choosy. as growth. of the behavioral We anybody tell with. I lot sub-sectors be care, It's area will like I'm that transactions a and find operators to continues find

And big so behavioral is a area.

again, I granular this dialysis. that the underwriting basis. a looking things Of as to and the But an of is our common down result, Because markets. all mean, take be and And the bit is, in smaller of even course, But that acquire. comfortable area for making to us, for at sort sure rehab, we on and operator other growth underwrite again, of we're continuing well. property-by-property they selective again, area tend time that basis, projects. theme to very in a just it be And gets to little look at to as they more in-patient and the we're continues LPACs, with effort a feel a on clients.

Connor Siversky

are been up in underwriting I on of know but color. a one more couple what's the to of us you conference has then underwriting? actually initial are brought that's a screening this older assets bit the process? it on the a of making little Okay, And can And how through just these helpful many calls, all, acquisitions? framework. And you give hit at targets sense, many rate how the close

Tim Wallace

a the that because rate we see to point close The but term versus where put very percentages we seems fairly sheet, it's is high. it or actually a at. hesitate anything don't what But look one XX a that those. we stuff, close statistics issue or like so of look we against day, get We we what, like don't And keep I at, a a know, actually either percentage. on see we that rate much if rate's would to probably small something, I close

Dave Dupuy

going how to that also, of, Tim's years do a back it what bring There comment a we goes to brokers earlier, that we're this difficult. whole and I stuff group lot going know was call X to not about it, is and us ago, Well, think, aren't X engage more XX to around.

it's little a a the that on really that want yes, X And ones we bit. out or spend time game spend a us so that's lot work. helped numbers just doing time of because here on, and definitely we which X are figuring it's But to funnel of

Operator

question of comes Sheila McGrath from next Evercore. The

Sheila McGrath

Tim, has ratio strong, very dividend such AFFO been payout is that much the more now conservative. growth

bigger yours what wondering want Board is. a the ratio or can get the to Just certain shareholders and a on payout increase philosophy to expect you Do horizon?

Tim Wallace

payout increase, Thanks Sheila. probably process think increase topic we and basically, that a we is we to sure maintain we quarter a a comfortable, want the morning, Good will I from thought a discussion. a make when $X.X $X.XX conservative can It's ratio. $X.X for it are maintain And that the a of question. very a But the quarter increase to been quarter. that

what thing as there quite I've being -- calls, we're the lot have something that is at not So said, a that And, is we looked closer that there, it in previous at. looking I and than discussed. but being been. think, kind of We're and to that's we're

Sheila McGrath

what $XX horizon then over since And the great. couple development? on it apologize Is million the and pipeline, $XX and missed I if just Okay, this, are a time kind their I the it sheets, term the of million those years? or

Tim Wallace

months. and on as could first quarter first will XX be said, fourth probably likely year. this Yes, one I've mean, I the of next much close Yes. it more quarter year,

for, through frame look as quarter third so basically, being 'XX mid for those. And 'XX time the second, of

Sheila McGrath

Okay.

the so takeout funds And is agreed transactions, development those correct? the in that and the -- both cap you rates, CHCT at does upon of then

Tim Wallace

been are facilities, constructed. didn't buy one And the doing if banks after because our properties. facility construction the in-patient million construction the is, those we then for comfortable has we reason doing plus rehab In that lending of the the -- and $XX feel it lending No. is

to the dialysis more those clinics, the on are lot doing are $X manageable. million a piece it's million We but construction $X a lending so

that's between a the for is and reason there X, So kind the difference it. of slight

Sheila McGrath

great. on out And any watching in the you're horizon might tenants? on anything that healthcare of policy impact Okay, an have of on for, DC that your

Tim Wallace

it comes You our it to -- is, I think mean in that's about that everything? for DC the is is thing don't it, our happening of DC. we're everything tenants. kind But is anything that's the negative about down other to concerned in materially happening The when view odd than be going

be it's more lot talking you're a to our spending going about probably money, If tenants. for good

David, thoughts So, any I on? got you mean,

Dave Dupuy

right. that's I No, think

-- think be I of throwing there's to lot government the a seems areas. a money of in lot different

been -- discussions because had transparency like I from the the care that We we a positive from do have a the perspective, foreseeable next some future of is think well think of continuing So to pricing health the throw we to see care. our plays just to But cost health that, be tenants that other government money at low that providers. including things, than tend very many perspective.

tenants. positive be net that So for our should a

Sheila McGrath

happens what Lord knows the Yes. to dollar.

Dave Dupuy

Sheila. Thanks,

Tim Wallace

Thanks, Sheila.

Operator

This question-and-answer concludes back like the any over Tim closing for to Wallace turn I conference session. to would remarks. our

Tim Wallace

everybody we'll then. between NAREIT months. think us in you with time for I've us, like being forward conferences look And to spending thank would the today. all in I I now got to and with talking X Plus, to Well, several

we Thanks. may you So talk sooner. to

Operator

now today's you Thank The presentation. attending conference is concluded. for

disconnect. now may You

Community Healthcare Trust (CHCT) 7 May 212021 Q1 Earnings call transcript