Earnings call transcript Q4 2022

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Operator

Welcome to Community Healthcare Trust's 2022 Fourth Quarter Earnings Release Conference Call.

On the call today, the company will discuss its 2022 fourth 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. XX, emphasize on of based risks this as today, to may information on and wants contain of discussed may be call February uncertainties. company that that the some that information forward-looking The statements and involve XXXX, will be Actual may statements. from forth in those results set materially such differ

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

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

Trust. Now Healthcare turn Interim call the like CEO I to would of over to Community Dupuy, Dave

Dave Dupuy

the And XXXX very you much. morning. today good conference Xth quarter Thank joining call. for Thank Great. for you us

our Accounting our Vice Management. Executive On Asset the today Meyer, Tim call Officer; President and Ann with Leigh Chief me is of Stach,

me a ulcer, Interim in wishing to on Tim a quick asked has February Monday, released and join with is the disclosed a in everyone CEO. step medical complications Wallace in board deal we As X-K know will the Tim on an leave recovery. I as peptic to from me XX,

other to Now matters.

last released report report night. and Form XX-K announcement earnings data our filed annual filed was supplemental on X-K, an and and last were night Our with

In addition, as to our an presentation last was posted website updated investor night well.

and a had XX.X%, an busy good had operations occupancy At from and perspective. an leasing to activity. to acquisitions We we continue see year-end, fourth our quarter both risen

Our relatively stable was years. weighted lease average at remaining term X.X

to continue place that undergoing of redevelopment the significant is renovations renovations are tenants or redevelopment significant or long-term them properties portions with have when complete. We five in or

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

properties leases X% of an and which XXX,XXX For XX.X% through a year, price to we approximately leased of XX.XX%. feet of running XX with square total for anticipated annual XXXX million acquired the aggregate with purchase were $XX.X returns

for of XX,XXX XXX% leased expirations feet to Subsequent transactions properties in an acquired we approximately XX, December totaling Upon two with million. the through aggregate acquisition, square purchase $XX.X price separate three properties were XXXX.

expects to price X.X%. four few company properties has due definitive is diligence X.X% The next close purchase purchase under the returns these expected company currently The and months. approximately of for aggregate $XX.X of expected million an to agreements and performing in properties

have return aggregate signed The an also expected for investment XX.XX%. to $XXX We to and completion for range six occupancy sale million. be acquired should and up inspected properties these after definitive of purchase investments agreements on

close to throughout these XXXX on expect We properties XXXX. and

several X% review of anticipated under and properties properties out to returns term many have to on and XX%. have sheets continue We

per the common ATM share, to IPO. since our Simultaneously, S-X declared XXX a million it Also, agency dividend to to company XXXX, share. issuance shelf entered On equates per of filed agreement the with on statement of sales into continue of to the $X.XXXX SEC. company November including quarter raised stock, the be we raised sale various banks an with X, registration This and shares. quarter an of our and common $X.XX to automatic every we have the the for fourth Form for say annualized our proud dividend we dividend up

into highlight SOFR refinancing, to our the recent swap and activity. financials, I jumping Before wanted transition

it the Given bank to forward very prudent were our plans, tightening and move refinancing supportive. market, we thought banks our

$XXX The and beginning in Although loan our fund term term were period towers $XX we to every were was occur down million. refinance transaction the the which XXXX, existing XXXX. maturity three-month revolver to was acquisitions. the proceeds to to seeking used three-month March loans, years we consistent million term seven-year so added stub million $XXX due two of the increase pay make decided loan, oversubscribed with The

to the with to exposure LIBOR SOFR. availability our thereafter, all remaining utilize from having January, continue strategically equity our fund And swaps. the to facilities rate we refinancing, we acquisitions, swapped to to our from credit refinancing, we to After we we ATM to borrowings fixed opportunistically floating anticipate this access enough transitioned Shortly on our markets. expect LIBOR in transitioned Simultaneous SOFR-based the swaps finally, through SOFR. and

pro fourth while fourth in day total first XXXX, quarter, grew And $X,XXX pro $XX.X total have quarter-over-quarter the of basis, XXXX, million revenue for forma million had Now that the growth additional $XX.X the pleased quarter representing same growth to $XX.X to increased of for XXXX, on the acquisitions on total X.X%. of I am million quarter million X.X% a was XXXX for of the was X% approximately over million revenue prior would the quarter. the versus on fourth compared representing fourth quarter all period revenue the an Meanwhile, to the to a XXXX if total fourth report in by year. numbers. $XX.X occurred over for $XX.X million XXXX forma revenue

expenses XXXX From increased perspective, from property to XXXX million $XX.X year-over-year operating an $XX.X or million expense in X.X%. in

third the fluctuations or expenses for due to operating property in $X.X increased the to quarter in XX.X% same quarter in to from $X.X occur from million or During decreased normal expenses $X.X million quarter-over-quarter. the in fourth operating property period that in XXXX. property X% million quarter, million operating the $X.X XXXX Sequentially, expense fourth

G&A or And XXXX And the or G&A XXXX in XX.X%. $X.X increased in fourth increased year, G&A XXXX to in million in the XX.X% million from to $XX.X XX.X% expense million quarter XXXX and increased for -- $X.X million sequentially. from $XX.X

approximately million For increased cash million to X.X%. in XXXX year, in G&A $X.X from $X.X the XXXX or

While in the increased in approximately $X.X fourth million $X.X 'XX from 'XX in quarter-over-quarter. increasing quarter, XX.X% XX.X% cash million G&A while to or

employees, driven X expenses increases Increases with compensation in our to X-K amortization retirement Please report including for information by in included compensation G&A issue expenses. in versus stock, professional the restricted expense deferred both in amortization schedule compressed dates. and more eligibility and G&A as of supplemental fees new based a were on the existing on filing cash to details of increases related from refer Page noncash

driven XX.X%. year-over-year to the from expense expense or interest Interest $X.X fund which $XXX expense $XX.X December million interest an million $X to increased increase addition in or in new rates, million acquisitions to credit 'XX the term XXXX. increased in $XX.X was by our loan of from million million increase and in Quarter-over-quarter borrowings under facility closed XX, interest XX.X%. The 'XX

XX.X%. to For the net debt total year, remained at conservative capitalization our

in million income net to decreased $XX.X or $XX from Our X.X%. 'XX 'XX in million

million million in XX.X%, For net from to 'XX the million or in $X.X $X.X to net X.X%. sequentially, million $X.X decreased 'XX from and income quarter, income or $X.X decreased

FFO, diluted $X.XX -- operations, in year, $XX.X from share diluted funds or per XXXX share FFO increased $X.XX $X.XX, million the from $XX.X per for share representing For growth X.X%. of fourth million or X.X% to per or the

XXXX. per or quarter, adjusts share For operations, per share share $X.XX diluted per in $XX.X rent from million diluted or share decreased share FFO adjusted $X.XX million to XXXX basis, $XX.X or growth X%. $X.XX the $XX.X fourth and which funds from an for grew or On annual $XX.X or stock-based million $X.XX, straight-line per per million diluted AFFO from in of $X.XX diluted to compensation, representing

from basis, pro of million to of on million, quarterly to fourth per the perspective, fourth share first to the the And the increased or forma $XXX,XXX $X.XX $X.XX day the per a fourth share. in quarter $XX approximately quarter diluted if quarter, On AFFO quarter per occurred by of $X.XX a a diluted pro from would share AFFO fourth in total forma all 'XX fourth have increasing acquisitions of $XX.X increased or million XXXX. quarter $XX.X AFFO

Kate, start we're the to ready I question-and-answer believe session.

Operator

is We will first Rob Stevenson now question Janney. begin from of The Please go ahead. the question-and-answer [Operator session. Instructions]

Rob Stevenson

to morning, renew Dave, this in good Hi, 'XX all and 'XX you downsize likely lease expirations guys. any or or place? in known them expect point? Or the at move-out

Dave Dupuy

'XX. for the question. expiring are relatively Rob, in thanks We've that few leases Yeah. got

and but color think those be So pretty you've know feel whether if re-leased. -- Tim, don't any I what are to that, well on those to we free know add. got -- going we

Tim Meyer

today have we that pipeline new lease our with with confident fairly we're and mean, I renewals both leases.

with been -- rate that continuing portfolio, natural seen we've see there a is and through do that in we tenants the leases expire, that churn With XXXX you retention But move XXXX. do our see out. that rate with particularly strength we've

we we're tenants leasing that in do confident what So tenants. can even if new move do with out, to pretty

Dave Dupuy

showing up few occupancy, occupancy quarters. over last our what And of the seen terms in in Rob, that's momentum growing we've and

Rob Stevenson

guess the XX% under year-end. on as that I guys leased outlook? are I mean, is what standpoint, shade just Okay. a And of You

for today? portfolio, terms of in terms on of visibility within the what In leasing what's that outlook have the incremental you

Dave Dupuy

Yeah.

seeing, would -- the of I vacancy think we is in even going it's any for don't think kind change what be a piece be that portfolio XX%. always natural historically this what I we've There's to on messaged, than more we're and portfolio. to leased think of based tough

occupancy continue beyond wouldn't So I build that. our XX%, to to I and we've got certainly think we ability an continue think expect. increase anything But to

good activity. see when continue lease you to see leasing you And see always good said we've what is activity, And leasing. good so

leasing that So forward. to we're confident solid post we think going results continue will I

Rob Stevenson

Okay. one then And for last the me.

or days? for are six in you under in on of deals these 'XX at property $X 'XX. little that right are deals larger a you million-ish up there either other the was pipeline, sort that million, they some the have the the still that range? million to of cost with stuff average guys average Or $XXX look basically there in the closed Your starting for contract acquisition these you're pipeline? Other have scale are Are moving again properties and than under $X

Dave Dupuy

think I see a we mix.

of see $X is million million $X the there's $X -- we $X.X I what occasionally, But for million, if repeat those feel us, right average good opportunity, million million of in a see. it's probably the $XX to we acquisitions particular, if and it's if think business. consistently or opportunity like Some we

out inpatient maybe average, larger that those trending seen that we're million But upcoming to just a different mix. look, a facilities opportunities fact that bit look there. rehab that start closing the on just of of But a lot a $X might little on to average think think based bit. push continuing We're I over at going we've higher, up the some year, I little

Rob Stevenson

Thanks, guys. Appreciate time. Okay. the

Dave Dupuy

Rob. Thanks,

Operator

question next Alexander of ahead. Sandler. from is The Please Piper Goldfarb go

Alexander Goldfarb

best and in Tim. call Hey. him send Good Obviously, speedy the morning, saddle. wishes recovery gentlemen. back Definitely need please the to on for

So two questions for you, Dave.

all made in a lot about The obviously, is, is and pipeline first It restocked you between gap market, Obviously, quarter. well. big buyers across of real transaction as progress talking fourth estate guys sellers, a the frozen. looks sector like the everyone you

that the the picture, big is in in hear that have though nature what befuddled the buyers other between are still about your people the as are, the -- have or you restocking who you're far and same finding market, gap we pipeline, we is of sectors gap as applicable really not think the between with? that even that of as transaction presales in sellers practices Or often issues But should medical targeting buyers sellers? the and you you sectors, other sellers because estate that real frozen are

Dave Dupuy

question, the Alex. Thanks for Yeah.

We're I you real-time, still looking I actually hard. put see opportunities think activity it's the well. would acquisition continuing but on we're to actually very at it say, -- amount encouraged of a significant it's And front.

marketplace. type of tends et and be less client in sensitive MOBs, physician-based the to to of dynamic type that they're practices, physician smaller Our cetera,

of And out. in cap kind all to feel transactions we of rate, assets like you're XX% types seeing we're looking increase a for X% crazy since rates is a because, the not coming at sudden, to of tailwind those in our that these actually opportunities business

So good and seeing about anyway, feel activity. we it good we're

Alexander Goldfarb

Okay.

of up came line But comments -- towards it was like I way but your forgive is of and across, comments ATM. quarter, question me, think the is you're average funding Second from credit transactions stock your in -- your issued an seemed $XX. Obviously, the and you there. secondary it on at is biased

prefer So given Or up use where and issued of there sort the something line over see where that you random line of curious, was balance stock that is you your ATM? sheet it credit that you the first about said in ATM especially just you then of credit from and quarter? is to

Dave Dupuy

we continue as we will said, to, market. Listen, the ATM access

much reading too think you're my into I comments.

I was chunky. fact do we you think were I talking that it And be because we when refinanced. just as you well to opportunistic. tends know, it about basically was the And refinancing,

very were banks as we million term Our term $XXX supportive. result, to loan. $XXX from the a loan upsized And million

into And that. so yeah, reading I think you're

as the DNA. I It's business. always of foundational mean, that's the a low-levered past. to -- very the It's continue have us in will to part We we to that's been company. important be

rely the over the to be us just And time of line I credit. so not expect you on think in and should ATM

Alexander Goldfarb

-- that's wasn't not. asked general, why the I why why I sounds But that's your clarification. I it appreciate strategy Dave, or maybe in I so And comments, I I because the that's is like what and and overread know sure did,

Dave Dupuy

Thanks, Sure. Alex.

Alexander Goldfarb

you. Thank

Operator

is question of Lewis Michael ahead/ go next Truist. The Please from

Michael Lewis

Thank you.

that wish you you, a well. I'm certainly speedy could correct Tim me Dave, we full I'd recovery if like to for first, as So and wrong. And echo

the case, got you completely quarter, into if -- like I contract expected is what I'm issue. that simply to any end close think those under to timing of this were the year? $XX last of year. caused million you if you wondering slip of this guys if said scuttled or the by there that's know don't And some I had a acquisitions

Dave Dupuy

thanks for words your Tim. Michael, again about

of in As up Once that past We of up this were But far kind think it's we acquiring But really ran sprint issues. fourth there concerned, ended the talked handful we year are get that closed to the were closed, point highly into I to far those you getting and not wanted a things you get just closed. as as were quarter. the a couple ended we we out, acquisitions -- some subsequent we a get just motivated. about to Thanksgiving, so those year-end.

additional looking next million as to And the we're at we here we then four have months. mentioned, that close $XX.X few properties, over

was nothing So scuttled.

just done. out And bit. those just what diligence continuing to think I so closed work time doing getting of due And we're on and little properties we is through ran a

shutting things a get that the of weeks resulted where Christmas, Some couple and third-party in diligence of folks getting started wanted not down us before we to to.

Michael Lewis

this of you've Or don't any your included Okay. each quarters, Great. And I some then of several think I've was potential Are think identified happening anticipated asked that you on any done for with what's was developments past slides there program have don't In I projects closed million. underway? that center these you've targets. before. a $XX pipeline? presentation provided about like since dialysis your the timing acquisition other for announced.

Dave Dupuy

has very reason equity it's frankly slow slow. prior disappointed Michael, and been they've we're of acquisitions, private focused lot development. little And to Yeah. a that, received and since funding, that been operator our is term with related that our some work them, sheets, been bit candidly, were And on a the

leased these real we acquisitions and this all slower negotiating And process been so as is project expected. sheet acquisition we're on listen, have acquisition. of -- do more don't been I they that estate. it's and than a now, would focused on part that the making But a think operator have understand them real development have but with I term hoped a that estate referenced and front. I the It's have We

And we would bit what it's hoped. have slower than a little been so

on just seeing activity as have we we time their expecting fruits well. part and not are good intentional that development of hopeful a projects point, on candidly, quickly be to But at and of real going a see hope those part that the does start a as don't that term really this We some would there how we have estate a to we've of of hope for But ton And have to it line been that. are in come putting don't could sheet. acquisition be sense visibility an to of it online. because

Michael Lewis

last it. considering its dialysis business. also selling And question, Fresenius related. my I is Got then dialysis Okay. saw

So been were that, in I of there thought any don't you I if of following impact or any wondering know to if but opportunity you've or company. the future industry your or terms was anything read-throughs the

Dave Dupuy

undergo time. to going is over dialysis and transformation think I transition a

see a home more dialysis. to You're going lot

of One we home come. well treatment, and we're enjoy going that as for partner both I business be think model years dialysis dialysis to reasons is the have on to to -- right track the which got they're and the years think clinic addresses going they've relationship really is a this as with in

a infrastructure really to if works a patient Unfortunately, patient. be and treat Home base the that. in this or dialysis of you lot home somebody doesn't caregiver have well needed have other able the the to

base a the of to the come always treated and be that there's be, think, And portion so going at patient think home, could I patient to clinics. there's I a need going of very that. into But base mindful to that's we're effectively

I'm perspective the we the it very the as partnering will not. in a sure so you're historically? that on long we're pick has the dialysis just focused is But forward. going space And right very be and way in as still with grown markets Probably here, quite it right going from operators, to confident carefully grow clinic making

Michael Lewis

Hey, great. Thank you.

Dave Dupuy

Thanks, Michael.

Operator

The Baird. Rodgers go next question Please ahead. Dave from of is

Dave Rodgers

you, for Tim, comment. for to for I study Dave. recovery the questions hoping two Obviously, I morning, same Dave. good guess echo Yeah, him. wanted

forward I of that you are acquisitions, getting you already But was kind that feel look answered that delay little difficulties question. you delays, looking of any prolong of kind more like timing you've at these the construction guys? just of timing? of do Or next seeing you in acquisitions bit I As tied set that guess, there secure up of materials to you further know could for a the acquisitions, pretty terms in additional is

Dave Dupuy

the question, Dave. for Thanks

for I opened have certainly think Tim delays frustrating us who's before. It's trying these has bit been supply this get for operator the little projects chain frustrating going. been and a asked and question to -- our

in the will and still up we remaining 'XX 'XX, In listen, least running. the and sale two, 'XX. three; have at six under like hopefully feel that to close and then in 'XX, delays that So But X some purchase underway. honestly, we we're And looking and diligence still agreement we're all projects seeing supply delays perspective. done and the get the getting we municipalities seeing only the boxes are from getting not -- checking all a due to the these chain with just that, be from

So to bit busy and those them when them. on us the in will for those as our little but operator, construction feel a We're has But still it's that continue bit we about through on update in that close. And finishing yes, very little precisely been projects very a for information seen. But been better slowdown get and we disappointed projects. we'll folks getting we're very regard. frustrating have good -- it focused we've we

those opening, information. we'll more I certainly I better precise when we And let but so be you of as could anyway, wish terms know be facilities will in get

Dave Rodgers

he is Obviously, as maybe something Great. focus more instrumental the Tim obviously are And relationships the nuanced. of on to acquisitions has kind that. well. your a question, last then and investors that and going Appreciate sourcing in little

and of breadth for to guys of curious the of bit period of partners there with more Tim that on company give the any fears assuage some you a time. So partners detail just across potential creating obviously just being you the kind relationships not in new the have if little us can

Dave Dupuy

last Yeah. the team. No, understand that. say I What that. I would four Tim very appreciate years, I has the is added to over intentionally

focused Meyer And is a they of the from across development -- have join activities. these very and but in organization. are Tim business engaged who Investments very we're standpoint. acquisition that spread and our so these -- But continue VP to we are him see lot have doesn't relationships, isn't and activity a It's and myself of an really calls

growth those that of focused a company all we growth credit, are, critical, a FFO are as are where good involved that highlight making been done sure to very job a he's relationships us that listen, And company that we've on Tim's as institutionalized. process. AFFO in you getting and is just And growth-oriented

at engaged soon And hopefully, we've an Tim so that standpoint gap, good historically -- And with, that situation feel a continue as be while acquisition as the -- been building to everyone in really engaged there's busy a been a are to where and pipeline we very and in I can, we continue with providing definitely we opportunities absolutely be we folks like want us. come see have to acquisitions for he for standpoint sees, I the from business. from back

And will do I think, that be got to to can that that, fill but continue. it's us I right to void, going so team place up in think the that. And I think we've

Dave Rodgers

thank Okay, you.

Dave Dupuy

Thank Dave. you,

Operator

[Operator The from ISI. ahead. question of Steve Sakwa next go Please Evercore comes Instructions]

Steve Sakwa

Yeah. wishes please our what Tim Thanks, to send good hope he's Dave, morning. yeah, and back. best

Dave Dupuy

Steve. Thanks,

Steve Sakwa

a bumps guys what better up, you that rent going 'XX, curious, and for 'XX are the pricing kind sort my asked. lot XX%. just kind happens flat just about I'm on what on 'XX I the the over get on new on maybe of of 'XX back I'm leasing expirations. wanted in the to or and say, or maybe just the and handle leases the and see on, turn you as contractual potential of front. leasing, renewals a So been talked power have trying leases questions focus to turning down, of rents

Dave Dupuy

it it's slightly. up -- question. we're the would seeing of in that. down understand What very I coming in that, rates say are or also it's is terms consistent. specific But market for those about I going it's thanks and Steve, appreciate whether general,

rates markets. market of are are across and all markets our difference where our a the in seeing lease in lease our aren't where rates significant We general between

where getting rates. we're that we're building dynamics And We're So better just too. some it's lower some rates. the seeing where specific, some frankly, But getting very market we're specific. of seeing and --

investing our we're why try ready new for buildings get in those that's so to to buildings And tenants.

it's general, incredible think other. I where any in -- I it's, significant is way we're I don't one basically we're think a we're I power don't a It's significant so would got in pricing our any seeing downs. we've the buildings, at. And don't variance significant -- say seeing or but roll market think

Steve Sakwa

on So you'd on of you're say kind rollover flattish an annual basis.

Dave Dupuy

Correct, yeah.

Steve Sakwa

Okay. And then X%-X% do -- leases. just assume year rent leases those in that remind kind average? leases, within me, within I steps Is the average contractual a have you you of on the

Dave Dupuy

because I cap. terms CPI-based everything could buying bumps would have, But from would per mean, average in X.X% say, fixed of fixed rent on with to so a existing assume general, X%. see they're to X% year. you portfolio expect I in the everything, we leases, I buildings say that might to to is as we existing X.X% with we're you

Steve Sakwa

minute. for realize And leverage. Okay. just come the financing back you're to low to a I keep to trying

so trying be understand, the similar. marginal for bank today something debt like cost line, plus some it's on sounds and you market to might it borrowing And just spread, the SOFR

little borrowing maybe fair debt your today. -- So at all-in and that higher? cost I'm a moving side, is on guessing least least at that X% the bit Is

Dave Dupuy

term I actually loan at cost able debt is to X.X%. mean, we -- fix were of that that very where just we're right look, excited we the

I the And we're say excited incremental about -- So would would revolver. we're think -- X% at I outcome. very borrowings I under that on

spread, that's back have think go think but I right. probably the right. I to I at and that's look would

Steve Sakwa

And previous Yeah. I accretion trading debt stock -- debt borrowing the around costs of same marginal the on the six of whether a and guess is you equity. is or if I'm use about six, just mix equity. there the a going your was kind cap to back and question are earnings

I So are heavier sheet equity keep and using the same. higher just borrowing between there growth push about accretion from seems debt. it's day I'm more be would at over costs might balance the you into a one and when the leverage in it But wondering, pristine realize, to shareholder time, shape earnings just equity about dividend return. an standpoint, even versus lean even like least

Dave Dupuy

Yeah. a And to I for us it's a point. I been that's No, think that think always priority have mix. fair

Our to book would capital to just always been XX% did And that. you debt -- tend you to We in I add what our is, debt has tell range. I net XX% incrementally. debt that think

I think it's going to we ATM forward. to to time say going delever. continue that to access perspective, think safe to we're looking believe I mix will continue our over yeah, that, be And from the

Steve Sakwa

Anything I Okay. guys or either operational perspective a across And opportunity Just in out regionally call from worse larger, regionally lot regional, that MSA or MSAs, leasing good looks of then an anything that you're just or acquisition bad Is last or is anything smaller -- question. you spread would mean, are have expected? a seeing perspective? out better country. or different in than maybe to the you there

Dave Dupuy

No. unusual. I we're don't think anything seeing

Southeast, of into new the given population growth see and building to the lot continue there's migration so the that fact not We a surprisingly, in much just been Southeast. activity

for seeing acquisitions, our opportunities. us. we in we're attractive that development in -- country. a that see seeing far as our especially consistency spend markets tailwind to as as And time for continue are general, we'll So across look, But we're the

as haven't we the those if California you we read in negative. that, that lot not we're markets, Historically, seeing shouldn't acquisitions look saw markets and York opportunistically done attractive in we but really into anything wouldn't real company, New estate. some so a of a And

from great another. is and big dissuade would one markets, seeing deal picture every unique. lot So not And so us this a is country big with we're anything that market a to of

Steve Sakwa

Great. it for That's me.

Operator

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

Dave Dupuy

appreciate positive appreciate Thanks, forward look much. really and for great. grow, and everyone's message Kate, everybody, We us Well, Thank to continuing to And so Tim. to today. thanks, support. joining everybody's you

Operator

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

now disconnect. may You

Community Healthcare Trust (CHCT) 15 Feb 232022 Q4 Earnings call transcript