Form 10-Q filed by HEALTHCARE TRUST, INC. on 2020-08-14
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 000-55201
https://cdn.kscope.io/e95c6ae745ebf82a4f8db3a70439e007-hti2a17.jpg
Healthcare Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland
 
38-3888962
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
            
650 Fifth Ave.30th Floor, New YorkNY                 10019
___________________________________________________ __________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
 
HTIA
 
The Nasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of August 10, 2020, the registrant had 92,527,502 shares of common stock outstanding.

1

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

Part I — FINANCIAL INFORMATION



Item 1. Financial Statements.
HEALTHCARE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
 
 
June 30,
2020
 
December 31, 2019
ASSETS
 
(Unaudited)
 
 
Real estate investments, at cost:
 
 
 
 
Land
 
$
212,575

 
$
207,335

Buildings, fixtures and improvements
 
2,134,620

 
2,004,116

Acquired intangible assets
 
279,175

 
269,616

Total real estate investments, at cost
 
2,626,370

 
2,481,067

Less: accumulated depreciation and amortization
 
(473,572
)
 
(427,476
)
Total real estate investments, net
 
2,152,798

 
2,053,591

Assets held for sale
 
10,788

 
70,839

Cash and cash equivalents
 
83,525

 
95,691

Restricted cash
 
16,248

 
15,908

Derivative assets, at fair value
 
74

 
392

Straight-line rent receivable, net
 
22,867

 
21,182

Operating lease right-of-use assets
 
14,319

 
14,351

Prepaid expenses and other assets (including $429 and $394 due from related parties as of June 30, 2020 and December 31, 2019, respectively)
 
35,893

 
39,707

Deferred costs, net
 
13,937

 
13,642

Total assets
 
$
2,350,449

 
$
2,325,303

 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
Mortgage notes payable, net
 
$
541,950

 
$
528,284

Credit facilities, net
 
700,824

 
605,269

Market lease intangible liabilities, net
 
11,493

 
12,052

Derivative liabilities, at fair value
 
44,971

 
5,305

Accounts payable and accrued expenses
 
44,746

 
43,094

Operating lease liabilities
 
9,145

 
9,133

Deferred rent
 
7,484

 
8,521

Distributions payable
 
7,530

 
6,901

Total liabilities
 
1,368,143

 
1,218,559

 
 
 
 
 
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 1,610,000 authorized, 1,610,000 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
 
16

 
16

Common stock, $0.01 par value, 300,000,000 shares authorized as of June 30, 2020 and December 31, 2019, and 92,398,190 shares of common stock issued and outstanding as of June 30, 2020 and 92,356,664 outstanding as of December 31, 2019, respectively
 
924

 
923

Additional paid-in capital
 
2,081,074

 
2,078,628

Accumulated other comprehensive loss
 
(46,489
)
 
(7,043
)
Distributions in excess of accumulated earnings
 
(1,058,014
)
 
(971,190
)
Total stockholders’ equity
 
977,511

 
1,101,334

Non-controlling interests
 
4,795

 
5,410

Total equity
 
982,306

 
1,106,744

Total liabilities and equity
 
$
2,350,449

 
$
2,325,303


The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents
HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)




 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenue from tenants
 
$
94,664

 
$
96,287

 
$
194,899

 
$
185,005

 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Property operating and maintenance
 
59,788

 
58,804

 
121,511

 
111,603

Impairment charges
 
13,793

 
19

 
31,831

 
19

Operating fees to related parties
 
5,936

 
5,826

 
11,985

 
11,594

Acquisition and transaction related
 
178

 
31

 
505

 
49

General and administrative
 
4,730

 
4,314

 
11,460

 
10,612

Depreciation and amortization
 
20,183

 
20,299

 
40,378

 
40,984

Total expenses
 
104,608

 
89,293

 
217,670

 
174,861

Operating (loss) income before gain on sale of real estate investments
 
(9,944
)
 
6,994

 
(22,771
)
 
10,144

Gain on sale of real estate investments
 

 

 
2,306

 
6,078

Operating (loss) income
 
(9,944
)
 
6,994

 
(20,465
)
 
16,222

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(12,580
)
 
(12,806
)
 
(25,837
)
 
(26,749
)
Interest and other income
 
36

 

 
41

 
4

Gain (loss) on non-designated derivatives
 
8

 
(5
)
 
24

 
(48
)
Total other expenses
 
(12,536
)
 
(12,811
)
 
(25,772
)
 
(26,793
)
Loss before income taxes
 
(22,480
)
 
(5,817
)
 
(46,237
)
 
(10,571
)
Income tax benefit (expense)
 
332

 
(297
)
 

 
(635
)
Net loss
 
(22,148
)
 
(6,114
)
 
(46,237
)
 
(11,206
)
Net loss attributable to non-controlling interests
 
87

 
60

 
174

 
41

Preferred stock dividends
 
(750
)
 

 
(1,492
)
 

Net loss attributable to common stockholders
 
(22,811
)
 
(6,054
)
 
(47,555
)
 
(11,165
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
Unrealized loss on designated derivatives
 
(2,355
)
 
(8,416
)
 
(39,620
)
 
(10,835
)
Comprehensive loss attributable to common stockholders
 
$
(25,166
)
 
$
(14,470
)
 
$
(87,175
)
 
$
(22,000
)
 
 
 
 
 
 
 
 
 
Basic and diluted weighted-average shares outstanding
 
91,980,953

 
91,783,557

 
91,970,957

 
92,335,665

Basic and diluted net loss per share
 
$
(0.25
)
 
$
(0.07
)
 
$
(0.52
)
 
$
(0.12
)

The accompanying notes are an integral part of these unaudited consolidated financial statements.


4

Table of Contents
HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)



 
Six Months Ended June 30, 2020
 
Preferred Stock
 
Common Stock
 
 
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Number of
Shares
 
Par Value
 
Additional
Paid-in
Capital
 
 
Distributions in excess of accumulated earnings
 
Total Stockholders Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2019
1,610,000

 
$
16

 
92,356,664

 
$
923

 
$
2,078,628

 
$
(7,043
)
 
$
(971,190
)
 
$
1,101,334

 
$
5,410

 
$
1,106,744

Issuance of Preferred Stock, net

 

 

 

 
(366
)
 

 

 
(366
)
 

 
(366
)
Common stock issued through distribution reinvestment plan

 

 
746,627

 
8

 
12,581

 

 

 
12,589

 

 
12,589

Common stock repurchases

 

 
(705,101
)
 
(7
)
 
(10,539
)
 

 

 
(10,546
)
 

 
(10,546
)
Share-based compensation, net

 

 

 

 
676

 

 

 
676

 

 
676

Distributions declared on common stock, $0.85 per share

 

 

 

 

 

 
(39,269
)
 
(39,269
)
 

 
(39,269
)
Preferred stock dividends declared, $1.84 per share

 

 

 

 

 

 
(1,492
)
 
(1,492
)
 

 
(1,492
)
Distributions to non-controlling interest holders

 

 

 

 

 

 

 

 
(173
)
 
(173
)
Unrealized loss on designated derivative

 

 

 

 

 
(39,620
)
 

 
(39,620
)
 

 
(39,620
)
Net loss

 

 

 

 

 

 
(46,063
)
 
(46,063
)
 
(174
)
 
(46,237
)
Rebalancing of ownership percentage

 

 

 

 
94

 
174

 

 
268

 
(268
)
 

Balance, June 30, 2020
1,610,000

 
$
16

 
92,398,190

 
$
924

 
$
2,081,074

 
$
(46,489
)
 
$
(1,058,014
)
 
$
977,511

 
$
4,795

 
$
982,306


 
 
 
 
 
Three Months Ended June 30, 2020
 
Preferred Stock
 
Common Stock
 
 
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Number of
Shares
 
Par Value
 
Additional
Paid-in
Capital
 
 
Distributions in excess of accumulated earnings
 
Total Stockholders Equity
 
Non-controlling Interests
 
Total Equity
Balance, March 31, 2020
1,610,000

 
16

 
92,012,616

 
$
920

 
$
2,074,745

 
$
(44,308
)
 
$
(1,015,438
)
 
$
1,015,935

 
$
5,237

 
$
1,021,172

Issuance of Preferred Stock, net

 

 

 

 
(366
)
 

 

 
(366
)
 

 
(366
)
Common stock issued through distribution reinvestment plan

 

 
385,574

 
4

 
6,263

 

 

 
6,267

 

 
6,267

Share-based compensation, net

 

 

 

 
338

 

 

 
338

 

 
338

Distributions declared on common stock, $0.85 per share

 

 

 

 

 

 
(19,765
)
 
(19,765
)
 

 
(19,765
)
Preferred stock dividends declared, $1.84 per share

 

 

 

 

 

 
(750
)
 
(750
)
 

 
(750
)
Distributions to non-controlling interest holders

 

 

 

 

 

 

 

 
(87
)
 
(87
)
Unrealized loss on designated derivative

 

 

 

 

 
(2.355
)
 

 
(2,355
)
 

 
(2,355
)
Net loss

 

 

 

 

 

 
(22,061
)
 
(22,061
)
 
(87
)
 
(22,148
)
Rebalancing of ownership percentage

 

 

 

 
94

 
174

 

 
268

 
(268
)
 

Balance, June 30, 2020
1,610,000

 
$
16

 
92,398,190

 
$
924

 
$
2,081,074

 
$
(46,489
)
 
$
(1,058,014
)
 
$
977,511

 
$
4,795

 
$
982,306


The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

Table of Contents
HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)



 
Six Months Ended June 30, 2019
 
Common Stock
 
 
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Additional
Paid-in
Capital
 
 
Distributions in Excess of Accumulated Earnings
 
Total Stockholders Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2019
91,963.532

 
$
919

 
$
2,031,967

 
$
4,582

 
$
(804,331
)
 
$
1,233,137

 
$
7,797

 
$
1,240,934

Impact of adoption of ASC 842

 

 

 

 
(87
)
 
(87
)
 

 
(87
)
Common stock repurchases
(656.433
)
 
(7
)
 
(13,286
)
 

 

 
(13,293
)
 

 
(13,293
)
Share-based compensation, net

 

 
645

 

 

 
645

 

 
645

Distributions declared on common stock, $0.42 per share

 

 

 

 
(39,077
)
 
(39,077
)
 

 
(39,077
)
Common stock issued through distribution reinvestment plan
723.245

 
7

 
13,944

 

 

 
13,951

 

 
13,951

Distributions to non-controlling interest holders

 

 

 

 

 

 
(173
)
 
(173
)
Other comprehensive loss

 

 

 
(10,835
)
 

 
(10,835
)
 

 
(10,835
)
Net loss

 

 

 

 
(11,165
)
 
(11,165
)
 
(41
)
 
(11,206
)
Rebalancing of ownership percentage

 

 
1,648

 

 

 
1,648

 
(1,648
)
 

Balance, June 30, 2019
92,030.344

 
$
919

 
$
2,034,918

 
$
(6,253
)
 
$
(854,660
)
 
$
1,174,924

 
$
5,935

 
$
1,180,859


 
Three Months Ended June 30, 2019
 
Common Stock
 
 
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Additional
Paid-in
Capital
 
 
Distributions in Excess of Accumulated Earnings
 
Total Stockholders Equity
 
Non-controlling Interests
 
Total Equity
Balance, March 31, 2019
92,308.777

 
$
922

 
$
2,039,269

 
$
2,163

 
$
(828,852
)
 
$
1,213,502

 
$
7,731

 
$
1,221,233

Common stock repurchases
(656.433
)
 
(7
)
 
(13,286
)
 
 
 
 
 
(13,293
)
 

 
(13,293
)
Share-based compensation, net

 

 
323

 

 

 
323

 

 
323

Distributions declared on common stock, $0.21 per share

 

 

 

 
(19,754
)
 
(19,754
)
 

 
(19,754
)
Common stock issued through distribution reinvestment plan
378

 
4

 
6,964

 

 

 
6,968

 

 
6,968

Distributions to non-controlling interest holders

 

 

 

 

 

 
(88
)
 
(88
)
Other comprehensive loss

 

 

 
(8,416
)
 

 
(8,416
)
 

 
(8,416
)
Net loss

 

 

 

 
(6,054
)
 
(6,054
)
 
(60
)
 
(6,114
)
Rebalancing of ownership percentage

 

 
1,648

 

 

 
1,648

 
(1,648
)
 

Balance, June 30, 2019
92,030.344

 
$
919

 
$
2,034,918

 
$
(6,253
)
 
$
(854,660
)
 
$
1,174,924

 
$
5,935

 
$
1,180,859


The accompanying notes are an integral part of these unaudited consolidated financial statements.



6

Table of Contents
HEALTHCARE TRUST, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
 
Six Months Ended June 30,
 
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Net loss
 
$
(46,237
)
 
$
(11,206
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
40,378

 
40,984

Amortization of deferred financing costs
 
2,519

 
3,591

Amortization of terminated swap payment
 
422

 

Amortization of mortgage premiums and discounts, net
 
29

 
(103
)
Amortization (accretion) amortization of market lease and other intangibles, net
 
(120
)
 
(35
)
Bad debt expense
 
1,384

 
3,613

Equity-based compensation
 
676

 
645

Gain on sale of real estate investments, net
 
(2,306
)
 
(6,078
)
(Gain) loss on non-designated derivatives
 
(24
)
 
48

Impairment charges
 
31,831

 
19

Changes in assets and liabilities:
 
 
 
 
Straight-line rent receivable
 
(1,742
)
 
(1,937
)
Prepaid expenses and other assets
 
3,810

 
(5,699
)
Accounts payable, accrued expenses and other liabilities
 
1,663

 
1,829

Deferred rent
 
(1,037
)
 
(539
)
Net cash provided by operating activities
 
31,246

 
25,132

Cash flows from investing activities:
 
 
 
 
Property acquisitions and development costs
 
(90,985
)
 
(44,371
)
Capital expenditures
 
(13,767
)
 
(6,167
)
Leasing commission
 
(996
)
 


Proceeds from sales of real estate investments
 
8,294

 
45,624

Net cash used in investing activities
 
(97,454
)
 
(4,914
)
Cash flows from financing activities:
 
 
 
 
Payments on credit facilities
 

 
(243,300
)
Proceeds from credit facilities
 
95,000

 
120,618

Proceeds from term loan
 

 
150,000

Payments on mortgage notes payable
 
(477
)
 
(25,432