Form 10-Q filed by HEALTHCARE TRUST, INC. on 2021-08-13
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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, 2021
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: 001-39153
https://cdn.kscope.io/47b2c1350e5281afc9ca3bbb176bdf64-hct-20210630_g1.jpg
Healthcare Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland38-3888962
(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 classTrading Symbol(s)Name of each exchange on which registered
7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareHTIAThe 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 9, 2021, the registrant had 97,847,312 shares of common stock outstanding.
1

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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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,
2021
December 31, 2020
ASSETS(Unaudited)
Real estate investments, at cost:
Land$207,032 $212,651 
Buildings, fixtures and improvements2,092,027 2,133,057 
Construction in progress479  
Acquired intangible assets271,713 276,015 
Total real estate investments, at cost2,571,251 2,621,723 
Less: accumulated depreciation and amortization(544,868)(512,775)
Total real estate investments, net2,026,383 2,108,948 
Assets held for sale 90 
Cash and cash equivalents46,726 72,357 
Restricted cash24,434 17,989 
Derivative assets, at fair value99 13 
Straight-line rent receivable, net23,836 23,322 
Operating lease right-of-use assets13,815 13,912 
Prepaid expenses and other assets (including $1,519 and $1,278 due from related parties as of June 30, 2021 and December 31, 2020, respectively)
28,262 34,932 
Deferred costs, net15,246 15,332 
Total assets$2,178,801 $2,286,895 
LIABILITIES AND EQUITY  
Mortgage notes payable, net$542,591 $542,698 
Credit facilities, net541,499 674,551 
Market lease intangible liabilities, net10,234 10,803 
Derivative liabilities, at fair value24,759 38,389 
Accounts payable and accrued expenses (including $74 and $299 due to related parties as of June 30, 2021 and December 31, 2020)
38,867 42,271 
Operating lease liabilities9,061 9,155 
Deferred rent5,747 6,914 
Distributions payable1,826 742 
Total liabilities1,174,584 1,325,523 
Stockholders’ Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,740,000 and 2,210,000 authorized as of June 30, 2021 and December 31, 2020, respectively; 3,962,144 issued and outstanding as of June 30, 2021 and 1,610,000 issued and outstanding as of December 31, 2020
40 16 
Common stock, $0.01 par value, 300,000,000 shares authorized, 97,847,312 shares (including 1,413,232 shares paid as a stock dividend on July 15, 2021) and 95,040,783 shares (including 1,265,037 shares paid as a stock dividend on January 15, 2021) issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
964 938 
Additional paid-in capital2,201,383 2,104,261 
Accumulated other comprehensive loss(25,621)(39,673)
Distributions in excess of accumulated earnings(1,176,900)(1,108,557)
Total stockholders’ equity999,866 956,985 
Non-controlling interests4,351 4,387 
Total equity1,004,217 961,372 
Total liabilities and equity$2,178,801 $2,286,895 

The accompanying notes are an integral part of these consolidated financial statements.
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data)
(Unaudited)


 Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue from tenants$81,160 $94,664 $164,596 $194,899 
Operating expenses:   
Property operating and maintenance51,560 59,788 100,915 121,511 
Impairment charges6,081 13,793 6,959 31,831 
Operating fees to related parties5,923 5,936 11,806 11,985 
Acquisition and transaction related123 178 255 505 
General and administrative2,543 4,730 8,595 11,460 
Depreciation and amortization19,502 20,183 39,604 40,378 
Total expenses
85,732 104,608 168,134 217,670 
Operating income (loss) before gain on sale of real estate investments(4,572)(9,944)(3,538)(22,771)
Gains on sale of real estate investments2,456  2,284 2,306 
Operating income (loss)(2,116)(9,944)(1,254)(20,465)
Other income (expense):
Interest expense(11,919)(12,580)(24,241)(25,837)
Interest and other income
4 36 56 41 
(Loss) gain on non-designated derivatives(13)8 1 24 
Total other expenses
(11,928)(12,536)(24,184)(25,772)
Loss before income taxes(14,044)(22,480)(25,438)(46,237)
Income tax expense(59)332 (107) 
Net loss(14,103)(22,148)(25,545)(46,237)
Net (income) loss attributable to non-controlling interests(56)87 (102)174 
Allocation for preferred stock(1,826)(750)(2,568)(1,492)
Net loss attributable to common stockholders(15,985)(22,811)(28,215)(47,555)
Other comprehensive income (loss):
   Unrealized gain (loss) on designated derivatives(1,795)(2,355)14,051 (39,620)
Comprehensive income (loss) attributable to common stockholders$(17,780)$(25,166)$(14,164)$(87,175)
Weighted-average shares outstanding — Basic and Diluted (1)
97,623,076 97,269,777 97,623,076 97,259,206 
Net loss per common share attributable to common stockholders — Basic and Diluted (1)
$(0.16)$(0.23)$(0.29)$(0.49)
_____
(1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1).

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

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


Six Months Ended June 30, 2021
Preferred StockCommon StockAccumulated Other Comprehensive Income
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20201,610,000 16 93,775,746 $938 $2,104,261 $(39,673)$(1,108,557)$956,985 $4,387 $961,372 
Issuance of Preferred Stock, net
2,352,144 24 — — 56,220 — — 56,244 — 56,244 
Share-based compensation, net
— — — — 662 — — 662 — 662 
Distributions declared in common stock, $0.42 per share (1)
— — 2,658,334 26 40,102 — (40,128) —  
Distributions declared on preferred stock, $0.92 per share
— — — — — — (2,568)(2,568)— (2,568)
Unrealized gain on designated derivative— — — — — 14,052 — 14,052 — 14,052 
Net loss
— — — — — — (25,647)(25,647)102 (25,545)
Rebalancing of ownership percentage
— — — — 138 — — 138 (138) 
Balance, June 30, 20213,962,144 $40 96,434,080 $964 $2,201,383 $(25,621)$(1,176,900)$999,866 $4,351 $1,004,217 

Three Months Ended June 30, 2021
Preferred StockCommon StockAccumulated Other Comprehensive Income
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, March 31, 20211,610,000 16 95,040,782 $950 $2,124,510 $(23,827)$(1,140,713)$960,936 $4,428 $965,364 
Issuance of Preferred Stock, net
2,352,144 24 — — 56,220 — — 56,244 — 56,244 
Share-based compensation, net
— — — — 330 — — 330 — 330 
Distributions declared in common stock, $0.21 per share (1)
— — 1,393,298 14 20,188 — (20,202) —  
Distributions declared on preferred stock, $0.46 per share
— — — — — — (1,826)(1,826)— (1,826)
Unrealized gain on designated derivative— — — — — (1,792)— (1,792)— (1,792)
Net loss
— — — — — — (14,159)(14,159)56 (14,103)
Rebalancing of ownership percentage
— — — — 135 (2)— 133 (133) 
Balance, June 30, 20213,962,144 $40 96,434,080 $964 $2,201,383 $(25,621)$(1,176,900)$999,866 $4,351 $1,004,217 
______
(1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1).
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)


Six Months Ended June 30, 2020
Preferred StockCommon StockAccumulated Other Comprehensive Income
Number of
Shares
Par ValueNumber of
Shares
Par ValueAdditional
Paid-in
Capital
Distributions in Excess of Accumulated EarningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20191,610,000 $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, $0.42 per share (1)
— — — — — — (39,269)(39,269)— (39,269)
Distributions declared on preferred stock, $0.92 per share
— — — — — — (1,492)(1,492)— (1,492)
Distributions to non-controlling interest holders— — — — — — — — (173)(173)
Unrealized loss on designated derivatives— — — — — (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, 20201,610,000 $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 StockCommon StockAccumulated Other Comprehensive Income
Number of
Shares
Par ValueNumber of
Shares
Par Value Additional
Paid-in
Capital
Distributions in Excess of Accumulated EarningsTotal Stockholders EquityNon-controlling InterestsTotal Equity
Balance, March 31, 20201,610,000 $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, $0.21 per share (1)
— — — — — — (19,765)(19,765)— (19,765)
Distributions declared on preferred stock, $0.11 per share
— — — — — — (750)(750)— (750)
Distributions to non-controlling interest holders
— — — — — — — — (87)(87)
Unrealized loss on designated derivatives— — — — — (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, 20201,610,000 $16 92,398,190 $924 $2,081,074 $(46,489)$(1,058,014)$977,511 $4,795 $982,306 
______
(1) Retroactively adjusted for the effects of the Stock Dividends (see Note 1).
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
20212020
Cash flows from operating activities: 
Net loss$(25,545)$(46,237)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization39,604 40,378 
Amortization of deferred financing costs2,143 2,519 
Amortization of terminated swap 423 422 
Amortization of mortgage premiums and discounts, net28 29 
Amortization (accretion) amortization of market lease and other intangibles, net
(39)(120)
Bad debt expense233 1,384 
Equity-based compensation662 676 
Loss/(gain) on sale of real estate investments, net(2,284)(2,306)
Gain on non-designated derivative instruments(1)(24)
Impairment charges6,959 31,831 
Changes in assets and liabilities:
Straight-line rent receivable(512)(1,742)
Prepaid expenses and other assets2,477 3,810 
Accounts payable, accrued expenses and other liabilities(5,378)1,663 
Deferred rent(1,167)(1,037)
Net cash provided by operating activities17,603 31,246 
Cash flows from investing activities:
Property acquisitions and development costs(44,249)(90,985)
Capital expenditures and other assets acquired(7,155)(13,767)
Deposits for real estate investments (996)
Proceeds from sales of real estate investments94,461 8,294 
Net cash (used in) provided by investing activities43,057 (97,454)
Cash flows from financing activities:
Payments on credit facilities(173,674) 
Proceeds from credit facilities40,000 95,000 
Payments on mortgage notes payable(621)(477)
Payments for derivative instruments(85)(34)
Payments of deferred financing costs(50)(1,160)
Proceeds from sale of preferred stock, net56,244  
Preferred stock issuance costs(176)(366)
Common stock repurchases (10,539)
Distributions paid on common stock  (26,954)
Dividends paid on preferred stock (1,484)(915)
Distributions to non-controlling interest holders (173)
Net cash, (used in) provided by financing activities(79,846)54,382 
Net change in cash, cash equivalents and restricted cash(19,186)(11,826)
Cash, cash equivalents and restricted cash, beginning of period90,346 111,599 
Cash, cash equivalents and restricted cash, end of period$71,160 $99,773 
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
20212020
Cash, cash equivalents, end of period$46,726 $83,525 
Restricted cash, end of period24,434 16,248 
Cash, cash equivalents and restricted cash, end of period$71,160 $99,773 
Supplemental disclosures of cash flow information:
Cash paid for interest$22,067 $22,701 
Cash paid for income taxes295 315 
Non-cash investing and financing activities:
Common stock issued through stock dividends$40,128 $ 
Common stock issued through distribution reinvestment plan
$ $12,589 
Mortgage assumed in acquisition
$ $13,883 

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2021
(Unaudited)

Note 1 — Organization
Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, L.P. (the “OP”) and its subsidiaries, the “Company”), is an externally managed real estate investment trust for U.S. federal income tax purposes (“REIT”) that focuses on acquiring and managing a diversified portfolio of healthcare-related real estate, focused on medical office buildings (“MOBs”), healthcare properties leased on a triple-net basis (“NNN properties”) and senior housing operating properties (“SHOPs”). As of June 30, 2021, the Company owned 195 properties located in 33 states and comprised of 9.1 million rentable square feet.
Substantially all of the Company’s business is conducted through the OP and its wholly owned subsidiaries. The Company’s advisor, Healthcare Trust Advisors, LLC (the “Advisor”) manages our day-to-day business with the assistance of our property manager, Healthcare Trust Properties, LLC (the “Property Manager”). The Company’s Advisor and Property Manager are under common control with AR Global Investments, LLC (“AR Global”), and these related parties receive compensation and fees for providing services to us. The Company also reimburses these entities for certain expenses they incur in providing these services to the Company. Healthcare Trust Special Limited Partnership, LLC (the “Special Limited Partner”), which is also under common control with AR Global, also has an interest in the Company through ownership of interests in the OP. As of June 30, 2021, the Company owned 54 seniors housing properties under the REIT Investment Diversification and Empowerment Act (“RIDEA”) structure in its SHOP segment. Under RIDEA, a REIT may lease qualified healthcare properties on an arm’s length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such subsidiary by a person who qualifies as an eligible independent contractor.
Since October 2020, the Company declared and paid quarterly dividends solely in shares of its common stock during the periods described in more detail below (the “Stock Dividends”). Stock Dividends paid in October 2020 and January 2021 were equal to 0.01349 shares of common stock on each share of outstanding common stock. The Stock Dividends paid in April 2021 and July 2021 were equal to 0.014655 shares of common stock on each share of outstanding common stock. Dividends payable entirely in shares of common stock are treated in a fashion similar to a stock split for accounting purposes specifically related to per-share calculations for the current and prior periods. The aggregate impact of all four Stock Dividends was an increase of 5,319,763 shares. No additional shares were issued during the three and six months ended June 30, 2021. References made to weighted-average shares and per-share amounts in the accompanying consolidated statements of operations and comprehensive income have been retroactively adjusted to reflect the increase of 0.05749 shares for every share outstanding due to the Stock Dividends, and are noted as such throughout the accompanying financial statements and notes.
On April 1, 2021, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2020. The Company’s previous Estimated Per-Share NAV was as of December 31, 2019. The Estimated Per-Share NAV published on April 1, 2021 reflects the October 2020 Stock Dividend the Company paid and took into consideration the January 2021 Stock Dividend the Company paid but has not been adjusted to reflect the April 2021 and July 2021 Stock Dividends the Company paid and will not be adjusted for any Stock Dividends the Company pays in the future until the board of directors (the “Board”) determines a new Estimated Per-Share NAV. Paying dividends in additional shares of common stock will, all things equal, cause the value of each share to decline because the number of shares outstanding will increase when Stock Dividends are paid; however, because each stockholder will receive the same number of new shares, the total value of our common stockholders’ investment, all things equal, will not change assuming no sales or other transfers. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually.
Note 2 — Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results for the entire year or any subsequent interim period.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2021
(Unaudited)
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2021. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2021.
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Impacts of the COVID-19 Pandemic
During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The pandemic has had and could continue to have an adverse impact on economic and market conditions, including a global economic slowdown and recession that may continue for some time. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates.
Starting in March 2020, the COVID-19 pandemic and measures to prevent its spread began to affect the Company in a number of ways. In the Company’s SHOP portfolio, occupancy has trended lower since the second half of March and the declines have only recently begun to level off. Government policies and implementation of infection control best practices materially limited or closed communities to new resident move-ins which has affected the Company’s ability to fill vacancies. The Company has also experienced lower inquiry volumes and reduced in-person tours during the pandemic. In addition, starting in mid-March 2020, operating costs began to rise materially, including for services, labor and personal protective equipment and other supplies, as the Company’s operators took appropriate actions to protect residents and caregivers. At the SHOP facilities, the Company bears these cost increases. These trends accelerated during the second, third, and fourth quarters of 2020, and continued into the beginning of 2021 as the surge of new COVID-19 cases that started in late 2020 crested before leveling off