Company Quick10K Filing
Quick10K
Healthcare Trust
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-06 Regulation FD, Exhibits
8-K 2019-08-20 Other Events, Exhibits
8-K 2019-07-29 Officers
8-K 2019-07-25 Enter Agreement, Exhibits
8-K 2019-07-22 Other Events, Exhibits
8-K 2019-05-30 Regulation FD, Exhibits
8-K 2019-05-10 Shareholder Vote
8-K 2019-05-06 Other Events
8-K 2019-04-01 Other Events
8-K 2019-03-26 Regulation FD, Exhibits
8-K 2019-03-26 Other Events, Exhibits
8-K 2019-03-14 Accountant, Exhibits
8-K 2019-01-28 Other Events, Exhibits
8-K 2018-12-04 Regulation FD, Exhibits
8-K 2018-09-05 Regulation FD, Exhibits
8-K 2018-08-28 Regulation FD, Exhibits
8-K 2018-08-23 Officers
8-K 2018-06-29 Other Events
8-K 2018-06-06 Regulation FD, Exhibits
8-K 2018-05-31 Shareholder Vote
8-K 2018-04-10 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-04-03 Regulation FD, Exhibits
8-K 2018-03-29 Other Events
8-K 2018-03-13 Other Events, Exhibits
8-K 2018-03-02 Off-BS Arrangement
8-K 2018-02-20 Other Events
8-K 2017-12-28 Enter Agreement, Off-BS Arrangement, Exhibits
AXLA Axcella Health 180
AGHC Aeon Global Health 12
CLRI Cleartronic 10
SENY Sauer Energy 4
FNAM Evolutionary Genomics 2
ZETAI Zeta Acquisition I 0
PSD Puget Energy 0
HAWK Blackhawk Network 0
ADFK Admiral Financial 0
JAKRO Jakroo 0
HCT 2019-06-30
Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Real Estate Investments
Note 4 - Mortgage Notes Payable, Net
Note 5 - Credit Facilities
Note 6 - Fair Value of Financial Instruments
Note 7 - Derivatives and Hedging Activities
Note 8 - Common Stock
Note 9 - Related Party Transactions and Arrangements
Note 10 - Economic Dependency
Note 11 - Share-Based Compensation
Note 12 - Accumulated Other Comprehensive Income
Note 13 - Non-Controlling Interests
Note 14 - Net Loss per Share
Note 15 - Segment Reporting
Note 16 - Commitments and Contingencies
Note 17 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311hti6302019.htm
EX-31.2 ex312hti6302019.htm
EX-32 ex32hti6302019.htm

Healthcare Trust Earnings 2019-06-30

HCT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

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, 2019
 
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
hti2a16.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.)
405 Park Ave.,
3rd Floor
,
New York,
New York
 
10022
(Address of principal executive offices)
 
(Zip Code)
(212) 415-6500
Registrant's telephone number, including area code
Securities registered pursuant to section 12(b) of the Act: None.
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
N/A
 
N/A
 
N/A
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 6, 2019, the registrant had 92,287,059 shares of common stock outstanding.


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,
2019
 
December 31, 2018
ASSETS
 
(Unaudited)
 
 
Real estate investments, at cost:
 
 
 
 
Land
 
$
212,470

 
$
209,284

Buildings, fixtures and improvements
 
2,043,469

 
2,006,745

Construction in progress
 
84,032

 
80,598

Acquired intangible assets
 
251,458

 
256,452

Total real estate investments, at cost
 
2,591,429

 
2,553,079

Less: accumulated depreciation and amortization
 
(421,547
)
 
(381,909
)
Total real estate investments, net
 
2,169,882

 
2,171,170

Cash and cash equivalents
 
47,498

 
77,264

Restricted cash
 
17,679

 
14,094

Assets held for sale
 
16,497

 
52,397

Derivative assets, at fair value
 
2

 
4,633

Straight-line rent receivable, net
 
19,288

 
17,351

Prepaid expenses and other assets (including $154 due from related parties as of December 31, 2018)
 
45,907

 
28,785

Deferred costs, net
 
13,285

 
11,752

Total assets
 
$
2,330,038

 
$
2,377,446

 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
Mortgage notes payable, net
 
$
438,326

 
$
462,839

Revolving credit facility
 
120,618

 
243,300

Term loan, net
 
144,811

 

Fannie Mae master credit facilities
 
359,322

 
359,322

Market lease intangible liabilities, net
 
15,332

 
17,104

Derivative liabilities, at fair value
 
6,253

 

Accounts payable and accrued expenses (including $700 and $764 due to related parties as of June 30, 2019 and December 31, 2018, respectively)
 
51,403

 
40,298

Deferred rent
 
6,472

 
7,011

Distributions payable
 
6,642

 
6,638

Total liabilities
 
1,149,179

 
1,136,512

 
 
 
 
 
Stockholders' Equity
 
 
 
 
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of June 30, 2019 and December 31, 2018
 

 

Common stock, $0.01 par value, 300,000,000 shares authorized, 92,030,344 and 91,963,532 shares of common stock issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
919

 
919

Additional paid-in capital
 
2,034,918

 
2,031,967

Accumulated other comprehensive (loss) income
 
(6,253
)
 
4,582

Distributions in excess of accumulated earnings
 
(854,660
)
 
(804,331
)
Total stockholders' equity
 
1,174,924

 
1,233,137

Non-controlling interests
 
5,935

 
7,797

Total equity
 
1,180,859

 
1,240,934

Total liabilities and equity
 
$
2,330,038

 
$
2,377,446

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,
 
 
2019
 
2018
 
2019
 
2018
Revenue from tenants
 
$
96,287

 
$
90,957

 
$
185,005

 
$
180,395

 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Property operating and maintenance
 
58,804

 
53,757

 
111,603

 
106,863

Impairment charges
 
19

 

 
19

 
733

Operating fees to related parties
 
5,826

 
5,763

 
11,594

 
11,490

Acquisition and transaction related
 
31

 
120

 
49

 
293

General and administrative
 
4,314

 
4,612

 
10,612

 
8,264

Depreciation and amortization
 
20,299

 
20,864

 
40,984

 
41,633

Total expenses
 
89,293

 
85,116

 
174,861

 
169,276

Operating income before gain on sale of real estate investments
 
6,994

 
5,841

 
10,144

 
11,119

Gain on sale of real estate investments
 

 

 
6,078

 

Operating income
 
6,994

 
5,841

 
16,222

 
11,119

Other (expense) income:
 
 
 
 
 
 
 
 
Interest expense
 
(12,806
)
 
(12,208
)
 
(26,749
)
 
(23,365
)
Interest and other income
 

 
2

 
4

 
5

(Loss) gain on non-designated derivatives
 
(5
)
 
(150
)
 
(48
)
 
28

Total other expenses
 
(12,811
)
 
(12,356
)
 
(26,793
)
 
(23,332
)
Loss before income taxes
 
(5,817
)
 
(6,515
)
 
(10,571
)
 
(12,213
)
Income tax expense
 
(297
)
 
(466
)
 
(635
)
 
(775
)
Net loss
 
(6,114
)
 
(6,981
)
 
(11,206
)
 
(12,988
)
Net loss attributable to non-controlling interests
 
60

 
31

 
41

 
47

Net loss attributable to stockholders
 
(6,054
)
 
(6,950
)
 
(11,165
)
 
(12,941
)
Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Unrealized (loss) gain on designated derivatives
 
(8,416
)
 
1,582

 
(10,835
)
 
5,546

Comprehensive loss attributable to stockholders
 
$
(14,470
)
 
$
(5,368
)
 
$
(22,000
)
 
$
(7,395
)
 
 
 
 
 
 
 
 
 
Basic and diluted weighted-average shares outstanding
 
91,783,557

 
90,978,411

 
92,335,665

 
90,881,883

Basic and diluted net loss per share
 
$
(0.07
)
 
$
(0.08
)
 
$
(0.12
)
 
$
(0.14
)

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, 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, 2018
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

 

 
645

 

 

 
645

 

 
645

Distributions declared, $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

 

 
323

 

 

 
323

 

 
323

Distributions declared, $0.21 per share

 

 

 

 
(19,754
)
 
(19,754
)
 

 
(19,754
)
Common stock issued through distribution reinvestment plan
378,000

 
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 statement.


5

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

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


 
Six Months Ended June 30, 2018
 
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, 2017
91,002,766

 
$
910

 
$
2,009,197

 
$
2,473

 
$
(665,026
)
 
$
1,347,554

 
$
8,505

 
1,356,059

Common stock repurchases
(603,963
)
 
(6
)
 
(11,046
)
 

 

 
(11,052
)
 

 
(11,052
)
Share-based compensation

 

 
639

 

 

 
639

 

 
639

Distributions declared, $0.52 per share

 

 

 

 
(47,268
)
 
(47,268
)
 

 
(47,268
)
Common stock issued through distribution reinvestment plan
997,022

 
10

 
21,084

 

 

 
21,094

 

 
21,094

Distributions to non-controlling interest holders

 

 

 

 

 

 
(319
)
 
(319
)
Other comprehensive income

 

 

 
5,546

 

 
5,546

 

 
5,546

Net loss

 

 

 

 
(12,941
)
 
(12,941
)
 
(47
)
 
(12,988
)
Balance, June 30, 2018
91,395,825

 
$
914

 
$
2,019,874

 
$
8,019

 
$
(725,235
)
 
$
1,303,572

 
$
8,139

 
$
1,311,711


 
Three Months Ended June 30, 2018
 
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, 2018
91,251,142

 
$
912

 
$
2,014,844

 
$
6,437

 
$
(698,920
)
 
$
1,323,273

 
$
8,344

 
1,331,617

Common stock repurchases
(229,996
)
 
(2
)
 
(3,025
)
 

 

 
(3,027
)
 

 
(3,027
)
Share-based compensation

 

 
320

 

 

 
320

 

 
320

Distributions declared, $0.21 per share

 

 

 

 
(19,365
)
 
(19,365
)
 

 
(19,365
)
Common stock issued through distribution reinvestment plan
374,679

 
4

 
7,735

 

 

 
7,739

 

 
7,739

Distributions to non-controlling interest holders

 

 

 

 

 

 
(174
)
 
(174
)
Other comprehensive income

 

 

 
1,582

 

 
1,582

 

 
1,582

Net loss

 

 

 

 
(6,950
)
 
(6,950
)
 
(31
)
 
(6,981
)
Balance, June 30, 2018
91,395,825

 
$
914

 
$
2,019,874

 
$
8,019

 
$
(725,235
)
 
$
1,303,572

 
$
8,139

 
$
1,311,711



6

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

 
 
Six Months Ended June 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net loss
 
$
(11,206
)
 
$
(12,988
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
40,984

 
41,633

Amortization of deferred financing costs
 
3,591

 
4,364

Amortization of mortgage premiums and discounts, net
 
(103
)
 
(133
)
(Accretion) amortization of market lease and other intangibles, net
 
(35
)
 
163

Bad debt expense
 
3,613

 
4,255

Share-based compensation
 
645

 
639

Gain on sale of real estate investments, net
 
(6,078
)
 

Gain on non-designated derivatives
 
48

 
(28
)
Impairment charges
 
19

 
733

Changes in assets and liabilities:
 
 
 
 
Straight-line rent receivable
 
(1,937
)
 
(4,351
)
Prepaid expenses and other assets
 
(5,699
)
 
(9,543
)
Due from related party
 

 
(23
)
Accounts payable, accrued expenses and other liabilities
 
1,829

 
1,525

Deferred rent
 
(539
)
 
1,343

Net cash provided by operating activities
 
25,132

 
27,589

Cash flows from investing activities:
 
 
 
 
Investments in real estate
 
(44,371
)
 
(35,011
)
Capital expenditures
 
(6,167
)
 
(4,221
)
Proceeds from sale of real estate
 
45,624

 

Net cash provided by (used in) investing activities
 
(4,914
)
 
(39,232
)
Cash flows from financing activities:
 
 
 
 
Payments on credit facilities
 
(243,300
)
 
(80,000
)
Proceeds from credit facilities
 
120,618

 
64,153

Proceeds from term loan
 
150,000

 

Proceeds from mortgage notes payable
 

 
118,700

Payments on mortgage notes payable
 
(25,432
)
 
(62,490
)
Payments for derivative instruments
 

 
(131
)
Payments of deferred financing costs
 
(9,697
)
 
(3,228
)
Common stock repurchases
 
(13,286
)
 
(11,052
)
Distributions paid
 
(25,129
)
 
(30,943
)
Distributions to non-controlling interest holders
 
(173
)
 
(319
)
Net cash used in financing activities
 
(46,399
)
 
(5,310
)
Net change in cash, cash equivalents and restricted cash
 
(26,181
)
 
(16,953
)
Cash, cash equivalents and restricted cash, beginning of period
 
91,358

 
102,588

Cash, cash equivalents and restricted cash, end of period
 
$
65,177

 
$
85,635



7

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

 
 
Six Months Ended June 30,
 
 
2019
 
2018
Cash, cash equivalents, end of period
 
$
47,498

 
$