$CHTH
CNL Healthcare Properties, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018012786 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $76.32M $75.05M $67.05M
YoY Change 13.83% -20.62% -27.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.624M $1.302M
YoY Change 24.73% 5.85%
Operating Profit $5.176M $3.379M $1.658M
YoY Change 212.18% -41.38% -267.31%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$10.28M -$14.81M
YoY Change -30.6% 11.12%
Pretax Income -$5.103M -$7.349M
YoY Change -30.56% -48.68%
Income Tax $617.0K $115.0K
% Of Pretax Income
Net Earnings -$7.874M $433.0K -$7.324M
YoY Change 7.51% -93.67% -49.29%
Net Earnings / Revenue -10.32% 0.58% -10.92%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 175.1M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $67.38M $64.52M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.774B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $1.752B $1.741B
YoY Change 4.07%
SHAREHOLDERS EQUITY
Retained Earnings -$208.8M
YoY Change 14.2%
Common Stock $1.525B
YoY Change -0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.051B
YoY Change
Total Liabilities & Shareholders Equity $2.794B
YoY Change -1.21%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income -$7.874M $433.0K -$7.324M
YoY Change 7.51% -93.67% -49.29%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $17.79M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $450.0K $294.0K
YoY Change 53.06%
Cash From Investing Activities -$3.743M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid $9.246M $8.113M
YoY Change 13.97% 4.97%
Common Stock Issuance & Retirement, Net $11.71M $10.40M
YoY Change 12.64% 279.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.68M
YoY Change
NET CHANGE
Cash From Operating Activities 17.79M
Cash From Investing Activities -3.743M
Cash From Financing Activities -11.68M
Net Change In Cash 2.364M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $17.79M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Dividends Common Stock Cash
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CY2018Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2018Q1 us-gaap Payments To Acquire Productive Assets
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CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications<font style="font-style:normal;"> &#8211; Certain amounts in the prior year&#8217;s condensed consolidated balance sheet, statement of operations and statement of cash flows have been reclassified to conform to the current year&#8217;s presentation with no effect on the other previously reported consolidated financial statements. </font></p></div>
CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:bold;font-style:normal;"> &#8212;</font><font style="font-style:normal;"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor or Property Manager.&nbsp;&nbsp;Accordingly, actual results could differ from those estimates.</font></p></div>
CY2018Q1 dei Entity Incorporation Date Of Incorporation
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2010-06-08
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CY2017Q1 chp Amortization Of Intangible Liabilities
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400000
CY2018Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
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63000000
CY2018Q1 us-gaap Variable Interest Entity Description Of Entity
VariableInterestEntityDescriptionOfEntity
As of March 31, 2018 and December 31, 2017, the Company had 10 subsidiaries which are classified as VIEs due to the following factors and circumstances as of March 31, 2018:  Three of these subsidiaries are single property entities, designed to own and lease their respective properties to multiple tenants, which are subject to either a ground lease or an air rights lease that include buy-out and put options held by either the tenant or landlord under the applicable lease.  Four of these subsidiaries are entities with completed real estate under development in which there is insufficient equity at risk due to the development nature of each entity.  Two of these subsidiaries are joint ventures with completed real estate under development in which there is insufficient equity at risk due to the development nature of each joint venture.  One of these subsidiaries is a joint venture with equity interest that consists of non-substantive protective voting rights, but not any participating or kick-out rights.
CY2017Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
0
CY2016Q4 us-gaap Business Combination Contingent Consideration Liability
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CY2017Q1 chp Payments For Proceeds From Contingent Purchase Consideration
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2427000
CY2017Q1 us-gaap Business Combination Contingent Consideration Liability
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DebtInstrumentUnamortizedDiscountPremiumNet
-102000
CY2018Q1 chp Loan Costs Net
LoanCostsNet
5910000
CY2017Q4 chp Loan Costs Net
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6716000
CY2018Q1 chp Notes And Loans Payable Net
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1674093000
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CY2018Q1 us-gaap Debt Instrument Restrictive Covenants
DebtInstrumentRestrictiveCovenants
The credit facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage and (viii) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum debt service coverage ratio, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status.
CY2018Q1 chp Financial Covenant Limitations Maximum Allowable Distributions As Percentage Of Adjusted Funds From Operations
FinancialCovenantLimitationsMaximumAllowableDistributionsAsPercentageOfAdjustedFundsFromOperations
0.95
CY2018Q1 chp Cash Distributions On Restricted Stock
CashDistributionsOnRestrictedStock
200000
CY2017Q1 chp Cash Distributions On Restricted Stock
CashDistributionsOnRestrictedStock
100000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
1624000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
1302000
CY2018Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
1624000
CY2017Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
1302000
CY2017Q1 us-gaap Noninterest Expense Investment Advisory Fees
NoninterestExpenseInvestmentAdvisoryFees
40000
CY2017Q1 chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
280000
CY2018Q1 chp Related Party Transaction Property Management Fees
RelatedPartyTransactionPropertyManagementFees
1168000
CY2017Q1 chp Related Party Transaction Property Management Fees
RelatedPartyTransactionPropertyManagementFees
1263000
CY2018Q1 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
7597000
CY2017Q1 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
7487000
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10389000
CY2017Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10372000
CY2018Q1 chp Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
1129000
CY2017Q4 chp Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
1042000
CY2017Q4 chp Related Party Transaction Acquisition Fees Payable
RelatedPartyTransactionAcquisitionFeesPayable
2000
CY2018Q1 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
1129000
CY2017Q4 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
1044000
CY2018Q1 chp Property Management Fees Due To Related Party
PropertyManagementFeesDueToRelatedParty
392000
CY2017Q4 chp Property Management Fees Due To Related Party
PropertyManagementFeesDueToRelatedParty
381000
CY2018Q1 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
2534000
CY2017Q4 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
2516000
CY2018Q1 us-gaap Noninterest Expense Investment Advisory Fees
NoninterestExpenseInvestmentAdvisoryFees
0
CY2017Q1 chp Capitalized Amount Of Investment Services Fees
CapitalizedAmountOfInvestmentServicesFees
40000
CY2018Q1 chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
0
CY2018Q1 chp Property And Construction Management Fees Payable
PropertyAndConstructionManagementFeesPayable
1200000
CY2017Q1 chp Property And Construction Management Fees Payable
PropertyAndConstructionManagementFeesPayable
1300000
CY2017Q1 chp Capitalized Amount Of Construction Management Fees
CapitalizedAmountOfConstructionManagementFees
200000
CY2017Q1 chp Capitalized Amount Of Asset Management Fees
CapitalizedAmountOfAssetManagementFees
200000
CY2018Q1 us-gaap Operating Support From Adviser Amount
OperatingSupportFromAdviserAmount
0
CY2017Q1 us-gaap Operating Support From Adviser Amount
OperatingSupportFromAdviserAmount
0
CY2018Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1100000
CY2017Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1000000
CY2017Q2 us-gaap Share Price
SharePrice
10.04
CY2018Q1 us-gaap Share Price
SharePrice
10.04
CY2018Q1 us-gaap Share Price
SharePrice
10.32
CY2017Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.10581
CY2018Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.11639
CY2018Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.11639
CY2018Q1 chp Average Redemption Common Stock Price Per Share
AverageRedemptionCommonStockPricePerShare
10.13
CY2017Q1 chp Average Redemption Common Stock Price Per Share
AverageRedemptionCommonStockPricePerShare
9.99
CY2018Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
3153000
CY2017Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
2231000
CY2018Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100000
CY2017Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100000
CY2018Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
500000
CY2018Q1 chp Estimated Remaining Development Costs
EstimatedRemainingDevelopmentCosts
600000

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