$CHTH
CNL Healthcare Properties, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020025522 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q4
Revenue $78.39M $81.74M $81.34M
YoY Change -2.19% 1.93% 2.17%
Cost Of Revenue $52.23M $51.77M $51.83M
YoY Change 0.71%
Gross Profit $26.17M $29.97M $30.08M
YoY Change -7.51%
Gross Profit Margin 33.38% 36.66% 36.98%
Selling, General & Admin $7.114M $6.719M $7.521M
YoY Change -27.51%
% of Gross Profit 27.19% 22.42% 25.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.40M $12.40M $12.81M
YoY Change 0.43%
% of Gross Profit 47.39% 41.37% 42.57%
Operating Expenses $1.062M $668.0K $20.33M
YoY Change -27.85% -47.32%
Operating Profit $6.598M $11.78M $9.550M
YoY Change 3.77% 8.79% 7993.22%
Interest Expense -$5.807M -$6.839M -$6.974M
YoY Change -45.57%
% of Operating Profit -88.01% -58.05% -73.03%
Other Income/Expense, Net -$5.807M -$6.839M
YoY Change -36.32%
Pretax Income $791.0K $4.942M $2.984M
YoY Change -118.35% 5452.81%
Income Tax $800.0K $556.0K $301.0K
% Of Pretax Income 101.14% 11.25% 10.09%
Net Earnings $220.0K $4.742M $7.870M
YoY Change -99.93% -52.1% -218.49%
Net Earnings / Revenue 0.28% 5.8% 9.67%
Basic Earnings Per Share
Diluted Earnings Per Share $1.265K $27.26K $45.24K
COMMON SHARES
Basic Shares Outstanding 174.0M 174.0M 174.0M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.9M
YoY Change 173.46%
Cash & Equivalents $150.1M $113.7M $42.35M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $143.9M
YoY Change 173.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.392B
YoY Change -2.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.27M
YoY Change -69.87%
Total Long-Term Assets $1.473B
YoY Change -9.61%
TOTAL ASSETS
Total Short-Term Assets $143.9M
Total Long-Term Assets $1.473B
Total Assets $1.617B $1.587B $1.616B
YoY Change -3.89% -40.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.53M
YoY Change 0.42%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.18M
YoY Change 1.81%
LONG-TERM LIABILITIES
Long-Term Debt $693.4M
YoY Change -6.29%
Other Long-Term Liabilities $8.939M
YoY Change -17.51%
Total Long-Term Liabilities $702.3M
YoY Change -6.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.18M
Total Long-Term Liabilities $702.3M
Total Liabilities $730.4M $690.0M $715.4M
YoY Change -5.94% -59.44%
SHAREHOLDERS EQUITY
Retained Earnings $120.8M
YoY Change -151.67%
Common Stock $1.519B $1.519B
YoY Change 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $886.4M $899.2M
YoY Change
Total Liabilities & Shareholders Equity $1.617B $1.616B
YoY Change -3.89% -40.26%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $220.0K $4.742M $7.870M
YoY Change -99.93% -52.1% -218.49%
Depreciation, Depletion And Amortization $12.40M $12.40M $12.81M
YoY Change 0.43%
Cash From Operating Activities $14.15M $17.86M $6.055M
YoY Change -61.74% -31.71%
INVESTING ACTIVITIES
Capital Expenditures -$1.235M -$2.499M -$2.047M
YoY Change -39.01%
Acquisitions
YoY Change
Other Investing Activities -$4.997M $82.11M $48.58M
YoY Change -100.38% -4941.39%
Cash From Investing Activities -$6.232M $79.61M $46.53M
YoY Change -100.48% 2.84%
FINANCING ACTIVITIES
Cash Dividend Paid $8.906M
YoY Change -56.01%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.43M -32.31M -47.57M
YoY Change -102.1% 60.46%
NET CHANGE
Cash From Operating Activities 14.15M 17.86M 6.055M
Cash From Investing Activities -6.232M 79.61M 46.53M
Cash From Financing Activities 28.43M -32.31M -47.57M
Net Change In Cash 36.35M 65.16M 5.023M
YoY Change -864.5% -21.9%
FREE CASH FLOW
Cash From Operating Activities $14.15M $17.86M $6.055M
Capital Expenditures -$1.235M -$2.499M -$2.047M
Free Cash Flow $15.39M $20.36M $8.102M
YoY Change -60.56%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
450 South Orange Avenue
CY2020Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1402432000
CY2020Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
CNL Center at City Commons
CY2019Q4 us-gaap Real Estate Investment Property Net
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CY2020Q1 dei Entity Shell Company
EntityShellCompany
false
CY2020Q1 dei Document Transition Report
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false
CY2020Q1 dei Entity File Number
EntityFileNumber
000-54685
CY2020Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
27-2876363
CY2020Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Orlando
CY2020Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
CY2020Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
32801
CY2020Q1 dei City Area Code
CityAreaCode
407
CY2020Q1 dei Local Phone Number
LocalPhoneNumber
650-1000
CY2020Q2 dei Entity Common Stock Shares Outstanding
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173960540
CY2020Q1 dei Entity Interactive Data Current
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Yes
CY2020Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
CY2020Q1 dei Document Quarterly Report
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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;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 U.S. 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 analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted common stock (&#8220;Restricted Stock&#8221;) shares issued to the Advisor.&nbsp;&nbsp;The uncertainty surrounding the COVID-19 pandemic may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and accordingly, actual results could differ from those estimates.</font></p>
CY2020Q1 dei Entity Incorporation Date Of Incorporation
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2010-06-08
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CY2020Q1 chp Number Of Acute Care Hospitals
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70
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9
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CY2020Q1 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, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally 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.
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
668000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
1268000
CY2020Q1 chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
668000
CY2019Q1 chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
1268000
CY2020Q1 chp Disposal Cost
DisposalCost
143000
CY2019Q1 chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
201000
CY2020Q1 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
4650000
CY2019Q1 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
7597000
CY2020Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
5461000
CY2020Q1 chp Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
296000
CY2020Q1 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
296000
CY2019Q1 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
698000
CY2020Q1 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
1508000
CY2019Q1 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
1577000
CY2019Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2275000
CY2020Q1 chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
0
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
200000
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
200000
CY2020Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
400000
CY2019Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
500000
CY2020Q1 chp Number Of Promoted Interest Agreements
NumberOfPromotedInterestAgreements
6
CY2020Q1 chp Number Of Promoted Interest Agreements Not Met Established Performance Metrics
NumberOfPromotedInterestAgreementsNotMetEstablishedPerformanceMetrics
5
CY2020Q1 chp Number Of Promoted Interest Agreements Met Established Performance Metrics
NumberOfPromotedInterestAgreementsMetEstablishedPerformanceMetrics
1
CY2020Q1 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
0

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