$CHTH
CNL Healthcare Properties, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053512 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $76.20M $81.34M $80.20M
YoY Change -4.99% 2.17% 2.21%
Cost Of Revenue $52.12M $51.83M $50.20M
YoY Change 3.84%
Gross Profit $24.08M $30.08M $32.55M
YoY Change -26.04%
Gross Profit Margin 31.6% 36.98% 40.59%
Selling, General & Admin $6.784M $7.521M $6.837M
YoY Change -0.78%
% of Gross Profit 28.18% 25.0% 21.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.30M $12.81M $12.34M
YoY Change 15.91%
% of Gross Profit 59.4% 42.57% 37.9%
Operating Expenses $886.0K $20.33M $1.097M
YoY Change -19.23% -24.03%
Operating Profit $2.914M $9.550M $11.05M
YoY Change -73.64% 7993.22% 9.47%
Interest Expense -$5.274M -$6.974M -$8.761M
YoY Change -39.8%
% of Operating Profit -180.99% -73.03% -79.26%
Other Income/Expense, Net -$5.274M
YoY Change
Pretax Income $2.360M $2.984M $4.619M
YoY Change -48.91% 1962.05%
Income Tax -$400.0K $301.0K $708.0K
% Of Pretax Income -16.95% 10.09% 15.33%
Net Earnings -$1.738M $7.870M $5.454M
YoY Change -131.87% -218.49% -267.92%
Net Earnings / Revenue -2.28% 9.67% 6.8%
Basic Earnings Per Share
Diluted Earnings Per Share -$9.991K $45.24K $31.35K
COMMON SHARES
Basic Shares Outstanding 174.0M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.94M $37.97M
YoY Change 84.18%
Cash & Equivalents $76.77M $42.35M $37.97M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $69.94M $37.97M
YoY Change 84.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.399B $1.422B
YoY Change -1.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.08M $167.5M
YoY Change -82.04%
Total Long-Term Assets $1.458B $1.619B
YoY Change -9.95%
TOTAL ASSETS
Total Short-Term Assets $69.94M $37.97M
Total Long-Term Assets $1.458B $1.619B
Total Assets $1.528B $1.616B $1.657B
YoY Change -7.8% -40.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.13M $24.67M
YoY Change 18.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.16M $26.84M
YoY Change 16.08%
LONG-TERM LIABILITIES
Long-Term Debt $610.7M $717.8M
YoY Change -14.91%
Other Long-Term Liabilities $8.200M $10.07M
YoY Change -18.59%
Total Long-Term Liabilities $618.9M $727.8M
YoY Change -14.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.16M $26.84M
Total Long-Term Liabilities $618.9M $727.8M
Total Liabilities $651.9M $715.4M $754.7M
YoY Change -13.61% -59.44%
SHAREHOLDERS EQUITY
Retained Earnings $124.1M $120.8M $113.0M
YoY Change 9.82% -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 $875.7M $899.2M $900.3M
YoY Change
Total Liabilities & Shareholders Equity $1.528B $1.616B $1.657B
YoY Change -7.8% -40.26%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$1.738M $7.870M $5.454M
YoY Change -131.87% -218.49% -267.92%
Depreciation, Depletion And Amortization $14.30M $12.81M $12.34M
YoY Change 15.91%
Cash From Operating Activities $15.49M $6.055M $16.91M
YoY Change -8.39%
INVESTING ACTIVITIES
Capital Expenditures -$2.013M -$2.047M -$2.264M
YoY Change -11.09%
Acquisitions
YoY Change
Other Investing Activities $5.023M $48.58M $78.00K
YoY Change 6339.74%
Cash From Investing Activities $3.010M $46.53M -$2.186M
YoY Change -237.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -91.78M -47.57M -31.95M
YoY Change 187.24%
NET CHANGE
Cash From Operating Activities 15.49M 6.055M 16.91M
Cash From Investing Activities 3.010M 46.53M -2.186M
Cash From Financing Activities -91.78M -47.57M -31.95M
Net Change In Cash -73.28M 5.023M -17.23M
YoY Change 325.26%
FREE CASH FLOW
Cash From Operating Activities $15.49M $6.055M $16.91M
Capital Expenditures -$2.013M -$2.047M -$2.264M
Free Cash Flow $17.50M $8.102M $19.17M
YoY Change -8.71%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<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>
dei Entity Incorporation Date Of Incorporation
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2010-06-08
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20000000
CY2018Q4 chp Number Of Properties
NumberOfProperties
70
CY2018Q4 chp Number Of Properties Sold
NumberOfPropertiesSold
63
CY2019 chp Number Of Properties Sold
NumberOfPropertiesSold
61
chp Number Of Properties Sold
NumberOfPropertiesSold
7
chp Number Of Acute Care Hospitals Discontinued
NumberOfAcuteCareHospitalsDiscontinued
1
chp Number Of Acute Care Hospitals
NumberOfAcuteCareHospitals
1
chp Revenue Recognition Number Of Facility
RevenueRecognitionNumberOfFacility
6080
chp Percentage Of Contract Related Revenue
PercentageOfContractRelatedRevenue
1.000
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
284638000
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3019000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
82055000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2018 chp Number Of Properties Committed For Sale
NumberOfPropertiesCommittedForSale
70
CY2019 chp Number Of Properties Held For Sale
NumberOfPropertiesHeldForSale
8
CY2018 chp Number Of Other Properties
NumberOfOtherProperties
7
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1100000
chp Number Of Acute Care Hospitals Sold
NumberOfAcuteCareHospitalsSold
2
CY2020Q3 chp Number Of Real Estate Properties Classified To Discontinued Operations
NumberOfRealEstatePropertiesClassifiedToDiscontinuedOperations
1
chp Number Of Acute Care Properties
NumberOfAcuteCareProperties
1
chp Number Of Properties
NumberOfProperties
8
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3300000
CY2020Q3 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
13000000
chp Financial Covenant Limitations Maximum Allowable Distributions As Percentage Of Adjusted Funds From Operations
FinancialCovenantLimitationsMaximumAllowableDistributionsAsPercentageOfAdjustedFundsFromOperations
0.95
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. As of September 30, 2020, the Company was in compliance with all financial covenants.
CY2020Q3 chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
886000
CY2019Q3 chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
1097000
chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
2616000
chp Related Party Transaction Cost Of Reimbursable Expense
RelatedPartyTransactionCostOfReimbursableExpense
3836000
chp Disposal Cost
DisposalCost
143000
chp Disposal Cost
DisposalCost
2957000
chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
5351000
CY2020Q3 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
4513000
CY2019Q3 chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
4844000
chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
13677000
chp Related Party Transaction Asset Management Costs
RelatedPartyTransactionAssetManagementCosts
18529000
CY2020Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
5399000
CY2019Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
5941000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
16436000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
30673000
CY2020Q3 chp Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
430000
CY2019Q4 chp Accrued General And Administrative Expenses Current
AccruedGeneralAndAdministrativeExpensesCurrent
698000
CY2020Q3 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
430000
CY2019Q4 chp Reimbursable Offering Expenses Due Related Party
ReimbursableOfferingExpensesDueRelatedParty
698000
CY2020Q3 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
1504000
CY2019Q4 chp Due To Related Party Asset Management Fees
DueToRelatedPartyAssetManagementFees
1577000
CY2020Q3 chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
0
chp Financing Coordination Fee Gross
FinancingCoordinationFeeGross
0
CY2019Q3 chp Capitalized Amount Of Loan Costs
CapitalizedAmountOfLoanCosts
3500000
chp Capitalized Amount Of Loan Costs
CapitalizedAmountOfLoanCosts
3500000
CY2019Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
347900000
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
400000
CY2019Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
500000
CY2020Q3 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
-500000
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
500000
CY2019Q3 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
600000
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
1400000
CY2020Q3 chp Number Of Promoted Interest Agreements
NumberOfPromotedInterestAgreements
6
CY2020Q3 chp Number Of Promoted Interest Agreements Met Established Performance Metrics
NumberOfPromotedInterestAgreementsMetEstablishedPerformanceMetrics
0

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