Community Healthcare Trust

Community Healthcare Trust

Community Healthcare Trust was founded in 2014 and completed its initial public offering in May 2015, listing on the New York Stock Exchange under the ticker 'CHCT'. The company was built to acquire and own real estate properties that are leased to healthcare providers, focusing specifically on the outpatient segment — medical office buildings, ambulatory surgery centers, behavioral health facilities, and specialty clinics. The founding team concentrated on secondary and tertiary markets, avoiding the high acquisition costs and competitive bidding processes common in major metropolitan health systems. The trust's strategy relies on a diversified tenant base, with no single tenant representing a dominant share of revenue. As of its most recent filings, the portfolio includes dozens of properties across more than 30 states, with tenants ranging from regional health systems to individual physician practices. Asset classes include acute-care satellite buildings, oncology centers, and long-term acute care hospitals. The trust typically structures long-term triple-net leases, shifting most operating expenses to the tenant. Known tenants have included Fresenius Medical Care, HCA Healthcare satellite locations, and multiple local orthopedic and cardiology groups. Led by founder Tim Wallace as CEO and David Dupuy as President and CFO, the company operates with a lean internal team and contracts property management and construction oversight to third parties. As of early 2026, Community Healthcare Trust had completed over $1 billion in cumulative acquisitions since inception. The firm periodically taps public equity markets — completing a follow-on offering most recently in 2024 — to fund its pipeline, while also maintaining a revolving credit facility with a syndicate of regional banks. The company does not operate any healthcare facilities itself; it is a pure-play property owner. The trust distinguishes itself through a disciplined underwriting model that values lease-term stability over trophy locations. By concentrating on single-tenant, standalone buildings in secondary markets, it builds a portfolio that resists the oversupply cycles that have periodically pressured medical-office REITs in primary coastal markets. The governance structure includes independent board oversight and a mandate to distribute at least 90% of taxable income as dividends, consistent with REIT rules.