Community Healthcare Trust (CHCT) is a healthcare-focused REIT that owns and leases medical properties to hospitals, physicians, healthcare systems, and other healthcare providers. CHCT's 198-property portfolio spans 36 states and roughly 4.5 million square feet, diversified across Medical Office Buildings (36% of annualized rent), Inpatient Rehabilitation Facilities (21%), Acute Inpatient Behavioral facilities (13%), and a mix of specialty centers, surgical centers, and long-term acute care hospitals. CHCT leases its properties under long-term, single-tenant net leases, where tenants cover property-level costs like taxes, insurance, and maintenance, making cash flows relatively predictable. The portfolio is approximately 90.6% leased, with a weighted average remaining lease term of about 7.0 years. Tenants include HCA Healthcare, Tenet Healthcare, Lifepoint Health, Fresenius Medical Care, and DaVita, with no single tenant exceeding 10% of annualized rent. CHCT grows primarily by acquiring smaller healthcare properties, typically in the $3M–$30M range, through off-market or lightly marketed transactions, deliberately avoiding competitive auctions. CHCT also pursues sale-leasebacks and development-forward acquisitions, with $146M of pipeline commitments expected to close through 2026–2027. As a REIT, CHCT distributes at least 90% of taxable income to shareholders, with an AFFO payout ratio of approximately 85%.