<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2017/08/30/07/56/money-2696228_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2017/08/30/07/56/money-2696228_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p><strong>社区医疗信托</strong>（NYSE: CHCT）拥有显著的分红增长记录。自 2015 年开始支付分红以来，该公司每个季度都提高了分红。分红已连续增加 41 个季度。</p>
<p>虽然每次的增加幅度不大——每次增加四分之一美分，但这些增加贡献了当前 13% 的年收益率，而股票高收益率的主要原因是过去三年股价下跌了三分之二。</p>
<p>社区医疗信托在 36 个州拥有 200 处物业，租赁给医生、医院和其他医疗机构。</p>
<p>这是一家小型公司，每年的收入略超过 1 亿美元。尽管股价疲软，该公司仍然盈利且现金流为正。</p>
<p>让我们看看它的现金流是否足以支持进一步的季度分红增加。</p>
<p>由于社区医疗信托是一家房地产投资信托，我们使用一种称为运营资金（FFO）的现金流指标。</p>
<p>去年，FFO 增长了 7%，达到了 5120 万美元。今年，预计将略微下降至 5090 万美元。预计 FFO 的轻微减少足以使社区医疗信托在其安全网评级上受到惩罚。</p>
<p>负现金流增长是一个重大警示信号。</p>
<p>由于去年总额与今年当前估计之间的差异非常小，因此公司有可能报告正的 FFO 增长，而不是略微负的。如果发生这种情况，社区医疗信托将获得安全网评级的升级。</p>
<p>另一个关注点是支付比率。同样，惩罚与不惩罚之间的差异非常小。</p>
<p>去年，社区医疗信托向股东支付了 5170 万美元的分红，而 FFO 为 5120 万美元，因此它支付的分红超过了收入（但仅仅是勉强）。预计今年这一差距将略微扩大——支付的分红为 5350 万美元，而 FFO 为 5090 万美元。</p>
<p>这将使支付比率从 101% 上升至 105%，仍然略高于我对 REIT 的 100% 阈值。</p>
<p>在 2025 年前三个季度，FFO 总计仅为 3260 万美元，因此公司需要在第四季度取得大幅增长，以超过当前全年的估计并覆盖分红。</p>
<p><img src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/20251105_WR-chct.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/20251105_WR-chct.jpg"/></p>
<p>如您所见，这是一个存在一些问题的分红故事。FFO 一直在下降，预计今年将再次下降，而公司支付的分红超过了收入。</p>
<p>尽管它只需要超过 FFO 预期 30 万美元，但考虑到前九个月的 FFO 与该数字相距甚远，且租赁房地产由于租金锁定而相对可预测，这似乎不太可能。</p>
<p>好的一面是，该公司在季度分红增加方面有着卓越的记录，我预计管理层会尽一切努力保持这一 41 个季度的记录。</p>
<p>我不预计会有即将到来的分红削减，如果 FFO 改善，该公司的分红安全评级甚至可能获得一次或两次升级。但如果 FFO 没有改善，管理层将面临一些艰难的决策。</p>
<p><strong>分红评级安全性：D</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/grade-guide.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/grade-guide.jpg"/></p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>分红投资的黄金法则</p>
<p>能源领域的 “绝佳机会”</p>
<p>B&amp;G 食品的 17% 收益率是美味的……还是危险的？</p>

CHCT

<p>社区医疗信托（NYSE: CHCT）拥有强劲的分红历史，连续 41 个季度提高分红，当前收益率为 13%。然而，股价大幅下跌，预计今年的运营资金（FFO）将略有下降。分红支付比率令人担忧，分红超过了 FFO。尽管公司旨在维持其分红记录，但负现金流增长引发了可持续性的问题。目前的分红安全评级为 D，表明如果 FFO 没有改善，未来可能面临挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2017/08/30/07/56/money-2696228_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2017/08/30/07/56/money-2696228_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p><strong>Community Healthcare Trust</strong> (NYSE: CHCT) has a remarkable dividend-raising track record. The company has boosted its dividend every quarter since it began paying one in 2015. The payout has been raised for 41 consecutive quarters.</p>
<div class="lb-trans"><p><strong>社区医疗信托</strong>（NYSE: CHCT）拥有显著的分红增长记录。自 2015 年开始支付分红以来，该公司每个季度都提高了分红。分红已连续增加 41 个季度。</p>
</div><p>The increases aren’t large – a quarter of a penny each time. While they have contributed to the current 13% annual yield, the big reason the stock has such a high yield is that the share price has fallen by two-thirds over the past three years.</p>
<div class="lb-trans"><p>虽然每次的增加幅度不大——每次增加四分之一美分，但这些增加贡献了当前 13% 的年收益率，而股票高收益率的主要原因是过去三年股价下跌了三分之二。</p>
</div><p>Community Healthcare Trust owns 200 properties in 36 states that are leased to doctors, hospitals, and other healthcare organizations.</p>
<div class="lb-trans"><p>社区医疗信托在 36 个州拥有 200 处物业，租赁给医生、医院和其他医疗机构。</p>
</div><p>This is a small cap company that generates a little over $100 million in revenue per year. Despite the weak stock price, the company is profitable and cash flow positive.</p>
<div class="lb-trans"><p>这是一家小型公司，每年的收入略超过 1 亿美元。尽管股价疲软，该公司仍然盈利且现金流为正。</p>
</div><p>Let’s see whether its cash flow is enough to sustain further quarterly raises.</p>
<div class="lb-trans"><p>让我们看看它的现金流是否足以支持进一步的季度分红增加。</p>
</div><p>Because Community Healthcare Trust is a real estate investment trust, we use a measure of cash flow called funds from operations, or FFO.</p>
<div class="lb-trans"><p>由于社区医疗信托是一家房地产投资信托，我们使用一种称为运营资金（FFO）的现金流指标。</p>
</div><p>Last year, FFO climbed 7% to $51.2 million. This year, it is forecast to slip slightly to $50.9 million. That projected slight reduction in FFO is enough to earn Community Healthcare a penalty on its Safety Net rating.</p>
<div class="lb-trans"><p>去年，FFO 增长了 7%，达到了 5120 万美元。今年，预计将略微下降至 5090 万美元。预计 FFO 的轻微减少足以使社区医疗信托在其安全网评级上受到惩罚。</p>
</div><p>Negative cash flow growth is a big red flag.</p>
<div class="lb-trans"><p>负现金流增长是一个重大警示信号。</p>
</div><p>Since the difference between last year’s total and the current estimate for this year is so small, it is possible the company reports positive FFO growth instead of slightly negative. If that occurs, Community Healthcare will earn an upgrade to its Safety Net rating.</p>
<div class="lb-trans"><p>由于去年总额与今年当前估计之间的差异非常小，因此公司有可能报告正的 FFO 增长，而不是略微负的。如果发生这种情况，社区医疗信托将获得安全网评级的升级。</p>
</div><p>Another area of concern is the payout ratio. Again, the difference between a penalty and no penalty is very small.</p>
<div class="lb-trans"><p>另一个关注点是支付比率。同样，惩罚与不惩罚之间的差异非常小。</p>
</div><p>Last year, Community Healthcare paid shareholders $51.7 million in dividends against $51.2 million in FFO, so it paid more in dividends than it took in (but barely). This year, the gap is anticipated to widen a bit – to $53.5 million in dividends paid against $50.9 million in FFO.</p>
<div class="lb-trans"><p>去年，社区医疗信托向股东支付了 5170 万美元的分红，而 FFO 为 5120 万美元，因此它支付的分红超过了收入（但仅仅是勉强）。预计今年这一差距将略微扩大——支付的分红为 5350 万美元，而 FFO 为 5090 万美元。</p>
</div><p>That would push the payout ratio up from 101% to 105%, still just above my 100% threshold for REITs.</p>
<div class="lb-trans"><p>这将使支付比率从 101% 上升至 105%，仍然略高于我对 REIT 的 100% 阈值。</p>
</div><p>Over the first three quarters of 2025, FFO has totaled just $32.6 million, so the company would need a big fourth quarter to eclipse the current full-year estimate and cover the dividend.</p>
<div class="lb-trans"><p>在 2025 年前三个季度，FFO 总计仅为 3260 万美元，因此公司需要在第四季度取得大幅增长，以超过当前全年的估计并覆盖分红。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/20251105_WR-chct.jpg" alt="" original-src="https://dkwegfj7whlol.cloudfront.net/oxford/wr/20251105_WR-chct.jpg"/></p>
<p>As you can see, this is a dividend story with some problems. FFO has been declining, it’s projected to decline again this year, and the company pays out more in dividends than it takes in.</p>
<div class="lb-trans"><p>如您所见，这是一个存在一些问题的分红故事。FFO 一直在下降，预计今年将再次下降，而公司支付的分红超过了收入。</p>
</div><p>Though it only needs to beat FFO expectations by $300,000, that doesn’t seem likely given that FFO over the first nine months is pretty far away from that number and rental real estate is a somewhat predictable business due to rents being locked in.</p>
<div class="lb-trans"><p>尽管它只需要超过 FFO 预期 30 万美元，但考虑到前九个月的 FFO 与该数字相距甚远，且租赁房地产由于租金锁定而相对可预测，这似乎不太可能。</p>
</div><p>On the plus side, the company has a stellar track record of quarterly dividend increases, and I expect management to do everything in their power to keep that 41-quarter streak alive.</p>
<div class="lb-trans"><p>好的一面是，该公司在季度分红增加方面有着卓越的记录，我预计管理层会尽一切努力保持这一 41 个季度的记录。</p>
</div><p>I don’t expect an imminent dividend cut, and if FFO improves, the company’s dividend safety rating could even receive an upgrade or two. But if FFO doesn’t improve, management will have some tough decisions to make.</p>
<div class="lb-trans"><p>我不预计会有即将到来的分红削减，如果 FFO 改善，该公司的分红安全评级甚至可能获得一次或两次升级。但如果 FFO 没有改善，管理层将面临一些艰难的决策。</p>
</div><p><strong>Dividend Rating Safety: D</strong></p>
<div class="lb-trans"><p><strong>分红评级安全性：D</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://dkwegfj7whlol.cloudfront.net/oxford/wr/grade-guide.jpg" alt="" original-src="https://dkwegfj7whlol.cloudfront.net/oxford/wr/grade-guide.jpg"/></p>
<hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>The Golden Rule Of Dividend Investing</p>
<div class="lb-trans"><p>分红投资的黄金法则</p>
</div><p>The “Excellent Opportunity” In The Energy Sector</p>
<div class="lb-trans"><p>能源领域的 “绝佳机会”</p>
</div><p>Is B&amp;G Foods’ 17% Yield Delicious… Or Dangerous?</p>
<div class="lb-trans"><p>B&amp;G 食品的 17% 收益率是美味的……还是危险的？</p>
</div>

Community Healthcare Trust：这家房地产投资信托的 13% 收益率有多安全？