Business
Regional Health Properties Reports Fourth Quarter & Full Year 2024 Financial Results
Regional Health Properties Reports Fourth Quarter & Full Year 2024 Financial Results.
About this update from Regional Health Properties, Inc.
[{"type":"text","content":"\n ATLANTA, GA, April 14, 2025 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the “Company”, “Regional”, “we”, “us” or “our”) (OTCQB: RHEP) (OTCQB: RHEPB) (OTCQB: RHEPA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, today announced its financial results for the third quarter ended December 31, 2024. FOURTH QUARTER 2024 FINANCIAL RESULTS Reported revenue of $5.6 million in the quarterGenerated income from operations of $540k in the quarterGenerated EBITDA of $714K and $1.3 million of Adjusted EBITDA1 in the quarterCollected 92% of contractual rent during Q4 2024 FOURTH QUARTER 2024 BUSINESS HIGHLIGHTS Entered into a management contract with CJM Advisors to manage our Sylva, NC facilityOur Meadowood facility continued its operational improvement, resulting in the highest occupancy since taking back the facility in 2022Obtained a $500k line of credit from Exchange Bank, Regional’s current lender in Alabama FULL YEAR 20024 FINANCIAL RESULTS Reported revenue of $18.3 millionReported income from operations of $161kGenerated EBITDA of $1.7 million and Adjusted EBITDA of $3.5 million MANAGEMENT COMMENTS Brent Morrison, Regional’s President, Chief Executive Officer, and Chairman, commented, “The fourth quarter capped off a transformative year for Regional Health Properties. In 2024, we focused on strengthening our operational foundation and positioning the Company for sustained growth. A key milestone was our announced merger with SunLink Health Systems, which we believe will unlock long-term strategic and operational synergies. We anticipate the merger will close in early Q3 2025.” Mr. Morrison continued, “Subsequent to year-end, we entered into a second management contract with CJM Advisors (“CJM”) to manage our Glenville, GA facility. We are pleased with the results from Chris Murphy and his team at CJM and look forward to growing the relationship in 2025.” FINANCIAL RESULTS FOR QUARTER ENDED DECEMBER 31, 2024 For the fourth quarter of 2024, the Company reported total revenue of $5.6 million, a GAAP net loss of $569k, EBITDA2 of $714k and Adjusted EBITDA of $1.3 million. BALANCE SHEET AND LIQUIDITY As of December 31, 2024, the...