Business
Regional Health Properties Reports Second Quarter 2023 Financial Results
Regional Health Properties Reports Second Quarter 2023 Financial Results.
About this update from Regional Health Properties, Inc.
[{"type":"text","content":"\n Closed exchange offer Recorded a $43.4 million gain on extinguishment of preferred stock ATLANTA, GA, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the “Company,” “Regional Health,” “we”, “us” or “our”) (NYSE American: RHE) (NYSE American: RHE-PA), 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 second quarter ended June 30, 2023. SECOND QUARTER 2023 FINANCIAL AND BUSINESS HIGHLIGHTS Eliminated $50.4 million in accumulated and unpaid dividends on the Series A Redeemable Preferred Stock, no par value (the “Series A Preferred Stock”)Reduced the liquidation preference of the Series A Preferred Stock to $5.00 per shareReduced net loss from $1.3 million in the prior year quarter to $0.7 million in the current quarter; including the $43.4 million gain on the extinguishment of the Series A Preferred Stock, net profit attributable to Regional Health common shareholders was $42.7 million for the quarterGenerated $0.9 million of Adjusted EBITDA1 in the quarter, compared to $0.6 million in the second quarter of 2022 and $0.3 million in the first quarter of 2023Collected 88% of contractual rent as of June 30, 2023 MANAGEMENT COMMENTS Brent Morrison, Regional Health’s President and Chief Executive Officer, commented, “We are beyond excited to have completed a tremendously transformative transaction for the Company. The exchange offer was a very complex and complicated transaction, but we believe it was much needed for the Company to begin to grow again. I personally want to thank our long-term shareholders for their extreme patience and, most importantly, the employees at the Company and in the facilities. We are ecstatic to enter a new chapter for the Company and intend to continue to make progress towards success for all stakeholders.” Mr. Morrison continued, “Management will continue to monitor the Company’s business activity and associated cashflows while looking for ways to further simplify its capital structure. The Company was also pleased by the notice from the NYSE American that the Company’s plan to regain compliance with the NYSE American’s continued listin...