Business
Regional Health Properties Reports Third Quarter 2023 Financial Results
Regional Health Properties Reports Third Quarter 2023 Financial Results.
About this update from Regional Health Properties, Inc.
[{"type":"text","content":"\n Collected 93% of Contractual Rent Strong Operator Rent Coverage ATLANTA, GA, Nov. 17, 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 third quarter ended September 30, 2023. THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS Reduced loss from operations from $2.0 million in the prior year quarter to $0.4 million in the current quarterReduced net loss per share of common stock to $0.52 in the current third quarter as compared to $1.48 for the third quarter of 2022Generated $0.7 million of Adjusted EBITDA1 in the quarter, compared to $0.1 million in the third quarter of 2022Collected 93% of contractual rent as of September 30, 2023 THIRD QUARTER BUSINESS HIGHLIGHTS On August 7, 2023, Regional Health announced the receipt of the acceptance letter from the NYSE American LLC (the “Exchange”) on August 1, 2023, that the Company’s plan to regain compliance with the Exchange’s continued listing standards had been accepted.On August 3, 2023, Regional Health announced that its 12.5% Series B Cumulative Redeemable Preferred Shares (the “Series B Preferred Stock”) commenced trading on the OTCQB Venture Market, operated by the OTC Markets Group, Inc., under the symbol “RHEPB”. MANAGEMENT COMMENTS Brent Morrison, Regional Health’s President and Chief Executive Officer, commented, “Our operating partners continue to make progress mitigating lower than average occupancy and tight labor markets. As a result, our EBITDAR 3 coverage remains strong at 1.5x. We remain hopeful this momentum will continue into the fourth quarter as well as 2024” Mr. Morrison continued, “With the transformative transaction behind us, we continue to look for opportunities to further simplify our capital structure and further reduce corporate expenses. As our stock price continues to trade well below net asset value, management remains committed to improve transparency for investors.” FINANCIAL RESULTS FOR QUARTER ENDED SEPTEMBER 30, 2023 For the th...