Business
Regional Health Properties Reports Third Quarter 2024 Financial Results
Regional Health Properties Reports Third Quarter 2024 Financial Results.
About this update from Regional Health Properties, Inc.
[{"type":"text","content":"\n ATLANTA, GA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Regional Health Properties, Inc. (the “Company”, “Regional”, “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, 2024. THIRD QUARTER 2024 FINANCIAL Reduced loss from operations year over year from $0.4 million in the prior year quarter to $0.3 million in the current quarterGenerated $1.0 million of Adjusted EBITDA1 in the quarter, compared to $0.6 million in the third quarter of 2023Collected 80.3% of contractual rent during Q3 2024. We are working with our tenants and have a positive outlook on collectability during Q4 2024 THIRD QUARTER 2024 BUSINESS HIGHLIGHTS The Healthcare Services segment produced its first positive EBITDA quarter since taking back operations of two facilities in 2022Our Meadowood facility in Glencoe, AL has achieved its highest occupancy since taking back the facility in 2022Regional’s portfolio CMS star rating is the highest in over two years MANAGEMENT COMMENTS Brent Morrison, Regional’s President, Chief Executive Officer, and Chairman, commented, “The third quarter continues Regional’s turnaround. While our rent collections in the quarter were less than ideal, we have taken additional steps to work with our operating partners and anticipate collecting back rent.” Mr. Morrison continued, “Subsequent to quarter end, we entered into a management contract with CJM Advisors (“CJM”) to manage our Sylva, NC facility. We are excited to work with Chris Murphy, former COO of Regency Integrated Health Systems and the entire CJM team to further the financial performance of our asset.” FINANCIAL RESULTS FOR QUARTER ENDED SEPTEMBER 30, 2024 For the third quarter of 2024, the Company reported total revenue of $4.2 million, a net loss of $1.0 million, EBITDA2 of $0.2 million and Adjusted EBITDA of $1.0 million. BALANCE SHEET AND LIQUIDITY As of September 30, 2024, the Company had $49.7 million, net of outstanding indebtedness with a weighted-average annual interest rate of 5.1% and a weighted-average maturity of approximatel...