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Regional Health Properties Reports Second Quarter 2020 Financial Results
ATLANTA, GA, August 20, 2020 — Regional Health Properties, Inc.(NYSE American: RHE) (NYSE American: RHEpA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, reported results for the quarter ended June 30, 2020.
Brent Morrison, Regional Health Properties’ Chief Executive Officer, stated “Our operators continue to perform well in light of navigating through a healthcare crisis. The Federal Government has provided nursing home operators with much needed stimulus to weather the operating headwinds brought on by the COVID-19 pandemic. We appreciate the hard work from our operators and intend to work with them until the operating environment goes back to normal.”
See the Company’s recently filed Form 10-Q for additional details on the current and potential impact of COVID-19 on the business.
Clinton Cain, our former Senior Vice President and Interim Chief Financial Officer, resigned from all of his positions at the company. He has agreed to continue serving the company in a consulting role to facilitate a smooth transition as we identify the next finance executive for Regional Health Properties. Mr. Morrison added, “Clinton served our company well over the last nine years in a variety of financial and leadership roles. On behalf of the board, I want to thank him for his financial stewardship and many significant contributions during his tenure. We wish him all the best.”
Management periodically monitors a number of facility performance metrics, including rent coverages both before and after management fees. For the 12 months ended June 30, 2020, the Company’s portfolio rent coverage before management fees was 1.55x and rent coverage after management fees was 1.20x. Occupancy and skilled mix for the Company’s portfolio were 75.1% and 28.0% respectively, for the 12 months ended June 30, 2020. These data exclude the impact of three managed facilities located in Ohio.
Total revenues in the second quarter of 2020 decreased 14.4% to $4.5 million, from $5.3 million in the second quarter of 2019. The decrease is a result of four facilities sold during the third quarter of 2019. The Company generally recognizes all rental revenues on a straight-line rent accrual basis.
General and administrative costs decreased 20.2%, to $0.7 million for the three months ended June 30, 2020, compared to $0.9 million for the same period in 2019. For both the current and prior year periods, general and administrative costs include minimal stock-based compensation expense.
Interest expense decreased by $1.0 million, or 60.3%, to $0.7 million for the second quarter of 2020 compared to $1.7 million for the same period in 2019. The decrease is mainly due to the payoff of the Pinecone and Congressional Bank loans in the third quarter of 2019.
The following information was filed by Regional Health Properties, Inc (RHE) on Thursday, August 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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