Regional Health Properties Reports Third Quarter 2024 Financial Results
Regional Health Properties (NYSE American: RHE) announced its Q3 2024 financial results on November 26, 2024. The company reported a reduced loss from operations of $0.3 million, improved from $0.4 million in Q3 2023. Adjusted EBITDA increased to $1.0 million, compared to $0.6 million in the same period last year. The company collected 80.3% of contractual rent and remains optimistic about future collections.
Business highlights include the Healthcare Services segment achieving its first positive EBITDA since 2022 and the Meadowood facility in Glencoe, AL reaching its highest occupancy level since 2022. The overall portfolio CMS star rating is the highest in over two years.
Financially, the company reported total revenue of $4.2 million and a net loss of $1.0 million. As of September 30, 2024, Regional had $49.7 million net of outstanding debt, with a weighted-average interest rate of 5.1% and maturity of approximately 17 years. Post-quarter, a $0.5 million line of credit was obtained to ensure compliance with debt payments.
Regional Health Properties (NYSE American: RHE) ha annunciato i suoi risultati finanziari del terzo trimestre 2024 il 26 novembre 2024. L'azienda ha riportato una riduzione della perdita operativa a 0,3 milioni di dollari, migliorando rispetto a 0,4 milioni di dollari nel terzo trimestre 2023. L'EBITDA rettificato è aumentato a 1,0 milioni di dollari, rispetto a 0,6 milioni di dollari nello stesso periodo dell'anno scorso. L'azienda ha raccolto l'80,3% dell'affitto contrattuale e rimane ottimista riguardo alle future raccolte.
I punti salienti del business includono il segmento Servizi Sanitari che ha raggiunto il suo primo EBITDA positivo dal 2022 e la struttura Meadowood a Glencoe, AL, che ha raggiunto il più alto livello di occupazione dal 2022. Il punteggio generale della stella CMS del portafoglio è il più alto in oltre due anni.
Dal punto di vista finanziario, l'azienda ha riportato un fatturato totale di 4,2 milioni di dollari e una perdita netta di 1,0 milioni di dollari. Al 30 settembre 2024, Regional aveva 49,7 milioni di dollari netto di debito in sospeso, con un tasso d'interesse medio ponderato del 5,1% e una scadenza di circa 17 anni. Dopo il trimestre, è stata ottenuta una linea di credito di 0,5 milioni di dollari per garantire la conformità con i pagamenti del debito.
Regional Health Properties (NYSE American: RHE) anunció sus resultados financieros del tercer trimestre de 2024 el 26 de noviembre de 2024. La compañía informó una pérdida operativa reducida de 0.3 millones de dólares, mejorando desde 0.4 millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado aumentó a 1.0 millón de dólares, en comparación con 0.6 millones de dólares en el mismo periodo del año pasado. La compañía recaudó el 80.3% del alquiler contractual y se mantiene optimista sobre las futuras recaudaciones.
Los aspectos destacados del negocio incluyen que el segmento de Servicios de Salud logró su primer EBITDA positivo desde 2022 y la instalación Meadowood en Glencoe, AL alcanzó su nivel más alto de ocupación desde 2022. La calificación estelar CMS del portafolio es la más alta en más de dos años.
Financieramente, la compañía reportó ingresos totales de 4.2 millones de dólares y una pérdida neta de 1.0 millón de dólares. Al 30 de septiembre de 2024, Regional tenía 49.7 millones de dólares netos de deuda pendiente, con una tasa de interés promedio ponderada del 5.1% y un vencimiento de aproximadamente 17 años. Después del trimestre, se obtuvo una línea de crédito de 0.5 millones de dólares para asegurar el cumplimiento de los pagos de la deuda.
리저널 헬스 프로퍼티스 (NYSE American: RHE)는 2024년 11월 26일 2024년 3분기 재무 결과를 발표했습니다. 회사는 운영 손실이 30만 달러로 감소했으며, 이는 2023년 3분기의 40만 달러 대비 개선된 수치입니다. 조정된 EBITDA는 100만 달러로 증가했으며, 이는 지난해 동기 60만 달러와 비교됩니다. 회사는 계약 임대료의 80.3%를 수집했으며, 향후 수집에 대해 낙관적인 전망을 유지하고 있습니다.
비즈니스 하이라이트로는 헬스케어 서비스 부문이 2022년 이후 처음으로 긍정적인 EBITDA를 기록했고, 앨라배마 주 글렌코에 있는 메도우드 시설이 2022년 이후 가장 높은 점유율을 기록했습니다. 전체 포트폴리오의 CMS 별점도 2년 넘게 가장 높은 수준입니다.
재무적으로 회사는 총 수익 420만 달러와 순손실 100만 달러를 보고했습니다. 2024년 9월 30일 기준으로, 리저널은 미상환 부채에서 순 4970만 달러를 보유하고 있으며, 가중 평균 이자율은 5.1%, 만기는 약 17년입니다. 분기 이후에는 부채 상환을 보장하기 위해 50만 달러의 신용 한도를 확보했습니다.
Regional Health Properties (NYSE American: RHE) a annoncé ses résultats financiers du troisième trimestre 2024 le 26 novembre 2024. La société a signalé une perte d'exploitation réduite de 0,3 million de dollars, améliorée par rapport à 0,4 million de dollars au troisième trimestre 2023. L'EBITDA ajusté a augmenté à 1,0 million de dollars, contre 0,6 million de dollars au cours de la même période l'année dernière. La société a collecté 80,3 % du loyer contractuel et reste optimiste quant aux futures collectes.
Les points saillants de l'activité incluent le segment des Services de santé qui a enregistré son premier EBITDA positif depuis 2022 et l'établissement Meadowood à Glencoe, AL, atteignant son niveau d'occupation le plus élevé depuis 2022. La note d’étoiles CMS globale du portefeuille est la plus élevée depuis plus de deux ans.
Sur le plan financier, la société a rapporté des revenus totaux de 4,2 millions de dollars et une perte nette de 1,0 million de dollars. Au 30 septembre 2024, Regional affichait 49,7 millions de dollars nets de dettes en cours, avec un taux d'intérêt moyen pondéré de 5,1 % et une échéance d'environ 17 ans. Après le trimestre, une ligne de crédit de 0,5 million de dollars a été obtenue pour garantir le respect des paiements de la dette.
Regional Health Properties (NYSE American: RHE) gab am 26. November 2024 seine Finanzergebnisse für das dritte Quartal 2024 bekannt. Das Unternehmen berichtete von einem gesunkenen Betriebsverlust von 0,3 Millionen Dollar, verbessert von 0,4 Millionen Dollar im dritten Quartal 2023. Das EBITDA nach Anpassungen stieg auf 1,0 Millionen Dollar, verglichen mit 0,6 Millionen Dollar im gleichen Zeitraum des Vorjahres. Das Unternehmen sammelte 80,3% der vertraglichen Miete und bleibt optimistisch in Bezug auf zukünftige Einnahmen.
Zu den geschäftlichen Höhepunkten gehört, dass der Bereich Gesundheitsdienstleistungen seit 2022 erstmals ein positives EBITDA erzielt hat und die Einrichtung Meadowood in Glencoe, AL, den höchsten Belegungsgrad seit 2022 erreichte. Die allgemeine CMS-Sternbewertung des Portfolios ist die höchste seit über zwei Jahren.
Finanziell berichtete das Unternehmen einen Gesamtumsatz von 4,2 Millionen Dollar und einen Nettoverlust von 1,0 Millionen Dollar. Zum 30. September 2024 hatte Regional 49,7 Millionen Dollar netto an ausstehenden Schulden, mit einem gewichteten durchschnittlichen Zinssatz von 5,1% und einer Laufzeit von etwa 17 Jahren. Nach dem Quartal wurde eine Kreditlinie von 0,5 Millionen Dollar aufgenommen, um die Einhaltung der Schuldenzahlungen sicherzustellen.
- Reduced loss from operations to $0.3 million from $0.4 million year-over-year.
- Adjusted EBITDA increased to $1.0 million from $0.6 million year-over-year.
- Healthcare Services segment achieved its first positive EBITDA since 2022.
- Meadowood facility in Glencoe, AL reached its highest occupancy level since 2022.
- Portfolio CMS star rating is the highest in over two years.
- Obtained a $0.5 million line of credit to ensure compliance with debt payments.
- Collected only 80.3% of contractual rent.
- Reported a net loss of $1.0 million for Q3 2024.
Insights
Regional Health Properties' Q3 2024 results show mixed signals in their turnaround efforts. The reduction in operating losses from
The
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 quarter - Generated
$1.0 million of Adjusted EBITDA1 in the quarter, compared to$0.6 million in the third quarter of 2023 - Collected
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 2022
- Our Meadowood facility in Glencoe, AL has achieved its highest occupancy since taking back the facility in 2022
- Regional’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
BALANCE SHEET AND LIQUIDITY
As of September 30, 2024, the Company had
Subsequent to quarter end, we obtained a
About Regional Health Properties
Regional Health Properties, Inc., a Georgia corporation, is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care. For more information, visit www.regionalhealthproperties.com.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, its business, operations, financial performance, revenue, capital structure, the impact of the exchange offer and economic developments.
Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected or contemplated by our forward-looking statements due to various factors, including, among others: our dependence on the operating success of our operators; the amount of, and our ability to service, our indebtedness; covenants in our debt agreements that may restrict our ability to make investments, incur additional indebtedness and refinance indebtedness on favorable terms; the availability and cost of capital; our ability to raise capital through equity and debt financings or through the sale of assets; increases in market interest rates and inflation; our ability to meet the continued listing requirements of the NYSE American LLC and to maintain the listing of our securities thereon; the effect of increasing healthcare regulation and enforcement on our operators and the dependence of our operators on reimbursement from governmental and other third-party payors; the relatively illiquid nature of real estate investments; the impact of litigation and rising insurance costs on the business of our operators; the impact on us of litigation relating to our prior operation of our healthcare properties; the effect of our operators declaring bankruptcy, becoming insolvent or failing to pay rent as due; the ability of any of our operators in bankruptcy to reject unexpired lease obligations and to impede our ability to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor’s obligations; our ability to find replacement operators and the impact of unforeseen costs in acquiring new properties; epidemics or pandemics, including the COVID-19 pandemic, and the related impact on our tenants, operators and healthcare facilities; and other factors discussed from time to time in our news releases, public statements and documents filed by us with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.
| Company Contact |
| Brent Morrison, CFA |
| Chief Executive Officer & President |
| Regional Health Properties, Inc. |
| Tel (678) 368-4402 |
| Brent.morrison@regionalhealthproperties.com |
| REGIONAL HEALTH PROPERTIES, INC. | ||||||||||||||||
| STATEMENT OF OPERATIONS | ||||||||||||||||
| (in thousands, except for per share and shares outstanding information) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Patient care revenues | $ | 2,585 | $ | 2,136 | $ | 7,418 | $ | 6,577 | ||||||||
| Rental revenues | 1,640 | 1,739 | 5,257 | 5,170 | ||||||||||||
| Management fees | — | 263 | — | 788 | ||||||||||||
| Other revenues | — | — | — | 107 | ||||||||||||
| Total revenues | 4,225 | 4,138 | 12,675 | 12,642 | ||||||||||||
| Expenses: | ||||||||||||||||
| Patient care expense | 2,179 | 2,153 | 6,462 | 6,444 | ||||||||||||
| Facility rent expense | 149 | 149 | 446 | 446 | ||||||||||||
| Cost of management fees | — | 156 | — | 442 | ||||||||||||
| Depreciation and amortization | 474 | 526 | 1,499 | 1,738 | ||||||||||||
| General and administrative expense | 1,224 | 1,329 | 4,085 | 4,284 | ||||||||||||
| Credit loss expense | 499 | 229 | 563 | 269 | ||||||||||||
| Total expenses | 4,525 | 4,542 | 13,055 | 13,623 | ||||||||||||
| Income (loss) from operations | (300 | ) | (404 | ) | (380 | ) | (981 | ) | ||||||||
| Other expense: | ||||||||||||||||
| Interest expense, net | 677 | 708 | 2,021 | 2,066 | ||||||||||||
| Other expense, net | 5 | (139 | ) | 249 | 603 | |||||||||||
| Total other expense, net | 682 | 569 | 2,270 | 2,669 | ||||||||||||
| Net loss | $ | (982 | ) | $ | (973 | ) | $ | (2,650 | ) | $ | (3,650 | ) | ||||
| Preferred stock dividends-gain on extinguishment | — | 43,395 | — | 43,395 | ||||||||||||
| Net income (loss) attributable to Regional Health Properties, Inc. common stockholders | $ | (982 | ) | $ | 42,422 | $ | (2,650 | ) | $ | 39,745 | ||||||
| Net income (loss) per share of common stock attributable to Regional Health Properties, Inc. | ||||||||||||||||
| Basic: | $ | (0.52 | ) | $ | (0.52 | ) | $ | (1.42 | ) | $ | 21.18 | |||||
| Diluted: | $ | (0.52 | ) | $ | (0.52 | ) | $ | (1.42 | ) | $ | 21.18 | |||||
| Weighted average shares of common stock outstanding: | ||||||||||||||||
| Basic: | 1,904,028 | 1,883,028 | 1,863,314 | 1,876,138 | ||||||||||||
| Diluted: | 1,904,028 | 1,883,028 | 1,863,314 | 1,876,138 | ||||||||||||
| REGIONAL HEALTH PROPERTIES, INC. | ||||||||
| BALANCE SHEET | ||||||||
| (in thousands) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Property and equipment, net | $ | 39,429 | $ | 40,398 | ||||
| Asset held for sale, net | 4,851 | 4,939 | ||||||
| Cash | 497 | 953 | ||||||
| Restricted cash | 3,005 | 3,231 | ||||||
| Accounts receivable, net of allowances of | 2,034 | 1,403 | ||||||
| Prepaid expenses and other | 663 | 613 | ||||||
| Notes receivable | 594 | 1,044 | ||||||
| Intangible assets - bed licenses | 2,471 | 2,471 | ||||||
| Intangible assets - lease rights, net | 74 | 87 | ||||||
| Right-of-use operating lease assets | 2,263 | 2,556 | ||||||
| Goodwill | 1,585 | 1,585 | ||||||
| Straight-line rent receivable | 2,594 | 2,901 | ||||||
| Total assets | $ | 60,060 | $ | 62,181 | ||||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||
| Senior debt, net | $ | 39,509 | $ | 40,401 | ||||
| Debt related to asset held for sale, net | 3,354 | 3,454 | ||||||
| Bonds, net | 5,849 | 5,991 | ||||||
| Other debt, net | 945 | 889 | ||||||
| Accounts payable | 3,707 | 2,493 | ||||||
| Accrued expenses | 4,703 | 4,060 | ||||||
| Operating lease obligation | 2,592 | 2,917 | ||||||
| Other liabilities | 1,781 | 1,791 | ||||||
| Total liabilities | 62,440 | 61,996 | ||||||
| Stockholders' equity (deficit): | ||||||||
| Common stock and additional paid-in capital | 63,144 | 63,059 | ||||||
| Preferred stock, Series A | 426 | 426 | ||||||
| Preferred stock, Series B | 18,602 | 18,602 | ||||||
| Accumulated deficit | (84,552 | ) | (81,902 | ) | ||||
| Total stockholders' (deficit) equity | (2,380 | ) | 185 | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 60,060 | $ | 62,181 | ||||
| REGIONAL HEALTH PROPERTIES, INC. | ||||||||||||||||||||||||||||
| DEBT SUMMARY | ||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||
| September 30, 2024 | ||||||||||||||||||||||||||||
| Maturity | Interest Rate | Principal | % of Principal | Deferred financing costs | Unamortized discount on bonds | Net Carrying Value | ||||||||||||||||||||||
| Total Fixed Rate Debt | 1/16/2042 | 4.29 | % | 43,092 | 85.0 | % | (715 | ) | (110 | ) | 42,267 | |||||||||||||||||
| Total Floating Rate Debt | 10/3/2036 | 9.67 | % | 7,578 | 15.0 | % | (188 | ) | - | 7,390 | ||||||||||||||||||
| Total | $ | 50,670 | 100.0 | % | $ | (903 | ) | $ | (110 | ) | $ | 49,657 | ||||||||||||||||
Calculation of Non-GAAP Financial Measures
This press release presents information about EBITDA and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
These non-GAAP financial measures are presented for supplemental informational purposes only. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, GAAP financial measures. These non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is provided below for each of the fiscal periods indicated.
A reconciliation of EBITDA and adjusted EBITDA is as follows:
| REGIONAL HEALTH PROPERTIES, INC. | ||||||||||||||||
| RECONCILIATION OF NET LOSS TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (982 | ) | $ | (973 | ) | $ | (2,650 | ) | $ | (3,650 | ) | ||||
| Depreciation and amortization | 474 | 526 | 1,499 | 1,738 | ||||||||||||
| Interest expense, net | 677 | 708 | 2,021 | 2,066 | ||||||||||||
| Amortization of employee stock compensation | 19 | 85 | 85 | 321 | ||||||||||||
| EBITDA | 188 | 346 | 955 | 475 | ||||||||||||
| Credit loss expense | 499 | 229 | 563 | 269 | ||||||||||||
| Other expense (income), net | 5 | (139 | ) | 249 | 603 | |||||||||||
| Gain (loss) from write-off of liabilities and other credit balances from discontinued operations | 3 | (200 | ) | 180 | (231 | ) | ||||||||||
| Expenses related to preferred stock recapitalization | - | 95 | - | 768 | ||||||||||||
| Other one-time costs | 179 | 6 | 319 | 270 | ||||||||||||
| Project costs | 20 | 70 | 85 | 237 | ||||||||||||
| Tail insurance on legacy facilities | 55 | 127 | 262 | 382 | ||||||||||||
| One-time income adjustment - quality incentive program (1) | 49 | 49 | (49 | ) | (354 | ) | ||||||||||
| Adjusted EBITDA from operations | $ | 998 | $ | 583 | $ | 2,564 | $ | 2,419 | ||||||||
| (1) Amounts represent adjustments for annual payments received and related amortization of payments for each respective period. | ||||||||||||||||
1 Adjusted EBITDA is a non-GAAP financial measure. See “Calculation of Non-GAAP Financial Measures” for important additional information.
2 EBITDA is a non-GAAP financial measure. See “Calculation of Non-GAAP Financial Measures” for important additional information.
FAQ
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