Suwanee, GA-based Regional Health Properties said the real estate investment trust has received most of its rental receipts from tenants through June but faces a number of uncertainties as it considers the potential impact of COVID-19 on its business. The REIT’s comments came in its first quarter earnings release Tuesday.
In terms of business updates, the firm reported that it had successfully settled two professional liability claims during the first and second quarters and continued a capital improvement plan for its Ohio facilities.
CEO Brent Morrison said occupancy rates have declined and operating costs have increased as many facilities have stopped admitting new patients or residents in order to control the spread of COVID-19. The firm also expressed concern that the pandemic could cause temporary closures of skilled nursing facilities operated by its tenants, which may hamper rental payments.