Regional Health Properties reported last week that the Suwanee, GA-based real estate investment trust had collected 85% of its expected monthly rental receipts from tenants through July, adding that the firm is facing many uncertainties amid the occupancy decreases and increased costs from the COVID-19 pandemic. The REIT’s comments came in its second quarter earnings release Thursday.
The firm reported that it is taking advantage of various stimulus measures made available to it through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This includes a deferral of debt service payments on U.S. Department of Agriculture loans to maturity, an allowance for debt service payments to be made out of replacement reserve accounts for U.S. Department of Housing and Urban Development loans as well as allowing for debt service payments to be made by the U.S. Small Business Administration on all SBA loans, according to Regional Health Properties’ CEO Brent Morrison.
“The federal government has provided nursing home operators with much needed stimulus to weather the operating headwinds brought on by the COVID-19 pandemic,” Morrison said. “We appreciate the hard work from our operators and intend to work with them until the operating environment goes back to normal.”