Regional Health Properties saw a slight increase in occupancy levels and improvements in rent collections among operators in its portfolio, the Suwanee, GA-based real estate investment trust reported Monday in a first quarter earnings release.
Occupancy and skilled mix for the company’s portfolio was 68.6% and 29.6% for the first quarter of 2021, respectively. These data exclude the impact of three managed facilities located in Ohio.
“Subsequent to quarter-end, we are seeing further positive improvement in occupancy levels and continue to remain hopeful that occupancy rates will continue to grow as the affects from COVID-19 are further behind us,” CEO and President Brent Morrison said.
Chief Financial Officer Ben Waites said that refinancing senior debt on six properties and other capital structure improvements are underway and should help the company move into “a growth mode and take advantage of opportunities presented by the COVID-19 disruption.”
Other highlights:
- Net income for the firm’s common stockholders in the first quarter was $21,000, compared with a net loss of $14,000 for the first quarter of 2020.
- The company collected 97.2% of first quarter contractual cash rent.
- Loss from discontinued operations, net of tax, was $13,000 compared with $37,000 for the same period last year.
- Total rental revenues in the first quarter decreased to $4.1 million (5%) from $4.3 million in the first quarter of 2020 as the result of terminating subleases for two skilled nursing facilities in the fourth quarter of 2020.
- General and administrative costs increased $1 million (18.1% increase) for the first quarter, compared with $0.9 million for the same period in 2020, which the company attributed to $135,000 in management consulting services for a new acquisition.
