Although Suwanee, GA-based Regional Health Properties has received approximately 83% of its expected monthly rent from tenants since the beginning of the year, the real estate investment trust continues to face uncertainties around COVID-19’s ongoing impact. The REIT’s comments came in its third-quarter earnings release Monday.
Total revenues in the third quarter of 2020 decreased 1.3% to $4.77 million, from $4.83 million in the third quarter of 2019. The decrease is a result of four facilities sold during the third quarter of 2019, offset by the receipt of $0.2 million of previously deferred interest. During the same time period, general and administrative costs increased 1.8%, to $0.74 million, compared with $0.73 million for the same period in 2019.
Occupancy and skilled mix for the REIT’s portfolio were 73.2% and 29.3% respectively, for the third quarter.
“The federal government has provided nursing home operators with much needed stimulus to weather the operating headwinds brought on by the pandemic, and we are hopeful this critically needed support will continue,” Regional CEO Brent Morrisonn said. He also commended the firm’s hiring of Chief Financial Officer Ben Waites in September.
“In this role, Waites will help lead our efforts to drive value through strategic focus, team development, and operational and financial excellence,” Morrison said. “Ben’s experience, leadership and financial expertise, particularly within the skilled nursing industry, are a great addition to the company as we navigate through these extraordinary times.”