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Regional Health Properties Reports Second Quarter 2018 Financial Results
ATLANTA, Aug. 15, 2018 /PRNewswire/ -- Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, today filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the three month period ended June 30, 2018.
Brent Morrison, Regional Health Properties, Inc.'s Interim Chief Executive Officer, commented, "We continue to address operational and non-operational challenges facing the Company, specifically working to attain a solution with our recently attained lender. We also continue to work to transition to new operators in the Company's facilities located in Ohio and North Carolina. Further, our Asset Management team is diligently working to deepen the relationship we have with our current operators as well as to identify and execute on performance enhancement strategies at our facilities."
Management periodically monitors a number of facility performance metrics, including rent coverages both before and after management fees. In the second quarter of 2018, the Company's portfolio rent coverage before management fees was 1.08x (as compared with 1.74x in the second quarter of 2017) and rent coverage after management fees was 0.73x (as compared with 1.33x in the second quarter of 2017). Occupancy and skilled mix for the Company's portfolio were 77.3% and 25.1% for the second quarter of 2018, respectively, compared to 83.1% and 29.5% for the second quarter of 2017, respectively.
Summary of Financial Results for the Three and Six Months Ended June 30, 2018
Total revenues in the second quarter of 2018 were $5.3 million compared to $6.3 million in the second quarter of 2017. Total revenues for the six months ended June 30, 2018 were $11.3 million compared to $12.4 million for the six months ended June 30, 2017.
General and administrative costs were $888,000 for the three months ended June 30, 2018 compared with $654,000 for the same period in 2017. General and administrative costs for the six months ended June 30, 2018 were $1.8 million compared with $2.1 million for the same period in 2017. Interest expense was $1.5 million for the second quarter of 2018 compared with $1.0 million for the same period in 2017. Interest expense for the six months ended June 30, 2018 was $2.8 million compared with $2.0 million for the same period in 2017.
Net loss attributable to Regional Health Properties, Inc.'s common stockholders in the second quarter of 2018 was $5.1 million, or $0.25 per basic and diluted share, compared with a net loss of $1.9 million, or $0.10 per basic and diluted share, for the second quarter of 2017. For the six months ended June 30, 2018, the net loss attributable to Regional Health Properties, Inc.'s common stockholders was $9.6 million, or $0.48 per basic and diluted share, compared with a net loss of $4.7 million, or $0.24 per basic and diluted share, in the prior year period.
Cash at June 30, 2018, totaled $2.7 million compared with $1.8 million at December 31, 2017. Total debt outstanding at June 30, 2018 totaled $77.4 million compared with $73.1 million at December 31, 2017 (net of $3.8 million and $2.2 million of deferred financing costs and other discounts at June 30, 2018 and December 31, 2017, respectively).
Regional Health Properties Reports Second Quarter 2018 Financial Results
ATLANTA, Aug. 15, 2018 /PRNewswire/ -- Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, today filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the three month period ended June 30, 2018.
Brent Morrison, Regional Health Properties, Inc.'s Interim Chief Executive Officer, commented, "We continue to address operational and non-operational challenges facing the Company, specifically working to attain a solution with our recently attained lender. We also continue to work to transition to new operators in the Company's facilities located in Ohio and North Carolina. Further, our Asset Management team is diligently working to deepen the relationship we have with our current operators as well as to identify and execute on performance enhancement strategies at our facilities."
Management periodically monitors a number of facility performance metrics, including rent coverages both before and after management fees. In the second quarter of 2018, the Company's portfolio rent coverage before management fees was 1.08x (as compared with 1.74x in the second quarter of 2017) and rent coverage after management fees was 0.73x (as compared with 1.33x in the second quarter of 2017). Occupancy and skilled mix for the Company's portfolio were 77.3% and 25.1% for the second quarter of 2018, respectively, compared to 83.1% and 29.5% for the second quarter of 2017, respectively.
Summary of Financial Results for the Three and Six Months Ended June 30, 2018
Total revenues in the second quarter of 2018 were $5.3 million compared to $6.3 million in the second quarter of 2017. Total revenues for the six months ended June 30, 2018 were $11.3 million compared to $12.4 million for the six months ended June 30, 2017.
General and administrative costs were $888,000 for the three months ended June 30, 2018 compared with $654,000 for the same period in 2017. General and administrative costs for the six months ended June 30, 2018 were $1.8 million compared with $2.1 million for the same period in 2017. Interest expense was $1.5 million for the second quarter of 2018 compared with $1.0 million for the same period in 2017. Interest expense for the six months ended June 30, 2018 was $2.8 million compared with $2.0 million for the same period in 2017.
Net loss attributable to Regional Health Properties, Inc.'s common stockholders in the second quarter of 2018 was $5.1 million, or $0.25 per basic and diluted share, compared with a net loss of $1.9 million, or $0.10 per basic and diluted share, for the second quarter of 2017. For the six months ended June 30, 2018, the net loss attributable to Regional Health Properties, Inc.'s common stockholders was $9.6 million, or $0.48 per basic and diluted share, compared with a net loss of $4.7 million, or $0.24 per basic and diluted share, in the prior year period.
Cash at June 30, 2018, totaled $2.7 million compared with $1.8 million at December 31, 2017. Total debt outstanding at June 30, 2018 totaled $77.4 million compared with $73.1 million at December 31, 2017 (net of $3.8 million and $2.2 million of deferred financing costs and other discounts at June 30, 2018 and December 31, 2017, respectively).
