Regional Health Properties, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
April 13, 2018 at 04:31 pm EDT
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Regional Health Properties, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, total revenues were $6.4 million, up 6.2% from $6.0 million in the fourth quarter of 2016. Net loss attributable to company’s common stockholders in the fourth quarter of 2017 was $1.2 million, or $0.06 per basic and diluted share, compared with a net loss of $420,000, or $0.02 per basic and diluted share, for the fourth quarter of 2016. The increase in revenues is attributed mostly to the acquisition of the Meadowood facility located in Alabama. Leased revenues are recognized on a straight-line rent accrual basis in accordance with GAAP.
For the year, total revenues decreased by 8.9% to $25.1 million from $27.6 million for the 12 months ended December 31, 2016. The decrease reflects the sale in 2016 of nine skilled nursing facilities located in Arkansas, partially off-set by the acquisition in 2017 of an assisted living and memory care community located in Glencoe, Alabama known as the Meadowood facility. The Company generally recognizes all rental revenues on a straight-line rent accrual basis. Income in the three-month period ended December 31, 2017, was higher compared with the prior year period and the loss in the 12-month period ended December 31, 2017, was lower compared with the prior year period primarily due to a reduction to the Company’s accrual on professional and general liability claims. Net loss attributable to company common stockholders was $8.6 million, or $0.43 per basic and diluted share, compared with a net loss of $14.8 million, or $0.74 per basic and diluted share, in the prior year period.
Regional Health Properties, Inc. is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care. The Companyâs primary business consists of acquiring and owning real estate property to be leased to third-party tenants in the healthcare sector. The Company operates through two segments: Real Estate and Healthcare Services. The Real Estate segment consists of owning and leasing/subleasing healthcare facilities, predominantly skilled nursing facilities (SNFs) and assisted living facilities (ALFs), to third-party tenants, which in turn operate the facilities. The Healthcare Services segment consists of operating healthcare facilities. The Companyâs portfolio of about 13 properties, across 12 facilities (one facility containing 2 co-located properties), 12 owned and one leased, comprising 1,300 licensed beds/units, is diversified across five states. Its portfolio is diversified by six licensed operators.