REGIONAL HEALTH PROPERTIES INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 2. Properties
Owned and Leased Facilities
The following table provides summary information regarding our owned and leased facilities, that are in turn leased and subleased to third parties as of December 31, 2023:
| Facility Name | Beds/Units | Structure | Operator Affiliation (a) |
|---|---|---|---|
| Alabama | |||
| Coosa Valley Health & Rehab | 124 | Owned | C.R. Management |
| Meadowood Retirement Village | 90 | Owned | Cavalier Senior Living |
| Subtotal (2) | 214 | ||
| Georgia | |||
| Autumn Breeze Healthcare Center | 109 | Owned | C.R. Management |
| Glenvue Health and Rehab | 160 | Owned | RHP Operations |
| Southland Healthcare and Rehabilitation Center | 126 | Owned | Beacon Health Management |
| Subtotal (3) | 395 | ||
| North Carolina | |||
| Mountain Trace Rehabilitation and Nursing Center | 106 | Owned | Vero Health Management |
| Subtotal (1) | 106 | ||
| Ohio (b) | |||
| Eaglewood Village | 95 | Owned | Aspire Regional Partners |
| Eaglewood Care Center | 99 | Owned | Aspire Regional Partners |
| Hearth & Care of Greenfield | 50 | Owned | Aspire Regional Partners |
| Covington Care | 99 | Leased | Aspire Regional Partners |
| The Pavilion Care Center | 62 | Owned | Aspire Regional Partners |
| Subtotal (4) | 405 | ||
| South Carolina | |||
| Georgetown Healthcare & Rehabilitation | 84 | Owned | Oak Hollow Health Care Management |
| Sumter Valley Nursing and Rehab Center | 96 | Owned | Oak Hollow Health Care Management |
| Subtotal (2) | 180 | ||
| Total - All Facilities (12) | 1,300 | ||
(a)
Indicates the operator with which the tenant of the facility is affiliated.
(b)
The Company leases one SNF and subleases it to Aspire Regional Partners.
(c)
Eaglewood Village and Eaglewood Care Center are co-located.
Our leases and subleases are generally on an individual facility basis with tenants that are separate legal entities affiliated with the above operators. See “Portfolio of Healthcare Investments” in Part I, Item 1, “Business”, in this Annual Report.
All facilities are SNFs except for the Eaglewood ALF facility and the Meadowood facility, which are ALF’s. Bed/units numbers refer to the number of licensed beds.
For a detailed description of the Company’s operating leases, please see Note 6 - Leases to our audited consolidated financial statements included in Part II, Item 8., “Financial Statements and Supplementary Data” in this Annual Report.
For a detailed description of the Company’s related mortgages payable for owned facilities, see Note 8- Notes Payable and Other Debt to our audited consolidated financial statements included in Part II, Item 8., “Financial Statements and Supplementary Data” in this Annual Report.
Portfolio Occupancy Rates
The following table provides summary information regarding our portfolio facility-level occupancy rates for the periods shown:
| For the Twelve Months Ended | ||||
|---|---|---|---|---|
| Operating Metric (1) | March, 31, 2023 | June, 30, 2023 | September, 30, 2023 | December, 31, 2023 |
| Occupancy (%) (2) | 66.4% | 66.2% | 66.2% | 65.8% |
(1)
Excludes three managed facilities in Ohio.
(2)
Occupancy percentages are based on licensed beds and exclude data related to the previously leased facilities.
Lease Expiration
The following table provides summary information regarding our lease expirations for the years shown:
| Licensed Beds · Annual Lease Revenue (1) | |||||
|---|---|---|---|---|---|
| Number ofFacilities · Amount · Percent (%) · Amount ($)'000's · Percent (%) | |||||
| 2024 | 1 | $126 | 12.0% | $— | 0.0% |
| 2025 | — | — | 0.0% | — | 0.0% |
| 2026 | — | — | 0.0% | — | 0.0% |
| 2027 | — | — | 0.0% | — | 0.0% |
| 2028 | 5 | 405 | 38.6% | 2,732 | 42.9% |
| 2029 | 1 | 106 | 10.1% | 538 | 8.4% |
| 2030 | 2 | 233 | 22.2% | 2,103 | 33.0% |
| 2031 | — | — | 0.0% | — | 0.0% |
| Thereafter | 2 | 180 | 17.1% | 995 | 15.6% |
| Total | 11 | $1,050 | 100.0% | $6,368 | 100.0% |
(1)
Straight-line rent.
Corporate Office
Our current corporate office is located in Atlanta, Georgia. Effective July 1, 2023, we signed a sublease agreement for approximately 2,000 square feet of office space in Atlanta, Georgia. The sublease term expires on July 31, 2025.
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