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Sunday, May 9, 2021

Regional Health Properties Inc. (NASDAQ: RHE) stock plunges in the after-hour trading. Here’s what’s happening?

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Regional Health Properties Inc. (NASDAQ: RHE) stock surged by 102.49% at last close whereas the RHE stock price declines by 17.92% in the after-hours trading. As of now, there is no recent news available regarding this sudden fall in RHE share price after showing a sharp gain. Regional Health Properties, the heir of AdCare Health Systems, Inc., is a self-managed healthcare real estate management firm that focuses on senior living and long-term healthcare real estate through hospital lease and sublease transactions.

Recent Past Development

On April 1, 2021 Regional Health Properties announced its fourth quarter and full year 2020 financial results. Given below are the highlights:


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  • RHE’s total rental revenues fell 20.2 percent to $3.4 million in the fourth quarter of 2020, compared to $4.3 million in the fourth quarter of 2019. Total rental revenues for the 12 months ended December 31, 2020 fell 14.3 % to $16.3 million, compared to $19.0 million for the same period last year.
  • In the fourth quarter of 2020, general and administrative expenses jumped by 62.1 % to $1.0 million, up from $641,000 in the same timeframe in 2019. General and operating expenses rose by 5.7 percent to $3.4 million for the 12 months ending December 31, 2020, compared to $3.2 million for the same time in 2019. The increase is due to $200,000 in advisory and legal services, as well as other premiums.
  • For the fourth quarter of 2020, provision (recovery) for doubtful accounts rose to $272,000, up from $67,000 in the same timeframe in 2019. For the twelve months ended December 31, 2020, provision (recovery) for doubtful accounts rose by nearly $1.2 million to $925,000, relative to revenue of $281,000 for the year ended December 31, 2019.
  • For the fourth quarter of 2020, the loss from discontinued operations, net of tax, was $51,000, relative to a loss from discontinued operations, net of tax, of $215,000 in Q4 2019. The loss from discontinued operations, net of tax, for the 12 months ending December 31, 2020 was $84,000, compared to $626,000 in revenue from discontinued operations in the year 2019.
  • Cash at the end of 2020 was $4.2 million, down from $4.4 million at the end of 2019.

Brent Morrison, Regional Health Properties’ CEO and President said:

The RHE portfolio’s occupancy was loosening as the year came to a close, but the team is optimistic that the vaccination rollout and the reinstatement of family visiting rights would reverse the steady decline by the second half of 2021. RHE has a large and seasoned operating partner portfolio, so they are optimistic in their ability to continue to manage the threats posed by the current pandemic.

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