If You Invested in Regional Health Properties, Inc. (RHE)

Regional Health Properties, Inc. (NYSE American: RHE) is described in its public disclosures as a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care. The company is incorporated in Georgia and is headquartered in Atlanta, Georgia. Rather than operating as a general medical and surgical hospital system, Regional focuses on owning and investing in healthcare-related real estate, with an emphasis on facilities that serve senior living and long-term care needs.

Business focus and investment profile

According to multiple company press releases and SEC filings, Regional Health Properties invests in healthcare real estate assets that are used for senior living and long-term care. The company identifies itself as self-managed, meaning that management of the real estate investment platform is handled internally. Its disclosures also note that Regional is dependent on the operating success of its operators and tenants, reflecting a business model in which third-party operators run the facilities located on properties in which Regional has an interest.

In its financial result announcements, Regional reports patient care revenues, rental revenues, and management fees, indicating that its activities include both owning real estate and participating in healthcare services and management arrangements related to certain facilities. The company’s communications also reference bed licenses, lease rights, and right-of-use operating lease assets, underscoring its focus on real estate and leasing structures in the healthcare sector.

Capital structure and preferred shares

Regional Health Properties has disclosed several preferred stock instruments as part of its capital structure. The company has Series A Redeemable Preferred Shares and 12.5% Series B Cumulative Redeemable Preferred Shares, and has created Series D 8% Cumulative Convertible Redeemable Participating Preferred Shares in connection with its merger with SunLink Health Systems, Inc. In prior periods, the company completed an exchange offer involving its Series A Preferred Stock and Series B Preferred Stock and reported the elimination of accumulated and unpaid dividends on the Series A Preferred Stock.

In a January 2025 press release, Regional announced that its Board of Directors declared a dividend of common stock to holders of its 12.5% Series B Cumulative Redeemable Preferred Shares, to be paid in shares of Regional common stock in accordance with the terms of its Amended and Restated Articles of Incorporation. The company has also disclosed that its Series B Preferred Stock trades on the OTCQB Venture Market under the symbol “RHEPB.”

Listing status and trading venues

Regional Health Properties has historically listed its common stock and preferred shares on NYSE American under the symbols RHE and RHE-PA. In several notices and SEC filings, the company reported that it had received noncompliance and delisting notices from NYSE American related to shareholders’ equity and continued listing standards. An 8-K filed in 2025 states that on June 11, 2025, NYSE American filed a Form 25 with the U.S. Securities and Exchange Commission to delist the company’s common stock and Series A Redeemable Preferred Shares from NYSE American.

According to that same filing, the common stock and Series A Preferred Stock trade on the OTCQB under the symbols “RHEP” and “RHEPA,” respectively. Earlier company announcements noted that the Series B Preferred Stock commenced trading on the OTCQB Venture Market under the symbol “RHEPB,” while the common stock and Series A Preferred Shares continued to trade on NYSE American until the delisting process described in later filings.

Merger with SunLink Health Systems, Inc.

Regional Health Properties has reported a significant corporate transaction involving SunLink Health Systems, Inc. In January 2025, Regional and SunLink announced that they had entered into a definitive agreement and plan of merger under which SunLink would merge with and into Regional in an all-stock transaction, with Regional surviving the merger. The companies indicated that SunLink shareholders would receive shares of Regional common stock and Series D Preferred Stock, and that SunLink shareholders were expected to own a substantial portion of the combined company.

Subsequent 8-K filings provide further detail. An 8-K dated August 14, 2025 states that, effective that date (referred to as the Closing Date), SunLink merged with and into Regional, with Regional continuing as the surviving corporation. The filing describes the merger consideration in terms of Regional common stock and Series D Preferred Stock and notes that, as a result of the merger, Regional assumed by operation of law all prior debts, liabilities, obligations and duties of SunLink.

Corporate governance and leadership following the merger

In connection with the completion of the merger with SunLink, Regional disclosed changes to its board of directors and executive leadership. The August 14, 2025 8-K explains that the board was expanded to include incumbent Regional directors, former SunLink directors, and mutually designated directors. It also notes that Regional entered into an Amended and Restated Employment Agreement with its President and Chief Executive Officer and an Employment Agreement with SunLink’s former Chief Executive Officer, who became Executive Vice President – Corporate Strategy of Regional. The filing further reports that SunLink’s former Chief Financial Officer was appointed Chief Financial Officer of Regional.

Financial reporting and risk disclosures

Regional Health Properties regularly releases quarterly and annual financial results through press releases and SEC filings. These communications describe the company’s revenues, operating results, indebtedness, and non-GAAP measures such as EBITDA and Adjusted EBITDA. The company’s disclosures highlight that it has outstanding senior debt, bonds, and other debt, and that it monitors factors such as rent collections, operator performance, and compliance with loan documents.

Across multiple releases and filings, Regional provides extensive risk factor and forward-looking statement language. The company notes risks related to dependence on the operating success of its operators, the amount of and ability to service its indebtedness, covenants in debt agreements, healthcare regulation and reimbursement, the illiquid nature of real estate investments, litigation and insurance costs, operator bankruptcies or insolvency, and the ability to find replacement operators. These risk disclosures are intended to frame the uncertainties that could affect the company’s performance and its healthcare real estate portfolio.

Status of RHE as a historical and current symbol

The ticker symbol RHE historically represents Regional Health Properties, Inc. on NYSE American and, based on the company’s SEC filings, is associated with a healthcare real estate investment company focused on senior living and long-term care properties. Following the filing of Form 25 by NYSE American, the company’s common stock and certain preferred shares are described as trading on the OTCQB under updated symbols, while Regional continues as the surviving corporation after its merger with SunLink.