Regional Health Properties (OTC: RHEP) is a healthcare company that owns, operates, and invests in skilled nursing facilities, senior housing communities, and pharmacy services. Revenue comes from three segments: patient care revenues from directly operated facilities, rental revenues from triple-net leases on facilities operated by third-party tenants, and pharmacy revenues following the SunLink merger completed August 14, 2025. As of December 31, 2025, the portfolio consisted of twelve facilities totaling 1,126 licensed beds and units across five states in the Southeast U.S., plus a pharmacy business in Louisiana. Total revenues were $53.2 million in FY2025, up from $18.3 million in FY2024, driven by the transition of facilities from leased to directly operated and the addition of pharmacy revenues of $11.7 million. Patient care revenues of $36.1 million represented the largest revenue stream in FY2025. The company was delisted from NYSE American on June 11, 2025, and its common stock now trades on the OTC Market under RHEP. Healthcare Services occupancy reached 74.3% as of December 31, 2025, up from 68.5% at year-end 2024.

Revenue model

Three revenue streams: patient care revenues from direct operation of skilled nursing and senior housing facilities ($36.1M in FY2025); rental revenues from triple-net leases on facilities operated by third-party tenants ($5.4M in FY2025); and pharmacy revenues from the SunLink-acquired pharmacy business in Louisiana ($11.7M in FY2025, contributing from mid-August 2025 onward).

Products and services

Skilled nursing facility (SNF) care including sub-acute and rehabilitative services; assisted living, memory care, and independent living through senior housing communities; long-term care pharmacy services including prescription dispensing and related pharmaceutical products following the SunLink merger (August 14, 2025).

Customers and end markets

End markets are seniors requiring long-term care, post-acute rehabilitation, memory care, or assisted and independent living. Payor mix includes Medicare, Medicaid, and private-pay residents. The pharmacy segment serves residents, patients, and healthcare facilities in Louisiana. Third-party SNF and senior housing operators are tenants under the Real Estate segment's triple-net lease structure.

Value-chain role

Owner-operator model combining direct facility operations, real estate ownership with triple-net lease income, and downstream pharmacy services. The company has migrated from a passive healthcare landlord toward integrated facility operations, managing census development, labor, clinical quality, and revenue cycle at the facility level.

Geographic exposure

Operations concentrated in the Southeast U.S. and Midwest: Alabama (1 facility, 90 units), Georgia (3 facilities, 395 beds), North Carolina (1 facility, 106 beds), Ohio (5 facilities, 355 beds/units), and South Carolina (2 facilities, 180 beds), as of December 31, 2025. Pharmacy operations in Louisiana following the SunLink merger.

Competitors

Retail pharmacy providers, Institutional pharmacy providers, Long-term care pharmacy providers, Other skilled nursing facility operators, Senior housing operators

Source: SEC 10-K, filed 2026-04-02

Industry: Lessors of Real Property, NEC Peers: BioCorRx Inc HCA Healthcare Inc HQDA ELDERLY LIFE NETWORK CORP. ETHEMA HEALTH Corp IMAC Holdings Inc SUNLINK HEALTH SYSTEMS INC /entities/ehsi