ATLANTA, Sept. 24, 2020 /PRNewswire/ -- Regional
Health Properties, Inc. (NYSE American: RHE) (NYSE American:
RHEpA), a self-managed healthcare real estate investment company
that invests primarily in real estate purposed for senior living
and long-term care, announced today that accomplished finance
executive Ben Waites has joined the
company, effective September 8, 2020,
as its new Chief Financial Officer and Vice President. In this
role, Waites will help lead the company's efforts to drive value
through strategic focus, team development, and operational and
financial excellence.
Most recently, Mr. Waites spent 10 years as Vice President of
Finance and Assistant Treasurer for Cajun Operating Company, Inc.,
the franchisor and operator of over 1,600 restaurant locations. In
this role, he refinanced the organization's debt, realizing more
than $8 million in annual interest
savings and restructured all bank relationships. He previously
spent two years as Chief Accounting Officer of Lavie Healthcare,
operator of 125 skilled nursing and rehabilitation centers and 11
years at RARE Hospitality, operator of LongHorn Steakhouse, and The
Capital Grille. In these positions, Waites developed and led
financial teams that supported their domestic and international
growth platforms and was instrumental in a variety of strategic and
capital transactions. He also led efforts to significantly reduce
costs and improve organizational efficiency. He started his career
in public accounting, with positions in both the Entrepreneurial
Services Group and Audit department of Ernst & Young. Waites
graduated from Harding University, is a
Georgia CPA and will report directly to Brent Morrison, Regional Health Properties'
Chief Executive Officer and President.
Brent Morrison commented, "Ben's
experience, leadership and financial expertise, particularly within
the skilled nursing industry, will be a great addition to the
company. He has a well-documented history of working with large
organizations with multiple locations, bringing financial teams
together to maximize resources and drive the business forward."
About Regional Health Properties
Regional Health
Properties, Inc. (NYSE American: RHE) (NYSE American:
RHEpA) is a self-managed healthcare real estate investment
company that invests primarily in real estate purposed for senior
living and long-term healthcare through facility lease and
sub-lease transactions.
Regional currently owns, leases or manages for third parties 24
facilities (12 of which are owned by Regional, nine of which are
leased by Regional and three of which are managed by Regional for
third parties).
For more information, visit
www.regionalhealthproperties.com.
Important Cautions Regarding Forward-Looking
Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "expects," "intends,"
"believes," "anticipates," "plans," "likely," "will," "seeks,"
"estimates" and variations of such words and similar expressions
are intended to identify such forward-looking statements.
Statements in this press release regarding future events and
developments and our future performance, as well as management's
expectations, beliefs, plans, estimates or projections relating to
the future, are forward-looking statements.
Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected or contemplated by our
forward-looking statements due to various factors, including, among
others: our dependence on the operating success of our operators;
the significant amount of, and our ability to service, our
indebtedness; covenants in our debt agreements that may restrict
our ability to make investments, incur additional indebtedness and
refinance indebtedness on favorable terms; the availability and
cost of capital; our ability to raise capital through equity and
debt financings or through the sale of assets; the effect of
increasing healthcare regulation and enforcement on our operators
and the dependence of our operators on reimbursement from
governmental and other third-party payors; the relatively illiquid
nature of real estate investments; the impact of litigation and
rising insurance costs on the business of our operators; the impact
on us of litigation relating to our prior operation of our
healthcare properties; the effect of our operators declaring
bankruptcy, becoming insolvent or failing to pay rent as due; the
ability of any of our operators in bankruptcy to reject unexpired
lease obligations and to impede our ability to collect unpaid rent
or interest during the pendency of a bankruptcy proceeding and
retain security deposits for the debtor's obligations; our ability
to find replacement operators and the impact of unforeseen costs in
acquiring new properties; the impact of COVID-19 on our business
and the business of our operators, including without limitation,
the extent and duration of the COVID-19 pandemic, increased costs
experienced by our operators in connection therewith, and the
extent to which government support may be available to our
operators to offset such costs and the conditions related thereto;
and other factors discussed from time to time in our news releases,
public statements and documents filed by us with the Securities and
Exchange Commission from time to time, including our Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. These forward-looking statements and such risks,
uncertainties and other factors speak only as of the date of this
press release, and we expressly disclaim any obligation or
undertaking to update or revise any forward-looking statement
contained herein, to reflect any change in our expectations with
regard thereto or any other change in events, conditions or
circumstances on which any such statement is based, except to the
extent otherwise required by applicable law.
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SOURCE Regional Health Properties, Inc.