|Over a week ago|
Five Star reports August month- end occupancy up 320 basis points to 73.7% » 08:0709/1309/13/21
Five Star Senior Living …
Five Star Senior Living (FVE) or Five Star announced progress on its strategic plan and provided certain business updates. August month end occupancy in Five Star's owned communities was 73.7%, an increase of 320 basis points compared to July month end occupancy. August average occupancy in Five Star's owned communities was 70.0%, an increase of 80 basis points compared to the July average occupancy. In the 120 communities Five Star will continue to manage for Diversified Healthcare Trust (DHC), or the retained communities, August month end occupancy was 74.7%, an increase of approximately 100 basis points compared to the July month end occupancy. August average occupancy in the retained communities was 73.4%, an increase of 50 basis points compared to July average occupancy. FVE also provided an update on the repositioning of its senior living management services as part of its strategic plan announced in April 2021, including the transition of 108 smaller senior living communities to other operators. FVE has now completed 62 of 108 planned transitions to other third-party operators and plans to fully complete the transition of the 108 communities by year end. Additionally, FVE reported that all community and clinic employees are now in compliance with its previously announced requirement that those employees who work in or visit its communities or Ageility clinics as part of their responsibilities be fully vaccinated against COVID-19, with only 4.3% of employees voluntarily terminating their employment.
Diversified Healthcare Trust in pact with Cedarhurst Senior Living » 08:0808/2408/24/21
Diversified Healthcare Trust (DHC)) announced that it has entered into a new management agreement with Cedarhurst Senior Living for seven assisted living communities and one memory care community within its Senior Housing Operating Portfolio . All of these communities are located in Illinois and include 486 units. DHC has now entered into new management agreements representing approximately 78% of its SHOP communities to be transitioned from Five Star Senior Living (FVE) to other third-party operators as previously announced. DHC continues to expect to complete all of the management transitions at the 108 transitioning communities by year end. DHC may be unable to identify additional new operators for the other 24 of 108 senior living communities being transitioned from Five Star that DHC believes are sufficiently qualified or may be unable to reach agreement with any such operators on management terms before year end 2021 or at all, and any agreement DHC may reach with any such operators may not be on the terms DHC currently expects or desires, and may not be equal to or more favorable to DHC than the terms of DHC's current management arrangements with Five Star.
|Over a month ago|
Diversified Healthcare enters management agreement with Stellar Senior Living » 08:1208/0208/02/21
Diversified Healthcare Trust (DHC) announced that it has entered into a new management agreement with Stellar Senior Living for nine skilled nursing communities and one continuing care retirement community totaling 1,152 units in Colorado, Texas, and Wyoming within its Senior Housing Operating Portfolio, or SHOP. DHC has now entered into new management agreements representing approximately 70% of its SHOP communities to be transitioned from Five Star Senior Living (FVE), or Five Star, to other third-party operators as previously announced. DHC continues to expect to complete all of the management transitions at the 108 transitioning communities by year end. As previously announced, DHC is closing 1,500 skilled nursing units in its Five Star managed communities with the plan to repurpose them to enhance the resident experience at the communities. As part of this strategy, DHC also announced the sale of 10 skilled nursing bed licenses retired from use, the first of its plan to sell 542 licenses to operate skilled nursing beds in states where the sale and transfer of bed licenses are permitted.
Five Star Senior Living files $500M mixed securities shelf 17:0807/2307/23/21
Diversified Healthcare transitions 108 senior facilities into new operators » 08:2107/2007/20/21
Diversified Healthcare Trust (DHC) announced that it has entered into three new management agreements for a total of 66 communities with 4,084 units in its Senior Housing Operating Portfolio ,SHOP as follows: Charter Senior Living will manage communities in Florida, Maryland, Tennessee and Virginia; Oaks-CaraVita Senior Care will manage communities in Georgia and South Carolina; and Phoenix Senior Living will manage communities in Alabama, Arkansas, Kentucky, Missouri, North Carolina and South Carolina. These three agreements represent approximately 61% of DHC's SHOP communities to be transitioned from Five Star Senior Living (FVE), or Five Star, to other third-party operators as previously announced. Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust, commented, "We continue to make progress in ensuring our communities are managed by the best possible operators. We are pleased to announce the transition of communities to operators we have identified as best in class for the markets served. These new agreements are generally for five years at market terms, which include base and incentive management fees. In certain circumstances, these agreements provide terms that are more favorable to the new operators than our existing management agreements with Five Star, which we believe will provide strong incentives for performance and alignment of interests as well as facilitate a faster recovery of the transitioning communities with the new operators. We believe we remain on schedule to complete all of the transitions by year-end and are excited to engage with new operators who bring new perspectives and expertise to our communities as we begin to recover from the COVID-19 pandemic."
new option listings and one option delisting on June 30th » 08:3006/3006/30/21
ARKO, AXLA, BAB, BMTX, BTRS, CLXT, COGT, CTXR, DCRC, ELYS, FBRX, FVE, III, ISUN, NEGG, NOVN, NSPR, OCUP, PANL, RADI, SQZ, TBLA, TGLS, TLIS, VMD, VVOS, YQ, IACA
New option listings for…
New option listings for June 30th include iShares Agency Bond (AGZ), ARKO Corporation (ARKO), Axcella Health Inc (AXLA), PowerShares Build America Bond Portfolio (BAB), BM Technologies Inc (BMTX), BTRS Holdings Inc (BTRS), Calyxt Inc (CLXT), Cogent Biosciences Inc (COGT), Citius Pharmaceuticals Inc (CTXR), Decarbonization Plus Acquisition Corporation III (Class A Stock) (DCRC), Elys Game Technology Corporation (ELYS), Forte Biosciences (FBRX), Franklin FTSE Brazil ETF (FLBR), Five Star Quality (FVE), IQ S&P High Yield Low Volatility Bond ETF (HYLV), Information Services (III), iSun Inc (ISUN), KraneShares MSCI China Clean Technology Index ETF (KGRN), Newegg Commerce Inc (NEGG), Novan (NOVN), InspireMD (NSPR), Ocuphire Pharma Inc (OCUP), Pangaea Logistics (PANL), WisdomTree CBOE S&P 500 PutWrite Strategy Fund (PUTW), Radius Global Infrastructure Inc (Class A Stock) (RADI), Schwab 1 to 5 Year Corporate Bond ETF (SCHJ), SQZ Biotechnologies Company (SQZ), Taboola com Ltd (TBLA), Tecnoglass (TGLS), SPDR Barclays 1 to 10 Year TIPS (TIPX), Talis Biomedical Corporation (TLIS), VieMed Healthcare Inc (VMD), Vivos Therapeutics Inc (VVOS), Invesco S&P SmallCap Value with Momentum ETF (XSVM), 17 Education and Technology Group Inc (ADS) (YQ), and YieldShares High Income (YYY). Option delistings effective June 30th include ION Acquisition Corp 1 Ltd (Class A Stock) (IACA).
|Over a quarter ago|
Five Star Senior Living price target raised to $8 from $7.50 at B. Riley » 08:3205/1005/10/21
B. Riley analyst Bryan…
B. Riley analyst Bryan Maher raised the firm's price target on Five Star Senior Living to $8 from $7.50 and reiterates a Buy rating on the shares following the Q1 beat.
Five Star Senior Living reports Q1 EPS 10c, one estimate 3c » 16:4005/0505/05/21
Reports Q1 revenue…
Reports Q1 revenue $269.1M, one estimate $268.64M. The company said: "Our recently announced strategic business plan is designed to further improve our senior living operations as we reshape our management business to focus on areas of operational strength as well as direct our efforts towards where we see the strongest market opportunities with the active, aging adult population. We believe this sharpened focus on larger and lower acuity communities will not only highlight our expertise as a senior living operator, but also support the evolution of our services business to better serve our target demographic and continue to diversify our revenue sources."
Five Star Senior Living price target lowered to $7.50 from $8.50 at B. Riley » 07:3204/1204/12/21
B. Riley analyst Bryan…
B. Riley analyst Bryan Maher lowered the firm's price target on Five Star Senior Living to $7.50 from $8.50 and keeps a Buy rating on the shares after the company and Diversified Healthcare Trust announced that Diversified is planning to transition 108 of its smaller senior living communities with 7,500 living units from Five Star to other operators. While the news is "certainly not good" for Five Star, it does allow the company to narrow its management focus as opposed to trying to be a "jack of all trades," Maher tells investors in a research note.
Five Star Senior Living to amend Diversified Healthcare Trust management deal » 07:0304/0904/09/21
Five Star Senior Living…
Five Star Senior Living (FVE) announced a new strategic plan to reposition its senior living management business to focus on larger independent living, assisted living and memory care communities as well as stand-alone active adult and independent living communities. As part of the implementation of this new plan, Five Star will be amending its management arrangements with Diversified Healthcare Trust (DHC), or DHC, to allow for the transition of 108 smaller senior living communities with approximately 7,500 living units, which Five Star currently manages for DHC, to other operators. Five Star will also close and reposition the skilled nursing units in all continuing care retirement communities, or CCRCs, that Five Star will continue to manage for DHC, which includes approximately 1,500 living units. The transition of management to other operators as well as the closing and repositioning of the skilled nursing units in the CCRCs is expected to be completed before year end 2021. Five Star will continue to operate 144 senior living communities with approximately 20,200 living units, including managing 120 senior living communities with approximately 17,900 living units for DHC, as well as operating its existing owned and leased portfolio of 24 communities with approximately 2,300 living units. Five Star will also continue to grow its rehabilitation and wellness services business. The portfolio Five Star will continue to manage for DHC represents 66% of the existing managed portfolio units and approximately 60% of Five Star's management fee revenues for the year ended December 31, 2020. This retained portfolio of 120 communities managed for DHC outperformed the total DHC managed portfolio with 110 basis points higher average occupancy and 280 bps higher EBITDA margin for the year ended December 31, 2020. The communities to be transitioned represent approximately 40% of Five Star's management fee revenues from DHC, but less than 12% of Five Star's total management and operating revenues for the year ended December 31, 2020. Five Star expects to partially offset the resulting revenue loss with expense reductions to right-size operations. Five Star expects to incur net non-recurring restructuring costs of up to $5.5M in connection with implementing this new strategic plan. In connection with this new strategic plan, Five Star and DHC have also agreed to make certain additional changes to their management arrangements, including extending the term to December 31, 2036, eliminating DHC's right to sell communities without payment to Five Star of a termination fee, eliminating the cap on Five Star's incentive fee and modifying DHC's rights to terminate for performance.