0001011438-15-000283.txt : 20151215 0001011438-15-000283.hdr.sgml : 20151215 20151215164127 ACCESSION NUMBER: 0001011438-15-000283 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20151215 DATE AS OF CHANGE: 20151215 GROUP MEMBERS: GEMINI PROPERTIES GROUP MEMBERS: ROBERT D. THOMAS SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FIVE STAR QUALITY CARE INC CENTRAL INDEX KEY: 0001159281 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 043516029 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-62369 FILM NUMBER: 151288934 BUSINESS ADDRESS: STREET 1: 400 CENTRE STREET CITY: NEWTON STATE: MA ZIP: 02458 BUSINESS PHONE: 617 796 8387 MAIL ADDRESS: STREET 1: 400 CENTRE ST CITY: NEWTON STATE: MA ZIP: 02458 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Thomas William F CENTRAL INDEX KEY: 0001586104 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 1516 S BOSTON STREET 2: SUITE 301 CITY: TULSA STATE: OK ZIP: 74119 SC 13D/A 1 form_sc13da-fivestar.htm form_sc13da-fivestar.htm

United States
Securities and Exchange Commission, Washington, D.C. 20549

Schedule 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

FIVE STAR QUALITY CARE, INC.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

33832D106
(CUSIP Number)
 
 
Eller & Detrich, P.C.
Akin Gump Strauss Hauer & Feld LLP
 
Attn: Philip J. Eller, Esq.
Attn: Jeffrey L. Kochian, Esq.
 
2727 East 21st Street, Suite 200
One Bryant Park
 
Tulsa, Oklahoma 74114
New York, New York 10036
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 15, 2015
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e) or 240.13d-1(f) or 240.13d-1(g), check the following box. [X]

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
 

 
 
 
 
CUSIP No. 33832D106
 
(1) Names of reporting persons
William F. Thomas

(2) Check the appropriate box if a member of a group (see instructions)
(a)
(b)

(3) SEC only

(4) Source of funds (see instructions)
PF, OO

(5) Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

(6) Citizenship or place of origination
United States

Number of shares beneficially owned by each reporting person with:

(7) Sole voting power
320,511

(8) Shared voting power
2,689,242

(9) Sole dispositive power
320,511

(10) Shared dispositive power
2,689,242

(11) Aggregate amount beneficially owned by each reporting person
3,009,753

(12) Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

(13) Percent of class represented by amount in Row (11)
6.1%

(14) Type of reporting person (see instructions)
IN
 
 
 
 
CUSIP No. 33832D106
 
(1) Names of reporting persons
Robert D. Thomas

(2) Check the appropriate box if a member of a group (see instructions)
(a)
(b)

(3) SEC only

(4) Source of funds (see instructions)
PF, OO

(5) Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

(6) Citizenship or place of origination
United States

Number of shares beneficially owned by each reporting person with:

(7) Sole voting power
0

(8) Shared voting power
2,912,076

(9) Sole dispositive power
0

(10) Shared dispositive power
2,912,076

(11) Aggregate amount beneficially owned by each reporting person
2,912,076

(12) Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

(13) Percent of class represented by amount in Row (11)
5.9%

(14) Type of reporting person (see instructions)
IN
 
 
 
 

CUSIP No. 33832D106
 
(1) Names of reporting persons
Gemini Properties

(2) Check the appropriate box if a member of a group (see instructions)
(a)
(b)

(3) SEC only

(4) Source of funds (see instructions)
WC

(5) Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

(6) Citizenship or place of origination
Oklahoma, United States
 
Number of shares beneficially owned by each reporting person with:

(7) Sole voting power
0

(8) Shared voting power
1,815,164

(9) Sole dispositive power
0

(10) Shared dispositive power
1,815,164

(11) Aggregate amount beneficially owned by each reporting person
1,815,164

(12) Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

(13) Percent of class represented by amount in Row (11)
3.7%

(14) Type of reporting person (see instructions)
PN
 
 
 
 
 
CUSIP No. 33832D106

Amendment No. 1 to Schedule 13D

The following constitutes Amendment No. 1 to the Schedule 13D filed with the Securities and Exchange Commission by William F. Thomas, Robert D. Thomas and Gemini Properties on December 2, 2015 (“Amendment No. 1”). This Amendment No. 1 amends and supplements the Schedule 13D as specifically set forth herein.

All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.  Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

Item 4.  Purpose of Transaction.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows:

On December 15, 2015, GPA, Inc. (“GPA”), an affiliate of the Reporting Persons, sent to Five Star Quality Care, Inc. (the “Issuer”) a Letter of Intent signed by GPA (the “Proposed LOI”) pursuant to which GPA proposes to acquire 33 senior living facilities (the “Assets”) owned by the Issuer and its subsidiaries (collectively, the “Sellers”), which constitute all real properties owned by the Sellers, for a proposed purchase price of $325,000,000, payable in cash at the closing of the transaction.  As disclosed in the previously filed Schedule 13D, the Reporting Persons earlier had proposed the transaction described in the Proposed LOI to the Issuer’s management and had the impression that the Issuer’s management did not respond favorably to the proposal.  The Reporting Persons do not have reason to believe that the Issuer’s management views the proposal more favorably at this point.

The Proposed LOI would not constitute a binding agreement or obligation of any party to negotiate (in good faith or otherwise) to proceed with the proposed transaction and the terms and conditions set forth in the Proposed LOI would be subject to further due diligence and the terms and conditions to be set forth in a definitive purchase and sale agreement.  Pursuant to the Proposed LOI, any party could terminate the Proposed LOI at any time and for any reason or no reason upon 30 days’ written notice to the other party, provided that the Sellers could not provide such termination notice at any time prior to January 18, 2016.  If a fully executed Proposed LOI is not received by GPA on or before 5:00 p.m., Central Time, on the 22nd day of December, 2015, the Proposed LOI will be deemed withdrawn by GPA.

Furthermore, the Proposed LOI states that the Sellers would agree that during the term of the Proposed LOI, the Sellers would not engage in any discussions or negotiations with another party regarding any purchase of any of the Assets or the business of the Sellers, or any merger, sale of substantially all of the Sellers’ assets or other extraordinary transaction which could interfere with, prevent or delay the transaction proposed by the Proposed LOI (the “Exclusivity Period”).  The Exclusivity Period would be binding on the parties to the Proposed LOI.  The Proposed LOI also contains standard non-disclosure and confidentiality provisions.

The forgoing description of the Proposed LOI does not purport to be complete and is qualified in its entirety by reference to the full text of the Proposed LOI, which is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

In addition, a cover letter from William F. Thomas to Bruce J. Mackey, Jr., President and Chief Executive Officer of the Issuer, was included with the Proposed LOI (the “Cover Letter”).  The Cover Letter notes that a member of the Issuer’s management had stated at an earlier meeting between the Reporting Persons and the Issuer’s management that the Assets were not for sale.  While the Reporting Persons listened to and understand the views of the member of the Issuer’s management, the Reporting Persons continue to believe that a sale of the Assets to the Reporting Persons could help the Issuer to realize the value of the Assets while simultaneously raising the capital required to unlock the Issuer’s intrinsic, long-term value without diluting shareholders and without diluting the Issuer’s earnings per share.

 
 
 


The Cover Letter states that the Reporting Persons believe that the sale of the Assets and the pursuit of certain strategic alternatives outlined in the Cover Letter will allow the Issuer to become a best-in-class, pure-play seniors housing operator.  The strategic alternatives that the Reporting Persons believe the Issuer could pursue following the capital infusion provided by the sale of the Assets include the following:  (i) reinvesting in existing leased communities, (ii) de-leveraging off-balance sheet leases, (iii) expanding opportunities by building additional units onto existing communities/land, and (iv) strategic development through targeted development of new communities in strategic, core markets.

The forgoing description of the Cover Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Cover Letter, which is filed as Exhibit 99.2 hereto and is incorporated herein by reference.

Furthermore, on December 15, 2015, William F. Thomas sent a letter to Barry M. Portnoy, Managing Director of the Issuer (the “Portnoy Letter”).  The Portnoy Letter recognizes Mr. Portnoy’s earlier statement that the Assets were not for sale, but states that the Reporting Persons hope that the transaction described in the Proposed LOI will receive a credible review by the Issuer’s management and Board of Directors (the “Board”).  The Portnoy Letter outlines several reasons why the Reporting Persons believe that the sale of the Assets could benefit the Issuer and certain entities related to the Issuer, including Senior Housing Properties Trust and The RMR Group Inc.

The forgoing description of the Portnoy Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Portnoy Letter, which is filed as Exhibit 99.3 hereto and is incorporated herein by reference.
 
The Reporting Persons continuously assess the Issuer’s business, financial condition, results of operations and prospects, general economic conditions, other developments and additional investment opportunities. Depending on such assessments, the Reporting Persons and/or their affiliates may acquire additional securities of the Issuer or may determine to sell or otherwise dispose of all or some of the Issuer’s securities in the open market, in privately negotiated transactions, in transactions directly with the Issuer or otherwise. Such actions will depend upon a variety of factors, including, without limitation, current and anticipated future trading prices, the financial condition, results of operations and prospects of the Issuer, alternative investment opportunities, general economic, financial market and industry conditions and other factors that the Reporting Persons and/or their affiliates may deem material to their investment decision.

The Reporting Persons beneficially own, or may be deemed to beneficially own, the Common Stock of the Issuer for investment purposes, and other than as described herein or in the originally filed Schedule 13D, do not have any present intent to influence or control the Issuer.  Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Common Stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management of the Issuer and the Board, engaging in discussions with other shareholders of the Issuer and others about the Issuer and the Reporting Persons’ investment, making proposals to the Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition) or operations of the Issuer or changing their intention with respect to any and all matters referred to in subparagraphs (a) through (j) of Item 4 of Schedule 13D.  Except as set forth herein, the Reporting Persons do not have present plans or proposals at this time that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 7.  Material to be Filed as Exhibits.

Exhibit 99.1                      Proposed Letter of Intent
 
Exhibit 99.2                      Letter to Bruce J. Mackey, Jr., President and Chief Executive Officer of Five Star Quality Care, Inc.
 
Exhibit 99.3                      Letter to Barry M. Portnoy, Managing Director of Five Star Quality Care, Inc.
 

 
 
 


  CUSIP No. 33832D106

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:

December 15, 2015


WILLIAM F. THOMAS

/s/ William F. Thomas
(Signature)


ROBERT D. THOMAS

/s/ Robert D. Thomas
(Signature)
 

GEMINI PROPERTIES

/s/ William F. Thomas
(Signature)

William F. Thomas, Partner
(Name/Title)

/s/ Robert D. Thomas
(Signature)

Robert D. Thomas, Partner
(Name/Title)



 
 EX-99.1 2 exhibit_99-1.htm exhibit_99-1.htm

GPA , Inc.
1516 S. Boston Ave. - Ste. 301
Tulsa, Oklahoma 74119


December 15, 2015


U.S. MAIL AND
E-MAILED: BMackey@5SSL.com

 
Bruce J. Mackey, Jr., President and CEO
Five Star Quality Care, Inc.
400 Centre Street
Newton, Massachusetts  02458

 
Re:
Letter of Intent regarding the purchase by GPA, Inc. (“Buyer”) of the senior living real estate assets herein described owned by Five Star Quality Care, Inc. and its subsidiaries (collectively, “Selling Parties”)

Dear Mr. Mackey:

This letter (the “Letter of Intent”) shall serve as an agreement between Buyer, on the one hand, and Selling Parties, on the other hand, with respect to certain matters related to the potential acquisition by Buyer of those certain thirty-three (33) senior living facilities (the “Assets”) owned by Selling Parties (the “Potential Transaction”). The proposed terms set forth below are subject in all respects to completion of business, legal, accounting, financial, and tax diligence.  It is the express understanding and agreement of the parties signatory hereto (collectively, the “Parties”) that: (i) except as expressly set forth herein, this Letter of Intent does not constitute or give rise to any binding agreement or obligation, express or implied, of any party to negotiate (in good faith or otherwise), to proceed with or to consummate the Potential Transaction and (ii) this Letter of Intent does not contain all matters on which agreement must be reached in order for the Potential Transaction to be entered into and consummated.  Any such obligation will arise only if and to the extent, and subject to the terms and conditions to be set forth in, a mutually satisfactory definitive purchase and sale agreement to be executed by and between the Parties (the “PSA”). The proposed terms of the Potential Transaction set forth below are subject in all respects to completion of business, legal, accounting, financial, and tax diligence.  In furtherance of the foregoing, the basic business terms of the Potential Transaction are to be as follows:

1.           ACQUISITION.  It is proposed that Buyer shall acquire from Selling Parties and Selling Parties shall convey to Buyer the Assets. Buyer may cause the Assets to be acquired in an entity affiliated with Buyer.  The Selling Parties will deliver good title to the Assets free and clear of any and all liens and encumbrances, except such as are approved by Buyer.

2.           PURCHASE PRICE.  The aggregate proposed purchase price to be paid by Buyer to Selling Parties for the Assets shall be the sum of Three Hundred Twenty-Five Million and no/100 Dollars ($325,000,000.00) (the “Purchase Price”), payable in cash at closing.  The purchase price is based on the assumption that the Assets consist of thirty-three (33) senior living facilities; to the extent such is not the case, the purchase price shall be adjusted accordingly.

3.           ASSUMED LIABILITIES.  Buyer will not be assuming any obligations or liabilities of Selling Parties except for:
 
                              A.           All liabilities accruing after Closing with respect to contracts approved and assumed by Buyer;
 
                              B.           Any other liabilities specifically set forth in the PSA to be paid or assumed by Buyer.

 
 
 


Bruce J. Mackey, Jr., President & CEO
December 15, 2015
Page 2


Except for such liabilities as are expressly assumed by Buyer, Selling Parties shall pay and satisfy or shall have made adequate provision for all liabilities with respect to the Selling Parties or the Assets at the Closing.

4.           CONDITIONS, WARRANTIES, REPRESENTATIONS, COVENANTS, ETC.  The PSA shall contain such conditions, warranties, representations, covenants, remedies, indemnification provisions and other miscellaneous provisions as are normally and typically contained in agreements of a similar nature.  Without limiting the generality of the foregoing, the Potential Transaction shall be conditioned upon and subject to: (i) Selling Parties providing Buyer with access to the Assets and to such reasonable due diligence items as Buyer may request and Buyer conducting such inspections, analyses and other due diligence activities as are normal and typical with respect to transactions of a similar nature and Buyer approving the Assets or terminating the PSA within an agreed due diligence period; (ii) the approval of the respective Boards of Directors of Selling Parties and Buyer, or any other governing body whose approval is required, approving the terms and conditions of the PSA; and (iii) obtaining any and all necessary and appropriate regulatory permits and approvals.

5.           EXCLUSIVITY. Selling Parties agree that during the term of this Letter of Intent, they shall not, directly or indirectly through affiliates or otherwise, encourage, solicit, participate in or initiate discussions or negotiations with, or provide any information to any person or group (“Prohibited Activities”) in connection with, or which may be reasonably expected to lead to, any acquisition or purchase any of the Assets or business of Selling Parties, or any merger, consolidation, business combination, sale of substantially all of its assets, sale of securities, recapitalization, liquidation, dissolution or similar transaction involving Selling Parties, or any other corporate transaction the consummation of which could or could reasonably be expected to impede, interfere with, prevent or delay the proposed Potential Transaction contemplated by this Letter of Intent (an “Alternative Transaction”). Selling Parties agree to promptly give written notice to Buyer of the details of any proposal respecting any Alternative Transaction that it receives, or Prohibited Activities of which it becomes aware.

6.           NON-DISCLOSURE.  During the term of this Letter of Intent, and except as and to the extent required by law, without the prior written consent of the other Party or Parties, neither Buyer nor Selling Parties nor any of their respective principals, officers or employees, shall, directly or indirectly, make any public comment, statement or communication with respect to, or otherwise disclose or permit the disclosure of the existence of the discussions regarding the Potential Transaction or any of the terms, conditions or other aspects of the Potential Transaction proposed in this Letter of Intent, except that: (i) Buyer and its representatives are hereby authorized to disclose any aspect of the Potential Transaction in connection with attempting to secure financing for the Potential Transaction, provided that Buyer informs such persons of the confidential nature of such information and obtains the written agreement of such persons to maintain all such information disclosed on a confidential basis (provided that a written agreement shall not be required of persons who are otherwise bound by obligations of confidentiality under laws and regulations applicable to them, such as institutional lenders); (ii) Selling Parties may disclose any aspect of the Potential Transaction to its lenders, attorneys, accountants and advisors; and (iii) either party may make such disclosure as may be necessary to enforce this Letter of Intent or the PSA, if the same is executed.

7.           CONFIDENTIALITY.  During the term of this Letter of Intent, and for a period of two (2) years from the termination of this Letter of Intent, the Receiving Party (as herein defined) shall retain in strict confidence and shall not disclose in any manner whatsoever, in whole or in part, to any person other than a Permitted Recipient (as herein defined) for use for any purpose other than as set out in this Letter of Intent, any Confidential Information (as herein defined) disclosed by the Disclosing Party (as herein defined).  The term “Disclosing Party” shall mean the party disclosing Confidential Information to the other party.  The term “Receiving Party” shall mean the party receiving Confidential Information.  The term “Confidential Information” shall mean any and all information that the Disclosing Party furnishes to the Receiving Party, whether tangible or intangible, and in whatever form or medium expressed, including all information generated by the Receiving Party that contains, reflects or derived from the information furnished; provided, however, Confidential Information shall not include any information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Receiving Party or its Permitted Recipients or its employees in breach the terms hereof; (ii) becomes available to the Receiving Party on a
 
 
 
 


Bruce J. Mackey, Jr., President & CEO
December 15, 2015
Page 3
 
 
non-confidential basis from a source (other than the Disclosing Party) not known by the Receiving Party to be under a duty of confidentiality to a Disclosing Party; (iii) is independently developed by the Receiving Party or one or more of its Permitted Recipients without use or reference to the Confidential Information of the Disclosing Party; or (iv) it is already known by the Receiving Party at the time of disclosure.  The term “Permitted Recipients” shall mean the direct and indirect parents, subsidiaries and affiliates and their respective directors, officers, employees, representatives, agents, professional advisors and consultants, lenders and insurance brokers and underwriters of a Receiving Party who need to know the Confidential Information for the purposes of the Potential Transaction, provided that the Receiving Party shall direct all of its Permitted Recipients to maintain confidentiality of the Confidential Information disclosed to it, and the Receiving Party shall be liable for any unauthorized disclosure or use of such Confidential Information by any of its Permitted Recipients.  Nothing in this Letter of Intent shall obligate either party to refrain from disclosure of Confidential Information to the extent such disclosures are required by law.  In the event that any Confidential Information is required to be disclosed by subpoena or other similar discovery document in connection with litigation, arbitration or other proceedings, the Receiving Party shall use its reasonable efforts to give prompt prior notice of such disclosure to the Disclosing Party and allow the Disclosing Party, in its sole discretion and at its sole expense, to contest the disclosure of Confidential Information on the Disclosing Party’s behalf and the Receiving Party will reasonably cooperate with the Disclosing Party in such efforts to contest such disclosure. None of the parties are making any representation or warranty of any kind as to the accuracy or completeness of the Confidential Information disclosed and the Disclosing Party shall not incur any liability on the basis of use of Confidential Information by the Receiving Party or the Permitted Recipients.

8.           FEES AND EXPENSES.  Each of the Parties hereto shall be responsible for and pay all fees and expenses incurred by them with respect thereto, including without limitation, the fees of their respective attorneys, brokers, accountants and other advisors incurred in connection with this Letter of Intent.

9.           NO RELIANCE.  This Letter of Intent is for the benefit of the Parties hereto and no third person may rely on any of the agreements or matters contained in this Letter of Intent.

10.         GOVERNING LAW.  This Letter of Intent shall be governed by and construed in accordance with the laws of the State of Oklahoma.

11.         NON-BINDING AGREEMENT.  Except for the provisions of Paragraphs 5, 6, 7, 8, 9, 10, 11 and 12, which shall be binding (collectively, the “Binding Provisions”), nothing herein shall constitute a legally binding agreement between Buyer and Selling Parties. Any party may terminate this Letter of Intent at any time and for any reason or no reason upon thirty (30) days’ written notice to the other party; provided that Selling Parties may not provide such termination notice at any time prior to January 18, 2016.  Further, none of Buyer or Selling Parties shall be under any obligation to the other Parties for damages, expenses or otherwise, regardless of any negotiations, agreements or understandings heretofore or hereafter existing between the Parties and regardless of any implied course of conduct between the Parties, except for a breach of the obligations under Paragraphs 5, 6, 7 and 8. In all events, the Parties hereto do hereby waive any right or entitlement to special, consequential, punitive or exemplary damages.  This Letter of Intent shall not be deemed to constitute any type of offer by either Party or create any rights or obligations (except as provided in this Paragraph), as and among the Parties, based on any legal or equitable theory, including without limitation, the obligation to negotiate (whether in good faith or otherwise). The Binding Provisions shall survive termination of this Letter of Intent, provided that such survival shall not expand or affect the applicable specific time periods set forth in the Binding Provisions.

12.         NOTICES; BUSINESS DAYS; COUNTERPARTS.  All notices or other communications required or permitted hereunder shall be in writing and shall be deemed given one (1) business day after such notice is deposited with an overnight delivery service such as FedEx or immediately when sent by electronic mail (provided that the sender can provide proof of receipt of such sending by an electronic evidence of receipt or delivery for e-mail) and addressed or e-mailed as set forth below.  Further, for the purposes hereof, “business days” shall mean each day of the week except for Saturday, Sunday and any holiday recognized by the State of Oklahoma or the federal government. Additionally, the phrase “date hereof” or words of similar import shall mean the date

 
 
 


Bruce J. Mackey, Jr., President & CEO
December 15, 2015
Page 4

upon which Selling Parties execute this Letter of Intent. This Letter of Intent may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.  Pages with respect to this Letter of Intent or any amendment hereto containing signatures may be detached from their respective counterparts and reassembled together to form a completely executed document. Further, pages with respect to this Letter of Intent or any amendment hereto containing signatures and transmitted by electronic transmission shall be deemed to be original signatures and shall be effective for all purposes and enforceable in all respects.

If the foregoing accurately sets forth our understanding of the matters herein set forth regarding the proposed Potential Transaction, please acknowledge your acceptance by your signature below and e-mailing the same to the undersigned as set forth below, with an original to follow by overnight delivery service.  If a fully executed version of this Letter of Intent is not received by Buyer on or before 5:00 P.M., Central Time, on the 22nd day of December, 2015, the same shall be deemed withdrawn.

Sincerely yours,

GPA, INC.,
An Oklahoma Corporation



By:          /s/ Matthew Clifton                                                                           
Matthew Clifton
Chief Financial Officer

Address For Notices:
1516 South Boston, Suite 301
Tulsa, Oklahoma  74119
E-MAIL: MClifton@SeniorStar.com

With a copy to:
Philip J. Eller, Esq.
ELLER & DETRICH, PC
2727 East 21st Street, Suite 200
Tulsa, Oklahoma  74114
E-MAIL:  peller@ellerdetrich.com

“BUYER”


 
 
 

SIGNATURE PAGE TO
LETTER OF INTENT DATED December 15, 2015


Read, agreed to and accepted this _________ day of _________________, 2015.

FIVE STAR QUALITY CARE, INC.,
A Maryland Corporation



By:          ____________________________________                                                                
Bruce J. Mackey, Jr.
President and CEO

Address For Notices:
                                                                                                ___________________________________________
                                                                                                ___________________________________________
E-MAIL:  ___________________________________


With a copy to:
 
                                                                                                ___________________________________________
                                                                                                ___________________________________________
E-MAIL:  ___________________________________

“SELLING PARTIES”


 EX-99.2 3 exhibit_99-2.htm exhibit_99-2.htm
 
December 15, 2015



Bruce J. Mackey, Jr.
Five Star Quality Care, Inc.
400 Centre Street
Newton, Massachusetts  02458

Dear Bruce,

In our recent meeting in Boston on November 30th with you, Barry Portnoy, and David Hegarty, Barry made it clear that Five Star’s owned assets are not for sale.  Trust that we respect and understand his position as a director of the Company.  Over the past two weeks, we have carefully discussed his position and reviewed our plans both internally and with our financial and legal advisors. As a result and for your consideration, we have enclosed a Letter of Intent from GPA, Inc., an affiliate.

Upon reflection, while we do not presume to know the details of your Company better than you and your management team, we still firmly believe that the plan we presented should be viewed as a very viable, strategic option for successfully repositioning Five Star and unlocking value for all shareholders.

Having the benefit of analyzing public information and carefully reviewing (including touring and completing a market assessment) each of the 33 Company-owned properties over the past couple of months, we conveyed to your team many reasons why such a sale makes compelling sense.  If we acquired, through our operating company, Five Star’s owned properties, Five Star could monetize these assets, which the markets currently do not fully value, while simultaneously raising the capital required to unlock its intrinsic, long-term value without diluting shareholders and without diluting the Company’s EPS.

The operational plan that we have for the 33 owned communities is essentially the same plan that we suggest for Five Star for its substantial, remaining portfolio (i.e., invest significant capital back into the communities now in order to improve net operations and value). We have learned in our 40 plus years of real estate practice, that the best business solutions are often simple at their core.

Strategically, a significant capital infusion provides opportunities for Five Star’s leadership to create ongoing, outsized growth in free cash flow.  Our proposed strategy focused on four areas where we believe the greatest yields and value could be recognized.

·  
Reinvest in Existing Leased Communities: Invest in renovation and modernization projects of select communities to create competitive market advantages
-  
Boost occupancy and market rates
-  
Reduce, or eliminate, reliance on high cost of capital landlord capex

·  
De-leverage Off-Balance Sheet Leases: Pay Senior Housing Properties Trust a lump sum for a permanent rent reduction
-  
Immediately improve coverage and de-lever capital structure
-  
Increase future earnings available for investments and growth

·  
Expansion Opportunities: Build additional units onto existing communities / land
-  
Accelerate the current growth strategy through additional conversion of existing space to other senior care uses, including memory care  for Five Star’s current Bridge to Rediscovery program
-  
Increase average market rates

 
 
 


 
·  
Strategic Development: Targeted development of new communities in strategic, core markets
-  
Increase density in core markets
-  
Increase future earnings through higher rates and demand for new product
-  
Generate additional income through development fees


Illustrative Uses of Funds (Pretax)
  
Gross Proceeds
$325.0
Mortgage Debt Retirement
(44.3)
Capital Gains
-
Capital Reinvestment
(172.3)
Lease De-Leveraging
(91.5)
Reserve Funds from Transaction
$16.9


Reinvest in Existing Leased Communities
Significant, and on-going, reinvestment in existing communities should drive improvements in both market rates and occupancy.  Five Star has annually deployed an average of ~$2,200 / unit in recurring capex since 2012.  However, based on our review of the 33 owned communities, market trends in seniors housing, and Five Star’s reported year-over-year market rate increase of only 1.7% in 3Q 2015, we believe such capital investments are not sufficient to retain competitive market share.  Our experience shows that an intentional, programmatic reinvestment strategy can improve occupancies and generate annual rental rate increases in excess of 3.0% - 5.0% per year across a portfolio.

Five Star, through its banking and landlord relationships, has alternative sources of capital currently available to fund these requirements.  Arguably though, these capital sources will further burden future cash flow growth, limiting shareholder value creation.  Over the past 11 quarters alone, Senior Housing Properties Trust has funded $61.9 million of Five Star’s annual capex at an effective financing rate of approximately 8%.  Without consideration for annual escalators, this strategy has resulted in a cumulative, and permanent, annual rent increase of approximately $5.6 million.

We do not believe that Five Star can borrow its way to a better future, as continuing to leverage the balance sheet will lead to greater devaluation of the Company.


De-leverage Off-Balance Sheet Leases
As its largest tenant, Five Star currently reports the lowest lease coverage of Senior Housing Properties Trust’s named operators.  As evidenced below, Five Star’s current trajectory is not trending favorably. Additionally, the tightening of available cash flow for Five Star increases its dependency upon SNH to fund ongoing capex needs.

By de-leveraging a portion of its off-balance sheet commitments through a negotiated lump sum payment, we expect Five Star will immediately benefit from a 0.10x improvement in lease coverage, and generate an additional $11-12 million of annual free cash flow.  We anticipate, this de-leveraging would allow Five Star to invest, not borrow, for strategic future growth and capital expenditures.
 
 
 
 
 
 
 
Benefits to Five Star
We believe this strategic use of capital would generate significant long-term value for Five Star and its shareholders leading Five Star to become a best-in-class, pure-play seniors housing operator.  Our analysis, based on publicly available information, creates a scenario that easily exceeds historical financial performance.

While the merit of this strategy supports sustainability, it cannot be viewed by management, or shareholders, as a final solution.  A critical review of all remaining leases must be thoroughly undertaken to ensure the long-term gains in cash flow are not negatively impacted, by underperforming obligations.  The capital infusion generated by the transaction above should be leveraged by disengaging Five Star from assets that do not fit the broader, value generating strategy.

Your team and your board of directors have opportunities available to them that will break from status quo and refocus on creating value for your most important stakeholders: your residents, employees and shareholders.

Given our interest in owning these 33 communities, and by doing so, benefitting the value of our long-term share holdings at FVE, we would appreciate your answer to our Letter of Intent, or suggested next step, on these matters immediately following your upcoming board meeting.

Best regards,
 
 
/s/ William Thomas
William Thomas

 EX-99.3 4 exhibit_99-3.htm exhibit_99-3.htm
 
December 15, 2015


Barry M. Portnoy
Managing Director
Five Star Quality Care, Inc.
Two Newton Place
255 Washington Street
Newton, Massachusetts  02458

Dear Mr. Portnoy:

On behalf of myself, Bob, and our entire team, I want to thank you for arranging your schedule to meet with us in Boston recently.  We recognize that our proposal was unexpected, and you were clear that Five Star’s owned assets are not for sale.  However, we hope that you understand the fundamentals of our overall plan, and that you have taken time over the past two weeks to reflect on the merits that a strategic change present to Five Star’s operations.

We strongly believe that the ideas presented in November create a compelling path for all related entities through a long-term alignment of interests.  When Five Star succeeds, Senior Housing Properties Trust and The RMR Group both benefit financially.
 
During our meeting, we conveyed all of the reasons why we believe such a sale makes economic sense and how it would benefit each entity in your organization.  In short, a capital infusion created through the sale of Five Star’s owned assets allows the following:
 
-  
Five Star: de-leveraging its lease obligations, creating re-investable capital, and generating outsized growth in free cash flow.
 
-  
SNH: immediate, and on-going, improvement to the lease coverage ratio of its largest tenant, a point we both acknowledged was impeding SNH’s stock value.  Additionally, by utilizing a conservative 8-9% cap rate against the potential NOI growth of Five Star’s leased portfolio, SNH could see an asset valuation gain reaching $1 billion dollars within a few years.
 
-  
RMR: through the valuation increase in both FVE and SNH, management fees and investor confidence should continue to grow.

Earlier today, we submitted a formal letter of intent to Mr. Bruce Mackey, outlining the transaction presented on November 30th.  We hope that this opportunity receives a credible review by the company’s management and board of directors.  It is our belief that significant value would be created for all stakeholders, including Five Star’s residents, shareholders, and capital providers.

I welcome any questions that you may have related to this matter.

Best regards,

/s/ William Thomas
William Thomas

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