(Commission File Number) | (IRS Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing | ||||||||
obligation of the registrant under any of the following provisions: | ||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
FIVE STAR SENIOR LIVING INC. |
By: | /s/ Jeffrey C. Leer | |||||||
Jeffrey C. Leer | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
400 Centre Street Newton, Massachusetts 02458 | |||||
617-796-8387 | |||||
fivestarseniorliving.com | |||||
FOR IMMEDIATE RELEASE | |||||
As of March 31, 2021 | After Transition | |||||||||||||
Units (1) | Units (2) | |||||||||||||
Independent living | 10,979 | 10,421 | ||||||||||||
Assisted living | 12,109 | 7,940 | ||||||||||||
Memory care | 3,220 | 1,847 | ||||||||||||
Skilled nursing | 2,957 | — | ||||||||||||
Total | 29,265 | 20,208 |
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Communities | Units | Average Occupancy | Spot Occupancy | Community Revenues (1) | Management Fees | |||||||||||||||||||||||||||||||||
Independent and assisted living communities | 182 | 17,435 | 69.6 | % | 70.0 | % | $ | 149,385 | $ | 8,104 | ||||||||||||||||||||||||||||
Continuing care retirement communities | 37 | 8,573 | 70.1 | % | 71.0 | % | 94,740 | 4,948 | ||||||||||||||||||||||||||||||
Skilled nursing facilities | 9 | 955 | 62.8 | % | 65.4 | % | 15,841 | 798 | ||||||||||||||||||||||||||||||
Total | 228 | 26,963 | 69.5 | % | 70.2 | % | $ | 259,966 | $ | 13,850 |
After Transition | ||||||||||||||||||||||||||||||||||||||
Communities | Units | Average Occupancy | Spot Occupancy | Community Revenues (1) | Management Fees (2) | |||||||||||||||||||||||||||||||||
Independent and assisted living communities | 91 | 12,012 | 70.7 | % | 71.3 | % | $ | 104,221 | $ | 5,689 | ||||||||||||||||||||||||||||
Continuing care retirement communities | 29 | 5,894 | 76.8 | % | 76.9 | % | 54,057 | 2,891 | ||||||||||||||||||||||||||||||
Skilled nursing facilities | — | — | — | % | — | % | — | — | ||||||||||||||||||||||||||||||
Total | 120 | 17,906 | 72.7 | % | 73.2 | % | $ | 158,278 | $ | 8,580 |
As of March 31, 2021 | After Transition | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Clinics | Total Revenue (3) | Average Revenue per Clinic | Adjusted EBITDA Margin | Number of Clinics | Total Revenue (1)(3) | Average Revenue per Clinic | Adjusted EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||
Inpatient Clinics in DHC Communities | 37 | $ | 5,441 | $ | 147 | 26.1 | % | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||
Outpatient Clinics in DHC Communities | 91 | 7,734 | 85 | 15.3 | % | 91 | 7,734 | 85 | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||
Outpatient Clinics in Transition Communities(2) | 44 | 1,863 | 42 | 18.5 | % | 44 | 1,863 | 42 | 18.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total Clinics at DHC Communities | 172 | 15,038 | 87 | 19.6 | % | 135 | 9,597 | 71 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||
Outpatient Clinics at Other Communities(4) | 80 | 4,234 | 53 | 11.8 | % | 80 | 4,234 | 53 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||
Total Clinics | 252 | $ | 19,272 | $ | 76 | 17.9 | % | 215 | $ | 13,831 | $ | 64 | 14.6 | % |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
REVENUES | ||||||||||||||
Rehabilitation and wellness services | $ | 19,553 | $ | 21,384 | ||||||||||
Senior living | 17,057 | 20,997 | ||||||||||||
Management fees | 13,850 | 17,051 | ||||||||||||
Total management and operating revenues | 50,460 | 59,432 | ||||||||||||
Reimbursed community-level costs incurred on behalf of managed communities | 213,160 | 232,016 | ||||||||||||
Other reimbursed expenses | 5,480 | 5,997 | ||||||||||||
Total revenues | 269,100 | 297,445 | ||||||||||||
Other operating income | 7,793 | — | ||||||||||||
OPERATING EXPENSES | ||||||||||||||
Rehabilitation and wellness services expenses | 16,210 | 17,501 | ||||||||||||
Senior living wages and benefits | 12,013 | 9,800 | ||||||||||||
Other senior living operating expenses | 6,266 | 3,938 | ||||||||||||
Community-level costs incurred on behalf of managed communities | 213,160 | 232,016 | ||||||||||||
General and administrative | 22,641 | 22,865 | ||||||||||||
Depreciation and amortization | 2,940 | 2,701 | ||||||||||||
Total operating expenses | 273,230 | 288,821 | ||||||||||||
Operating income | 3,663 | 8,624 | ||||||||||||
Interest, dividend and other income | 84 | 339 | ||||||||||||
Interest and other expense | (463) | (382) | ||||||||||||
Unrealized gain (loss) on equity investments | 135 | (1,462) | ||||||||||||
Realized gain (loss) on sale of debt and equity investments | 96 | (21) | ||||||||||||
Loss on termination of leases | — | (22,899) | ||||||||||||
Income (loss) before income taxes | 3,515 | (15,801) | ||||||||||||
Provision for income taxes | (200) | (1,408) | ||||||||||||
Net income (loss) | $ | 3,315 | $ | (17,209) | ||||||||||
Weighted average shares outstanding—basic | 31,530 | 31,448 | ||||||||||||
Weighted average shares outstanding—diluted | 31,662 | 31,448 | ||||||||||||
Net income (loss) per share—basic | $ | 0.11 | $ | (0.55) | ||||||||||
Net income (loss) per share—diluted | $ | 0.10 | $ | (0.55) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income (loss) | $ | 3,315 | $ | (17,209) | ||||||||||
Add (less): | ||||||||||||||
Interest and other expense | 463 | 382 | ||||||||||||
Interest, dividend and other income | (84) | (339) | ||||||||||||
Provision for income taxes | 200 | 1,408 | ||||||||||||
Depreciation and amortization | 2,940 | 2,701 | ||||||||||||
EBITDA | 6,834 | (13,057) | ||||||||||||
Add (less): | ||||||||||||||
Unrealized (gain) loss on equity investments | (135) | 1,462 | ||||||||||||
Loss on termination of leases (1) | — | 22,899 | ||||||||||||
Transaction costs (2) | 250 | 1,095 | ||||||||||||
Adjusted EBITDA | $ | 6,949 | $ | 12,399 |
March 31, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 109,485 | $ | 84,351 | ||||||||||
Restricted cash and cash equivalents | 23,717 | 23,877 | ||||||||||||
Accounts receivable, net of allowance | 9,558 | 9,104 | ||||||||||||
Due from related person | 86,204 | 96,357 | ||||||||||||
Debt and equity investments | 19,528 | 19,961 | ||||||||||||
Prepaid expenses and other current assets | 22,376 | 28,658 | ||||||||||||
Total current assets | 270,868 | 262,308 | ||||||||||||
Property and equipment, net | 158,716 | 159,251 | ||||||||||||
Operating lease right-of-use assets | 27,040 | 18,030 | ||||||||||||
Finance lease right-of-use assets | 4,160 | 4,493 | ||||||||||||
Restricted cash and cash equivalents | 1,189 | 1,369 | ||||||||||||
Restricted debt and equity investments | 4,945 | 4,788 | ||||||||||||
Equity investment of an investee, net | 11 | 11 | ||||||||||||
Other long-term assets | 4,201 | 3,956 | ||||||||||||
Total assets | $ | 471,130 | $ | 454,206 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 24,401 | $ | 23,454 | ||||||||||
Accrued expenses and other current liabilities | 45,190 | 41,843 | ||||||||||||
Accrued compensation and benefits | 73,675 | 70,543 | ||||||||||||
Accrued self-insurance obligations | 28,155 | 31,355 | ||||||||||||
Operating lease liabilities | 2,230 | 2,567 | ||||||||||||
Finance lease liabilities | 824 | 808 | ||||||||||||
Due to related persons | 3,859 | 6,585 | ||||||||||||
Mortgage note payable | 394 | 388 | ||||||||||||
Security deposits and current portion of continuing care contracts | 338 | 365 | ||||||||||||
Total current liabilities | 179,066 | 177,908 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Accrued self-insurance obligations | 41,098 | 37,420 | ||||||||||||
Operating lease liabilities | 26,472 | 17,104 | ||||||||||||
Finance lease liabilities | 3,710 | 3,921 | ||||||||||||
Mortgage note payable | 6,682 | 6,783 | ||||||||||||
Other long-term liabilities | 474 | 538 | ||||||||||||
Total long-term liabilities | 78,436 | 65,766 | ||||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock, par value $0.01 | 317 | 317 | ||||||||||||
Additional paid-in-capital | 460,113 | 460,038 | ||||||||||||
Accumulated deficit | (247,824) | (251,139) | ||||||||||||
Accumulated other comprehensive income | 1,022 | 1,316 | ||||||||||||
Total shareholders’ equity | 213,628 | 210,532 | ||||||||||||
Total liabilities and shareholders' equity | $ | 471,130 | $ | 454,206 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Management and Operating Revenues by Product Type: | Senior Living | Management Fees | Rehabilitation and Wellness Services | Total Revenues | |||||||||||||||||||
Independent and assisted living community revenues | $ | 17,057 | $ | 8,104 | $ | — | $ | 25,161 | |||||||||||||||
Continuing care retirement community revenues | — | 4,948 | — | 4,948 | |||||||||||||||||||
Skilled nursing facility revenues | — | 798 | — | 798 | |||||||||||||||||||
Rehabilitation and wellness services revenues | — | — | 19,553 | 19,553 | |||||||||||||||||||
Total management and operating revenues | $ | 17,057 | $ | 13,850 | $ | 19,553 | $ | 50,460 | |||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Management and Operating Revenues by Product Type: | Senior Living | Management Fees | Rehabilitation and Wellness Services | Total Revenues | |||||||||||||||||||
Independent and assisted living community revenues | $ | 20,997 | $ | 9,563 | $ | — | $ | 30,560 | |||||||||||||||
Continuing care retirement community revenues | — | 6,337 | — | 6,337 | |||||||||||||||||||
Skilled nursing facility revenues | — | 1,151 | — | 1,151 | |||||||||||||||||||
Rehabilitation and wellness services revenues | — | — | 21,384 | 21,384 | |||||||||||||||||||
Total management and operating revenues | $ | 20,997 | $ | 17,051 | $ | 21,384 | $ | 59,432 | |||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Management and Operating Revenues by Product Type: | Senior Living | Management Fees | Rehabilitation and Wellness Services | Total Revenues | |||||||||||||||||||
Independent and assisted living community revenues | $ | 17,057 | $ | 5,689 | $ | — | $ | 22,746 | |||||||||||||||
Continuing care retirement community revenues | — | 2,891 | — | 2,891 | |||||||||||||||||||
Skilled nursing facility revenues | — | — | — | — | |||||||||||||||||||
Rehabilitation and wellness services revenues | — | — | 12,813 | 12,813 | |||||||||||||||||||
Total management and operating revenues | $ | 17,057 | $ | 8,580 | $ | 12,813 | $ | 38,450 | |||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Management and Operating Revenues by Product Type: | Senior Living | Management Fees | Rehabilitation and Wellness Services | Total Revenues | |||||||||||||||||||
Independent and assisted living community revenues | $ | 20,330 | $ | 6,425 | $ | — | $ | 26,755 | |||||||||||||||
Continuing care retirement community revenues | — | 3,204 | — | 3,204 | |||||||||||||||||||
Skilled nursing facility revenues | — | — | — | — | |||||||||||||||||||
Rehabilitation and wellness services revenues | — | — | 12,788 | 12,788 | |||||||||||||||||||
Total management and operating revenues | $ | 20,330 | $ | 9,629 | $ | 12,788 | $ | 42,747 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Owned and Leased Communities | ||||||||||||||||||||||||||||||||
Independent and assisted living communities: | ||||||||||||||||||||||||||||||||
Revenues | $ | 17,057 | $ | 17,903 | $ | 18,525 | $ | 19,590 | $ | 20,997 | ||||||||||||||||||||||
Other operating income (1) | 7,774 | 1,715 | — | — | — | |||||||||||||||||||||||||||
Operating expenses | 20,414 | 21,181 | 19,661 | 20,165 | 17,470 | |||||||||||||||||||||||||||
Operating income (loss) | 4,417 | (1,563) | (1,136) | (575) | 3,527 | |||||||||||||||||||||||||||
Operating margin | 17.8 | % | (8.0) | % | (6.1) | % | (2.9) | % | 16.8 | % | ||||||||||||||||||||||
Number of communities (end of period) | 24 | 24 | 24 | 24 | 24 | |||||||||||||||||||||||||||
Number of living units (end of period) (2) | 2,302 | 2,302 | 2,312 | 2,312 | 2,312 | |||||||||||||||||||||||||||
Average occupancy | 68.3 | % | 71.5 | % | 74.7 | % | 78.3 | % | 81.3 | % | ||||||||||||||||||||||
Spot occupancy | 68.2 | % | 69.7 | % | 73.0 | % | 76.3 | % | 80.3 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 2,479 | $ | 2,596 | $ | 2,665 | $ | 2,813 | $ | 2,930 | ||||||||||||||||||||||
Managed Communities (4) | ||||||||||||||||||||||||||||||||
Independent and assisted living communities: | ||||||||||||||||||||||||||||||||
Management fees | $ | 8,104 | $ | 8,515 | $ | 8,751 | $ | 9,088 | $ | 9,563 | ||||||||||||||||||||||
Community-level revenues | 149,385 | 157,267 | 167,436 | 174,634 | 185,516 | |||||||||||||||||||||||||||
Other operating income (1) | 770 | 1,677 | — | 14 | — | |||||||||||||||||||||||||||
Community-level expenses | 137,876 | 139,623 | 145,399 | 139,175 | 143,608 | |||||||||||||||||||||||||||
Community operating income | 12,279 | 19,321 | 22,037 | 35,473 | 41,908 | |||||||||||||||||||||||||||
Community operating margin | 8.2 | % | 12.2 | % | 13.2 | % | 20.3 | % | 22.6 | % | ||||||||||||||||||||||
Number of communities (end of period) (5) | 182 | 182 | 189 | 191 | 193 | |||||||||||||||||||||||||||
Number of living units (end of period) (2)(5) | 17,435 | 17,440 | 18,032 | 18,148 | 18,395 | |||||||||||||||||||||||||||
Average occupancy | 69.6 | % | 72.5 | % | 75.5 | % | 79.1 | % | 82.9 | % | ||||||||||||||||||||||
Spot occupancy | 70.0 | % | 71.1 | % | 74.1 | % | 77.7 | % | 82.2 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 2,855 | $ | 2,969 | $ | 3,088 | $ | 3,207 | $ | 3,360 | ||||||||||||||||||||||
Continuing care retirement communities: | ||||||||||||||||||||||||||||||||
Management fees | $ | 4,948 | $ | 5,272 | $ | 5,451 | $ | 5,485 | $ | 6,337 | ||||||||||||||||||||||
Community-level revenues | 94,740 | 100,781 | 100,765 | 106,937 | 123,498 | |||||||||||||||||||||||||||
Other operating income (1) | 606 | 7,997 | — | 3,792 | — | |||||||||||||||||||||||||||
Community-level expenses | 92,894 | 98,221 | 102,103 | 99,071 | 103,946 | |||||||||||||||||||||||||||
Community operating income (loss) | 2,452 | 10,557 | (1,338) | 11,658 | 19,552 | |||||||||||||||||||||||||||
Community operating margin | 2.6 | % | 9.7 | % | (1.3) | % | 10.5 | % | 15.8 | % | ||||||||||||||||||||||
Number of communities (end of period) | 37 | 37 | 39 | 39 | 40 | |||||||||||||||||||||||||||
Number of living units (end of period) (2)(6) | 8,573 | 8,574 | 8,936 | 8,936 | 9,301 | |||||||||||||||||||||||||||
Average occupancy | 70.1 | % | 72.8 | % | 75.6 | % | 79.1 | % | 83.4 | % | ||||||||||||||||||||||
Spot occupancy | 71.0 | % | 71.2 | % | 74.4 | % | 78.3 | % | 81.3 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 3,683 | $ | 3,813 | $ | 3,759 | $ | 3,989 | $ | 4,426 | ||||||||||||||||||||||
See the next page for footnote references to the table above |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Skilled nursing facilities: | ||||||||||||||||||||||||||||||||
Management fees | $ | 798 | $ | 1,035 | $ | 1,100 | $ | 1,132 | $ | 1,151 | ||||||||||||||||||||||
Community-level revenues | 15,841 | 20,589 | 21,900 | 22,532 | 22,956 | |||||||||||||||||||||||||||
Other operating income (1) | 241 | 2,846 | — | 2,022 | — | |||||||||||||||||||||||||||
Community-level expenses | 16,401 | 23,834 | 22,831 | 22,009 | 21,854 | |||||||||||||||||||||||||||
Community operating (loss) income | (319) | (399) | (931) | 2,545 | 1,102 | |||||||||||||||||||||||||||
Community operating margin | (2.0) | % | (1.7) | % | (4.3) | % | 10.4 | % | 4.8 | % | ||||||||||||||||||||||
Number of communities (end of period) | 9 | 9 | 11 | 11 | 11 | |||||||||||||||||||||||||||
Number of living units (end of period) (2)(7) | 955 | 955 | 1,264 | 1,264 | 1,264 | |||||||||||||||||||||||||||
Average occupancy | 62.8 | % | 64.2 | % | 68.8 | % | 70.1 | % | 73.3 | % | ||||||||||||||||||||||
Spot occupancy | 65.4 | % | 60.3 | % | 69.2 | % | 68.5 | % | 72.6 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 5,529 | $ | 5,655 | $ | 5,775 | $ | 5,942 | $ | 6,054 | ||||||||||||||||||||||
Total managed communities: | ||||||||||||||||||||||||||||||||
Management fees | $ | 13,850 | $ | 14,822 | $ | 15,302 | $ | 15,705 | $ | 17,051 | ||||||||||||||||||||||
Community-level revenues | 259,966 | 278,637 | 290,101 | 304,103 | 331,970 | |||||||||||||||||||||||||||
Other operating income (1) | 1,617 | 12,520 | — | 5,828 | — | |||||||||||||||||||||||||||
Community-level expenses | 247,171 | 261,678 | 270,333 | 260,255 | 269,408 | |||||||||||||||||||||||||||
Community operating income | 14,412 | 29,479 | 19,768 | 49,676 | 62,562 | |||||||||||||||||||||||||||
Community operating margin | 5.5 | % | 10.1 | % | 6.8 | % | 16.0 | % | 18.8 | % | ||||||||||||||||||||||
Number of communities (end of period) | 228 | 228 | 239 | 241 | 244 | |||||||||||||||||||||||||||
Number of living units (end of period) (2) | 26,963 | 26,969 | 28,232 | 28,348 | 28,960 | |||||||||||||||||||||||||||
Average occupancy | 69.5 | % | 72.2 | % | 75.2 | % | 78.7 | % | 82.6 | % | ||||||||||||||||||||||
Spot occupancy | 70.2 | % | 70.8 | % | 74.0 | % | 77.5 | % | 81.5 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 3,213 | $ | 3,355 | $ | 3,420 | $ | 3,576 | $ | 3,820 | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Owned and Leased Communities (1): | ||||||||||||||||||||||||||||||||
Number of communities (end of period) | 24 | 24 | 24 | 24 | 24 | |||||||||||||||||||||||||||
Number of living units (end of period) (2) | 2,302 | 2,302 | 2,312 | 2,312 | 2,312 | |||||||||||||||||||||||||||
Spot Occupancy | 68.2 | % | 69.7 | % | 73.0 | % | 76.3 | % | 80.3 | % | ||||||||||||||||||||||
Average Occupancy | 68.3 | % | 71.5 | % | 74.7 | % | 78.3 | % | 81.3 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 2,479 | $ | 2,596 | $ | 2,665 | $ | 2,813 | $ | 2,930 | ||||||||||||||||||||||
Managed Communities (1)(4): | ||||||||||||||||||||||||||||||||
Number of communities (end of period) | 120 | 120 | 120 | 120 | 120 | |||||||||||||||||||||||||||
Number of living units (end of period) (2) | 17,906 | 17,910 | 17,929 | 17,929 | 17,932 | |||||||||||||||||||||||||||
Spot Occupancy | 73.2 | % | 74.2 | % | 77.0 | % | 81.1 | % | 85.6 | % | ||||||||||||||||||||||
Average Occupancy | 72.7 | % | 75.6 | % | 78.5 | % | 82.6 | % | 86.0 | % | ||||||||||||||||||||||
RevPAR (3) | $ | 2,946 | $ | 3,054 | $ | 3,164 | $ | 3,301 | $ | 3,471 |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Rehabilitation and Wellness Services (1): | ||||||||||||||||||||||||||||||||
Revenues | $ | 19,553 | $ | 20,256 | $ | 21,124 | $ | 19,268 | $ | 21,384 | ||||||||||||||||||||||
Other operating income (2) | 19 | 221 | — | 1,499 | — | |||||||||||||||||||||||||||
Operating expenses | 16,338 | 16,613 | 16,833 | 16,259 | 17,616 | |||||||||||||||||||||||||||
Operating income | 3,234 | 3,864 | 4,291 | 4,508 | 3,768 | |||||||||||||||||||||||||||
Operating margin | 16.5 | % | 18.9 | % | 20.3 | % | 21.7 | % | 17.6 | % | ||||||||||||||||||||||
Number of inpatient clinics (end of period) | 37 | 37 | 40 | 40 | 41 | |||||||||||||||||||||||||||
Number of outpatient clinics (end of period) | 215 | 207 | 209 | 206 | 203 |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Rehabilitation and Wellness Services (1): | ||||||||||||||||||||||||||||||||
Revenues | $ | 12,813 | $ | 13,181 | $ | 13,891 | $ | 12,852 | $ | 12,788 | ||||||||||||||||||||||
Other operating income (2) | 19 | 221 | — | 858 | — | |||||||||||||||||||||||||||
Operating expenses | 11,183 | 11,717 | 11,685 | 11,470 | 11,747 | |||||||||||||||||||||||||||
Operating income | 1,649 | 1,685 | 2,206 | 2,240 | 1,041 | |||||||||||||||||||||||||||
Operating margin | 12.9 | % | 12.6 | % | 15.9 | % | 16.3 | % | 8.1 | % | ||||||||||||||||||||||
Number of inpatient clinics (end of period) | — | — | — | — | — | |||||||||||||||||||||||||||
Number of outpatient clinics (end of period) | 184 | 184 | 184 | 184 | 184 |
No. | Community Name | State | Property Type (1) | Living Units | Senior Living Revenues (4) | Gross Carrying Value | Net Carrying Value | Date Acquired | Year Built or Most Recent Renovation | |||||||||||||||||||||||||||||||||||||||||||||||
1 | Morningside of Decatur (2) | Alabama | AL | 49 | $ | 290 | $ | 3,786 | $ | 2,238 | 11/19/2004 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||
2 | Morningside of Auburn | Alabama | AL | 42 | 316 | 2,360 | 1,549 | 11/19/2004 | 1997 | |||||||||||||||||||||||||||||||||||||||||||||||
3 | The Palms of Fort Myers (2) | Florida | IL | 218 | 1,538 | 31,414 | 15,018 | 4/1/2002 | 1988 | |||||||||||||||||||||||||||||||||||||||||||||||
4 | Five Star Residences of Banta Pointe (3) | Indiana | AL | 121 | 673 | 18,651 | 12,852 | 9/29/2011 | 2006 | |||||||||||||||||||||||||||||||||||||||||||||||
5 | Five Star Residences of Fort Wayne (2) | Indiana | AL | 154 | 1,087 | 25,968 | 17,685 | 9/29/2011 | 1998 | |||||||||||||||||||||||||||||||||||||||||||||||
6 | Five Star Residences of Clearwater | Indiana | AL | 88 | 377 | 9,797 | 5,451 | 6/1/2011 | 1999 | |||||||||||||||||||||||||||||||||||||||||||||||
7 | Five Star Residences of Lafayette (2) | Indiana | AL | 109 | 516 | 15,992 | 10,829 | 6/1/2011 | 2000 | |||||||||||||||||||||||||||||||||||||||||||||||
8 | Five Star Residences of Noblesville (2) | Indiana | AL | 151 | 1,092 | 25,400 | 17,620 | 7/1/2011 | 2005 | |||||||||||||||||||||||||||||||||||||||||||||||
9 | The Villa at Riverwood (2) | Missouri | IL | 111 | 611 | 6,986 | 3,192 | 4/1/2002 | 1986 | |||||||||||||||||||||||||||||||||||||||||||||||
10 | Voorhees Senior Living (2) | New Jersey | AL | 104 | 1,043 | 10,448 | 6,144 | 7/1/2008 | 1999 | |||||||||||||||||||||||||||||||||||||||||||||||
11 | Washington Township Senior Living (2) | New Jersey | AL | 93 | 936 | 10,393 | 6,140 | 7/1/2008 | 1998 | |||||||||||||||||||||||||||||||||||||||||||||||
12 | Carriage House Senior Living | North Carolina | AL | 98 | 857 | 8,445 | 5,263 | 12/1/2008 | 1997 | |||||||||||||||||||||||||||||||||||||||||||||||
13 | Forest Heights Senior Living | North Carolina | AL | 111 | 768 | 13,749 | 8,899 | 12/1/2008 | 1998 | |||||||||||||||||||||||||||||||||||||||||||||||
14 | Fox Hollow Senior Living (2) | North Carolina | AL | 77 | 887 | 11,116 | 7,193 | 7/1/2000 | 1999 | |||||||||||||||||||||||||||||||||||||||||||||||
15 | Legacy Heights Senior Living (2) | North Carolina | AL | 116 | 1,200 | 12,699 | 7,987 | 12/1/2008 | 1997 | |||||||||||||||||||||||||||||||||||||||||||||||
16 | Morningside at Irving Park | North Carolina | AL | 91 | 710 | 6,983 | 3,803 | 11/19/2004 | 1997 | |||||||||||||||||||||||||||||||||||||||||||||||
17 | The Devon Senior Living | Pennsylvania | AL | 84 | 603 | 6,915 | 3,772 | 7/1/2008 | 1985 | |||||||||||||||||||||||||||||||||||||||||||||||
18 | The Legacy of Anderson | South Carolina | IL | 101 | 542 | 1,429 | 470 | 12/1/2008 | 2003 | |||||||||||||||||||||||||||||||||||||||||||||||
19 | Morningside of Springfield (2) | Tennessee | AL | 54 | 407 | 3,719 | 1,708 | 11/19/2004 | 1984 | |||||||||||||||||||||||||||||||||||||||||||||||
20 | Huntington Place | Wisconsin | AL | 127 | 790 | 17,591 | 11,098 | 7/15/2010 | 1999 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 2,099 | $ | 15,243 | $ | 243,841 | $ | 148,911 |
Contact: | |||||
Olivia Snyder, Manager, Investor Relations | |||||
(617) 796-8245 |
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
M\]V>?B\=5Q;]]V783_\ 51117JGG!6OX/LCJ7BS1;, EKB]@B&W_ &I%']:R
M*[7X)V/]I?&/P/;D!E;6[,LN2,J)E9NGL#6=1V@WY%P5Y(_6EN23S^-)[_SH
MX['-<[\2-;_X1OX>>)]5W[&LM,N;A6]UB8C]<5\1%6Z;HOQ;TO3K6RAU7P6T5O$D*%
M].NRQ55 &2)^O'I7;ZYH]YX@\$7^E7$T$6H7FGR6KS1(RQ+(\94L 23MR<@9
M)Q6[W/U_PID?\7U/\S1<%$Y5OAWI^J?#.U\'ZW''?V2Z=%8SE1MR415WH?X2
M"NX'J"!6?\%?AO<_"OP=)HESJ7]KR?;9[@71!#N';(W9ZMCJ?6N\;H/\]J5O
MZ4KL.5''^%? \V@^/_&_B"2YCFAU^6S>*%00T0A@$1W>N2,UF?$+X8WVM>(+
M'Q5X7U=-"\56<+6WG30^=;W=N3DPS)D9&
J+J&KG6]6U2_?4KZ[$"P(9G1$(
C1!]U0L:]23U-=B>0N:$[TW(2BD/HHHJ2@HHHH **** /_]D!
end
>E>#C4)HY(G4[6;@'/2NCNSJNFZ-YR7Q*N-SKGK1S"/
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MY@;DD'E:0K&C%,$Z.15^WNE9<.<>]9?E),H=#U[=Z"#'UZ>E#28&[U&0TD92C!*\7?Y?\ !*=*RLC%64J1U!&*
MV/"ND#7/$UC8O_J6DW3'TC7YF_0&NM^+FDPQ:M9:[9;6M-1A!W(."R@8/XJ5
M_(U+JI34.Y4:3=-U.QYS113XY9(9%DB=HY%.593@@^QK4Q&45[/::WJ"? ^7
M55N7_M"%MBW+89\>>%ZGK\IQ7$:7\1M:MKM?[2D34[)CB6WN8U8,O?!QP?TK
M"-64KV6SMO\ \ Z9T80Y;RW5]O\ @G'T5Z-\2_"FFZ?:6'B#14$5E?8#1*,*
MI*[E*CL",\>U>9&56FZ
U=)'"EWH\4:DL6_B/6IAI\EI"NV+!/&<5
MXTH^\VCVXR]U(H70#W!4#@57BM"TW(SZ5I2:=)PZMDUK:?9AHP)$ ?UK-1-'
M))%%;%O+! Q6BEI)IVFFXE 9G'[L>]27E_9V! .'?L!S61+=7^H29D