Five Star Quality Care, Inc. Announces First Quarter 2016 Results

NEWTON, Mass.–(BUSINESS WIRE)–Five Star Quality Care, Inc. (NYSE: FVE) today announced its financial
results for the quarter ended March 31, 2016.

“Five Star was able to increase senior living revenue, management fee
revenue and average monthly rates while maintaining strong expense
controls in the 2016 first quarter,” said Bruce Mackey, President and
Chief Executive Officer of Five Star. “We continue to improve our
communities through selective expansions and renovations, and remain
optimistic about the future as we assess growth opportunities in our
existing businesses.”

Financial Results for the quarter ended March 31, 2016:

  • Senior living revenue for the first quarter of 2016 increased 1.8% to
    $280.1 million from $275.2 million for the same period in 2015. Growth
    in senior living revenue reflects increases in average monthly rates
    to residents who pay privately for services and in the number of
    communities owned compared to the 2015 period, as well as a $2.4
    million revenue reserve recorded in the 2015 period for historical
    Medicare payments Five Star received and expects to repay in
    connection with a Medicare compliance assessment at one of Five Star’s
    skilled nursing facilities, or the Compliance Assessment. Management
    fee revenue for the first quarter of 2016 increased 11.1% to $2.8
    million from $2.5 million for the same period in 2015. Growth in
    management fees was primarily due to an increase in the number of
    managed communities compared to the 2015 period and an increase in
    average monthly rates to private pay residents at our comparable
    communities.
  • Earnings from continuing operations before interest, taxes,
    depreciation and amortization, or EBITDA, for the first quarter of
    2016 were $8.8 million compared to $4.7 million for the same period in
    2015. EBITDA, excluding certain items described below, or Adjusted
    EBITDA, was $9.2 million and $9.6 million for the first quarters of
    2016 and 2015, respectively. Adjusted EBITDA excluding rent, or
    Adjusted EBITDAR, was $59.3 million for each of the first quarters of
    2016 and 2015.
  • Loss from continuing operations for the first quarter of 2016 was $2.3
    million, or $0.05 per basic and diluted share, compared to loss from
    continuing operations of $4.8 million, or $0.10 per basic and diluted
    share, for the same period in 2015.
  • Net loss for the first quarter of 2016 was $2.6 million, or $0.06 per
    basic and diluted share, compared to net loss of $5.3 million, or
    $0.11 per basic and diluted share, for the same period in 2015. Net
    loss for the first quarter of 2016 included a loss from discontinued
    operations of $0.3 million. Net loss for the first quarter of 2015
    included a loss from discontinued operations of $0.5 million.
  • EBITDA, EBITDAR, loss from continuing operations and net loss for the
    first quarter of 2016 included $0.3 million of noncash long lived
    asset impairment charges. EBITDA, EBITDAR, loss from continuing
    operations and net loss for the first quarter of 2015 included $2.4
    million of reserve for historical Medicare payments Five Star received
    and expects to repay in connection with the Compliance Assessment and
    $2.3 million in estimated penalties, compliance costs and professional
    fees related to the Compliance Assessment.
  • A reconciliation of loss from continuing operations determined in
    accordance with U.S. generally accepted accounting principles, or
    GAAP, to EBITDA, Adjusted EBITDA and Adjusted EBITDAR for the quarters
    ended March 31, 2016 and 2015 appears later in this press release.

Operating Results for the quarter ended March 31, 2016 (continuing
operations):

  • Occupancy at owned and leased senior living communities for the first
    quarter of 2016 was 85.1%. For the quarter ended March 31, 2016, the
    calculation of occupancy includes only living units categorized as in
    service; prior period occupancy calculations included certain living
    units categorized as out of service.
  • The average monthly rate at owned and leased senior living communities
    for the first quarter of 2016 increased 0.7% to $4,654 from $4,623 for
    the same period in 2015.
  • The percentage of revenues derived from residents’ private resources
    at owned and leased senior living communities for the first quarter of
    2016 increased 80 bps to 78.1% from 77.3% for the same period in 2015.

Expansion and Disposition Activities:

In April and May 2016, Five Star entered into separate management
agreements with Senior Housing Properties Trust, or SNH, to manage two
senior living communities SNH owns. One of those senior living
communities is located in North Carolina and has 87 living units. The
other senior living community is located in Georgia and has 38 living
units.

Five Star expects to enter into a management agreement with SNH in the
second quarter of 2016 to manage a senior living community SNH owns
located in Alabama with 163 living units.

As of the date of this press release, Five Star continues to market for
sale one community it owns with 32 living units that is reported as held
for sale and included in discontinued operations in Five Star’s
financial statements.

Financing Activities:

In April 2016, Five Star extended the maturity date of its $150.0
million secured revolving credit facility to April 13, 2017. Five Star’s
former $25.0 million revolving line of credit, which was secured
primarily by accounts receivable from Medicare and Medicaid, matured in
March 2016, and Five Star determined not to extend or replace this
facility.

Conference Call:

On May 4, 2016, at 10:00 a.m. Eastern Time, Five Star will host a
conference call to discuss its first quarter 2016 results. Following
management’s presentation, there will be a question and answer period.

The conference call telephone number is (877) 329-4332. Participants
calling from outside the United States and Canada should dial (412)
317-5436. No pass code is necessary to access the call from either
number. Participants should dial in about 15 minutes prior to the
scheduled start of the call. A replay of the conference call will be
available through 11:59 p.m. Eastern Time on Wednesday, May 11, 2016. To
hear the replay, dial (412) 317-0088. The replay pass code is 10084028.

A live audio webcast of the conference call will also be available in a
listen only mode on Five Star’s website at www.fivestarseniorliving.com.
Participants wanting to access the webcast should visit Five Star’s
website about five minutes before the call. The archived webcast will be
available for replay on Five Star’s website for about one week after the
call. The transcription, recording and retransmission in any way of
Five Star’s first quarter 2016 conference call are strictly prohibited
without the prior written consent of Five Star.
Five Star’s website
is not incorporated as part of this press release.

About Five Star Quality Care, Inc.:

Five Star Quality Care, Inc. is a senior living and healthcare services
company. As of March 31, 2016, Five Star operated 274 senior living
communities (excluding one senior living community it has classified as
a discontinued operation) with 31,051 living units located in 32 states,
including 214 communities (22,911 living units) that it owns or leases
and 60 communities (8,140 living units) that it manages. These
communities include independent living, assisted living, continuing care
retirement communities and skilled nursing communities. Five Star is
headquartered in Newton, Massachusetts.

WARNING CONCERNING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER FIVE STAR
USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”,
“ESTIMATE”, “MAY” OR SIMILAR EXPRESSIONS, FIVE STAR IS MAKING FORWARD
LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON FIVE
STAR’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY FIVE STAR’S
FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

  • MR. MACKEY, FIVE STAR’S PRESIDENT AND CHIEF EXECUTIVE OFFICER, HAS
    MADE STATEMENTS IN THIS PRESS RELEASE REGARDING INCREASES IN SENIOR
    LIVING REVENUE, MANAGEMENT FEE REVENUE AND AVERAGE MONTHLY RATES AND
    STRONG EXPENSE CONTROLS. THERE CAN BE NO ASSURANCE THAT FIVE STAR WILL
    HAVE CONTINUED SUCCESS INCREASING SENIOR LIVING REVENUES OR MANAGEMENT
    FEE REVENUE, THAT AVERAGE MONTHLY RATES WILL CONTINUE TO INCREASE OR
    THAT EXPENSES WILL CONTINUE TO BE CONTROLLED; AND, AS A RESULT, FIVE
    STAR’S FINANCIAL RESULTS COULD DECLINE,
  • MR. MACKEY HAS ALSO MADE STATEMENTS IN THIS PRESS RELEASE REGARDING
    CONTINUED IMPROVEMENT OF FIVE STAR’S COMMUNITIES THROUGH SELECTIVE
    EXPANSIONS AND RENOVATIONS AND POTENTIAL GROWTH OPPORTUNITIES IN FIVE
    STAR’S EXISTING BUSINESSES. THERE CAN BE NO ASSURANCE THAT FIVE STAR
    WILL CONTINUE TO IMPROVE ITS COMMUNITIES THROUGH EXPANSIONS OR
    RENOVATIONS OR OTHERWISE OR THAT ANY POTENTIAL GROWTH OPPORTUNITIES
    WILL BE REALIZED,
  • FIVE STAR EXPECTS TO ENTER INTO A MANAGEMENT AGREEMENT WITH SNH IN THE
    SECOND QUARTER OF 2016 TO MANAGE A SENIOR LIVING COMMUNITY SNH OWNS.
    FIVE STAR MAY NOT BE ABLE TO ENTER INTO THIS MANAGEMENT AGREEMENT ON
    ACCEPTABLE TERMS OR OTHERWISE, AND FIVE STAR’S ENTRY INTO THIS
    MANAGEMENT AGREEMENT MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS MAY
    CHANGE, AND
  • FIVE STAR CONTINUES TO MARKET FOR SALE ONE COMMUNITY IT OWNS. FIVE
    STAR MAY NOT BE ABLE TO SELL THIS COMMUNITY ON ACCEPTABLE TERMS OR
    OTHERWISE, AND THE SALE OF THIS COMMUNITY MAY NOT OCCUR.

THE INFORMATION CONTAINED IN FIVE STAR’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS”
IN FIVE STAR’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES
OTHER IMPORTANT FACTORS THAT COULD CAUSE FIVE STAR’S ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY FIVE STAR’S FORWARD
LOOKING STATEMENTS. FIVE STAR’S FILINGS WITH THE SEC ARE AVAILABLE ON
THE SEC’S WEBSITE AT WWW.SEC.GOV.

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, FIVE STAR DOES NOT INTEND TO UPDATE OR CHANGE
ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE.

 

FIVE STAR QUALITY CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

       
Three Months Ended March 31,
2016 2015
Revenues:
Senior living revenue $ 280,090 $ 275,173
Management fee revenue 2,804 2,523
Reimbursed costs incurred on behalf of managed communities   61,318   56,277
Total revenues   344,212   333,973
 
Operating expenses:
Senior living wages and benefits 135,804 133,253
Other senior living operating expenses 69,741 72,225
Costs incurred on behalf of managed communities 61,318 56,277
Rent expense 50,095 49,628
General and administrative expenses 18,103 17,982
Depreciation and amortization expense 9,599 8,095
Long lived asset impairment   306  
Total operating expenses   344,966   337,460
 
Operating loss (754) (3,487)
 
Interest, dividend and other income 265 220
Interest and other expense (1,501) (1,354)
(Loss) gain on sale of available for sale securities reclassified
from other comprehensive income
  (109)   20
 
Loss from continuing operations before income taxes and equity in
earnings of an investee
(2,099) (4,601)
Provision for income taxes (289) (304)
Equity in earnings of an investee   77   72
Loss from continuing operations (2,311) (4,833)
Loss from discontinued operations   (312)   (469)
 
Net loss $ (2,623) $ (5,302)
 
 
Weighted average shares outstanding—basic and diluted   48,792   48,364
 
Basic and diluted loss per share from:
Continuing operations $ (0.05) $ (0.10)
Discontinued operations   (0.01)   (0.01)
Net loss per share—basic and diluted $ (0.06) $ (0.11)
 
         

FIVE STAR QUALITY CARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 
March 31, December 31,
2016 2015
Assets
Current assets:
Cash and cash equivalents $ 12,333 $ 14,672
Accounts receivable, net of allowance 37,398 37,829
Due from related persons 13,072 9,731
Investments in available for sale securities 25,486 26,417
Restricted cash 3,705 3,301
Prepaid and other current assets 19,445 19,138
Assets of discontinued operations   586   981
Total current assets   112,025   112,069
 
Property and equipment, net 383,943 383,858
Restricted cash 2,556 2,821
Restricted investments in available for sale securities 23,794 23,166
Equity investment and other long term assets   8,406   9,856
Total assets $ 530,724 $ 531,770
 
Liabilities and Shareholders’ Equity
Current liabilities:
Revolving credit facility $ 60,000 $ 50,000
Other current liabilities   182,341   193,920
Total current liabilities   242,341   243,920
 
Mortgage notes payable 59,929 60,396
Other long term liabilities 45,321 43,002
Shareholders’ equity   183,133   184,452
Total liabilities and shareholders’ equity $ 530,724 $ 531,770

 

     

FIVE STAR QUALITY CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
Three Months Ended March 31,
2016 2015
Cash flows from operating activities:
Net loss $ (2,623) $ (5,302)
Adjustments to reconcile net loss to cash (used in) provided by
operating activities:
Depreciation and amortization 9,599 8,095
Loss from discontinued operations before income tax 312 469
Loss (gain) on sale of available for sale securities reclassified
from other comprehensive income
109 (20)
Loss on disposal of property and equipment 11 7
Long lived asset impairment 306
Equity in earnings of an investee (77) (72)
Stock based compensation 218 300
Provision for losses on receivables 793 1,696
Other noncash (income) expense adjustments, net (141) 406
Changes in assets and liabilities:
Accounts receivable (362) (2,140)
Prepaid expenses and other assets 555 1,853
Accounts payable and accrued expenses (11,025) 2,385
Accrued compensation and benefits 10,871 6,052
Due to/from related persons, net (4,331) 4,175
Other current and long term liabilities   (8,877)   (1,916)
Cash (used in) provided by operating activities   (4,662)   15,988
 
Cash flows from investing activities:
(Increase) decrease in restricted cash and investment accounts, net (139) 174
Acquisition of property and equipment (14,270) (11,550)
Purchases of available for sale securities (2,911) (234)
Proceeds from sale of property and equipment to Senior Housing
Properties Trust
5,755 4,060
Proceeds from sale of available for sale securities   4,114   2,736
Cash used in investing activities   (7,451)   (4,814)
 
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility 15,000
Repayments of borrowings on revolving credit facility (5,000) (5,000)
Repayments of mortgage notes payable   (313)   (438)
Cash provided by (used in) financing activities   9,687   (5,438)
 
Cash flows from discontinued operations:
Net cash provided by (used in) operating activities 95 (42)
Net cash used in investing activities   (8)   (12)
Net cash flows provided by (used in) discontinued operations   87   (54)
 
Change in cash and cash equivalents (2,339) 5,682
Cash and cash equivalents at beginning of period   14,672   20,988
Cash and cash equivalents at end of period $ 12,333 $ 26,670
 
Supplemental cash flow information:
Cash paid for interest $ 1,517 $ 969
Cash paid for income taxes, net $ 208 $ 182

 

   

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

(unaudited)

 

Non-GAAP financial measures are financial measures that are not
determined in accordance with U.S. generally accepted accounting
principles, or GAAP. Five Star considers these Non-GAAP financial
measures to be meaningful disclosures because it believes that the
presentation of these Non-GAAP financial measures may help
investors to gain a better understanding of changes in its
operating results, and may also help investors who wish to make
comparisons between Five Star and other companies on both a GAAP
and a non-GAAP basis. These Non-GAAP financial measures are used
by management to evaluate Five Star’s financial performance and
for comparing Five Star’s performance over time and to the
performance of its competitors. This information should not be
considered as an alternative to income (loss) from continuing
operations, net income (loss), cash flows from operating
activities or any other financial operating or performance or
liquidity measure established by GAAP. Non-GAAP financial measures
as presented by Five Star may not be comparable to amounts
calculated by other companies.

 

The following table presents the reconciliation of these Non-GAAP
financial measures to loss from continuing operations, the most
directly comparable financial measure under GAAP reported in Five
Star’s condensed consolidated financial statements, for the three
months ended March 31, 2016 and 2015.

 
 
For the three months
ended March 31,
2016 2015
Loss from continuing operations $ (2,311) $ (4,833)
Add: interest and other expense 1,501 1,354
Add: income tax expense 289 304
Add: depreciation and amortization 9,599 8,095
Less: interest, dividend and other income   (265)   (220)
EBITDA 8,813 4,700
Add (less):
Long lived asset impairments 306
Costs related to compliance assessment 4,705 (1)
Financial accounting restatement and remediation costs 210
Acquisition related costs 41
Loss (gain) on sale of investments in available for sale securities   109   (20)
Adjusted EBITDA 9,228 9,636
Add: Rent expense   50,095   49,628
Adjusted EBITDAR $ 59,323 $ 59,264

(1) Includes a $2.4 million revenue reserve for historical Medicare
payments Five Star received and expects to repay in connection with the
Compliance Assessment and $2.3 million of estimated penalties,
compliance costs and professional fees related to the Compliance
Assessment.

 

FIVE STAR QUALITY CARE, INC.

SENIOR LIVING COMMUNITY FINANCIAL DATA(1)

(in thousands)

(unaudited)

       
Three months ended March 31, (2)
2016 2015
Senior living revenue:
Independent and assisted living community revenue (owned) $ 30,637 $ 29,524
Independent and assisted living community revenue (leased) 102,080 100,110
Continuing care retirement community revenue (leased) 98,821 100,256
Skilled nursing facility revenue (leased)(3) 44,044 41,306
Other(4)   4,508   3,977
Total senior living revenue (owned and leased) $ 280,090 $ 275,173
 
Senior living wages and benefits:
Independent and assisted living community wages and benefits (owned) $ 12,556 $ 12,015
Independent and assisted living community wages and benefits (leased) 43,212 41,845
Continuing care retirement community wages and benefits (leased) 49,635 49,723
Skilled nursing facility wages and benefits (leased) 28,196 27,719
Other(4)   2,205   1,951
Total senior living wages and benefits (owned and leased) $ 135,804 $ 133,253
 
Senior living other operating expenses:
Independent and assisted living community other operating expenses
(owned)
$ 7,456 $ 7,181
Independent and assisted living community other operating expenses
(leased)
24,772 24,842
Continuing care retirement community other operating expenses
(leased)
25,171 25,595
Skilled nursing facility other operating expenses (leased)(5) 11,503 13,973
Other(4)   839   634
Total senior living operating expenses (owned and leased) $ 69,741 $ 72,225

(1) Excludes data for managed communities and discontinued operations.
(2)
The number of owned and leased communities between January 1, 2015 and
March 31, 2016 increased by two due to the acquisition of two senior
living communities in November 2015; separate same store comparable
senior living community financial data is not presented because the
differences between that data and the data for all owned and leased
communities are not material.
(3) Skilled nursing facility revenue
for the three months ended March 31, 2015 is net of a $2.4 million
reserve for historical Medicare payments Five Star received and expects
to repay in connection with the Compliance Assessment.
(4) Other
senior living revenue and expenses relate primarily to rehabilitation
and other specialty service revenues and expenses provided at the senior
living communities owned and leased by Five Star.
(5) Skilled
nursing facility other operating expenses for the three months ended
March 31, 2015 includes $2.3 million of estimated penalties, compliance
costs and professional fees related to the Compliance Assessment.

 

FIVE STAR QUALITY CARE, INC.

SENIOR LIVING OTHER OPERATING DATA(1)

(unaudited)

                     
 
Three months ended
March 31, December 31, September 30, June 30, March 31,
2016 2015 2015 2015 2015
Independent and assisted living communities (owned):
Number of communities (end of period) 33 33 31 31 31
Number of units (end of period)(2) 3,211 3,215 3,064 3,064 3,064
Occupancy(2) 85.5% 85.9% 86.3% 87.1% 87.9%
Avg. monthly rate(3) $ 3,630 $ 3,569 $ 3,596 $ 3,602 $ 3,594
 
Independent and assisted living communities (leased):
Number of communities (end of period) 119 119 119 119 119
Number of units (end of period)(2) 9,891 9,908 9,909 9,909 9,909
Occupancy(2) 87.5% 88.2% 87.8% 87.7% 88.0%
Avg. monthly rate(3) $ 3,891 $ 3,825 $ 3,815 $ 3,819 $ 3,820
 
Continuing care retirement communities (leased):
Number of communities (end of period) 31 31 31 31 31
Number of units (end of period)(2)(4) 7,208 7,297 7,319 7,319 7,319
Occupancy(2) 83.2% 82.9% 82.8% 83.3% 83.8%
Avg. monthly rate(3) $ 5,432 $ 5,368 $ 5,313 $ 5,384 $ 5,450
 
Skilled nursing facilities (leased):
Number of communities (end of period) 31 31 31 31 31
Number of units (end of period)(2)(5) 2,601 2,807 2,807 2,807 2,807
Occupancy(2) 81.2% 78.5% 79.3% 78.4% 78.6%
Avg. monthly rate(3) $ 6,893 $ 6,632 $ 6,632 $ 6,652 $ 6,752
                                           
Total senior living communities (owned and leased):
Number of communities (end of period) 214 214 212 212 212
Number of units (end of period)(2) 22,911 23,227 23,099 23,099 23,099
Occupancy(2) 85.1% 85.0% 85.0% 85.1% 85.5%
Avg. monthly rate(3)       $ 4,654     $ 4,577     $ 4,567     $ 4,591     $ 4,623
 
Managed communities:
Number of communities (end of period) 60 60 60 60 46
Number of units (end of period)(2)(6) 8,140 8,190 8,211 8,168 7,290
Occupancy(2) 87.3% 87.5% 87.5% 88.1% 88.0%
Avg. monthly rate(3) $ 4,270 $ 4,174 $ 4,151 $ 4,215 $ 4,300
 
Other ancillary services:
Rehabilitation and wellness inpatient clinics (end of period) 49 49 49 48 48
Rehabilitation and wellness outpatient clinics (end of period) 67 63 61 60 58
Home health communities served (end of period) 16 14 15 15 13

(1) Excludes data for discontinued operations.
(2) For the quarter
ended March 31, 2016, the calculation of occupancy includes only living
units categorized as in service; prior period occupancy calculations
included certain living units categorized as out of service.
(3)
Average monthly rate is calculated by taking the average daily rate,
which is defined as total operating revenues divided by occupied units
during the period, and multiplying it by 30 days.
(4) Includes
1,949 skilled nursing units in communities where assisted living and
independent living services are the predominant services provided.
(5)
Includes 69 assisted living and independent living units in communities
where skilled nursing services are the predominant services provided.
(6)
Includes 463 skilled nursing units in communities where assisted living
and independent living services are the predominant services provided.

           

FIVE STAR QUALITY CARE, INC.

PERCENT BREAKDOWN OF SENIOR LIVING COMMUNITY REVENUES(1)

(unaudited)

 
 
Three Months Ended March 31,
2016 2015
Independent and assisted living communities (owned):
Private and other sources 99.4% 99.4%
Medicaid   0.6%   0.6%
Total   100.0%   100.0%
 
Independent and assisted living communities (leased):
Private and other sources 98.9% 99.1%
Medicaid   1.1%   0.9%
Total   100.0%   100.0%
 
Continuing care retirement communities (leased):
Private and other sources 73.5% 72.2%
Medicare 19.8% 21.4%
Medicaid   6.7%   6.4%
Total   100.0%   100.0%
 
Skilled nursing facilities (leased):
Private and other sources 25.6% 25.7%
Medicare 20.9% 25.3%
Medicaid   53.5%   49.0%
Total   100.0%   100.0%
 
Total senior living communities (owned and leased):
Private and other sources 78.1% 77.3%
Medicare 10.5% 12.0%
Medicaid   11.4%   10.7%
Total   100.0%   100.0%

Contacts

Five Star Quality Care, Inc.
Brad Shepherd, 617-796-8245
Director,
Investor Relations

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