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. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share data) |
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(unaudited) |
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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. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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(unaudited) |
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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 |
|
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FIVE STAR QUALITY CARE, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(in thousands) |
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(unaudited) |
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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 |
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
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(in thousands) |
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(unaudited) |
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Non-GAAP financial measures are financial measures that are not |
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The following table presents the reconciliation of these Non-GAAP |
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For the three months ended March 31, |
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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. |
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SENIOR LIVING COMMUNITY FINANCIAL DATA(1) |
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(in thousands) |
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(unaudited) |
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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. |
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SENIOR LIVING OTHER OPERATING DATA(1) |
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(unaudited) |
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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. |
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PERCENT BREAKDOWN OF SENIOR LIVING COMMUNITY REVENUES(1) |
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(unaudited) |
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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