Viernes 20 de Abril 2018

Five Star Senior Living Inc. Announces Third Quarter 2017 Results

NEWTON, Mass.–(BUSINESS WIRE)–Five Star Senior Living Inc. (Nasdaq: FVE) today announced its financial
results for the quarter ended September 30, 2017.

Financial Results for the quarter ended September 30,
2017:

  • Senior living revenue for the third quarter of 2017 increased 0.1% to
    $279.7 million from $279.3 million for the same period in
    2016, primarily due to an increase in average monthly rates to
    residents who pay privately for services, offset by a decrease in
    occupancy. Management fee revenue for the third quarter of 2017
    increased 2.3% to $3.4 million from $3.3 million for the same period
    in 2016, primarily due to an increase in the number of managed
    communities compared to the same period in 2016.
  • Net loss for the third quarter of 2017 was $6.6 million, or $0.13 per
    diluted share, compared to net loss of $5.9 million, or $0.12 per
    diluted share, for the same period in 2016. Net loss for the third
    quarter of 2017 included a $0.8 million, or $0.02 per diluted share,
    payment that Five Star received from its former liability insurer
    related to a previously disclosed litigation settlement by Five Star,
    or our litigation recovery. Net loss for the third quarter of 2016
    included a benefit for income taxes of $0.9 million, or $0.02 per
    diluted share, related to a reduction of previously accrued estimated
    state tax expense.
  • Earnings from continuing operations before interest, taxes,
    depreciation and amortization, or EBITDA, for the third quarter of
    2017 was $4.1 million compared to $3.3 million for the same period in
    2016. EBITDA excluding certain items noted in the supplemental
    information provided below, or Adjusted EBITDA, was $3.3 million and
    $4.3 million for the third quarters of 2017 and 2016, respectively. A
    reconciliation of loss from continuing operations determined in
    accordance with U.S. generally accepted accounting principles, or
    GAAP, to EBITDA and Adjusted EBITDA for the third quarters of 2017 and
    2016 appears later in this press release.

Operating Results for the quarter ended September 30,
2017 (continuing operations):

  • Occupancy at owned and leased senior living communities for the third
    quarter of 2017 was 83.0% compared to 83.8% for the same period in
    2016.
  • The average monthly rate at owned and leased senior living communities
    for the third quarter of 2017 increased 0.9% to $4,648 from $4,608 for
    the same period in 2016.
  • The percentage of revenue derived from residents’ private resources at
    owned and leased senior living communities for the third quarter of
    2017 was 78.1% compared to 78.6% for the same period in 2016.

Financial Results for the nine months ended September 30, 2017:

  • Senior living revenue for the nine months ended September 30, 2017
    increased 0.1% to $842.9 million from $842.3 million for the same
    period in 2016. The increase in senior living revenue is primarily a
    result of an increase in average monthly rates to residents who pay
    privately for services, partially offset by a decrease in occupancy
    and a $1.0 million reversal in revenue reserves during the 2016 period
    as a result of the final settlement amount of the previously disclosed
    Medicare compliance assessment at one of Five Star’s skilled nursing
    facilities, or the Compliance Assessment, being less than the
    previously estimated amount. Management fee revenue for the nine
    months ended September 30, 2017 increased 17.6% to $10.5 million from
    $9.0 million for the same period in 2016. The increase in management
    fee revenue was primarily due to an increase in the number of managed
    communities compared to the same period in 2016 and the modifications
    to the calculations of management fees under Five Star’s management
    arrangements that became effective on July 1, 2016.
  • Net loss for the nine months ended September 30, 2017 was $19.9
    million, or $0.40 per diluted share, compared to net loss of $16.2
    million, or $0.33 per diluted share, for the same period in 2016. Net
    loss for the nine months ended September 30, 2017 included our $0.8
    million, or $0.02 per diluted share, litigation recovery and a benefit
    for income taxes of $1.3 million, or $0.03 per diluted share,
    resulting primarily from monetizing alternative minimum tax credits in
    the second quarter of 2017. Net loss for the same period in 2016
    included a $1.5 million, or $0.03 per diluted share, reversal in
    revenue reserves and accrued liability for estimated penalties related
    to the Compliance Assessment and a provision for income taxes of $2.8
    million, or $0.06 per diluted share.
  • EBITDA for the nine months ended September 30, 2017 was $10.5 million
    compared to $18.8 million for the same period in 2016. Adjusted EBITDA
    was $10.0 million and $19.3 million for the nine months ended
    September 30, 2017 and 2016, respectively. A reconciliation of loss
    from continuing operations determined in accordance with GAAP to
    EBITDA and Adjusted EBITDA for the nine months ended September 30,
    2017 and 2016 appears later in this press release.

Other:

In September 2017, Five Star prepaid a 6.47% mortgage note that had a
principal balance of approximately $13.1 million. In connection with
this prepayment, Five Star recorded a gain of approximately $0.1 million
on early extinguishment of debt, net of unamortized premiums and a
prepayment penalty equal to 1% of the principal prepaid, during the
third quarter of 2017.

In November 2017, Five Star entered an agreement to sell six senior
living communities to Senior Housing Properties Trust (Nasdaq: SNH) for
an aggregate sales price of approximately $104.0 million, including, as
of September 30, 2017, $2.4 million of mortgage debt that will be
prepaid at closing with proceeds from the sale and SNH’s assumption of
approximately $33.7 million of mortgage debt securing certain of these
senior living communities and excluding closing costs. Five Star expects
to enter management and pooling arrangements with SNH to manage these
senior living communities as these sales occur. These sales are subject
to conditions, including SNH’s assumption of any applicable mortgage
debt and receipt of any applicable regulatory approvals. The closings of
these sales are expected to occur as third party approvals are received
between now and the end of the first quarter of 2018.

Conference Call:

On November 9, 2017, at 10:00 a.m. Eastern Time, Five Star will host a
conference call to discuss its third quarter 2017 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 Thursday, November 16,
2017. To hear the replay, dial (412) 317-0088. The replay pass code is
10113372.

A live audio webcast of the conference call will also be available in a
listen only mode on Five Star’s website, which is located 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
third quarter 2017 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 Senior Living Inc.:

Five Star Senior Living Inc. is a senior living and healthcare services
company. As of September 30, 2017, Five Star operated 283 senior living
communities with 31,812 living units located in 32 states, including 215
communities (23,005 living units) that it owned or leased and 68
communities (8,807 living units) that it managed. 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”, “WILL”, “MAY” AND NEGATIVES OR DERIVATIVES OF THESE 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:

  • FIVE STAR HAS ENTERED AN AGREEMENT TO SELL SIX SENIOR LIVING
    COMMUNITIES TO SNH FOR APPROXIMATELY $104.0 MILLION, INCLUDING $2.4
    MILLION OF MORTGAGE DEBT THAT WILL BE PREPAID AT CLOSING WITH PROCEEDS
    FROM THE SALE AND SNH’S ASSUMPTION OF APPROXIMATELY $33.7 MILLION OF
    MORTGAGE DEBT AND EXCLUDING CLOSING COSTS, AND FIVE STAR EXPECTS TO
    ENTER MANAGEMENT AND POOLING ARRANGEMENTS WITH SNH TO MANAGE THESE
    SENIOR LIVING COMMUNITIES. THESE SALES ARE SUBJECT TO CONDITIONS.
    THESE CONDITIONS MAY NOT BE MET AND THESE SALES AND RELATED MANAGEMENT
    AND POOLING ARRANGEMENTS MAY NOT OCCUR, MAY BE DELAYED BEYOND THE
    FIRST QUARTER OF 2018 OR THEIR TERMS MAY CHANGE.

THE INFORMATION CONTAINED IN FIVE STAR’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “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 SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

2017       2016 2017       2016
Revenues:
Senior living revenue $ 279,654 $ 279,276 $ 842,938 $ 842,278
Management fee revenue 3,414 3,336 10,531 8,955
Reimbursed costs incurred on behalf of managed communities 64,033   62,099   194,346   180,623  
Total revenues 347,101   344,711   1,047,815   1,031,856  
Operating expenses:
Senior living wages and benefits 138,235 139,056 413,137 414,641
Other senior living operating expenses 71,238 70,890 219,119 212,565
Costs incurred on behalf of managed communities 64,033 62,099 194,346 180,623
Rent expense 51,779 50,625 154,524 150,837
General and administrative expenses 17,851 18,542 56,733 54,218
Depreciation and amortization expense 9,753 9,398 29,040 28,847
Long lived asset impairment 142   196   528   502  
Total operating expenses 353,031   350,806   1,067,427   1,042,233  
 
Operating loss (5,930 ) (6,095 ) (19,612 ) (10,377 )
 
Interest, dividend and other income 167 237 559 766
Interest and other expense (1,139 ) (945 ) (3,200 ) (3,957 )
Gain on early extinguishment of debt 143 143
Gain on sale of available for sale securities reclassified from
accumulated other comprehensive income, net of tax
70   12   351   247  
 
Loss from continuing operations before income taxes and equity in
earnings of an investee
(6,689 ) (6,791 ) (21,759 ) (13,321 )
Benefit (provision) for income taxes 55 934 1,330 (2,841 )
Equity in earnings of an investee, net of tax 31   13   533   107  
Loss from continuing operations (6,603 ) (5,844 ) (19,896 ) (16,055 )
Loss from discontinued operations   (53 )     (131 )
 
Net loss $ (6,603 ) $ (5,897 ) $ (19,896 ) $ (16,186 )
 
Weighted average shares outstanding—basic and diluted 49,242   48,846   49,199   48,817  
 
Basic and diluted loss per share from:
Continuing operations $ (0.13 ) $ (0.12 ) $ (0.40 ) $ (0.33 )
Discontinued operations        
Net loss per share—basic and diluted $ (0.13 ) $ (0.12 ) $ (0.40 ) $ (0.33 )
 
           

FIVE STAR SENIOR LIVING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 
September 30, December 31,
2017 2016
Assets
Current assets:
Cash and cash equivalents $ 8,706 $ 16,608
Accounts receivable, net of allowance 37,489 38,324
Due from related persons 8,149 17,010
Investments in available for sale securities 24,307 24,081
Restricted cash 19,776 15,059
Prepaid expenses and other current assets 25,829   18,305
Total current assets 124,256   129,387
 
Property and equipment, net 346,845 351,929
Restricted cash 1,316 1,909
Restricted investments in available for sale securities 12,220 16,589
Equity investment of an investee and other long term assets 12,419   9,920
Total assets $ 497,056   $ 509,734
 
Liabilities and Shareholders’ Equity
Current liabilities:
Revolving credit facility $ 5,000 $
Other current liabilities 197,756   172,993
Total current liabilities 202,756   172,993
 
Mortgage notes payable 44,269 58,494
Deferred gain on sale and leaseback transaction 67,739 72,695
Other long term liabilities 36,689 41,286
Shareholders’ equity 145,603   164,266
Total liabilities and shareholders’ equity $ 497,056   $ 509,734
 
     

FIVE STAR SENIOR LIVING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

Nine Months Ended
September 30,

2017       2016
Cash flows from operating activities:
Net loss $ (19,896 ) $ (16,186 )
Adjustments to reconcile net loss to cash provided by (used in)
operating activities:
Depreciation and amortization expense 29,040 28,847
Gain on early extinguishment of debt (298 )
Loss from discontinued operations 131
Gain on sale of available for sale securities reclassified from
accumulated other comprehensive income, net of tax
(351 ) (247 )
Loss on disposal of property and equipment 202 70
Long lived asset impairment 528 502
Equity in earnings of an investee, net of tax (533 ) (107 )
Stock based compensation 784 749
Provision for losses on receivables 3,632 2,598
Amortization of deferred gain on sale and leaseback transaction (4,956 ) (1,688 )
Other noncash expense (income) adjustments, net 325 (375 )
Changes in assets and liabilities:
Accounts receivable (2,797 ) (2,809 )
Prepaid expenses and other assets (8,853 ) (2,314 )
Accounts payable and accrued expenses 3,821 (22,297 )
Accrued compensation and benefits 8,613 8,641
Due from related persons, net 9,131 222
Other current and long term liabilities 6,642   (2,716 )
Cash provided by (used in) operating activities 25,034   (6,979 )
 
Cash flows from investing activities:
Increase in restricted cash and investment accounts, net (4,124 ) (6,833 )
Acquisition of property and equipment (55,049 ) (40,825 )
Purchases of available for sale securities (10,895 ) (6,780 )
Proceeds from sale of improvements made to leased communities 30,698 15,180
Proceeds from sale of land 750
Proceeds from sale and leaseback transaction 112,350
Proceeds from sale of available for sale securities 15,681   13,508  
Cash (used in) provided by investing activities (22,939 ) 86,600  
 
Cash flows from financing activities:
Proceeds from borrowings on revolving credit facility 40,000 25,000
Repayments of borrowings on revolving credit facility (35,000 ) (75,000 )
Repayments of mortgage notes payable (14,111 ) (934 )
Payment of deferred financing fees (1,889 ) (300 )
Cash used in financing activities (11,000 ) (51,234 )
 
Cash flows from discontinued operations:
Net cash provided by operating activities 1,003 130
Net cash used in investing activities   (15 )
Net cash flows provided by discontinued operations 1,003   115  
 
Change in cash and cash equivalents (7,902 ) 28,502
Cash and cash equivalents at beginning of period 16,608   14,672  
Cash and cash equivalents at end of period $ 8,706   $ 43,174  
 
Supplemental cash flow information:
Cash paid for interest $ 2,913 $ 3,920
Cash paid for income taxes, net $ 275 $ 2,657
 
 

FIVE STAR SENIOR LIVING INC.
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(in thousands)
(unaudited)

Non-GAAP financial measures are financial measures that are not
determined in accordance with GAAP. Five Star considers these Non-GAAP
financial measures to be meaningful supplemental disclosures because it
believes that the presentation of these Non-GAAP financial measures may
help investors gain a better understanding of changes in Five Star’s
operating results and its ability to pay rent or service debt, make
capital expenditures and expand its business. These Non-GAAP financial
measures also may help investors who wish to make comparisons between
Five Star and other companies on both a GAAP and a non-GAAP basis.

The Non-GAAP financial measures presented 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
supplemental information should not be considered as an alternative to
income (loss) from continuing operations or net income (loss), as an
indicator of Five Star’s operating performance or as a measure of Five
Star’s liquidity. Non-GAAP financial measures as presented by Five Star
may not be comparable to amounts calculated by other companies.

Five Star believes that income (loss) from continuing operations is the
most directly comparable financial measure determined according to GAAP
to Five Star’s presentation of EBITDA and Adjusted EBITDA. The following
table presents the reconciliation of these Non-GAAP financial measures
to loss from continuing operations for the three and nine months ended
September 30, 2017 and 2016.

           

For the three months
ended September 30,

For the nine months

ended September 30,

2017       2016 2017       2016
Loss from continuing operations $ (6,603 ) $ (5,844 ) $ (19,896 ) $ (16,055 )
Add: interest and other expense 1,139 945 3,200 3,957
Add: (benefit) provision for income taxes (1) (55 ) (934 ) (1,330 ) 2,841
Add: depreciation and amortization expense 9,753 9,398 29,040 28,847
Less: interest, dividend and other income (167 ) (237 ) (559 ) (766 )
EBITDA 4,067   3,328   10,455   18,824  
Add: long lived asset impairment 142 196 528 502
Less: costs related to the Compliance Assessment (2) (1,498 )
Less: litigation recovery (800 ) (800 )
Add: transaction costs 730 1,480
Less: gain on early extinguishment of debt (143 )   (143 )  
Adjusted EBITDA $ 3,266   $ 4,254   $ 10,040   $ 19,308  
 

(1) The 2017 nine month period includes Five Star’s monetization of
alternative minimum tax credits.
(2) Includes a reversal in revenue
reserves and accrued liability for estimated penalties related to the
Compliance Assessment.

           

FIVE STAR SENIOR LIVING INC.

SENIOR LIVING COMMUNITY FINANCIAL DATA(1)

(in thousands)

(unaudited)

 

Three months ended
September 30, (2)

Nine months ended
September 30, (2)

2017       2016 2017       2016
Senior living revenue:
Independent and assisted living community revenue (owned) (3) $ 23,870 $ 23,632 $ 71,445 $ 70,518
Independent and assisted living community revenue (leased) (3) 109,028 108,364 325,780 326,413
Continuing care retirement community revenue (leased) 96,842 97,629 293,733 294,234
Skilled nursing facility revenue (leased) 42,319 42,626 129,328 130,733
Other (4) 7,595   7,025   22,652   20,380
Total senior living revenue (owned and leased) $ 279,654   $ 279,276   $ 842,938   $ 842,278
 
Senior living wages and benefits:
Independent and assisted living community wages and benefits (owned) (3) $ 9,990 $ 10,053 $ 29,687 $ 29,656
Independent and assisted living community wages and benefits
(leased) (3)
46,895 46,541 139,624 138,787
Continuing care retirement community wages and benefits (leased) 49,748 50,074 149,574 149,334
Skilled nursing facility wages and benefits (leased) 25,372 28,274 80,806 83,509
Other (4) 6,230   4,114   13,446   13,355
Total senior living wages and benefits (owned and leased) $ 138,235   $ 139,056   $ 413,137   $ 414,641
 
Other senior living operating expenses:
Independent and assisted living community other operating expenses
(owned) (3)
$ 6,090 $ 6,161 $ 18,848 $ 18,676
Independent and assisted living community other operating expenses
(leased) (3)
26,170 26,530 80,964 79,905
Continuing care retirement community other operating expenses
(leased)
24,834 25,405 77,423 75,939
Skilled nursing facility other operating expenses (leased) 10,494 11,258 35,019 33,908
Other (4) 3,650   1,536   6,865   4,137
Total senior living operating expenses (owned and leased) $ 71,238   $ 70,890   $ 219,119   $ 212,565
 

(1) Excludes data for managed communities and discontinued operations.
(2)
The number of owned and leased communities between January 1, 2016 and
September 30, 2017 increased by one due to the leasing of two senior
living communities in December 2016, partially offset by the sale in
September 2016 of one leased community that was not classified as held
for sale; separate 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 to Five Star’s
operating results.
(3) Data presents the seven communities that
were sold as part of the June 2016 sale and leaseback transaction as
leased for all periods presented.
(4) Other senior living revenue
and expenses primarily relate to rehabilitation and other specialty
service revenues and expenses provided at owned and leased senior living
communities.

     

FIVE STAR SENIOR LIVING INC.

SENIOR LIVING OTHER OPERATING DATA(1)

(unaudited)

 
Three months ended
September 30,       June 30,       March 31,       December 31,       September 30,
2017 2017 2017 2016 2016
Independent and assisted living communities (owned):(2)
Number of communities (end of period) 26 26 26 26 26
Number of units (end of period) 2,703 2,703 2,703 2,703 2,703
Occupancy(3) 82.9 % 83.4 % 83.6 % 84.6 % 83.5 %
Avg. monthly rate(4) $ 3,410 $ 3,427 $ 3,437 $ 3,346 $ 3,354
 
Independent and assisted living communities (leased):(2)
Number of communities (end of period) 128 128 128 128 126
Number of units (end of period) 10,537 10,537 10,536 10,567 10,439
Occupancy(3) 84.6 % 84.6 % 85.0 % 85.4 % 85.7 %
Avg. monthly rate(4) $ 3,981 $ 4,006 $ 4,016 $ 3,925 $ 3,942
 
Continuing care retirement communities (leased):
Number of communities (end of period) 31 31 31 31 31
Number of units (end of period)(5) 7,163 7,172 7,171 7,171 7,204
Occupancy(3) 81.6 % 81.8 % 82.9 % 82.8 % 82.3 %
Avg. monthly rate(4) $ 5,400 $ 5,490 $ 5,562 $ 5,391 $ 5,366
 
Skilled nursing facilities (leased):
Number of communities (end of period) 30 30 30 30 30
Number of units (end of period)(6) 2,602 2,602 2,601 2,601 2,601
Occupancy(3) 80.1 % 79.7 % 79.8 % 80.0 % 80.2 %
Avg. monthly rate(4) $ 6,725 $ 6,973 $ 7,079 $ 6,977 $ 6,668
                                         
Total senior living communities (owned and leased):
Number of communities (end of period) 215 215 215 215 213
Number of units (end of period) 23,005 23,014 23,011 23,042 22,947
Occupancy(3) 83.0 % 83.1 % 83.6 % 83.9 % 83.8 %
Avg. monthly rate(4)       $ 4,648         $ 4,715         $ 4,756         $ 4,639         $ 4,608  
 
Managed communities:
Number of communities (end of period) 68 68 68 68 63
Number of units (end of period)(7) 8,807 8,806 8,798 8,788 8,402
Occupancy(3) 85.8 % 85.7 % 86.0 % 86.6 % 86.4 %
Avg. monthly rate(4) $ 4,243 $ 4,297 $ 4,322 $ 4,222 $ 4,207
 
Other ancillary services:
Ageility physical therapy inpatient clinics (end of period) 47 47 48 48 48
Ageility physical therapy outpatient clinics (end of period) 88 85 80 76 76
Home health communities served (end of period) 15 13 18 16 16
 

Contacts

Five Star Senior Living Inc.
Brad Shepherd, 617-796-8245
Director,
Investor Relations

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