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Five Star Senior Living Inc. (Nasdaq: FVE) announced it will release its third quarter 2021 financial results after the market closes on November 3, 2021. A conference call with CEO Katie Potter and other executives will be held on November 4, 2021, at 1:00 p.m. ET to discuss the results. Participants can join via phone or listen to a live audio webcast on the company’s website. The archived webcast will be available post-call. Five Star is a leading provider of senior living and rehabilitation services, managing over 20,000 older adults in the U.S.
Diversified Healthcare Trust (Nasdaq: DHC) recently announced new management agreements with Navion Senior Solutions for five assisted living communities in South Carolina and Omega Senior Living for one community in Nebraska. This brings the total to approximately 96% of communities transitioning from Five Star Senior Living to new operators. DHC is expected to finalize all management transitions by year-end 2021. The company's portfolio includes 392 properties and 28,000 senior living units, valued at $8.2 billion as of June 30, 2021.
Diversified Healthcare Trust (Nasdaq: DHC) announced the addition of five assisted living communities in Wisconsin, comprising 300 units, to its management agreement with Cedarhurst Senior Living. Additionally, a new management agreement was established with IntegraCare for two communities in Pennsylvania totaling 182 units. This brings the total to approximately 91% of the 108 senior living communities being transitioned from Five Star Senior Living (Nasdaq: FVE). DHC expects to complete all transitions by the end of the year.
Diversified Healthcare Trust (Nasdaq: DHC) has entered into a management agreement with Northstar Senior Living for seven communities, representing 422 units in California and Arizona. This marks a significant transition, with around 84% of the 108 communities moving from Five Star Senior Living to new operators. DHC reported a 74.7% occupancy rate in August for the 120 communities managed by Five Star, up 100 basis points from July. The company aims to complete all transitions by year-end 2021, although challenges remain in securing operators for the remaining communities.
Five Star Senior Living (FVE) reported a significant increase in occupancy rates across its owned and managed communities for August, with owned communities reaching 73.7%, a 320 basis point rise from July. The transition of smaller communities to new operators is underway, with 62 of 108 transitions completed. All employees are now compliant with COVID-19 vaccination requirements. This progress aligns with their strategic plan focusing on larger, higher-performing communities, enhancing their rehabilitation and wellness services.
Diversified Healthcare Trust (Nasdaq: DHC) has entered a management agreement with Cedarhurst Senior Living for eight healthcare communities in Illinois, comprising 486 units. This agreement represents approximately 78% of the total transitioning communities, as DHC shifts management from Five Star Senior Living (Nasdaq: FVE). The company anticipates completing the transition of all 108 communities by the end of the year. DHC's portfolio, valued at $8.2 billion, consists of 392 properties across 36 states.
Five Star Senior Living Inc. (FVE) reported a net loss of $12.3 million for Q2 2021, reflecting a decline from a net income of $3.0 million in Q2 2020. The results were impacted by $15.4 million in restructuring expenses associated with their Strategic Plan. Despite these challenges, resident vaccination rates rose, and COVID-19 cases decreased. Occupancy improved to 73.8%, recovering 140 basis points from pandemic lows. The company continues to progress in transitioning management of senior living communities, with a focus on expanding Ageility outpatient clinics.
Five Star Senior Living Inc. (Nasdaq: FVE) will release its second quarter 2021 financial results after market close on August 4, 2021. A conference call, featuring CEO Katie Potter and other executives, will follow on August 5, 2021, at 1:00 PM ET. Participants can join the call at (877) 329-4332, or (412) 317-5436 for international callers. A replay will be accessible until August 12, 2021. Five Star operates as a leading senior living and rehabilitation services provider in the U.S., with a focus on independent and assisted living, among other services.
Five Star Senior Living Inc. (Nasdaq:FVE) held its 2021 Annual Meeting of Stockholders, where two Independent Directors, Donna D. Fraiche and Gerard M. Martin, were elected with 82.8% and 83.7% of votes, respectively. The stockholders also ratified the appointment of RSM US LLP as FVE's independent registered public accounting firm for the 2021 fiscal year, achieving a high approval rate of 99.1%. As of March 31, 2021, FVE operates 252 senior living communities and 215 outpatient rehabilitation clinics across 31 states, emphasizing its extensive service reach in the senior living sector.
Five Star Senior Living Inc. (FVE) has announced a mandatory COVID-19 vaccination requirement for all team members visiting its communities or Ageility clinics by September 1, 2021. This decision aims to protect residents and staff amid the ongoing pandemic. As of May 1, 2021, 85% of residents are fully vaccinated, leading to a 99% decline in COVID-19 cases. The company operates 252 senior living communities across 31 states and offers rehabilitation services via its Ageility clinics, enhancing its commitment to the health and safety of its senior residents.
