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Five Star Senior Living Inc. (Nasdaq: FVE) reported financial results for Q1 2021, highlighting a strategic plan to improve senior living operations and focus on larger, lower acuity communities. The company completed COVID-19 vaccination clinics across its communities, with over 85% of residents vaccinated. However, combined senior living revenues fell to $30.9 million from $38 million in Q1 2020 due to decreased average occupancy and closures. Net income was $3.3 million, recovering from a $17.2 million loss in the previous year, aided by $7.8 million in Provider Relief Funds.
Five Star Senior Living Inc. (Nasdaq: FVE) announced a strategic plan focusing on larger independent living and assisted living communities. This plan involves transitioning 108 smaller communities, managing approximately 7,500 living units, to other operators. Five Star will retain 144 communities, managing about 20,200 living units, with anticipated restructuring costs of up to $5.5 million. The company aims to enhance operational strengths while diversifying revenue. The new management arrangements with Diversified Healthcare Trust (Nasdaq: DHC) extend through December 31, 2036, and change incentive fee structures.
Five Star Senior Living Inc. (Nasdaq: FVE) will release its first quarter 2021 financial results after market close on May 5, 2021. A conference call hosted by CEO Katie Potter, CFO Jeff Leer, and COO Margaret Wigglesworth is scheduled for May 6, 2021, at 1:00 p.m. ET. Participants can join the call at (877) 329-4332 or listen via a live audio webcast on the company's website. As of December 31, 2020, FVE operated 252 senior living communities with 29,271 living units in 31 states, alongside its rehabilitation services division, Ageility.
Five Star Senior Living Inc. (Nasdaq: FVE) reported its fourth-quarter financial results for 2020, highlighting significant steps toward recovery from COVID-19, including vaccination clinics hosted in 249 communities. As of February 20, 2021, over 25,000 residents and team members received at least one vaccine dose. Despite challenges, FVE generated net income of $2.9 million, down from $16.1 million in Q4 2019. Total revenues from senior living services fell to $32.7 million, primarily due to restructuring. Liquidity remains strong with $84.4 million in cash and no debt on credit facilities.
Five Star Senior Living Inc. (Nasdaq: FVE) will release its fourth quarter 2020 financial results on February 24, 2021, after market close. A conference call will be hosted by CEO Katie Potter, CFO Jeff Leer, and COO Margaret Wigglesworth on February 25, 2021, at 1:00 p.m. ET to discuss these results. Participants can access the call by dialing (877) 329-4332, with a replay available until March 4, 2021. FVE operates 263 senior living communities and 209 outpatient rehabilitation clinics, highlighting its extensive presence in the senior care sector.
Five Star Senior Living (FVE) announced its plan to start administering the COVID-19 vaccine to residents and staff. Following the FDA's Emergency Use Authorization of the Pfizer vaccine, Five Star will prioritize vaccinations for its skilled nursing, memory care, and assisted living units at no cost. The vaccination process includes three clinics to ensure all residents and team members have access to the vaccine. Five Star aims to maintain safety protocols until further guidance from health authorities is received.
Five Star Senior Living (Nasdaq: FVE) has been recognized in the J.D. Power U.S. Senior Living Satisfaction Study, ranking second in overall customer satisfaction for Independent Living and fourth for Assisted Living/Memory Care. This ranking highlights the company's commitment to resident health and wellness, especially during the COVID-19 pandemic. As of September 30, 2020, FVE operated 263 senior living communities and 209 outpatient rehabilitation clinics, emphasizing its extensive service offerings across independent and assisted living, as well as rehabilitation services.
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Five Star Senior Living Inc. (Nasdaq: FVE) has achieved recognition from U.S. News and World Report, with 30 of its communities named among the "Best Nursing Homes" in the country. This accolade highlights the company’s commitment to quality care, reflecting factors like health inspections, staffing, and COVID-19 management. As of September 30, 2020, FVE operated 263 senior living communities nationwide, providing a range of services including rehabilitation and wellness through its Ageility division, which has 249 clinics. This recognition underscores FVE's dedication to exceptional resident experiences.