An overwhelming 83.9% of Five Star Senior Living shares were voted in favor of a provision key to restructuring the company’s business arrangement with Senior Housing Properties Trust at Five Star’s annual stockholders’ meeting on Tuesday, the Newton, MA-based company announced Wednesday.
Senior Housing Properties Trust is selling all of its stand-alone skilled nursing facilities as part of an “aggressive disposition plan,” but hopes to capitalize on the expected demand for senior housing, executives said Thursday.
The restructuring agreement signed in April with Senior Housing Properties Trust “is a permanent solution” to the financial woes of Five Star Senior Living, President and CEO Katie Potter said Wednesday during the company’s first-quarter earnings call.
Five Star Senior Living is joining the Massachusetts Institute of Technology’s Age Lab consortium, the firm announced.
A new agreement between Five Star Senior Living and Senior Housing Properties Trust (SNH) that converts 261 communities from triple-net leases to a RIDEA structure and gives the real estate investment trust and its shareholders a greater ownership stake in the company improves Five Star’s financial position and is “the best possible solution” for the REIT and its shareholders, SNH President and COO Jennifer Francis said Tuesday.
Five Star Senior Living and Senior Housing Properties Trust (SNH) will enter into new management agreements for 261 senior living communities that Five Star leases and operates as part of a restructuring deal to improve Five Star’s financial position, the organizations announced Tuesday morning. SNH and its shareholders also will take an increased ownership stake in the company.
Five Star Senior Living is deferring its February rent payment to Senior Housing Properties Trust until March 31, the organizations announced Monday in filings with the Securities and Exchange Commission.
As Five Star Senior Living executives prioritize finding a long-term solution to the company’s current financial issues, the company also is focused on three initiatives to improve operations in 2019, President and CEO Katherine “Katie” Potter said Wednesday during the company’s fourth-quarter and full-year 2018 earnings call.
Discussions between Senior Housing Properties Trust and Five Star Senior Living are “actively happening,” and the organizations expect to have an announcement within 60 days about operating and liquidity issues at Five Star, Senior Housing Properties Trust President and Chief Operating Officer Jennifer Francis said Friday.
The first three senior living communities to earn J.D. Power’s Senior Living Community Certification have been announced.
