NEWTON, Mass.--(BUSINESS WIRE)--Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, today announced progress on its strategic plan and provided certain business updates. August month end occupancy in Five Star’s owned communities was 73.7%, an increase of 320 basis points compared to July month end occupancy. August average occupancy in Five Star’s owned communities was 70.0%, an increase of 80 basis points compared to the July average occupancy. In the 120 communities Five Star will continue to manage for Diversified Healthcare Trust (Nasdaq: DHC), or the retained communities, August month end occupancy was 74.7%, an increase of approximately 100 basis points compared to the July month end occupancy. August average occupancy in the retained communities was 73.4%, an increase of 50 basis points compared to July average occupancy.
FVE also provided an update on the repositioning of its senior living management services as part of its strategic plan announced in April 2021, including the transition of 108 smaller senior living communities to other operators. FVE has now completed 62 of 108 planned transitions to other third-party operators and plans to fully complete the transition of the 108 communities by year end.
Additionally, FVE reported that all community and clinic employees are now in compliance with its previously announced requirement that those employees who work in or visit its communities or Ageility clinics as part of their responsibilities be fully vaccinated against COVID-19, with only 4.3% of employees voluntarily terminating their employment.
“We have made progress on our three-pronged strategy to ‘Reposition, Evolve and Diversify’ by transitioning these 62 communities and repositioning our senior living management services to focus on larger, higher-performing independent living, assisted living and memory care communities,” said Katherine Potter, President and Chief Executive Officer. “Going forward, we will build on our strengths operating larger senior living communities and stand-alone active adult and independent living communities while continuing to evolve our choice-based, financially flexible rehabilitation and wellness services offerings to meet the changing needs and preferences of older adults. Finally, I thank our team members for their unwavering commitment to the health and well-being of our residents and clients and providing them with an exceptional experience.”
About Five Star Senior Living Inc.:
FVE is a provider of senior living management and rehabilitation and wellness services to over 20,000 older adults. Five Star is the fifth largest senior living operator in the United States and operates active adult, independent and assisted living communities. Additionally, FVE's rehabilitation and wellness services segment includes Ageility Physical Therapy Solutions™, or Ageility, a division of FVE, which provides rehabilitation and wellness services within FVE communities as well as to external customers. FVE is headquartered in Newton, Massachusetts.
Forward Looking Statements
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