Five Star Quality Care, Inc. Announces Fourth Quarter and Year End 2015 Results
Adjusted EBITDA for the Fourth Quarter Increased 1.5% over the Same
Period in the Prior Year
NEWTON, Mass.–(BUSINESS WIRE)–Five Star Quality Care, Inc. (NYSE: FVE) today announced its financial
results for the quarter and year ended December 31, 2015.
Five Star’s President and CEO, Bruce J. Mackey Jr., made the following
statement:
“Fourth quarter 2015 Adjusted EBITDA increased by 1.5% over Adjusted
EBITDA realized in the same period in 2014. Our improved results were
primarily due to average monthly rate increases of 1.6%, management fee
revenue increases of 13% over the same period in the prior year and
continuing operating expense controls. In the 2015 fourth quarter, we
acquired two private pay independent living communities and we and our
landlord sold a Medicaid dependent skilled nursing facility, continuing
our long term business plan of increasing our exposure to private pay
communities and decreasing our dependency on government funded Medicare
and Medicaid revenues.
“In addition, we have agreed to settle the lawsuit filed against us in
Arizona by the estate of a former resident of one of our senior living
communities for an amount well below the jury award.”
Financial Results for the quarter ended December 31, 2015:
-
Senior living revenues for the fourth quarter of 2015 increased 2.4%
to $281.2 million from $274.6 million for the same period in 2014.
Growth in senior living revenues reflects increases in average monthly
rates to residents who pay privately for services and the
non-recurrence of a $4.3 million revenue reserve recorded in the 2014
period for historical Medicare payments Five Star received and expects
to repay in connection with a Medicare compliance assessment at one of
Five Star’s skilled nursing facilities, or the Compliance Assessment.
Management fee revenue for the fourth quarter of 2015 increased 13.0%
to $2.8 million from $2.5 million for the same period in 2014. Growth
in management fees was primarily due to an increase in the number of
managed communities during 2015. -
Earnings from continuing operations before interest, taxes,
depreciation and amortization, or EBITDA, for the fourth quarter of
2015 were $4.2 million compared to $0.2 million for the same period in
2014. EBITDA, excluding certain items described below, or Adjusted
EBITDA, was $9.3 million and $9.2 million for the fourth quarters of
2015 and 2014, respectively. Adjusted EBITDA excluding rent, or
Adjusted EBITDAR, was $59.4 million for the fourth quarter of 2015
compared to $58.8 million for the same period in 2014. -
Loss from continuing operations for the fourth quarter of 2015 was
$6.3 million, or $0.13 per basic and diluted share, compared to loss
from continuing operations of $70.1 million, or $1.46 per basic and
diluted share, for the same period in 2014. Loss from continuing
operations for the fourth quarter of 2014 included income tax expense
of $60.9 million, or $1.27 per basic and diluted share, primarily
resulting from a noncash income tax charge recorded to establish a
full valuation allowance against the future realization of net
deferred tax assets. -
Net loss for the fourth quarter of 2015 was $6.4 million, or $0.13 per
basic and diluted share, compared to net loss of $73.7 million, or
$1.53 per basic and diluted share, for the same period in 2014. Net
loss for the fourth quarter of 2015 included a loss from discontinued
operations of $0.1 million. Net loss for the fourth quarter of 2014
included income tax expense of $62.4 million primarily resulting from
a noncash income tax charge recorded to establish a full valuation
allowance against the future realization of net deferred tax assets.
Net loss for the fourth quarter of 2014 also included a loss from
discontinued operations of $3.6 million. -
EBITDA, EBITDAR, loss from continuing operations and net loss for the
fourth quarter of 2015 included the following items: (i) a $4.2
million litigation settlement charge described below; (ii) $0.9
million of employee termination costs primarily relating to severance
payments and noncash stock compensation expense incurred in connection
with the termination of Five Star’s former Chief Financial Officer, or
CFO: and (iii) $0.5 million of acquisition related costs, which were
partially offset by a positive adjustment of $0.3 million to correct
for an excessive reserve previously accrued in connection with the
Compliance Assessment. EBITDA, EBITDAR, loss from continuing
operations and net loss for the fourth quarter of 2014 included the
following items: (i) a $4.3 million revenue reserve and $3.6 million
of compliance costs related to the Compliance Assessment; and (ii)
$1.2 million of accounting costs related to the restatement of certain
previously issued financial statements and the delayed completion of
Five Star’s 2014 financial reporting. -
A reconciliation of loss from continuing operations determined in
accordance with U.S. generally accepted accounting principles, or
GAAP, to EBITDA, Adjusted EBITDA and Adjusted EBITDAR for the quarters
ended December 31, 2015 and 2014 appears later in this press release.
Operating Results for the quarter ended December 31, 2015
(continuing operations):
-
Occupancy at owned and leased senior living communities for the fourth
quarter of 2015 decreased by 120 basis points (“bps”) to 85.0% from
86.2% for the same period in 2014. -
The average monthly rate at owned and leased senior living communities
for the fourth quarter of 2015 increased by 1.6% to $4,577 from $4,503
for the same period in 2014. -
The percentage of revenues derived from residents’ private resources
at owned and leased senior living communities for the fourth quarter
of 2015 increased by 50 bps to 78.0% from 77.5% for the same period in
2014.
Financial Results for the year ended December 31, 2015:
-
Senior living revenues for the year ended December 31, 2015 increased
1.3% to $1.11 billion from $1.10 billion for the same period in 2014.
Growth in senior living revenues was the result of increases in
average monthly rates to residents who pay privately for services and
a $4.3 million revenue reserve recorded in the 2014 period resulting
from the Compliance Assessment which did not recur in 2015, partially
offset by decreases in occupancy and a $2.4 million revenue reserve
recorded in the 2015 period resulting from the Compliance Assessment.
Management fee revenue for the year ended December 31, 2015 increased
by 9.9% to $10.7 million from $9.8 million for the same period in
2014. Growth in management fees was primarily due to an increase in
the number of managed communities and an increase in average monthly
rates to residents who pay privately for services. -
EBITDA for the year ended December 31, 2015 was $(2.3) million
compared to $13.1 million for the same period in 2014. Adjusted EBITDA
was $35.3 million and $27.2 million for the years ended December 31,
2015 and 2014, respectively. Adjusted EBITDAR was $234.4 million for
the year ended December 31, 2015 compared to $224.6 million for the
same period in 2014. -
Loss from continuing operations for the year ended December 31, 2015
was $40.8 million, or $0.84 per basic and diluted share, compared to
loss from continuing operations of $79.4 million, or $1.65 per basic
and diluted share, for the 2014 year. Loss from continuing operations
for the year ended December 31, 2015 included a noncash charge for
goodwill impairment of $25.3 million, or $0.52 per basic and diluted
share. Loss from continuing operations for the year ended December 31,
2014 included income tax expense of $56.4 million, or $1.17 per basic
and diluted share, primarily resulting from a noncash income tax
charge recorded to establish a full valuation allowance against the
future realization of net deferred tax assets. -
Net loss for the year ended December 31, 2015 was $43.1 million, or
$0.89 per basic and diluted share, compared to net loss of $85.4
million, or $1.78 per basic and diluted share, for the 2014 year. Net
loss for the year ended December 31, 2015 included a noncash charge
for goodwill impairment of $25.3 million and a loss from discontinued
operations of $2.3 million. Net loss for the year ended December 31,
2014 included income tax expense of $56.5 million primarily resulting
from a noncash income tax charge recorded to establish a full
valuation allowance against the future realization of net deferred tax
assets, and a loss from discontinued operations of $6.1 million. -
EBITDA, EBITDAR, loss from continuing operations and net loss for the
year ended December 31, 2015 included the following items: (i) a
noncash charge for goodwill impairment of $25.3 million; (ii) a $2.4
million revenue reserve and $4.8 million of estimated penalties,
compliance costs and professional fees related to the Compliance
Assessment; (iii) a $4.2 million litigation settlement charge
described below; (iv) $0.9 million of employee termination costs
primarily relating to severance payments and noncash stock
compensation expense incurred in connection with the termination of
Five Star’s former CFO; and (v) $0.5 million of acquisition related
costs; all of which were partially offset by a $0.7 million gain on
early extinguishment of debt. EBITDA, EBITDAR, loss from continuing
operations and net loss for the year ended December 31, 2014 included
the following items: (i) a $4.3 million revenue reserve and $3.6
million of estimated penalties, compliance costs and professional fees
related to the Compliance Assessment; (ii) $5.9 million of accounting
costs incurred in connection with the restatement of certain
previously issued financial statements and the delayed completion of
Five Star’s 2014 financial reporting; and (iii) a $0.6 million noncash
long lived asset impairment charge. -
A reconciliation of loss from continuing operations determined in
accordance with GAAP to EBITDA, Adjusted EBITDA and Adjusted EBITDAR
for the years ended December 31, 2015 and 2014 appears later in this
press release.
Expansion and Disposition Activities:
In November 2015, Five Star acquired two private pay independent living
communities located in Tennessee with a combined 152 living units for
approximately $26.2 million, excluding closing costs. Five Star funded
this acquisition with cash on hand and by assuming $17.3 million of
mortgage debt.
In December 2015, Five Star and its landlord, Senior Housing Properties
Trust, or SNH, sold a skilled nursing facility for $21,000, and as a
result of this sale, Five Star’s annual rent payable to SNH decreased by
$2,100 in accordance with the terms of the applicable lease. As of the
year ended December 31, 2015, Five Star currently does not have any
senior living communities that it leases from SNH in discontinued
operations.
As of the date of this press release, Five Star continues to market for
sale one community it owns with 32 living units that is reported as held
for sale and included in discontinued operations in Five Star’s
financial statements.
Financing Activities:
In February 2016, Five Star notified the lenders under its $150.0
million revolving credit facility of its intent to exercise its option
to extend the maturity date of the credit facility by one year to April
13, 2017. Five Star’s $25.0 million revolving secured line of credit
matures in March 2016, and Five Star has determined not to extend or
replace this credit facility which is secured primarily by accounts
receivable from Medicare and Medicaid.
Loss Contingency:
In the ordinary course of Five Star’s business, Five Star is
periodically subject to claims by residents of its senior living
communities alleging improper care or inadequate services. Five Star
maintains insurance for such claims subject to a self insured retention.
As previously disclosed, in May 2015, in an Arizona case, jury verdicts
were awarded against Five Star on such a claim for $2.5 million of
compensatory damages plus approximately $16.7 million of punitive
damages. In February 2016, Five Star entered into a settlement agreement
with the plaintiff which requires Five Star to pay approximately $7.3
million, approximately $3.0 million of which Five Star’s liability
insurer has agreed to reimburse to Five Star. Five Star believes its
liability insurer may be financially responsible for more than $3.0
million and Five Star is seeking additional payments from its liability
insurer; however, Five Star cannot predict the outcome of any future
negotiations or litigation with its liability insurer. As a result, Five
Star recorded an approximately $4.2 million litigation settlement charge
for the year ended December 31, 2015, which is included in other senior
living operating expenses in its consolidated statements of operations.
Conference Call:
Later this morning, March 2, 2016, at 10:00 a.m. Eastern Time, Five Star
will host a conference call to discuss its fourth quarter and full year
2015 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 Wednesday, March 9, 2016.
To hear the replay, dial (412) 317-0088. The replay pass code is
10079060.
A live audio webcast of the conference call will also be available in a
listen only mode on Five Star’s website 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 fourth quarter 2015 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 Quality Care, Inc.:
Five Star Quality Care, Inc. is a senior living and healthcare services
company. As of December 31, 2015, Five Star operated 274 senior living
communities (excluding one senior living community it has classified as
a discontinued operation) with 31,417 living units located in 32 states,
including 214 communities (23,227 living units) that it owns or leases
and 60 communities (8,190 living units) that it manages. 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” OR SIMILAR EXPRESSIONS, FIVE STAR IS MAKING FORWARD LOOKING
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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:
-
THIS PRESS RELEASE STATES THAT FIVE STAR CONTINUES TO MARKET FOR SALE
ONE COMMUNITY IT OWNS. FIVE STAR MAY NOT BE ABLE TO SELL THIS
COMMUNITY ON ACCEPTABLE TERMS OR OTHERWISE, AND THE SALE OF THIS
COMMUNITY MAY NOT OCCUR. -
THIS PRESS RELEASE STATES THAT FIVE STAR BELIEVES THAT ITS LIABILITY
INSURER MAY BE FINANCIALLY RESPONSIBLE FOR MORE THAN IT HAS AGREED TO
PAY IN CONNECTION WITH THE SETTLEMENT OF THE ARIZONA LITIGATION AND
THAT FIVE STAR IS SEEKING ADDITIONAL PAYMENTS FROM ITS LIABILITY
INSURER. HOWEVER, FIVE STAR’S LIABILITY INSURER HAS DENIED COVERAGE
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ANY FUTURE NEGOTIATIONS OR LITIGATION WITH ITS LIABILITY INSURER, AND
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ITSELF RESULT IN EXPENSIVE LITIGATION.
THE INFORMATION CONTAINED IN FIVE STAR’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “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 QUALITY CARE, INC. | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| Revenues: | |||||||||||||||||||
| Senior living revenue | $ | 281,178 | $ | 274,648 | $ | 1,113,971 | $ | 1,099,228 | |||||||||||
| Management fee revenue | 2,789 | 2,469 | 10,728 | 9,765 | |||||||||||||||
| Reimbursed costs incurred on behalf of managed communities | 60,629 | 55,409 | 240,711 | 219,082 | |||||||||||||||
| Total revenues | 344,596 | 332,526 | 1,365,410 | 1,328,075 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Senior living wages and benefits | 134,349 | 131,080 | 539,086 | 533,549 | |||||||||||||||
| Other senior living operating expenses | 77,394 | 78,089 | 293,501 | 292,457 | |||||||||||||||
| Costs incurred on behalf of managed communities | 60,629 | 55,409 | 240,711 | 219,082 | |||||||||||||||
| Rent expense | 50,060 | 49,601 | 199,075 | 197,359 | |||||||||||||||
| General and administrative | 18,007 | 18,198 | 70,757 | 72,385 | |||||||||||||||
| Depreciation and amortization | 9,178 | 8,305 | 33,815 | 31,834 | |||||||||||||||
| Goodwill impairment | — | — | 25,344 | — | |||||||||||||||
| Long lived asset impairment | — | — | 145 | 589 | |||||||||||||||
| Total operating expenses | 349,617 | 340,682 | 1,402,434 | 1,347,255 | |||||||||||||||
| Operating loss | (5,021) | (8,156) | (37,024) | (19,180) | |||||||||||||||
| Interest, dividend and other income | 281 | 244 | 982 | 867 | |||||||||||||||
| Interest and other expense | (1,330) | (1,328) | (4,927) | (5,131) | |||||||||||||||
| Gain on early extinguishment of debt | — | — | 692 | — | |||||||||||||||
|
Gain on sale of available for sale securities reclassified from other comprehensive (loss) income |
122 | 43 | 160 | 392 | |||||||||||||||
|
Loss from continuing operations before income taxes and equity in (loss) earnings of an investee |
(5,948) | (9,197) | (40,117) | (23,052) | |||||||||||||||
| Provision for income taxes | (314) | (60,943) | (662) | (56,385) | |||||||||||||||
| Equity in (loss) earnings of an investee | (50) | 28 | 20 | 87 | |||||||||||||||
| Loss from continuing operations | (6,312) | (70,112) | (40,759) | (79,350) | |||||||||||||||
| Loss from discontinued operations | (71) | (3,636) | (2,324) | (6,056) | |||||||||||||||
| Net loss | $ | (6,383) | $ | (73,748) | $ | (43,083) | $ | (85,406) | |||||||||||
| Weighted average shares outstanding—basic and diluted | 48,434 | 48,076 | 48,406 | 48,028 | |||||||||||||||
| Basic and diluted loss per share from: | |||||||||||||||||||
| Continuing operations | $ | (0.13) | $ | (1.46) | $ | (0.84) | $ | (1.65) | |||||||||||
| Discontinued operations | (0.00) | (0.08) | (0.05) | (0.13) | |||||||||||||||
| Net loss per share—basic and diluted | $ | (0.13) | $ | (1.53) | $ | (0.89) | $ | (1.78) | |||||||||||
| FIVE STAR QUALITY CARE, INC. | |||||||||
| CONSOLIDATED BALANCE SHEETS DATA | |||||||||
| (in thousands) | |||||||||
| (unaudited) | |||||||||
| December 31, | December 31, | ||||||||
| 2015 | 2014 | ||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 14,672 | $ | 20,988 | |||||
| Accounts receivable, net of allowance | 37,829 | 38,814 | |||||||
| Due from related persons | 9,731 | 12,641 | |||||||
| Investments in available for sale securities | 26,417 | 23,436 | |||||||
| Restricted cash | 3,301 | 2,945 | |||||||
| Prepaid and other current assets | 19,138 | 21,494 | |||||||
| Assets of discontinued operations | 981 | 1,463 | |||||||
| Total current assets | 112,069 | 121,781 | |||||||
| Property and equipment, net | 383,858 | 357,186 | |||||||
| Restricted cash | 2,821 | 2,170 | |||||||
| Restricted investments in available for sale securities | 23,166 | 19,835 | |||||||
| Goodwill, equity investment and other long term assets | 9,856 | 34,001 | |||||||
| Total assets | $ | 531,770 | $ | 534,973 | |||||
| Liabilities and Shareholders’ Equity | |||||||||
| Current liabilities: | |||||||||
| Revolving credit facilities | $ | 50,000 | $ | 35,000 | |||||
| Other current liabilities | 193,920 | 180,392 | |||||||
| Total current liabilities | 243,920 | 215,392 | |||||||
| Mortgage notes payable | 60,396 | 49,373 | |||||||
| Other long term liabilities | 43,002 | 43,426 | |||||||
| Shareholders’ equity | 184,452 | 226,782 | |||||||
| Total liabilities and shareholders’ equity | $ | 531,770 | $ | 534,973 | |||||
| FIVE STAR QUALITY CARE, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (in thousands) | |||||||||
| (unaudited) | |||||||||
| Year Ended December 31, | |||||||||
| 2015 | 2014 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net loss | $ | (43,083) | $ | (85,406) | |||||
|
Adjustments to reconcile net loss to cash provided by operating activities: |
|||||||||
| Depreciation and amortization | 33,672 | 33,470 | |||||||
| Gain on early extinguishment of debt | (742) | — | |||||||
| Loss from discontinued operations before income tax | 2,324 | 5,977 | |||||||
| Gain on sale of available for sale securities | (160) | (392) | |||||||
| Loss on disposal of property and equipment | 102 | — | |||||||
| Goodwill impairment | 25,344 | — | |||||||
| Long lived asset impairment | 145 | 589 | |||||||
| Equity in earnings of an investee | (20) | (87) | |||||||
| Stock-based compensation | 1,618 | 1,485 | |||||||
| Deferred income taxes | — | 55,334 | |||||||
| Provision for losses on receivables | 4,646 | 4,777 | |||||||
| Changes in assets and liabilities: | |||||||||
| Accounts receivable | (3,661) | (6,651) | |||||||
| Prepaid expenses and other assets | 2,391 | (279) | |||||||
| Accounts payable and accrued expenses | 8,582 | 13,387 | |||||||
| Accrued compensation and benefits | (2,044) | 2,283 | |||||||
| Due from (to) related persons, net | 809 | (1,601) | |||||||
| Other current and long term liabilities | 10,617 | (549) | |||||||
| Cash provided by operating activities | 40,540 | 22,337 | |||||||
| Cash flows from investing activities: | |||||||||
| (Increase) decrease in restricted cash and investment accounts, net | (737) | 13,683 | |||||||
| Acquisition of property and equipment | (57,480) | (49,916) | |||||||
| Acquisition of senior living communities, net of liabilities assumed | (9,200) | (5,926) | |||||||
| Purchases of intangible assets | (191) | — | |||||||
| Purchases of available for sale securities | (17,870) | (22,431) | |||||||
| Investment in an investee | — | (825) | |||||||
|
Proceeds from sale of property and equipment to Senior Housing Properties Trust |
21,323 | 25,804 | |||||||
| Proceeds from sale of available for sale securities | 10,857 | 10,876 | |||||||
| Cash used in investing activities | (53,298) | (28,735) | |||||||
| Cash flows from financing activities: | |||||||||
| Proceeds from borrowings on credit facilities | 40,000 | 20,000 | |||||||
| Repayments of borrowings on credit facilities | (25,000) | (20,000) | |||||||
| Repayments of mortgage notes payable | (5,998) | (1,979) | |||||||
| Payment of deferred financing fees | (300) | — | |||||||
| Payment of employee tax obligations on withheld shares | (90) | (47) | |||||||
| Cash provided by (used in) financing activities | 8,612 | (2,026) | |||||||
| Cash flows from discontinued operations: | |||||||||
| Net cash (used in) provided by operating activities | (2,151) | 5,519 | |||||||
| Net cash (used in) provided by investing activities | (19) | 265 | |||||||
| Net cash flows (used in) provided by discontinued operations | (2,170) | 5,784 | |||||||
| Change in cash and cash equivalents | (6,316) | (2,640) | |||||||
| Cash and cash equivalents at beginning of period | 20,988 | 23,628 | |||||||
| Cash and cash equivalents at end of period | $ | 14,672 | $ | 20,988 | |||||
| Supplemental cash flow information: | |||||||||
| Cash paid for interest | $ | 4,078 | $ | 3,557 | |||||
| Cash paid for income taxes, net | $ | 658 | $ | 1,179 | |||||
| Noncash activities: | |||||||||
| Real estate acquisition | $ | (18,254) | $ | (15,518) | |||||
| Assumption of mortgage note payable | $ | 18,254 | $ | 15,518 | |||||
| FIVE STAR QUALITY CARE, INC. | |||||||||||||||||||
|
SENIOR LIVING COMMUNITY FINANCIAL DATA(1) |
|||||||||||||||||||
| (in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three months ended December 31, (2) | Year ended December 31, (3) | ||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| Senior living revenue: | |||||||||||||||||||
| Independent and assisted living community revenue (owned) | $ | 30,193 | $ | 29,602 | $ | 118,865 | $ | 114,413 | |||||||||||
| Independent and assisted living community revenue (leased) | 102,579 | 101,277 | 405,496 | 399,919 | |||||||||||||||
| Continuing care retirement community revenue (leased) | 99,557 | 99,876 | 398,111 | 397,637 | |||||||||||||||
| Skilled nursing facility revenue (leased)(4) | 44,583 | 40,133 | 175,030 | 173,408 | |||||||||||||||
| Other(5) | 4,266 | 3,760 | 16,469 | 13,851 | |||||||||||||||
| Total senior living revenue (owned and leased) | $ | 281,178 | $ | 274,648 | $ | 1,113,971 | $ | 1,099,228 | |||||||||||
| Senior living wages and benefits: | |||||||||||||||||||
| Independent and assisted living community wages and benefits (owned) | $ | 12,573 | $ | 12,137 | $ | 49,264 | $ | 48,146 | |||||||||||
| Independent and assisted living community wages and benefits (leased) | 42,957 | 42,217 | 171,350 | 169,763 | |||||||||||||||
| Continuing care retirement community wages and benefits (leased) | 49,639 | 49,590 | 198,877 | 199,304 | |||||||||||||||
| Skilled nursing facility wages and benefits (leased) | 27,985 | 27,608 | 111,981 | 110,717 | |||||||||||||||
| Other(5) | 1,195 | (472) | 7,614 | 5,619 | |||||||||||||||
| Total senior living wages and benefits (owned and leased) | $ | 134,349 | $ | 131,080 | $ | 539,086 | $ | 533,549 | |||||||||||
| Senior living other operating expenses: | |||||||||||||||||||
|
Independent and assisted living community other operating expenses (owned) |
$ | 7,979 | $ | 7,529 | $ | 30,023 | $ | 28,357 | |||||||||||
|
Independent and assisted living community other operating expenses (leased) |
25,470 | 26,801 | 100,797 | 101,257 | |||||||||||||||
|
Continuing care retirement community other operating expenses (leased)(6) |
30,716 | 28,094 | 107,978 | 107,515 | |||||||||||||||
| Skilled nursing facility other operating expenses (leased)(7) | 12,267 | 15,572 | 52,099 | 52,442 | |||||||||||||||
| Other(5) | 962 | 93 | 2,604 | 2,886 | |||||||||||||||
| Total senior living operating expenses (owned and leased) | $ | 77,394 | $ | 78,089 | $ | 293,501 | $ | 292,457 | |||||||||||
Contacts
Five Star Quality Care, Inc.
Olivia Snyder, 617-796-8245
Investor
Relations Analyst
