Five Star Quality Care, Inc. (NYSE:FVE), headquartered in Newton, Mass., reported a $528,000 net loss in the third quarter ended Sept. 30, 2011, compared to a net income of $5.2 million for the same period in 2010.
Net loss per diluted share was $0.01, down from the third quarter of 2010′s net income of $0.14 per diluted share.
Although total revenues for the third quarter of 2011 increased 8.1% to $329.5 million from $304.8 million for the same period in the previous year, operating expenses went up 8.9%, while operating income decreased by more than 30%.
During the third quarter of 2011, Five Star acquired four senior living communities containing 541 living units located in Indiana for $82.4 million, excluding closing costs. It also began leasing one senior living community from Senior Housing Properties Trust (NYSE:SNH) with a total of 83 living units located in Florida.
Additionally, Five Star began to manage three senior living communities for the SNH account, and one senior living community for the account of an unaffiliated third party, for a total of 481 living units located in Florida and South Carolina.
The number of units owned and leased by Five Star increased to 222 in Sept. 2011 from 208 the previous year, and occupancy dropped slightly from 86.2% to 86%.
See Five Star Quality Care’s 3rd quarter earnings report here.
Written by Alyssa Gerace
Category: Senior Housing