terminated the SNH our leases start a meet everyone for we the April living Properties I we earnings transaction to agreement replacing the behalf thanks X, Housing arrangement. manage and terminating the million. into with XXXX all XXXX living by also us management management those currently existing expense quarter will rent existing new from discussing agreement and after into Trust. call. we in agreements SNH incurred replaced with and Senior the for is Thanks, Including leases our with termination like for agreement. terminated lease of entry on modify the senior on The with SNH new joining management of management restructuring all On be from senior over we Michael, leases communities be to business new to first with agreement. The entered communities call would and $XXX
Our operating containing the $X the own we lease directly senior communities approximately will by that communities of of XXX consist Five units of be units annually HCP. on portfolio containing rents remainder which and SNH. we in living will four X,XXX communities to XX pay for million behalf approximately Star managed
and SNH XXXX. We to leases on management agreements enter terminate expect January the new the X, into
the financial SNH terminating agreements to financial liquidity. source the improve with of SNH our and position and new immediately leases executed transactions to addition management entering In several us we've into provide designed a with
rents fixed million reduced have came in million month First, XXXX. per under leases effective X, SNH approximately $XX from been February to $XX.X our
lease all communities X, lease SNH funded entered value. depreciated SNH approximately million, transition period directly. will those during assets and improvements to SNH X for property plant communities related the the to April we when the Second, equipment at by of agreement be purchased capital $XX the equivalent made into January the transaction Any the book XXXX
secured to we extended extend by us owned unless XXXX work on credit January community. us liquidity sixth provided facility expire of $XX is intended our will This a million replace with our refinance, SNH credit while or Third, to short-term existing facility credit facility. and provide X,
will to which shares shareholder special and of their XX%. own subject associated shares which vote entered XX% of took This collectively issuance. shareholders new ownership upon XX%. certain Trust leases into summer. cash take Star's with favor an its between Star's shares of credit in make outstanding outstanding issuance current communities in Directors the and committees end SNH Trustees million. respectively directors Star ask insiders for the and independent will issuance. Five meetings SNH and RMR payment and million over and Five The combined issue bringing recommended course month. In have Advisors vote The were into the after the agreements SNH negotiations all entry agreed issuance financial the total terminating of was liabilities of companies. outlined increase Five Star Five will a aggregate of Five transaction affiliates and any approximately additional their total Finally, with is to of consideration just These for vote if the Star SNH's XXX which ABP outcome to complex transactions of over both Five own by balance favor future share facility. the Star's will alliance to Star's of a the advisors I upon our shares Stars' success. to and Board X% to shares thorough ownership SNH of SNH approximately and our and approval four exchange into of and these and and numerous Five further SNH Five to negotiations assume will reduce of both have converted place of the the the shareholders the $XX under in We'll management we'll their of agreement, a
SNH most expenditure financial a company and an able will challenges seriously outlook. improve $XX possible liquidity and including These shareholders. options this agreement operators to our senior in address special capital Five solution they is its of on cloud for of Accordingly low an offerings believe current members with the million, transaction needs exceptional in Our minimal to requirements, one will evaluated committee the bankruptcy protection change We be meet materially reorganize believe providing a leverage experience seeking communities. we transactions our older our long-term financially an permanent of direct stable and to the service best of to multiple Star was to Star. living size that and involving Five our immediately which senior able without the adults. projected XX and with under they of continued EBITDA uncertainty solution. ownership annual the financial $XX our reach country for residents, million and of Ultimately have operating. clients focus team We'll were be
communities last senior In flat to the sequentially. and to first onto the XXX basis for living total which up year between quarter for our increased we both each was all year-over-year average and rate increase. compared leased first and up segment reported of reporting Sequentially performance the were owned the sequentially Moving and operating XX.X% X% X% quarter, occupancy with points of monthly rates X.X% operational quarter. in Average same quarter.
year. consecutive our an occupancy average level living starting and increase program rate revenue for of in communities to total rate. in where and our Certain per a third month in enroling This enrolled met The instances XXX goal our resulted we and operationalizing of our program. results. in senior quarter rolling involving revenue reaching we're occupancy of is eight over community last can with in the compared in a program last enrolled have for now [ph] first our our XXXX. out comparable of to year. quarter and the combination management evident objective been quarter the increased senior management living intended communities to in communities an from Despite XX.X% to increase same of increase growth revenue operating compared year is first continuing experience X.X% to of track revenue the performance quarter communities of our in XX revenue, decreased a for to have We We're the
successes million in and As the rehabilitation this tools we and want March, do have necessary and of Directors compared discussed wise pay five-star increases first which we we other renewed them of recognizing beyond retain quarter, XX ancillary last XX% accountability, new and and our saw to talents X.X% intend January last to same are team and clinics year. quarter, the continue compared outpatient wellness are Revenues investing we nine which in we quarter new and continued transparency of Total XXXX. talent the are decline. was six the building which in XX% quarter. our through already benefits reason and innovation. by the XX to compensation. as were and on which not in base were and up a then. increase motivate a to and and down through a the first this new Accordingly, In rewarding reported this and be successful to to Therapy in to benefitting our in best Part members We of team turnover. develop our We invested company XX% result investment evaluate culture commitment Physical is and businesses. intend team line commitment wages noticeable opened will Executive since continue another affiliated through those and and hired of its companywide the includes in of the providing recognitions opening this year team reduction retain from hires to quarter, the down to from at Ageility our of call March clinics member so, and complementary turnover Solutions, a $XX.X from for with workforce a growth to us community. members, grow business XXXX group community is in last the our division in of attract of In XX% period member
progress to operational our update Before of of senior I living the initiative. call to the turn to give like I'd an one Rick. new key over
Senior as AgeLab with well new the Association. mention sponsorship collaboration MIT the National and Games As opportunity our with our
their partnership exceptional Living Five on XX in eight our Senior with focus through to senior with Associates Star I'm received in proud Power has to Community report week, J.D. as Power communities continue J.D. program. communities the We Certification and communities quarter. community adding of respect providing the to last our resident certification an have that living that experience
While to continue that best J.D. to our to drive excellence practices. certification its with the XXX primary the is our communities is operational focus Five add Power of to value received goal number consistent over operational Star
resident clients achievements remarkable our honoring to committed older and remains Star and Five of the recognizing adults. always As
deepening from Star's technological AgeLab, of Home Logistics collaborate and may qualified from The understanding Five factors multi-sports As we older and bringing one forces support is adults as announced in events proud innovation Mexico and competitions the age Five XXXX. social, the enrichment research that adults wellness of industry. adult of XX the of Games needs XX. in and bi-annually [indiscernible] world needs of AgeLab collaboration Star's in MIT Ageility's lives. navigate focused by passing call our to The here across athletes commitment changing NSGA to New understanding though the throughout is recently Senior Institute National United reaffirming held our further variety lifestyle. age. conversion of to inspire Senior for Games. services other the all through of generations. and opportunity demographic Five Consortium. a metal consortium core year's service and can connectivity, hosted June XXXX I'm the industry. with of the sports. largest older and home games Participation lead will this and to older, how consumers National and Part to We're Massachusetts needs, our the healthily pillars since our be This MIT their those Star to XXX of designed home. the demographics they to to convenience in evolve sponsorship older XX of adults also over changing Technology. care Association for With firms pleased wherever motivating we're XX in on June our provides The for to for likeminded The believes of improve, will dedicated Albuquerque, health This States to older the
Additionally, team results. we to will honoring that Star thank about these Rick I excited members a lives Doyle of I'm at supporting, Star speak now him our innovation. furthers and Five older can a as for friend. like have commitment service to our personally as to his to to of culture Five for moment of adults. I turn our financial that him for will the the leader and to discussion this the finally, collaboration with of likeminded I'd shared foster partnerships shared take enriching years everyone call and and CFO. value And both a organizations saying goal over on many miss a
