on second Thanks, thanks, Michael. quarter earnings joining And call. for our everyone, us
drive XXXX. an with Operating team excited investing Star’s example Vice record of as a time at She members. Officer, I’m the recommitment great delivering its to August opportunities uniquely and achieve senior Star the a Wigglesworth living XX, Five She Margaret of capitalize an Senior is to for a on to First of and to number industry appointment leader joins to is announce Margaret Five and experienced proven prioritization Chief team the Margaret operational qualified in ideal excellence. results. accountability evolves. strategic and effective President foremost, energetic within is track motivated as
her next We are begin eager for week. to
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those In addition, the million, management for with modify agreement second since company’s agreements. of of reported quarterly transaction to April new living we communities arrangements, net replacing the a and income we XXXX. Star leases existing Five with $X.X leased entered our senior including terminating the leases from first On business X, XXXX, quarter into SNH all profit SNH
we management for management all behalf living and The replaced terminated SNH senior also agreements. with communities agreements of new currently will manage on be
financial agreements, to addition transactions and In source and with our have the executed a new that financial position the have we SNH improved leases entering us into provided liquidity. of terminating SNH management with several
First, reduced effective to $XX.X million approximately fixed-rent $XX payments month, the SNH under per X, from XXXX. leases February have million been
a second full-period of of rent reflected XXXX reduction. The quarter this effect
communities of the leased the for being January value. property, by depreciated to transition period SNH. XXXX those during assets’ and improvements approximately plant Second, X, related entered transaction communities SNH-leased agreement, April XXXX, the we million, the into at of funded equipment majority are the to capital purchased when equivalent made $XX the SNH Any the book X,
XXXX, an Also our line June in amended with into $XX on transaction by entered a June we XXXX, facility. work important stakes our communities. we while On provide facility us This us prior of provided was XX, to a reached our million refinance, we SNH. restated completing extend credit now secured of pursuant facility and to own intended credit a credit with XX, SNH credit second Third, or have we $XX which credit. secured facility million to replace milestone liquidity
Five shareholders voted in the issuing arrangements satisfaction in to of overwhelmingly one of its restructuring SNH. and to business of Star conditions shareholders Star common stock Five Star’s Five SNH with favor
are In target addition, to January appropriate XXXX, system, for process we time transaction well on complete conversion. the on remain and underway, changes organizational and X, necessary the
combination living last Now XX%, I’d an like average performance revenue The increase quarter was an living for rate and rate the leased our total in to consecutive operational XX basis revenue Average year. monthly reported owned points of quarter, senior quarter XXX the comparable community up of to increased resulted up the to and the and compared second for compared In occupancy in address our same senior X.X% our living senior marginally we of and sequentially. basis communities quarter. which increased same increase last year-over-year. in points for all occupancy fourth quarter year the
previously, XXXX. income the the mentioned second of XXXX the operating quarter quarter of As first positive second quarter marks since of
investing and elevated wages total compared While team remained our up last in expenses to largely design Consequently, this as was benefits same of members. quarter, commitment by the to X.X% the our result period this year. were
workforce Part increases Accordingly, and through team base of retain in to in motivate we recognition pay and are benefiting new already invested through the this our includes commitment investment hires. our from compensation. talented through members
and a directors by attract communities. do continue we building And For to at the in accountability, tools the we and to be so those recognizing transparency necessary talent. culture XX example, the We and quarter, of our them hired retain successes; and best rewarding to to successful; executive providing innovation. intend new want
learning toward and which of director team completed comprehensive of implementing new are commitment In members. engagement hired a a new employee first addition, our to our our all reaffirm recognition survey, system, launched a employee we proceeding management engagement, employee program
quarter continued Solutions, Revenues gains wellness reported a Therapy second rehabilitation $XX.X second which last the Physical the to increase of quarter. year. to is in our reap Ageility division, and were compared million, XX%
of our new new So second clinic target in projection XX show clinics And in on five balance, quarter. annual new XXXX. to startups an the cadence, on additional opened clinics continue good for
for and communities expanded has fitness result, Ageility second market. older XX-plus growth its in offerings in a In evaluating as growth Ageility adults. is target opportunities, of for these Opportunities potential were light quarter, the realized and also
over to I Games Jeff, and an the with key turn National initiatives progress collaborations AgeLab operational Senior the to on Before the like to with our and update give our the senior I’d living Association’s. call MIT
continue respect to certification focus J.D. on living experience We with community our providing resident their our communities an through with exceptional senior program. and partnership Associates in Power to
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now the call for will results. discussion the on a to turn I financial Jeff over
