call. for joining us Thanks, our Michael, quarter on everyone and earnings third thanks
The our on business demonstrated period progress arrangements of with quarter close in transaction January track Five XXXX. on to another third remains X, The transformations. existing Stars SNH marks restructure to of XXXX
know we a in While workforce we foundation heavily one-time strong expectations outsized as moving by into within weighted quarterly our investment with year. the continued build the expense expenses results growth, these designed along and that investments management new through non-recurring on quarter our were in incurred operational
a result $X.X and net direct quarter. a reported a $X.X Five adjusted of Star the loss loss As EBITDA in third million of and these initiatives, million
effect million income the $X.X a the EBITDA would within million transaction net $X.X pro of have Star completion to However, generated and forma giving on restructuring SNH, of basis. Five
reminder, new a transaction releases SNH the and managed for agreements leased and terminating and living restructuring all management management communities As senior and includes principally agreements. leases agreements replacing from with accounted management the those for we
us our several also the position and pursuant additional provided source We of liquidity. with financial transactions have with to have restructuring that potential a improved executed SNH
payments rent Specifically, XXXX. reduced were fixed per under effective X, month to the SNH $XX million from February leases million $XX.X approximately
million. property, When we the SNH entered SNH communities book equivalent assets funded $XX directly. and being X, into equipment period depreciated of communities are to The majority for plant lease approximately during agreement, purchased improvements those the the XXXX of January by Any to XXXX value. the lease capital transaction at the April X, SNH related made transition
XX, June million million with our revolving facility, On third secure line and credit. credit a into amended credit $XX which restated six facility to by owned we of now XXXX, SNH of provided secured communities. $XX a we entered have us a pursuant
will on consideration shares to issuances. million for And SNH's approved June conversion pay to shareholders share date, finally, $XX we on the expect as XXXX, of by off XX, the issue our shareholders, SNH SNH and and
growth. improved also cash stable which a result, long term Five will As position this Star transaction for our immediately position
of to the call our Margaret [ph] operational I'd to living turn over key the an discuss results, initiatives. on update senior I like give progress Before to
the of team remains paramount our our sustainability business. members to in and investment growth our First,
The their with the relate clearly and team key J.D. members measures to to is resident living providers. an As communicate resident has of providing and study, satisfaction senior largest living community. personally recent satisfaction the that exceptional residence community which Power residents family ensuring make highlighted senior experience by a part the nation's feel
stood of spots that from in I'm through of J.D. our third the Five up pleased the iteration report. XXXX includes five the edition to study, at retain Star Power the the members place of commitment team compensation. and to motivate report Part XXXX recognition
while well term will increases Continued at in team investment ultimately the profitability each family talent community market drive our bringing as in in resident members also within as through long base tier top and level. pay satisfaction
quarter, X.XX% average XX members quarter turnover executive new the that team roughly the turnover quarter. compared X.XX% and wine period third year, experience hire and in the we below same XX the In was to for X.XX% company the basis for prior directors are last communities points
innovation. continue recognizing and rewarding those and necessary we culture transparency a the We and retain by to and of want tools building successful, best to do attract so the providing to intend accountability, to talent them and be successes
X.X% total were to the period or $X benefits up compared year. result, wages a and million As last same
continue respect senior that Power communities our Certification, proud their We with to adding Living Five has five Star living focus XX an states exceptional J.D. the Power the Senior with to our J.D. on certification received resonant community to in partnership in report quarter. four that through have experience communities providing I'm in communities programs.
as focus Power consistent but continues that to Star to point community. to revenue received wellness growth focal J.D. also communities rehabilitation the While residents Therapy to our of for our value of acts Physical our add XXX be Five point new and not drive touch Solutions clients it source our the to to division operational with Star, to primary best practices. critical continue certification, as the over Company's Ageility a diversifies a and operational Five remains goal is this number streams only excellence
compared which net $XX.X There quarter of an to revenues in were a increase opened last the the quarter. third X% new reported We up and additional third of XX% million, year, is sequentially. XX clinics
its in growth in Ageility were growth has good to a excess communities target projection XX plus a continue have expanded show XXXX. potential startups evaluate and new annual for cadence offering market. our for realized quarter, in of New And as and continues opportunities, might Opportunities older adults. in result, these to XX the fitness third clinic clinics Ageility of
And its finally, and with which to communities, moving a prepared This detail vendor sourcing made will Five operational in one-time a efficiencies base arms Year. investment New continue and into investment creating -- will strong $X.XX platform fully attributable more Star and remarks. the the contribute was across foundation million will a in his critical expense to deliberate Jeff
quarter. performance over address will turn to call Margaret our for who like the to I'd the Now, living senior operational