More changes--we've been transitioned!

Yesterday, all the residents of The Forum were "all shook up" when we discovered that our "corporate" had transitioned to new management. Five Star is the operating division of AlerisLife which is selling its assets, which includes 17 communities

"Diversified Healthcare Trust (Nasdaq: DHC)  [a real estate investment trust (REIT) that specializes in healthcare and life sciences properties] today (Sept. 3) announced that it has entered agreements with AlerisLife Inc. (“AlerisLife”) and seven different operators to transition the management of 116 of DHC’s senior living communities managed by Five Star Senior Living (“Five Star”), the operating division of AlerisLife. The transition of these management agreements will occur in tranches beginning in September and is expected to be completed by year end. AlerisLife is also selling all its assets, including its 17 owned communities, and expects to complete a full wind-down of its business and operations in the first half of 2026. In connection with the sale of AlerisLife’s assets and after repayment of debt and payment of estimated wind-down costs, DHC expects to receive estimated net proceeds of between $25 million to $40 million for its 34% interest in AlerisLife. DHC plans to use these net proceeds to reduce leverage and for other general business purposes, including reinvestment in its SHOP segment."

Even our own staff here didn't see this coming, and just a week ago we had a party for our new director! As new residents Bob and I and 2 other newbies were introduced to the community in a special reception at 4 p.m. yesterday, however it was sort of overshadowed by the news of our management arrangements.  I had seen articles going back to 2023 about AlerisLife and Five Star, but didn't see a final conclusion, We are being told there will be no changes, but the rumor mill is churning.