Five Star no longer exists; we are now part of Sinceri

https://www.mcknightsseniorliving.com/news/sinceri-discovery-tutera-among-operators-assuming-management-of-116-five-star-communities/

"AlerisLife/Five Star was one of the largest senior living community operators in the United States.

In the 2025 ASHA 50 list of largest operators, AlerisLife was listed in eighth place, with 132 properties and a total of 19,056 units as of June 1.

AlerisLife/Five Star also appeared in sixth place on Argentum’s 2025 list of largest senior providers. That list, released in July with data current as of June 30, 2023, reported that AlerisLife/Five Star had 9,836 employees and 19,492 total units across 138 communities, including 10,123 for independent living, 7,539 for assisted living and 1,830 for memory care.

AlerisLife filed a Worker Adjustment and Retraining Notification (WARN) Act notice with the state of Massachusetts on Sept. 3 [2025] indicating that 179 employees would be laid off between Nov. 3 and Dec. 31. In an updated notice filed Sept. 30, the company indicated that the layoffs would take place through March 31, 2026."

Senior Living REITs are hot.

Looking back a 2022 and Five Star/Aleris

"A news-filled 2022

News of the acquisition at the beginning of 2023 comes after a news-filled 2022 for AlerisLife:In January 2022, Five Star Senior Living announced a new name, AlerisLife, for a parent company under which the Five Star name would continue to be used for a senior living management services division and the Ageility name would continue to be used for its rehabilitation / fitness services division. AlerisLife also announced plans to expand into active adult management services and home care and concierge services.

In February 2022, AlerisLife announced that it had closed on a $95 million senior secured term loan to obtain “increased liquidity to use at our discretion and additional flexibility for the coming years as we execute on our strategic business plan,” then-President and CEO Katie Potter said at the time.
In May, AlerisLife announced that Potter had resigned and that Chief Financial Officer Jeff Leer had been appointed to succeed her on an interim basis as the company hired a consulting group to review operations.

Leer’s appointment was made permanent in June as the company announced plans to cut costs and make operational changes to try to increase occupancy. In August, Leer said that AlerisLife would reduce costs by approximately $14 million and invest approximately $4 million under recommendations made by the consulting firm it had hired, to “drive efficiencies and standardize processes that will enable us to better serve our residents and customers and stabilize our financial performance.”
In November, Leer said that continuing progress on the company’s restructuring plan had resulted in occupancy gains in the third quarter that were the largest in recent years.

Also in November, AlerisLife reported that it faced possible delisting by Nasdaq because the bid price for shares of the company’s common stock had closed at less than $1 for the past 30 consecutive business days. The company was given until May 8, 2023, to come into compliance with the minimum bid price continued listing standard.

AlerisLife was No. 6 on the 2022 American Seniors Housing Association’s ASHA 50 list of largest senior living operators, falling from No. 5 in 2021 and No. 4 in 2020. But the company moved from No. 5 in 2021 to No. 4 in 2022 on Argentum’s list of largest operators."

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.