Management should pay off the converts buyback SNH's shares. And then spin off the real estate, only to turn around and sell that company for cash out right. Leaving the management company to disolve. By spinning off the real estate at distressed asset values of 150 million, we can get $3-$5 per share. They are closing a location in Pittsburgh due to the cost of renovation vs revenue doesn't make any sense to keep open. Good strategy unless theres regulations that may cost them more, via lawsuits. They may be required to keep this location open. Who knows, something is wrong where SUNH and CSU are valued higher. I just want $4.30 for my shares.
At the end of the second quarter, we had $273 million of net property and equipment which includes the 27 properties directly owned by Five Star, 26 of which are unencumbered by debt. We had $37.6 million of convertible senior notes and $19.9 million of mortgage notes payable. We believe we are in compliance with all the term of our credit, note and mortgage arrangements.