Actually the 85.5% and 84.6% are apples to apples. They both include SNFs. So occupancy dropped. While AL/IL occupancy hopefully and likely improved, FVE still owns SNFs and has them in many of their CCRNs, so they are not going away any time soon.
FVE Occupancy appears set to decline again in Q3. SNH announced that Q3 FVE occupancy was 84.6% not including the 10 properties held for sale (with them it was even lower 84.2%). That compares to Q2 FVE occupancy of 85.5% which was down again from 86.0% in the prior year.
Unfortunately, we have all learned too well from CWH that Mackey's boss Portnoy loves shareholders because he can take all their money over time.
It is hard to justify buying FVE without a huge discount to its peer group given the inherent and numerous conflicts of interest.
The delay in reporting is also ominous and, I believe, the first time that they have not reported on the same day as SNH.
These guys definitely think that they can fleece shareholders forever, and we will never learn. It is still shocking to me that the SEC has not disallowed this ownership and control structure with RMR for public companies.