New Senior Investment Group (SNR) Reports Q4 Loss of $1.05, Revenues Beat; Offers FY19 EPS Guidance Below Consensus

New Senior Investment Group (NYSE: SNR) reported Q4 EPS of ($1.05), versus $0.41 reported last year. Revenue for the quarter came in at $118.47 million versus the consensus estimate of $103.85 million.

FOURTH QUARTER 2018 FINANCIAL HIGHLIGHTS

• Declared cash dividend of $0.13 per common share
• Net loss of $86.6 million, or $(1.05) per diluted share
• Total net operating income (“NOI”) of $43.4 million
• Adjusted same store cash NOI increased 0.3% versus Q4’17
• Normalized Funds from Operations (“Normalized FFO”) of $12.3 million, or $0.15 per diluted share
• AFFO of $13.8 million, or $0.17 per diluted share
• Normalized Funds Available for Distribution (“Normalized FAD”) of $11.5 million, or $0.14 per diluted share

FOURTH QUARTER 2018 AND RECENT BUSINESS HIGHLIGHTS

• Completed internalization of management on January 1 and formally concluded review of strategic alternatives
• Completed nearly $850 million of debt refinancing activity, comprised of:
  • In October, refinanced a $720 million secured loan with a term of seven years and a rate of L + 232bps, a savings of nearly 170bps from the prior loan
  • In December, refinanced $125 million of secured loans through the closing of the Company’s first revolving credit facility
• Executing on plans to address underperforming AL/MC properties
  • Currently have 9 properties that will be transitioned to new operators by the end of the first quarter
  • Currently marketing several properties for sale
  • Ongoing evaluation of assets aimed at optimizing portfolio mix and driving better operating performance

“We are pleased to have accomplished several strategic initiatives in 2018 and are excited to have begun 2019 as an internalized management team,” said Susan Givens, Chief Executive Officer. “We are now focused on several strategic priorities, including optimizing our portfolio through asset sales and transitions, managing operator concentration and further strengthening our balance sheet. In addition, for the first time, we are providing guidance on our expectations of financial results for 2019 as part of our effort to provide increased transparency to the investor community.”

GUIDANCE:

New Senior Investment Group sees FY2019 EPS of ($0.48)-($0.42), versus the consensus of ($0.55).

For earnings history and earnings-related data on New Senior Investment Group (SNR) click here.

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