New Senior Investment Group (SNR) Tops Q3 EPS by 47c

New Senior Investment Group (NYSE: SNR) reported Q3 EPS of $0.34, $0.47 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $115.59 million versus the consensus estimate of $115.95 million.

THIRD QUARTER 2019 FINANCIAL HIGHLIGHTS

• Declared cash dividend of $0.13 per common share
• Net income attributable to common stockholders of $28.2 million, or $0.34 per diluted share
• Total net operating income (“NOI”) of $40.4 million
• Adjusted same store cash NOI decreased 0.7% versus third quarter of 2018; pro forma for the Assisted Living / Memory Care (“AL/MC”) portfolio sale, adjusted same store cash NOI increased 0.7% versus third quarter of 2018
• Normalized Funds from Operations of $12.0 million, or $0.14 per diluted share
• AFFO of $14.0 million, or $0.17 per diluted share
• Normalized Funds Available for Distribution of $11.0 million, or $0.13 per diluted share

THIRD QUARTER 2019 & RECENT BUSINESS HIGHLIGHTS

• Entered into definitive purchase and sale agreement to sell the entire AL/MC portfolio of 28 properties for a gross sale price of $385 million (the “Transaction”)
• Raised midpoint of full year 2019 AFFO guidance range

“At the beginning of the year when we internalized the management of the company, we outlined several strategic priorities and I am extremely pleased with the progress that has been made to date to position us for long-term growth. The announcement of the Transaction today represents another key step and gives us significant momentum moving forward,” said Susan Givens, Chief Executive Officer. “Consistent with our strategic priorities, the sale of the AL/MC portfolio allows us to enhance the overall quality of our portfolio, strengthen our balance sheet and focus on growing our core business. Further, New Senior delivered solid earnings results in the third quarter of 2019 consistent with guidance expectations, and our Independent Living portfolio grew adjusted same store cash NOI 0.7% year over year in the third quarter, its sixth straight consecutive quarter of growth.”

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

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