New Senior Investment Group (SNR) Misses Q1 EPS by 2c, Revenues Miss

New Senior Investment Group (NYSE: SNR) reported Q1 EPS of ($0.09), $0.02 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $79.7 million versus the consensus estimate of $82.66 million.

FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS

• Net loss of $7.6 million, or $(0.09) per diluted share
• Total same store net operating income (“NOI”) of $30.2 million; total same store cash NOI of $29.5 million
• Total same store cash NOI decreased 16.0% versus first quarter 2020
• Adjusted Funds from Operations (“AFFO”) of $11.5 million, or $0.14 per diluted share, consistent with the Company’s guidance for the quarter
• Normalized Funds Available for Distribution (“Normalized FAD”) of $9.7 million, or $0.11 per diluted share

Susan Givens, President & Chief Executive Officer of the Company commented, “More than a year after the pandemic began, we are cautiously optimistic that current trends are signaling the start of a potential recovery. We are encouraged to see COVID-19 cases within our portfolio falling significantly as the vaccine has been widely distributed at our communities. Monthly occupancy trends have improved for three consecutive months, and in April our portfolio had the first month of occupancy growth since the start of the pandemic. After such a challenging year, particularly for the population that our industry serves, we believe that the senior housing industry is well positioned to benefit from a strong recovery.”

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

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