New Senior Investment Group (SNR) Tops Q4 EPS by 1c, Revenues Miss

New Senior Investment Group (NYSE: SNR) reported Q4 EPS of ($0.05), $0.01 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $81.99 million versus the consensus estimate of $83.16 million.

Fourth quarter 2020 highlights:

• Declared a dividend of $0.065 per common share
• Net loss of $3.8 million or $(0.05) per diluted share
• Total NOI of $33.7 million; total same store cash NOI of $32.5 million
• Total same store cash NOI decreased 9.6% versus fourth quarter 2019
• Normalized Funds from Operations (“Normalized FFO”) of $13.5 million, or $0.16 per diluted share
• AFFO of $14.5 million, or $0.17 per diluted share
• Normalized Funds Available for Distribution (“Normalized FAD”) of $12.8 million, or $0.15 per diluted share

Susan Givens, President & Chief Executive Officer of the Company commented, “Concluding an incredibly challenging year, all of us at New Senior are extremely grateful to our operators and the associates at our communities for their dedication and responsiveness throughout the ongoing COVID-19 pandemic. Despite a rise in cases during the fourth quarter, our operators continued to effectively manage the impact of COVID-19 within our communities through their unwavering focus and tenacity. While the pandemic continues to have a significant impact on our business, we are encouraged by the recent declines in case counts nationally and within our communities.”

Givens continued, “We continue to see features unique to our Independent Living properties that have allowed our operators to adjust protocols within our communities and effectively manage the spread of the virus while also reducing expenses in response to lower occupancy levels. Further, decisions we made heading into 2020 to strengthen our balance sheet with lower-cost floating rate debt allowed us to significantly benefit from the volatility in the interest rate environment. As a result, we are pleased to finish 2020 with AFFO per share results consistent with both our revised expectations, as well as with the initial guidance that we provided in February 2020 prior to the onset of the pandemic.”

“Going forward, we remain focused on continuing to safely navigate through the pandemic and position New Senior for growth. To that end, I am excited to announce our new partnership with Atria Senior Living, a best-in-class senior housing operator. Atria is one of the most well-respected operators in the industry and has a proven track record of driving strong occupancy and financial performance at communities similar to those in our transition portfolio. In addition to transitioning 21 communities to Atria under an incentive-aligned management contract, we expect the relationship to improve our operator diversification, provide new perspectives on the long-term performance of our Independent Living portfolio and additional growth opportunities,” Givens concluded.

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

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