New Senior Investment Group (NYSE: SNR) reported Q2 EPS of ($0.04), $0.10 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $84.53 million versus the consensus estimate of $81.9 million.

Susan Givens, President & Chief Executive Officer of the Company commented, “We continue to be deeply appreciative of all the associates at our communities who have been working tirelessly to ensure the health, safety and well-being of our residents since the onset of COVID-19. Now more than ever, I am pleased by how our team and our operators have shown flexibility and resiliency, and how they have adapted to the challenges that have arisen. While the pandemic continues to have a significant impact on our business, we see features specific to our Independent Living properties which have resulted in lower occupancy losses and have allowed us to control expenses more tightly than we had originally expected. Specifically, we have seen our occupancy declines moderate following a rebound in lead and move-in trends in the last couple of months, and we have been able to achieve significant expense reductions which have more than offset the incremental costs incurred due to COVID-19. At the same time, we have also benefited significantly from the steep decline in LIBOR, which has lowered the overall cost of our floating rate debt.”

Givens continued, “The path of the pandemic remains uncertain, making it difficult for us to predict how the virus will continue to impact our residents, associates and community operations. Nonetheless, we continue to believe in the value that our communities provide to the middle market demographic, as well as the powerful long-term fundamentals of the overall senior housing industry. We remain committed to being as transparent as we can possibly be to our shareholders and we believe that we have enough information at this time to provide revised expectations for 2020 based on first half results and recent trends.”

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