New Senior Investment Group (SNR) Reports In-Line Q3 EPS, Revenues Miss
New Senior Investment Group (NYSE: SNR) reported Q3 EPS of ($0.05), in-line with the analyst estimate of ($0.05). Revenue for the quarter came in at $83.17 million versus the consensus estimate of $84.24 million.
Susan Givens, President & Chief Executive Officer of the Company commented, “Our operators continued to battle the impact of COVID-19 during the quarter, diligently working to ensure the safety and wellness of our residents and associates. As always, I would like to extend our deepest gratitude to our operators and the associates at our communities who continue to serve our residents and display unwavering leadership and commitment throughout these challenging times.”
Givens continued, “While the pandemic continues to have a significant impact on our business, we remain encouraged by attributes specific to our Independent Living communities which we believe have resulted in lower occupancy losses and have allowed our operators to tightly manage operating expenses. During the third quarter, we saw a significant improvement in our occupancy trend as compared to the second quarter as a result of a strong rebound in leads and move-in volume. Additionally, our operators achieved ongoing expense reductions which have helped offset the occupancy declines we have experienced. As a result, for the third quarter 2020, we delivered financial results that were at the top end of expectations provided last quarter. Based on third quarter results and the recent trends we have observed in our portfolio in the fourth quarter, I am pleased to be able to raise our expectations for full year 2020 AFFO per share.”
For earnings history and earnings-related data on New Senior Investment Group (SNR) click here.