New Senior Announces Third Quarter 2016 Results

New Senior Investment Group Inc. ("New Senior" or the "Company") (NYSE:SNR) announced today its results for the quarter ended September 30, 2016.

3Q 2016 FINANCIAL HIGHLIGHTS
  • Declared cash dividend of $0.26 per common share
  • Net loss of $20.2 million, or $0.25 per basic and diluted share
  • Total NOI of $57.1 million, compared to $53.2 million for 3Q'15
  • Normalized Funds from Operations ("Normalized FFO") of $25.7 million, or $0.31 per basic and diluted share, compared to $26.3 million, or $0.30 per basic and diluted share, for 3Q'15
  • AFFO of $22.9 million, or $0.28 per basic and diluted share, compared to $22.9 million, or $0.27 per basic share and $0.26 per diluted share, for 3Q'15
  • Normalized Funds Available for Distribution ("Normalized FAD") of $21.1 million, or $0.26 per basic and diluted share, compared to $20.9 million, or $0.24 per basic and diluted share, for 3Q'15

3Q 2016 BUSINESS HIGHLIGHTS
  • Total same store cash net operating income ("NOI") decreased 0.2% vs. 3Q'15. Excluding 5 underperforming assets for illustrative purposes, total same store cash NOI would have been 2.1% higher than 3Q'15
  • Managed portfolio average occupancy increased 120 basis points to 88.1% vs. 3Q'15
  • Managed same store average occupancy increased 80 basis points to 87.0% vs. 3Q'15
  • Managed same store NOI decreased 3.2% vs. 3Q'15. Excluding 5 underperforming assets for illustrative purposes, managed same store NOI would have been 2.0% higher than 3Q'15
  • Triple net same store cash NOI increased 3.9% vs. 3Q'15
  • In October, sold 2 properties for $23 million, representing a cap rate of approximately 6%, 2.4x invested equity and a gain on sale of $13 million

"New Senior delivered solid earnings results this quarter, with AFFO per basic share up 4% over the third quarter of 2015," New Senior Chief Executive Officer Susan Givens said. "We also made continued progress on our asset disposition strategy with the recent sale of 2 properties for $23 million. We continue to pursue selective, non-core asset sales in an effort to enhance the overall quality of our portfolio."

If you liked this article you might like

3 Companies With Significant Insider Buying

What To Sell: 3 Sell-Rated Dividend Stocks SNR, BKEP, CMFN

3 Sell-Rated Dividend Stocks: CELP, MITT, SNR

What To Sell: 3 Sell-Rated Dividend Stocks SRLP, SNR, OHAI

Ex-Dividends To Watch: 3 Stocks Going Ex-Dividend Monday: SNR, GES, WRI