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New Senior Announces Fourth Quarter and Full Year

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Enterprising Investor Member Level  Thursday, 02/25/16 10:45:44 AM
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New Senior Announces Fourth Quarter and Full Year 2015 Results (2/25/16)

Fourth Quarter Normalized FFO of $0.35 Per Basic Share

And AFFO of $0.30 Per Basic Share

Fourth Quarter Dividend of $0.26 Per Share

NEW YORK--(BUSINESS WIRE)--New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE:SNR) announced today its results for the quarter and full year ended December 31, 2015.

2015 AND RECENT BUSINESS HIGHLIGHTS

• 2015 total managed portfolio average occupancy increased 310 basis points to 86.6% vs. 2014

• 2015 same store net operating income (“NOI”) growth for the managed portfolio of 4.5% vs. 2014

• 2015 same store average occupancy for the managed portfolio increased 150 basis points vs. 2014

• Occupancy of the triple net portfolio increased 110 basis points for 4Q’15 vs. 4Q’14

• Completed $1.3 billion of acquisitions in 2015, adding 54 majority private pay properties

• Raised $1.2 billion of debt in 2015 and lowered the effective interest rate of total debt by 80bps to 4.0%

• Repurchased $40 million of common stock at a weighted average price of $9.05 per share

4Q 2015 FINANCIAL HIGHLIGHTS

• Total NOI of $57.7 million compared to $38.7 million for 4Q 2014, a 49% increase

• Normalized Funds from Operations (“Normalized FFO”) of $29.8 million, or $0.35 per basic and $0.34 per diluted share

• AFFO of $25.7 million, or $0.30 per basic and diluted share

• Normalized Funds Available for Distribution (“Normalized FAD”) of $23.3 million, or $0.27 per basic and diluted share

• Net loss of ($22.0) million, or ($0.26) per basic and diluted share

“In our first full year as a public company, we are pleased to have delivered strong same store NOI growth of 4.5% for 2015, generated a 58% increase in our AFFO per share for 4Q’15 versus 4Q’14 and provided our shareholders with a 13% increase in our quarterly dividend,” New Senior Chief Executive Officer Susan Givens said. “Furthermore, we significantly increased our exposure to private pay independent living properties, which now account for 71% of our NOI, and lowered the effective interest rate of our debt by 80 basis points while lengthening our overall weighted average debt maturity. For 2016, we remain intently focused on driving organic growth in our private pay senior housing portfolio and pursuing selective asset sales.”

2015 ACQUISITION ACTIVITY

In 2015, the Company closed on $1.3 billion of acquisitions, which included 49 independent living (“IL”) properties, four assisted living / memory care (“AL/MC”) properties and one rental continuing care retirement community (“CCRC”). These acquisitions increased the Company’s private pay independent living exposure from 61% of NOI for 4Q 2014 to 71% for 4Q 2015.

PORTFOLIO PERFORMANCE

Total NOI increased 49% to $57.7 million compared to $38.7 million for 4Q 2014.

For the managed portfolio, 2015 total average occupancy increased 310 basis points to 86.6% compared to 83.5% for 2014, and same store average occupancy increased 150 basis points to 84.2% compared to 82.7% for 2014. Same store NOI for 2015 increased 4.5% to $40.1 million compared to $38.4 million for 2014. As previously disclosed, same store information excludes one property that was not fully operational during 2015 and a $122,000 write-off of a receivable acquired in connection with an acquisition in 2013. Including these adjustments, same store occupancy growth for 2015 was 90 basis points and same store NOI growth was 2.0% compared to 2014.

For the triple net portfolio, total portfolio average occupancy increased 110 basis points to 88.9% compared to 87.8% for 4Q 2014. Triple net average occupancy is presented one quarter in arrears from the date reported on a trailing twelve month basis.

SHARE REPURCHASE PROGRAM

On December 1, 2015, New Senior’s Board of Directors authorized the repurchase of up to $100.0 million of the Company’s common stock over the next 12 months. During December, the Company repurchased 1,112,000 shares at an average price of $9.22 per share, for a total cost of $10.3 million (including transaction costs).

On December 17, 2015, the Company commenced a modified “Dutch auction” self-tender offer (“Tender Offer”) to repurchase up to $30.0 million of shares of our common stock. The Tender Offer expired on January 19, 2016. The Company invested $30.8 million, including transaction costs, to repurchase 3,333,333 shares at a price of $9.00 per share.

FOURTH QUARTER DIVIDEND

On February 23, 2016, the Company’s Board of Directors declared a cash dividend of $0.26 per share for the quarter ended December 31, 2015. The dividend is payable on March 22, 2016 to shareholders of record on March 8, 2016.

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the presentation posted in the Investor Relations section of the Company’s website, www.newseniorinv.com.

EARNINGS CONFERENCE CALL

Management will host a conference call on February 25, 2016 at 9:00 A.M. Eastern Time. The conference call may be accessed by dialing (855) 734-8393 (from within the U.S.) or (970) 315-0985 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “New Senior Fourth Quarter and Full Year 2015 Earnings Call.” A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newseniorinv.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available approximately two hours following the call’s completion through 11:59 P.M. Eastern Time on March 25, 2016 by dialing (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside the U.S.); please reference access code “48845559.”

ABOUT NEW SENIOR

New Senior is a real estate investment trust focused on investing in senior housing properties across the United States. The Company is the only pure play senior housing REIT and is one of the largest owners of senior housing properties. Currently, New Senior owns 154 properties located across 37 states. New Senior is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm. More information about New Senior can be found at www.newseniorinv.com.

http://www.businesswire.com/news/home/20160225005577/en/Senior-Announces-Fourth-Quarter-Full-Year-2015

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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