|Over a week ago|
New Senior Investment provides update amid COVID-19 pandemic » 07:4006/1806/18/20
The company said,…
The company said, "To date, our operators have reported a total of 172 positive cases across 25 properties (119 residents / 53 associates). As of June 16, our operators reported 13 current resident cases across 3 properties, representing less than 0.2% of our current resident population. 76% of the properties in our portfolio have had zero confirmed cases to date. Rate of new cases on a trailing three week average has declined 91% from peak levels in April. Over 1,200 residents and associates have been tested for COVID-19; 86% of those individuals have tested negative. Unclear how the rate of new cases will change as the pandemic continues and restrictions are lifted. Our operators are focused on safely lifting restrictions within our properties in a phased approach. Dependent on local mandates and the absence of any active or suspected COVID-19 positive cases within the community. As of June 16, over 90% of properties have begun lifting restrictions within the property. Over 30% of properties have moved to the second phase of recovery, which allows for expanded dining, activities, visitation and sales functions. Expect ongoing evaluation of the recovery phases as properties continue to lift restrictions. Since our last update (June 2), we have finalized May results and believe it is appropriate to update our view on 2Q20 NOI expectations in light of the actual results for May and the latest trends we are observing for June. 2Q20 results trending better than expected due to: i) less severe occupancy declines as the quarter progressed; ii) lower than expected COVID-19 expenses; and iii) lower than expected variable and fixed costs. As a result, 2Q20 NOI is currently trending closer to down 5% YoY, significantly better than initial estimate provided in May of down 10% to 15% YoY. Ultimate impact of the COVID-19 pandemic will depend on a variety of factors, and it remains too early to estimate the complete effects of the pandemic on the Company's results."
|Over a quarter ago|
Sabra Health Care to be pressured by coronavirus at facility, says Mizuho » 13:3403/1103/11/20
SBRA, VTR, WELL, OHI, CTRE, LTC, PEAK, DHC, SNR
Mizuho analyst Omotayo…
Mizuho analyst Omotayo Okusanya noted that Issaquah Nursing Home, which is owned by Sabra Health Care (SBRA), has confirmed the death of one of its residents from the coronavirus. Okusanya expects pressure on the stock given the coronavirus news, but said the news "feels priced in" with the stock down 10% today and down over 30% during the last two weeks. Other healthcare REITs with large skilled nursing and senior housing platforms include Ventas (VTR), Welltower (WELL), Omega Healthcare (OHI), CareTrust REIT (CTRE), LTC Properties (LTC), Healthpeak (PEAK), Diversified Healthcare Trust (DHC) and New Senior Investment (SNR), said the analyst. Okusanya keeps a Buy rating and $25 price target on Sabra shares.
New Senior Investment upgraded to Overweight from Equalweight at Capital One » 05:2311/0411/04/19
Capital One analyst…
Capital One analyst Daniel Bernstein upgraded New Senior Investment Group to Overweight from Equalweight with an $8.50 price target.
New Senior Investment narrows 2019 AFFO view to 64c-67c from 62c-67c » 06:1711/0111/01/19
Consensus for 2019 FFO is…
Consensus for 2019 FFO is 56c. Sees same store managed cash NOI: (3.0%)-0.0% vs. 2018.
New Senior Investment to sell Assisted Living/Memory Care portfolio for $385M » 06:1511/0111/01/19
New Senior Investment…
New Senior Investment announced that it has entered into a definitive purchase and sale agreement to sell its entire Assisted Living/Memory Care portfolio for a gross sale price of $385M. The company expects the Transaction to close in the first quarter of 2020, subject to customary closing conditions. The Transaction is expected to materially improve cash flow without a significant impact to AFFO. The AL/MC portfolio includes 28 properties across 14 states and consists of 2,840 units. The AL/MC portfolio is currently managed by six different operators and occupancy as of the third quarter was 78.0%. A key priority for New Senior has been to address the underperformance of its AL/MC portfolio. The company has pursued various strategies focused on improving performance, including asset sales and transitions to new operators. Despite these efforts, the AL/MC portfolio continued to experience sustained challenges. The Transaction is expected to improve the company's overall portfolio quality and capital structure, and will enable New Senior to focus on its core business - low acuity, private pay senior housing. Following the Transaction, the company's portfolio will consist of 102 Independent Living properties and 1 continuing care retirement community. The IL portfolio primarily serves the fast-growing middle market senior population, has delivered stable and consistent operating results, and is well positioned to benefit from medium and long-term demographic trends. Going forward, New Senior will continue to invest in attractive senior housing assets and partner with best-in-class operators to grow its core business. The gross sale price of $385M represents a 5.9% cap rate on third quarter 2019 trailing 12-month cash NOI or $136,000 per unit. The company expects to realize a gain on sale of approximately $27M prior to selling costs. Following the completion of the Transaction, New Senior's portfolio will consist of 103 properties, including 102 IL properties and 1 CCRC. The closing of the Transaction is expected to occur in the first quarter of 2020, subject to customary closing conditions.
New Senior Investment reports Q3 adjusted FFO 17c, consensus 13c » 06:1511/0111/01/19
Reports Q3 revenue $,…
Reports Q3 revenue $, consensus $115.95M. Reports Q3 normalized FFO 14c. Q3 EPS was 34c, consensus (13c).
Fly Intel: Top five analyst initiations » 10:2110/2210/22/19
AMCR, LEVI, KTB, SNR, BPMC, SPXC
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Amcor (AMCR) initiated with an Underperform at Jefferies. 2. Levi Strauss (LEVI) initiated with an Outperform at Macquarie while Kontoor Brands (KTB) was initiated with a Neutral. 3. New Senior Investment (SNR) initiated with an Equalweight at Capital One. 4. Blueprint Medicines (BPMC) resumed with an Outperform at JMP Securities. 5. SPX Corporation (SPXC) initiated with a Buy at Seaport Global. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
New Senior Investment initiated with an Equalweight at Capital One » 06:1410/2210/22/19
Capital One initiated…
Capital One initiated coverage of New Senior Investment with an Equalweight rating and $7.50 price target.
New Senior Investment CFO David Smith resigns to accept another opportunity » 16:3609/0609/06/19
New Senior Investmen…
New Senior Investmen announced that David Smith has resigned as Executive Vice President and CFO to accept another business opportunity. Mr. Smith will continue in his current position through the third quarter to ensure a smooth transition for the company. Bhairav Patel, the company's current Executive Vice President of Finance & Accounting and Chief Accounting Officer will assume these additional responsibilities while the company conducts a search for a permanent replacement. Mr. Smith's resignation is not related to any issues involving the company's operations, financial statements, internal controls, policies or practices.
New Senior Investment narrows 2019 AFFO view to 62c-67c from 61c-67c » 06:1308/0208/02/19
Consensus for 2019 FFO is…
Consensus for 2019 FFO is 58c.