(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices) | (Zip code) |
Written communications pursuant to Rule 425 under the Securities Act | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Title of each class: | Trading Symbol: | Name of each exchange on which registered: |
New York Stock Exchange (NYSE) |
Emerging growth company |
• | the Company's unaudited pro forma consolidated balance sheet dated as of September 30, 2019; |
• | the Company's unaudited pro forma consolidated statement of operations for the nine months ended September 30, 2019; and |
• | the Company's unaudited pro forma consolidated statement of operations for the years ended December 31, 2018, December 31, 2017 and December 31, 2016. |
(d) | Exhibits |
NEW SENIOR INVESTMENT GROUP INC. | ||||||
Date: November 5, 2019 | By: | /s/ Lori B. Marino | ||||
Lori B. Marino | ||||||
Executive Vice President, General Counsel & Secretary |
As of September 30, 2019 | |||||||||||||
SNR - As Reported | Disposition | Pro forma | |||||||||||
Assets | |||||||||||||
Real estate investments: | |||||||||||||
Land | $ | 177,956 | $ | (43,313 | ) | (A) | $ | 134,643 | |||||
Buildings, improvements and other | 2,360,548 | (395,695 | ) | (A) | 1,964,853 | ||||||||
Accumulated depreciation | (420,682 | ) | 86,507 | (A) | (334,175 | ) | |||||||
Net real estate property | 2,117,822 | (352,501 | ) | 1,765,321 | |||||||||
Acquired lease and other intangible assets | 8,638 | (996 | ) | (A) | 7,642 | ||||||||
Accumulated amortization | (3,144 | ) | 996 | (A) | (2,148 | ) | |||||||
Net real estate intangibles | 5,494 | — | 5,494 | ||||||||||
Net real estate investments | 2,123,316 | (352,501 | ) | 1,770,815 | |||||||||
Cash and cash equivalents | 35,399 | 110,026 | (B) | 145,425 | |||||||||
Receivables and other assets, net | 45,156 | (10,067 | ) | (C) | 35,089 | ||||||||
Total Assets | $ | 2,203,871 | $ | (252,542 | ) | $ | 1,951,329 | ||||||
Liabilities, Redeemable Preferred Stock and Equity | |||||||||||||
Liabilities | |||||||||||||
Debt, net | $ | 1,836,062 | $ | (245,647 | ) | (D) | $ | 1,590,415 | |||||
Accrued expenses and other liabilities | 76,298 | (25,881 | ) | (C) | 50,417 | ||||||||
Total Liabilities | 1,912,360 | (271,528 | ) | 1,640,832 | |||||||||
Commitments and contingencies | |||||||||||||
Redeemable preferred stock, $0.01 par value with $100 liquidation preference, 400,000 shares authorized, issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 40,506 | — | 40,506 | ||||||||||
Equity | |||||||||||||
Preferred stock, $0.01 par value, 99,600,000 shares (excluding 400,000 shares of redeemable preferred stock) authorized, none issued or outstanding as of September 30, 2019 and December 31, 2018 | — | — | — | ||||||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 82,964,438 and 82,148,869 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 830 | — | 830 | ||||||||||
Additional paid-in capital | 900,432 | — | 900,432 | ||||||||||
Accumulated deficit | (642,990 | ) | 18,986 | (E) | (624,004 | ) | |||||||
Accumulated other comprehensive loss | (7,267 | ) | — | (7,267 | ) | ||||||||
Total Equity | 251,005 | 18,986 | 269,991 | ||||||||||
Total Liabilities, Redeemable Preferred Stock and Equity | $ | 2,203,871 | $ | (252,542 | ) | $ | 1,951,329 |
For the Nine Months Ended September 30, 2019 | |||||||||||||
SNR - As Reported | Disposition | Pro forma | |||||||||||
Revenues | |||||||||||||
Resident fees and services | $ | 344,477 | $ | (89,534 | ) | (F) | $ | 254,943 | |||||
Rental revenue | 4,748 | — | 4,748 | ||||||||||
Total revenues | 349,225 | (89,534 | ) | 259,691 | |||||||||
Expenses | |||||||||||||
Property operating expense | 227,489 | (73,281 | ) | (F) | 154,208 | ||||||||
Depreciation and amortization | 62,583 | (11,279 | ) | 51,304 | |||||||||
Interest expense | 69,864 | (11,482 | ) | (G) | 58,382 | ||||||||
General and administrative expense | 15,773 | (26 | ) | (H) | 15,747 | ||||||||
Acquisition, transaction and integration expense | 1,677 | (508 | ) | (I) | 1,169 | ||||||||
Loss on extinguishment of debt | 335 | — | 335 | ||||||||||
Other expense (income) | 1,350 | 37 | (J) | 1,387 | |||||||||
Total expenses | 379,071 | (96,539 | ) | 282,532 | |||||||||
Loss on sale of real estate | (122 | ) | (122 | ) | |||||||||
Litigation proceeds, net | 38,226 | 38,226 | |||||||||||
Income before income taxes | 8,258 | 7,005 | 15,263 | ||||||||||
Income tax expense (benefit) | 188 | (72 | ) | (K) | 116 | ||||||||
Net income | 8,070 | 7,077 | 15,147 | ||||||||||
Deemed dividend on redeemable preferred stock | (1,802 | ) | — | (1,802 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 6,268 | $ | 7,077 | $ | 13,345 | |||||||
Net income (loss) per share of common stock | |||||||||||||
Basic | $ | 0.08 | $ | — | $ | 0.16 | |||||||
Diluted | $ | 0.07 | $ | — | $ | 0.16 | |||||||
Weighted average number of shares of common stock outstanding | |||||||||||||
Basic | 82,207,610 | — | 82,207,610 | ||||||||||
Diluted | 83,588,648 | — | 83,588,648 | ||||||||||
Dividends declared per share of common stock | $ | 0.39 | $ | — | $ | 0.39 |
Year Ended December 31, 2018 | |||||||||||||
SNR - As Reported | Disposition | Pro forma | |||||||||||
Revenues | |||||||||||||
Resident fees and services | $ | 404,891 | $ | (121,274 | ) | (F) | $ | 283,617 | |||||
Rental revenue | 39,407 | — | 39,407 | ||||||||||
Total revenues | 444,298 | (121,274 | ) | 323,024 | |||||||||
Expenses | |||||||||||||
Property operating expense | 267,785 | (95,299 | ) | (F) | 172,486 | ||||||||
Depreciation and amortization | 95,950 | (15,821 | ) | 80,129 | |||||||||
Interest expense | 101,176 | (15,533 | ) | (G) | 85,643 | ||||||||
Acquisition, transaction and integration expense | 15,919 | (15 | ) | 15,904 | |||||||||
Termination fee to affiliate | 50,000 | — | 50,000 | ||||||||||
Management fees and incentive compensation to affiliate | 14,814 | — | 14,814 | ||||||||||
General and administrative expense | 13,387 | (6 | ) | (H) | 13,381 | ||||||||
Loss on extinguishment of debt | 66,219 | (1,473 | ) | (L) | 64,746 | ||||||||
Impairment of real estate held for sale | 8,725 | — | 8,725 | ||||||||||
Other expense (income) | 3,974 | (189 | ) | (J) | 3,785 | ||||||||
Total expenses | 637,949 | (128,336 | ) | 509,613 | |||||||||
Gain on lease termination | 40,090 | 40,090 | |||||||||||
Income (Loss) before income taxes | (153,561 | ) | 7,062 | (146,499 | ) | ||||||||
Income tax expense | 5,794 | 1,092 | (M) | 6,886 | |||||||||
Net income (loss) | (159,355 | ) | 5,970 | (153,385 | ) | ||||||||
Net income (loss) per share of common stock | |||||||||||||
Basic and diluted | $ | (1.94 | ) | $ | — | $ | (1.87 | ) | |||||
Weighted average number of shares of common stock outstanding | |||||||||||||
Basic and diluted | 82,148,869 | — | 82,148,869 | ||||||||||
Dividends declared per share of common stock | $ | 0.78 | $ | — | $ | 0.78 |
Year Ended December 31, 2017 | |||||||||||||
SNR - As Reported | Disposition | Pro forma | |||||||||||
Revenues | |||||||||||||
Resident fees and services | $ | 336,739 | $ | (124,665 | ) | (F) | $ | 212,074 | |||||
Rental revenue | 112,391 | — | 112,391 | ||||||||||
Total revenues | 449,130 | (124,665 | ) | 324,465 | |||||||||
Expenses | |||||||||||||
Property operating expense | 230,045 | (94,383 | ) | (F) | 135,662 | ||||||||
Depreciation and amortization | 139,942 | (19,163 | ) | 120,779 | |||||||||
Interest expense | 93,597 | (13,969 | ) | (G) | 79,628 | ||||||||
Acquisition, transaction and integration expense | 2,453 | (149 | ) | (I) | 2,304 | ||||||||
Management fees and incentive compensation to affiliate | 18,225 | — | 18,225 | ||||||||||
General and administrative expense | 15,307 | (7 | ) | (H) | 15,300 | ||||||||
Loss on extinguishment of debt | 3,902 | (295 | ) | (N) | 3,607 | ||||||||
Other expense (income) | 1,702 | (977 | ) | (J) | 725 | ||||||||
Total expenses | 505,173 | (128,943 | ) | 376,230 | |||||||||
Gain on sale of real estate | 71,763 | — | 71,763 | ||||||||||
Income before income taxes | 15,720 | 4,278 | 19,998 | ||||||||||
Income tax expense (benefit) | 3,512 | (1,134 | ) | (M) | 2,378 | ||||||||
Net income | 12,208 | 5,412 | 17,620 | ||||||||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.15 | $ | — | $ | 0.21 | |||||||
Diluted | $ | 0.15 | $ | — | $ | 0.21 | |||||||
Weighted average number of shares of common stock outstanding | |||||||||||||
Basic | 82,145,295 | — | 82,145,295 | ||||||||||
Diluted | 82,741,322 | — | 82,741,322 | ||||||||||
Dividends declared per share of common stock | $ | 1.04 | $ | — | $ | 1.04 |
Year Ended December 31, 2016 | |||||||||||||
SNR - As Reported | Disposition | Pro forma | |||||||||||
Revenues | |||||||||||||
Resident fees and services | $ | 359,472 | $ | (126,992 | ) | (F) | $ | 232,480 | |||||
Rental revenue | 112,966 | — | 112,966 | ||||||||||
Total revenues | 472,438 | (126,992 | ) | 345,446 | |||||||||
Expenses | |||||||||||||
Property operating expense | 243,027 | (93,115 | ) | (F) | 149,912 | ||||||||
Depreciation and amortization | 184,546 | (26,497 | ) | 158,049 | |||||||||
Interest expense | 91,780 | (12,647 | ) | (G) | 79,133 | ||||||||
Acquisition, transaction and integration expense | 3,942 | 5 | 3,947 | ||||||||||
Management fees and incentive compensation to affiliate | 18,143 | — | 18,143 | ||||||||||
General and administrative expense | 15,194 | (2 | ) | 15,192 | |||||||||
Loss on extinguishment of debt | 245 | (245 | ) | (N) | — | ||||||||
Other expense (income) | 727 | (207 | ) | (J) | 520 | ||||||||
Total expenses | 557,604 | (132,708 | ) | 424,896 | |||||||||
Gain on sale of real estate | 13,356 | 13,356 | |||||||||||
Income (Loss) before income taxes | (71,810 | ) | 5,716 | (66,094 | ) | ||||||||
Income tax expense (benefit) | 439 | (1,300 | ) | (M) | (861 | ) | |||||||
Net income (loss) | (72,249 | ) | 7,016 | (65,233 | ) | ||||||||
Net income (loss) per share of common stock | |||||||||||||
Basic and diluted | $ | (0.88 | ) | $ | — | $ | (0.79 | ) | |||||
Weighted average number of shares of common stock outstanding | |||||||||||||
Basic and diluted | 82,357,346 | — | 82,357,346 | ||||||||||
Dividends declared per share of common stock | $ | 1.04 | $ | — | $ | 1.04 |
Gross sale price | $ | 385,000 | |
Repayment of debt | (248,353 | ) | |
Capital adjustments/prorations | (20,815 | ) | |
Pre-payment penalty on debt | (5,806 | ) | |
Cash proceeds | $ | 110,026 |
Estimated gain on sale of real estate | 27,498 | ||
Pre-payment penalty on debt | (5,806 | ) | |
Net deferred financing costs write off | (2,706 | ) | |
Total | $ | 18,986 |
Cover |
Nov. 05, 2019 |
---|---|
Cover page. | |
Entity Incorporation, State or Country Code | DE |
Written Communications | false |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 05, 2019 |
Entity File Number | 001-36499 |
Entity Registrant Name | New Senior Investment Group Inc. |
Entity Central Index Key | 0001610114 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 80-0912734 |
Entity Address, Address Line One | 55 West 46th Street |
Entity Address, City or Town | New York |
Entity Address, Postal Zip Code | 10036 |
City Area Code | (646) |
Local Phone Number | 822-3700 |
Title of 12(b) Security | Common stock, $0.01 par value per share |
Trading Symbol | SNR |
Entity Emerging Growth Company | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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