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New Senior Investment Group pulls FY'20 outlook over pandemicfrom SNL Real Estate Daily New Senior Investment Group pulls FY'20 outlook over pandemicByline: Maera Tezuka New Senior Investment Group Inc. said in its first-quarter earnings release that it is withdrawing its previously issued guidance for the full-year 2020 amid the coronavirus pandemic. The healthcare real estate investment trust also declared a dividend of 6.5 cents per common share for the first quarter, representing a 50% drop from its previous payout level. The company drew $100 million on its revolving credit facility in March in response to the pandemic. It had $135.1 million of cash and cash equivalents as of March 31. It plans to repay a part of the revolver in the second or third quarter. Total portfolio occupancy declined to 87.4% on March 31 from 88.7% on Feb. 29, largely due to the limitations on tours and move-ins at its communities in the second half of March. Occupancy also fell to 86.2% on April 30 from 87.4% on March 31. The REIT said all of its communities have stayed open since the beginning of the outbreak. |
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