New Senior Announces Completion of Internalization
NEW YORK--(BUSINESS WIRE)--Jan 3, 2019--New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE: SNR) announced today the completion of the internalization of the Company’s management function, effective January 1, 2019, as expected. As a result, New Senior has terminated its external management contract (the “Management Agreement”) with FIG LLC, an affiliate of Fortress Investment Group LLC (“Fortress”). In addition, Wesley R. Edens, co-founder and co-chief executive officer of Fortress, has resigned from New Senior’s Board of Directors (the “Board”). As previously announced, the post-internalization management team includes Susan Givens - Chief Executive Officer, David Smith - Chief Financial Officer, and Bhairav Patel - Executive Vice President of Finance and Accounting. Additional details about the terms of the internalization are available in the Company’s Current Report on Form 8-K filed on January 3, 2019.
ABOUT NEW SENIOR
New Senior Investment Group (NYSE: SNR) is a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties located across the United States. As of September 30, 2018, New Senior is one of the largest owners of senior housing properties, with 133 properties across 37 states. More information about New Senior can be found at www.newseniorinv.com.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent current expectations regarding future events and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to the Company’s ability to successfully manage the transition to self-management. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of these and other risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports filed with the Securities and Exchange Commission, which are available on the Company’s website ( www.newseniorinv.com ). New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
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CONTACT: David Smith
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: New Senior Investment Group Inc.
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PUB: 01/03/2019 07:27 PM/DISC: 01/03/2019 07:27 PM