|
|
|
|
|
|
|
|
|
|
|
|
Delaware
|
|
001-36499
|
|
80-0912734
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(I.R.S. Employer
Identification Number)
|
55 West 46th Street
|
New York
|
NY
|
10036
|
(Address of principal executive offices)
|
(Zip code)
|
(646)
|
822-3700
|
|
|
|
☐
|
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:
|
Common stock, $0.01 par value per share
|
SNR
|
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
|
|