☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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New Senior Investment Group Inc.
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Delaware
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80-0912734
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|||||||
(State or other jurisdiction of incorporation
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(I.R.S. Employer Identification No.)
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|||||||
or organization)
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55 West 46th Street
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New York
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NY | 10036 | ||||||||||||||
(Address of principal executive offices)
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(Zip Code)
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(646) |
822-3700
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(Former name, former address and former fiscal year, if changed since last report)
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Title of each class:
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Trading Symbol |
Name of exchange on which registered:
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||||||
Common stock, $0.01 par value per share
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SNR |
New York Stock Exchange (“NYSE”)
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Large accelerated filer
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ý |
Accelerated filer
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o |
Non-accelerated filer
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o | ||||||||||||
Smaller reporting company
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☐ |
Emerging growth company
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☐ |
Page | ||||||||
Financial Statement Schedules
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||||||||
As of December 31, 2019 |
Year ended
December 31, 2019 |
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Number of Communities | Number of Beds |
Real Estate Investments, at Cost (A)
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Percent of Total Real Estate Investment | Real Estate Investment per Bed |
Total Revenues (B)
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Percent of Total Revenues | Number of States | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Managed IL | 102 | 11,976 | $ | 2,051,860 | 97.1 | % | $ | 171 | $ | 336,367 | 97.2 | % | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (C)
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1 | 463 | 60,461 | 2.9 | % | — | 9,536 | 2.8 | % | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 103 | 12,439 | $ | 2,112,321 | 100.0 | % | $ | 345,903 | 100.0 | % |
As of December 31, 2018 |
Year ended
December 31, 2018 |
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Number of Communities | Number of Beds |
Real Estate Investments, at Cost (A)
|
Percent of Total Real Estate Investment | Real Estate Investment per Bed |
Total Revenues (B)
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Percent of Total Revenues | Number of States | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Managed IL | 102 | 11,974 | $ | 2,030,886 | 97.2 | % | $ | 170 | $ | 273,685 | 84.7 | % | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3 | 742 | 58,130 | 2.8 | % | — | 49,340 | 15.3 | % | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 105 | 12,716 | $ | 2,089,016 | 100.0 | % | $ | 323,025 | 100.0 | % |
Name | Age | Current Position | ||||||||||||
Susan L. Givens | 43 | Chief Executive Officer | ||||||||||||
Lori B. Marino | 45 | Executive Vice President, General Counsel and Corporate Secretary | ||||||||||||
Bhairav Patel | 41 | Executive Vice President of Finance and Accounting and Interim Chief Financial Officer |
Period Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Index | 11/07/14 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Senior Investment Group Inc. | 100.00 | 86.42 | 54.93 | 60.17 | 52.03 | 31.72 | 64.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 101.64 | 103.05 | 115.38 | 140.56 | 134.40 | 176.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSCI US REIT Index | 100.00 | 104.12 | 106.74 | 115.92 | 121.80 | 116.23 | 146.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTSE NAREIT Equity Index | 100.00 | 104.86 | 97.26 | 103.49 | 104.39 | 112.31 | 136.12 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 345,903 | $ | 323,024 | $ | 324,465 | $ | 345,446 | $ | 267,877 | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | 375,111 | 509,792 | 376,229 | 424,897 | 349,239 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) before income taxes | 8,978 | (146,678) | 19,999 | (66,095) | (81,362) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 210 | 4,950 | 2,378 | (861) | (3,655) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations | 8,768 | (151,628) | 17,621 | (65,234) | (77,707) | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | (6,754) | (7,727) | (5,413) | (7,015) | (4,718) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,014 | (159,355) | 12,208 | (72,249) | (82,425) | ||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on redeemable preferred stock | (2,407) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (393) | $ | (159,355) | $ | 12,208 | $ | (72,249) | $ | (82,425) | |||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share (A):
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | 0.08 | $ | (1.85) | $ | 0.21 | $ | (0.79) | $ | (1.01) | |||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | (0.08) | (0.09) | (0.06) | (0.09) | (0.07) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | — | $ | (1.94) | $ | 0.15 | $ | (0.88) | $ | (1.08) | |||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | 0.08 | $ | (1.85) | $ | 0.21 | $ | (0.79) | $ | (1.01) | |||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | $ | (0.08) | $ | (0.09) | $ | (0.06) | $ | (0.09) | $ | (0.07) | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | — | $ | (1.94) | $ | 0.15 | $ | (0.88) | $ | (1.08) | |||||||||||||||||||||||||||||||||||||||||||
Basic | 82,208,173 | 82,148,869 | 82,145,295 | 82,357,349 | 76,601,161 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 82,208,173 | 82,148,869 | 82,741,322 | 82,357,349 | 76,601,161 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per share of common stock | $ | 0.52 | $ | 0.78 | $ | 1.04 | $ | 1.04 | $ | 0.75 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities | $ | 75,411 | $ | 121,077 | $ | 60,445 | $ | 102,345 | $ | 76,966 | |||||||||||||||||||||||||||||||||||||||||||
Investing activities | (15,009) | (19,162) | 319,895 | 2,144 | (1,274,109) | ||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | (89,229) | (166,744) | (320,372) | (146,479) | 1,098,280 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,194,709 | $ | 2,286,258 | $ | 2,508,027 | $ | 2,821,728 | $ | 3,017,459 | |||||||||||||||||||||||||||||||||||||||||||
Total debt, net | 1,845,727 | 1,884,882 | 1,907,928 | 2,130,387 | 2,151,317 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,917,808 | 1,963,806 | 2,002,142 | 2,242,833 | 2,250,134 | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 40,506 | 40,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 236,395 | 282,452 | 505,885 | 578,895 | 767,325 |
Years Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | Amount | % | |||||||||||||||||||||||||||||||
Segment NOI for Managed IL Properties | $ | 135,767 | $ | 110,713 | $ | 25,054 | 22.6 | % | |||||||||||||||||||||||||||
Segment NOI for Other Properties | 5,779 | 39,824 | (34,045) | (85.5) | % | ||||||||||||||||||||||||||||||
Total segment NOI | 141,546 | 150,537 | (8,991) | (6.0) | % | ||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Interest expense | 76,364 | 85,643 | (9,279) | (10.8) | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 68,806 | 80,129 | (11,323) | (14.1) | % | ||||||||||||||||||||||||||||||
General and administrative expense | 21,672 | 13,382 | 8,290 | 61.9 | % | ||||||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 1,501 | 15,905 | (14,404) | (90.6) | % | ||||||||||||||||||||||||||||||
Termination fee to affiliate | — | 50,000 | (50,000) | NM | |||||||||||||||||||||||||||||||
Management fees to affiliate | — | 14,814 | (14,814) | NM | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | 64,746 | (64,411) | (99.5) | % | ||||||||||||||||||||||||||||||
Impairment of real estate held for sale | — | 8,725 | (8,725) | NM | |||||||||||||||||||||||||||||||
Other expense | 2,076 | 3,961 | (1,885) | (47.6) | % | ||||||||||||||||||||||||||||||
Total expenses | 170,754 | 337,305 | (166,551) | (49.4) | % | ||||||||||||||||||||||||||||||
Loss on sale of real estate | (122) | — | (122) | NM | |||||||||||||||||||||||||||||||
Gain on lease termination | — | 40,090 | (40,090) | NM | |||||||||||||||||||||||||||||||
Litigation proceeds, net | 38,308 | — | 38,308 | NM | |||||||||||||||||||||||||||||||
Income (Loss) before income taxes | 8,978 | (146,678) | 155,656 | NM | |||||||||||||||||||||||||||||||
Income tax expense | 210 | 4,950 | (4,740) | (95.8) | % | ||||||||||||||||||||||||||||||
Income (Loss) from continuing operations | 8,768 | (151,628) | 160,396 | (105.8) | % | ||||||||||||||||||||||||||||||
Loss from discontinued operations | (6,754) | (7,727) | 973 | (12.6) | % | ||||||||||||||||||||||||||||||
Net income (loss) | 2,014 | (159,355) | 161,369 | (101.3) | % | ||||||||||||||||||||||||||||||
Deemed dividend on redeemable preferred stock | (2,407) | — | (2,407) | NM | |||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders
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$ | (393) | $ | (159,355) | $ | 158,962 | NM |
Same Store Portfolio | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per bed data)
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2019 | 2018 |
Change
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%
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2019 | 2018 |
Change
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%
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Resident fees and services | $ | 172,263 | $ | 172,457 | $ | (194) | (0.1) | % | $ | 336,367 | $ | 273,684 | $ | 62,683 | 22.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expense | 102,565 | 102,211 | 354 | 0.3 | % | 200,600 | 162,971 | 37,629 | 23.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 69,698 | $ | 70,246 | $ | (548) | (0.8) | % | $ | 135,767 | $ | 110,713 | $ | 25,054 | 22.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total properties as of year end | 51 | 51 | 102 | 102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average available beds | 6,127 | 6,127 | 11,975 | 9,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average occupancy (%) | 85.9 | 87.5 | 87.1 | 87.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average monthly revenue per occupied bed (A)
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$2,728 | $2,663 | $2,688 | $2,710 |
Same Store Portfolio | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per bed data)
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2019 | 2018 |
Change
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%
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2019 | 2018 |
Change
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%
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Resident fees and services | $ | — | $ | — | $ | — | — | % | $ | 3,206 | $ | 9,933 | $ | (6,727) | (67.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | 6,330 | 6,327 | 3 | — | % | 6,330 | 39,407 | (33,077) | (83.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expense | — | — | — | — | % | 3,757 | 9,516 | (5,759) | (60.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 6,330 | $ | 6,327 | $ | 3 | — | % | $ | 5,779 | $ | 39,824 | $ | (34,045) | (85.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total properties as of year end | 1 | 1 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average available beds | 463 | 463 | 570 | 2,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
2018 | 2017 | Amount | % | |||||||||||||||||||||||||||||||
Segment NOI for Managed IL Properties | $ | 110,713 | $ | 70,195 | $ | 40,518 | 57.7 | % | |||||||||||||||||||||||||||
Segment NOI for Other Properties | 39,824 | 118,608 | (78,784) | (66.4) | % | ||||||||||||||||||||||||||||||
Total Segment NOI
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150,537 | 188,803 | (38,266) | (20.3) | % | ||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Interest expense | 85,643 | 79,628 | 6,015 | 7.6 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 80,129 | 120,779 | (40,650) | (33.7) | % | ||||||||||||||||||||||||||||||
General and administrative expense | 13,382 | 15,300 | (1,918) | (12.5) | % | ||||||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 15,905 | 2,304 | 13,601 | NM | |||||||||||||||||||||||||||||||
Termination fee to affiliate | 50,000 | — | 50,000 | NM | |||||||||||||||||||||||||||||||
Management fees and incentive compensation to affiliate | 14,814 | 18,225 | (3,411) | (18.7) | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 64,746 | 3,607 | 61,139 | NM | |||||||||||||||||||||||||||||||
Impairment on real estate held for sale | 8,725 | — | 8,725 | NM | |||||||||||||||||||||||||||||||
Other expense | 3,961 | 724 | 3,237 | 447.1 | % | ||||||||||||||||||||||||||||||
Total expenses | 337,305 | 240,567 | 96,738 | 40.2 | % | ||||||||||||||||||||||||||||||
Gain on sale of real estate | — | 71,763 | (71,763) | NM | |||||||||||||||||||||||||||||||
Gain on lease termination | 40,090 | — | 40,090 | NM | |||||||||||||||||||||||||||||||
Income (Loss) before income taxes | (146,678) | 19,999 | (166,677) | NM | |||||||||||||||||||||||||||||||
Income tax expense | 4,950 | 2,378 | 2,572 | 108.2 | % | ||||||||||||||||||||||||||||||
Income (Loss) from continuing operation | (151,628) | 17,621 | (169,249) | NM | |||||||||||||||||||||||||||||||
Loss from discontinued operations | (7,727) | (5,413) | (2,314) | 42.7 | % | ||||||||||||||||||||||||||||||
Net income (loss) | $ | (159,355) | $ | 12,208 | $ | (171,563) | NM |
Same Store Portfolio | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per bed data) | 2018 | 2017 | Change | % | 2018 | 2017 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 169,924 | $ | 167,197 | $ | 2,727 | 1.6 | % | $ | 273,684 | $ | 172,952 | $ | 100,732 | 58.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expense | 100,214 | 98,881 | 1,333 | 1.3 | % | 162,971 | 102,757 | 60,214 | 58.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 69,710 | $ | 68,316 | $ | 1,394 | 2.0 | % | $ | 110,713 | $ | 70,195 | $ | 40,518 | 57.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total properties as of year end | 50 | 50 | 102 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average available beds | 6,005 | 6,000 | 9,538 | 6,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average occupancy (%) | 87.7 | 88.2 | 87.8 | 88.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average monthly revenue per occupied bed (A)
|
$2,673 | $2,619 | $2,710 | $2,605 |
Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per bed data)
|
2018 | 2017 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 9,933 | $ | 39,122 | $ | (29,189) | (74.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | 39,407 | 112,391 | (72,984) | (64.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expense | 9,516 | 32,905 | (23,389) | (71.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 39,824 | $ | 118,608 | $ | (78,784) | (66.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total properties as of year end | 3 | 54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average available beds | 2,691 | 8,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Net cash provided by (used in) | |||||||||||||||||||||||||||||
Operating activities
|
$ | 75,411 | $ | 121,077 | $ | 60,445 | |||||||||||||||||||||||
Investing activities
|
(15,009) | (19,162) | 319,895 | ||||||||||||||||||||||||||
Financing activities
|
(89,229) | (166,744) | (320,372) | ||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (28,827) | (64,829) | 59,968 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 92,656 | 157,485 | 97,517 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 63,829 | $ | 92,656 | $ | 157,485 |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Principal payments | $ | 9,621 | $ | 16,918 | $ | 21,123 | $ | 19,817 | $ | 20,619 | $ | 16,560 | $ | 104,658 | |||||||||||||||||||||||||||
Balloon payments | — | — | 400,704 | — | — | 1,098,354 | 1,499,058 | ||||||||||||||||||||||||||||||||||
Subtotal | 9,621 | 16,918 | 421,827 | 19,817 | 20,619 | 1,114,914 | 1,603,716 | ||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 20,000 | 20,000 | — | — | — | — | 40,000 | ||||||||||||||||||||||||||||||||||
Interest and redeemable preferred stock dividend (A)(B)
|
69,138 | 67,197 | 53,838 | 47,735 | 47,024 | 39,216 | 324,148 | ||||||||||||||||||||||||||||||||||
Leases | 491 | 481 | 467 | 466 | 235 | 310 | 2,450 | ||||||||||||||||||||||||||||||||||
Total obligations of continuing operations (C)
|
99,250 | 104,596 | 476,132 | 68,018 | 67,878 | 1,154,440 | 1,970,314 | ||||||||||||||||||||||||||||||||||
Total obligations of discontinued operations (C)
|
$ | 14,845 | $ | 64,651 | $ | 202,890 | $ | — | $ | — | $ | — | $ | 282,386 |
Year Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (393) | $ | (159,355) | $ | 12,208 | |||||||||||||||||||||||
(Gain) Loss on sale of real estate | 122 | — | (71,763) | ||||||||||||||||||||||||||
Depreciation and amortization | 81,297 | 95,950 | 139,942 | ||||||||||||||||||||||||||
Impairment of real estate held for sale | — | 8,725 | — | ||||||||||||||||||||||||||
FFO | 81,026 | (54,680) | 80,387 | ||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 2,081 | 15,919 | 2,453 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | 66,219 | 3,902 | ||||||||||||||||||||||||||
Compensation expense related to transition awards | 1,925 | — | — | ||||||||||||||||||||||||||
Incentive compensation on sale of real estate (A)
|
— | — | 2,930 | ||||||||||||||||||||||||||
Remeasurement of deferred tax assets | — | — | 2,966 | ||||||||||||||||||||||||||
Non-cash valuation allowance on deferred tax assets, net | — | 5,354 | — | ||||||||||||||||||||||||||
Termination fee to affiliate | — | 50,000 | — | ||||||||||||||||||||||||||
Gain on lease termination | — | (40,090) | — | ||||||||||||||||||||||||||
Litigation proceeds, net | (38,308) | — | — | ||||||||||||||||||||||||||
Other expense (B)
|
2,051 | 4,576 | 1,702 | ||||||||||||||||||||||||||
Normalized FFO | 49,110 | 47,298 | 94,340 | ||||||||||||||||||||||||||
Straight line rent | (590) | (5,365) | (17,865) | ||||||||||||||||||||||||||
Amortization of equity-based compensation expense | 2,022 | — | — | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 4,004 | 10,519 | 9,090 | ||||||||||||||||||||||||||
Amortization of deferred community fees and other | 1,303 | 2,935 | (405) | ||||||||||||||||||||||||||
Adjusted FFO | $ | 55,849 | $ | 55,387 | $ | 85,160 |
Years Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (393) | $ | (159,355) | $ | 12,208 | |||||||||||||||||||||||
(Gain) Loss on sale of real estate | 122 | — | (71,763) | ||||||||||||||||||||||||||
Depreciation and amortization | 81,297 | 95,950 | 139,942 | ||||||||||||||||||||||||||
Impairment of real estate held for sale | — | 8,725 | — | ||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 2,081 | 15,919 | 2,453 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | 66,219 | 3,902 | ||||||||||||||||||||||||||
Compensation expense related to transition awards | 1,925 | — | — | ||||||||||||||||||||||||||
Incentive compensation on sale of real estate (A)
|
— | — | 2,930 | ||||||||||||||||||||||||||
Termination fee to affiliate | — | 50,000 | — | ||||||||||||||||||||||||||
Gain on lease termination | — | (40,090) | — | ||||||||||||||||||||||||||
Litigation proceeds, net | (38,308) | — | — | ||||||||||||||||||||||||||
Other expense (B)
|
2,051 | 4,772 | 1,702 | ||||||||||||||||||||||||||
Amortization of equity-based compensation expense | 2,022 | — | — | ||||||||||||||||||||||||||
Interest expense | 90,935 | 101,176 | 93,597 | ||||||||||||||||||||||||||
Income tax expense (C)
|
308 | 5,794 | 3,512 | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 142,375 | $ | 149,110 | $ | 188,483 |
December 31, 2019 | December 31, 2018 | ||||||||||
Floating Rate | $ | 789,036 | $ | 1,158,896 | |||||||
Fixed Rate | 814,680 | 464,680 | |||||||||
Total | $ | 1,603,716 | $ | 1,623,576 |
Page
|
|||||
Index to Consolidated Financial Statements: | |||||
Financial Statement Schedules
|
|||||
December 31, | |||||||||||||||||
Assets | 2019 | 2018 | |||||||||||||||
Real estate investments: | |||||||||||||||||
Land | $ | 134,643 | $ | 134,643 | |||||||||||||
Buildings, improvements and other | 1,970,036 | 1,946,731 | |||||||||||||||
Accumulated depreciation | (351,555) | (283,140) | |||||||||||||||
Net real estate property | 1,753,124 | 1,798,234 | |||||||||||||||
Acquired lease and other intangible assets | 7,642 | 7,642 | |||||||||||||||
Accumulated amortization | (2,238) | (1,881) | |||||||||||||||
Net real estate intangibles | 5,404 | 5,761 | |||||||||||||||
Net real estate investments | 1,758,528 | 1,803,995 | |||||||||||||||
Assets from discontinued operations | 363,489 | 364,996 | |||||||||||||||
Cash and cash equivalents | 39,614 | 72,422 | |||||||||||||||
Receivables and other assets, net | 33,078 | 44,845 | |||||||||||||||
Total Assets | $ | 2,194,709 | $ | 2,286,258 | |||||||||||||
Liabilities, Redeemable Preferred Stock and Equity | |||||||||||||||||
Liabilities | |||||||||||||||||
Debt, net | $ | 1,590,632 | $ | 1,607,512 | |||||||||||||
Liabilities from discontinued operations | 267,856 | 289,365 | |||||||||||||||
Accrued expenses and other liabilities | 59,320 | 44,160 | |||||||||||||||
Due to affiliates | — | 22,769 | |||||||||||||||
Total Liabilities | 1,917,808 | 1,963,806 | |||||||||||||||
Commitments and contingencies (Note 18) | |||||||||||||||||
Redeemable Preferred Stock, $0.01 par value with $100 liquidation preference, 400,000 shares authorized, issued and outstanding as of December 31, 2019 and 2018
|
40,506 | 40,000 | |||||||||||||||
Equity | |||||||||||||||||
Preferred Stock $0.01 par value, 99,600,000 shares (excluding 400,000 shares of redeemable preferred stock) authorized and none issued or outstanding as of both December 31, 2019 and 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 December 31, 2019 and 2018, respectively
|
830 | 821 | |||||||||||||||
Additional paid-in capital | 901,889 | 898,135 | |||||||||||||||
Accumulated deficit | (660,588) | (616,504) | |||||||||||||||
Accumulated other comprehensive loss | (5,736) | — | |||||||||||||||
Total Equity | 236,395 | 282,452 | |||||||||||||||
Total Liabilities, Redeemable Preferred Stock and Equity | $ | 2,194,709 | $ | 2,286,258 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Resident fees and services | $ | 339,573 | $ | 283,617 | $ | 212,074 | |||||||||||||||||||||||
Rental revenue | 6,330 | 39,407 | 112,391 | ||||||||||||||||||||||||||
Total revenues | 345,903 | 323,024 | 324,465 | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating expense | 204,357 | 172,487 | 135,662 | ||||||||||||||||||||||||||
Interest expense | 76,364 | 85,643 | 79,628 | ||||||||||||||||||||||||||
Depreciation and amortization | 68,806 | 80,129 | 120,779 | ||||||||||||||||||||||||||
General and administrative expense | 21,672 | 13,382 | 15,300 | ||||||||||||||||||||||||||
Acquisition, transaction, and integration expense | 1,501 | 15,905 | 2,304 | ||||||||||||||||||||||||||
Termination fee to affiliate | — | 50,000 | — | ||||||||||||||||||||||||||
Management fees and incentive compensation to affiliate | — | 14,814 | 18,225 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | 64,746 | 3,607 | ||||||||||||||||||||||||||
Impairment of real estate held for sale | — | 8,725 | — | ||||||||||||||||||||||||||
Other expense | 2,076 | 3,961 | 724 | ||||||||||||||||||||||||||
Total expenses | 375,111 | 509,792 | 376,229 | ||||||||||||||||||||||||||
Gain (Loss) on sale of real estate | (122) | — | 71,763 | ||||||||||||||||||||||||||
Gain on lease termination | — | 40,090 | — | ||||||||||||||||||||||||||
Litigation proceeds, net | 38,308 | — | — | ||||||||||||||||||||||||||
Income (Loss) before income taxes | 8,978 | (146,678) | 19,999 | ||||||||||||||||||||||||||
Income tax expense | 210 | 4,950 | 2,378 | ||||||||||||||||||||||||||
Income (Loss) from continuing operations | 8,768 | (151,628) | 17,621 | ||||||||||||||||||||||||||
Loss from discontinued operations | (6,754) | (7,727) | (5,413) | ||||||||||||||||||||||||||
Net income (loss) | 2,014 | (159,355) | 12,208 | ||||||||||||||||||||||||||
Deemed dividend on redeemable preferred stock | (2,407) | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders
|
$ | (393) | $ | (159,355) | $ | 12,208 | |||||||||||||||||||||||
Basic earnings per common share: (A)
|
|||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | 0.08 | $ | (1.85) | $ | 0.21 | |||||||||||||||||||||||
Discontinued operations | (0.08) | (0.09) | (0.06) | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | — | $ | (1.94) | $ | 0.15 | |||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | 0.08 | $ | (1.85) | $ | 0.21 | |||||||||||||||||||||||
Discontinued operations | (0.08) | (0.09) | (0.06) | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | — | $ | (1.94) | $ | 0.15 | |||||||||||||||||||||||
Weighted average number of shares of common stock outstanding | |||||||||||||||||||||||||||||
Basic | 82,208,173 | 82,148,869 | 82,145,295 | ||||||||||||||||||||||||||
Diluted (B)
|
82,208,173 | 82,148,869 | 82,741,322 | ||||||||||||||||||||||||||
Dividends declared per share of common stock | $ | 0.52 | $ | 0.78 | $ | 1.04 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Net income (loss) | $ | 2,014 | $ | (159,355) | $ | 12,208 | |||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Unrealized loss on cash flow hedge | (5,736) | — | — | ||||||||||||||||||||||||||
Total other comprehensive loss | (5,736) | — | — | ||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | (3,722) | $ | (159,355) | $ | 12,208 |
Common Stock | Accumulated Deficit | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity at December 31, 2016
|
82,127,247 | $ | 821 | $ | (319,844) | $ | 897,918 | $ | — | $ | 578,895 | |||||||||||||||||||||||||||||||||||||||
Director shares issued | 21,622 | — | — | 214 | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per share)
|
— | — | (85,432) | — | — | (85,432) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 12,208 | — | — | 12,208 | ||||||||||||||||||||||||||||||||||||||||||||
Equity at December 31, 2017
|
82,148,869 | $ | 821 | $ | (393,068) | $ | 898,132 | $ | — | $ | 505,885 | |||||||||||||||||||||||||||||||||||||||
Fair value of stock options issued | — | — | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.78 per share)
|
— | — | (64,081) | — | — | (64,081) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | (159,355) | — | — | (159,355) | ||||||||||||||||||||||||||||||||||||||||||||
Equity at December 31, 2018
|
82,148,869 | $ | 821 | $ | (616,504) | $ | 898,135 | $ | — | $ | 282,452 | |||||||||||||||||||||||||||||||||||||||
Restricted stock awards issued | 916,415 | 9 | — | (9) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of equity-based compensation | — | — | — | 3,488 | — | 3,488 | ||||||||||||||||||||||||||||||||||||||||||||
Director shares issued | 60,975 | 1 | — | 274 | — | 275 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards forfeited | (161,821) | (1) | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common stock ($0.52 per share)
|
— | — | (42,749) | — | — | (42,749) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - equity awards ($0.26 - $0.52 per share)
|
— | — | (942) | — | — | (942) | ||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on redeemable preferred stock | — | — | (506) | — | — | (506) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on redeemable preferred stock | — | — | (1,901) | — | — | (1,901) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (5,736) | (5,736) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 2,014 | — | — | 2,014 | ||||||||||||||||||||||||||||||||||||||||||||
Equity at December 31, 2019
|
82,964,438 | $ | 830 | $ | (660,588) | $ | 901,889 | $ | (5,736) | $ | 236,395 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,014 | $ | (159,355) | $ | 12,208 | ||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation of tangible assets and amortization of intangible assets | 68,806 | 80,165 | 120,916 | |||||||||||||||||||||||||||||
Amortization of deferred financing costs | 2,450 | 9,725 | 8,335 | |||||||||||||||||||||||||||||
Amortization of deferred revenue, net | 1,768 | 2,795 | (173) | |||||||||||||||||||||||||||||
Amortization of premium on mortgage notes payable | — | — | (512) | |||||||||||||||||||||||||||||
Non-cash straight-line rental revenue | (590) | (5,365) | (17,865) | |||||||||||||||||||||||||||||
Gain (Loss) on sale of real estate | 122 | — | (71,763) | |||||||||||||||||||||||||||||
Non-cash adjustment on lease termination (A)
|
— | 29,910 | — | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | 64,746 | 3,607 | |||||||||||||||||||||||||||||
Non-cash termination fee to affiliate | — | 40,000 | — | |||||||||||||||||||||||||||||
Impairment of real estate held for sale | — | 8,725 | — | |||||||||||||||||||||||||||||
Provision for bad debt | — | 1,699 | 1,614 | |||||||||||||||||||||||||||||
Amortization of equity-based compensation | 3,488 | — | — | |||||||||||||||||||||||||||||
Remeasurement of deferred tax assets
|
— | — | 3,625 | |||||||||||||||||||||||||||||
Non-cash valuation allowance on deferred tax assets, net | — | 4,715 | — | |||||||||||||||||||||||||||||
Other non-cash expense | 1,564 | 4,418 | 471 | |||||||||||||||||||||||||||||
Changes in: | ||||||||||||||||||||||||||||||||
Receivables and other assets, net | (876) | (5,107) | (378) | |||||||||||||||||||||||||||||
Due to affiliates | (22,520) | 16,371 | (2,107) | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 4,937 | 9,717 | (15,995) | |||||||||||||||||||||||||||||
Net cash provided by operating activities - continuing operations | 61,498 | 103,159 | 41,983 | |||||||||||||||||||||||||||||
Net cash provided by operating activities - discontinued operations | 13,913 | 17,918 | 18,462 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 75,411 | 121,077 | 60,445 | |||||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
Proceeds from the sale of real estate, net | 13,086 | — | 339,624 | |||||||||||||||||||||||||||||
Capital expenditures | (21,131) | (14,155) | (13,690) | |||||||||||||||||||||||||||||
Insurance proceeds | 1,423 | 971 | 922 | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities - continuing operations | (6,622) | (13,184) | 326,856 | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities - discontinued operations | (8,387) | (5,978) | (6,961) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (15,009) | (19,162) | 319,895 | |||||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
Principal payments of mortgage notes payable and capital lease obligations | (6,748) | (13,343) | (21,916) | |||||||||||||||||||||||||||||
Proceeds from mortgage notes payable | — | 1,440,000 | — | |||||||||||||||||||||||||||||
Repayments of mortgage notes payable | (13,272) | (1,383,785) | (187,904) | |||||||||||||||||||||||||||||
Payment of exit fee on extinguishment of debt | (206) | (51,908) | (3,264) | |||||||||||||||||||||||||||||
Payment of common stock dividend | (42,749) | (64,081) | (85,432) | |||||||||||||||||||||||||||||
Payment of redeemable preferred stock dividend | (1,901) | — | — | |||||||||||||||||||||||||||||
Payment of deferred financing costs, net | (349) | (23,992) | — | |||||||||||||||||||||||||||||
Purchase of interest rate caps | (35) | (2,746) | — | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities - continuing operations | (65,260) | (99,855) | (298,516) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities - discontinued operations | (23,969) | (66,889) | (21,856) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (89,229) | (166,744) | (320,372) | |||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (28,827) | (64,829) | 59,968 | |||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 92,656 | 157,485 | 97,517 | |||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 63,829 | $ | 92,656 | $ | 157,485 | ||||||||||||||||||||||||||
(A) Primarily includes the non-cash write-offs of straight-line rent receivables and net above-market rent lease intangible assets, offset by the fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination (as defined in Note 1). Refer to Note 3 for additional details related to the Lease Termination.
|
||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||||||||||||||||
Cash paid during the year for interest expense | $ | 87,454 | $ | 89,505 | $ | 85,373 | |||||||||||||||||||||||
Cash paid during the year for income taxes | 349 | 326 | 274 | ||||||||||||||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||||||||||||||||
Issuance of common stock and exercise of options | $ | 275 | $ | — | $ | 214 | |||||||||||||||||||||||
Issuance of Redeemable Preferred Stock | — | 40,000 | — | ||||||||||||||||||||||||||
Capital lease assets | 764 | 569 | — | ||||||||||||||||||||||||||
Furniture, fixtures, equipment and other improvements (A)
|
— | 10,065 | — |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 72,422 | $ | 137,327 | $ | 58,048 | |||||||||||||||||||||||
Restricted cash (A)
|
20,234 | 20,158 | 39,469 | ||||||||||||||||||||||||||
Total including discontinued operations, beginning of period | $ | 92,656 | $ | 157,485 | $ | 97,517 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 39,614 | $ | 72,422 | $ | 137,327 | |||||||||||||||||||||||
Restricted cash (A)
|
24,215 | 20,234 | 20,158 | ||||||||||||||||||||||||||
Total including discontinued operations, end of period | $ | 63,829 | $ | 92,656 | $ | 157,485 |
Year ended December 31, 2017 | |||||||||||||||||
Revenues | |||||||||||||||||
Resident fees and services | $ | 28,910 | |||||||||||||||
Rental revenue | 16,893 | ||||||||||||||||
Total revenues | 45,803 | ||||||||||||||||
Expenses | |||||||||||||||||
Property operating expense | 23,413 | ||||||||||||||||
Depreciation and amortization | 7,212 | ||||||||||||||||
Interest expense | 7,262 | ||||||||||||||||
Total expenses | $ | 37,887 |
December 31, | |||||||||||||||||
Assets | 2019 | 2018 | |||||||||||||||
Real estate investments: | |||||||||||||||||
Land | $ | 43,313 | $ | 43,313 | |||||||||||||
Buildings, improvements and other | 397,808 | 389,082 | |||||||||||||||
Accumulated depreciation | (87,719) | (75,228) | |||||||||||||||
Net real estate property | 353,402 | 357,167 | |||||||||||||||
Acquired lease and other intangible assets | 996 | 996 | |||||||||||||||
Accumulated amortization | (996) | (996) | |||||||||||||||
Net real estate intangibles | — | — | |||||||||||||||
Net real estate investments | 353,402 | 357,167 | |||||||||||||||
Receivables and other assets, net | 10,087 | 7,829 | |||||||||||||||
Assets from discontinued operations | $ | 363,489 | $ | 364,996 | |||||||||||||
Liabilities | |||||||||||||||||
Debt, net | $ | 255,096 | $ | 277,370 | |||||||||||||
Accrued expenses and other liabilities | 12,760 | 8,520 | |||||||||||||||
Due to affiliates | — | 3,475 | |||||||||||||||
Liabilities from discontinued operations | $ | 267,856 | $ | 289,365 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Resident fees and services | $ | 119,307 | $ | 121,274 | $ | 124,665 | |||||||||||||||||||||||
Total revenues | 119,307 | 121,274 | 124,665 | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating expense | 98,447 | 95,299 | 94,383 | ||||||||||||||||||||||||||
Depreciation and amortization | 12,491 | 15,821 | 19,163 | ||||||||||||||||||||||||||
Interest expense | 14,571 | 15,533 | 13,969 | ||||||||||||||||||||||||||
Acquisition, transaction, and integration expense | 580 | 14 | 149 | ||||||||||||||||||||||||||
General and administrative expense | 32 | 6 | 7 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 1,473 | 295 | ||||||||||||||||||||||||||
Other (income) expense | (158) | 11 | 978 | ||||||||||||||||||||||||||
Total expenses | 125,963 | 128,157 | 128,944 | ||||||||||||||||||||||||||
Loss before income taxes | (6,656) | (6,883) | (4,279) | ||||||||||||||||||||||||||
Income tax expense | 98 | 844 | 1,134 | ||||||||||||||||||||||||||
Loss from discontinued operations | $ | (6,754) | $ | (7,727) | $ | (5,413) |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Managed IL Properties | Other Properties | Consolidated | |||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 336,367 | $ | 3,206 | $ | 339,573 | |||||||||||||||||||||||||||||
Rental revenue | — | 6,330 | 6,330 | ||||||||||||||||||||||||||||||||
Less: Property operating expense | 200,600 | 3,757 | 204,357 | ||||||||||||||||||||||||||||||||
Segment NOI | $ | 135,767 | $ | 5,779 | 141,546 | ||||||||||||||||||||||||||||||
Interest expense | 76,364 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 68,806 | ||||||||||||||||||||||||||||||||||
General and administrative expense | 21,672 | ||||||||||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 1,501 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 335 | ||||||||||||||||||||||||||||||||||
Other expense | 2,076 | ||||||||||||||||||||||||||||||||||
Total expenses | 170,754 | ||||||||||||||||||||||||||||||||||
Loss on sale of real estate | (122) | ||||||||||||||||||||||||||||||||||
Litigation proceeds, net | 38,308 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 8,978 | ||||||||||||||||||||||||||||||||||
Income tax expense | 210 | ||||||||||||||||||||||||||||||||||
Income from continuing operations | 8,768 | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations | (6,754) | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,014 |
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Managed IL Properties | Other Properties | Consolidated | ||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 273,684 | $ | 9,933 | $ | 283,617 | ||||||||||||||||||||||||||||||||
Rental revenue | — | 39,407 | 39,407 | |||||||||||||||||||||||||||||||||||
Less: Property operating expense | 162,971 | 9,516 | 172,487 | |||||||||||||||||||||||||||||||||||
Segment NOI | $ | 110,713 | $ | 39,824 | 150,537 | |||||||||||||||||||||||||||||||||
Interest expense | 85,643 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 80,129 | |||||||||||||||||||||||||||||||||||||
General and administrative expense | 13,382 | |||||||||||||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 15,905 | |||||||||||||||||||||||||||||||||||||
Termination fee to affiliate | 50,000 | |||||||||||||||||||||||||||||||||||||
Management fees and incentive compensation to affiliate | 14,814 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 64,746 | |||||||||||||||||||||||||||||||||||||
Impairment of real estate held for sale | 8,725 | |||||||||||||||||||||||||||||||||||||
Other expense | 3,961 | |||||||||||||||||||||||||||||||||||||
Total expenses | 337,305 | |||||||||||||||||||||||||||||||||||||
Gain on lease termination | 40,090 | |||||||||||||||||||||||||||||||||||||
Loss before income taxes | (146,678) | |||||||||||||||||||||||||||||||||||||
Income tax expense | 4,950 | |||||||||||||||||||||||||||||||||||||
Loss from continuing operations | (151,628) | |||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | (7,727) | |||||||||||||||||||||||||||||||||||||
Net loss | $ | (159,355) |
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Managed IL Properties | Other Properties | Consolidated | ||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Resident fees and services | $ | 172,952 | $ | 39,122 | $ | 212,074 | ||||||||||||||||||||||||||||||||
Rental revenue | 112,391 | 112,391 | ||||||||||||||||||||||||||||||||||||
Less: Property operating expense | 102,757 | 32,905 | 135,662 | |||||||||||||||||||||||||||||||||||
Segment NOI | $ | 70,195 | $ | 118,608 | 188,803 | |||||||||||||||||||||||||||||||||
Interest expense | 79,628 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 120,779 | |||||||||||||||||||||||||||||||||||||
General and administrative expense | 15,300 | |||||||||||||||||||||||||||||||||||||
Acquisition, transaction and integration expense | 2,304 | |||||||||||||||||||||||||||||||||||||
Management fees and incentive compensation to affiliate | 18,225 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 3,607 | |||||||||||||||||||||||||||||||||||||
Other expense | 724 | |||||||||||||||||||||||||||||||||||||
Total expenses | 240,567 | |||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | 71,763 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 19,999 | |||||||||||||||||||||||||||||||||||||
Income tax expense | 2,378 | |||||||||||||||||||||||||||||||||||||
Income from continuing operations | 17,621 | |||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | (5,413) | |||||||||||||||||||||||||||||||||||||
Net income | $ | 12,208 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Managed IL Properties | $ | 1,748,787 | 79.7 | % | $ | 1,796,474 | 78.6 | % | |||||||||||||||||||||||||||
Other Properties | 63,616 | 2.9 | % | 82,355 | 3.6 | % | |||||||||||||||||||||||||||||
All other assets (A)
|
382,306 | 17.4 | % | 407,429 | 17.8 | % | |||||||||||||||||||||||||||||
Total assets | $ | 2,194,709 | 100.0 | % | $ | 2,286,258 | 100.0 | % |
As of and for the year ended
December 31, 2019
|
As of and for the year ended
December 31, 2018
|
||||||||||||||||||||||||||||||||||
Number of Communities | % of Total Revenue | Number of Communities | % of Total Revenue | ||||||||||||||||||||||||||||||||
Florida | 9 | 9.0 | % | 9 | 9.2 | % | |||||||||||||||||||||||||||||
Texas | 9 | 8.0 | % | 9 | 7.4 | % | |||||||||||||||||||||||||||||
California | 9 | 10.6 | % | 9 | 10.6 | % | |||||||||||||||||||||||||||||
North Carolina | 8 | 8.4 | % | 8 | 8.4 | % | |||||||||||||||||||||||||||||
Pennsylvania | 5 | 6.1 | % | 6 | 7.3 | % | |||||||||||||||||||||||||||||
Oregon | 8 | 7.1 | % | 8 | 6.5 | % | |||||||||||||||||||||||||||||
Other | 55 | 50.8 | % | 56 | 50.6 | % | |||||||||||||||||||||||||||||
Total | 103 | 100.0 | % | 105 | 100.0 | % |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount
|
Accumulated Depreciation
|
Net Carrying Value
|
Gross Carrying Amount
|
Accumulated Depreciation
|
Net Carrying Value
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 134,643 | $ | — | $ | 134,643 | $ | 134,643 | $ | — | $ | 134,643 | |||||||||||||||||||||||||||||||||||||||||||||||
Building and improvements | 1,863,866 | (266,420) | 1,597,446 | 1,848,248 | (213,102) | 1,635,146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture, fixtures and equipment | 106,170 | (85,135) | 21,035 | 98,483 | (70,038) | 28,445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate investments | $ | 2,104,679 | $ | (351,555) | $ | 1,753,124 | $ | 2,081,374 | $ | (283,140) | $ | 1,798,234 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Value
|
Weighted Average Remaining Amortization Period |
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Value
|
Weighted Average Remaining Amortization Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease assets
|
$ | 7,642 | $ | (2,238) | $ | 5,404 | 43.0 years | $ | 7,642 | $ | (1,881) | $ | 5,761 | 42.1 years |
Years Ending December 31 | |||||
2020 | $ | 354 | |||
2021 | 354 | ||||
2022 | 354 | ||||
2023 | 354 | ||||
2024 | 354 | ||||
Thereafter | 3,634 | ||||
Total intangibles | $ | 5,404 |
December 31, 2019 | December 31, 2018 | ||||||||||
Escrows held by lenders (A)
|
$ | 15,895 | $ | 13,294 | |||||||
Straight-line rent receivable | 4,084 | 3,494 | |||||||||
Prepaid expenses | 3,534 | 4,252 | |||||||||
Security deposits | 2,763 | 2,947 | |||||||||
Resident receivables, net | 1,345 | 1,757 | |||||||||
Income tax receivable | 821 | 782 | |||||||||
Assets held for sale (B)
|
— | 13,223 | |||||||||
Other assets and receivables | 4,636 | 5,096 | |||||||||
Total receivables and other assets, net | $ | 33,078 | $ | 44,845 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,075 | $ | 588 | $ | 592 | |||||||||||||||||||||||
Provision for uncollectible receivables (A)
|
— | 1,699 | 1,614 | ||||||||||||||||||||||||||
Write-offs, net of recoveries | (1,075) | (1,212) | (1,618) | ||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 1,075 | $ | 588 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Face Amount |
Carrying Value(A)
|
Maturity Date | Stated Interest Rate | Weighted Average Maturity (Years) | Outstanding Face Amount |
Carrying Value(A)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate (B)(C)
|
$ | 1,139,036 | $ | 1,128,100 | Mar 2022 - Nov 2025 |
1M LIBOR + 2.32% to 1M LIBOR + 2.75%
|
4.5 | $ | 1,158,896 | $ | 1,145,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | 464,680 | 462,532 | Sep 2025 | 4.25% | 5.5 | 464,680 | 462,139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,603,716 | $ | 1,590,632 | 4.8 | $ | 1,623,576 | $ | 1,607,512 |
Principal Payments | Balloon Payments | Total | |||||||||||||||
2020 | $ | 9,621 | $ | — | $ | 9,621 | |||||||||||
2021 | 16,918 | — | 16,918 | ||||||||||||||
2022 | 21,123 | 400,704 | 421,827 | ||||||||||||||
2023 | 19,817 | — | 19,817 | ||||||||||||||
2024 | 20,619 | — | 20,619 | ||||||||||||||
Thereafter | 16,560 | 1,098,354 | 1,114,914 | ||||||||||||||
Total outstanding face amount | $ | 104,658 | $ | 1,499,058 | $ | 1,603,716 |
December 31, 2019 | December 31, 2018 | ||||||||||
Accounts payable and accrued expenses | $ | 17,554 | $ | 16,680 | |||||||
Security deposits payable | 2,486 | 2,738 | |||||||||
Due to property managers (A)
|
6,752 | — | |||||||||
Mortgage interest payable | 5,665 | 6,402 | |||||||||
Deferred community fees, net | 5,865 | 4,872 | |||||||||
Rent collected in advance | 2,099 | 2,421 | |||||||||
Property tax payable | 5,627 | 3,786 | |||||||||
Operating lease liability | 1,942 | — | |||||||||
Derivative liability | 5,896 | — | |||||||||
Other liabilities | 5,434 | 7,261 | |||||||||
Total accrued expenses and other liabilities | $ | 59,320 | $ | 44,160 |
Fair Value Hierarchy | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents (A)
|
1 | $ | 39,614 | $ | 39,614 | $ | 72,422 | $ | 72,422 | ||||||||||||||||||||||||||||||||
Restricted cash (A)
|
1 | 18,658 | 18,658 | 16,241 | 16,241 | ||||||||||||||||||||||||||||||||||||
Interest rate caps (B)(D)
|
2 | IMM | IMM | 601 | 601 | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Mortgage debt (C)
|
3 | $ | 1,590,632 | $ | 1,592,855 | $ | 1,607,512 | $ | 1,607,001 | ||||||||||||||||||||||||||||||||
Interest rate swap (B)
|
2 | 5,736 | 5,736 | — | — |
Years Ended December 31,
|
|||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Federal | $ | — | $ | (26) | $ | (10) | |||||||||||||||||||||||
State and local | 210 | 260 | 229 | ||||||||||||||||||||||||||
Total current provision | 210 | 234 | 219 | ||||||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||||||
Federal | — | 3,699 | 2,553 | ||||||||||||||||||||||||||
State and local | — | 1,017 | (394) | ||||||||||||||||||||||||||
Total deferred provision | — | 4,716 | 2,159 | ||||||||||||||||||||||||||
Total provision (benefit) for income taxes | $ | 210 | $ | 4,950 | $ | 2,378 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Statutory U.S. federal income tax rate | 21.00 | % | 21.00 | % | 35.00 | % | |||||||||||||||||||||||
Non-taxable REIT (loss) | (30.33) | % | (20.91) | % | (41.98) | % | |||||||||||||||||||||||
State and local taxes | 2.26 | % | (0.85) | % | (1.16) | % | |||||||||||||||||||||||
Change in federal tax rate | — | % | — | % | 23.49 | % | |||||||||||||||||||||||
Valuation allowance | 9.24 | % | (2.56) | % | — | % | |||||||||||||||||||||||
Other | 0.17 | % | — | % | 0.06 | % | |||||||||||||||||||||||
Effective income tax rate | 2.34 | % | (3.32) | % | 15.41 | % |
December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Prepaid fees and rent | $ | 9 | $ | 81 | |||||||||||||
Net operating loss | 7,330 | 5,860 | |||||||||||||||
Deferred rent | 152 | 146 | |||||||||||||||
Depreciation and amortization | 377 | 451 | |||||||||||||||
Other | — | 103 | |||||||||||||||
Total deferred tax assets | 7,868 | 6,641 | |||||||||||||||
Less valuation allowance | 7,857 | 6,641 | |||||||||||||||
Net deferred tax assets | 11 | — | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Depreciation and amortization | — | — | |||||||||||||||
Other | 11 | — | |||||||||||||||
Total deferred tax liabilities | 11 | — | |||||||||||||||
Total net deferred tax assets | $ | — | $ | — |
Balance as of December 31, 2018 | $ | 40,000 | |||
Accrued dividend on Redeemable Preferred Stock | 506 | ||||
Balance as of December 31, 2019 | $ | 40,506 |
Range | Weighted Average | ||||||||||
Expected volatility (mix of historical and implied) |
32.0% - 34.0%
|
33.7% | |||||||||
Expected dividend yield |
9.3% - 9.6%
|
9.3% | |||||||||
Expected remaining term | 6 years | 6 years | |||||||||
Risk free rate |
2.4% - 2.7%
|
2.7% | |||||||||
Fair value per option at valuation date |
$0.50 - $0.64
|
$0.52 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Intrinsic Value | |||||||||||||||||||||||
Outstanding as of December 31, 2018
|
7,167,024 | $10.90 | ||||||||||||||||||||||||
Options granted | 3,572,817 | 4.47 | ||||||||||||||||||||||||
Options exercised | — | |||||||||||||||||||||||||
Options forfeited | (666,600) | 4.12 | ||||||||||||||||||||||||
Options expired | — | |||||||||||||||||||||||||
Outstanding as of December 31, 2019
|
10,073,241 | 9.07 | 5.4 | $ | 14,594 | |||||||||||||||||||||
Exercisable as of December 31, 2019
|
7,167,024 | 10.9 | 3.9 | $ | 5,596 |
Range | Weighted Average | ||||||||||
Expected volatility (historical) | 28.0% | 28.0% | |||||||||
Expected dividend yield | 9.1% | 9.1% | |||||||||
Expected remaining term | 2.4 years | 2.4 years | |||||||||
Fair value per option at valuation date |
$9.96 - $13.30
|
$12.44 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | 6,361 | $ | (151,628) | $ | 17,621 | |||||||||||||||||||||||
Discontinued operations | (6,754) | (7,727) | (5,413) | ||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (393) | $ | (159,355) | $ | 12,208 | |||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Basic weighted average shares of common stock outstanding (A)
|
82,208,173 | 82,148,869 | 82,145,295 | ||||||||||||||||||||||||||
Dilutive common shares - equity awards and options (B)
|
1,664,085 | — | 596,027 | ||||||||||||||||||||||||||
Diluted weighted average shares of common stock | 83,872,258 | 82,148,869 | 82,741,322 | ||||||||||||||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common shares | $ | 0.08 | $ | (1.85) | $ | 0.21 | |||||||||||||||||||||||
Discontinued operations | (0.08) | (0.09) | (0.06) | ||||||||||||||||||||||||||
Net income (loss) attributable to common shares | $ | — | $ | (1.94) | $ | 0.15 | |||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common shares | $ | 0.08 | $ | (1.85) | $ | 0.21 | |||||||||||||||||||||||
Discontinued operations | (0.08) | (0.09) | (0.06) | ||||||||||||||||||||||||||
Net income (loss) attributable to common shares | $ | — | $ | (1.94) | $ | 0.15 |
December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Holiday - Managed Properties (A)
|
|||||||||||||||||||||||||||||
IL Properties | 95.5 | % | 95.7 | % | 50.6 | % | |||||||||||||||||||||||
Other Properties | — | % | — | % | 0.5 | % | |||||||||||||||||||||||
Holiday - Triple Net Lease Properties (A)
|
— | % | — | % | 44.0 | % | |||||||||||||||||||||||
Blue Harbor | |||||||||||||||||||||||||||||
IL Properties | 0.9 | % | 0.9 | % | 0.8 | % | |||||||||||||||||||||||
Other Properties | — | % | — | % | 0.7 | % | |||||||||||||||||||||||
All other | 3.6 | % | 3.4 | % | 3.4 | % |
As of and for the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holiday | Blue Harbor | Holiday | Blue Harbor | Holiday | Blue Harbor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment real estate investments, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IL Properties | 98.4 | % | 0.9 | % | 98.5 | % | 0.9 | % | 97.3 | % | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | — | % | — | % | — | % | — | % | 37.8 | % | 62.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IL Properties | 97.0 | % | 2.3 | % | 96.3 | % | 2.8 | % | 95.1 | % | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | 29.0 | % | 71.0 | % | 37.5 | % | 62.5 | % | 86.1 | % | 13.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment NOI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IL Properties | 98.5 | % | 1.3 | % | 98.0 | % | 1.5 | % | 97.7 | % | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | 36.4 | % | 63.6 | % | 14.5 | % | 85.5 | % | 96.8 | % | 3.2 | % |
Years Ending December 31 | |||||
2020 | $ | 5,904 | |||
2021 | 6,066 | ||||
2022 | 6,233 | ||||
2023 | 6,405 | ||||
2024 | 6,581 | ||||
Thereafter | 38,888 | ||||
Total future minimum rents | $ | 70,077 |
Years | Operating Leases | ||||
2020 | $ | 491 | |||
2021 | 481 | ||||
2022 | 467 | ||||
2023 | 466 | ||||
2024 | 235 | ||||
Thereafter | 310 | ||||
Total future minimum lease payments | 2,450 | ||||
Less imputed interest | (508) | ||||
Total operating lease liability | $ | 1,942 |
Quarters Ended | Year Ended December 31 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 87,331 | $ | 86,404 | $ | 85,956 | $ | 86,212 | $ | 345,903 | |||||||||||||||||||||||||||||||||||||
Net operating income | 34,392 | 35,711 | 35,380 | 36,063 | 141,546 | ||||||||||||||||||||||||||||||||||||||||||
Litigation proceeds, net | — | — | 38,226 | 82 | 38,308 | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations | (9,317) | (6,962) | 31,348 | (6,301) | 8,768 | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from discontinued operations | (1,876) | (2,624) | (2,499) | 245 | (6,754) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (11,193) | (9,586) | 28,849 | (6,056) | 2,014 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (11,791) | $ | (10,185) | $ | 28,244 | $ | (6,661) | $ | (393) | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | (0.12) | $ | (0.09) | $ | 0.37 | $ | (0.08) | $ | 0.08 | |||||||||||||||||||||||||||||||||||||
Discontinued operations | (0.02) | (0.03) | (0.03) | 0.00 | (0.08) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.14) | $ | (0.12) | $ | 0.34 | $ | (0.08) | $ | — | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | (0.12) | $ | (0.09) | $ | 0.37 | $ | (0.08) | $ | 0.08 | |||||||||||||||||||||||||||||||||||||
Discontinued operations | (0.02) | (0.03) | (0.03) | 0.00 | (0.08) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.14) | $ | (0.12) | $ | 0.34 | $ | (0.08) | $ | — | |||||||||||||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 82,203,069 | 82,209,844 | 82,209,844 | 82,209,844 | 82,208,173 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | 82,203,069 | 82,209,844 | 83,964,231 | 82,209,844 | 82,208,173 | ||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Year Ended December 31 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 69,046 | $ | 78,744 | $ | 87,417 | $ | 87,817 | $ | 323,024 | |||||||||||||||||||||||||||||||||||||
Net operating income | 40,396 | 38,767 | 34,451 | 36,923 | 150,537 | ||||||||||||||||||||||||||||||||||||||||||
Termination fee to affiliate | — | — | — | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 58,544 | — | 6,202 | 64,746 | ||||||||||||||||||||||||||||||||||||||||||
Gain on lease termination | — | 40,090 | — | — | 40,090 | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations | (12,412) | (37,705) | (18,623) | (82,888) | (151,628) | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from discontinued | (937) | (1,376) | (1,676) | (3,738) | (7,727) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (13,349) | (39,081) | (20,299) | (86,626) | (159,355) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (13,349) | $ | (39,081) | $ | (20,299) | $ | (86,626) | $ | (159,355) | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | (0.15) | $ | (0.46) | $ | (0.23) | $ | (1.01) | $ | (1.85) | |||||||||||||||||||||||||||||||||||||
Discontinued operations | (0.01) | (0.02) | (0.02) | (0.05) | (0.09) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.16) | $ | (0.48) | $ | (0.25) | $ | (1.05) | $ | (1.94) | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from continuing operations attributable to common stockholders | $ | (0.15) | $ | (0.46) | $ | (0.23) | $ | (1.01) | $ | (1.85) | |||||||||||||||||||||||||||||||||||||
Discontinued operations | (0.01) | (0.02) | (0.02) | (0.05) | (0.09) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.16) | $ | (0.48) | $ | (0.25) | $ | (1.05) | $ | (1.94) | |||||||||||||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 |
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | State | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures and Equipment |
Total (A)
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Accumulated Depreciation | Net Book Value |
Year Constructed /
Renovated
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Year Acquired | Life on Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Managed IL Properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Andover Place | IL | Little Rock | AR | $ | 13,995 | $ | 630 | $ | 14,664 | $ | 783 | $ | 1,038 | $ | 630 | $ | 15,460 | $ | 1,025 | $ | 17,115 | $ | (2,668) | $ | 14,447 | 1991/NA | 2015 |
3-40 years
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Vista de la Montana | IL | Surprise | AZ | 12,450 | 1,131 | 11,077 | 635 | 333 | 1,131 | 11,193 | 852 | 13,176 | (2,507) | 10,669 | 1998/NA | 2013 |
3-40 years
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Arcadia Place | IL | Vista | CA | 16,575 | 1,570 | 14,252 | 804 | 1148 | 1,570 | 14,812 | 1,392 | 17,774 | (2,801) | 14,973 | 1989/NA | 2015 |
3-40 years
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Chateau at Harveston | IL | Temecula | CA | 24,126 | 1,564 | 27,532 | 838 | 324 | 1,564 | 27,770 | 924 | 30,258 | (4,292) | 25,966 | 2008/NA | 2015 |
3-40 years
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Golden Oaks | IL | Yucaipa | CA | 21,702 | 772 | 24,989 | 867 | 449 | 772 | 25,218 | 1,087 | 27,077 | (4,263) | 22,814 | 2008/NA | 2015 |
3-40 years
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Rancho Village | IL | Palmdale | CA | 17,812 | 323 | 22,341 | 882 | 563 | 323 | 22,500 | 1,286 | 24,109 | (4,022) | 20,087 | 2008/NA | 2015 |
3-40 years
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Simi Hills | IL | Simi Valley | CA | 26,025 | 3,209 | 21,999 | 730 | 245 | 3,209 | 22,068 | 906 | 26,183 | (4,221) | 21,962 | 2006/NA | 2013 |
3-40 years
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The Remington | IL | Hanford | CA | 13,628 | 1,300 | 16,003 | 825 | 634 | 1,300 | 16,212 | 1,250 | 18,762 | (2,975) | 15,787 | 1997/NA | 2015 |
3-40 years
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The Springs of Escondido | IL | Escondido | CA | 15,375 | 670 | 14,392 | 721 | 1,897 | 670 | 15,598 | 1,412 | 17,680 | (3,143) | 14,537 | 1986/NA | 2015 |
3-40 years
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The Springs of Napa | IL | Napa | CA | 15,408 | 2,420 | 11,978 | 700 | 539 | 2,420 | 12,175 | 1042 | 15,637 | (2,465) | 13,172 | 1996/NA | 2015 |
3-40 years
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The Westmont | IL | Santa Clara | CA | 25,725 | — | 18,049 | 754 | 1630 | — | 19,090 | 1343 | 20,433 | (3,847) | 16,586 | 1991/NA | 2013 |
3-40 years
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Courtyard at Lakewood | IL | Lakewood | CO | 13,875 | 1,327 | 14,198 | 350 | 566 | 1,327 | 14,364 | 750 | 16,441 | (2,779) | 13,662 | 1992/NA | 2013 |
3-40 years
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Greeley Place | IL | Greeley | CO | 9,000 | 237 | 13,859 | 596 | 619 | 237 | 14,278 | 796 | 15,311 | (2,840) | 12,471 | 1986/NA | 2013 |
3-40 years
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Parkwood Estates | IL | Fort Collins | CO | 12,787 | 638 | 18,055 | 627 | 408 | 638 | 18,342 | 748 | 19,728 | (3,492) | 16,236 | 1987/NA | 2013 |
3-40 years
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Pueblo Regent | IL | Pueblo | CO | 9,225 | 446 | 13,800 | 377 | 302 | 446 | 14,018 | 461 | 14,925 | (2,544) | 12,381 | 1985/NA | 2013 |
3-40 years
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Quincy Place | IL | Denver | CO | 16,435 | 1,180 | 18,200 | 825 | 863 | 1,180 | 18,753 | 1,135 | 21,068 | (3,238) | 17,830 | 1996/NA | 2015 |
3-40 years
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Lodge at Cold Spring | IL | Rocky Hill | CT | 14,039 | — | 25,807 | 605 | 516 | — | 26,036 | 892 | 26,928 | (4,720) | 22,208 | 1998/NA | 2013 |
3-40 years
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Village Gate | IL | Farmington | CT | 23,700 | 3,592 | 23,254 | 268 | 689 | 3,592 | 23,409 | 802 | 27,803 | (4,081) | 23,722 | 1989/NA | 2013 |
3-40 years
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Augustine Landing | IL | Jacksonville | FL | 19,076 | 680 | 19,635 | 770 | 644 | 680 | 20,070 | 979 | 21,729 | (3,174) | 18,555 | 1999/NA | 2015 |
3-40 years
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Cherry Laurel | IL | Tallahassee | FL | 12,750 | 1,100 | 20,457 | 668 | 703 | 1,100 | 20,688 | 1140 | 22,928 | (4,125) | 18,803 | 2001/NA | 2013 |
3-40 years
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Desoto Beach Club | IL | Sarasota | FL | 17,925 | 668 | 23,944 | 668 | 421 | 668 | 24,002 | 1031 | 25,701 | (4,561) | 21,140 | 2005/NA | 2013 |
3-40 years
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Marion Woods | IL | Ocala | FL | 19,936 | 540 | 20,048 | 882 | 919 | 540 | 20,560 | 1,289 | 22,389 | (3,728) | 18,661 | 2003/NA | 2015 |
3-40 years
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Regency Residence | IL | Port Richey | FL | 15,075 | 1,100 | 14,088 | 771 | 785 | 1,100 | 14,237 | 1407 | 16,744 | (3,141) | 13,603 | 1987/NA | 2013 |
3-40 years
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Sterling Court | IL | Deltona | FL | 8,939 | 1,095 | 13,960 | 954 | 725 | 1,095 | 14,424 | 1,215 | 16,734 | (3,122) | 13,612 | 2008/NA | 2015 |
3-40 years
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University Pines | IL | Pensacola | FL | 21,057 | 1,080 | 19,150 | 777 | 854 | 1,080 | 19,792 | 989 | 21,861 | (3,160) | 18,701 | 1996/NA | 2015 |
3-40 years
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Venetian Gardens | IL | Venice | FL | 15,812 | 865 | 21,173 | 860 | 501 | 865 | 21,351 | 1,183 | 23,399 | (3,934) | 19,465 | 2007/NA | 2015 |
3-40 years
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Windward Palms | IL | Boynton Beach | FL | 16,041 | 1,564 | 20,097 | 867 | 1078 | 1,564 | 20,930 | 1,112 | 23,606 | (3,926) | 19,680 | 2007/NA | 2015 |
3-40 years
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Pinegate | IL | Macon | GA | 12,902 | 540 | 12,290 | 811 | 1265 | 540 | 12,651 | 1715 | 14,906 | (2,422) | 12,484 | 2001/NA | 2015 |
3-40 years
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Kalama Heights | IL | Kihei | HI | 22,896 | 3,360 | 27,212 | 846 | 656 | 3,360 | 27,521 | 1,193 | 32,074 | (4,528) | 27,546 | 2000/NA | 2015 |
3-40 years
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Illahee Hills | IL | Urbandale | IA | 10,464 | 694 | 11,980 | 476 | 346 | 694 | 12,031 | 771 | 13,496 | (2,507) | 10,989 | 1995/NA | 2013 |
3-40 years
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Palmer Hills | IL | Bettendorf | IA | 10,367 | 1,488 | 10,878 | 466 | 739 | 1,488 | 11,215 | 868 | 13,571 | (2,375) | 11,196 | 1990/NA | 2013 |
3-40 years
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Blair House | IL | Normal | IL | 11,914 | 329 | 14,498 | 627 | 263 | 329 | 14,599 | 789 | 15,717 | (2,982) | 12,735 | 1989/NA | 2013 |
3-40 years
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Redbud Hills | IL | Bloomington | IN | 16,500 | 2,140 | 17,839 | 797 | 554 | 2,140 | 18,184 | 1006 | 21,330 | (3,038) | 18,292 | 1998/NA | 2015 |
3-40 years
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Grasslands Estates | IL | Wichita | KS | 13,237 | 504 | 17,888 | 802 | 235 | 504 | 17,933 | 992 | 19,429 | (3,674) | 15,755 | 2001/NA | 2013 |
3-40 years
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Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | State | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures and Equipment |
Total (A)
|
Accumulated Depreciation | Net Book Value |
Year Constructed /
Renovated
|
Year Acquired | Life on Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenwood Terrace | IL | Lenexa | KS | 19,643 | 950 | 21,883 | 811 | 1,133 | 950 | 22,181 | 1,646 | 24,777 | (4,086) | 20,691 | 2003/NA | 2015 |
3-40 years
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Thornton Place | IL | Topeka | KS | 11,111 | 327 | 14,415 | 734 | 280 | 327 | 14,510 | 919 | 15,756 | (3,187) | 12,569 | 1998/NA | 2013 |
3-40 years
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Jackson Oaks | IL | Paducah | KY | 6,450 | 267 | 19,195 | 864 | 269 | 267 | 19,334 | 994 | 20,595 | (3,916) | 16,679 | 2004/NA | 2013 |
3-40 years
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Summerfield Estates | IL | Shreveport | LA | — | 525 | 5,584 | 175 | 367 | 525 | 5,670 | 456 | 6,651 | (1,207) | 5,444 | 1988/NA | 2013 |
3-40 years
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Waterview Court | IL | Shreveport | LA | 6,233 | 1,267 | 4,070 | 376 | 1754 | 1,267 | 5,497 | 703 | 7,467 | (1,758) | 5,709 | 1999/NA | 2015 |
3-40 years
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Bluebird Estates | IL | East Longmeadow | MA | 21,081 | 5,745 | 24,591 | 954 | 491 | 5,745 | 24,957 | 1,079 | 31,781 | (4,605) | 27,176 | 2008/NA | 2015 |
3-40 years
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Quail Run Estates | IL | Agawam | MA | 18,799 | 1,410 | 21,330 | 853 | 730 | 1,410 | 21,675 | 1238 | 24,323 | (4,066) | 20,257 | 1996/NA | 2015 |
3-40 years
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Blue Water Lodge | IL | Fort Gratiot | MI | 16,400 | 62 | 16,034 | 833 | 212 | 62 | 16,110 | 969 | 17,141 | (3,433) | 13,708 | 2001/NA | 2013 |
3-40 years
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Genesee Gardens | IL | Flint Township | MI | 15,900 | 420 | 17,080 | 825 | 645 | 420 | 17,493 | 1057 | 18,970 | (3,009) | 15,961 | 2001/NA | 2015 |
3-40 years
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Briarcrest Estates | IL | Ballwin | MO | 11,287 | 1,255 | 16,509 | 525 | 640 | 1,255 | 16,831 | 843 | 18,929 | (3,227) | 15,702 | 1990/NA | 2013 |
3-40 years
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Country Squire | IL | St. Joseph | MO | 12,467 | 864 | 16,353 | 627 | 409 | 864 | 16,443 | 946 | 18,253 | (3,332) | 14,921 | 1990/NA | 2013 |
3-40 years
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Orchid Terrace | IL | St. Louis | MO | 23,929 | 1061 | 26,636 | 833 | 116 | 1061 | 26,664 | 921 | 28,646 | (4965) | 23,681 | 2006/NA | 2013 |
3-40 years
|
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Chateau Ridgeland | IL | Ridgeland | MS | 7,492 | 967 | 7,277 | 535 | 362 | 967 | 7,403 | 771 | 9,141 | (1,834) | 7,307 | 1986/NA | 2013 |
3-40 years
|
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Aspen View | IL | Billings | MT | 14,110 | 930 | 22,611 | 881 | 990 | 930 | 23,414 | 1068 | 25,412 | (3,860) | 21,552 | 1996/NA | 2015 |
3-40 years
|
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Grizzly Peak | IL | Missoula | MT | 16,717 | 309 | 16,447 | 658 | 267 | 309 | 16,541 | 831 | 17,681 | (3273) | 14,408 | 1997/NA | 2013 |
3-40 years
|
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Cedar Ridge | IL | Burlington | NC | 15,637 | 1,030 | 20,330 | 832 | 506 | 1,030 | 20,692 | 976 | 22,698 | (3,230) | 19,468 | 2006/NA | 2015 |
3-40 years
|
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Crescent Heights | IL | Concord | NC | 20,318 | 1960 | 21,290 | 867 | 385 | 1960 | 21,476 | 1066 | 24,502 | (3,979) | 20,523 | 2008/NA | 2015 |
3-40 years
|
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Durham Regent | IL | Durham | NC | 16,425 | 1061 | 24,149 | 605 | 500 | 1061 | 24,479 | 775 | 26,315 | (4,423) | 21,892 | 1989/NA | 2013 |
3-40 years
|
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Forsyth Court | IL | Winston Salem | NC | 12,829 | 1428 | 13,286 | 499 | 1673 | 1428 | 14,512 | 946 | 16,886 | (2,835) | 14,051 | 1989/NA | 2015 |
3-40 years
|
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Jordan Oaks | IL | Cary | NC | 19,950 | 2,103 | 20,847 | 774 | 442 | 2,103 | 20,908 | 1,155 | 24,166 | (4,207) | 19,959 | 2003/NA | 2013 |
3-40 years
|
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Lodge at Wake Forest | IL | Wake Forest | NC | 21,783 | 1209 | 22,571 | 867 | 547 | 1209 | 22,882 | 1103 | 25,194 | (3985) | 21,209 | 2008/NA | 2015 |
3-40 years
|
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Shads Landing | IL | Charlotte | NC | 21,005 | 1,939 | 21,988 | 846 | 310 | 1,939 | 22,167 | 977 | 25,083 | (4,164) | 20,919 | 2008/NA | 2015 |
3-40 years
|
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Woods at Holly Tree | IL | Wilmington | NC | 27,382 | 3310 | 24,934 | 811 | 630 | 3310 | 25,140 | 1235 | 29,685 | (4,110) | 25,575 | 2001/NA | 2015 |
3-40 years
|
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Rolling Hills Ranch | IL | Omaha | NE | 13,817 | 1,022 | 16,251 | 846 | 309 | 1,022 | 16,452 | 954 | 18,428 | (3,202) | 15,226 | 2007/NA | 2015 |
3-40 years
|
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Maple Suites | IL | Dover | NH | 24,060 | 1,084 | 30,943 | 838 | 458 | 1,084 | 31,175 | 1,064 | 33,323 | (5,452) | 27,871 | 2007/NA | 2015 |
3-40 years
|
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Montara Meadows | IL | Las Vegas | NV | 11,670 | 1840 | 11,654 | 1206 | 2041 | 1840 | 12,583 | 2,318 | 16,741 | (3,574) | 13,167 | 1986/NA | 2015 |
3-40 years
|
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Sky Peaks | IL | Reno | NV | 18,900 | 1,061 | 19,793 | 605 | 322 | 1,061 | 19,870 | 850 | 21,781 | (3,836) | 17,945 | 2002/NA | 2013 |
3-40 years
|
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Fleming Point | IL | Greece | NY | 19,875 | 699 | 20,644 | 668 | 678 | 699 | 21,062 | 928 | 22,689 | (3,992) | 18,697 | 2004/NA | 2013 |
3-40 years
|
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Manor at Woodside | IL | Poughkeepsie | NY | 16,576 | — | 12,130 | 670 | 1496 | — | 12,919 | 1377 | 14,296 | (3,359) | 10,937 | 2001/NA | 2013 |
3-40 years
|
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Maple Downs | IL | Fayetteville | NY | 20,850 | 782 | 25,656 | 668 | 562 | 782 | 25,984 | 902 | 27,668 | (4,733) | 22,935 | 2003/NA | 2013 |
3-40 years
|
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Alexis Gardens | IL | Toledo | OH | 17,384 | 450 | 18,412 | 811 | 666 | 450 | 18,871 | 1018 | 20,339 | (3169) | 17,170 | 2002/NA | 2015 |
3-40 years
|
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Copley Place | IL | Copley | OH | 14,796 | 553 | 19,125 | 867 | 315 | 553 | 19,335 | 972 | 20,860 | (3,531) | 17,329 | 2008/NA | 2015 |
3-40 years
|
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Lionwood | IL | Oklahoma City | OK | 4,372 | 744 | 5,180 | 383 | 1,121 | 744 | 6,264 | 420 | 7,428 | (1,570) | 5,858 | 2000/NA | 2015 |
3-40 years
|
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Fountains at Hidden Lakes | IL | Salem | OR | 9,750 | 903 | 6,568 | — | 343 | 903 | 6,893 | 18 | 7,814 | (1,132) | 6,682 | 1990/NA | 2013 |
3-40 years
|
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | State | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures and Equipment |
Total (A)
|
Accumulated Depreciation | Net Book Value |
Year Constructed /
Renovated
|
Year Acquired | Life on Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hidden Lakes | IL | Salem | OR | 17,325 | 1,389 | 16,639 | 893 | 621 | 1,389 | 17,024 | 1,129 | 19,542 | (3,605) | 15,937 | 1990/NA | 2013 |
3-40 years
|
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Parkrose Chateau | IL | Portland | OR | 12,569 | 2,742 | 17,472 | 749 | 737 | 2,742 | 17,981 | 977 | 21,700 | (3,098) | 18,602 | 1991/NA | 2015 |
3-40 years
|
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Rock Creek | IL | Hillsboro | OR | 16,427 | 1,617 | 11,783 | 486 | 194 | 1,617 | 11,823 | 640 | 14,080 | (2,381) | 11,699 | 1996/NA | 2013 |
3-40 years
|
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Sheldon Oaks | IL | Eugene | OR | 14,325 | 1,577 | 17,380 | 675 | 286 | 1,577 | 17,545 | 796 | 19,918 | (3,472) | 16,446 | 1995/NA | 2013 |
3-40 years
|
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Stone Lodge | IL | Bend | OR | 19,675 | 1,200 | 25,753 | 790 | 847 | 1,200 | 26,311 | 1,079 | 28,590 | (3,931) | 24,659 | 1999/NA | 2015 |
3-40 years
|
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Stoneybrook Lodge | IL | Corvallis | OR | 25,875 | 1,543 | 18,119 | 843 | 312 | 1,543 | 18,264 | 1,010 | 20,817 | (3,761) | 17,056 | 1999/NA | 2013 |
3-40 years
|
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The Regent | IL | Corvallis | OR | 11,325 | 1,111 | 7,720 | 228 | 350 | 1,111 | 7,807 | 491 | 9,409 | (1,538) | 7,871 | 1983/NA | 2013 |
3-40 years
|
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Essex House | IL | Lemoyne | PA | 16,050 | 936 | 25,585 | 668 | 324 | 936 | 25,648 | 929 | 27,513 | (4,715) | 22,798 | 2002/NA | 2013 |
3-40 years
|
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Manor at Oakridge | IL | Harrisburg | PA | 15,150 | 992 | 24,379 | 764 | 233 | 992 | 24,498 | 878 | 26,368 | (4,543) | 21,825 | 2000/NA | 2013 |
3-40 years
|
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Niagara Village | IL | Erie | PA | 12,845 | 750 | 16,544 | 790 | 675 | 750 | 16,984 | 1,025 | 18,759 | (2,993) | 15,766 | 1999/NA | 2015 |
3-40 years
|
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Walnut Woods | IL | Boyertown | PA | 15,600 | 308 | 18,058 | 496 | 699 | 308 | 18,552 | 701 | 19,561 | (3,353) | 16,208 | 1997/NA | 2013 |
3-40 years
|
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Indigo Pines | IL | Hilton Head | SC | 15,334 | 2,850 | 15,970 | 832 | 1,729 | 2,850 | 16,692 | 1,839 | 21,381 | (3,408) | 17,973 | 1999/NA | 2015 |
3-40 years
|
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Holiday Hills Estates | IL | Rapid City | SD | 12,063 | 430 | 22,209 | 790 | 497 | 430 | 22,547 | 949 | 23,926 | (3,442) | 20,484 | 1999/NA | 2015 |
3-40 years
|
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Echo Ridge | IL | Knoxville | TN | 20,910 | 1,522 | 21,469 | 770 | 517 | 1,522 | 21,812 | 944 | 24,278 | (3,544) | 20,734 | 1997/NA | 2015 |
3-40 years
|
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Uffelman Estates | IL | Clarksville | TN | 9,600 | 625 | 10,521 | 298 | 428 | 625 | 10,746 | 501 | 11,872 | (2,022) | 9,850 | 1993/NA | 2013 |
3-40 years
|
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Arlington Plaza | IL | Arlington | TX | 7,135 | 319 | 9,821 | 391 | 277 | 319 | 9,912 | 577 | 10,808 | (2,029) | 8,779 | 1987/NA | 2013 |
3-40 years
|
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Cypress Woods | IL | Kingwood | TX | 16,991 | 1,376 | 19,815 | 860 | 500 | 1,376 | 20,096 | 1,079 | 22,551 | (3,747) | 18,804 | 2008/NA | 2015 |
3-40 years
|
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Dogwood Estates | IL | Denton | TX | 15,779 | 1,002 | 18,525 | 714 | 238 | 1,002 | 18,659 | 818 | 20,479 | (3,670) | 16,809 | 2005/NA | 2013 |
3-40 years
|
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Madison Estates | IL | San Antonio | TX | 9,262 | 1,528 | 14,850 | 268 | 998 | 1,528 | 15,249 | 867 | 17,644 | (2,876) | 14,768 | 1984/NA | 2013 |
3-40 years
|
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Pinewood Hills | IL | Flower Mound | TX | 15,000 | 2,073 | 17,552 | 704 | 321 | 2,073 | 17,728 | 849 | 20,650 | (3,524) | 17,126 | 2007/NA | 2013 |
3-40 years
|
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The Bentley | IL | Dallas | TX | 13,725 | 2,351 | 12,270 | 526 | 583 | 2,351 | 12,596 | 783 | 15,730 | (2,561) | 13,169 | 1996/NA | 2013 |
3-40 years
|
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The El Dorado | IL | Richardson | TX | 7,350 | 1,316 | 12,220 | 710 | 374 | 1,316 | 12,365 | 939 | 14,620 | (2,758) | 11,862 | 1996/NA | 2013 |
3-40 years
|
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Ventura Place | IL | Lubbock | TX | 14,100 | 1,018 | 18,034 | 946 | 594 | 1,018 | 18,194 | 1,380 | 20,592 | (4,032) | 16,560 | 1997/NA | 2013 |
3-40 years
|
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Whiterock Court | IL | Dallas | TX | 10,239 | 2,837 | 12,205 | 446 | 505 | 2,837 | 12,401 | 755 | 15,993 | (2,531) | 13,462 | 2001/NA | 2013 |
3-40 years
|
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Chateau Brickyard | IL | Salt Lake City | UT | 6,300 | 700 | 3,297 | 15 | 1,717 | 700 | 4,596 | 433 | 5,729 | (1,511) | 4,218 | 1984/2007 | 2012 |
3-40 years
|
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Olympus Ranch | IL | Murray | UT | 18,032 | 1,407 | 20,515 | 846 | 597 | 1,407 | 20,933 | 1,025 | 23,365 | (3,585) | 19,780 | 2008/NA | 2015 |
3-40 years
|
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Pioneer Valley Lodge | IL | North Logan | UT | 5,908 | 1,049 | 17,920 | 740 | 226 | 1,049 | 18,003 | 883 | 19,935 | (3,657) | 16,278 | 2001/NA | 2013 |
3-40 years
|
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Colonial Harbor | IL | Yorktown | VA | 16,389 | 2,211 | 19,523 | 689 | 503 | 2,211 | 19,606 | 1,109 | 22,926 | (3,944) | 18,982 | 2005/NA | 2013 |
3-40 years
|
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Elm Park Estates | IL | Roanoke | VA | 13,582 | 990 | 15,648 | 770 | 568 | 990 | 15,939 | 1,047 | 17,976 | (2,777) | 15,199 | 1991/NA | 2015 |
3-40 years
|
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Heritage Oaks | IL | Richmond | VA | 11,025 | 1,630 | 9,570 | 705 | 1,860 | 1,630 | 10,763 | 1,372 | 13,765 | (3,095) | 10,670 | 1987/NA | 2013 |
3-40 years
|
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Bridge Park | IL | Seattle | WA | 15,168 | 2,315 | 18,607 | 1,135 | 502 | 2,315 | 18,833 | 1,411 | 22,559 | (3,670) | 18,889 | 2008/NA | 2015 |
3-40 years
|
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Peninsula | IL | Gig Harbor | WA | 20,480 | 2,085 | 21,983 | 846 | 224 | 2,085 | 22,132 | 921 | 25,138 | (3,706) | 21,432 | 2008/NA | 2015 |
3-40 years
|
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Oakwood Hills | IL | Eau Claire | WI | 13,275 | 516 | 18,872 | 645 | 182 | 516 | 18,904 | 795 | 20,215 | (3,642) | 16,573 | 2003/NA | 2013 |
3-40 years
|
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The Jefferson | IL | Middleton | WI | 13,394 | 1,460 | 15,540 | 804 | 584 | 1,460 | 15,947 | 981 | 18,388 | (2,781) | 15,607 | 2005/NA | 2015 |
3-40 years
|
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Managed IL Properties Total | 1,553,978 | 126,068 | 1,781,720 | 71,208 | 65,222 | 126,068 | 1,816,961 | 101,189 | 2,044,218 | (343,438) | 1,700,780 |
Location | Initial Cost to the Company | Gross Amount Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | Type | City | State | Encumbrances | Land | Buildings and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Furniture, Fixtures and Equipment |
Total (A)
|
Accumulated Depreciation | Net Book Value |
Year Constructed /
Renovated
|
Year Acquired | Life on Which Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Creek | AL/MC | Cottonwood Heights | UT | 4,320 | 1,488 | 16,308 | 59 | 1,302 | 1,488 | 17,103 | 566 | 19,157 | (3,917) | 15,240 | 2001/NA | 2012 |
3-40 years
|
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Golden Living | AL/MC | Taylorsville | UT | 7,116 | 1,111 | 3,126 | 39 | 1,372 | 1,111 | 3,900 | 637 | 5,648 | (1,347) | 4,301 | 1976/1994 | 2012 |
3-40 years
|
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Heritage Place | AL/MC | Bountiful | UT | 13,335 | 570 | 9,558 | 50 | 1,488 | 570 | 10,564 | 532 | 11,666 | (2,926) | 8,740 | 1978/2000 | 2012 |
3-40 years
|
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Right of use asset | N/A | N/A | N/A | — | — | — | — | 122 | — | — | 122 | 122 | — | 122 | N/A | N/A |
3-5 years
|
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Properties Classified As Discontinued Operations Total | 258,390 | 43,313 | 347,235 | 14,060 | 36,513 | 43,313 | 368,354 | 29,454 | 441,121 | (87,719) | 353,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 1,862,106 | $ | 177,956 | $ | 2,174,986 | $ | 87,648 | $ | 105,210 | $ | 177,956 | $ | 2,232,220 | $ | 135,624 | $ | 2,545,800 | $ | (439,274) | $ | 2,106,526 |
Years Ended December 31, | |||||||||||||||||||||||||||||
Gross carrying amount | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Beginning of period | $ | 2,513,769 | $ | 2,511,762 | $ | 2,773,179 | |||||||||||||||||||||||
Acquisitions | — | — | — | ||||||||||||||||||||||||||
Additions(A)
|
33,380 | 32,072 | 20,667 | ||||||||||||||||||||||||||
Sales and/or transfers to assets held for sale | — | (18,294) | (280,593) | ||||||||||||||||||||||||||
Impairment of real estate held for sale | — | (8,725) | — | ||||||||||||||||||||||||||
Disposals and other | (1,349) | (3,046) | (1,491) | ||||||||||||||||||||||||||
End of period | $ | 2,545,800 | $ | 2,513,769 | $ | 2,511,762 | |||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||
Beginning of period | $ | (358,368) | $ | (275,794) | $ | (218,968) | |||||||||||||||||||||||
Depreciation expense | (80,937) | (87,698) | (91,623) | ||||||||||||||||||||||||||
Sales and/or transfers to assets held for sale | — | 5,124 | 34,728 | ||||||||||||||||||||||||||
Disposals and other | 31 | — | 69 | ||||||||||||||||||||||||||
End of period | $ | (439,274) | $ | (358,368) | $ | (275,794) |
• | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; | ||||
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and | ||||
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
(a) |
Financial statements and schedules:
See “Financial Statements and Supplementary Data” included in Part II, Item 8 of this Form 10-K
|
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(b) | Exhibits filed with this Form 10-K: | ||||||||||
Lease Termination Agreement dated as of May 9, 2018, by and among NCT Master Tenant I LLC and NCT Master Tenant II LLC (as Tenants), Holiday AL Holdings LP (as Guarantor) and the other parties named therein (incorporated by reference to New Senior's Annual Report on Form 10-K, Exhibit 10.2, filed on February 26,2019).
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Multifamily Loan and Security Agreement - Seniors Housing dated as of August 12, 2015, by and between SNR 27 Alexis Gardens Owner LLC, a Delaware limited liability company, as Borrower (“Borrower”), and Walker & Dunlop, LLC, as Lender (“Lender”) (incorporated by reference to New Senior’s Current Report on Form 8-K, Exhibit 10.1, filed on August 17, 2015).
|
In accordance with Instruction 2 to Item 601 of Regulation S-K, the Company has filed only one of 28 Multifamily Loan and Security Agreements dated as of August 12, 2015 and the related Multifamily Notes as Exhibit 10.15 and Exhibit 10.16, respectively, as the omitted Multifamily Loan and Security Agreements and the related Multifamily Notes are substantially identical in all material respects to the loan and note filed as exhibits, except as to the borrower thereto, the principal amount and certain property-specific provisions. | ||
In accordance with Instruction 2 to Item 601 of Regulation S-K, the Company has filed only one of 50 Multifamily Loan and Security Agreements dated as of October 10, 2018 and the related Multifamily Notes as Exhibit 10.17 and Exhibit 10.18, respectively, as the omitted Multifamily Loan and Security Agreements and the related Multifamily Notes are substantially identical in all material respects to the loan and note filed as exhibits, except as to the borrower thereto, the principal amount and certain property-specific provisions. | ||
In accordance with Instruction 2 to Item 601 of Regulation S-K, the Company has filed only one of the 14 Multifamily Loan and Security Agreements dated February 10, 2020 and the related Multifamily Notes as Exhibit 10.22 and Exhibit 10.23, respectively, as the omitted Multifamily Loan and Security Agreements and the related Multifamily Notes are substantially identical in all material respects to the loan and note filed as exhibits, except as to the borrower thereto, the principal amount and certain property-specific provisions. |
NEW SENIOR INVESTMENT GROUP | ||||||||
By: | /s/ Bhairav Patel | |||||||
Name: Bhairav Patel | ||||||||
Title: Executive Vice President of Finance and Accounting and Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||
Signature | Title | Date | ||||||||||||
Director and Chief Executive Officer (Principal Executive Officer) | February 27, 2020 | |||||||||||||
Susan L. Givens | ||||||||||||||
Executive Vice President of Finance and Accounting and Interim Chief Financial Officer (Principal Accounting Officer) | February 27, 2020 | |||||||||||||
Bhairav Patel | ||||||||||||||
Chairman of the Board | February 27, 2020 | |||||||||||||
Robert F. Savage | ||||||||||||||
Director | February 27, 2020 | |||||||||||||
Virgis W. Colbert | ||||||||||||||
Director | February 27, 2020 | |||||||||||||
Michael D. Malone | ||||||||||||||
Director | February 27, 2020 | |||||||||||||
Stuart A. McFarland | ||||||||||||||
Director | February 27, 2020 | |||||||||||||
David H. Milner | ||||||||||||||
Director | February 27, 2020 | |||||||||||||
Cassia van Hoof Holstein | ||||||||||||||
Title:
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You will serve as Executive Vice President, General Counsel & Secretary, reporting to the Chief Executive Officer of the Company (the “CEO”). You will devote your full working time to the Company. | ||||
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Start Date:
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On April 29, 2019 (or such earlier or later date as the Company and you shall mutually agree) (the “Start Date”).
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Location of Employment: | You will be an employee of the Company at its office in New York, New York, although you acknowledge that you may be required to travel from time to time for business reasons, as reasonably requested by the Company. | ||||
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Term:
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This Letter Agreement shall govern the initial three years of your employment commencing on the Start Date (the “Initial Term”). In the event this Letter Agreement is not terminated, amended or superseded by a subsequent agreement between the parties prior to the expiration of the Initial Term or any Renewal Term, the terms of this Letter Agreement shall continue to govern the terms and conditions of your employment for successive one-year periods (each, a “Renewal Term” and the period of your employment under this Letter Agreement shall be referred to as the “Term”). Notwithstanding anything to the contrary, nothing in this Letter Agreement shall be construed as giving you the right to continued employment or the right to be employed in any position or capacity by the Company and your employment may be terminated by either party, for any reason whatsoever, in accordance with the terms hereof and the “Employment Relationship” and “Severance Benefits” sections below.
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Base Salary:
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Your base salary will be paid at the rate of $400,000 per annum (the “Base Salary”), payable in accordance with the regular payroll practices of the Company. This means that you will be paid your Base Salary on a semi-monthly basis on the 15th (the “First Payday”) and the last day of each month (the “Second Payday”). If the First Payday falls on a holiday or a day outside the regular workweek, then you will be paid on the business day immediately prior to the First Payday, and if the Second Payday falls on a holiday or a day outside the regular workweek, then you will be paid on the business day immediately prior to the Second Payday. The Company reserves the right to modify its payroll practices and payroll schedule at its sole discretion.
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Sign-On Award:
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As soon as reasonably practicable after the Start Date, the Company will recommend to the Compensation Committee of the Company’s Board of Directors that it approve an equity award (the “Sign-On Award”) pursuant to the New Senior Investment Group Inc. Nonqualified Stock Option and Incentive Award Plan, as it may be amended from time to time (and any successor plan thereto) (the “Plan”), approximately 33.33% of which will be in the form of stock options or warrants (such options, the “Options”) and approximately 66.67% of which will be in the form of restricted stock or restricted stock units. The Sign-On Award will have a grant date fair market value of $600,000 (with the number of Options to be determined based on Black Scholes methodology used in the ordinary course by the Company’s option valuation firm). The Options will have a per share exercise price equal to the fair market value of a share of common stock of the Company on the date of grant and an outside term of ten years. In the event of a termination without Cause by the Company, a resignation for Good Reason by you, or your death or permanent disability, any then vested Options (including, for the avoidance of doubt, any Options which vest upon such termination) will remain outstanding and exercisable for a one year period; in the event you resign without Good Reason, any then vested Options will remain outstanding and exercisable for 90 days; and in the event you are terminated for Cause, vested Options will immediately terminate without payment. Unless provided in this Letter Agreement, any unvested Options outstanding as of any separation from service with the Company will immediately terminate without payment.
The Sign-On Award is subject to your execution of the applicable award agreements governing such equity grants, which shall not contain terms inconsistent with those set forth in this Letter Agreement. The Sign-On Award will vest ratably over the three year period commencing with the date of grant, subject to your continued employment on the applicable vesting dates associated with such Sign-On Award, except as otherwise provided in this Letter Agreement. All dividends declared on unvested restricted stock or restricted stock units granted pursuant to the Sign-On Award shall accrue and become vested to the same extent that the underlying shares become vested and shall be paid within 60 days following the vesting date. In order to be eligible to receive the Sign-On Award, you must commence employment with the Company on the Start Date and be an active employee at, and not have given or received notice of termination prior to, the date of grant.
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2019 Minimum Annual Bonus:
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For calendar year 2019, and provided you begin employment at the Company on the Start Date, you will receive a minimum cash Annual Bonus (defined below) of $300,000, payable at such time as similarly situated Company employees receive Annual Bonuses in respect of calendar year 2019, which time will be no later than March 15, 2020 (the “2019 Minimum Bonus”). Except as otherwise provided in this Letter Agreement, in order to be eligible for the 2019 Minimum Bonus, you must be an active employee at, and not have given or received notice of termination prior to, the time of the bonus payment.
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Annual Discretionary Bonus (after January 1, 2020):
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For calendar years after 2019 and during the Term, you will be eligible to receive an annual cash bonus (the “Annual Bonus”), subject to the terms and conditions in this section. The Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”), in its discretion, will determine whether any such bonus will be paid and the amount of any such bonus. The amount of your Annual Bonus, if any, shall be based on the Company’s and your performance against performance criteria established by the Compensation Committee, after consultation with the CEO. Such performance criteria shall include minimum performance criteria (the “Bonus Threshold Criteria”), which must be met, as determined by the Compensation Committee in its discretion, in order for you to be eligible to receive any annual discretionary bonus. Your target annual bonus amount is 75% of your Base Salary (the “Target Bonus”). If the Compensation Committee determines, in its discretion, that the performance criteria for the payment of a Target Bonus in any applicable calendar year has been met or exceeded, you will be eligible to receive the Target Bonus or a higher amount, but not more than 100% of your Base Salary (the “Maximum Target Bonus”). Likewise, if the performance criteria for the payment of a Target Bonus has not been met for any applicable calendar year, but the Bonus Threshold Criteria has otherwise been met or exceeded, you will be eligible to receive an amount lesser than the Target Bonus, but not less than 50% of your Base Salary (the “Minimum Target Bonus”). For the avoidance of doubt, if the Bonus Threshold Criteria has not been met for any applicable calendar year, then you will not be eligible to receive an Annual Bonus for such calendar year. The Annual Bonus (if any) will be paid to you, in cash, no later than March 15 of the immediately subsequent calendar year.
Payment of an Annual Bonus or any bonus in any given fiscal or calendar year does not entitle you to additional compensation or any such bonus in any subsequent year. Except as otherwise provided in this Letter Agreement, in order to be eligible for any bonus while employed at the Company, you must be an active employee at, and not have given or received notice of termination prior to, the time of the bonus payment.
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Equity-Based Compensation:
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During the Term, in addition to the Sign-On Award, you will be eligible to receive annual equity-based awards pursuant to the Plan, which shall be granted at the same time as other annual equity-based grants to, and subject to the terms and conditions generally applicable to, other senior executives of the Company and in this section of the Letter Agreement. The Compensation Committee, in its discretion, will determine whether any such awards will be made to you and the amount of any such awards in accordance with this section of the Letter Agreement, with the target value for such annual awards equal to 100% of your Base Salary (based on the grant date fair market value of the Company’s publicly traded common stock as determined under the Plan) (your “Target Award Value”); provided that, the Compensation Committee may, in its discretion grant annual awards with a target value in excess of your Target Award Value. Any such annual equity awards shall be granted within 90 days following the commencement of each calendar year during the Term (except, in the event that the Compensation Committee determines that the Company has an insufficient number of shares remaining under the Plan to make such grants, such grants will not be made unless and until the Company’s shareholders approve for issuance at least the number of shares necessary to make such awards under the Plan). With respect to any annual equity awards granted in a given year, (a) 75% will be in the form of a performance-based restricted stock or restricted stock units, pursuant to which 0% to 150% of the target number of shares subject to the award may be earned (with a threshold opportunity equal to 50% of such target number of shares, a target opportunity equal to 100% of such target number of shares, and a maximum opportunity equal to 150% of such target number of shares), with the performance goals for such award to be based on Company performance over a three-year performance period compared against performance criteria established by the Compensation Committee after consultation with the CEO and based on industry-standard metrics and (b) 25% will be in the form of time-based vesting restricted stock that will vest ratably over a three year period, in each case subject to your continued employment through each such vesting date (except as otherwise provided in this Agreement) and unless otherwise determined by the Compensation Committee. With respect to annual awards granted in the form of restricted stock or restricted stock units (regardless of whether such awards vest based on time or performance goals), when dividends are declared on the unvested underlying shares, such dividends shall accrue and become vested and paid to the same extent that the underlying shares become vested (but in no event later than 2.5 months following the year in which such award becomes vested).
Your entitlement to any equity awards remains subject to your execution of the applicable award agreements governing such awards. In order to be eligible to receive any equity awards, you must be an active employee at, and not have given or received notice of termination prior to, the date of grant.
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Benefits:
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Effective on the Start Date, you (and your spouse, registered domestic partner and/or eligible dependents, if any) shall be entitled to participate in the same manner as other similarly situated employees of the Company in the employee benefit plans that are generally made available to the Company’s employees, subject to satisfying the applicable eligibility requirements. Your participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time, at the Company’s sole discretion.
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Indemnification and Director and Officer Liability Insurance:
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During the course of your employment, the Company shall maintain director and officer liability insurance (“D&O Insurance”) under which you shall be covered to the fullest extent permissible under the Company’s D&O Insurance policy or policies.
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Paid Time Off:
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During your employment, you will be entitled to paid time off (“Paid Time Off”) in accordance with the Company’s policies then in effect.
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Representation: |
You represent that on the Start Date, you will be free to accept employment hereunder without any contractual restrictions, express or implied, with respect to any of your prior employers. You represent that you have not taken or otherwise misappropriated and you do not have in your possession or control any confidential and proprietary information belonging to any of your prior employers or connected with or derived from your services to prior employers. You represent that you have returned to all prior employers any and all such confidential and proprietary information. You further acknowledge that the Company has informed you that you are not to use or cause the use of such confidential or proprietary information in any manner whatsoever in connection with your employment by the Company. You agree that you will not use such information. You represent that you are not currently a party to any pending or threatened litigation or arbitration, including with any current or former employer or business associate. In the event that you become a party to any pending or threatened litigation or arbitration after the date on which you sign this Letter Agreement but prior to your Start Date and at all times thereafter while you are employed by the Company, you shall promptly provide the Company with notice of such, in writing. You shall indemnify and hold harmless the Company from any and all claims arising from any breach of the representations and warranties in this paragraph.
You represent that you understand that this Letter Agreement sets forth the terms and conditions of your employment relationship with the Company and as such, you have no express or implied right to be treated the same as or more favorably than any other employee of the Company or any of its affiliates with respect to any matter set forth herein based on the terms or conditions of such person’s employment relationship with the Company or any of its affiliates.
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Work Authorization:
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Employment with the Company is contingent upon your unrestricted authorization to work in the United States and providing documentation establishing your identity and authority to work within the time period specified by law. | ||||
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Policies and Procedures:
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You agree to comply fully with all Company policies and procedures applicable to employees, as amended and implemented from time to time, including, without limitation, tax, regulatory and compliance procedures. | ||||
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Employment Relationship:
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This Letter Agreement is not a contract of employment for any specific period of time, and subject to the notice provisions herein, your employment is “at will” and may be terminated by you or by the Company at any time for any reason or no reason whatsoever. In each case where the term the “Company” is used in this Letter Agreement it shall mean, in addition to the Company, any Company affiliate by whom you may be employed on a full-time basis at the applicable time. You agree that effective as of any separation from service with the Company, you will have been deemed to resign from all positions you may hold with the Company and its affiliates (including any board memberships), and will take any actions that may be reasonably required to effectuate such resignation, without prejudice against any rights you may otherwise have under this Agreement.
You agree to provide the Company with at least thirty (30) days’ advance written notice of your resignation of employment (the “Notice Period,” which Notice Period shall be considered a “Protective Covenant” (as hereinafter defined) for purposes of this Letter Agreement). The Company may, in its sole discretion, direct you to cease performing your duties, refrain from entering the Company’s offices and/or restrict your access to the Company systems, trade secrets and confidential information, in each case during all or part of the Notice Period. During the Notice Period, you shall continue to be an employee of the Company, the Company shall continue to pay you your Base Salary and benefits, and you shall be entitled to all other benefits and entitlements as an employee until the end of the Notice Period (although you acknowledge that (i) if your resignation is not for Good Reason (as defined below), you shall not be entitled to receive any bonus not already paid prior to the commencement of the Notice Period (and if your resignation is for Good Reason, you will be entitled only to such bonus amounts as are set forth under “Severance Benefits” below); (ii) your Base Salary, benefits, and entitlements shall cease if you breach any of your agreements with or obligations to the Company or any of its affiliates, including, without limitation, those “Protective Covenants” set forth below and incorporated herein; (iii) your Paid Time Off (as defined below) will be treated in accordance with the Company’s policies then in effect; and (iv) such Notice Period shall be disregarded for purposes of the vesting of equity, if any).
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Severance Benefits: |
The following constitutes “Severance Benefits”:
If your employment with the Company is terminated without Cause (as hereinafter defined) by the Company (which shall include a non-renewal of the Term by the Company) or for Good Reason (as defined below) by you (any such event, a “Qualifying Termination”), in either case at any time other than during a Change in Control Protected Period (defined below), and subject to your compliance with the Protective Covenants (below) and your execution without revocation of a release of claims against the Company (a “Release”) within sixty (60) days following the date of such termination, you will be entitled to: (i) a lump sum payment equal to the product of (x) one (1) and (y) the sum of your then current Base Salary and Target Bonus; (ii) a prorated portion of your Target Bonus for the year in which your employment is terminated (the “Prorated Bonus”); and (iii) a lump sum payment equal to the product of (x) twelve (12) and (y) the amount equal to the monthly premium for health, prescription drug, dental and vision coverage as in effect on the date of termination under the Company’s plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, less the portion of the monthly premium cost of such coverage payable by an active employee as of the date of termination (the “Monthly COBRA Premium”); and (iv) to the extent not otherwise provided for under the Plan or any successor thereto, as applicable, or any award agreement granted thereunder, (x) immediate vesting in any then outstanding Sign-On Awards and (y) for any then outstanding annual equity awards granted under the Plan or any successor thereto, (I) with respect to any then outstanding time-vesting award, (A) if such award vests in annual (or shorter) installments, immediate vesting in that portion of the award that would have otherwise vested within 365 days following the date of any such separation from service and (B) if such award provides for vesting not described in clause (A), immediate vesting in a pro-rated portion of the award, based on the period of time that has elapsed during the vesting period, and (II) with respect to any then outstanding performance based award, vesting shall be based on achievement of actual performance as of the date of such separation from service compared against the relevant performance metrics (with such performance metrics prorated based on the period of time that has elapsed during the performance period) and prorated based on the period of time that has elapsed during the performance period. The amounts set forth in the preceding clauses (i), (ii), and (iii) shall be paid to you within sixty (60) days following your Qualifying Termination. In addition to the foregoing, if the Qualifying Termination occurs on or after the end of a given year but before the date that annual bonuses that may be payable in respect of such year are to be paid, then you will receive, at such time (if any) as such annual bonuses are otherwise paid to remaining senior executives of the Company, the annual bonus you would have received (if any) if you had remained employed through such date (any such bonus, the “Prior Year Bonus”).
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Change in Control Benefits:
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The following constitutes “Change in Control Benefits”:
Upon a Change in Control (as such term is defined in the Plan), to the extent not otherwise provided under the Plan or any successor thereto, as applicable, or any award agreement granted thereunder, any outstanding performance-based equity awards granted under the Plan or any successor thereto shall become immediately vested, based on achievement of actual performance as of the date of the Change in Control compared against the relevant performance metrics (with such performance metrics prorated based on the period of time that has elapsed during the performance period) and prorated based on the period of time that has elapsed during the performance period.
If a Qualifying Termination occurs on or within one year after a Change in Control (as such term is defined in the Plan) (the “Change in Control Protected Period”), you shall receive: (i) a lump sum payment equal to the product of (x) two (2) and (y) the sum of your then current Base Salary and Target Bonus; (ii) your Prorated Bonus; (iii) a lump sum payment equal to the product of (x) eighteen (18) and (y) the Monthly COBRA Premium; and (iv) to the extent not otherwise provided above or under the Plan or any successor thereto or any award agreement granted thereunder, immediate vesting in any then outstanding equity awards (to the extent not otherwise vested), including for the avoidance of doubt, the Sign-On Award, granted under the Plan or any successor thereto; provided that, any performance-based awards granted on or after the Change in Control shall vest at the greater of target value or actual performance as of the date of termination. The amounts set forth in the preceding clauses (i), (ii), and (iii) shall be paid to you within a reasonable time following your termination of employment, not to exceed sixty (60) days. You shall also be entitled to any Prior Year Bonus.
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Death and Disability Benefits:
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In the event that your employment terminates on account of your death or Disability (as defined below), then to the extent not otherwise provided under the Plan or any successor thereto, as applicable, or any award agreement granted thereunder, any outstanding equity awards granted under the Plan or any successor thereto shall become immediately fully vested upon such termination; provided, that with respect to any performance-based awards, vesting shall be determined as though target performance has been achieved. You (or your estate) will also be entitled to your Prior Year Bonus.
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Definitions: |
“Cause” means (i) your commission of an act of fraud against the Company in the course of your service to the Company; (ii) your indictment, conviction or entering of a plea of nolo contendere for a crime constituting a felony or in respect of any act of fraud or dishonesty; (iii) your commission of an act which would make you subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) your willful misconduct in connection with your employment by the Company, including through the violation of any written Company code of conduct or other similar policy; (v) your willful breach of any restriction set forth in (or otherwise herein incorporated by reference into) the section above entitled “Protective Covenants;” or (vi) your commission of any material breach of any of the provisions or covenants (excluding the covenants set forth in or incorporated into the “Protective Covenant” section above) set forth herein; provided, however, that discharge pursuant to this clause (vi) shall not constitute discharge for “Cause” unless you have received written notice from the Company stating the nature of such breach and affording you an opportunity to correct fully the act(s) or omission(s), if such a breach is capable of correction, described in such notice within ten (10) days following your receipt of such notice.
“Disability” shall mean that you are eligible to receive income replacement benefits under a long term disability plan provided by the Company or its affiliates.
“Good Reason” shall mean (1) a material reduction in your Base Salary or Target Bonus opportunity or Target Award Value, (2) a material reduction of your duties, authority, responsibilities or reporting relationship, relative to your duties, authority, responsibilities or reporting relationship as in effect immediately prior to such reduction, (3) a relocation of your work location by more than 35 miles or (4) the Company’s material breach of this Letter Agreement (which shall include, for the avoidance of doubt, the Company’s failure to timely grant the Sign-On Award); provided that in order to resign for Good Reason, you must provide written notice to the Company of the Good Reason condition within 30 days of its initial existence, and the Company will have 30 days during which it may cure such condition, and if such condition is not cured during such 30 day period, you must resign no later than 60 days following the expiration of the Company’s 30 day cure period.
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Arbitration:
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You agree to submit any claims arising out of this Letter Agreement or your employment and termination thereof to binding arbitration in accordance with the terms of Exhibit A, which are hereby incorporated herein by reference.
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Governing Law:
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This Letter Agreement will be covered by and construed in accordance with the laws of New York, without regard to the conflicts of laws provisions thereof. EXCEPT AS OTHERWISE PROVIDED IN EXHIBIT A, YOU HEREBY AGREE THAT EXCLUSIVE JURISDICTION WILL BE IN A COURT OF COMPETENT JURISDICTION IN THE CITY OF NEW YORK AND WAIVE OBJECTION TO THE JURISDICTION OR TO THE LAYING OF VENUE IN ANY SUCH COURT. | ||||
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Section 409A:
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The intent of the parties to this Letter Agreement is that payments and benefits hereunder comply with Section 409A, to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Letter Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, you shall not be considered to have terminated employment with the Company for purposes of this Letter Agreement, and no payment shall be due to you under this Letter Agreement, until you would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. Any payments described in this Letter Agreement that are due within the “short-term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Each amount to be paid or benefit to be provided to you pursuant to this Letter Agreement that constitutes deferred compensation subject to Section 409A shall be construed as a separate identified payment for purposes of Section 409A. Notwithstanding anything to the contrary in this Letter Agreement, to the extent that any payments to be made upon your separation from service would result in the imposition of any individual penalty tax imposed under Section 409A, the payment shall instead be made on the first business day after the earlier of (i) the date that is six (6) months following such separation from service and (ii) your death. In the event that any amount payable to you under this Letter Agreement may be paid in two taxable years, depending on the date of execution of a Release, then to the extent required by Section 409A, payment will be made in the later taxable year.
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Section 280G: |
To the extent that any of the payments and benefits provided for under this Letter Agreement together with any payments or benefits under any other agreement or arrangement between the Company and you (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code, the amount of such Payments shall be reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to Section 4999 of the Code if and only if such reduction would provide you with an after-tax amount greater than if there was no reduction. Any reduction shall be done in a manner that maximizes the amount to be retained by you, provided that to the extent any order is required to be set forth herein, then such reduction shall be applied in the following order: (i) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced next (if necessary, to zero), with amounts that are payable or deliverable last reduced first; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation Section 1.280G- 1, Q&A 24 will be reduced next (if necessary, to zero), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24); (iv) payments due in respect of any equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24 will be reduced next (if necessary, to zero), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24); and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) of this Section will be next reduced prorata.
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Miscellaneous; Acknowledgements; Protective Covenants Severable; Remedies Cumulative; Subsequent Employment Notice; Obligations; No Waiver; Cooperation; Withholding:
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Notwithstanding the provisions of Exhibit A, if you commit a breach of any of the Protective Covenants provisions hereof, the Company shall have the right to have the provisions of this Letter Agreement specifically enforced by any court having equity jurisdiction without being required to post bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. In addition, the Company may (a) in the event you breach, in any material respect, any Protective Covenant during the Restricted Period following a Qualifying Termination, claw back the Severance Benefits, in whole or in part, prorated based on the period of time during the Restricted Period that such breach occurred or is occurring and (b) take all such other actions and remedies available to it under law or in equity and shall be entitled to such damages as it can show it has sustained by reason of such breach.
The parties acknowledge that (i) the type and periods of restriction imposed in the Protective Covenants are fair and reasonable and are reasonably required in order to protect and maintain the proprietary interests of the Company or other legitimate business interests and the goodwill associated with the business of the Company; (ii) the time, scope, geographic area and other provisions of the Protective Covenants have been specifically negotiated by sophisticated commercial parties, represented by legal counsel; and (iii) because of the nature of the business engaged in by the Company and the fact that investors can be and are serviced and investments can be and are made by the Company wherever they are located, it is impractical and unreasonable to place a geographic limitation on the agreements made by you.
If any of the covenants contained in the Protective Covenants, or any part thereof, is held to be unenforceable by reason of it extending for too great a period of time or over too great a geographic area or by reason of it being too extensive or inapplicable to you in your capacity as an attorney in any other respect, the parties agree (x) such covenant shall be interpreted to extend only over the maximum period of time for which it may be enforceable and/or over the maximum geographic areas as to which it may be enforceable and/or over the maximum extent in all other respects as to which it may be enforceable, all as determined by the court making such determination and (y) in its reduced form, such covenant shall then be enforceable, but such reduced form of covenant shall only apply with respect to the operation of such covenant in the particular jurisdiction in or for which such adjudication is made. Each of the covenants and agreements contained in the Protective Covenants is separate, distinct and severable. For the avoidance of doubt, the covenants contained in the Protective Covenants, or any part thereof are not intended to bar you from performing solely legal functions for any entity or client provided that work does not involve or risk the disclosure of the Company’s attorney-client privileged information or other confidential information.
All rights, remedies and benefits expressly provided for in this Letter Agreement are cumulative and are not exclusive of any rights, remedies or benefits provided for by law or in this Letter Agreement, and the exercise of any remedy by a party hereto shall not be deemed an election to the exclusion of any other remedy (any such claim by the other party being hereby waived).
The existence of any claim, demand, action or cause of action of you against the Company or any of its affiliates, whether predicated on this Letter Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of each Protective Covenant. The unenforceability of any Protective Covenant shall not affect the validity or enforceability of any other Protective Covenant or any other provision or provisions of this Letter Agreement. The temporal duration of the Protective Covenants shall not expire, and shall be tolled, during any period in which you are in violation of any of such Protective Covenants, and all such restrictions shall automatically be extended by the period of your violation of any such restrictions.
Prior to accepting employment with any person, firm, corporation or other entity during your employment by the Company or any of its affiliates or any period thereafter that you are subject to any of the Protective Covenants, you shall (1) notify the prospective employer in writing of your obligations under such provisions and (2) within thirty days after your commencement of employment with any new employer, provide written notice to the General Counsel at the Company of such new employment, identifying such new employer.
The failure of a party to this Letter Agreement to insist upon strict adherence to any term hereof on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Letter Agreement.
This Letter Agreement, and all of your rights and duties hereunder, shall not be assignable or delegable by you. Any purported assignment or delegation by you in violation of the foregoing shall be null and void ab initio and of no further force and effect. This Letter Agreement may be assigned by New Senior Investment Group Inc. to any affiliate thereof or to a person or entity which is an affiliate or successor in interest to all or substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate person or entity.
You shall provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during your employment. This provision shall survive any termination of this Letter Agreement.
The Company may withhold from any amounts and benefits due to you under this Letter Agreement such Federal, state and local taxes as may be required or permitted to be withheld pursuant to any applicable law or regulation.
This Letter Agreement and Exhibit A contain the entire understanding of the parties and may be modified only in a document signed by the parties and referring explicitly to this Letter Agreement. If any provision of this Letter Agreement or Exhibit A is determined to be unenforceable, the remainder of this Letter Agreement or Exhibit A shall not be adversely affected thereby. Moreover, if any one or more of the provisions contained in this Letter Agreement or Exhibit A is held to be unenforceable, any such provision will be construed by limiting and reducing it so as to be enforceable to the maximum extent compatible with applicable law. In executing this Letter Agreement, you represent that you have not relied on any representation or statement not set forth herein, and you expressly disavow any reliance upon any such representations or statements. Without limitation to the foregoing, you represent that you understand that you shall not be entitled to any equity interest, profits interest or other interest in the Company or any of its affiliates, except as expressly set forth in this Letter Agreement or in another writing signed by the Company. The Company’s affiliates are intended beneficiaries under this Letter Agreement.
|
Entity Name | Jurisdiction | |||||||||||||
1 | New Senior Investment Group Inc. | Delaware | ||||||||||||
2 | SNR Operations LLC (f/k/a TRS LLC) | Delaware | ||||||||||||
3 | Propco LLC | Delaware | ||||||||||||
4 | BF Leasing LLC | Delaware | ||||||||||||
5 | BF Owner LLC | Delaware | ||||||||||||
6 | B Leasing LLC | Delaware | ||||||||||||
7 | B Owner LLC | Delaware | ||||||||||||
8 | B California Leasing LLC | Delaware | ||||||||||||
9 | B Oregon Leasing LLC | Delaware | ||||||||||||
10 | B Arizona Leasing LLC | Delaware | ||||||||||||
11 | B Utah Leasing LLC | Delaware | ||||||||||||
12 | B Idaho Leasing LLC | Delaware | ||||||||||||
13 | Orchard Park Leasing LLC | Delaware | ||||||||||||
14 | Sun Oak Leasing LLC | Delaware | ||||||||||||
15 | Sunshine Villa Leasing LLC | Delaware | ||||||||||||
16 | Regent Court Leasing LLC | Delaware | ||||||||||||
17 | Sheldon Park Leasing LLC | Delaware | ||||||||||||
18 | Desert Flower Leasing LLC | Delaware | ||||||||||||
19 | Canyon Creek Leasing LLC | Delaware | ||||||||||||
20 | Willow Park Leasing LLC | Delaware | ||||||||||||
21 | B California Owner LLC | Delaware | ||||||||||||
22 | B Oregon Owner LLC | Delaware | ||||||||||||
23 | B Arizona Owner LLC | Delaware | ||||||||||||
24 | B Utah Owner LLC | Delaware | ||||||||||||
25 | B Idaho Owner LLC | Delaware | ||||||||||||
26 | Orchard Park Owner LLC | Delaware | ||||||||||||
27 | Sun Oak Owner LLC | Delaware | ||||||||||||
28 | Sunshine Villa Owner LLC | Delaware | ||||||||||||
29 | Regent Court Owner LLC | Delaware | ||||||||||||
30 | Sheldon Park Owner LLC | Delaware | ||||||||||||
31 | Desert Flower Owner LLC | Delaware | ||||||||||||
32 | Canyon Creek Owner LLC | Delaware |
33 | Willow Park Owner LLC | Delaware | |||||||||
34 | RLG Leasing LLC | Delaware | |||||||||
35 | RLG Owner LLC | Delaware | |||||||||
36 | RLG Utah Leasing LLC | Delaware | |||||||||
37 | RLG Utah Owner LLC | Delaware | |||||||||
38 | Heritage Place Leasing LLC | Delaware | |||||||||
39 | Golden Living Taylorsville Leasing LLC | Delaware | |||||||||
40 | Chateau Brickyard Operations LLC | Delaware | |||||||||
41 | Heritage Place Owner LLC | Delaware | |||||||||
42 | Golden Living Taylorsville Owner LLC | Delaware | |||||||||
43 | Chateau Brickyard Owner LLC | Delaware | |||||||||
44 | Propco 2 LLC | Delaware | |||||||||
45 | NIC Courtyards Owner LLC | Delaware | |||||||||
46 | Propco 3 LLC | Delaware | |||||||||
47 | NIC Courtyards Leasing LLC | Delaware | |||||||||
48 | NIC Courtyards LLC | Delaware | |||||||||
49 | NIC Acquisitions LLC | Delaware | |||||||||
50 | NIC 4/5 Leasing LLC | Delaware | |||||||||
51 | NIC 5 Florida Leasing LLC | Delaware | |||||||||
52 | NIC 5 Spring Haven Leasing LLC | Delaware | |||||||||
53 | NIC 5 Renaissance Retirement Leasing LLC | Delaware | |||||||||
54 | NIC 5 Forest Oaks Leasing LLC | Delaware | |||||||||
55 | NIC 4 Florida Leasing LLC | Delaware | |||||||||
56 | NIC 4 The Grande Leasing LLC | Delaware | |||||||||
57 | NIC 4 Village Place Leasing LLC | Delaware | |||||||||
58 | NIC 4 Bradenton Oaks Leasing LLC | Delaware | |||||||||
59 | NIC 4 Spring Oaks Leasing LLC | Delaware | |||||||||
60 | NIC 4 Summerfield Leasing LLC | Delaware | |||||||||
61 | NIC 4 Emerald Park Retirement Leasing LLC | Delaware | |||||||||
62 | NIC 4 Bayside Terrace Leasing LLC | Delaware | |||||||||
63 | NIC 4 Balmoral Leasing LLC | Delaware | |||||||||
64 | NIC 4 Sunset Lake Leasing LLC | Delaware | |||||||||
65 | NIC 4 North Carolina Leasing LLC | Delaware | |||||||||
66 | NIC 4 Courtyards of New Bern Owner LP | Delaware | |||||||||
67 | NIC 5 Owner LLC | Delaware | |||||||||
68 | NIC 5 Florida Owner LLC | Delaware | |||||||||
69 | NIC 5 Spring Haven Owner LLC | Delaware | |||||||||
70 | NIC 5 Renaissance Retirement Owner LLC | Delaware | |||||||||
71 | NIC 5 Forest Oaks Owner LLC | Delaware | |||||||||
72 | NIC 5 Lake Morton Plaza Owner LLC | Delaware | |||||||||
73 | NIC 7 Glen Riddle Owner LLC | Delaware |
74 | NIC 7 Pennsylvania Owner LLC | Delaware | |||||||||
75 | NIC 7 Owner LLC | Delaware | |||||||||
76 | Propco 7 LLC | Delaware | |||||||||
77 | NIC 8 Schenley Gardens Owner LLC | Delaware | |||||||||
78 | NIC 8 Pennsylvania Owner LLC | Delaware | |||||||||
79 | NIC 8 Owner LLC | Delaware | |||||||||
80 | Propco 8 LLC | Delaware | |||||||||
81 | NIC 6 Owner LLC | Delaware | |||||||||
82 | Propco 6 LLC | Delaware | |||||||||
83 | NIC 6 Manor at Woodside Management LLC | Delaware | |||||||||
84 | NIC 6 New York Management LLC | Delaware | |||||||||
85 | NIC 6 Management LLC | Delaware | |||||||||
86 | NIC 6 New York Owner LLC | Delaware | |||||||||
87 | NIC 7 Glen Riddle Leasing LLC | Delaware | |||||||||
88 | NIC 7 Pennsylvania Leasing LLC | Delaware | |||||||||
89 | NIC 7 Leasing LLC | Delaware | |||||||||
90 | NIC 5 Lake Morton Plaza Leasing LLC | Delaware | |||||||||
91 | NIC 4 Emerald Park Retirement Owner LLC | Delaware | |||||||||
92 | Propco 5 LLC | Delaware | |||||||||
93 | NIC 8 Leasing LLC | Delaware | |||||||||
94 | NIC 8 Pennsylvania Leasing LLC | Delaware | |||||||||
95 | NIC 8 Schenley Gardens Leasing LLC | Delaware | |||||||||
96 | NIC Texas Courtyards Leasing LLC | Delaware | |||||||||
97 | NIC 4 Royal Palm Leasing LLC | Delaware | |||||||||
98 | NIC 6 Manor at Woodside Owner LLC | Delaware | |||||||||
99 | NIC 4 Royal Palm Owner LLC | Delaware | |||||||||
100 | Propco 9 LLC | Delaware | |||||||||
101 | NIC 9 Virginia Owner LLC | Delaware | |||||||||
102 | NIC 9 Heritage Oaks Owner LLC | Delaware | |||||||||
103 | NIC 9 Virginia Management LLC | Delaware | |||||||||
104 | NIC 9 Heritage Oaks Management LLC | Delaware | |||||||||
105 | Propco 10 LLC | Delaware | |||||||||
106 | NIC 10 Florida Leasing LLC | Delaware | |||||||||
107 | NIC 10 Florida Owner LLC | Delaware | |||||||||
108 | NIC 10 Barkley Place Leasing LLC | Delaware | |||||||||
109 | NIC 10 Barkley Place Owner LLC | Delaware | |||||||||
110 | Propco 12 LLC | Delaware | |||||||||
111 | NIC 12 Owner LLC | Delaware | |||||||||
112 | NIC 12 Arlington Plaza Owner LLC | Delaware | |||||||||
113 | NIC 12 Blair House Owner LLC | Delaware | |||||||||
114 | NIC 12 Blue Water Lodge Owner LLC | Delaware |
115 | NIC 12 Chateau Ridgeland Owner LLC | Delaware | |||||||||
116 | NIC 12 Cherry Laurel Owner LLC | Delaware | |||||||||
117 | NIC 12 Colonial Harbor Owner LLC | Delaware | |||||||||
118 | NIC 12 Country Squire Owner LLC | Delaware | |||||||||
119 | NIC 12 Courtyard At Lakewood Owner LLC | Delaware | |||||||||
120 | NIC 12 Desoto Beach Club Owner LLC | Delaware | |||||||||
121 | NIC 12 El Dorado Owner LLC | Delaware | |||||||||
122 | NIC 12 Essex House Owner LLC | Delaware | |||||||||
123 | NIC 12 Fleming Point Owner LLC | Delaware | |||||||||
124 | NIC 12 Grasslands Estates Owner LLC | Delaware | |||||||||
125 | NIC 12 Grizzly Peak Owner LLC | Delaware | |||||||||
126 | NIC 13 Hidden Lakes Owner LLC | Delaware | |||||||||
127 | NIC 12 Jackson Oaks Owner LLC | Delaware | |||||||||
128 | NIC 12 Maple Downs Owner LLC | Delaware | |||||||||
129 | NIC 12 Parkwood Estates Owner LLC | Delaware | |||||||||
130 | NIC 12 Pioneer Valley Lodge Owner LLC | Delaware | |||||||||
131 | NIC 12 Regency Residence Owner LLC | Delaware | |||||||||
132 | NIC 12 Simi Hills Owner LLC | Delaware | |||||||||
133 | NIC 12 Stoneybrook Lodge Owner LLC | Delaware | |||||||||
134 | NIC 12 Summerfield Estates Owner LLC | Delaware | |||||||||
135 | NIC 12 Ventura Place Owner LLC | Delaware | |||||||||
136 | Propco 13 LLC | Delaware | |||||||||
137 | NIC 13 Owner LLC | Delaware | |||||||||
138 | NIC 13 The Bentley Owner LLC | Delaware | |||||||||
139 | NIC 12 Briarcrest Estates Owner LLC | Delaware | |||||||||
140 | NIC 13 Dogwood Estates Owner LLC | Delaware | |||||||||
141 | NIC 13 Durham Regent Owner LP | Delaware | |||||||||
142 | NIC 13 Fountains At Hidden Lakes Owner LLC | Delaware | |||||||||
143 | NIC 13 Illahee Hills Owner LLC | Delaware | |||||||||
144 | NIC 13 Jordan Oaks Owner LP | Delaware | |||||||||
145 | NIC 13 Lodge at Cold Spring Owner LLC | Delaware | |||||||||
146 | NIC 13 Madison Estates Owner LLC | Delaware | |||||||||
147 | NIC 13 Manor at Oakridge Owner LLC | Delaware | |||||||||
148 | NIC 13 Oakwood Hills Owner LLC | Delaware | |||||||||
149 | NIC 13 Orchid Terrace Owner LLC | Delaware | |||||||||
150 | NIC 13 Palmer Hills Owner LLC | Delaware | |||||||||
151 | NIC 13 Pinewood Hills Owner LLC | Delaware | |||||||||
152 | NIC 13 Pueblo Regent Owner LLC | Delaware | |||||||||
153 | NIC 13 The Regent Owner LLC | Delaware | |||||||||
154 | NIC 13 Rock Creek Owner LLC | Delaware | |||||||||
155 | NIC 13 Sheldon Oaks Owner LLC | Delaware |
156 | NIC 13 Sky Peaks Owner LLC | Delaware | |||||||||
157 | NIC 13 Thornton Place Owner LLC | Delaware | |||||||||
158 | NIC 13 Uffelman Estates Owner LLC | Delaware | |||||||||
159 | NIC 13 Village Gate Owner LLC | Delaware | |||||||||
160 | NIC 13 Vista De La Montana Owner LLC | Delaware | |||||||||
161 | NIC 13 Walnut Woods Owner LLC | Delaware | |||||||||
162 | NIC 13 The Westmont Owner LLC | Delaware | |||||||||
163 | NIC 13 Whiterock Court Owner LLC | Delaware | |||||||||
164 | Propco 4 LLC | Delaware | |||||||||
165 | NIC 4 Owner LLC | Delaware | |||||||||
166 | NIC 4 Florida Owner LLC | Delaware | |||||||||
167 | NIC 4 North Carolina Owner LLC | Delaware | |||||||||
168 | NIC 4 The Plaza Leasing LLC | Delaware | |||||||||
169 | NIC 4 Courtyards of New Bern Leasing LLC | Delaware | |||||||||
170 | NIC 4 The Grande Owner LLC | Delaware | |||||||||
171 | NIC 4 Village Place Owner LLC | Delaware | |||||||||
172 | NIC 4 Bradenton Oaks Owner LLC | Delaware | |||||||||
173 | NIC 4 Spring Oaks Owner LLC | Delaware | |||||||||
174 | NIC 4 Summerfield Owner LLC | Delaware | |||||||||
175 | NIC 4 Bayside Terrace Owner LLC | Delaware | |||||||||
176 | NIC 4 Balmoral Owner LLC | Delaware | |||||||||
177 | NIC 4 The Plaza Owner LLC | Delaware | |||||||||
178 | NIC 4 Sunset Lake Owner LLC | Delaware | |||||||||
179 | NIC 12 Greeley Place Owner LLC | Delaware | |||||||||
180 | Propco 11 LLC | Delaware | |||||||||
181 | NIC 11 Michigan Owner LLC | Delaware | |||||||||
182 | NIC 11 Ashford Court Owner LLC | Delaware | |||||||||
183 | NIC 11 Michigan Management LLC | Delaware | |||||||||
184 | NIC 11 Ashford Court Management LLC | Delaware | |||||||||
185 | Propco 14 LLC | Delaware | |||||||||
186 | NIC 14 Ohio Owner LLC | Delaware | |||||||||
187 | SNR Admin LLC (f/k/a NIC 14 Ohio Leasing LLC) | Delaware | |||||||||
188 | NIC 14 Dayton Owner LLC | Delaware | |||||||||
189 | NIC 15 New Hampshire Leasing LLC | Delaware | |||||||||
190 | NIC 15 Pines of New Market Leasing LLC | Delaware | |||||||||
191 | NIC 15 Kirkwood Corners Leasing LLC | Delaware | |||||||||
192 | NIC 15 Pine Rock Manor Leasing LLC | Delaware | |||||||||
193 | Propco 15 LLC | Delaware | |||||||||
194 | NIC 15 New Hampshire Owner LLC | Delaware | |||||||||
195 | NIC 15 Pines of New Market Owner LLC | Delaware | |||||||||
196 | NIC 15 Pine Rock Manor Owner LLC | Delaware |
197 | NIC 15 Kirkwood Corners Owner LLC | Delaware | |||||||||
198 | Propco 16 LLC | Delaware | |||||||||
199 | NIC 16 Owner LLC | Delaware | |||||||||
200 | NIC 16 Autumn Leaves Owner LLC | Delaware | |||||||||
201 | NIC 16 Monticello West Owner LLC | Delaware | |||||||||
202 | NIC 16 Parkwood Healthcare Owner LLC | Delaware | |||||||||
203 | NIC 16 Parkwood Retirement Owner LLC | Delaware | |||||||||
204 | NIC 16 Signature Pointe Owner LLC | Delaware | |||||||||
205 | NIC 16 Walnut Place Owner LLC | Delaware | |||||||||
206 | Propco 17 LLC | Delaware | |||||||||
207 | NIC 17 Owner LLC | Delaware | |||||||||
208 | NIC 17 Windsor Owner LLC | Delaware | |||||||||
209 | (f/k/a NIC 10 Primrose Santa Rosa Owner LLC) | Delaware | |||||||||
210 | NIC 17 Leasing LLC | Delaware | |||||||||
211 | NIC 17 Windsor Leasing LLC | Delaware | |||||||||
212 | Propco 18 LLC | Delaware | |||||||||
213 | NIC 18 Owner LLC | Delaware | |||||||||
214 | NIC 18 Gardens Owner LLC | Delaware | |||||||||
215 | NIC 18 Leasing LLC | Delaware | |||||||||
216 | NIC 18 Gardens Leasing LLC | Delaware | |||||||||
217 | Propco 19 LLC | Delaware | |||||||||
218 | NIC 19 Owner LLC | Delaware | |||||||||
219 | NIC 19 Powell Owner LLC | Delaware | |||||||||
220 | NIC 19 Raintree Owner LLC | Delaware | |||||||||
221 | NIC 19 Leasing LLC | Delaware | |||||||||
222 | NIC 19 Powell Leasing LLC | Delaware | |||||||||
223 | NIC 19 Raintree Leasing LLC | Delaware | |||||||||
224 | Propco 20 LLC | Delaware | |||||||||
225 | NIC 20 Owner LLC | Delaware | |||||||||
226 | NIC 20 Grand View Owner LLC | Delaware | |||||||||
227 | NIC 20 Leasing LLC | Delaware | |||||||||
228 | NIC 20 Grand View Leasing LLC | Delaware | |||||||||
229 | Propco 21 LLC | Delaware | |||||||||
230 | SNR 21 Owner LLC | Delaware | |||||||||
231 | SNR 21 Logan Square Owner LLC | Delaware | |||||||||
232 | Propco 22 LLC | Delaware | |||||||||
233 | SNR 22 Owner LLC | Delaware | |||||||||
234 | SNR 22 OKC Owner LLC | Delaware | |||||||||
235 | SNR 22 Shreveport Owner LLC | Delaware | |||||||||
236 | SNR 22 Southfield Owner LLC | Delaware | |||||||||
237 | SNR 22 Winston Salem Owner LP | Delaware |
238 | SNR 22 Management LLC | Delaware | |||||||||
239 | SNR 22 OKC Management LLC | Delaware | |||||||||
240 | SNR 22 Shreveport Management LLC | Delaware | |||||||||
241 | SNR 22 Southfield Management LLC | Delaware | |||||||||
242 | SNR 22 Winston-Salem Management LLC | Delaware | |||||||||
243 | Propco 23 LLC | Delaware | |||||||||
244 | SNR 23 Owner LLC | Delaware | |||||||||
245 | SNR 23 Ivy Springs Owner LLC | Delaware | |||||||||
246 | SNR 23 Grace Manor Owner LLC | Delaware | |||||||||
247 | SNR 23 SNR Leasing LLC | Delaware | |||||||||
248 | SNR 23 Ivy Springs Leasing LLC | Delaware | |||||||||
249 | SNR 23 Grace Manor Leasing LLC | Delaware | |||||||||
250 | Propco 24 LLC | Delaware | |||||||||
251 | SNR 24 Owner LLC | Delaware | |||||||||
252 | SNR 24 Bluebird Estates Owner LLC | Delaware | |||||||||
253 | SNR 24 Bridge Park Owner LLC | Delaware | |||||||||
254 | SNR 24 Chateau at Harveston Owner LLC | Delaware | |||||||||
255 | SNR 24 Copley Place Owner LLC | Delaware | |||||||||
256 | SNR 24 Crescent Heights Owner LP | Delaware | |||||||||
257 | SNR 24 Cypress Woods Owner LLC | Delaware | |||||||||
258 | SNR 24 Golden Oaks Owner LLC | Delaware | |||||||||
259 | SNR 24 Lodge at Wake Forest Owner LP | Delaware | |||||||||
260 | SNR 24 Maple Suites Owner LLC | Delaware | |||||||||
261 | SNR 24 Olympus Ranch Owner LLC | Delaware | |||||||||
262 | SNR 24 Peninsula Owner LLC | Delaware | |||||||||
263 | SNR 24 Rancho Village Owner LLC | Delaware | |||||||||
264 | SNR 24 Rolling Hills Ranch Owner LLC | Delaware | |||||||||
265 | SNR 24 Shads Landing Owner LP | Delaware | |||||||||
266 | SNR 24 Sterling Court Owner LLC | Delaware | |||||||||
267 | SNR 24 Venetian Gardens Owner LLC | Delaware | |||||||||
268 | SNR 24 Windward Palms Owner LLC | Delaware | |||||||||
269 | SNR 24 Management LLC | Delaware | |||||||||
270 | SNR 24 Bluebird Estates Management LLC | Delaware | |||||||||
271 | SNR 24 Bridge Park Management LLC | Delaware | |||||||||
272 | SNR 24 Chateau at Harveston Management LLC | Delaware | |||||||||
273 | SNR 24 Copley Place Management LLC | Delaware | |||||||||
274 | SNR 24 Crescent Heights Management LLC | Delaware | |||||||||
275 | SNR 24 Cypress Woods Management LLC | Delaware | |||||||||
276 | SNR 24 Golden Oaks Management LLC | Delaware | |||||||||
277 | SNR 24 Lodge at Wake Forest Management LLC | Delaware | |||||||||
278 | SNR 24 Maple Suites Management LLC | Delaware |
279 | SNR 24 Olympus Ranch Management LLC | Delaware | |||||||||
280 | SNR 24 Peninsula Management LLC | Delaware | |||||||||
281 | SNR 24 Rancho Village Management LLC | Delaware | |||||||||
282 | SNR 24 Rolling Hills Ranch Management LLC | Delaware | |||||||||
283 | SNR 24 Shads Landing Management LLC | Delaware | |||||||||
284 | SNR 24 Sterling Court Management LLC | Delaware | |||||||||
285 | SNR 24 Venetian Gardens Management LLC | Delaware | |||||||||
286 | SNR 24 Windward Palms Management LLC | Delaware | |||||||||
287 | Propco 25 LLC | Delaware | |||||||||
288 | SNR 25 Owner LLC | Delaware | |||||||||
289 | SNR 25 Legacy at Bear Creek Owner LLC | Delaware | |||||||||
290 | SNR 25 Legacy at Georgetown Owner LLC | Delaware | |||||||||
291 | SNR 25 Leasing LLC | Delaware | |||||||||
292 | SNR 25 Legacy at Bear Creek Leasing LLC | Delaware | |||||||||
293 | SNR 25 Legacy at Georgetown Leasing LLC | Delaware | |||||||||
294 | Propco 27 LLC | Delaware | |||||||||
295 | SNR 27 Owner LLC | Delaware | |||||||||
296 | SNR 27 Alexis Gardens Owner LLC | Delaware | |||||||||
297 | SNR 27 Andover Place Owner LLC | Delaware | |||||||||
298 | SNR 27 Arcadia Place Owner LLC | Delaware | |||||||||
299 | SNR 27 Aspen View Owner LLC | Delaware | |||||||||
300 | SNR 27 Augustine Landing Owner LLC | Delaware | |||||||||
301 | SNR 27 Cedar Ridge Owner LP | Delaware | |||||||||
302 | SNR 27 Echo Ridge Owner LLC | Delaware | |||||||||
303 | SNR 27 Elm Park Estates Owner LLC | Delaware | |||||||||
304 | SNR 27 Genesee Gardens Owner LLC | Delaware | |||||||||
305 | SNR 27 Greenwood Terrace Owner LLC | Delaware | |||||||||
306 | SNR 27 Holiday Hills Estates Owner LLC | Delaware | |||||||||
307 | SNR 27 Indigo Pines Owner LLC | Delaware | |||||||||
308 | SNR 27 Kalama Heights Owner LLC | Delaware | |||||||||
309 | SNR 27 Marion Woods Owner LLC | Delaware | |||||||||
310 | SNR 27 Montara Meadows Owner LLC | Delaware | |||||||||
311 | SNR 27 Niagara Village Owner LLC | Delaware | |||||||||
312 | SNR 27 Parkrose Chateau Owner LLC | Delaware | |||||||||
313 | SNR 27 Pinegate Owner LLC | Delaware | |||||||||
314 | SNR 27 Quail Run Estates Owner LLC | Delaware | |||||||||
315 | SNR 27 Quincy Place Owner LLC | Delaware | |||||||||
316 | SNR 27 Redbud Hills Owner LLC | Delaware | |||||||||
317 | SNR 27 Stone Lodge Owner LLC | Delaware | |||||||||
318 | SNR 27 The Jefferson Owner LLC | Delaware | |||||||||
319 | SNR 27 The Remington Owner LLC | Delaware |
320 | SNR 27 The Springs of Escondido Owner LLC | Delaware | |||||||||
321 | SNR 27 The Springs of Napa Owner LLC | Delaware | |||||||||
322 | SNR 27 The Woods at Holly Tree Owner LP | Delaware | |||||||||
323 | SNR 27 University Pines Owner LLC | Delaware | |||||||||
324 | SNR 27 Management LLC | Delaware | |||||||||
325 | SNR 27 Alexis Gardens Management LLC | Delaware | |||||||||
326 | SNR 27 Andover Place Management LLC | Delaware | |||||||||
327 | SNR 27 Arcadia Place Management LLC | Delaware | |||||||||
328 | SNR 27 Aspen View Management LLC | Delaware | |||||||||
329 | SNR 27 Augustine Landing Management LLC | Delaware | |||||||||
330 | SNR 27 Cedar Ridge Management LLC | Delaware | |||||||||
331 | SNR 27 Echo Ridge Management LLC | Delaware | |||||||||
332 | SNR 27 Elm Park Estates Management LLC | Delaware | |||||||||
333 | SNR 27 Genesee Gardens Management LLC | Delaware | |||||||||
334 | SNR 27 Greenwood Terrace Management LLC | Delaware | |||||||||
335 | SNR 27 Holiday Hills Estates Management LLC | Delaware | |||||||||
336 | SNR 27 Indigo Pines Management LLC | Delaware | |||||||||
337 | SNR 27 Kalama Heights Management LLC | Delaware | |||||||||
338 | SNR 27 Marion Woods Management LLC | Delaware | |||||||||
339 | SNR 27 Montara Meadows Management LLC | Delaware | |||||||||
340 | SNR 27 Niagara Village Management LLC | Delaware | |||||||||
341 | SNR 27 Parkrose Chateau Management LLC | Delaware | |||||||||
342 | SNR 27 Pinegate Management LLC | Delaware | |||||||||
343 | SNR 27 Quail Run Estates Management LLC | Delaware | |||||||||
344 | SNR 27 Quincy Place Management LLC | Delaware | |||||||||
345 | SNR 27 Redbud Hills Management LLC | Delaware | |||||||||
346 | SNR 27 Stone Lodge Management LLC | Delaware | |||||||||
347 | SNR 27 The Jefferson Management LLC | Delaware | |||||||||
348 | SNR 27 The Remington Management LLC | Delaware | |||||||||
349 | SNR 27 The Springs of Escondido Management LLC Delaware | Delaware | |||||||||
350 | SNR 27 The Springs of Napa Management LLC | Delaware | |||||||||
351 | SNR 27 The Woods at Holly Tree Management LLC Delaware | Delaware | |||||||||
352 | SNR 27 University Pines Management LLC | Delaware | |||||||||
353 | NIC 4 Courtyards of New Bern Inc. | Delaware | |||||||||
354 | NIC 13 Durham Regent Inc. | Delaware | |||||||||
355 | NIC 13 Jordan Oaks Inc. | Delaware | |||||||||
356 | SNR 22 Winston Salem Inc. | Delaware | |||||||||
357 | SNR 24 Crescent Heights Inc. | Delaware | |||||||||
358 | SNR 24 Lodge at Wake Forest Inc. | Delaware | |||||||||
359 | SNR 24 Shads Landing Inc. | Delaware | |||||||||
360 | SNR 27 Cedar Ridge Inc. | Delaware |
361 | SNR 27 The Woods at Holly Tree Inc. | Delaware | |||||||||
362 | NIC 4 Courtyards of New Bern GP LLC | Delaware | |||||||||
363 | NIC 13 Durham Regent Owner GP LLC | Delaware | |||||||||
364 | NIC 13 Jordan Oaks Owner GP LLC | Delaware | |||||||||
365 | SNR 22 Winston Salem Owner GP LLC | Delaware | |||||||||
366 | SNR 24 Crescent Heights Owner GP LLC | Delaware | |||||||||
367 | SNR 24 Lodge at Wake Forest Owner GP LLC | Delaware | |||||||||
368 | SNR 24 Shads Landing Owner GP LLC | Delaware | |||||||||
369 | SNR 27 Cedar Ridge Owner GP LLC | Delaware | |||||||||
370 | SNR 27 The Woods at Holly Tree GP LLC | Delaware | |||||||||
371 | NIC 12/13 Management LLC | Delaware | |||||||||
372 | NIC 12 Arlington Plaza Management LLC | Delaware | |||||||||
373 | NIC 13 The Bentley Management LLC | Delaware | |||||||||
374 | NIC 12 Blair House Management LLC | Delaware | |||||||||
375 | NIC 12 Blue Water Lodge Management LLC | Delaware | |||||||||
376 | NIC 12 Briarcrest Estates Management LLC | Delaware | |||||||||
377 | NIC 12 Chateau Ridgeland Management LLC | Delaware | |||||||||
378 | NIC 12 Cherry Laurel Management LLC | Delaware | |||||||||
379 | NIC 12 Colonial Harbor Management LLC | Delaware | |||||||||
380 | NIC 12 Country Squire Management LLC | Delaware | |||||||||
381 | NIC 12 Courtyard at Lakewood Management LLC | Delaware | |||||||||
382 | NIC 12 Desoto Beach Club Management LLC | Delaware | |||||||||
383 | NIC 13 Dogwood Estates Management LLC | Delaware | |||||||||
384 | NIC 13 Durham Regent Management LLC | Delaware | |||||||||
385 | NIC 12 El Dorado Management LLC | Delaware | |||||||||
386 | NIC 12 Essex House Management LLC | Delaware | |||||||||
387 | NIC 12 Fleming Point Management LLC | Delaware | |||||||||
388 | NIC 13 Fountains at Hidden Lakes Management LLC Delaware | Delaware | |||||||||
389 | NIC 12 Grasslands Estates Management LLC | Delaware | |||||||||
390 | NIC 12 Greeley Place Management LLC | Delaware | |||||||||
391 | NIC 12 Grizzly Peak Management LLC | Delaware | |||||||||
392 | NIC 13 Hidden Lakes Management LLC | Delaware | |||||||||
393 | NIC 13 Illahee Hills Management LLC | Delaware | |||||||||
394 | NIC 12 Jackson Oaks Management LLC | Delaware | |||||||||
395 | NIC 13 Jordan Oaks Management LLC | Delaware | |||||||||
396 | NIC 13 Lodge at Cold Spring Management LLC | Delaware | |||||||||
397 | NIC 13 Madison Estates Management LLC | Delaware | |||||||||
398 | NIC 13 Manor at Oakridge Management LLC | Delaware | |||||||||
399 | NIC 12 Maple Downs Management LLC | Delaware | |||||||||
400 | NIC 13 Oakwood Hills Management LLC | Delaware | |||||||||
401 | NIC 13 Orchid Terrace Management LLC | Delaware |
402 | NIC 13 Palmer Hills Management LLC | Delaware | |||||||||
403 | NIC 12 Parkwood Estates Management LLC | Delaware | |||||||||
404 | NIC 13 Pinewood Hills Management LLC | Delaware | |||||||||
405 | NIC 12 Pioneer Valley Lodge Management LLC | Delaware | |||||||||
406 | NIC 13 Pueblo Regent Management LLC | Delaware | |||||||||
407 | NIC 12 Regency Residence Management LLC | Delaware | |||||||||
408 | NIC 13 The Regent Management LLC | Delaware | |||||||||
409 | NIC 13 Rock Creek Management LLC | Delaware | |||||||||
410 | NIC 13 Sheldon Oaks Management LLC | Delaware | |||||||||
411 | NIC 12 Simi Hills Management LLC | Delaware | |||||||||
412 | NIC 13 Sky Peaks Management LLC | Delaware | |||||||||
413 | NIC 12 Stoneybrook Lodge Management LLC | Delaware | |||||||||
414 | NIC 12 Summerfield Estates Management LLC | Delaware | |||||||||
415 | NIC 13 Thornton Place Management LLC | Delaware | |||||||||
416 | NIC 13 Uffelman Estates Management LLC | Delaware | |||||||||
417 | NIC 12 Ventura Place Management LLC | Delaware | |||||||||
418 | NIC 13 Village Gate Management LLC | Delaware | |||||||||
419 | NIC 13 Vista De La Montana Management LLC | Delaware | |||||||||
420 | NIC 13 Walnut Woods Management LLC | Delaware | |||||||||
421 | NIC 13 Whiterock Court Management LLC | Delaware |
I, Susan Givens, certify that:
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1.
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I have reviewed this annual report on Form 10-K of New Senior Investment Group Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have:
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|||||||||||||
a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
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a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
February 27, 2020 |
/s/ Susan Givens
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(Date)
|
Susan Givens
|
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Director and Chief Executive Officer
|
I, Bhairav Patel, certify that:
|
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1.
|
I have reviewed this annual report on Form 10-K of New Senior Investment Group Inc.;
|
|||||||||||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|||||||||||||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|||||||||||||
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have:
|
|||||||||||||
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|||||||||||||
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|||||||||||||
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||||||||||||
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|||||||||||||
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|||||||||||||
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|||||||||||||
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
February 27, 2020 |
/s/ Bhairav Patel
|
||||||||||
(Date)
|
Bhairav Patel
|
||||||||||
Executive Vice President of Finance and Accounting and Interim Chief Financial Officer
|
/s/ Susan Givens
|
||||||||
Susan Givens
|
||||||||
Director and Chief Executive Officer
|
||||||||
February 27, 2020 |
/s/ Bhairav Patel
|
||||||||
Bhairav Patel
|
||||||||
Executive Vice President of Finance and Accounting and Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
|
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February 27, 2020 |