New Senior Investment Group reported funds from operations Wednesday of $9.6 million, or 11 cents per share, for the first quarter of the year.
The New York-based real estate investment trust saw a loss of $7.6 million, or 9 cents per share for the period, below the analyst estimate of a 7 cent loss per share. Revenue for the quarter came in at $79.7 million versus the consensus estimate of $82.66 million.
Despite the analyst miss, the firm delivered first quarter occupancy, cash net operating income and adjusted funds from operations per share results that were in line with quarterly guidance. New Senior executives noted that occupancy trends improved significantly throughout the first quarter, with January ending occupancy falling 0.8%, February ending occupancy down 0.6% and March ending occupancy dropping just 0.2%. April ending occupancy grew by 0.4% compared with March, marking the first month of occupancy growth since the pandemic began.
The firm also declared a first quarter dividend of 65 cents per share Wednesday.
“More than a year after the pandemic began, we are cautiously optimistic that current trends are signaling the start of a potential recovery,” said Susan Givens, New Senior’s president and CEO, in a statement. “After such a challenging year, particularly for the population that our industry serves, we believe that the senior housing industry is well positioned to benefit from a strong recovery.”
To read additional coverage of the firm’s first quarter earnings, visit McKnight’s Senior Living.
