Improvements in leads and move-in volume resulted in a lower rate of occupancy decline in May, and these trends have continued into June, according to a business update Thursday from New York-based New Senior Investment Group.
The real estate investment group reported that move-ins in May increased 69% from April, with additional increases expected in June. The firm also has benefited from a lower level of move-outs in April and May. The REIT also has seen lower than expected COVID-19 expenses, as well as lower variable and fixed costs.
“As a result, second quarter 2020 net operating income is currently trending closer to down 5% year over year, significantly better than the initial estimate provided in May of down 10% to 15% year over year,” the firm reported in the update. “[The] ultimate impact of the COVID-19 pandemic will depend on a variety of factors, and it remains too early to estimate the complete effects of the pandemic on the company’s results.”