New Senior Investment Group Inc. (NYSE:SNR) Q3 2019 Earnings Conference Call - Final Transcript
Nov 01, 2019 • 09:00 am ET
Good day and welcome to the New Senior Investment Group Third Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode.
After today's presentation, there will be an opportunity to ask questions.
Please note this event is being recorded.
At this time, I'd like to turn the conference over to Jane Ryu, Vice President. Please go ahead.
Good morning and welcome to New Senior's Earnings Call for the Third Quarter of 2019. With me today are Susan Givens, our CEO; Bhairav Patel, Interim CFO and CAO; and Lori Marino, General Counsel.
Before I turn the call over to Susan, I'd like to highlight that this morning's press releases, our quarterly supplement and the reconciliations of GAAP and non-GAAP financial measures can be found on our website at newseniorinv.com. Before we begin, please note that our discussion will exclusively focus on non-GAAP measures, unless otherwise indicated.
During this call, we will make forward-looking statements as defined in the Private Securities Litigation Reform of 1995. No forward-looking statements can be guaranteed and actual results may differ materially from those projected. Forward-looking statements made on this call should be evaluated together with the risks and uncertainties that affect our business, particularly those disclosed in the Risk Factors and in other disclosures in our most recent annual and quarterly reports filed with the SEC, including the 10-K filing [Technical Difficulty] that we will be filing in the upcoming days. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
And now, I'd like to turn the call over to our CEO, Susan Givens.
Great. Thanks, Jane.
Good morning and thank you for joining New Senior's earnings call for the third quarter of 2019. I'll spend a few minutes discussing the strategic transaction that we announced this morning as well as the results for the quarter, and then I'll turn the call over to Bhairav to review the portfolio performance and the financial results.
At the beginning of the year, we set out on a new path as an internally-managed company. Since that time, we have been focused on a clear set of initiatives aimed at re-positioning the Company for future success. I believe today's announced sale of our entire Assisted Living and Memory Care portfolio represents another major step forward in the continued transformation of New Senior, and demonstrates our ongoing commitment to maximizing shareholder value.
Today, we announced that we have entered into a definitive purchase and sale agreement to sell our entire portfolio of Assisted Living and Memory Care properties for $385 million. The portfolio includes 28 AL/Memory Care properties across 14 states and it's currently managed by six different operators.
From a financial perspective, the transaction is expected to materially improve cash flow without a significant impact to AFFO. As we discussed over the last several quarters, a top priority for us has been to improve the overall quality and performance of our portfolio. Our