New Senior Investment Group CEO Says Occupancy Trends Improving “Pretty Significantly”

New Senior Investment Group CEO Says Occupancy Trends Improving “Pretty Significantly”
Sarah Borchers…
May. 28 2021

Teaser

Susan Givens describes move-in numbers as “encouraging.”

Content

Susan Givens, president and CEO of New Senior Investment Group Inc. (NYSE: SNR), participated in a video interview in conjunction with Nareit’s REITweek: 2021 Investor Conference.

Occupancy trends across New Senior’s portfolio have improved “pretty significantly” over the last couple of months, Givens said. Occupancy in April increased by 40 basis points, the first time the REIT had seen positive growth since the start of the pandemic.

Givens added that the company has seen three months of “really strong” move-in volume. “We feel good that the trends are headed in the right direction,” she said, adding that move-in numbers are “encouraging.”

For the most part, day-to-day operations at New Senior properties are starting to resemble pre-pandemic patterns. Dining services are back to 75% capacity and there are more group activities, enabling seniors to socialize, Givens said.

Givens also discussed the company’s ongoing efforts to improve operator diversification and alignment. In April, the company moved 21 of its assets to Atria Senior Living. New Senior is continuing to evaluate opportunities for additional operator diversification.

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