New Senior Announces Authorization of Share Repurchase Program
December 01 2015 - 6:30AM
Business Wire
New Senior Investment Group Inc. (“New Senior” or the “Company”)
(NYSE: SNR) announced today that the Company's Board of Directors
authorized the repurchase of up to $100 million of the Company's
common stock over the next 12 months. Under the program, the
Company may purchase its shares from time to time in the open
market or in privately negotiated transactions. The amount and
timing of the purchases will depend on a number of factors
including the price and availability of the Company's shares,
trading volume, capital availability, Company performance and
general economic and market conditions. The Company may also from
time to time establish a trading plan under Rule 10b5-1 of the
Securities Exchange Act of 1934 to facilitate purchases of its
shares under this authorization. The stock repurchase program may
be suspended or discontinued at any time.
“We are pleased that our Board of Directors has authorized a
share repurchase program,” New Senior Chief Executive Officer Susan
Givens said. “We view our current valuation as a significant
discount to the underlying value of our unique and
hard-to-replicate portfolio of private pay senior housing
properties. Our team is focused on enhancing shareholder value, and
we believe that, given current market conditions, buying back
shares of our common stock represents an attractive
investment.”
ABOUT NEW SENIOR
New Senior is a real estate investment trust focused on
investing in senior housing properties across the United States.
The Company is the only pure play senior housing REIT and is one of
the largest owners of senior housing properties. Currently, New
Senior owns 154 properties located across 37 states. New Senior is
managed by an affiliate of Fortress Investment Group LLC, a global
investment management firm. More information about New Senior can
be found at www.newseniorinv.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain items in this press release, including without
limitation statements as to the amount, timing and manner of the
Company’s repurchase of its shares pursuant to the stock repurchase
program described above, constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are not historical facts. They represent
management’s current expectations regarding future events and are
subject to a number of trends and uncertainties, many of which are
beyond our control, that could cause actual results to differ
materially from those described in the forward-looking statements.
Accordingly, you should not place undue reliance on any
forward-looking statements contained herein. For a discussion of
some of the risks and important factors that could affect such
forward-looking statements, see the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s annual and
quarterly reports filed with the Securities and Exchange
Commission, which are available on the Company’s website
(www.newseniorinv.com). New risks and uncertainties emerge from
time to time, and it is not possible for New Senior to predict or
assess the impact of every factor that may cause its actual results
to differ from those contained in any forward-looking statements.
Forward-looking statements contained herein speak only as of the
date of this press release, and New Senior expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in New Senior's expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based.
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New Senior Investment Group Inc.David Smith, 212-479-3140
New Senior Investment (NYSE:SNR)
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