Levin Capital Strategies Raises Exposure to New Senior Investment Group Inc (SNR)

Recently, New Senior Investment Group Inc (NYSE:SNR) has announced its plans to acquire senior housing assets worth $640 million, including 28 independent living senior housing properties from Holidays Retirement. While discussing this acquisition, Susan Givens, CEO of New Senior Investment Group Inc (NYSE:SNR), said, “We are excited to add 28 independent living properties to our portfolio through this accretive acquisition. This transaction further increases our industry-leading private pay senior housing [Net Operating Income] exposure to 91% of our portfolio.”

The REIT went public in October 2014 and the stock dropped by more than 32% since the IPO. Members of the smart money were bullish on the stock during the first three months of 2015, as our records show that a total of 22 hedge funds held $293.14 million worth of stock. However, as New Senior Investment Group Inc (NYSE: SNR) had a steeper decline in the last couple of months, we might see an outflow of capital in the current round of 13F filings. Nevertheless, it has recently raised its quarterly dividend to $0.26 from $0.23 and sports a yield of 8.04%. So far, among the funds we track, two other shareholders of New Senior Investment Group are John Osterweis’ Osterweis Capital Management and Leon Cooperman’s Omega Advisors, which held 4.14 million shares and 2.82 million shares at the end of March respectively.

Disclosure: None