NEW YORK--(BUSINESS WIRE)--New Senior Investment Group Inc. (the “Company”; NYSE:SNR) today announced the appointment of Robert Savage as a director of the Company, effective immediately following the filing by the Company of its Annual Report on Form 10-K for the year ended December 31, 2015.
Mr. Savage will serve as a Class III director with a term expiring in 2017. The Board has determined that Mr. Savage is “independent” under the rules of the New York Stock Exchange and the Securities and Exchange Commission. After giving effect to Mr. Savage’s appointment, the Board of Directors includes seven directors.
Mr. Savage was the President and Co-Founder of KTR Capital Partners from 2005 until the sale of the company in 2015. Prior to founding KTR, Mr. Savage was Executive Vice President, Chief Operating Officer and Trustee of Keystone Property Trust, (“Keystone” NYSE: KTR) an industrial real estate investment trust. From 1997 to 2000, Mr. Savage was a Partner at Hudson Bay Partners, L.P., a private equity firm. Previously, he worked in the Investment Banking Division at Merrill Lynch & Co. where he specialized in corporate finance and M&A advisory services for REITs, real estate private equity funds and hospitality companies. Mr. Savage is a member of the Board of Trustees of Mount Sinai Medical Center in New York. He is also a member of the Policy Advisory Board at the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
Mr. Savage was appointed pursuant to an agreement with a stockholder group of the Company, including Levin Capital Strategies, L.P. (collectively, the “Levin Group”). The Levin Group has agreed to customary standstill restrictions through 30 days prior to the deadline for the submission of stockholder nominations for directors for the 2017 Annual Meeting, and has agreed to vote all of its shares at the 2016 Annual Meeting in favor of the director nominees of the Company’s Board of Directors. The agreement will be filed by the Company with the U.S. Securities and Exchange Commission as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
“We are pleased to welcome Bob to our Board of Directors, and believe that our agreement with the Levin Group is a positive development for our stockholders,” stated Susan Givens, the Company’s Chief Executive Officer.
Mr. Savage stated, “I am excited to join the New Senior Board and look forward to working collaboratively with the Board and management team to drive value for shareholders over the long term.”
John Levin of the Levin Group added, "We are pleased to have reached this agreement with New Senior. Bob has extensive industry experience on the real estate advisory, operating, and investing side and brings valued expertise to the New Senior Board that should be beneficial for all shareholders."
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. 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.
FORWARD-LOOKING STATEMENTS
Certain items in this press release may 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 the Company’s 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 U.S. 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.
