New Senior Investment Group (NYSE: SNR) has appointed David Smith as executive vice president and CFO as part of its ongoing plan to internalize its operations.
Smith, 37, is a real estate investment trust (REIT) veteran with 15 years of experience. He previously worked as a managing director with Fortress Investment Group (NYSE: FIG), where he led the company’s financing and investor relations activities. Smith has also spent time working in finance, capital markets and investor relations roles with Ventas (NYSE: VTR) and Omega Healthcare Investors (NYSE: OHI).
New York City-based New Senior will pay Smith an annual base salary of $350,000 and a minimum cash bonus equal to $350,000 in 2019, according to a new SEC filing. He also will get a transition award under the company’s stock option and incentive award plan with a $1 million grant date value, of which 33.33% will be in the form of stock options and 66.67% in the form of restricted stock units.
The REIT also officially appointed Bhairav Patel as executive vice president of finance and accounting. Patel will continue to serve as New Senior’s principal accounting officer in that capacity.
In his new role, New Senior will pay Patel an annual base salary of $325,000 and a minimum cash bonus equal to $325,000 in 2019, according to the SEC filing. The REIT will also award him a cash transition bonus equal to $50,000 on January 1, 2020, provided he’s still with the company.
The hirings come just one month after New Senior set in stone a plan to put distance between it and Fortress Investment Group (NYSE: FIG) while internalizing its operations. Under that plan — which went into affect Jan. 1 — both companies are ending a management agreement under which New Senior was externally advised and managed by a Fortress affiliate. New Senior is also paying Fortress a consideration made up of $40 million in preferred stock and $10 million in cash.
New Senior is one of the largest owners of senior housing properties in the country, with a portfolio that spans 133 private-pay senior housing properties in 37 states.
Written by Tim Regan
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