Permanent Capital Vehicles
Date published: 31-Aug-2015
HEAD OF ASSET MANAGEMENT
New Senior Investment Group (NYSE: SNR) (“New Senior” or “the Company”) is a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties located across the United States. New Senior is seeking a Head of Asset Management.
New Senior is one of the largest publicly-traded owners of senior housing properties, owning 154 properties across 37 states as of June 30, 2016. The Company’s portfolio is well diversified in terms of product type, operating model and geography. As of June 30, 2016, the company has 105 independent living (“IL”) properties, 44 assisted living / memory care (“AL/MC”) properties, and 5 continuing care retirement communities (“CCRC”) properties. New Senior Investment Group is externally managed and advised by FIG LLC, an affiliate of Fortress Investment Group LLC, which is a leading global investment management firm with $70 billion of assets under management as of June 30, 2016. The company is able to leverage Fortress’s 15+ years of experience in the senior housing industry to assist it in retaining best-in-class property managers, as well as in sourcing and completing attractive acquisitions.
New Senior is well positioned to capitalize on attractive industry fundamentals. Seniors are the fastest growing demographic, with the 75+ population expected to double over the next 20 years. Furthermore, the senior housing market is highly fragmented, with ownership of senior housing properties comprised largely of smaller local and regional owner / operators. The company also believes that its senior housing strategy is more focused than that of its publicly-traded peers. The senior housing industry offers a full continuum of care to seniors, with product types ranging from “mostly housing” (i.e., senior apartments) to “mostly healthcare” (i.e., skilled nursing, hospitals, etc.). The company primarily focuses on product types at the center of that continuum, namely IL and AL/MC properties. Moreover, the vast majority of that portfolio is comprised of private-pay properties.
New Senior’s portfolio is categorized into two major segments: (1) Managed Properties, which are operated by property managers pursuant to property management agreements and (2) Triple Net Lease Properties, which they lease to tenants. The Company’s managed portfolio includes 96 assisted living, memory care and independent living properties and its triple net lease portfolio includes 58 assisted living, memory care, independent living and continuing care retirement communities.
Additional information, including public filings and investor presentations, can be found at www.newseniorinv.com
The Head of Asset Management will have primary responsibility for overseeing a rapidly expanding portfolio of properties around the country, and will be an integral part of the executive team that is responsible for driving the Company’s strategy and creating shareholder value. The role is particularly important given the Company’s aspirations for continued growth of its properties portfolio, and the fact that one of the drivers of the earnings growth strategy is organic growth from this portfolio of properties by delivering best-in-class service while achieving occupancy, rate and margin improvements.
The Head of Asset Management will be responsible for providing asset management services, support and guidance for the Company’s portfolio of properties. Key responsibilities will include:
· Managing the Company’s portfolio of properties so as to deliver best-in-class service while optimizing value
· Overseeing and working collaboratively with property managers and other partners to influence the portfolio’s performance
· Identifying value enhancement opportunities within the portfolio and developing and implementing strategies to deliver value
· Evaluating and overseeing implementation of annual business and capital plans for the portfolio
· Conducting periodic and as-needed property visits to evaluate their physical condition and environment, as well as property management team performance, and to communicate expectations
· Identifying and resolving any property-level issues
· Ensuring compliance with local, state and federal regulations as appropriate for the different property types in order to maintain the integrity of the portfolio
· Maintaining a thorough understanding of the various markets within the Company’s portfolio, including local and regional market dynamics such as demographics, competition and supply & demand conditions
· Working closely with the other members of the senior executive team in the evaluation of potential property acquisitions
The Head of Asset Management will be supported by a lean New York-based team that he/she will have a hand in shaping in order to ensure appropriate levels of support as the Company continues to grow. Given the geographic diversity of the portfolio and the nature of the role, this executive will likely need to travel extensively, as much as 50% or more of his/her time.
The Company seeks a seasoned and credible executive who can partner with the CEO and other members of senior management in executing New Senior’s strategy. Candidates for the position will ideally have at least 10 years of experience in real estate asset management, multi-unit operations or other types of real estate operations. Potentially suitable backgrounds can include experience in the senior housing sector, healthcare REITs, other REITs, private equity firms with substantial real estate portfolios, hospitality and lodging, multi-site facility management, and property developers and operators. Candidates will demonstrate excellent financial and analytical acumen. The ideal candidate will convey self-confidence, positive energy, and a hands-on, “can-do” attitude. The ability to oversee, mentor, retain and develop a team is critical. It is imperative that this executive be “private equity-ready” - a self-starter and strong team player who can bring discipline and focus while operating at the fast pace required by New Senior’s growth strategy in the context of a relatively lean and entrepreneurial organization.
In order to be successful in this role, the Head of Asset Management will need to demonstrate the following critical competencies:
· Results Orientation: The ideal candidate will have the ability to deliver on promises to colleagues consistently and with high quality. She/he will demonstrate the ability to set clear objectives and drive for results uncompromisingly. This may require, in part, the proven ability to manage multiple work streams, a well-organized working and management style, high energy, resilience, and the ability to overcome the unexpected.
· Strategic Orientation: The successful candidate will have demonstrated the ability to think strategically and plan for the medium- and long-term horizon. Ideally, he/she will have been part of establishing and/or executing against a growth strategy. This individual will demonstrate a strong intellect, the ability to integrate multiple and disparate strands of information, and a track record of personally contributing to the strategic direction of a business and solving strategic questions using a win-win approach.
· Collaboration and Influencing: The ideal candidate will be collaborative and team-oriented, and will demonstrate excellent interpersonal skills. She/he must have the ability to debate constructively, and advise colleagues, the CEO and the Board with nuance and great skill. The ability to partner effectively with property operators is absolutely critical. These demands require a high level of executive presence and the knowledge and stature to deliver advice in a way that will be respected and valued by both internal and external constituencies.
The role will ideally be based in New York City. There is flexibility to consider other locations for exceptional candidates, with the understanding that the role requires considerable travel by definition, and that, since the Company and the supporting team are located in New York City, this executive will also need to commit to investing significant time on site at the Company in order to integrate successfully.
Fortress Investment Group LLC collectively with its subsidiaries and operating affiliates is an equal opportunity employer and considers all applicants for employment without regard to race, religion, creed, color, sex, age, national origin, citizenship status, disability, genetic information, protected veteran status, marital status, sexual orientation, gender identity, or any other status protected by federal, state or local law.