Significant Progress Highlighted on Previously Announced Asset Dispositions
TORONTO, Aug. 7, 2025 /CNW/ – Invesque Inc. (TSX:IVQ) (TSX:IVQ) (the “Company”) today reported its results for the three months and six months ended June 30, 2025.
Second Quarter and Subsequent Highlights
As previously disclosed, the Company closed on several sales transactions during and following the second quarter of 2025:
- On April 9, the Company sold a seniors housing asset in Syracuse, New York for US$25.1 million
- On June 3, the Company sold 20 seniors housing assets in Virginia and Pennsylvania and its majority ownership stake in Commonwealth Senior Living, LLC
- On July 14, the Company sold a seniors housing asset in Syracuse, New York for US$5.8 million
- On July 25, the Company sold ten memory care assets in Texas, Indiana, Arkansas and Michigan for US$83.2 million
Additionally, as previously disclosed, the Company transitioned management of three memory care assets located in Texas and Arkansas to Constant Care Management Company and one seniors housing asset in Louisiana to Viva Senior Living. The Company expects that the new managers of these assets will stabilize operations and further drive financial results.
“In addition to achieving attractive valuations on sale transactions completed year to date, we have utilized cash proceeds to materially decrease leverage and streamline our capital stack,” commented Kari Onweller, EVP of Investments & Investor Relations for the Company. “We expect to make further progress on debt repayments during the remainder of this year.”
Financial Highlights
|
(in thousands of U.S dollars, except per |
Three months ended June 30, |
Six months ended June 30, |
|||
|
2025 |
2024 |
2025 |
2024 |
||
|
Revenue |
$ 29,548 |
$ 43,099 |
$ 66,940 |
$ 86,741 |
|
|
Net income (loss) |
$ 15,947 |
$ (15,815) |
$ 7,044 |
$ (22,058) |
|
|
FFO1 |
$ (1,491) |
$ 1,424 |
$ 561 |
$ 3,928 |
|
|
AFFO2 |
$ 418 |
$ 1,111 |
$ 2,633 |
$ 3,192 |
|
|
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|
1 FFO is a measure used by management to evaluate operating performance. Please refer to the section “Non-IFRS Measures” in this press release for more information. |
|
2 AFFO is a measure used by management to evaluate operating performance. Please refer to the section “Non-IFRS Measures” in this press release for more information. |
Balance Sheet and Portfolio Highlights
|
(in thousands of U.S. dollars, except number of properties) |
June 30, 2025 |
December 31, 2024 |
|
|
Total assets |
$325,569 |
$640,138 |
|
|
Number of properties3 |
17 |
28 |
|
|
Debt |
$180,498 |
$394,839 |
|
|
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3 Excludes one medical office building and 24 seniors housing assets held for sale as of December 31, 2024, and one medical office building and 14 seniors housing assets held for sale as of June 30, 2025 |
About Invesque
The Company is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic in North America will continue to utilize health care services in growing proportion to the overall economy. The Company currently capitalizes on this opportunity by investing in a portfolio of income-generating predominantly private pay seniors housing communities. The Company’s portfolio includes investments primarily in independent living, assisted living, and memory care, which are operated under long-term leases, joint venture arrangements, and third-party management contracts.
Forward-Looking Information
This press release (this “Press Release”) contains certain forward-looking information …