Third Quarter and Subsequent Highlights
The Company closed on several sales transactions during the third quarter of 2025:
As previously announced, on July 14, the Company sold a senior housing asset in Syracuse, New York for US$5.8 million
As previously announced, on July 25, the Company sold ten memory care assets in Texas, Indiana, Arkansas and Michigan for US$83.2 million
As previously announced, on August 15, the Company sold two skilled nursing facilities in Illinois for US$23.7 million
On September 15, the Company sold a senior housing asset in Zachary, Louisiana for US$9.3 million
On September 16, the Company sold a senior housing asset in Syracuse, New York for US$5.0 million
On October 1, the Company sold a senior housing asset in Chesapeake, Virginia for US$6.6 million
Consistent with the previously announced disposition and de-leveraging strategy, the Company used sales proceeds to repay US$67.2 million of property-level mortgages and US$35.0 million of the KeyBank corporate credit facility during the third quarter.
Additionally, the Company strategically refinanced US$54.0 million of joint venture property-level mortgages during the third quarter on attractive terms that provide initial interest-only periods and prepayment flexibility moving forward.
"We had an extremely busy third quarter, executing on the sale of 15 assets and significantly reducing the Company's debt level. Of specific importance was the full repayment of the KeyBank corporate credit facility, which featured onerous covenants and restrictions, and will provide additional flexibility for the Company in the coming months," commented Adlai Chester, Chief Executive Officer for the Company. "There are a handful of additional assets that are under definitive contract to be sold prior to year-end, subject to satisfaction or waiver of due diligence and other customary closing conditions."
Financial Highlights
(in thousands of U.S dollars)
Three months ended September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Revenue
$6,558
$42,381
$73,498
$129,122
Net income (loss)
$(33,164)
$(7,523)
$(26,160)
$(29,581)
FFO1
$(2,046)
$1,081
$(1,485)
$5,009
AFFO2
$31
$1,003
$2,664
$4,195
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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)
September 30, 2025
December 31, 2024
Total assets
$179,939
$638,878
Number of properties3
7
28
Debt
$39,971
$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 nine seniors housing assets held for sale as of September 30, 2025.
About InvesqueThe 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 joint venture arrangements, and third-party management contracts.
Forward-Looking InformationThis press release (this "Press Release") contains certain forward-looking information and/or statements ("forward-looking statements"), that reflect and are provided for the purpose of presenting information about management's current expectations and plans relating to the future, including, without limitation, statements regarding the Company's anticipated progress on debt repayments and that the new managers of certain assets will stabilize operations. Forward-looking information is typically identified by terms such as "anticipate," "believe," "continue," "expect," "expectations," "look," "may," "plan," "project," "should," ...
