Invesque announced Monday the closing of $75 million in sales spread among three transactions in late March and early April.
“This flurry of transaction activity is a continuation of our established strategy of reducing our investment concentration in skilled nursing and strengthening our balance sheet,” CEO Scott White said in a press release.
White previously said that the company is focusing this year on simplifying its portfolio and capital structure after a record year for dispositions in 2021.
March 31, the company closed on the sale of a stand-alone memory care community in Port Royal, SC, that previously was managed by Phoenix Senior Living. Proceeds from the gross sale price of $3.5 million were used to pay down debt. Invesque said the property will be repurposed by its new owner.
April 1, Invesque closed on the sale of two New York senior housing communities with a combined total of 99 units. The properties previously were part of a triple-net master lease with Premier Senior Living, but that lease ended in October and the properties subsequently were managed by affiliates of Hearth Management. Proceeds from the gross sale price of $19.2 million were used to pay down Invesque’s corporate credit facility and further de-lever the balance sheet.
Also April 1, Invesque closed a third sales trasaction with the sale of four Texas skilled nursing facilities with a total of 339 beds. The facilities previously were managed by Bridgemoor Transitional Care as part of a triple-net master lease. The portfolio was owned in a joint venture in which Invesque holds approximately 66% ownership interest.
Invesque did not name the purchaser, but LTC Properties announced Monday that it had purchased the communities and would be leasing them to Ignite Medical Resorts.
Invesque said it used the proceeds from the gross sale price of approximately $52 million to fully satisfy the debt secured by the four facilities, and the remaining proceeds will be distributed to the joint venture owners.
According to White, 58% of Invesque’s proforma net operating income comes from private-pay senior living properties, which he said represents a “dramatic change” from where the company was three years ago.
“The simplification of our portfolio and reduced leverage will give us additional flexibility over time which will provide various options to generate shareholder value with our best in class portfolio of healthcare real estate,” he said.
