Invesque announced several moves Wednesday to preserve cash and strengthen the company’s balance sheet. These included the suspension of its dividend for common shareholders, executive compensation and personnel cost reductions and a deferral of all non-essential capital expenditures. The announcements came as the healthcare real estate company reported its 2020 first-quarter earnings. Invesque reported funds from operations of 25 cents per share for the quarter, up one cent year-over-year.
The firm also announced the transition of most communities previously operated by affiliates of Royal Senior Living to Phoenix Senior Living, as well as the sale of two assets in the Royal portfolio. These actions effectively end Invesque’s relationship with Royal.
Phoenix is one of the fastest-growing seniors housing operators in the industry and operates 45 seniors housing communities in Georgia, South Carolina, Virginia, Alabama, Florida, Louisiana and North Carolina, Invesque said. Additional coverage of Invesque’s first-quarter earnings can be found on the websites of McKnight’s Senior Living and McKnight’s Long-Term Care News.
In other earnings-related news:
- Eagle, ID-based Pennant Group reported that from March 11 to May 11, occupancy fell by 2.5% within the firm’s senior living portfolio, although the company noted a stabilization in occupancy going into May. Occupancy was 80.2% at the end of the first quarter, and average monthly revenue per occupied unit increased 2.7% over the prior-year quarter. During its 2020 first-quarter earnings call Thursday, the firm also reported that through April, it had spent more than $500,000 above its usual cost levels to secure extra personal protective equipment and related supplies, as well as nearly $1 million in labor costs related to COVID-19. Despite the increase in operating costs, Pennant Group announced that it was maintaining its guidance for 2020. Additional coverage of Pennant Group’s first-quarter earnings can be found on the website of McKnight’s Senior Living.