Invesque continued to adjust its portfolio through an addition, dispositions and operator transitions in the third quarter and afterward, the Fishers, IN-based healthcare real estate company reported as third-quarter results were released on Thursday. The moves come as the company continues carrying out its strategy to focus its portfolio predominantly on private-pay senior living.
Invesque “made great strides over the last 90 days on a number of fronts, including the sale of a noncore and underperforming seniors housing portfolio, the opening of a newly constructed community in Colorado and an extension of the KeyBank credit facility that was previously set to expire at year-end,” Chairman and CEO Scott White said in a press release.
The company described the quarter as “busy” as it continued working to “streamline and strengthen” its holdings.
The portfolio that was sold included two senior living communities in Georgia and two in South Carolina. New York-based private equity firm Logos Living Capital was the buyer, and Viva Senior Living will manage the properties on behalf of Logos, according to Invesque. The communities, which previously were part of Invesque’s joint venture with Phoenix Senior Living, sold for $25.1 million on Nov. 1, after the third quarter ended.
The newly opened community, in Parker, CO, has 102 units of assisted living and memory care. Invesque received confirmation on Oct. 27, after the third quarter ended, that final licensure approval had been granted. The community will be part of a joint venture between Invesque and the Health Dimensions Group, which will manage day-to-day operations.
Invesque reported funds from operations of $0.07 per common share for the quarter and $0.30 per common share for the year to date through the end of the third quarter. The company reported adjusted funds from operations of $0.05 per common share for the quarter and $0.27 per common share for the year to date through Sept. 30.
Other events of the quarter and afterward, according to Invesque:
- Sept. 26, the company received debenture holder approval to pass an “extraordinary resolution” amending certain terms of its 8.75% convertible unsecured subordinated debentures due Sept. 30, 2026. Oct. 5, the company redeemed $4.8 million of the debentures.
- Nov. 8, the company executed an amended and restated credit agreement with a syndicate of lenders led by KeyBank. The credit agreement extends the maturity from Dec. 19, 2023, to March 31, 2025.