Scott White, Invesque chairman and CEO

Although the past year was a challenging one for the senior living industry, Invesque Chairman and CEO Scott White said he has seen positive momentum in the company’s portfolio over the past 45 days that he expects will continue through this year and into next.

“While the first quarter presented many challenges for our operators and the general fundamentals within the industry, I’m happy to report that many of our partners have had significant increases in inquiries, tours and move-ins over the last two months,” White said Thursday during a first-quarter earnings call. “We and our strategic operating partners are cautiously optimistic that this trend will continue.”

COVID-19 positivity rates within the portfolio declined dramatically over the past 45 days as most of the U.S. facilities in Invesque’s portfolio have cycled through multiple vaccine clinics, the company said. As of May 7, Invesque operators reported only five positive cases in a portfolio of 11,000 beds. 

White said that the positivity rate is a fraction of peak activity observed in May 2020, when there were more than 700 COVID-19 cases in the portfolio.

“While the operating environment continues to remain under stress during the early half of the first quarter, there appears to be a light at the end of the tunnel given the successful vaccination initiative across North America,” White said. “Our team has been very proactive in 2021 to strengthen and streamline our portfolio. The asset sales and operator transitions will go a long way to setting us up for long-term strength and success.

“I am more optimistic than ever that the industry and the company are at the cusp of a secular tailwind and will continue to recover over the long term.”


Invesque’s operating partners saw declines in occupancy in the fourth quarter 2020 and early 2021 due to a significant increase in coronavirus cases across the country. As of Dec. 31, occupancy for its triple-net and senior housing operating portfolio was 77% and 83%, respectively. Comparing 2020 with 2019, occupancy declined 890 basis points (8.9%) in the leased portfolio and 400 basis points (4%) in the senior housing occupancy portfolio.

Chief Investment Officer Adlai Chester said he is cautiously optimistic that the accelerated trend in occupancy loss is stabilizing and beginning to reverse. He added that he has confidence that the industry, as a whole, may have hit bottom from an occupancy standpoint. 

Commonwealth Senior Living saw its highest number of move-ins in its 20-year history in March, according to Invesque, with census continuing to increase every month. Ending occupancy in April was up 80 basis points (0.8%) from March, and 130 basis points (1.3%) from February.

The positive momentum, White said, indicates the strong market demand for the healthcare real estate asset class and the long-term viability of its communities.


The real estate company is working to sell its ownership interest in four properties to Inspirit Senior Living, which operates the communities, for $35.5 million. The deal is expected to close during the second quarter, Chester said.

Invesque also completed expansion projects at three Commonwealth Senior Living communities in Virginia, he said.

The company is seeing an increase in transaction activity in the market as the industry rebounds from COVID-19, Chester added. Invesque hopes to expand some existing operating relationships and will watch transaction activity and continue to divest assets that are noncore or where favorable pricing can be achieved over the next several months, he said.

For more coverage of this earnings call, see McKnight’s Long-Term Care News.