Fishers, IN-based Invesque plunged into 2024 with the priorities of pruning its real estate portfolio, particularly in skilled nursing, and “cleaning up” its balance sheet, Chief Financial Officer and Executive Vice President of Investments Adlai Chester said this week in a press release highlighting the firm’s year-to-date activities.
The publicly traded healthcare real estate investment company also reported recently completing “certain personnel cutbacks.”
Invesque is continuing to sell skilled nursing holdings as it refines its focus to that of predominantly private-pay senior living properties. The company expects to close on the sale of five skilled nursing properties within the first quarter, which reportedly will yield a combined gross sales price of $68.4 million.
“Excess proceeds above property-specific debt will be used to pay down debt associated with the company’s KeyBank credit facility,” the company said.
According to Chester, once those facilities are sold, only four skilled nursing facilities will remain in Invesque’s portfolio.
Additionally, Invesque sold a senior living property in South Carolina for $4 million on Jan. 31. The community was the final one owned in a joint venture the company had with Phoenix Senior Living.
“Going forward, we will continue to assess the portfolio to determine which assets, if any, are suitable disposition candidates,” Chester said.
The company also said that it had laid off an undisclosed number of employees “to further enhance its liquidity position and consistent with the recent sales of a significant number of properties.” The corporate-level reductions are expected to result in $0.9 million of annual cost savings, excluding severance payments.
