Invesque sold $68.4 million in skilled nursing properties during the first quarter, the Fishers, IN-based healthcare real estate investment company announced Thursday in a quarterly earnings report. The move is in keeping with its previously stated priority of focusing on private-pay senior living properties.
The sales included two SNFs in Pennsylvania sold for gross proceeds of $12.9 million and three SNFs in Texas and Missouri sold for gross proceeds of $55.5 million. All of the SNFs previously operated under triple-net leases.
Also during the quarter, Invesque sold a senior living community in South Carolina for gross proceeds of $4 million.
“In the past 90 days, the company has made great strides on several fronts, including the execution of an important modification with our bank group and a reduction of skilled nursing exposure,” said Chief Financial Officer Quinn Haselhorst. Haselhorst became CFO effective Friday, succeeding Adlai Chester, who now is CEO of the company. Former CEO Scott White remains chairman of the board and an adviser.
“I look forward to working with Adlai and the team to further streamline and simplify our business,” Haselhorst said Thursday.
March 5, Invesque amended its credit agreement with KeyBank, as previously reported.
“Excess proceeds above property-specific debt will be used to pay down debt associated with the company’s KeyBank credit facility,” the company said at the time.
For the quarter, Invesque reported funds from operations of $0.04 per common share as well as adjusted funds from operations of $0.04 per common share.
The company noted that on April 15, IVQ Stock Holding Co. completed its previously announced acquisition of almost 17 million common shares formerly owned by affiliates of insurance holding company Tiptree. Following the transaction, Tiptree no longer owns or controls any shares in Invesque.
IVQ is controlled by Chester.
