The senior living industry will emerge from the COVID-19 pandemic with a greater appreciation for the value of its care providers and the myriad of unique and necessary services provided in the facility setting, according to Scott White, chairman and CEO of Invesque.
The senior living industry faces COVID-19 headwinds that are expected to continue into 2021, but Invesque Chairman and CEO Scott White said he is confident the industry has “figured out how to handle and contain” the virus and is better prepared for future outbreaks.
Invesque is in discussions with the Symphony Care Network in light of the effect of the COVID-19 pandemic on its operations. Although Invesque said it is too early to comment on the restructuring, options include rent reduction, new operators at certain buildings and / or the sale of some properties.
When it comes to portfolio diversification, Invesque Chairman and CEO Scott White said he never anticipated that something like the COVID-19 pandemic would figure into its strengths in geographic diversification.
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 real estate investment trust 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.
Invesque plans to “opportunistically divest non-core assets and redeploy capital with our preferred partners” in 2020, Chairman and CEO Scott White said Thursday. The healthcare real estate company also shared operators’ responses to the coronavirus.
Healthcare real estate company Invesque has closed on the final three private-pay senior living communities that were part of a 20-property Commonwealth Senior Living portfolio acquisition announced in May.
As real estate investment company Inveque prepares to end 2019 having executed on more than $440 million in acquisitions, company executives said Thursday they are looking at a “very robust” pipeline of growth opportunities, especially in senior living and medical office buildings.
Invesque is moving 13 Greenfield Senior Living communities to other operators, company executives announced Thursday on the healthcare real estate company’s second-quarter earnings call.
Toronto-based Invesque has closed on its previously announced acquisition of Charlottesville, VA-based Commonwealth Senior Living and 17 private-pay senior living communities totaling 1,205 units and 1,469 beds, the company announced Thursday.
