Latest news with #InvesqueInc
Cision Canada
6 days ago
- Business
- Cision Canada
Invesque Inc. Reports Second Quarter 2025 Results
Significant Progress Highlighted on Previously Announced Asset Dispositions TORONTO, Aug. 7, 2025 /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the "Company") today reported its results for the three months and six months ended June 30, 2025. Second Quarter and Subsequent Highlights As previously disclosed, the Company closed on several sales transactions during and following the second quarter of 2025: On April 9, the Company sold a seniors housing asset in Syracuse, New York for US$25.1 million On June 3, the Company sold 20 seniors housing assets in Virginia and Pennsylvania and its majority ownership stake in Commonwealth Senior Living, LLC On July 14, the Company sold a seniors housing asset in Syracuse, New York for US$5.8 million On July 25, the Company sold ten memory care assets in Texas, Indiana, Arkansas and Michigan for US$83.2 million Additionally, as previously disclosed, the Company transitioned management of three memory care assets located in Texas and Arkansas to Constant Care Management Company and one seniors housing asset in Louisiana to Viva Senior Living. The Company expects that the new managers of these assets will stabilize operations and further drive financial results. "In addition to achieving attractive valuations on sale transactions completed year to date, we have utilized cash proceeds to materially decrease leverage and streamline our capital stack," commented Kari Onweller, EVP of Investments & Investor Relations for the Company. "We expect to make further progress on debt repayments during the remainder of this year." Financial Highlights ________________________________ 1 FFO is a measure used by management to evaluate operating performance. Please refer to the section "Non-IFRS Measures" in this press release for more information. 2 AFFO is a measure used by management to evaluate operating performance. Please refer to the section "Non-IFRS Measures" in this press release for more information. Balance Sheet and Portfolio Highlights ___________________________________ 3 Excludes one medical office building and 24 seniors housing assets held for sale as of December 31, 2024, and one medical office building and 14 seniors housing assets held for sale as of June 30, 2025 About Invesque The Company is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic in North America will continue to utilize health care services in growing proportion to the overall economy. The Company currently capitalizes on this opportunity by investing in a portfolio of income-generating predominantly private pay seniors housing communities. The Company's portfolio includes investments primarily in independent living, assisted living, and memory care, which are operated under long-term leases, joint venture arrangements, and third-party management contracts. Forward-Looking Information This press release (this "Press Release") contains certain forward-looking information and/or statements ("forward-looking statements"), that reflect and are provided for the purpose of presenting information about management's current expectations and plans relating to the future, including, without limitation, statements regarding the Company's anticipated progress on debt repayments and that the new managers of certain assets will stabilize operations. Forward-looking information is typically identified by terms such as "anticipate," "believe," "continue," "expect," "expectations," "look," "may," "plan," "project," "should," "will," and other similar expressions that do not relate solely to historical matters and suggest future outcomes or events. Readers should not place undue reliance on forward-looking statements and are cautioned that forward-looking statements may not be appropriate for other purposes. Forward-looking information is generally based on a number of assumptions, opinions, and estimates, including, but not limited to: the Company will have the funds to continue to repay its debt and that the new managers will be in a position to stabilize operations of the applicable assets. While these assumptions, opinions, and estimates are considered by the Company to be appropriate and reasonable in the circumstances as of the date of this Press Release, they are subject to a number of known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the Company not having the funds to repay a portion of its debt, including, without limitation, as a result of the failure or inability to sell assets, the failure of one or more of the new managers of certain assets to stabilize operations, and the risks described in the Company's current annual information form and management's discussion and analysis, available on SEDAR+ at which risks may be dependent on market factors and not entirely within the Company's control. Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. These forward-looking statements reflect current expectations of the Company as of the date of this Press Release and speak only as of the date of this Press Release. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which are given as of the date hereof, and not to use such forward-looking statements for anything other than the intended purpose. Further, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements contained in this Press Release are expressly qualified by this cautionary statement. Non-IFRS Measures The Company reports its financial results in accordance with International Financial Reporting Standard ("IFRS"). Included in this Press Release are certain non-IFRS financial measures as supplemental indicators used by the Company's management to track the Company's performance. These non-IFRS measures are NOI, FFO, and AFFO. The Company believes that these non-IFRS financial measures provide useful information to both the Company's management and investors in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. For a full definition of these measures, please refer to the Financial Measures section of the March 31, 2025, MD&A available on the Company's website and on SEDAR+ at which information is incorporated herein by reference, and the full reconciliation to which are included below. FFO Tables Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) from continuing operations for the period $ 15,968 $ (15,128) $ 7,090 $ (20,962) Add/(deduct): Change in fair value of investment properties 7,708 7,585 13,235 3,493 Property taxes accounted for under IFRIC 21 (1,399) (1,609) 1,960 2,842 Depreciation and amortization expense 369 3,497 737 6,955 Amortization of tenant inducements 60 60 120 121 Accretion expense and amortization of non-cash adjustments to the 2016 Convertible Debentures — 2,383 — 4,531 Change in fair value of financial instruments 507 777 931 1,158 Transaction Costs 1,635 42 1,770 318 Loss on sale of property, plant and equipment (30,323) (18) (30,323) (26) Impairment of property, plant and equipment 11 454 21 1,830 Executive severance 492 3,060 492 3,060 Deferred income tax recovery — (716) — (1,605) Allowance for credit losses on loans and interest receivable 1,574 195 1,907 455 Change in non-controlling interest liability in respect of the above (2) (171) (3) (169) Adjustments for equity accounted entities 1,914 1,299 2,695 2,601 FFO from continuing operations $ (1,486) $ 1,710 $ 632 $ 4,602 FFO from discontinued operations (5) (286) (71) (674) Total FFO $ (1,491) $ 1,424 $ 561 $ 3,928 AFFO Tables Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash flows provided by (used in) operating activities $ (9,963) $ (97) $ (9,766) $ 543 Change in non-cash working capital 2,346 (1,150) 4,828 2,364 Less: interest expense (6,187) (9,809) (13,717) (20,406) Less: change in non-controlling interest liability 52 (188) 28 (312) Plus: loss from joint ventures (2,736) (1,448) (3,919) (2,654) Plus: interest paid 13,853 9,926 21,295 19,340 Less: interest received (84) 46 (189) (124) Plus: debt extinguishment costs — — — (412) Plus: realized loss on currency exchange — 3 — 10 Plus: amortization of lease asset 10 (8) 20 28 Plus: non-cash portion of non-controlling interest expense — (170) — (156) Plus: adjustments for equity accounted entities 1,822 1,392 2,575 2,714 Plus: deferred share incentive plan compensation — (74) 2 (59) Plus: executive severance 492 3,060 492 3,060 Plus: interest expense 671 — 671 — Plus: bad debt at previously disposed properties 463 — 463 — Plus: property taxes accounted for under IFRIC 21 (123) — 246 Less: capital maintenance reserve (198) (372) (396) (744) AFFO $ 418 $ 1,111 $ 2,633 $ 3,192 SOURCE Invesque Inc.
Cision Canada
18-06-2025
- Business
- Cision Canada
Invesque Inc. Announces Results of Voting at Annual and Special Meeting of Shareholders
TORONTO, June 18, 2025 /CNW/ - Invesque Inc. (the " Corporation" or " Invesque") (TSX: IVQ) (TSX: IVQ.U) announced today the results of voting at its annual and special meeting of shareholders held on June 18, 2025 (the " Meeting"). Each of the nominees listed in the management information circular dated May 22, 2025 (the " Circular") were elected as a director of the Corporation at the Meeting by way of a vote held without a ballot. According to proxies received by management, the voting results were: In addition, the Corporation reports that (i) the appointment of KPMG LLP, Chartered Professional Accountants, as the Corporation's auditors for the 2025 fiscal year was approved by a majority of the votes cast in person or by proxy at the Meeting and (ii) the special business considered at the Meeting, including the Sale Resolution set forth in Schedule A to the Circular and the Reduction in Capital Resolution set forth in Schedule B to the Circular, was approved at the Meeting by two-thirds of the votes cast in person or by proxy at the Meeting. Details of the voting results on all matters considered at the Meeting are available in the Corporation's report of voting results, which is available under the Corporation's profile on SEDAR+ at The Corporation is a North American health care real estate Corporation with an investment thesis focused on the premise that an aging demographic in North America will continue to utilize health care services in growing proportion to the overall economy. The Corporation currently capitalizes on this opportunity by investing in a portfolio of income-generating predominantly private pay seniors housing communities. The Corporation's portfolio includes investments primarily in seniors housing, which are operated under long-term leases and joint venture arrangements with industry-leading operating partners. The Corporation's portfolio also includes investments in owner-occupied seniors housing properties in which the Corporation owns the real estate, and the licensed operations.
