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Invesque Inc. Announces Sale of Final Skilled Nursing Facility Previously Leased by Symphony Care Network
Invesque Inc. Announces Sale of Final Skilled Nursing Facility Previously Leased by Symphony Care...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Sale of Final Skilled Nursing Facility Previously Leased by Symphony Care Network\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 5, 2023\n \n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"\n \n Company\n \n \" or \"\n \n Invesque\n \n \") today announced the sale of the final skilled nursing facility in the portfolio of eight assets previously leased to Symphony Care Network (\"\n \n SymCare\n \n \"). As announced last month, the Company sold seven of the eight assets on\n \n June 1, 2023\n \n . The final asset was sold on\n \n July 1, 2023\n \n , for\n \n US$19.7 million\n \n . Following that closing, the Company has no remaining lease relationship with SymCare, and continues to focus on its private pay seniors housing portfolio.\n \n \n As noted in the Company's press release in June, Invesque's portfolio of properties leased to SymCare was acquired as part of Invesque's initial public offering (\"\n \n IPO\n \n \") in 2016 with subsequent additions in 2019 and the sale of a number of assets in 2021. At the time of the Company's IPO in 2016, SymCare represented approximately 75% of Invesque's net operating income (\"\n \n NOI\n \n \"). The Company has reduced its exposure and concentration to SymCare through strategic acquisitions in recent years. Following this transaction, the proportion of the Company's NOI from all skilled nursing facilities will be approximately 20% of Company NOI on a pro forma basis.\n \n \n \"I am extremely proud to follow up our sale announcement last month and confirm the completion of this final step in our exit of the SymCare investments. Our team has executed a number of transactions over the last two and a half years that position us as a predominantly private pay seniors housing company,\" noted\n \n Scott White\n \n , Chairman and Chief Executive Officer. \"Our company story has evolved over the last seven years, and I believe we are at a really exciting time. The expected increase in demand for private pay senio...