IVQ Announces Fourth Quarter 2024 Results
TORONTO, March 20, 2025 /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the "Company") today reported its results for the three and twelve months ended December 31, 2024.
Fourth Quarter and Subsequent Highlights
As previously announced, on October 15, 2024, the Company sold seven seniors housing assets for US$65.4 million. The Company used sale proceeds to pay off the property level mortgage debt associated with the communities and further reduce borrowings under the KeyBank credit facility. The remaining cash was retained by the Company to maintain appropriate liquidity levels.
As previously announced, on December 30, 2024, the Company completed the exchange (the "Debenture Exchange") of its 7.00% Convertible Unsecured Subordinated Debentures due January 31, 2025 (the "2025 Debentures") and its 8.75% Convertible Unsecured Subordinated Debentures due September 30, 2026 (the "2026 Debentures"). The 2025 Debentures and 2026 Debentures were exchanged for an aggregate principal amount of US$27.3 million of 9.75% unsecured subordinated debentures (the "Amended Debentures") due December 30, 2027, and an aggregate of 140,516,942 common shares of the Corporation. The Amended Debentures are trading on the Toronto Stock Exchange under the symbol "IVQ.NT.U". Simultaneously with the Debenture Exchange, the Company completed the exchange (the "Preferred Share Exchange") of its class A convertible preferred shares (the "Preferred Shares"), all of which were held by certain funds managed by Magnetar Financial LLC. The Preferred Shares were exchanged for an aggregate of 716,875,000 common shares.
Reported funds from operations ("FFO")1 of US$0.00 and US$0.08 per common share for the three- and twelve-months ending December 31, 2024. The Company reported adjusted funds from operations ("AFFO")2 of US$0.02 and US$0.09 per common share for the three- and twelve-months ending December 31, 2024.
During the first quarter of 2025, the Company reduced the KeyBank credit facility balance to below US$35.0 million and exercised the first of two six-month extension options, extending the maturity to September 30, 2025.
"Following the completion of the Debenture Exchange and Preferred Share Exchange at the end of 2024, we are now focused on execution of the previously announced sale transactions comprising 23 communities, which are expected to close between now and the end of the second quarter," commented Adlai Chester, Chief Executive Officer for the Company. "In addition to the properties that are currently under definitive contract to be sold, Invesque plans to strategically dispose of additional assets to optimize and return value to shareholders."
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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.
Financial Highlights
Three months endedDecember 31,
Year endedDecember 31,
(unaudited; in thousands of U.S dollars, except per share values)
2024
2023
2024
2023
Revenue
$
38,747
$
46,290
$
167,869
$
192,829
Net loss
$
(6,555)
$
(38,308)
$
(36,137)
$
(99,240)
FFO
$
(216)
$
1,970
$
4,793
$
18,920
FFO per share
$
-
$
0.03
$
0.08
$
0.33
AFFO
$
1,554
$
1,613
$
5,749
$
17,128
AFFO per share
$
0.02
$
0.03
$
0.09
$
0.30
Balance Sheet and Portfolio Highlights
(in thousands of U.S. dollars, except number of properties)
December 31, 2024
December 31, 2023
Total assets
$637,220
$828,283
Number of properties3
28
66
Debt
$394,839
$588,245
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3 Excludes one medical office buildings and 24 seniors housing assets held for sale as of December 31, 2024. Excludes two medical office buildings and ...
