Invesque, Inc. Announces Fourth Quarter and Full Year 2025 Results
TORONTO, ON, March 19, 2026 – Invesque Inc. (TSX: IVQ.U and IVQ) (the “Company”) today reported its results for the three and twelve months ended December 31, 2025.
Fourth Quarter 2025 and Subsequent Highlights
- As previously announced, on October 1, 2025, the Company sold a seniors housing asset in Chesapeake, Virginia for US$6.6 million
- As previously announced, on December 11, 2025, the Company sold a portfolio of four seniors housing assets in New Jersey and Pennsylvania for US$57.0 million
- As previously announced, on December 18, 2025, the Company sold a medical office building located in Camillus, New York for US$4.1 million
- As previously announced, on December 23, 2025, the Company sold its interests in four seniors housing communities in Canada resulting in net equity of CAD$31.0 million
- As previously announced, on January 23, 2026, the Company redeemed in full its outstanding 9.75% unsecured subordinated debentures due December 30, 2027
“The successful execution of our disposition strategy in 2025 reduced our portfolio to seven owned assets at year-end while significantly simplifying our debt profile through property-level debt payoffs and the January 2026 debenture repayment,” commented Quinn Haselhorst, Chief Financial Officer for the Company. “We remain committed to our disciplined disposition strategy in 2026 as we look to pursue additional asset sales given the favorable market dynamics we are currently seeing in the industry.”
Financial Highlights
| Three months December 31, | Year ended December 31, | ||||
| (in thousands of U.S dollars, except per share values) | 2025 | 2024 | 2025 | 2024 | |
| Revenue | $3,288 | $38,747 | $76,786 | $167,869 | |
| Net Loss | $(5,330) | $(3,637) | $(31,490) | $(33,219) | |
| FFO1 | $(2,138) | $(216) | $(3,623) | $4,793 | |
| AFFO2 | $(1,212) | $1,554 | $1,452 | $5,749 | |
About Invesque
Invesque is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic 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, private pay seniors housing communities. Invesque’s portfolio includes investments in independent living, assisted living, and memory care, which are operated under joint venture arrangements with industry-leading operating partners and in owner-occupied seniors housing properties in which the Company owns the real estate, and the licensed operations.
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, the Company’s plan to strategically dispose of additional assets. 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, that the Company will be in a position to capitalize on favorable market dynamics and dispose of certain of its portfolios in the future. 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 being in a position to dispose of certain of its portfolios in the future as a result of there being no buyers or as a result of shifting market conditions and other risks described in the Company’s current annual information form and management’s discussion and analysis, available on SEDAR+ at www.sedarplus.ca, 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 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 MD&A available on the Company’s website and on SEDAR+ at www.sedarplus.ca, which information is incorporated herein by reference, and the full reconciliation to which are included below.
Contact: ir@invesque.com
FFO Tables
| Three months ended December 31, | Year ended December 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss from continuing operations for the period | $(4,826) | $(4,554) | $(30,556) | $(32,810) |
| Add/(deduct): | ||||
| Change in fair value of investment properties | 1,038 | (1,606) | 35,794 | 4,147 |
| Property taxes accounted for under IFRIC 21 | (128) | (843) | 246 | — |
| Depreciation and amortization expense | 193 | 346 | 1,289 | 10,161 |
| Amortization of tenant inducements | — | 60 | 120 | 242 |
| Accretion expense and amortization of non-cash adjustments to the 2016 Convertible Debentures | — | 1,925 | — | 9,101 |
| Change in fair value of financial instruments | 3,094 | (4,185) | 3,912 | (799) |
| Realized currency loss | 1,773 | — | 1,773 | — |
| Transaction Costs | 974 | 1,403 | 4,140 | 1,741 |
| Loss on sale of property, plant and equipment | (1,076) | 875 | (30,717) | 640 |
| Impairment of property, plant and equipment | 1,164 | 985 | 1,229 | 3,095 |
| Executive severance | — | — | 492 | 3,060 |
| Deferred income tax recovery | — | — | — | (1,605) |
| Allowance for credit losses on loans and interest receivable | (1,707) | 3,127 | 2,533 | 4,011 |
| Change in non-controlling interest liability in respect of the above | — | 7 | (6) | (174) |
| Adjustments for equity accounted entities | (2,472) | 2,391 | 6,454 | 5,076 |
| FFO from continuing operations | $(1,973) | $(69) | $(3,297) | $5,886 |
| FFO from discontinued operations | (165) | (147) | (326) | (1,093) |
| Total FFO | $(2,138) | $(216) | $(3,623) | $4,793 |
AFFO Tables
| Three months ended December 31, | Year ended December 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Cash flows provided by (used in) operating activities | $(1,445) | $3,394 | $(13,627) | $9,273 |
| Change in non-cash working capital | (2,316) | (3,375) | 4,704 | (3,037) |
| Less: interest expense | (760) | (7,928) | (16,082) | (38,119) |
| Less: change in non-controlling interest liability | — | (279) | 4 | (805) |
| Plus: loss from joint ventures | 2,125 | (2,935) | (8,352) | (6,194) |
| Plus: interest paid | 1,829 | 8,601 | 24,927 | 36,554 |
| Less: interest received | (475) | (53) | (740) | (209) |
| Plus: debt extinguishment costs | — | 995 | — | 583 |
| Plus: realized loss on currency exchange | 1,724 | (71) | 1,724 | (63) |
| Plus: amortization of lease asset | (167) | (11) | (147) | 7 |
| Plus: non-cash portion of non-controlling interest expense | — | 7 | — | (161) |
| Plus: adjustments for equity accounted entities | (1,529) | 2,439 | 7,959 | 5,274 |
| Plus: deferred share incentive plan compensation | — | (9) | 2 | (77) |
| Plus: executive severance | — | — | 492 | 3,060 |
| Plus: interest expense | — | — | 671 | — |
| Plus: bad debt at previously disposed properties | — | — | 463 | — |
| Plus: interest savings from debenture extinguishment | — | 1,151 | — | 1,151 |
| Plus: property taxes account for under IFRIC 21 | — | — | 246 | — |
| Less: capital maintenance reserve | (198) | (372) | (792) | (1,488) |
| AFFO | $(1,212) | $1,554 | $1,452 | $5,749 |