Invesque will finalize its sale of eight Illinois skilled nursing facilities leased to SymCare by the end of the second quarter, settling for $4 million less than originally announced.
The now $121 million sale was announced this week as part of the real estate investment’s first-quarter earnings activities this week.
“Invesque will have only nine skilled nursing facilities in the portfolio following the sale,” Chairman and CEO Scott White (pictured) said on a call with investors Thursday morning.
The move comes as Invesque continues on a path toward being an almost exclusively private-pay senior living investor. In March, White said Invesque had sold $450 million in “nonstrategic” properties over the past two years. As of Thursday’s call, he said the company is deriving 80% of its net operating income from those core senior living assets.
As it moved away from skilled nursing and medical office properties, Invesue’s net operating income continued to increase, largely due to annual resident rate increases in senior care, the CEO added.
“This quarter illustrates the outcome of our strategy to streamline our portfolio and focus on our strongest producing assets,” Chief Investment Officer Adlai Chester said in a press release announcing quarterly results. “Our portfolio included nearly 20 fewer properties compared to the first quarter of 2022, but our bottom-line results doubled, which was precisely the desired outcome.”
For coverage of additional earning calls held Thursday, please see the McKnight’s Business Daily, McKnight’s Senior Living (Invesque, CareTrust REIT and Sonida Senior Living) and McKnight’s Home Care.
