Invesque released its fourth quarter and full-year 2022 earnings, and announced that it is making progress in its refocus towards a private pay, seniors housing portfolio. During the fourth quarter and subsequent to year-end, Invesque sold or entered into a purchase and sale agreement for two medical office buildings for a combined $12.03 million. With the sales, which included Brantford Medical Center in Brantford, Ontario and MetroWest Medical Center in Orlando, Florida, Invesque exited the Canadian MOB market and has two MOBs remaining in the United States. Plus, sales of two remaining MOBs are expected to occur over the next few months.
In addition, Invesque entered into a purchase and sale agreement to sell eight skilled nursing facilities in the Midwest, which it currently leases to SymCare, sold for $125 million. The deal is expected to close before the end of the second quarter and would leave the company with just a handful of skilled nursing facilities in its portfolio. The eight properties comprise the entire lease arrangement between Invesque and SymCare, so the transaction will reduce the number of skilled nursing operators to which Invesque leases facilities.
At closing, Invesque estimates that 80% of its portfolio’s NOI will be from its seniors housing assets, a substantial increase in share from the beginning of 2021. As it completes this strategic divestment, then maybe we will see Invesque back as a buyer. Over the last two years, the company has exited approximately $450 million in non-strategic assets, including $224 million in assets in 2022, as it streamlines and simplifies its portfolio and balance sheet.
