Le Lézard
Classified in: Health, Business
Subject: ERN

Invesque Reports Third Quarter 2018 Results


TORONTO, Nov. 14, 2018 /CNW/ - Invesque Inc. (TSX: IVQ.U) (the "Company") today announced its results for the three and nine months ended September 30, 2018.

Third Quarter Highlights

"What another great quarter of executing on our strategy and growing our platform," commented Scott White, Chief Executive Officer for the Company. "We were able to grow with our existing partners Mohawk and Hearth. We also strategically exited assets for the first time, as part of our strategy to recycle capital.  We continue to be very positive on the long-term opportunity to execute on our strategy and grow our portfolio of income generating health care real estate."

Financial Highlights






Three months ended September 30,


Nine months ended September 30,

(in thousands of U.S dollars, except per share values)

2018

2017


2018

2017







Revenue

$

31,581


$

16,605



$

83,974


$

47,129


Net income

$

8,654


$

4,571



$

21,500


$

14,260


Funds from operations ("FFO") (1)

$

12,401


$

7,726



$

39,623


$

22,181


Funds from operations per share

$

0.23


$

0.24



$

0.80


$

0.69


Adjusted funds from operations ("AFFO") (1)

$

10,541


$

7,062



$

33,578


$

23,411


Adjusted funds from operations per share

$

0.20


$

0.22



$

0.68


$

0.72








(1) FFO and AFFO are measures used by management to evaluate operating performance.  Please refer to the section "Non-IFRS Measures" in this press release for more information.

 

Balance Sheet and Portfolio Highlights





(in thousands of U.S. dollars, except number of properties)

September 30, 2018


December 31, 2017





Total assets

$

1,384,152



$

785,005


Number of owned properties

104



40


Debt

$

751,313



$

428,377


Debt / Gross Book Value

54.3%



54.6%


 

"We are excited about the success of our debenture offering, and our share buyback program through the normal course issuer bid," stated Scott Higgs, Chief Financial Officer for the Company. "The debentures provide us with additional capital flexibility, and ability consolidate property level debt and enhance our debt profile, while the normal course issuer bid allows us to accretively capitalize on the current undervaluation of our share price."

Other Recent Activity

On October 31st, the Company closed the US$11.0 Million acquisition of previously announced Keepsake Village at Greenpoint ("Property") in Liverpool, New York. The property is leased to Hearth Management, LLC ("Hearth"). The Company now has three properties operated by Hearth.

The Company has entered into a definitive purchase and sale agreement for the sale of seven properties located in Georgia currently leased to Traditions Senior Management (collectively, "Traditions Portfolio") for US$70 Million. The Company purchased the Traditions portfolio as part of the acquisition of Care Investment Trust in February 2018. The Traditions Portfolio was assembled as part of a specific value add and opportunistic strategy in the beginning of 2017. The company intends to redeploy the capital toward its robust pipeline.

Investor Conference Call

A conference call hosted by the Company's senior management team will be held Thursday, November 15, 2018 at 10:00 AM ET. The telephone numbers for the conference call are: Local: (647) 427-7450 or Toll Free: (888) 231-8191. The passcode for the conference call is: 2586197. The conference will also be available via webcast at www.invesque.com/company-presentations/. Please log on at least 15 minutes before the call commences. The telephone numbers to listen to the call after it is completed (taped replay) are: Local: (416) 849-0833 or Toll Free: (855) 859-2056. The Passcode for the taped replay is 2586197.

About Invesque

Invesque is a health care real estate company with an investment thesis centered around the opportunity created by the global aging demographic trend. Invesque currently capitalizes on this opportunity by investing in a highly diversified portfolio of income generating health care properties located across the United States and Canada through long-term absolute net leases, joint ventures, and development capital. For more information, visit www.invesque.com.

Forward-Looking Information

This press release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for the Company. Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect the Company's current beliefs and are based on information currently available to management. This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing our views as of any date subsequent to the date of this document. We have attempted to identify important factors that could cause actual results or performance to vary from those current expectations or estimates expressed or implied by the forward-looking information. See risk factors highlighted in materials filed with the securities regulatory authorities in Canada from time to time, including, but not limited to, the Company's annual information form available on SEDAR at www.sedar.com.

Non-IFRS Measures

The Company reports its financial results in accordance with International Financial Reporting Standard ("IFRS"). Included in this news release are certain non-IFRS financial measures as supplemental indicators used by 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 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 and a reconciliation to net profit for the three months ended September 30, 2018, please refer to the Financial Measures section of the September 30, 2018 MD&A available on the Company's website and on SEDAR at www.sedar.com.

SOURCE Invesque Inc.


These press releases may also interest you

at 10:30
The "Licensing Deals in Biotechnology 2019-2024" report has been added to ResearchAndMarkets.com's offering. Licensing Deals in Biotechnology provides a detailed understanding and analysis of how and why companies enter licensing deals. Fully...

at 10:30
The "Molecular Diagnostics for Cancer: Markets Forecasts by Cancer Type, Product, and Place with Executive & Consultant Guides and Customization. 2023 to 2027" report has been added to ResearchAndMarkets.com's offering. Exciting technical...

at 10:30
Closed System Transfer Devices Market in terms of revenue was estimated to be worth $1.1 billion in 2024 and is poised to reach $2.5 billion by 2029, growing at a CAGR of 14.5% from 2024 to 2029 according to a new report by MarketsandMarketstm. The...

at 10:30
RIVANNA®, a developer of imaging-based medical solutions, names Craig Loomis as senior director of product management. With over 25 years of extensive experience in global product development and commercialization within the healthcare sector, Mr....

at 10:10
The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023...

at 10:05
The "Distribution Deals in Diagnostics 2016 to 2024" report has been added to ResearchAndMarkets.com's offering. Distribution Deals in Diagnostics provides a detailed understanding and analysis of how and why companies enter distribution deals....



News published on and distributed by: