Invesque Inc. Reports Third Quarter and Year-to-Date Results
Canada NewsWire
TORONTO, Nov. 10, 2026
TORONTO, Nov. 10, 2026 /CNW/ -- Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the "Company" or "Invesque") is pleased to announce its operational and financial results for the three and nine months ended September 30, 2026. All dollar figures are in United States dollars unless otherwise indicated.
Third Quarter and Subsequent Highlights
- As previously announced, on July 31, 2026, the Company sold a seniors housing asset in Parker, Colorado for $52.0 million.
- As previously announced, on August 10, 2026, the Company sold two seniors housing assets in Pennsylvania for $39.8 million.
- As previously announced on October 1, 2026, the Company entered into an arrangement agreement with an affiliate of Magnetar Financial LLC, (the "Purchaser"), pursuant to which the Purchaser has agreed to acquire all of the issued and outstanding common shares of the Company (the "Shares") (other than substantially all the Shares held by funds managed by Magnetar Financial LLC), at a price of $0.101 per Share, in cash, by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia). The Arrangement is subject to, among other things, the approval of the Supreme Court of British Columbia and the approval of the Company Shareholders at a special meeting of shareholders (the "Company Meeting") scheduled to be held on November 16, 2026. Additional information regarding the Arrangement is also discussed in the Company Meeting materials, which are available on SEDAR+ at www.sedarplus.ca.
Financial Highlights
Three Months Ended September 30, | Nine Months Ended September 30 | |||
(in thousands of U.S dollars) | 2026 | 2025 | 2026 | 2025 |
Revenue | $2,847 | $6,558 | $8,103 | $73,498 |
Net Income (Loss) | 1,613 | (33,164) | 1,588 | (26,160) |
FFO1 | (35) | (2,046) | (780) | (1,485) |
AFFO1 | (47) | 31 | (858) | 2,664 |
(1) | Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures" in this Press Release. |
About Invesque
Invesque is a North American health care real estate company. Over the past several years, Invesque has been liquidating assets and retiring debt with the goal of returning capital to shareholders. Invesque currently has four senior housing properties and a portfolio of loans receivable. Three of the four assets are currently subject to purchase and sale agreements with targeted closing dates prior to December 31, 2026. These sale transactions remain subject to standard due diligence and closing conditions.
Forward-Looking Information
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 Arrangement. 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 complete the Arrangement and that the Company will obtain the approvals required to complete the Arrangement. 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 complete the Arrangement as a result of unforeseeable circumstances, or the Company not receiving the approval that is required to complete the Arrangement, such risks may be dependent on factors that are 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.
FFO Table
Three months ended September 30, | Nine months ended September 30, | |||
(in thousands of U.S dollars) | 2026 | 2025 | 2026 | 2025 |
Net loss from continuing operations for the period | $ 1,613 | $ (32,820) | $ 1,588 | $ (25,730) |
Add/(deduct): | ||||
Change in fair value of investment properties | — | 21,521 | — | 34,756 |
Property taxes accounted for under IFRIC 21 | — | (1,586) | — | 374 |
Depreciation and amortization expense | 337 | 359 | 1,074 | 1,096 |
Amortization of tenant inducements | — | — | — | 120 |
Change in fair value of financial instruments | — | (113) | — | 818 |
Change in fair value of profit participation investment | — | — | (97) | — |
Transaction Costs | 105 | 1,396 | 122 | 3,166 |
Loss (gain) on sale of property, plant and equipment | — | 682 | 96 | (29,641) |
Impairment of property, plant and equipment | — | 44 | — | 65 |
Executive severance | — | — | — | 492 |
Allowance for credit losses on loans and interest receivable | (17) | 2,333 | (15) | 4,240 |
Change in non-controlling interest liability in respect of the above | — | (3) | — | (6) |
Loss on financial guarantee | (3,250) | — | 1,750 | — |
Adjustments for equity accounted entities | 1,177 | 6,231 | (5,298) | 8,926 |
FFO from continuing operations | $ (35) | $ (1,956) | $ (780) | $ (1,324) |
FFO from discontinued operations | — | (90) | — | (161) |
Total FFO | $ (35) | $ (2,046) | $ (780) | $ (1,485) |
AFFO Table
Three months ended September 30, | Nine months ended September 30, | |||
2026 | 2025 | 2026 | 2025 | |
Cash flows provided by (used in) operating activities | $ (705) | $ (2,416) | $ (3,270) | $ (12,182) |
Change in non-cash working capital | 230 | 2,192 | 936 | 7,020 |
Interest expense | 207 | (1,605) | 515 | (15,322) |
Change in non-controlling interest liability | — | (24) | — | 4 |
Income (loss) from joint ventures | (692) | (6,558) | 6,937 | (10,477) |
Interest paid | 111 | 1,803 | 498 | 23,098 |
Interest received | (347) | (76) | (1,049) | (265) |
Amortization of lease asset | — | — | — | 20 |
Adjustments for equity accounted entities | 1,200 | 6,913 | (5,210) | 9,488 |
Deferred share incentive plan compensation | — | — | — | 2 |
Executive severance | — | — | — | 492 |
Interest expense | — | — | — | 671 |
Bad debt at previously disposed properties | — | — | — | 463 |
Property taxes accounted for under IFRIC 21 | — | — | — | 246 |
Capital maintenance reserve | (51) | (198) | (215) | (594) |
AFFO | $ (47) | $ 31 | $ (858) | $ 2,664 |
SOURCE Invesque Inc.
