Invesque (IVQ) Q2 2025 earnings summary

Executive summary

• Completed multiple asset sales in Q2 and subsequent period, including 32 seniors housing and memory care assets for over $114 million.

• Transitioned management of several assets to new operators, aiming to stabilize operations and improve financial results.

• Used sale proceeds to significantly reduce leverage and streamline the capital structure.

Financial highlights

• Q2 2025 revenue was $29.5 million, down from $43.1 million in Q2 2024; six-month revenue was $66.9 million, down from $86.7 million year-over-year.

• Q2 2025 net income was $15.9 million, compared to a net loss of $15.8 million in Q2 2024; six-month net income was $7.0 million, compared to a loss of $22.1 million year-over-year.

• Q2 2025 FFO was $(1.5) million, down from $1.4 million in Q2 2024; six-month FFO was $0.6 million, down from $3.9 million year-over-year.

• Q2 2025 AFFO was $0.4 million, down from $1.1 million in Q2 2024; six-month AFFO was $2.6 million, down from $3.2 million year-over-year.

Outlook and guidance

• Management expects further debt repayments in the remainder of 2025, supported by asset sales.

• Anticipates new asset managers will stabilize operations and drive improved financial performance.