Invesque (IVQ) Q3 2025 earnings summary

Executive summary

• Completed sale of 15 assets in Q3 2025, including senior housing and memory care facilities, as part of a strategic disposition and de-leveraging plan.

• Used proceeds from asset sales to repay $67.2M in property-level mortgages and $35.0M on the KeyBank corporate credit facility, fully repaying the latter.

• Refinanced $54.0M of joint venture property-level mortgages on favorable terms, enhancing financial flexibility.

• Additional asset sales under contract are expected to close before year-end, pending due diligence.

Financial highlights

• Q3 2025 revenue was $6.6M, down from $42.4M in Q3 2024; nine-month revenue was $73.5M, down from $129.1M year-over-year.

• Q3 2025 net loss was $33.2M, compared to a net loss of $7.5M in Q3 2024; nine-month net loss was $26.2M, compared to $29.6M in 2024.

• Q3 2025 FFO was $(2.0)M, down from $1.1M in Q3 2024; nine-month FFO was $(1.5)M, compared to $5.0M in 2024.

• Q3 2025 AFFO was $31K, down from $1.0M in Q3 2024; nine-month AFFO was $2.7M, down from $4.2M in 2024.

Outlook and guidance

• Management expects further progress on debt repayments and anticipates stabilization of operations by new asset managers.

• Additional asset sales are anticipated before year-end, subject to closing conditions.