Invesque (IVQ) Q4 2024 earnings summary

Executive summary

• Completed sale of seven seniors housing assets for US$65.4M, using proceeds to pay down debt and improve liquidity.

• Exchanged convertible debentures and preferred shares for new debentures and 857M common shares, extending debt maturity to 2027.

• Focused on executing additional asset sales (23 communities under contract) to optimize and return value to shareholders.

Financial highlights

• Q4 2024 revenue was US$38.7M, down from US$46.3M in Q4 2023; full-year 2024 revenue was US$167.9M, down from US$192.8M.

• Q4 2024 net loss was US$6.6M, improved from US$38.3M loss in Q4 2023; full-year net loss was US$36.1M, improved from US$99.2M loss in 2023.

• Q4 2024 FFO was negative US$0.2M (US$0.00/share); full-year FFO was US$4.8M (US$0.08/share), both down from prior year.

• Q4 2024 AFFO was US$1.6M (US$0.02/share); full-year AFFO was US$5.7M (US$0.09/share), both down from prior year.

Outlook and guidance

• Management expects to close the sale of 23 additional communities by end of Q2 2025 and plans further strategic asset disposals.

• Intends to optimize portfolio and return value to shareholders through ongoing asset sales.