TORONTO, June 8, 2020 /CNW/ - Invesque Inc. (TSX: IVQ.U)
(TSX: IVQ) (the "Company" or "Invesque") announced today an
update of the Company's rental revenue collections given elevated
market volatility due to the COVID-19 pandemic.
Rental Revenue Collections
|
|
|
|
|
Month
ended
|
(all figures shown
are rounded)
|
|
April
2020
|
|
May
2020
|
|
|
|
|
|
Senior Housing Owner
Occupied Portfolio
|
|
99%
|
|
99%
|
Medical Office
Portfolio
|
|
96%
|
|
93%
|
Triple-Net Lease
("NNN") Portfolio
|
|
73%
|
|
85%
|
Total
Portfolio
|
|
90%
|
|
94%
|
|
|
|
|
|
Rent Deferral Update
As of today, the Company has granted one NNN operator a rent
deferral of 25% for the month of May. The Company is also in
discussions with another NNN operator for a rent deferral for
April, May, and June. The numbers in the table above include
wholly owned properties, and reflect the full amounts owed under
the original contractual arrangement and are therefore not adjusted
for any deferral agreements.
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, including without
limitation information with respect to rental revenue collection
and the number of tenants who have received rent deferrals from 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. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are
beyond the Company's control. Although the Company believes that
the expectations in its forward-looking statements are reasonable,
its forward-looking statements have been based on factors and
assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently
available information, including the assumption that the Company's
tenants will continue to pay rental revenues pursuant to their
contractual arrangements. Such statements are subject to known and
unknown risks, uncertainties and other factors that could influence
actual results or events and cause actual results or events to
differ materially from those stated, anticipated or implied in the
forward-looking statements. Accordingly, readers are cautioned not
to place undue reliance on the forward-looking statements.
Additional risks, uncertainties, material assumptions and other
factors that could affect actual results are discussed in the
Company's public disclosure documents available at www.sedar.com,
including in the risk factors described in the Company's current
annual information form. In addition, the Company is subject to the
risk and uncertainties related to the COVID-19 pandemic, including
the negative impact that COVID-19 could have on the ability of the
Company's tenants to pay their rental revenue. In particular, a
novel strain of coronavirus causing the disease known as COVID-19
has spread throughout the world, including across the United States and Canada, causing the World Health Organization
to declare the COVID-19 outbreak a pandemic in March 2020. In an attempt to contain the spread
and impact of the pandemic, authorities throughout the United States and Canada have implemented measures such as
travel bans and restrictions, stay-at-home orders, social
distancing guidelines and limitations on other business activity.
The pandemic has resulted in a significant economic downturn in
the United States, Canada and globally, and has also led to
disruptions and volatility in capital markets. The Company is not
able to fully quantify the impact that the COVID-19 pandemic will
have on the Company's financial results during 2020, but expect
that the pandemic could have a material adverse effect on its
results of operations, financial position and/or cash flows
(including as a result of the Company's tenants failing to pay
their rental revenue as a result of the negative impacts of
COVID-19 on their businesses), particularly if negative economic
and public health conditions in the
United States and Canada
persist for a significant period of time. The ultimate impact of
the pandemic on the Company's financial results will depend on,
among other factors, the duration and severity of the pandemic as
well as negative economic conditions arising therefrom, the impact
of the pandemic on occupancy rates in our communities, the volume
of COVID-19 patients cared for across our portfolio, and the impact
of government actions on the seniors housing industry and broader
economy, including through existing and future stimulus efforts.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
About Invesque
Invesque is a North American health care real estate company
with an investment thesis focused on the premise that an aging
demographic in North America will
continue to utilize health care services in growing proportion to
the overall economy. Invesque currently capitalizes on this
opportunity by investing in a highly diversified portfolio of
income generating properties across the health care spectrum.
Invesque's portfolio includes investments in independent living,
assisted living, memory care, skilled nursing, transitional care,
and medical office properties, which are operated primarily under
long-term leases and joint venture arrangements with industry
leading operating partners. Invesque's portfolio also includes
investments in owner-occupied seniors housing properties in which
Invesque owns the real estate and provides management services
through its subsidiary management company, Commonwealth Senior
Living. For more information, please visit www.invesque.com.
SOURCE Invesque Inc.