Mr. Scott White reports

INVESQUE INC. ANNOUNCES SALE OF SEVEN SKILLED NURSING FACILITIES IN ILLINOIS PREVIOUSLY LEASED BY SYMPHONY CARE NETWORK

Invesque Inc. sold seven skilled nursing facilities in Illinois for $101.3-million (U.S.), which closed on June 1, 2023. These assets were previously part of an absolute net lease with Symphony Care Network (SymCare). Following the June 1 sale, SymCare continues to lease one facility from Invesque, which the company expects to sell in the next 30 days (together with the June 1 sale, the transaction).

The company's portfolio of properties leased to SymCare, prior to the sale, was acquired as part of Invesque's initial public offering (IPO) in 2016, with subsequent additions in 2019, and the sale of a number of assets in 2021. At the time of the company's IPO in 2016, SymCare represented approximately 75 per cent of Invesque's net operating income (NOI). The company has reduced its exposure and concentration to SymCare through strategic acquisitions in recent years. Following this transaction, Invesque will have zero NOI contributed from SymCare and the proportion of NOI from skilled nursing facilities will represent approximately 20 per cent of company's NOI on a pro forma basis.

"This transaction marks a pivotal moment in the history of our company," remarked Scott White, chairman and chief executive officer. "The Invesque story started with an emphasis on building a diversified portfolio, including investing in skilled nursing facilities. Our strategy has evolved to focus on private pay seniors housing, and this transaction represents a substantial leap in that direction."

About Invesque Inc.

The company 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. The company currently capitalizes on this opportunity by investing in a portfolio of income-generating predominantly private pay seniors housing communities. The company's portfolio includes investments primarily in independent living, assisted living and memory care, which are operated under long-term leases and joint venture arrangements with industry-leading operating partners. The company's portfolio also includes investments in owner-occupied seniors housing properties in which the company owns the real estate, the licensed operations and provides management services through Commonwealth Senior Living LLC, a Delaware limited liability company.

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