Mr. Scott White reports

INVESQUE INC. ANNOUNCES SALE OF FINAL SKILLED NURSING FACILITY PREVIOUSLY LEASED BY SYMPHONY CARE NETWORK

Invesque Inc. has sold the final skilled nursing facility in the portfolio of eight assets previously leased to Symphony Care Network. As announced last month, the company sold seven of the eight assets on June 1, 2023. The final asset was sold on July 1, 2023, for $19.7-million (U.S.). Following that closing, the company has no remaining lease relationship with SymCare and continues to focus on its private-pay seniors housing portfolio.

As noted in the company's press release in June, Invesque's portfolio of properties leased to SymCare was acquired as part of Invesque's initial public offering 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. The company has reduced its exposure and concentration to SymCare through strategic acquisitions in recent years. Following this transaction, the proportion of the company's net operating income from all skilled nursing facilities will be approximately 20 per cent of company NOI on a pro forma basis.

"I am extremely proud to follow up our sale announcement last month and confirm the completion of this final step in our exit of the SymCare investments. Our team has executed a number of transactions over the last 2-1/2 years that position us as a predominantly private-pay seniors housing company," noted Scott White, chairman and chief executive officer. "Our company story has evolved over the last seven years, and I believe we are at a really exciting time. The expected increase in demand for private-pay seniors housing from the aging population, combined with our best-in-class operating partners, positions us well for the future."

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 and the licensed operations, and provides management services through Commonwealth Senior Living LLC, a Delaware limited liability company.

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