TORONTO, Jan. 31, 2018 /CNW/ - Invesque Inc. (TSX: HLP.U) (the "Company") announced today it has acquired a recently constructed, 70 bed post-acute transitional care facility located in Round Rock, Texas from Mainstreet Property Group, LLC for approximately US$22.8 million.
The property is subject to a long-term triple net lease. The acquisition adds Rapid Recovery Center of Texas as a new operator to the portfolio. The acquisition is expected to be immediately accretive to the Company's Adjusted Funds from Operations.
"Partnering with Invesque, alongside our other capital providers, is paramount to delivering on our strategic vision. These partnerships position us to be well capitalized to execute on opportunities across Texas," said Mark Fritz, President of Rapid Recovery Center of Texas.
"We are very fortunate to have the ability to grow with great groups in the industry. Building a partnership with an industry veteran like Mark Fritz, exemplify our ability to strengthen our portfolio," noted Adlai Chester, the Company's Chief Investment Officer.
The Company funded the transaction through a combination of the assumption of debt and cash on hand.
Upon closing the transactions, the Company's portfolio will expand to 42 properties with approximately 5,100 beds/units across 11 U.S. states and one Canadian province. The Company previously announced the acquisition of Care Investment Trust LLC, as well as three memory care facilities from Constant Care, which will boost the portfolio to 87 properties and approximately 8,900 beds/units.
ABOUT INVESQUE:
Invesque Inc. is a North American health care real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
NON-IFRS FINANCIAL MEASURES:
AFFO is not a measure recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Such a measure is presented in this news release because management of the Company believes that such a measure is relevant in interpreting the purchase price metrics and performance of the acquisition. Such a measure, as computed by the Company, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to the measure reported by such other organizations. Please see the Company's most recent management's discussion and analysis, which is available on SEDAR at www.sedar.com, for how the Company reconciles AFFO and net operating income to the nearest IFRS measure.
CAUTIONARY STATEMENT REGARDING 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. Forward-looking statements generally can be identified by words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", or "continue" or similar expressions suggesting future outcomes or events. More particularly and without limitation, this press release contains forward looking statements and information concerning the date that the Company's securities will begin to trade on the TSX under the new name and the completion of the acquisition of Care Investment Trust. Such forward-looking statements reflect the Company's current beliefs and are based on information currently available to management. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Invesque Inc.