Invesque (IVQ) Q4 2025 earnings summary

Executive summary

• Completed significant asset sales in Q4 2025, including properties in Virginia, New Jersey, Pennsylvania, New York, and Canada, reducing the portfolio to seven owned assets at year-end.

• Fully redeemed outstanding 9.75% unsecured subordinated debentures in January 2026, simplifying the debt profile.

• Continued focus on a disciplined disposition strategy to capitalize on favorable market dynamics in the seniors housing sector.

Financial highlights

• Q4 2025 revenue was $3.3 million, down from $38.7 million in Q4 2024; full-year 2025 revenue was $76.8 million, down from $167.9 million in 2024.

• Q4 2025 net loss was $5.3 million, compared to $3.6 million in Q4 2024; full-year 2025 net loss was $31.5 million, compared to $33.2 million in 2024.

• Q4 2025 FFO was negative $2.1 million, compared to negative $0.2 million in Q4 2024; full-year 2025 FFO was negative $3.6 million, compared to $4.8 million in 2024.

• Q4 2025 AFFO was negative $1.2 million, compared to $1.6 million in Q4 2024; full-year 2025 AFFO was $1.5 million, down from $5.7 million in 2024.

Outlook and guidance

• Management remains committed to further asset sales in 2026, citing favorable market conditions for seniors housing assets.

• Plans to continue simplifying the balance sheet and focusing on core assets.