Divested $68 Million of Skilled Nursing Facilities During the Quarter, Continuing to Focus on Seniors Housing Assets and Improving Balance Sheet TORONTO, May 9, 2024 /CNW/ - Invesque Inc. (TSX:IVQ) (TSX:IVQ) (the "Company") today reported its results for the three months ended March 31, 2024. First Quarter and Subsequent Highlights As previously announced, completed the following sales during the first quarter of 2024: On January 31, 2024, sold a seniors housing community in South Carolina for gross proceeds of US$4.0 million. On February 29, 2024, sold two skilled nursing facilities in Pennsylvania previously operated under a triple-net lease for gross proceeds of US$12.9 million. On March 5, 2024, sold three skilled nursing facilities in Texas and Missouri previously operated under a triple-net lease for gross proceeds of US$55.5 million. As previously announced, on March 5, 2024, the Company executed an amendment to its credit agreement with KeyBank. Subject to the Company meeting specific conditions, including further repayment of the outstanding principal balance, the amendment provides for the reduction of several covenant requirements associated with the debt. On April 15, 2024, IVQ Stock Holding Company, LLC ("ISHC") completed its previously announced acquisition of 16,982,283 common shares previously owned by affiliates of Tiptree, Inc. Following the transaction, Tiptree no longer owns or controls any shares in the Company. Reported funds from operations ("FFO")1 of US$0.04 per common share for the three months ending March 31, 2024. The Company reported adjusted funds from operations ("AFFO")2 of US$0.04 per common share for the three months ending March 31, 2024. "In the past ninety days, the Company has made great strides on several fronts, including the execution of an important modification with our bank group, and a reduction of skilled nursing exposure. I look forward to working with Adlai and the team to further streamline and simplify our business." commented Quinn Haselhorst. Mr. Haselhorst will assume the Chief Financial Officer role for Invesque effective May 10, 2024. ______________________________ 1 FFO is a measure used by management to evaluate operating performance. Please refer to the section "Non-IFRS Measures" in this press release for more information. 2 AFFO is a measure used by management to evaluate operating performance. Please refer to the section "Non-IFRS Measures" in this press release for more information. Financial Highlights Three months ended March 31, (in thousands of U.S dollars, except per share values) 2024 2023 Revenue $             43,642 $              49,541 Net income (loss) $              (6,244) $             (15,598) FFO (1) $                2,504 $                6,903 FFO per share $                  0.04 $                  0.12 AFFO (1) $                2,081 $                6,571 AFFO per share $                  0.04 $                  0.12 Balance Sheet and Portfolio Highlights (in thousands of U.S. dollars, except number of properties) March 31, 2024 December 31, 2023 Total assets $749,343 $828,283 Number of properties3