What Invesque does

Invesque Inc. (TSX: IVQ and IVQ.U) is a publicly traded Canadian-incorporated healthcare real estate investment company headquartered operationally in Fishers, Indiana. The company was formed via a reverse takeover in 2016 when Kingsway Arms Retirement Residences Inc. acquired Mainstreet Health Holdings Inc., and it originally targeted a thesis that aging North American demographics would drive demand for private-pay seniors housing. Invesque acquires and owns independent living, assisted living, and memory care properties, generating revenue primarily through long-term triple-net leases and joint venture arrangements with regional senior-living operators, alongside owner-occupied properties where it holds both the real estate and the licensed operations. The company also historically held a majority stake in Commonwealth Senior Living, an operator, which it divested in 2025.

Invesque structures partnerships with industry-leading operating partners (Heritage Senior Living, Constant Care Management Company, Health Dimensions Group, and Viva Senior Living) that manage day-to-day operations on Invesque-owned assets, with Invesque providing capital and the real estate platform. Its go-to-market is institutional and relationship-driven rather than transactional, supported by a public-REIT capital-markets presence (SEDAR+ filings, investor presentations, annual meetings) directed at shareholders and institutional investors. Marketing and customer acquisition are effectively its investor-relations program rather than consumer channels.

In 2024-2026 Invesque has executed a fundamental strategic contraction rather than growth: leadership transitioned (Adlai Chester from CFO/CIO to CEO in May 2024), a capital restructuring with Magnetar Financial LLC (December 2024) converted preferred shares to common and consolidated ownership, and an aggressive 2025 disposition program sold 46 of 55+ assets for over US$550 million, shrinking the owned portfolio from 28 properties to 7 (approximately 550 beds across 4 US states). FY2025 revenue of US$76.8 million was down 54% from US$167.9 million in 2024, the company reported a US$31.5 million net loss, and approximately US$510 million of debt was repaid in 2025, culminating in the full redemption of US$27.3 million of 9.75% debentures in January 2026. Management is deploying proceeds to deleveraging rather than dividends or new acquisitions, leaving the company's forward operating profile as a much smaller, debt-light seniors-housing landlord.

Name

Invesque

Legal name

Invesque Inc.

Website

https://invesque.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Invesque Inc. is a publicly traded (TSX: IVQ/IVQ.U) healthcare real estate investment company that owns and partners on seniors housing (independent living, assisted living, memory care) properties across the US via triple-net leases and joint ventures with regional operators, currently executing an active disposition strategy that has reduced its portfolio to 7 owned assets.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (Senior Living)

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Lessors of Real Estate (5311), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industries

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG), Senior Living Property Management (BPAJAGAI)

Keywords

• Healthcare real estate
• Seniors housing investment
• Assisted living properties
• Memory care real estate
• Real estate investment trust

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Rental income from triple-net leases and joint venture arrangements: Invesque generates revenue primarily through long-term leases and joint venture arrangements with senior living operators. Properties are operated under triple-net lease structures where operators pay property taxes, insurance, and maintenance costs. The company also holds owner-occupied seniors housing properties where it owns both the real estate and the licensed operations, generating operational revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Invesque acquires, owns, and structures investments in healthcare real estate, primarily private pay seniors housing including independent living, assisted living, and memory care properties across the United States and Canada. The company generates revenue through long-term triple-net leases and joint venture arrangements with industry-leading senior living operators who manage day-to-day operations of the underlying communities. As of year-end 2025, the company owned 7 seniors housing assets with approximately 550 beds across 4 US states following an aggressive 2025 disposition strategy that reduced the portfolio from 28 properties.

Product overview

Invesque is a North American healthcare real estate company operating a diversified platform of medical and seniors housing properties. The company's core offering consists of a portfolio of approximately 7 owned seniors housing assets (as of late 2025) across 4 US states, including independent living, assisted living, and memory care communities. These properties are operated through two main models: (1) joint venture arrangements with industry-leading operators such as Heritage Senior Living, Constant Care Management Company, and Health Dimensions Group, where operators manage day-to-day operations; and (2) third-party management contracts for owner-occupied properties where Invesque owns both the real estate and licensed operations. The company has been executing a disciplined disposition strategy, reducing its portfolio from 28 properties at year-end 2024 to 7 properties by end of 2025, while simplifying its debt profile.

Differentiator

Problem solved

Functional benefit

Products and services

• Seniors Housing Portfolio A diversified portfolio of income-generating seniors housing communities including independent living, assisted living, and memory care properties, operated under joint venture arrangements and third-party management contracts with industry-leading operators such as Heritage Senior Living, Constant Care Management Company, Health Dimensions Group, and Viva Senior Living.
• Joint Venture Arrangement Services
• Third-Party Management Contracts
• Terra Bluffs Senior Living An owned seniors housing community located at 8797 S Chambers Rd, Parker, CO 80134, built in 2023 with 100 units offering assisted living and memory care services, operated by a premier operator partner.
• The Birches at Newtown

Quantifiable outcome

• Completed over US$550 million in asset sales in 2025 (46 assets), repaying approximately US$510 million of debt

Named customers4 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, minor and former core.

• Heritage Senior LivingcoreStrategic or Co-development PartnerHeritage Senior Living is one of Invesque's preferred operating partners, managing seniors housing communities including The Birches at Newtown in Pennsylvania and a four-asset portfolio in New Jersey and Pennsylvania. Heritage is described as a best-in-class provider of senior care services, and Kevin McCollum, President of Heritage Senior Living, has publicly endorsed Invesque's operational agility and commitment to operator relationships.
• Constant Care Management Company (CCMC)coreStrategic or Co-development PartnerConstant Care Management Company is described as one of the industry's premier memory care providers, managing memory care communities in Texas and Arkansas for Invesque. CCMC has significant experience operating in both states and Invesque anticipates improvements in financial performance following management transitions to CCMC.
• Health Dimensions GroupminorStrategic or Co-development PartnerHealth Dimensions Group operates senior living communities for Invesque and has adopted the primeVIEW Performance Dashboard for KPIs to advance skilled nursing operations and services.
• Viva Senior LivingminorStrategic or Co-development PartnerViva Senior Living is a regional operator managing more than 20 assets. Invesque transitioned management of a community in Zachary, Louisiana from a triple-net lease to a third-party management structure with Viva Senior Living.
• Commonwealth Senior Living, LLCformer coreStrategic or Co-development PartnerCommonwealth Senior Living was Invesque's operating partner managing 20 seniors housing communities. Invesque also held a majority ownership stake in Commonwealth. This relationship ended in 2025 when Invesque sold the 20-asset portfolio and its majority stake in Commonwealth, with Commonwealth ceasing to manage any Invesque-owned properties.
• KPMG LLPcoreOthersKPMG LLP, Chartered Professional Accountants, serves as Invesque's auditor, appointed for fiscal years 2025 and 2026 following shareholder approval.
• Computershare Trust Company of CanadacoreOthersComputershare Trust Company of Canada serves as Invesque's transfer agent and investor services provider, located at 100 University Avenue, 8th Floor, North Tower, Toronto, Ontario.

Scale indicators10 records

Recent moves13 records

Expansion highlights1 record

Direct peers

• CareTrust REIT: CareTrust REIT (NYSE: CTRE) is a healthcare REIT focused on seniors housing and skilled nursing triple-net leases — comparable to Invesque's net-lease and operator-partnership model, with a similar mid-cap public profile and focus on private-pay senior housing.
• American Healthcare REIT: American Healthcare REIT (NYSE: AHR) is a diversified healthcare REIT with a meaningful senior housing operating portfolio (RIDEA) and triple-net lease assets — comparable to Invesque's mixed joint-venture/triple-net-lease structure and similar mid-cap size class.
• National Health Investors: National Health Investors (NYSE: NHI) is a healthcare REIT specializing in senior housing and skilled nursing triple-net lease investments — directly comparable to Invesque's core model of partnering with operators through long-term lease structures in private-pay seniors housing.
• Strawberry Fields REIT: Strawberry Fields REIT (NASDAQ: STRW) is a small-cap healthcare REIT focused on senior housing and skilled nursing triple-net leases — closely comparable to Invesque's current size, structure, and sole focus on private-pay seniors housing with operator partnerships.
• Sabra Health Care REIT: Sabra Health Care REIT (NASDAQ: SBRA) is a mid-size healthcare REIT focused on skilled nursing, senior housing, and behavioral health — closely comparable to Invesque's mid-cap profile and mixed senior housing/skilled nursing asset mix prior to the 2025 dispositions.
• LTC Properties, Inc. LTC Properties (NYSE: LTC) is a small-cap healthcare REIT specializing in seniors housing and skilled nursing — closely comparable to Invesque's current scale (7 owned assets, ~550 beds) and its focus on long-term lease structures with senior housing operators.

Broad incumbents

• Omega Healthcare Investors: Omega Healthcare (NYSE: OHI) is a large healthcare REIT focused on skilled nursing and assisted living facilities — directly comparable to Invesque's historical triple-net-lease structure on skilled nursing and seniors housing, though with a different operator concentration and larger scale.
• Diversified Healthcare Trust: Diversified Healthcare Trust (NASDAQ: DHC) is a healthcare REIT focused on seniors housing operating communities and medical office buildings — comparable to Invesque's owner-occupied/managed seniors housing segment under third-party management contracts.
• Welltower Inc. Welltower (NYSE: WELL) is the largest U.S. healthcare REIT and the most direct senior housing peer for Invesque — Invesque's CEO Adlai Chester previously orchestrated a multi-billion-dollar deal with Welltower, and both focus on senior living and post-acute real estate with leading operators.
• Ventas, Inc. Ventas (NYSE: VTR) is a major S&P 500 healthcare REIT with a substantial seniors housing portfolio — Invesque's VP Kari Onweller previously served as a Portfolio Manager at Ventas managing a US$4B+ seniors housing and skilled nursing portfolio, making Ventas the closest large-cap comparable for Invesque's private-pay senior housing thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invesque