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Invesque Inc. Q3-2019 Earnings, Price Target Update

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Invesque Inc. (IVQ.U, IVQ.DB.U,V) (formerly Mainstreet Health Investment Inc. (HLP.U) owns seniors transitional care, long-term care, memory care assisted living and independent living facilities with 91% of assets in the US and 9% in Canada. Canada. Invesque Inc. is a North American health care real estate company with a portfolio that has grown from 11 properties valued at $670M in 2016 to 97 in Q3-2019 valued at $1.58B. As of Dec-31-2019 they owned 124 properties all from acquisitions. By property type 57% are independent or assisting living, 35% for skilled nursing and with the balance from medical office buildings. Leases with operators are primarily triple-net, the two largest operators comprise 50% of assets. Magnetar Financial LLC directly owned 40.8% of Invesque Inc. as of Dec-2017. Magnetar is a US based asset management firm with $5.5B in assets and 463 holdings, a number of which are large public companies listed on the NYSE. Magnetar was founded in 2005.

The portfolio includes investments in assisted living, independent living, memory care, transitional care, long-term care, and medical office properties. For the seniors housing properties, they generally own the land and buildings and lease them to operators on a long-term, triple-net lease basis or has an interest in both the property and operations in joint ventures and joint arrangements with the operating partner at the facility. Under a triple-net lease structure, the tenant operators assume the operational risks and expenses associated with operating a seniors housing and care facility on the leased premises. The tenant operators provide and manage the service offerings available at the facilities, deliver all care services, and maintain the buildings.

MAJOR ACQUISITIONS

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