RE:Symcare seems done.Despite the deferals, Invesque had positive cashflows from operations in its latest quarter (around $7M), which includes the change in working capital (which includes deferals).
There's also the deal they have done with Symcare where they will reduce their exposure by 50% to that operator (and they say that the remaining properties will have better coverage, we'll see).
In the sector, the caprate hasn't been hurt too much (based on transactions on the market + action has picked up recently) and with the vaccine being rolled out, a turnaround is expected.
Since the shares are trading at a rebate to the recently reduced caprate (for Invesque) and that property operators can be changed or properties sold, the shares do hold some value. When comparing to other REITs, you have to understand that Invesque is trading at around 28% of its pre-covid price. Even though they wrote down about $100M, the shares are still trading at only 40% of NAV.
Like I wrote a couple of times, right now I think that the Jan 2022 debentures are a better deal than the common shares, as the return is over 75% on those.
With positive net cashflow from operations, only $10M in debt coming up before the Jan 2022 debentures, caprates holding up in the sector and a transaction in place to reduce exposure to Symphony Care in Q1 2021, I don't think Invesque's future is at risk. However, there's a good chance that common shares may take a while to appreciate.
Lastly, there's been an interview with Scott White about what the sector is going through:
https://www.mcknightsseniorliving.com/home/news/business-daily-news/our-industry-will-forever-be-better-and-stronger-as-a-result-of-covid-19-invesque-ceo/