Executives for real estate company Invesque hope its new framework with Symphony Care Network, which is built around the sale of some of the post-acute care operator’s assets, will be finalized in the near future.

The Toronto-based company in November announced it had entered a non-binding memorandum of understanding with Symphony, its largest post-acute care operator, due to ongoing struggles associated with the pandemic.

The deal reframes the relationship between the two companies, with Invesque selling a portion of its Symphony assets back to the operator and transferring others to different regional providers. The companies also plan to enter into an amended and restated 15-year, absolute-triple net master lease for the properties that will still be operated by Symphony.

“We’re excited about the new, potential framework with Symphony, and we look forward to continuing our long-standing relationship with their team,” Invesque Chief Financial Officer Scott Higgs reported during an earnings call Thursday.  “Although we expect short-term reduction in rental income received under the new structure in 2021, we anticipate the rental revenue will stabilize in 2022.”

CEO Scott White was hesitant to provide an official timeframe for finalizing the deal but indicated the two sides were “getting close.” He added he’s “hopeful in the coming weeks, we’ll be in a position to finalize that deal.” 

“This is a complicated transaction that is progressing as we work through the details,” White said.  “There’s still some wood to chop between now and closing. We’re optimistic that our team and Symphony will continue to work towards a mutually beneficial solution that sets all parties up for success over the long-term.”