Good morning, ladies and gentlemen. Welcome to Invesque First Quarter 2023 earnings conference call. I will now turn the call over to Scott Higgs, Chief Financial Officer. Please go ahead, Mr. Higgs.
Thank you. Good morning, and thank you for joining our first quarter 2023 conference call. I am joined here today by Scott White, our Chairman and Chief Executive Officer, and Adlai C hester, our Chief Investment Officer. Following our prepared comments, we will open the line for questions. The first quarter earnings release, financial statements, and MD&A are available on our website. A replay of this call will be available from 12:45 P.M. Eastern Time today until 11:59 P.M. Eastern Time on May 18th. Please remember that today's call may include forward-looking statements regarding future operations. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied today. We have identified such factors in our news release and other public filings.
As we discuss our performance, please bear in mind that all amounts are in US dollars unless otherwise specified. I will now turn the call over to our CEO.
Good morning, all, and thank you for joining the call. As I highlighted last quarter, 2021 and 2022 were transformational years for Invesque. We sold 43 assets for more than $435 million, drastically changing the makeup of our portfolio composition. With 80% of our pro forma NOI coming from senior housing investments, we are now a predominantly private pay senior housing company that has been successful in our efforts to simplify the portfolio. We remain focused on ensuring that each one of our senior housing assets is operated by one of our preferred senior housing operating partners. Since our last earnings call almost six years ago, we have further executed on that strategy. I'm happy to report that we closed on the 7 MetroW est medical office building in Orlando, Florida, which we previously shared here on March.
The asset sold in April for $6.4 million, A portion of the proceeds will be used to pay down property level debt. We continue to market the remaining two medical office buildings and have ongoing discussions with a potential buyer, At this time have not entered into any definitive agreements. On April first, we added a new operator to our roster of partners when we transitioned the day-to-day operations of three memory care communities to Chapters Living. The Chapters team took over our operations under an interim management structure as they awaited final regulatory approvals. As of May first, the licenses have been received and the new master between Chapters and Invesque has fully commenced. This portfolio was previously managed by a small regional operator that struggled to achieve financial success with these assets over the last couple of years.
I will touch a bit more on the specifics of our new lease with Chapters and the Chapters leadership team later on in the call. I look forward to a long and successful relationship with the Chapters team and am proud to have them on our team. On December 5, 2022, Invesque acquired a loan encumbering a 34-unit memory care community located in Carrollton, Texas. On April 10, we closed on the acquisition of the property as a part of a deed in lieu of foreclosure agreement with Arbor and the note. Simultaneous to closing, we leased the community to Constant Care Management Company. This community will ultimately be rolled into our master lease with Constant Care and makes the total number of communities owned by Invesque and managed by Constant Care to 10.
Lastly, I want to provide an update on the sale of our Seniors Care portfolio that was announced as part of our March earnings release and conference call. The due diligence period has expired and the buyer continues to move forward towards closing. We still anticipate that the transaction will close prior to the end of the second quarter. As we highlighted on our last call, Invesque will have only nine skilled nursing facilities remaining in the portfolio following this sale. The SHOP operators are off to a good start in 2023, with occupancy continuing to tick up, NOI increasing primarily due to annual resident rate increases that went into effect during the first quarter. Staffing, while better than it was this time last year, continues to be a challenge for many of our partners.
Commonwealth Senior Living specifically is hyper-focused on hiring additional home office support resources to provide their communities with hiring support as well as training and development programs with the goal of hiring the right staff and working extremely hard to retain them. We expect to see continued NOI improvement from our larger SHOP relationships throughout 2023 as the additional upside remains for the longer term. Our teams continue to provide critical service. We have improved the portfolio to take advantage of upcoming senior housing demand. Scott, I'll now turn it back to you to review our financial results.
Thank you, Scott. For the three months ending March 31st, FFO was $0.12 per share and AFFO was $0.12 per share. We continue to use proceeds from sale transactions to delever and derisk the balance sheet and plan to use organic cash flow to ensure the company is in the best term. Our finance team is actively addressing near-term maturities and managing the rising interest rate environment. As of March 31st, approximately 74% of consolidated indebtedness features a fixed interest rate and approximately 82% of JV indebtedness features a fixed interest rate. Consistent with our strategy and previously outlined, on April 10th, we announced proposed enhancements in terms of a 6% 2018 convertible debentures that are due in September 2023.
The proposed enhancements increase the interest rate of 6% to 8.7%, decrease the conversion price from [$10.70] per share to [$ 2.105] per share, and extend the maturity date by three years. Additionally, the proposed enhancements include the redemption on a pro rata basis of [$22 million] of the outstanding principal. The company, including the board of directors, unanimously recommends this enhancements and feel that the updated terms are in the best interest of all Invesque. These terms will allow us to continue executing on our strategy, which we believe will create significant value for all stakeholders. As previously discussed, we believe using our Normal Course Issuer Bid to buy back common equity and convertible debentures is among our best uses of capital.
Since the inception of our Normal Course Issuer Bid through April thirtieth, we have retired nearly 701,000 common equity shares at an average price of $1.51 per share and $1.73 million in convertible debenture units averaging 81% of face value. I will now turn things over to Adlai Chester.
Thank you, Scott. The stabilized portfolio, even on its coverage, remains just under 1.0x the period ended December 31, 2022. As of December 31, the trailing twelve-month occupancy stabilized net asset and stabilized platform portfolio was 77% and 79% respectively. As we mentioned last quarter, most of our senior housing operators increased resident rent at 5%-6% during the first quarter. We have started to see the impact of this increase improve NOI for several operators to expect even further increases to average rates and NOI in two two. We expect that because one of our largest operators rolled out their annual rate increase to in-house residents on March 1. The increases in rental rates have been an important tool used by our operators off the continued increases in expenses including cash.
While certain markets remain challenging, our SHOP operates facilities that have seen capacity availability and reduction in occupancy challenges. They were for a month ago. Chat us briefly on the transition of a portfolio of memory care assets previously managed by a small regional operator. We transitioned the community to a new operator, Chapters Living, about 45 days ago. Invesque in Chapters have entered into a 15-year master lease of 2.5% annual escalators beginning in lease year four. Chapters Living, run by Manny Scriver, is a relatively new operator based in St. Louis, Missouri, that is focused on improving the lives of seniors and bringing passion to memory care. Manny has a track record of success in this industry, we are really excited to add him and his team to our list of preferred operating partners.
The portfolio, which includes two assets in San Antonio, Texas, and one in Little Rock, Arkansas, was a portfolio that SHOP set out to syndicate and perform in 2022. We are happy to report that in just 45 days, we've already seen positive traction on occupancy and rental rates for overall NOI growth in the community as the asset is stabilized and expenses are better managed. We look forward to a long, successful relationship with the Chapters team. As Scott said earlier, we successfully completed the acquisition of a 34-unit memory care facility in Carrollton, Texas, on April 10th. At closing, we entered into a new 15-year lease with Constant Care Management Company, one of our preferred operating partners, to operate the community. The acquisition was unique as we were able to leverage the relationship with one of our lenders to acquire the property at a very attractive basis.
Increasing purchase price and additional capital to bring facility up to Constant Care standards, we estimate this will be less than $90,000 per unit, which is a substantial discount to replacement cost. Because we have relationships with many lenders in our industry, we may see more similar opportunities to acquire underperforming properties and partner with our best-in-class operating relationships to improve the performance of these communities. Finally, I'd like to comment on our pending transactions. We are very encouraged that the due diligence period has expired for this portfolio and that we are working toward completing this transaction. The finance environment remains very challenging, and bringing a transaction to close is no small feat. In choosing a transaction partner, we consider a number of factors beyond the purchase price.
Working with credible groups that have a track record of successfully completing deals is one consideration for all of us. As we continue to work to turn these transactions to closing, we continue to proactively evaluate our portfolio and identify assets which may be right for additional investment or disposition. That wraps up our prepared remarks for the first quarter results call.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day. Bye-bye.