Aviv REIT Announces Acquisition Of Skilled Nursing Facility With New Tenant Relationship NuCare
CHICAGO, Nov. 2, 2012 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") announced today that it has acquired a post-acute and long-term care skilled nursing facility ("SNF") located in Wisconsin for $7.6 million. The property will be triple-net leased to NuCare Services Corporation ("NuCare"), a new tenant relationship for Aviv. NuCare is an operator of SNFs and senior housing communities in the United States, with 26 facilities located in 3 states. The triple-net lease has a 10-year term, an initial cash yield of 10.0 percent and an annual compounded escalator based on CPI. The transaction closed on October 31, 2012 and was funded with cash on hand.
"NuCare has over 30 years of experience operating SNFs and we are pleased to add another new relationship with a large and experienced, multi-state operator to the Aviv portfolio," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "With this transaction, we have closed on over $150 million of acquisitions year-to-date."
Aviv REIT, Inc., based in Chicago, is a privately-owned real estate investment trust that specializes in owning post-acute and long-term care SNFs and other healthcare properties. Aviv is one of the largest owners of SNFs in the United States and has been in the business for over 30 years. The Company currently owns 250 properties that are triple-net leased to 37 operators in 29 states.
This press release may include forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. These forward-looking statements are made based on our current expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. These uncertainties include, but are not limited to, uncertainties relating to the operations of our tenants, including those relating to reimbursement by government and other third-party payors, compliance with regulatory requirements and occupancy levels, regulatory, reimbursement and other changes in the healthcare industry, the performance and reputation of our tenants, our ability to successfully engage in strategic acquisitions and investments, the effect of general market, economic and political conditions, the availability and cost of capital, changes in tax laws and regulations affecting REITs and our ability to maintain our status as a REIT. Important factors that could cause actual results to differ materially from our expectations include those disclosed under "Risk Factors" and elsewhere in filings made by Aviv REIT, Inc. and Aviv Healthcare Properties Limited Partnership with the Securities and Exchange Commission.
SOURCE Aviv REIT, Inc.