Aviv REIT Announces Closing of $13 Million Acquisition
CHICAGO, Oct. 4, 2013 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") (NYSE: AVIV) announced today it has acquired three assisted living facilities ("ALFs") in Florida for $13.0 million. The properties are triple-net leased to new Aviv operator Better Senior Living Consulting ("Better Senior Living"). Better Senior Living is an operator of ALFs with nine facilities in Florida. The triple-net lease has an initial cash yield of 10.00%, initial lease term of 10 years and annual compounded escalators based on CPI.
"We are pleased to add another new operator relationship and to further diversify our portfolio by opportunistically adding three assisted living facilities," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "Better Senior Living was referred to us by one of our existing operator relationships, and Better Senior Living sourced the deal and brought it to us. Our strong relationships with our operators continue to provide us with attractive acquisition opportunities to grow the Company and diversify the portfolio. We have now completed $106 million of investments in 2013."
Aviv REIT, Inc., based in Chicago, is a real estate investment trust that specializes in owning post-acute and long-term care skilled nursing facilities 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 269 properties that are triple-net leased to 36 operators in 29 states.
For more information about the Company, please visit our website at www.avivreit.com or contact:
David J. Smith, Managing Director, Investor Relations & Capital Markets at 312-855-0930.
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.