Aviv REIT Announces Completion Of Three Major Renovation Projects In Washington
CHICAGO, Nov. 28, 2012 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") announced today the completion of three major renovation projects in Washington for a total cost of $17.9 million. The properties are triple-net leased to and operated by Prestige Care, Inc. ("Prestige"), one of the largest multi-state operators of skilled nursing facilities ("SNFs") and assisted living facilities ("ALFs") in the United States. Prestige operates 70 facilities located in 8 states. The properties are triple-net leased to Prestige for an initial lease term of 5 years.
The three properties are located in Clarkston, Camas and Sunnyside, WA. All of the properties underwent significant interior and exterior renovations including the construction of new therapy gyms. The total cost of the Clarkston, Camas and Sunnyside projects were $5.4 million, $6.2 million and $6.3 million, respectively.
"We collaborated with our operator to create state-of-the-art facilities that were designed to take advantage of the post-acute opportunities in the markets," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "The relationship with our operator was integral to the success of the projects."
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 251 properties that are triple-net leased to 38 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.