Aviv REIT, Inc. Announces Fourth Quarter and 2010 Earnings Results

Mar 21, 2011, 17:52 ET from Aviv REIT, Inc.

CHICAGO, March 21, 2011 /PRNewswire/ -- Aviv REIT, Inc. released its earnings results for the quarter and year ended December 31, 2010.  The 2010 financial statements and related information have been posted to the company's website at www.avivreit.com.  

Financial Highlights:

  • Total revenues were $96.2 million, an increase of 4.2% year-over-year;
  • Adjusted FFO was  $50.0 million, an increase of approximately 14.8% from 2009;
  • Gross real estate investment was $703 million at December 31, an increase of 10.5% over 2009;
  • Total debt was $440.6 million at December 31, an 8.2% decrease from 2009.

Craig M. Bernfield, Chairman, Chief Executive Officer and President, said, "We are pleased with our results and our performance exceeded our expectations for the year.  We achieved some significant objectives in 2010 which I believe will position us for success in 2011. We strengthened our financial position by refinancing our debt, deleveraging and entering into a strategic equity partnership with Lindsay Goldberg, LLC. We also completed $79.2 million of new investments.  I believe our financial position will enable us to take advantage of attractive opportunities in the marketplace."

Subsequent Events:

In February 2011, the Company issued $200 million of 8 year senior unsecured notes with a coupon of 7.75%.

Aviv REIT, Inc.

Aviv REIT, Inc. has been among the largest owners of skilled nursing and other healthcare facilities in the United States for over 30 years.  At December 31, 2010 the Company's portfolio consisted of 185 properties with 17,997 licensed beds triple-net leased to 32 operators in 24 states.