CHICAGO, Sept. 2, 2014 /PRNewswire/ -- Aviv REIT,
Inc. ("Aviv" or the "Company") (NYSE: AVIV) announced today it
acquired four post-acute and long-term care skilled
nursing facilities ("SNF") in
Washington, an assisted living facility ("ALF") in
Washington and a campus in
Idaho, which includes a SNF and an ALF, for a total price
of $83.6 million.
The SNF and ALF properties are triple-net leased to
existing Aviv operator EmpRes at a blended initial cash yield
of 9.0%, for a term of 12 years. EmpRes, which will
be Aviv's third largest operator by rent
concentration, operates 48 facilities
in six states, 23 of which they lease from
Aviv.
"We are pleased with the consistently strong pace
of our investment activity, and, as we have
anticipated, the depth and quality of the opportunities we are
identifying in the market," said Craig
M. Bernfield, Chairman and Chief Executive Officer of
Aviv. Mr. Bernfield continued, "This investment with EmpRes
is further evidence that the commitment and effort we make to
support our operator relationships creates ongoing opportunities to
invest in off-market transactions in attractive markets all over
the country. This transaction increases our
third quarter-to-date acquisitions to $182 million
and year-to-date acquisitions to $369 million. We
look forward to growing our portfolio as attractive
opportunities continue to arise with our growth oriented existing
operators, such as EmpRes, and with new operator
relationships."
About Aviv
Aviv REIT, Inc., based in Chicago, is a 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
318 properties that are triple-net leased to 38 operators in 29
states.
For more information about the Company, please visit our website
at www.avivreit.com or contact:
Mark Wetzel, Chief Financial Officer
and Treasurer at 312-899-7032.
Forward-Looking Statements
The information presented
herein includes forward-looking statements. Examples of
forward-looking statements include all statements regarding our
future operator relationships, business strategy, projected growth
opportunities and potential acquisitions. 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 statements. These factors include, among others:
uncertainties relating to the operations of our operators; our
ability to successfully engage in strategic acquisitions and
investments; competition in the acquisition and ownership of
healthcare properties; the availability and cost of capital; the
amount and yield of any additional investments; and other factors
disclosed under "Risk Factors" and elsewhere in filings made by us
with the Securities and Exchange Commission. Except as required by
law, we do not undertake any responsibility to release publicly any
revisions to these forward-looking statements to take into account
events or circumstances that occur after the date as of which such
statements are made or to update you on the occurrence of any
unanticipated events which may cause actual results to differ from
those expressed or implied by the forward-looking statements
contained herein.
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SOURCE Aviv REIT, Inc.