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SOURCE Aviv REIT, Inc.
CHICAGO, Dec. 23, 2013 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") (NYSE: AVIV) announced today it has acquired four post-acute and long-term care skilled nursing facilities ("SNFs") in Texas and Illinois in two separate transactions for $20.0 million. One of the SNFs is located in Texas and is triple-net leased to existing Aviv operator Fundamental Long Term Care ("Fundamental"), an operator of 102 facilities in 13 states, and one of the largest operators in the U.S., and the other three SNFs are located in Illinois and triple-net leased to existing Aviv operator Bridgemark Healthcare ("Bridgemark"), an operator of ten facilities in Illinois. These investments have a blended initial cash yield of 9.9%, annual escalators and initial lease terms of seven and ten years, respectively.
"Our relationship-oriented growth strategy continues to produce accretive acquisitions, as Fundamental and Bridgemark brought both of these transactions exclusively to us," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "Fundamental is a new operator relationship for us this year, and with this transaction, they are now our seventh largest operator. Fundamental, like our other sophisticated and experienced operators, is able to partner with hospitals, physicians groups and managed care organizations because they provide quality care in an efficient and low-cost setting. The prospects for the SNF industry remain attractive and, given our pure-play focus, we are in a strong position to be a beneficiary of today's evolving healthcare environment."
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 281 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.
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.
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