|By PR Newswire||
|September 2, 2014 05:49 PM EDT||
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."
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.
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.
SOURCE Aviv REIT, Inc.