CHICAGO, Sept. 5, 2012 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") announced today that it has acquired a post-acute and long-term care skilled nursing facility ("SNF") located in Idaho for $6.0 million. The property will be triple-net leased to Safe Haven Health Care ("Safe Haven"), an existing tenant since 2008. Safe Haven is an operator of SNFs and assisted living facilities ("ALFs") in Idaho, with 12 facilities, 2 of which are now leased from Aviv. The triple-net lease has a 7 year term, an initial cash yield of 11 percent and annual compounded escalators of 2 percent. The transaction closed on August 31st and was funded with cash on hand.
"We are excited to add another property to our relationship with Safe Haven," said Craig M. Bernfield, Chairman, Chief Executive Officer and President of Aviv. "Our pipeline remains active and we continue to source a significant amount of investment opportunities from existing tenant relationships."
About Aviv
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 36 operators in 28 states.
Forward-Looking Statements
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.
