Aviv acquires assisted living and skilled nursing facilities for $83.6 million
Published on September 2, 2014 at 9:46 PM
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."