CHICAGO, June 4, 2013 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") (NYSE: AVIV) announced today it has acquired two post-acute and long-term care skilled nursing facilities ("SNFs") in Oklahoma for $6.2 million. The properties are triple-net leased to existing Aviv tenant Preferred Care, the Company's fourth largest tenant. Preferred Care is an operator of SNFs and assisted living facilities with 109 facilities in 12 states. The triple-net lease has an initial cash yield of 11.0%, initial lease term of 10 years and an annual compounded escalator of 2%. The transaction was funded with the Company's revolving credit facility. Year-to-date, the Company has funded $35 million of investments.
"We have been working with Preferred Care since 2008 and this transaction is another example of our relationship-oriented investment strategy leading to the growth of our business," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "We are committed to our strategy of owning a concentration of properties with multiple operators in our targeted states."
About Aviv 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 262 properties that are triple-net leased to 36 operators in 29 states.
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.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.