Aug 2 2013
Aviv REIT, Inc. ("Aviv" or the "Company") (NYSE: AVIV) announced today it has acquired a post-acute and long-term care skilled nursing facility ("SNF") in Kentucky for $9.3 million. The property is triple-net leased to existing Aviv tenant Diversicare Healthcare Services ("Diversicare"). Diversicare is an operator of SNFs with 54 facilities in 9 states. The triple-net lease has an initial cash yield of 10.25%, initial lease term of 15 years and an annual compounded escalator based on CPI.
"We began our relationship with Diversicare in 2012 and we are pleased to continue to grow our relationship with them," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "We have closed on $46 million of investments year-to-date and we are continuing to work on other opportunities in our pipeline."