Aviv REIT acquires eight skilled nursing facilities in California and Texas

Aviv REIT, Inc. (NYSE: AVIV) announced today it has acquired eight post-acute and long-term care skilled nursing facilities ("SNFs") in California and Texas, in three separate transactions for $70.7 million. These acquisitions are follow-on investments with existing operator relationships and the opportunities were brought exclusively to Aviv by the operators. These triple-net leases have a blended initial cash yield of 9.7%, annual escalators and lease terms of ten years.

Four of the SNFs, located in Texas, were purchased for $53.7 million and are triple-net leased to existing Aviv operator Fundamental Long Term Care ("Fundamental"), an operator of 76 SNFs in 9 states, at an initial cash yield of 9.5%. Three of the SNFs, located in California, were purchased for $13.4 million and are triple-net leased to existing Aviv operator Providence Group ("Providence"), an operator of 12 SNFs in Kentucky and California, at an initial cash yield of 10.25%. The remaining SNF, located in Texas, was purchased for $3.6 million and is triple-net leased to existing Aviv operator Trinity Healthcare, LLC ("Trinity"), an operator of five SNFs in Texas, at an initial cash yield of 10.75%.

"We have already completed $181 million of accretive acquisitions in 2014 and these acquisitions have further enhanced our operator and geographic diversification, consistent with our overall strategy," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "Fundamental, Providence and Trinity have successful track records with us and we expect to continue to build our relationships with them. We have a strong pipeline of identified acquisitions and we are confident about our growth prospects for the balance of 2014."