Aviv REIT files for IPO of up to $300 million

Mon Dec 17, 2012 6:09pm EST

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(Reuters) - Real estate investment trust Aviv REIT filed with U.S. regulators to raise up to $300 million in an initial public offering of its common stock.

The Chicago-based REIT, which specializes in owning and leasing of skilled nursing facilities (SNFs), intends to contribute proceeds from the offering to its operating partner in exchange for the partner's units.

The company is structured in a way that its properties are owned by partner Aviv Healthcare Properties LP.

In a regulatory filing with the U.S. Securities and Exchange Commission, the REIT listed Morgan Stanley, BofA Merrill Lynch and Goldman Sachs as lead underwriters to the offering. (link.reuters.com/quc74t)

As of September 30, Aviv's portfolio consisted of 250 properties in 29 U.S. states, 220 of which were SNFs, the company said.

For the nine months ended September, the company had net income of $11.4 million on revenue of $91.8 million.

It will list its stock on the New York Stock Exchange under the symbol "AVIV".

The filing did not reveal how many shares the company planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Aman Shah in Bangalore; Editing by Sreejiraj Eluvangal)


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