Dec 17 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. ()
As of Sept. 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.