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Aviv REIT Inc Announces Closing Of $42 Million Of Acquisitions

Monday, 4 Nov 2013 08:25am EST 

Aviv REIT Inc announced that it has acquired five post-acute and long-term care skilled nursing facilities (SNFs) located in Ohio and Arkansas in two separate transactions for $42.2 million. Four of the properties are triple-net leased to new Aviv operator Peregrine Health Services (Peregrine) and one property is triple-net leased to existing Aviv operator Concepts Management ("Concepts"). Concepts is an operator of SNFs with 4 facilities in Arkansas. The triple-net lease with Concepts has an initial cash yield of 11.0%, an initial lease term of 10 years and annual compounded escalators based on CPI. The transaction was sourced by Concepts and brought to Aviv due to the Company's long-term relationship with Concepts.