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Aviv REIT Files Plans For IPO Of Up To $300M

 December 18, 2012 01:18 PM

(By Balachander) Aviv REIT, a real estate investment trust,  has filed to raise up to $300 million in an initial public offering of its shares. 

The filing with the U.S. federal regulators did not disclose how many shares the REIT plans to offer or the pricing terms.

Aviv REIT specializes in the ownership and triple-net leasing of post-acute and long-term care skilled nursing facilities, or SNFs, which receive a majority of their revenue through reimbursement from state and federally funded Medicaid and Medicare programs.

The REIT plans to contribute the net proceeds from the offering to its operating partnership, Aviv Healthcare Properties Limited Partnership, in exchange for OP units of its operating partner.

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Our operating partnership intends to use those net proceeds to repay certain indebtedness and to use the remainder for general corporate purposes, including the potential acquisition of additional properties in the ordinary course of business.

As of September 30, 2012, the REIT said its portfolio consisted of 250 properties in 29 states, 220 of which were SNFs.

For the year ended December 2011, Chicago-based Aviv REIT had net income of $11.31 million on revenue of $97.05 million.

For the nine months ended September, the REIT earned $11.39 million on revenue of $91.84 million.

For the three months ended June 30, 2012, Aviv REIT's portfolio occupancy was 80.6 percent and quality mix was 47.4 percent.

In the last five years, Aviv REIT has acquired 113 properties leased to 20 tenants, for a total of $520.2 million.

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Morgan Stanley (MS), BofA Merrill Lynch and Goldman Sachs (GS) are lead underwriters to the offering.

Aviv REIT plans to list on the New York Stock Exchange under the symbol "AVIV."

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