3Q12 Earnings Results
CHICAGO - November 13, 2012 - Aviv REIT, Inc. ("Aviv" or the "Company") released its earnings for the quarter ended September 30, 2012.
- Adjusted EBITDA was $28.0 million;
- Normalized FFO was $14.5 million;
- Net Income was $1.8 million;
- Completed $25.5 million of acquisitions comprised of 3 post-acute and long-term care skilled nursing facilities and 1 long-term acute care hospital;
- Invested $11.0 million for property reinvestment and new construction, furthering our commitment to enhancing Aviv's high-quality real estate portfolio.
"Our business continues to perform well. We continue to grow by furthering our relationships with many of the largest and most experienced operators in the United States. We have invested $177 million so far this year with new and existing tenant relationships, including $145 million of acquisitions and $32 million for property reinvestment and new construction," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "Aviv remains committed to investing in post-acute and long-term care SNFs because of the current and future industry prospects."
A conference call to discuss the third quarter 2012 earnings will take place today at 11:00 a.m. central time / 12:00 p.m. eastern time. The dial-in number for the conference call is 877-941-8609 (480-629-9645 for international access) and a replay of the call will be available through December 13, 2012 at 800-406-7325, access code 4574430.
Aviv REIT, Inc., based in Chicago, is a privately-owned real estate investment trust that specializes in owning post-acute and long-term care skilled nursing facilities and other healthcare properties. Aviv is one of the largest owners of SNFs in the United States and has been in the business for over 30 years. The Company currently owns 250 properties that are triple-net leased to 37 operators in 29 states.
For more information about the Company, please visit our website at www.avivreit.com or contact: David J. Smith, Managing Director, Investor Relations & Capital Markets at 312-855-0930.