Aviv REIT, Inc. Declares Quarterly Dividend, Payable on October 10, 2014
Jul 29 14
Aviv REIT, Inc. announced that its Board of Directors declared a quarterly dividend of $0.36 per share. The dividend is payable in cash on October 10, 2014 to stockholders of record as of the close of business on September 26, 2014.
Aviv REIT, Inc. Acquires Portfolio of Properties in Massachusetts for $94.2 Million
Jul 14 14
Aviv REIT Inc. announced that it acquired a portfolio of properties in Massachusetts for a total of $94.2 million. The company acquired: 126-unit assisted-living facility West Yarmouth; 72-unit skilled-nursing facility in West Yarmouth; 93-unit assisted-living facility in Weston; Two land parcels. The land parcels come with entitlements to build two new facilities and a 50-unit addition to an existing facility. The company expects the new construction projects to cost $69.7 million, inclusive of the $12.2 million paid for the land and entitlements. The company plans to start the construction of a 75-unit assisted-living facility in West Yarmouth in the second quarter of 2015, with a targeted completion in the third quarter of 2016. In addition, construction work on a 131-unit assisted-living facility in Brewster will begin in the fourth quarter and is expected to be completed in the second quarter of 2016. A 50-unit addition to the assisted-living facility in West Yarmouth is expected to begin in the second quarter of 2015 and is expected to be completed in the third quarter of 2016.
Aviv REIT, Inc. Acquires Two Assisted Living Facilities and One Post-Acute and Long-Term Care Skilled Nursing Facility
Jul 10 14
Aviv REIT, Inc. announced it has acquired two assisted living facilities and one post-acute and long-term care skilled nursing facility for $82.0 million and two parcels of land and the entitlements for the construction of two new ALFs and a 50 unit addition to one of the existing ALFs for $12.2 million, all of which are located in Massachusetts, for a total of $94.2 million. The Acquisition includes a 126 unit ALF and a 72 unit SNF located in West Yarmouth, MA, which is in the center of Cape Cod, and a 93 unit ALF located in Weston, MA, an affluent suburb of Boston. The New Construction Projects, which are more specifically described below, include two ALFs in West Yarmouth and an ALF in Brewster, MA, also located on Cape Cod. The properties will be triple-net leased to existing Aviv operator Maplewood Senior Living, an operator of twelve facilities in three states, all of which are triple-net leased from Aviv. The Acquisition has an initial cash yield of 8.0%, which increases to 8.5% in year two, with CPI-based annual escalators thereafter, and an initial lease term of 10 years. The New Construction Projects have an initial cash yield of 9.0% upon completion, with CPI-based annual escalators, and an initial lease term of 10 years. All of the properties are located in affluent, high barrier to entry markets with strong demographics. The monthly revenues per occupied room are approximately $6,000 and the occupancy of the facilities is 91%. These metrics are consistent with Maplewood's other properties in Connecticut and Ohio that are also in affluent, high barrier to entry markets with strong demographics and high occupancy. The total expected cost for the New Construction Projects is $69.7 million, inclusive of the $12.2 million paid for the land parcels and entitlements, with construction expected to take place from the end of 2014 to the end of 2016.