Plus   Neg

Aviv REIT Files For Up To $300 Mln IPO

Real estate investment trust Aviv REIT announced that it has filed with U.S. regulators to raise up to $300 million in an initial public offering of its common stock. Pricing terms of the offering were not disclosed.

The Chicago-based REIT, which specializes in the ownership and triple-net leasing of post-acute and long-term care skilled nursing facilities list its stock on the New York Stock Exchange under the symbol "AVIV".

The REIT, which was founded in 2005, intends to contribute the net proceeds from this offering to operating partnership in exchange for OP Units of operating partnership.

Morgan Stanley, BofA Merrill Lynch and Goldman Sachs as lead underwriters to the offering, the company said in the filing with U.S. Securities and Exchange Commission .

As of September 30, 2012, Aviv's portfolio included 250 healthcare facilities, located in 29 states and operated by 37 third party operators

For the nine months ended September, the company had net income of $11.4 million, up from $9.03 million last year on revenue of $91.8 million.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT