Aviv REIT, Inc. Announces First Quarter 2011 Earnings Results
CHICAGO, May 27, 2011 /PRNewswire/ -- Aviv REIT, Inc. ("Aviv" or the "Company") released its earnings for the quarter ended March 31, 2011. The financial statements and related information, including a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures, have been posted to the Company's website at www.avivreit.com. A conference call to discuss the 2011 first quarter earnings will take place on June 2, 2011 at 1 p.m. central daylight time / 2 p.m. eastern daylight time. The dial-in number for the conference call is 866-225-8754 (480-629-9645 for international access) and a replay of the call will be available through June 16, 2011 at 800-406-7325, passcode 4445242.
- Total revenues were $22.7 million in the first quarter;
- Adjusted EBITDA for the first quarter was $17.6 million;
- Adjusted FFO for the first quarter was $11.2 million;
- Completed $69.2 million of investments year to date including $24.8 million in acquisitions during the first quarter;
- Issued $300 million of 8 year 7.75% senior unsecured notes - $200 million in February priced at par and $100 million in April priced at 102.75%;
- Closed on a $25 million revolving credit facility with Bank of America.
Craig M. Bernfield, Chairman, Chief Executive Officer and President, said, "We are pleased to have achieved another solid quarter of performance, consistent with our expectations. Our primary objective during the quarter was to complete our unsecured bond issuance and diversify our balance sheet. We are pleased with the execution and favorable investor reception which enabled us to complete an add-on issuance in April. We also feel good about the amount and quality of the acquisitions we have made and believe that our access to capital and our opportunities position us for continued growth."
Aviv has been among the largest owners of skilled nursing and other healthcare facilities in the United States for over 30 years. At May 27, 2011, the Company's portfolio consisted of 200 properties which are triple-net leased to 31 operators in 25 states.
This press release may include forward-looking statements. These forward-looking statements are made based on our current expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include those disclosed under "Risk Factors" and elsewhere in filings made by Aviv Healthcare Properties Limited Partnership with the Securities and Exchange Commission.
SOURCE Aviv REIT, Inc.