Aviv REIT Postpones IPO

November 4, 2009

We spoke too soon in the November issue of The SeniorCare Investor when we said that by the time you read it, Aviv REIT will have priced its IPO. The IPO was postponed yesterday, perhaps after some questions were raised by a report from Green Street Advisors. Some of the issues involved the quality of the operators in Aviv’s portfolio, some governance issues and the market overhang of two large investors (owning 28% of the shares combined) potentially selling their shares after a 180-day lock-up period.  We have to assume that the pricing ultimately came down below the $17 to $19 range to a level that was unacceptable to management.  This is the second postponement of the IPO, and no one knows when or if it will come out again.



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