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Aviv REIT Inc. Feb 11
Standard & Poors, Feb 2011
Abstract
Long-term triple net leases that average nine years in length and have minimal expirations through 2015. A history of established, repeat business with existing tenant relationships. Fixed-charge coverage of 2.2x, on a pro forma basis for the proposed senior unsecured note offering, is strong for the rating. Tenants' heavy reliance on higher payer mix of low-margin Medicaid reimbursement. Low tenant rent coverage metrics relative to peers. Higher levels of secured debt than peers. Our ratings on Aviv REIT Inc. reflect the company's aggressive financial risk profile, which is marked by moderate overall debt levels and a manageable debt maturity schedule against higher levels of secured, floating-rate debt and low debt coverage measures compared with peers, and some reliance upon third-party...
Companies mentioned in this report are: Aviv REIT Inc.,Aviv Healthcare Properties LP,Aviv Healthcare Capital Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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