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Aviv REIT Inc. Feb 12
Standard & Poors, Feb 2012
Abstract
Long-term triple net leases that have minimal expirations through 2017. A history of established, repeat business with existing tenant relationships. An extended debt maturity schedule, with no material obligations due prior to 2015. Tenants' high payer mix of low-margin Medicaid reimbursement. Low tenant rent coverage metrics relative to peers. Some reliance on private equity sponsor to fund external growth. Our ratings on Aviv REIT Inc. reflect a weak business risk profile, given the heavy dependence of its tenants on Medicaid reimbursement, low tenant rent coverage metrics relative to peers, and a seasoned but lean management team. We consider the company's financial risk profile to be aggressive, as characterized by higher levels of secured debt compared with peers and some reliance...
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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