Cahaba Research
Value, growth at reasonable price, long-term horizon

Aviv REIT: Attractive Roll-up Opportunity In The Healthcare REIT Sector

Investment Recommendation

I believe that Aviv REIT (AVIV or "The Company") is currently undervalued, even after a ~25% appreciation post-IPO. AVIV is a small-cap REIT in the healthcare real estate sector with a current market cap of $1.21bn. The Company provides triple-net leases to operators in the Skilled Nursing Facility (SNF) industry that house patients requiring post-acute and long-term care. AVIV has a strong 30-year track record of investing in SNFs and other healthcare real estate and owns one of the largest and highest quality portfolios in the SNF industry. In the past five years, the Company has been executing a promising roll-up strategy, acquiring 124 properties in 55 different transactions, ranging in size from $1MM to $73MM. The...

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