Aviv Healthcare Properties 8-K Third Quarter 2013 Earnings Results

Exhibit 99.2

Presentation of Supplemental Information

The information in this supplement should be read in conjunction with Aviv’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the Securities and Exchange Commission (“SEC”). You may access these filings on Aviv’s website, www.avivreit.com, or on the SEC’s website, www.sec.gov.

The information presented under “Definitions” is an integral part of this supplement.

This supplement may include forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “continue” or similar terminology. 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. These uncertainties include, but are not limited to, uncertainties relating to the operations of our tenants, including those relating to reimbursement by government and other third-party payors, compliance with regulatory requirements and occupancy levels, regulatory, reimbursement and other changes in the healthcare industry, the performance and reputation of our tenants, our ability to successfully engage in strategic acquisitions and investments, the effect of general market, economic and political conditions, the availability and cost of capital, changes in tax laws and regulations affecting REITs and our ability to maintain our status as a REIT. 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 with the SEC.

Table of Contents

Company Information	1
Portfolio Summary	2-4
Debt Summary and Capitalization	5
Investment Activity	6
Definitions	7

Company Information

Board of Directors
Craig M. Bernfield	Norman R. Bobins
Chairman and Chief Executive Officer	Non-Executive Chairman, The PrivateBank
Aviv REIT, Inc.	and Trust Company
Michael W. Dees	Alan E. Goldberg
Partner, Lindsay Goldberg LLC	Co-Managing Partner, Lindsay
	Goldberg LLC
Susan R. Lichtenstein	Mark B. McClellan, M.D., Ph.D.
SVP, Corporate Affairs, Chief Legal Officer and	Chair in Health Policy Studies, Brookings
Secretary, Hill-Rom Holdings, Inc.	Institution; Senior fellow and director of the
	Engelberg Center for Health Care Reform
Sharon O’Keefe	Mark J. Parrell
President, University of Chicago Medical Center	EVP and Chief Financial Officer, Equity
	Residential
Ben W. Perks	James H. Roth
Former EVP and Chief Financial Officer,	Chief Executive Officer, Huron Consulting
Navigant Consulting
J. Russell Triedman
Partner, Lindsay Goldberg LLC
Senior Management
Craig M. Bernfield	Steven J. Insoft
Chairman and Chief Executive Officer	President and Chief Operating Officer
James H. Lyman	Leticia Chavez
Chief Financial Officer and Treasurer	Executive Vice President, Administration
Samuel H. Kovitz	Donna M. O’Neill
Executive Vice President, General	Chief Information and Accounting Officer
Counsel and Secretary
Joshua J. Kochek	Steven R. Levin
Vice President, Investments	Vice President, Real Estate
Contact Information
Corporate Headquarters	Investor Relations
303 W Madison St., Suite 2400	David J. Smith
Chicago, IL 60606	Managing Director, Investor Relations &
312-855-0930	Capital Markets
	dsmith@avivreit.com; 312-855-0930

1

Portfolio Summary

Dollars and square feet in thousands¹

Portfolio Composition

									Annualized
	Property		Number of		Square		Investment		Cash		% of
Property Type	Count		Beds		Feet		(GBV)		Rent		Total Rent
Skilled Nursing		223		18,770		6,942	$	994,256	$	116,758		87.6	%
Senior Housing		22		1,381		837		119,399		13,108		9.8	%
Other Healthcare Properties		18		145		97		42,579		3,358		2.5	%
Total		263		20,296		7,877	$	1,156,234	$	133,224		100.0	%

Portfolio Performance

	EBITDARM		EBITDAR					Facility Revenue Mix									EBITDAR
Core Portfolio	Coverage		Coverage		Occupancy			Private Pay			Medicare			Medicaid			Margin
Skilled Nursing		1.9x		1.5x		79.7	%		19.6	%		24.2	%		56.1	%		14.8	%
Senior Housing		1.8x		1.6x		78.5	%		78.7	%		4.9	%		16.4	%		32.4	%
Other Healthcare Properties		10.1x		8.9x		86.3	%		100.0	%		0.0	%		0.0	%		30.3	%
Total		2.0x		1.6x		79.7	%		24.7	%		22.7	%		52.7	%		16.0	%

State Diversification

			Investment		Annualized Rent
State	Properties		(GBV)		Rent		%
Texas		60	$	200,776	$	24,378		18.3	%
California		36		166,166		20,722		15.6	%
Ohio		17		95,298		13,361		10.0	%
Connecticut		6		86,586		8,864		6.7	%
Missouri		15		75,827		7,016		5.3	%
Arkansas		11		62,770		6,945		5.2	%
Pennsylvania		10		79,184		5,428		4.1	%
New Mexico		9		29,586		5,075		3.8	%
Illinois		8		31,872		4,661		3.5	%
Washington		10		57,785		4,621		3.5	%
Other 19 States		81		270,384		32,154		24.1	%
		263	$	1,156,234	$	133,224		100.0	%

Operator Diversification

	Properties				Investment		Annualized Rent
Operator (Location)	Aviv		Total		(GBV)		Rent		%			States
Daybreak (Denton, TX)		52		66	$	168,516	$	20,882		15.7	%		2
Saber (Bedford Heights, OH)		30		72		185,312		19,942		15.0	%		6
EmpRes (Vancouver, WA)		17		46		111,830		12,470		9.4	%		6
Preferred Care (Plano, TX)		17		110		69,007		10,478		7.9	%		12
Sun Mar (Brea, CA)		13		25		71,075		8,934		6.7	%		1
Maplewood (Westport, CT)		6		6		86,586		8,864		6.7	%		1
Fundamental (Sparks, MD)		11		104		65,101		5,866		4.4	%		13
Deseret (Bountiful, UT)		18		29		38,374		4,782		3.6	%		5
Genesis (Kennett Square, PA)		10		413		52,422		4,334		3.3	%		28
Prestige Care (Vancouver, WA)		9		69		15,948		4,300		3.2	%		7
Other 26 Operators		80		368		292,062		32,372		24.3	%
		263		1,308	$	1,156,234	$	133,224		100.0	%

(1) Data as of September 30, 2013. Coverage, occupancy, margin and revenue mix information is provided on a trailing twelve month basis through June 30, 2013. Annualized cash rent for leases in place as of September 30, 2013 and includes income from a deferred financing lease. Totals may not add due to rounding.

2

Portfolio Summary

Occupancy information as of June 30, 2013; Lease maturity schedule as of September 30, 2013

State Occupancy¹

	Aviv			State
State	Occupancy			Average			Variance
Texas		75.2	%		71.9	%		3.3	%
California		90.6	%		84.9	%		5.7	%
Ohio		84.7	%		84.5	%		0.2	%
Connecticut		98.6	%		NA			NA
Missouri		73.8	%		71.8	%		2.0	%
Arkansas		71.7	%		73.0	%		(1.3	%)
Pennsylvania		85.0	%		90.6	%		(5.6	%)
New Mexico		81.4	%		82.6	%		(1.2	%)
Illinois		74.5	%		77.8	%		(3.3	%)
Washington		84.8	%		80.1	%		4.7	%

Lease Maturity Schedule²

	Number of		% of
Year	Properties		Total Rent
2013		1		0.0	%
2014		1		0.2	%
2015		8		2.4	%
2016		6		2.4	%
2017		16		4.0	%
Thereafter		230		91.0	%
Total		262		100.0	%

(1) State occupancy represents nursing facility occupancies per American Health Care Association. Aviv only has assisted living properties in Connecticut.

(2) Lease expiration schedule excludes one property without a lease in place at September 30, 2013.

3

Portfolio Summary

Information for the trailing twelve month period ended June 30, 2013

EBITDARM Coverage Distribution

EBITDAR Coverage Distribution

4

Debt Summary and Capitalization

As of the quarter ended September 30, 2013; Dollars and shares/units in thousands

Debt Maturities¹

	Senior Unsecured		Revolving		Mortgage		Total
Year	Notes		Credit Facility		Debt		Debt
2013	$	—	$	—	$	—	$	—
2014		—		—		—		—
2015		—		—		—		—
2016		—		95,000		—		95,000
2017		—		—		—		—
Thereafter		400,000		—		11,276		411,276
Subtotal	$	400,000	$	95,000	$	11,276	$	506,276
(Discounts) and premiums, net		2,862		—		2,435		5,298
Total debt	$	402,862	$	95,000	$	13,712	$	511,574
Weighted average interest rate								6.7	%
Weighted average maturity in years								5.4

Fixed and Floating Rate Debt

	Amount		% of Total
Fixed rate debt
Senior unsecured notes	$	400,000		79.0	%
Mortgage debt		11,276		2.2	%
Total fixed rate debt	$	411,276		81.2	%
Floating rate debt
Revolver	$	95,000		18.8	%
Total debt	$	506,276		100.0	%

Covenants for Senior Unsecured Notes²

Covenant	Requirement	Q3 2013
Total debt / total assets	No greater than 60%		40	%
Secured debt / total assets	No greater than 40%		8	%
Interest coverage	No less than 2.00x		2.70x
Unencumbered assets / unsecured debt	No less than 150%		251	%

Enterprise Value

	Shares/units
	Outstanding		Price		Value
Common stock and OP units		49,212	$	22.80	$	1,122,040
Total debt						511,574
Cash and cash equivalents						(12,232	)
Total enterprise value					$	1,621,382

(1) In October, the Company issued $250mm aggregate principal amount of 6% Senior Notes due 2021 and a portion of the proceeds were used to entirely pay down the revolving credit facility.

(2) Covenants are calculated in accordance with the indenture governing the senior unsecured notes.

5

Investment Activity

Data as of September 30, 2013 unless otherwise noted; Dollars in thousands

2013 Property Reinvestment and New Construction

Period	Property Reinvestment		New Construction		Total
Third quarter	$	1,993	$	3,882	$	5,875
Second quarter		3,011		6,274		9,285
First quarter		4,905		1,824		6,729
					$	21,889

New Construction Projects

										Remaining		Total
	Property			Opening		Acquisition		Spend Through		Costs to		Expected		Expected
Operator - Location	Type	Beds		Date		Costs		9/30/2013		be Spent		Cost		Yield
Daybreak - Eagle Lake, TX	SNF		80		Q1 2014	$	101	$	4,223	$	1,476	$	5,800		11.0	%
Saber - Chatham, PA	SNF		120		Q1 2014		2,200		9,319		681		12,200		11.0	%
Maplewood - Bethel, CT	ALF		80		Q1 2015		2,400		2,277		14,223		18,900		9.5	%
Total						$	4,701	$	15,820	$	16,380	$	36,900

2013 Acquisitions¹

	Property							Initial
Period	Type	Location		Beds		Amount		Cash Yield
Fourth quarter (to date):
November	SNF		OH		636	$	41,000		9.9	%
November	SNF		AR		74		1,163		11.0	%
October	ALF		FL		230		13,000		10.0	%
October	SNF		OH, IN		640		35,900		10.0	%
Third quarter:
September	SNF		TX		96		3,450		11.0	%
August	SNF		KY		107		9,000		10.6	%
Second quarter:
June	SNF		OK		215		6,200		11.0	%
May	SNF		OH		130		14,350		10.0	%
May	ALF (Land)		CT		N/A		2,400		N/A
April	MOB		IN		N/A		1,200		11.0	%
April	SNF		TX		80		2,400		11.0	%
April	TBI		CA		6		697		9.5	%
April	TBI		CA		6		779		9.5	%
First quarter	N/A		N/A		0		0		0.0	%
Total					2,220	$	131,539		10.1	%

2012 Acquisitions

						Initial
Period	Property Type	Beds		Amount		Cash Yield
Fourth quarter	SNF, ALF, TBI		612	$	38,867		9.8	%
Third quarter	SNF, LTACH, TBI		294		25,487		10.3	%
Second quarter	SNF, ALF		1,959		96,196		10.1	%
First quarter	SNF, ALF		600		23,775		10.6	%
Total			3,465	$	184,325		10.1	%

(1) Initial cash yield for 2013 acquisitions through fourth quarter to date excludes $2.4mm land parcel.

6

Definitions

EBITDARM Coverage: Represents EBITDARM, which we define as earnings before interest, taxes, depreciation, amortization, rent expense and management fees allocated by the operator to one of its affiliates, of our operators for the applicable period, divided by the rent paid to us by our operators during each period.

EBITDAR Coverage:Represents EBITDAR, which we define as earnings before interest, taxes, depreciation, amortization and rent expense, of our operators for the applicable period, divided by the rent paid to us by our operators during such period. Assumes a management fee of 4%.

EBITDAR Margin: Represents the operator’s EBITDAR for the applicable period divided by the operator’s total revenue for the applicable period.

Enterprise Value: Represents equity market capitalization plus net debt. Equity market capitalization is calculated as the number of shares of common stock and units multiplied by the closing price of our common stock on the last day of the period presented. Net debt represents total debt less cash and cash equivalents.

Portfolio Occupancy:Represents the average daily number of beds at our properties that are occupied during the applicable period divided by the total number of beds at our properties that are available for use during the period.

Property Type:ALF = assisted living facility; LTACH = long-term acute care hospital; MOB = medical office building; TBI = traumatic brain injury facility; SNF = skilled nursing facility

State Average Occupancy: Represents the Nursing Facility State Occupancy Rate as reported by American Health Care Association (AHCA). AHCA occupancy data is calculated by dividing the sum of all facility patients in the state occupying certified beds by the sum of all the certified beds in the state reported at the time of the survey corresponding to the period presented. Aviv occupancy represents the state occupancy for the entire portfolio.

Yield: Represents annualized contractual or projected income to be received in cash divided by investment amount.

Portfolio metrics and other statistics are not derived from our financial statements but are operating statistics that we derive from reports that we receive from our operators pursuant to our triple-net leases. As a result, our portfolio metrics typically lag our own financial statements by approximately one quarter. In order to determine our portfolio metrics for the period presented, the metrics are stated only with respect to properties owned by us and operated by the same operator for the portion of the period we owned the properties and excludes assets held for sale, closed properties, properties under construction and, with certain exceptions for shorter periods, properties within 24 months of completion of construction. Accordingly, EBITDARM coverage, EBITDAR coverage, EBITDAR margin, portfolio occupancy and quality mix for the twelve months ended June 30, 2013 included 241 of the 262 properties in our portfolio as of June 30, 2013.

When we refer to the“total rent” of our portfolio, we are referring to the total monthly rent due under all of our triple-net leases as of the date specified, calculated based on the first full month following the specified date. We calculate“annualized rent” for properties during a period by utilizing the amount of rent under contract as of the last day of the period and assume that amount of rent was received in respect of such property throughout the entire period.

7