Exhibit 99.1

AVIV REIT, INC. ANNOUNCES SECOND QUARTER 2011 EARNINGS RESULTS

CHICAGO — August 15, 2011 — Aviv REIT, Inc. (“Aviv” or the “Company”) released its earnings for the quarter ended June 30, 2011.

Recent Highlights

•

Total revenues were $27.3 million in the second quarter;

•

Adjusted EBITDA for the second quarter was $22.6 million;

•

Adjusted FFO for the second quarter was $11.8 million;

•

Net Income for the second quarter was $6.5 million;

•

Completed $41.2 million of acquisitions during the second quarter and $77.0 million of investments in 2011 through June 30; and

•

Issued $100 million of 8 year 7.75% senior unsecured notes in April, priced at 102.75%, as an add-on to our $200 million issuance in February, priced at par.

Craig M. Bernfield, Chairman, Chief Executive Officer and President, said, “We are pleased to have achieved another quarter of solid performance, consistent with our expectations. The portfolio is performing very well and is positioned to withstand the current reimbursement environment. CMS’ recently announced SNF final rule was consistent with the April announcement as well as the intent for RUGS IV to be revenue neutral. We anticipate limited impact to our portfolio because only 25% of our operators’ revenue comes from Medicare. It is even more important for our portfolio that Medicaid reimbursement for fiscal year 2012 increased or was flat in each of our top 5 states, and in 22 of our 25 states. Our operator and state diversification strategy helps to mitigate the effects of changes in reimbursement.”

Conference Call

A conference call to discuss the 2011 second quarter earnings will take place on August 18, 2011 at 1:00 p.m. central daylight time / 2:00 p.m. eastern daylight time. The dial-in number for the conference call is 877-941-8609 (480-629-9692 for international access) and a replay of the call will be available through September 1, 2011 at 800-406-7325, access code 4464155.

About Aviv

Aviv has been one of the largest owners of skilled nursing and other healthcare properties in the United States for over 30 years. At June 30, 2011, the Company’s portfolio consisted of 200 properties which are triple-net leased to 31 operators in 25 states.

Forward-Looking Statements

This press release 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 REIT, Inc. and Aviv Healthcare Properties Limited Partnership with the Securities and Exchange Commission.

Note Regarding Non-GAAP Financial Measures

This release includes financial measures, including Adjusted EBITDA and Adjusted FFO, that are derived on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). These measures are non-GAAP measures that may be calculated differently from measures used by other companies and should not be considered measures of liquidity, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP, nor are they indicative of funds available to fund our cash needs, including our ability to make payments on our indebtedness. See “Supplemental Information and Reconciliation of Financial Measures” below for the definitions of, and additional information regarding, these measures and reconciliations of these measures to the GAAP measures we consider most comparable.

For more information, please contact:

Steven Insoft, Chief Financial Officer at 312-855-0930

Aviv REIT, Inc. and Subsidiaries

Consolidated Balance Sheets

		June 30,				December 31,
		2011				2010
		(unaudited)
Assets
Cash and cash equivalents		$	24,738,826			$	13,029,474
Deferred rent receivable			30,822,931				30,660,773
Tenant receivables, net			4,170,480				1,168,842
Rental properties and financing leases, at cost:
Land			88,333,715				76,466,020
Buildings and improvements			684,230,073				615,806,273
Assets under direct financing leases			10,847,395				10,777,184
			783,411,183				703,049,477
Less accumulated depreciation			(85,929,763	)			(75,948,944	)
Net rental properties			697,481,420				627,100,533
Deferred finance costs, net			13,994,132				9,957,636
Loan receivables, net			32,104,535				36,610,638
Other assets			6,909,824				12,872,323
Total assets		$	810,222,148			$	731,400,219
Liabilities and equity
Accounts payable and accrued expenses		$	14,700,368			$	6,012,809
Tenant security and escrow deposits			15,226,792				13,658,384
Other liabilities			29,083,911				25,996,492
Mortgage and other notes payable			511,456,067				440,575,916
Total liabilities			570,467,138				486,243,601
Equity:
Stockholders’ equity
Common stock (par value $0.01; 235,897 and 227,002 shares outstanding, respectively)			2,359				2,270
Additional paid-in-capital			234,445,277				223,838,999
Accumulated deficit			(9,557,013	)			(2,261,839	)
Accumulated other comprehensive income			552,913				2,188,155
Stockholders’ equity			225,443,536				223,767,585
Noncontrolling interests			14,311,474				21,389,033
Total equity			239,755,010				245,156,618
Total liabilities and equity		$	810,222,148			$	731,400,219

Aviv REIT, Inc. and Subsidiaries

Consolidated Statements of Operations

		Three Months Ended June 30,								Six Months Ended June 30,
		2011				2010				2011				2010
		(unaudited)
Revenues
Rental income		$	24,112,746			$	21,271,652			$	43,802,837			$	42,421,987
Tenant recoveries			1,836,064				1,682,182				3,525,060				3,211,236
Interest on loans to lessees — capital expenditures			520,905				511,405				927,602				962,073
Interest on loans to lessees — working capital and capital lease			828,110				876,367				1,753,522				1,556,897
Total revenues			27,297,825				24,341,606				50,009,021				48,152,193
Expenses
Rent and other operating expenses			191,141				115,646				392,805				284,976
General and administrative			3,542,963				2,685,208				7,011,539				4,109,456
Real estate taxes			2,013,361				1,707,069				3,702,455				3,312,499
Depreciation			5,182,251				4,435,289				9,980,819				8,797,190
Total expenses			10,929,716				8,943,212				21,087,618				16,504,121
Operating income			16,368,109				15,398,394				28,921,403				31,648,072
Other income and expenses:
Interest and other income			827,253				(7,366	)			832,868				55,932
Interest expense			(9,359,466	)			(5,047,080	)			(16,915,651	)			(10,912,396	)
Change in fair value of derivatives			—				1,121,276				—				2,441,997
Amortization of deferred financing costs			(650,444	)			(139,295	)			(1,329,439	)			(278,590	)
Earnout accretion			(66,726	)			—				(66,726	)			—
Loss on extinguishment of debt			(663,505	)			—				(3,806,513	)			—
Total other income and expenses			(9,912,888	)			(4,072,465	)			(21,285,461	)			(8,693,057	)
Net income			6,455,221				11,325,929				7,635,942				22,955,015
Distributions and accretion on Class E Preferred Units			—				(4,019,317	)			—				(8,018,087	)
Net income allocable to common units of Partnership/noncontrolling interests			(2,943,762	)			(7,306,612	)			(3,482,204	)			(14,936,928	)
Net income allocable to stockholders		$	3,511,459			$	—			$	4,153,738			$	—
Net income		$	6,455,221							$	7,635,942
Unrealized loss on derivative instrument			(3,586,630	)							(3,077,996	)
Total comprehensive income		$	2,868,591							$	4,557,946
Net income allocable to stockholders		$	3,511,459							$	4,153,738
Unrealized loss on derivative instrument, net of noncontrolling interest portion of $1,674,706 and $1,442,754, respectively			(1,911,924	)							(1,635,242	)
Total comprehensive income allocable to stockholders		$	1,599,535							$	2,518,496

Aviv REIT, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

		Six Months Ended June 30,
		2011				2010
		(unaudited)
Operating activities
Net income		$	7,635,942			$	22,955,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			9,980,819				8,797,190
Amortization			1,329,439				278,590
Change in fair value of derivatives			—				(2,441,997	)
Deferred rental income, net			(296,146	)			(1,237,278	)
Rental income from intangible amortization, net			(724,393	)			(2,263,298	)
Non-cash stock (unit)-based compensation			1,081,085				203,000
Non-cash loss on extinguishment of debt			3,806,513				—
Reserve for uncollectible loan receivables			323,639				—
Accretion of earn-out provision for previously acquired rental properties			66,726				—
Changes in assets and liabilities:
Tenant receivables			(4,266,191	)			17,116
Other assets			2,562,218				(772,511	)
Accounts payable and accrued expenses			8,632,062				678,563
Tenant security deposits and other liabilities			3,153,499				2,453,520
Net cash provided by operating activities			33,285,212				28,667,910
Investing activities
Purchase of rental properties			(65,919,101	)			(3,380,000	)
Capital improvements and other developments			(11,109,860	)			(4,740,957	)
Payment of earn-out provision for previously acquired rental properties			—				(2,000,000	)
Loan receivables received from (funded to) others, net			5,447,017				(8,463,408	)
Net cash used in investing activities			(71,581,944	)			(18,584,365	)
Financing activities
Borrowings of debt			313,868,117				—
Repayment of debt			(242,987,966	)			(5,169,934	)
Payment of financing costs			(9,116,952	)			—
Capital contributions			10,000,000				—
Cash distributions to partners			(9,994,770	)			(17,440,308	)
Cash dividends to stockholders			(11,762,345	)			—
Net cash provided by (used in) financing activities			50,006,084				(22,610,242	)
Net increase (decrease) in cash and cash equivalents			11,709,352				(12,526,697	)
Cash and cash equivalents:
Beginning of period			13,029,474				15,542,507
End of period		$	24,738,826			$	3,015,810
Supplemental cash flow information
Cash paid for interest		$	10,084,582			$	11,039,343
Supplemental disclosure of noncash activity
Accrued dividends payable to stockholders		$	5,779,477			$	—
Accrued distributions payable to partners		$	4,843,773			$	3,390,685
Earn-out accrual and addition to rental properties		$	3,332,745			$	8,120,656
Write-off of deferred rent receivable		$	3,281,374			$	2,233,768
Write-off of in-place lease intangibles, net		$	—			$	1,224,594
Write-off of deferred financing costs, net		$	3,806,513			$	—

Supplemental Information and Reconciliation of Financial Measures

We use financial measures in this release that are derived on the basis of methodologies other than in accordance with GAAP. We derive these measures as follows:

•

EBITDA represents net income before interest expense (net), taxes, depreciation and amortization of deferred financing costs.

•

Adjusted EBITDA represents EBITDA before gain/loss on sale of assets, indemnity payments, non-cash stock (unit)-based compensation, loss on debt extinguishment, rental income from intangible amortization and change in fair value of derivatives.

•

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (computed in accordance with GAAP), excluding gains from sales of property, plus real estate depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Applying the NAREIT definition to our financial statements results in FFO representing net income before depreciation and gain/loss on sale of assets.

•

Adjusted FFO (AFFO) represents FFO before deferred rental income, rental income from intangible amortization, amortization of deferred financing fees, loss on debt extinguishment, indemnity payments, non-cash stock (unit)-based compensation and change in fair value of derivatives.

Our management uses FFO, Adjusted FFO, EBITDA and Adjusted EBITDA as important supplemental measures of our operating performance and liquidity. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. The term FFO was designed by the real estate industry to address this issue and as an indicator of our ability to incur and service debt. Because FFO and Adjusted FFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items and because EBITDA and Adjusted EBITDA exclude certain non-cash charges and adjustments and amounts spent on interest and taxes, they provide our management with performance measures that, when compared year over year or with other real estate investment trusts, or REITs, reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and, with respect to FFO and Adjusted FFO, interest costs, in each case providing perspective not immediately apparent from net income. In addition, we believe that FFO, Adjusted FFO, EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs.

We offer these measures to assist the users of our financial statements in assessing our financial performance and liquidity under GAAP, but these measures are non-GAAP measures and should not be considered measures of liquidity, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP, nor are they indicative of funds available to fund our cash needs, including our ability to make payments on our indebtedness. In addition, our calculations of these measures are not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors should not rely on these measures as a substitute for any GAAP measure, including net income or revenues.

In addition to these non-GAAP financial measures, we present certain statistics in this release regarding our portfolio of properties. These statistics include EBITDAR coverage, EBITDARM coverage, Portfolio Occupancy and Quality Mix, which are derived as follows:

•

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.

•

EBITDARM coverage represents EBITDARM, which we define as earnings before interest, taxes, depreciation, amortization, rent expense and management fees charged by the operator, of our operators for the applicable period, divided by the rent paid to us by our operators during such period.

•

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 applicable period.

•

Quality Mix represents total revenues from all payor sources, excluding Medicaid revenues, at our properties divided by the total revenue at our properties for the applicable period.

In order to determine EBITDAR and EBITDARM coverage for the period presented, EBITDAR and EBITDARM coverage is stated only with respect to properties owned by us and operated by the same operator for the entire period. Accordingly, EBITDAR and EBITDARM coverage for the twelve months ended March 31, 2011 included 148 of the 187 properties in our portfolio as of March 31, 2011.

Aviv REIT, Inc.
($’s)
		3 Months Ended				3 Months Ended				3 Months Ended				6 Months Ended				6 Months Ended
		6/30/2011				3/31/2011 (1)				6/30/2010				6/30/2011				6/30/2010
Cash Rental & Loan Interest Income
Total Revenues (2)			27,297,825				22,711,196				24,341,606				50,009,020				48,152,193
Adjusted For:
Deferred Rental Income (2)			(1,462,068	)			1,165,922				(1,141,885	)			(296,146	)			(1,237,278	)
Rental Income from Intangible Amortization			(362,196	)			(362,196	)			(492,633	)			(724,393	)			(2,263,298	)
Real Estate Tax Escrows			(1,836,064	)			(1,688,996	)			(1,682,183	)			(3,525,060	)			(3,211,236	)
Cash Rental & Loan Interest Income			23,637,497				21,825,925				21,024,905				45,463,421				41,440,381

EBITDA
		3 Months Ended				3 Months Ended				3 Months Ended				6 Months Ended				6 Months Ended
		6/30/2011				3/31/2011 (1)				6/30/2010				6/30/2011				6/30/2010
Net Income (3)			6,455,221				1,180,721				11,325,930				7,635,942				22,955,015
Adjusted For:
Interest Expense (4)			9,359,466				7,556,185				5,047,080				16,915,651				10,912,396
Depreciation			5,182,251				4,798,568				4,435,289				9,980,819				8,797,190
Amortization of Deferred Financing Fees			650,445				678,995				139,295				1,329,439				278,590
EBITDA			21,647,383				14,214,469				20,947,594				35,861,851				42,943,191

Adjusted EBITDA
		3 Months Ended				3 Months Ended				3 Months Ended				6 Months Ended				6 Months Ended
		6/30/2011				3/31/2011 (1)				6/30/2010				6/30/2011				6/30/2010
EBITDA			21,647,383				14,214,469				20,947,594				35,861,851				42,943,191
Adjusted for:
Gain/Loss on Sale of Assets			—				—				—				—				—
Indemnity Payments			143,719				—				492,875				143,719				676,484
Non-cash stock (unit)-based compensation			494,640				586,445				101,500				1,081,085				203,000
Loss on Debt Extinguishment (5)			663,505				3,143,008				—				3,806,513				—
Less:
Rental Income from Intangible Amortization			(362,196	)			(362,196	)			(492,633	)			(724,392	)			(2,263,298	)
Change in Fair Value of Derivatives			—				—				(1,121,276	)			—				(2,441,997	)
Adjusted EBITDA			22,587,051				17,581,726				19,928,060				40,168,776				39,117,380

FFO
		3 Months Ended				3 Months Ended				3 Months Ended				6 Months Ended				6 Months Ended
		6/30/2011				3/31/2011 (1)				6/30/2010				6/30/2011				6/30/2010
Net Income			6,455,221				1,180,721				11,325,930				7,635,942				22,955,015
Adjusted For:
Depreciation			5,182,251				4,798,568				4,435,289				9,980,819				8,797,190
Gain/Loss on Sale of Assets			—				—				—				—				—
FFO			11,637,472				5,979,289				15,761,219				17,616,761				31,752,205
AFFO
		3 Months Ended				3 Months Ended				3 Months Ended				6 Months Ended				6 Months Ended
		6/30/2011				3/31/2011 (1)				6/30/2010				6/30/2011				6/30/2010
FFO			11,637,472				5,979,289				15,761,219				17,616,761				31,752,205
Adjusted For:
Deferred Rental Income			(1,462,068	)			1,165,922				(1,141,885	)			(296,147	)			(1,237,278	)
Rental Income from Intangible Amortization			(362,196	)			(362,196	)			(492,633	)			(724,393	)			(2,263,298	)
Amortization of Deferred Financing Fees			650,445				678,995				139,295				1,329,439				278,590
Loss on Debt Extinguishment			663,505				3,143,008				—				3,806,513				—
Indemnity Payments			143,719				—				492,875				143,719				676,484
Non-cash stock (unit)-based compensation			494,640				586,445				101,500				1,081,085				203,000
Change in Fair Value of Derivatives			—				—				(1,121,276	)			—				(2,441,997	)
AFFO			11,765,517				11,191,463				13,739,095				22,956,977				26,967,706

Balance Sheet Metrics

At 6/30/2011

At 12/31/2010

Cash & Equivalents

24,738,826

13,029,474

Debt						% Total												% Total
Secured — GE Mortgage Term Loan			198,730,787				38.9	%							402,794,111				91.4	%
Secured — Other			10,037,910				2.0	%							37,781,805				8.6	%
Unsecured Notes			302,687,371				59.2	%							—				0.0	%
Total Debt			511,456,068				100.0	%							440,575,916				100.0	%
Total Assets — Book Value			810,222,148												731,400,219
Total Undepreciated Book Value of Property			783,411,183												703,049,477
Total Unencumbered Assets			493,153,221											NA
Unencumbered Assets / Unsecured Debt			164.4	%										NA

Portfolio Information

Rent Concentration by Operator		Operator		No. Properties				% Total Rents (1)
		Evergreen Healthcare			17				13.0	%
		Daybreak Partners, LLC			32				10.7	%
		Sun Mar Healthcare			13				9.8	%
		Saber Health Group			16				9.3	%
		Convacare Mgmt. Inc.			11				8.7	%
		All Others (26 Operators)			111				48.5	%
		Total			200				100.0	%

Rent Concentration by State		State		No. Properties				% Total Rents (1)
		California			22				17.8	%
		Texas			44				14.8	%
		Arkansas			13				9.1	%
		Missouri			15				7.9	%
		Washington			12				6.7	%
		All Others (20 States)			94				43.7	%
		Total			200				100.0	%

Rent Coverage (1)
(for 12 months ended March 31, 2011)
EBITDAR									1.4	x
EBITDARM									1.9	x

Occupancy (1)
(for 12 months ended March 31, 2011)
Occupancy							74.8	%

Quality Mix (1)
(for 12 months ended March 31, 2011)
Quality Mix							45.8	%