If skilled nursing facilities sold on average at an all-time record high price of $85,900 per bed, then how did the average 2015 cap rate hold up to history? Well, according to the 21st Edition of The Senior Care Acquisition Report, the average cap rate for skilled nursing transactions dropped 20 basis points to 12.2%, which is the second lowest average ever (12.1% was the lowest ever at the last market peak in 2007). Traditionally, the average skilled nursing cap rate has reliably ranged between 12.0% and 13.5% for most of the past 20 years, regardless of swings in interest rates and changes in financial markets. But with two consecutive years of sub-12.5% average cap rates (2014 was 12.4%), which has never happened before, could we see the bottom of this range broken in the next year? In the 12-months ending March 31, 2016, we did, with an average skilled nursing cap rate of 11.9%. We will have to wait and see what the final 2016 figures will show.