Steve Thomes of Blueprint Healthcare Real Estate Advisors represented a publicly traded REIT and its operating partner in its disposition of an 81-bed skilled nursing facility in Webster, Massachusetts (located about 10 miles south of Worcester on the Connecticut border).

Several factors made this facility ripe for divestment. It was built in 1967 (although substantially renovated in 2015) and was just 77% occupied, with a 74% Medicaid census. On top of that, it was operating just below breakeven on approximately $5.65 million of revenues. An undisclosed buyer paid $2.025 million, or $25,000 per bed, so there is certainly some room for improvement.