Amid a spate of September transactions, Evans Senior Investments announced the sale of a 100-bed skilled nursing facility in Indiana. The team worked on behalf of the seller, a regional owner/operator, to market the facility and showcase the potential for additional revenue with the facility’s recently renegotiated UPL contract with a local hospital.
At the time of marketing, the facility posted $10.2 million in total revenue with an above-average operating margin of over 30%, and it was 71% occupied. On the other hand, there was a significant Medicaid rate decrease from the July 2022 Medicaid rates released by the state of Indiana, so not all will be rosy going forward. But that operating margin is highly desirable for the sector. A regional owner/operator with an existing presence in Indiana was selected as the buyer for an undisclosed price.
