“GPN Family Trust U/A/D 04/28/08” has established itself as a significant player in the skilled nursing facility (SNF) sector across three Midwest states, with a particularly strong presence in Illinois and South Dakota, according to the latest CMS data.
Portfolio Overview
The trust currently owns 62 skilled nursing facilities across three states. Illinois represents the largest concentration with 42 facilities, followed by South Dakota with 14 facilities, and Iowa with 6 facilities. GPN Family Trust is one of the top owners of skilled nursing facilities in South Dakota, where it ties with other major owners including Doros Generation Trust U/A/D 1/3/12 and Legacy Healthcare Financial Services LLC.
Ownership Structure
Of its 62 facilities, 44 are majority-owned with ownership percentages between 50% and 100%, while the remaining 18 facilities have ownership stakes between 5% and 50%. Notably, the trust does not have 100% ownership of any facilities, suggesting a preference for partnership models or shared ownership arrangements.
Market Dynamics
The trust’s significant presence in South Dakota comes at a time of notable regulatory and reimbursement changes in the state. In July 2023, South Dakota increased Medicaid reimbursement rates for nursing homes to cover 100% of allowable costs, up from the previous 74.5%, resulting in an average funding increase of 25% statewide.
