It’s not the easiest time for a transition in operators, but Michael Segal, Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors facilitated the change across a portfolio of four skilled nursing facilities in Ohio. Owned by a public REIT, three of the facilities are located in the Columbus and Cincinnati MSAs, while the fourth is in the northwest part of the state near Indiana. Totaling 613 licensed beds, 502 of which are dually certified and 111 are residential care, they historically operated near stabilized levels, but revenue and census declined as a result of the pandemic. That put pressure of the lease coverage, and the prior operator expressed a desire to exit the business. We wonder just how many conversations like that have been had this year.
Blueprint was engaged to find a replacement tenant, ultimately selecting a new lessee and maintaining and extending the same contractual rent levels. The transaction was completed in under 90 days.
