Skyline Healthcare Sells Three Arkansas SNFs
Skyline Healthcare just sold three of its Arkansas skilled nursing facilities to Strawberry Fields REIT for a combined price of $14.3 million, or $32,200 per bed, at an approximate cap rate of 10.7%, based on Q1:19 financials, annualized. Included in the deal was a 120-bed SNF in Newport, the newest of the facilities having been built in 2001. There was also a 152-bed facility in Hot Springs that was built in 1978, and the oldest property, built in 1950, which contains 140 skilled nursing beds and 32 assisted living beds in Little Rock. They operated at roughly a 9.5% margin, so there is certainly some room for improvement. Infinity Healthcare of Arkansas will manage the facilities going... Read More »
Opportunities and Challenges in Seniors Housing and Care
Conferences abound with opportunities in seniors housing and care, but challenges exist as well. So, I have been in New York City the past two days at a new conference being put on by iiBIG, formerly known as the International Institute of Business Information & Growth. I believe this is the first seniors housing and care-dedicated conference in New York City for several years, which is surprising given the large number of providers and properties within a 200-mile radius. I moderated one panel and spoke on another, and while the title of the conference is “Opportunities in Senior Housing & Care,” there are also a lot of challenges in today’s market. Just look at what has been... Read More »
The Sky Is Falling, At Least At Skyline
Over the past couple of years, we have been watching as a company called Skyline Healthcare seemed to come out of nowhere to becoming a national operator of skilled nursing facilities with perhaps 120 or more facilities under management. This has occurred in a very short period of time, and many of their properties came from Golden Living, as that company, after some run-ins with various state regulatory agencies, switched from being an operator to a landlord. To do that, you need a lot of providers to step in and lease your buildings, or maybe a few to take over operations for a lot of them. It looks like Skyline became a go-to provider for them. Two states, however, have taken over... Read More »
Lining up in Massachusetts
It was just a matter of time when Skyline Healthcare would enter the Massachusetts skilled nursing market. The Wood Ridge, New Jersey-based owner/operator of facilities in New Jersey and Pennsylvania had been leasing a trio of small dually-certified facilities from a family operator for a year, before closing on the real estate this month. Included in the portfolio was a 30-bed facility in North Dighton, a 26-bed facility in Fall River and a larger 73-bed facility in New Bedford. The smaller buildings were well occupied in the 90s, but the larger one was lagging slightly, with occupancy in the mid-80s. Census mix was heavy Medicaid (about 82%), with the remainder split evenly between... Read More »Schedule a demo
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