Blueprint Healthcare Real Estate Advisors announced that it brokered the sale of a Texas-owned and operated portfolio of seven skilled nursing facilities with 564 beds to a seller in the Lone Star state, despite an “ever-changing and difficult capital market environment.”
The SNF portfolio is geographically clustered in Central and East Texas and has an average licensed capacity of 80 beds per facility, according to a statement on the deal released by Blueprint on Monday.
Blueprint did not name the buyer or seller in the deal, or the total price of purchase.
But, the advisory firm did mention the SNF portfolio’s consolidated revenues and EBITDAR, inclusive of QIPP income, in 2019 exceeded $20.7 million and $2.5 million, respectively. These figures demonstrated a profitable track record prior to the pandemic, according to Blueprint.
Of the seven SNFs in the portfolio, no facility accounts for more than 20% of total revenue, according to Blueprint. In other words, the portfolio has a diversified cash flow profile.
The firm told prospective buyers that the portfolio was well-established in the market, and could be a way to integrate facilities into an existing regional portfolio or be used to implement key cost control measures.
Blueprint’s knowledge of the most active buyers of SNFs in Texas helped the sale, with the seller receiving six competitive written offers to purchase the portfolio.
Ultimately, Blueprint advised the seller to go with a regional owner and operator already boasting a sizable operating footprint in the state.