Lease of Mind
Lease of 600+ bed skilled nursing portfolio in Ohio
Blueprint facilitates timely operator transition and preserves significant lease value for public REIT
The portfolio included three facilities well positioned across the Columbus and Cincinnati MSAs and the fourth facility located near the Indiana border in Northwest Ohio.
While historically operating near stabilized levels, revenue and census declined during the COVID-19 pandemic, putting downward pressure on overall lease coverage.
The Columbus-based operator expressed a strong desire to exit the business, so the REIT owner engaged Blueprint to source a replacement tenant for the four skilled nursing facilities with 613 total licensed beds (502 dually certified and 111 residential care).
Blueprint helped negotiate on behalf of the REIT owner, securing a new lease arrangement maintaining and extending the contractual rent levels and then coordinated a creative and incentivized deal structure for the transfer of operations.
The transaction was completed in less than 90 days through a collaborative effort between the operators to smoothly transition the facilities during a COVID-19 outbreak.