“Time beat him. Time, you know, takes everybody out. It's undefeated.” - Rocky Balboa

Some asset classes have a longstanding star quality: Take condos in Miami, or Class A office towers of power in Manhattan. They’ve long attracted outsized press, their marquee projects take on personalities of their own – you’re either a 432 Park or a 220 CPS stan – and you have a sense of who the biggest players & lenders are.

Then there are the ones that went from darling to disaster in record time – think of Class B/C Sunbelt multifamily – or the ones suddenly attracting mouth-watering sums of capital, such as data centers.

And then there are asset classes that feel relegated to the shadows, defined by drab buildings and government paperwork. They attract few headlines and are dominated by little-known characters – the only things glamorous about them are the sheer sums of money to be made. Skilled nursing facilities are one such space. They’ve minted well more than their share of billionaires & centimillionaires, and we thought it’d be fun to put together a who’s who.

There are about 15K skilled nursing facilities (SNFs) in the US catering to 1.3M residents, according to a ‘22 ASPE study. The vast majority of them are both Medicare and Medicaid certified, w/ the latter accounting for over half of total revenue. Over 70% of SNFs are for-profit, and ownership of them is getting increasingly consolidated – it’s a space in which players have been able to score v high leverage HUD financing for deals (“you’re borrowing money from the govt. against old people,” is how one source poetically described it), and the biggest players routinely partner w/ each other – I’ve been told the eCap summit (organized by lads hailing from Lakewood) is a real vibe.

The Promote’s been asking around about who the movers & shakers in the space are – here are some of the names that keep popping up. Keep in mind this is an unscientific first pass at the space – we’ll be getting into more specifics in future eds.