Real estate investors are buying up long-term care facilities. Residents can suffer
Real estate investment trusts (REITs) are buying long-term care facilities, influencing their operations and potentially compromising resident care. REITs' involvement in healthcare facilities is largely unregulated and undisclosed to state and federal health regulators.
Real estate investment trusts (REITs) are acquiring long-term care facilities, including nursing homes and assisted living centers. A lawsuit against City Creek Post-Acute and Assisted Living and its landlord, CareTrust REIT, alleged neglect and poor care leading to a resident's death. Court records showed CareTrust had significant influence over the facility's operations, including selecting its management company and monitoring its finances. REITs are not directly involved in day-to-day patient care but exert control through lease agreements. The extent of REITs' influence is not publicly disclosed, as hospitals and nursing homes are not required to report rent payments or landlord identities to regulators. REITs now own a significant portion of the nation's senior housing and nursing homes, raising concerns about the quality of care provided.
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