Real estate investors are buying up long-term care facilities. Residents can suffer

Real estate investment trusts (REITs) are acquiring thousands of long-term care facilities, including nursing homes and assisted living centers. Court records and corporate documents reveal that REITs exert significant influence over these facilities' operations, often selecting management companies and closely monitoring their financial performance. In one case, a nursing home paid over $1 million in rent to a REIT while running a deficit, raising concerns about the prioritization of profits over patient care. The Centers for Medicare & Medicaid Services has suspended a requirement that nursing homes disclose REIT involvement, making it difficult to track their impact. REITs now own a significant portion of the nation's senior housing and nursing homes, with publicly traded healthcare REITs worth nearly a quarter of a trillion dollars. The lack of oversight has raised concerns about the quality of care provided to residents.