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REIT and property ownership of nursing homes
WhoOwnsCare identifies a distinct property owner for 417 Medicare-certified providers across California, Texas, Florida, Ohio, Illinois, Pennsylvania and New York — cases where the organisation that owns the real estate is not the organisation that operates the facility.
Owning the building is not operating the business. Property owners are held in a separate network from operating control throughout this site, and a REIT never appears in an operator ranking.
Largest property owners by facility count
| Property owner | Facilities | States |
|---|---|---|
| Welltower NNN Group, LLC | 114 | 1 |
| CTR Partnership LP | 53 | 2 |
| 9560 Pico LLC | 40 | 1 |
| HCCF Management Group Xi LLC | 37 | 2 |
| American Healthcare REIT Inc | 32 | 1 |
| National Health Investors, Inc. | 25 | 2 |
| Omega Healthcare Investors, Inc | 21 | 3 |
| MRS Family Trust | 17 | 2 |
| HCP Ventures II TRS LLC | 10 | 3 |
| Sabra Health Care REIT Inc | 6 | 1 |
| Omega Health Investors, Inc | 5 | 1 |
| Ohio Pennsyslvania Property LLC | 4 | 2 |
| BHG Aviv LLC | 3 | 1 |
| Northstar Healthcare Income Operating Partnership LP | 3 | 1 |
| Welltower Op, LLC | 2 | 2 |
| Hazleton Re Owner, LLC | 2 | 1 |
| Summit Care Parent LLC | 2 | 2 |
| Dallas Two Property, LLC | 2 | 1 |
| Cse Texas City LLC | 1 | 1 |
| Casa/sierra California Associates LP | 1 | 1 |
| Cse Marianna Holdings, LLC | 1 | 1 |
| HCP S-H 2014 Member LLC | 1 | 1 |
| Credit Shelter Trust | 1 | 1 |
| Caretrust REIT Inc | 1 | 1 |
| Albany Street Property LLC | 1 | 1 |
Property ownership is not operating control
A sale-leaseback splits a nursing home into two businesses: a property company that owns the land and building and collects rent, and an operating company that holds the licence, employs the staff and bills Medicare. They file separately with CMS and they can fail independently of each other.
Conflating them produces the error that puts a REIT at the top of an operator ranking. It also hides the more useful signal: a facility whose rent obligation sits with a landlord it does not control has a different risk profile from one that owns its own building. The full distinction is explained here.
Common questions
Who owns the building a nursing home operates in?
Often a separate property company or REIT. Each facility page names the property owner where one is identified, kept separate from the operator.
Do REITs run nursing homes?
Generally no. A healthcare REIT owns real estate and leases it to operators. Treating the landlord as the operator is a common error in published ownership rankings.