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REIT-owned nursing homes
A large share of American nursing homes are owned by real estate investment trusts and operated by somebody else entirely. The distinction matters, and it is visible in CMS filings if you know to look for it.
The split
A REIT buys the real estate and leases it to an operator under a long-term triple-net lease. The REIT collects rent; the operator holds the licence, employs the staff and carries the clinical risk. When people ask who owns a nursing home, they usually mean the operator — but the REIT is often the larger financial interest.
Why it shows up in the ownership file
REITs appear as owners with a REIT flag, frequently across dozens of facilities and under several entity names — a parent, an operating partnership, and property-holding vehicles. In our data the largest REIT presence resolves into dozens of separate filings for one investor.
What it means practically
Rent obligations are fixed and senior. When occupancy falls, the lease payment does not. That is a large part of why nursing home operators fail while the buildings keep trading.
Common questions
Which REITs own nursing homes?
Several large healthcare REITs hold skilled nursing real estate and lease it to operators. They appear in CMS ownership filings with a REIT flag.
Does the REIT run the nursing home?
Usually no. Under a triple-net lease the REIT owns the property and an operating company holds the licence and runs the facility.