Michael A. Okaty

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Many Real Estate Investment Trusts (REITs) have embraced the REIT Investment Diversification and Empowerment Act (RIDEA) structure for their senior housing asset investments. Non-REIT institutional investors sometimes employ similar structures; however, it is unclear whether the market fully appreciates the inherent risks. Healthcare assets carry risks not present in other asset classes (resorts, multi-family, etc.). Use of 3rd party tenants and managers theoretically reduces risks to property owners; however, the ability to use a Taxable…