When they changed the tax laws a few years ago (2016?) to allow the healthcare REITs to take ownership stakes in operating subsidiaries, everyone was all worked up. The investment banks were flogging the healthcare REITs to set up these "senior housing operating portfolios (SHOP)".
So what happened, all the leases that were converted from triple net to SHOP ended up burning the healthcare REITs during the pandemic. Badly burning.
If they'd just kept the triple net structures in place, they would have been better off in the long run, and not have to be as concerned with operating fundamentals.