Friday, September 11th, 2026
Companies short of capital are selling the property they operate from and leasing it back. The proceeds arrive immediately and the obligation arrives every month for two decades.
Separating the property from the operation made nursing homes financeable. It also created a fixed obligation that does not move when occupancy does, and that is where the failures start.
Religious institutions hold an enormous inventory of well-located, structurally sound buildings that fewer and fewer people attend. What happens to them is becoming one of the larger quiet questions in American land use.
After years of renderings and press releases, office-to-residential conversion is producing actual closings, and a repeatable financial template is emerging.