Essentially, “Welltower is buying skilled nursing assets on the cheap,” says Matt Kopsky, a REIT analyst at Edward Jones who covers Welltower.

Competition for tenants in markets with an oversupply problem is pushing concessions higher, according to real estate services firm JLL.

REITs with significant development, redevelopment and other capex needs could benefit from de-REITing, some fund managers claim.

Developers should think beyond brick-and-mortar and aesthetics of the property, to reach their audience, investors, or guests at an experiential level.