Senior living REIT Welltower is shifting to a self-managed operating platform for 45,000 independent living units in its Senior Housing Operations (SHO) portfolio.
The Toledo, OH-based REIT said in a Q4 earnings call last week it has obtained a "favorable ruling" from the IRS that gives the company wider latitude to self-manage most of its IL portfolio.
In what the Internal Revenue Service calls a private letter ruling (PLR), the IRS gave Welltower "significant flexibility" to self-manage more than 45K units that make up about three-quarters of the company's independent living portfolio.
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