The involvement of REITs and sale-leasebacks in healthcare real estate has become a sticking point for many regulators, lawmakers, and policymakers. But a consulting economist, likely writing a study for industry figures, says the conclusions are mistaken and misconstrue the source of financial pressure in healthcare. Also, Savills has previously said that the healthcare industry may need to monetize its real estate assets for financial reasons.

Concerns about REITs and sale-leasebacks picked up momentum because of one current large event. The Steward Health Care bankruptcy has shaken up the healthcare industry. The largest privately owned, for-profit health system in the U.S., announced after filing for bankruptcy last month that it would sell all of its 31 hospitals in auction sales. Of those hospitals, eight are in Massachusetts. The situation has set the state's government to seek ways to prevent REITs from performing future sales leasebacks.

Fred McKinney, an economist with a PhD from Yale and co-founder of the consulting firm BJM Solutions, wrote a white paper on REITs and healthcare systems.