Profiting Off Nursing Homes Unscrupulous

I read “Oxnard’s LTC Properties Lead Rally in REITs” (June 6) with great concern and was astounded that assets returned 39% to shareholders last year--double the industry average--because of investments in nursing homes.

I do not know what nursing home properties are owned by LTC Properties, thus my comments are general and not specifically addressed to this real estate investment trust. I do know, and it’s a published fact, that there is not a nursing home in this country that is in total compliance with federal nursing home regulations.

To read about the “hefty profits” being accumulated by real estate investment trusts while the licensees of these properties continue to be in violation of federal and state nursing home regulations is unscrupulous to say the least.

Why are the leases so high, since the majority of monies paid to the licensees of the facilities are from Medicare, MediCal and Medicaid? Should our tax dollars that are to be used to care for our mothers and fathers be used for the real estate investors to make 39% profit while patients suffer from bad care? Do the investors really know to what expense they are making these profits?

CAROLE HERMAN, Founder

Foundation Aiding the Elderly