it doesn't mean it is better, I said it probably worse because you take on the operational risk as well as the REIT risk, so your operation is constrained by your burden of debt a bit like JBH vs HVN
JBH don't own any properties and saddle with debt so they are free to expand the business with little capital and they can be more efficient, if some place doesn't work out you shut up shop and move to a more profitable area can't really do that if you own the properties
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