sale and leaseback makes sense at the peak of a property cycle....

sale and leaseback makes sense at the peak of a property cycle. the property cycle in certain markets such as nursing homes can be different to residential/ commercial/ retail as each of these have their peaks and troughs

similarly most hotels have separate "owners" and lease the buildings to operators (eg Hilton/ Accor or similar )

lease back also allows businesses to focus their capital on the core business (as already mentioned) but this doesn't always mean the company has cashflow problems

all this depends on how you see Jhc (as a property owner, developer, or nursing home operator), my view is that it's a bit of all these, so if they act as a developer and sell off one or two and lease back, on the right terms, that's a good business model