I agree. In analyzing the financial structure of the company, gross-up the operating lease payments by a multiple of say 7x to 9x and add as a liability to the balance sheet. I think you'd find this company is highly levered and susceptible to pain if operations don't hum. Also, look at where their assets are concentrated. Few are located in the more attractive metro areas, where there's depth in demand for elderly housing.
I believe this stock may be still on its honeymoon. Focus on future same store increases and occupancy gains. If they don't materialize, maybe this company's true niche is in financial engineering and not as an operator of elderly housing. These views are all just my opinion.