The way I see this is that SNH and the other RIET's buying a 48% share in the new PUBLIC RMR will get potential growth in RMR after the IPO. If RMR continues to grow and manage other properties, they could even start a dividend. RMR will get funds from the IPO to grow.
Here is the takeaway from my perspective. Let's say I own 10 apartment buildings and pay a management company 10% a month to manage the properties. That is 10% gone. If I own a piece of the management company, then I can share in their profits, and get some of my 10% management fees back in stock growth or dividends. I can't see much of a downside here.
This is the golden age for dividend and individual investors who don't panic when a stock price goes down for silly reasons or computer trading. I bought a huge number of dividend stocks in 2009 and kept the ones I already had - needless to say it was a good idea. The Fed can't raise interest rates very much or they will crash the economy, so I would not worry about high interest rate loans for SNH.
don't sign up for any of these class actions - I have been in the market since 1976, and have never received a penny from nuisance litigation - they are basically shake-down artists that represent themselves.