We have heard more about REITs and their skilled nursing troubles, but LTC Properties‘ announcement a month ago has been followed by a much larger seniors housing problem at Ventas.

At first, everyone thought it was the skilled nursing sector that was going to give the healthcare REITs heartburn. After all, that was the sector struggling the most, right? But seniors housing has not been as resilient as previously thought.

Brookdale Senior Living has had its well-documented problems, and last month LTC Properties disclosed issues it was having with underperforming memory care tenants. Then we had last week’s disclosure by Ventas that it was moving more than 70 communities leased to Elmcroft Senior Living to a new management company to be run by Kai Hsiao.

We had heard there were some issues regarding rent payments late in the summer, but the REIT’s earnings call revealed next to nothing as to what happened, and what is going to happen with the Elmcroft management company. On paper, this was a nearly $1.1 billion investment for Ventas representing $75 million of annual income for the REIT. It is perhaps the largest REIT boot to a senior housing tenant we have seen.

Then yesterday Omega Healthcare Investors disclosed its woes with a few tenants, including Orianna Health Systems, which may be losing all its nursing facilities leased from Omega. I don’t know about you, but it’s just getting downright scary.