Those risks are offset by
the structure of the lease payments, which are senior to mortgage payments paid by Related and Oxford and the MTA's willingness to step in to pay interest payments if there's a default.
Certain
of these REITs
structure their underlying investments as net
leases in which the tenant is responsible for bearing real estate costs directly, such as property taxes, insurance, operating expenses, and capital items - in addition to rent and utility
payments.