I was under the impression that WeWork was basically a commercial real estate company moonlighting an office space renter. I thought they were primarily in the business of buying up and building as much commercial real estate as they could, and the work spaces were incidental to their actual business model. Kind of like how McDonalds isn't really in the business of selling burgers, but owning prime commercial real estate.

The value of commercial real estate is plummeting. I don't know how/if this is reflected in EBITDA.