BUSINESS MODEL DESIGNED FOR INFLATION
THERE IS AN UNWARRANTED VALUATION
DISCONNECT IN MPT
DISCONNECT IS NOT CAUSED BY CHANGES IN THE BUSINESS MODEL OR EXECUTION
Metric
Peer Current Valuation¹
MPT Current¹
MPT Historical Average
(2012-2022)²
2023E NFFO Multiple
13.9x
5.3x
11.6x
2023E AFFO Multiple
16.5x
6.6x
13.5x
Dividend Yield
5.8%
14.1%
6.3%
NAV Premium/Discount
-3%
-41%
17%
NFFO Multiple
NAV Premium/Discount
20.0x
50%
18.0x
40%
16.0x
30%
15.1x
14.0x
20%
13.9x
10%
12.0x
11.6x
0%
10.0x
-10%
8.0x
-20%
6.0x
5.3x
-30%
4.0x
-40%
2.0x
-50%
0.0x
2013
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E
2013 2014 2015 2016 2017 2018
2019
MPT NFFO Multiple
...... MPT Average NFFO Multiple
MPT NAV Premium/Discount
Peer NFFO Multiple
...... Peer Average NFFO Multiple
Peer NAV Premium/Discount
-3%
-41%
2020 2021 2022 2023E
17%
12%
MPT Average NAV Premium/Discount
...... Peer Average NAV Premium/Discount
1 Current valuation for MPT and peer group (simple average of WELL, VTR, PEAK, HR and OHI) is based on consensus estimates, most recent declared dividends and pricing as of 5/31/2023
2 Historical multiples and yields calculated based on A) average share price for each individual year and B) actual reported full-year NFFO/Core FFO, AFFO or dividends declared; consensus
NAV for historical periods represents average of monthly consensus estimates during each year
MPT
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