BUSINESS MODEL DESIGNED FOR INFLATION
WHAT IS THE NARRATIVE SURROUNDING THE STOCK, AND
WHAT HAS MPT BEEN DOING?
MPT REMAINS FOCUSED ON EXECUTING ITS PROVEN STRATEGY DESPITE REPEATED FALSE
AND MISLEADING CLAIMS PERPETUATED PRIMARILY BY SHORT-SELLERS
➤ Myopic attention from critics on tenant matters that do not affect rent collections
•
Esoteric accounting principles
•
Hiring of financial advisors
•
Timing of refinancings
•
Point-in-time coverage calculations
•
Staffing levels
•
Industry operating margins
False Claims
X MPT consciously overpays for real estate
X MPT engages in "round-tripping" of rents
X Tenants are in a weak financial position and
unable to continue paying rents
Facts
Valuations repeatedly validated by transactions with sophisticated investors
✓ Achieved unprecedented valuation (47% gain on sale of real estate) on sale of eight hospitals to partnership with Macquarie
✓ Completed sale of Australia portfolio at 5.7% cap rate during a period of global capital markets disruption
Executed and/or announced nearly $500 mm in profitable asset sales to Prime
It is simply not possible to "round-trip" funds sent directly to third parties
✓ Virtually all of $27.5 mm investment in new hospital near Houston, TX paid directly to the former owner/developer of the real
estate along with contractors, architects, suppliers and other third parties
When MPT acquired 11 hospitals as part of the IASIS/Steward merger, it paid $1.4 bn directly to an IASIS bank account
✓ Read more in MPT's full defamation lawsuit
Recent actions demonstrate MPT's careful lease structuring and effective portfolio management
Outstanding financial outcome and validation of underwriting and master lease structuring for Pipeline Los Angeles hospitals
Expect resolution of Prospect exposure, with reasonable likelihood all 1Q23 assets are recovered
Long-standing diversification goals achieved, including Steward concentration
With improving macroeconomic trends for hospitals, seeing strong and improving tenant rent coverage as well as rapid tenant
balance sheet improvement, especially for Steward
MPT
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