BUSINESS MODEL DESIGNED FOR INFLATION
WHAT HAS NOT CHANGED...
MPT INVESTS IN REAL HOSPITAL ASSETS
➤ Essential to meet demand for highest acuity healthcare needs
➤ Agnostic as to operator
➤ As with any other landlord, if tenant cannot pay rent, a new tenant is found
➤ Day to day tenant operations do not impact collection of rent
➤ Rent expense is a small portion of tenant's net revenue
✰✰✰ Physical Quality
Demographics
and Market
Well-maintained
➤ Modern technology
➤ High replacement cost
➤ Patient demand growth
➤
Sustainable reimbursement sources
➤ Desirable location
➤ Growth constraints on existing competitors
Competition
➤
Scarcity of developable real estate
➤ High start-up costs for and/or regulatory limits on new entrants
➤ Facility-level operations generate strong rent coverage
Financial
➤ High-quality and diverse reimbursement sources
➤ Diverse referral sources
Infrastructure Characteristics, Specialized Underwriting and Master Lease and Collateral Agreements
•Lease termination extremely rare
• Facilitates efficient tenant replacement
• Real assets continue to demand tenancy and achieve growing cash rent
MPT
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