BUSINESS MODEL DESIGNED FOR INFLATION
MPT'S HOSPITAL INVESTMENTS HOLD THEIR VALUE
EVEN IN THE POST-COVID INFLATIONARY PERIOD OF 2022/2023, MARKET TRANSACTIONS PROVE THAT
MPT'S ASSETS ARE WORTH MORE THAN THE AMOUNT ORIGINALLY INVESTED
Transaction Type
Original
Cost Basis
Confirmed
Value
Eight Steward Massachusetts Hospitals
$1.2 bn
$1.7 bn
Prime Master Leases I-III
$460 mm
$460 mm
Prospect Connecticut Sale
$457 mm
$457 mm
Australia Sale
Individual properties
Leasing
A$1.2 bn+
A$1.2 bn
$140 mm
$150 mm
$1.2 bn
$1.5 bn¹
! OpCo Sale
$190 mm
$250 mm²
$4.4 bn $5.3 bn
Detail
Partnership agreement with Macquarie Asset Management
Above-market rents generate double-digit unlevered IRRS
Yale New Haven's demand for real estate facilitates MPT's sale at value
5.7% cash cap rate on sale achieved during global capital markets disruption
Former Adeptus hospitals in TX, as well as Dodge City, KS
CommonSpirit Utah lease
Springstone loan repayment
SPRINGSTONE INVESTMENT DEMONSTRATES STRATEGIC BENEFITS OF INVESTING IN OPERATIONS
➤ $950 mm Q4 2021 platform acquisition from private seller
➤ In August 2022, less than one year after closing of initial transaction, Lifepoint agreed to transactions that re-valued the
business from $190 mm to $250 mm
1 Confirmed value of leasing transaction applies assumed 6.5% cap rate to 2024E cash rent from CommonSpirit
2 Includes Springstone management's share
MPT
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