mikkelwilliam/E+ via Getty Images The last few weeks have been great for “most” of my REIT holding, thanks in large part to the first leg of the so-called REIT Rally, as I explained a few weeks ago, Recent share price weakness in this sector has driven valuations on many of my favorite REITs down to levels where we’re seeing very attractive margins of safety. I believe that the poor sentiment surrounding REITs today will allow investors to have their cake and eat it too when it comes to both passive ...

Last year was rough for Medical Properties Trust (MPW -3.35%). The real estate investment trust's (REIT) stock tumbled over 50%. Several factors weighed on the hospital owner, including rising interest rates, tenant issues, and a dividend reduction. However, many of the healthcare REIT's headwinds could fade in the coming year. Three catalysts, in particular, could give its shares the power to soar in 2024.The prospect of putting its tenant issues in the rearview mirrorOne of the factors weighing on Medical ...

This past year has been a great one for the market in a broad sense. The S&P 500 bounced back sharply from a tough 2022, rallying by about 25%. Unfortunately, not all stocks rode that rally, and for some, 2023 was an abysmal year. That was certainly the case for NextEra Energy Partners (NEP -0.98%) and Medical Properties Trust (MPW -3.35%), both of which lost more than half their value in the past 12 months. But I believe 2024 will be much better for those two. In fact, they are my highest-upside stock pick ...

DNY59 High-conviction Medical Properties Trust, Inc. (NYSE:MPW) investors have failed to lift MPW from its doldrums over the past two months since I downgraded the stock to a Hold. The caution is justified, as I reckoned the challenges that hampered MPW's bullish thesis was more than just a hawkish Fed. I indicated that the market was likely expecting "further financial pressure on MPW's AFFO per share," even as MPW fell to the "A+" valuation zone. However, its "F" momentum grade suggests dip buyers were no ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32559 Commission file number 333-177186 MEDICAL PROPERTIES TRUST, INC. MPT OPERATING PARTNERSHIP, L.P. Securities registered pursuant t ...

Financial Data and Key Metrics - The company expects a double-digit annualized reduction in costs compared to 2022, with further reductions anticipated in Q4 2023 and into 2024 [3] - The company reported GAAP net income of $0.19 and normalized FFO of $0.38 per diluted share for Q3 2023 [77] - The company has reduced total annualized operating expenses by approximately $19 million since Q1 2023, with further declines expected in Q4 2023 and into 2024 [42] - The company expects to preserve approximately $335 million of cash per year by rightsizing the dividend level to a near-term AFFO payout ratio below 60% [36] Business Line Data and Key Metrics - Steward's hospital operations showed strong trailing 12-month EBITDARM coverage of 2.7x, with significant expense reductions and improved revenue cycle management [76] - Lifepoint Health's behavioral health portfolio delivered sequential improvements in EBITDARM coverage, driven by strong admission trends and cost efficiencies [41] - Priory, the largest independent mental healthcare provider in the UK, maintained EBITDARM coverage of approximately 2x, with strong financial performance expected to continue [63] - Ernest Health maintained steady EBITDARM coverage of greater than 2x, with new facilities expected to strengthen revenue and cash flow [48] Market Data and Key Metrics - The UK market saw strong performance from Circle Health, with revenues up 11% and EBITDARM up 12% year-over-year, driven by private insurance expansion [75] - Swiss Medical Network in Europe delivered strong performance, with margins improving year-over-year and significant investor interest in its assets [91] - The U.S. market saw strong performance from CommonSpirit and Prime, with Prime maintaining trailing 12-month EBITDARM coverage of 4x despite nursing shortages [83] Company Strategy and Industry Competition - The company is focusing on a capital allocation strategy to provide liquidity for debt maturities, with plans to execute approximately $2 billion of liquidity transactions over the next three to four quarters [103] - The company is considering additional asset sales, limited secured financing, and joint venture structures to enhance liquidity and address debt maturities [103] - The company is confident in the long-term value of its hospital real estate assets, which are seen as critical community assets with strong demand from operators, sovereigns, and infrastructure funds [5] Management Commentary on Operating Environment and Future Outlook - Management expects further cost reductions and improved cash flow from Steward, driven by efficiency initiatives and revenue cycle improvements [73] - The company is optimistic about the sale of its Connecticut hospitals to Yale New Haven Health, which is expected to provide additional liquidity [43] - Management believes the hospital real estate market remains attractive, with strong demand for assets that offer long-term, inflation-protected cash flows [90] Other Important Information - The company has reached an agreement in principle with a tenant to exit a relationship, resulting in expected collection of $17 million in deferred rent and $32 million in unbilled straight-line rent [52] - The company has repurchased approximately £50 million of notes due in December 2023 and closed the sale of its Australian facilities for approximately $305 million at a 5.7% cap rate [60] Q&A Session Summary Question: Steward's working capital issues and receivables - Steward is expected to continue improving its operations and revenue cycle management, with no concerns about the collectibility of receivables [67][104] - Steward has made significant progress in reducing denials and improving cash collections, with no discounts on receivables [70][88] Question: Secured debt and asset sales - The company is considering limited secured debt as a temporary measure to avoid selling assets into a high cap rate environment [15][18] - The $2 billion liquidity target includes a mix of asset sales and secured debt, with no specific guidance on the exact mix [16][17] Question: Cap rates and asset sales - Cap rates are elevated compared to six months ago, and the company may prefer temporary secured financing over selling assets into a high cap rate environment [18] Question: Steward's financials and management changes - The company expects to file Steward's financials once they are received with auditor consents [105] - Steward has filled key management positions and has a well-rounded management team in place [137] Question: Long-term acute care (LTACH) outlook - The LTACH portfolio has stabilized, with no further declines expected, though it represents a small portion of the company's overall portfolio [114] Question: Incentives and management strategy - The company is evaluating changes to management incentives as it shifts its strategy towards reducing leverage and focusing on liquidity [99] Question: Asset sales and portfolio simplification - The company has interest in selling assets across all geographic locations and facility types, with strong demand for assets at greater than net book value [125] Question: Cost reductions and G&A savings - The company has already reduced G&A by mid-teens year-to-date and expects further savings over the next 12 months [131]

Medical Properties Trust, Inc. (NYSE:MPW) Q2 2023 Earnings Conference Call August 8, 2023 11:00 AM ET Company Participants Charles Lambert - Vice President Edward Aldag - Chairman, President and CEO Steven Hamner - Executive Vice President and CFO Conference Call Participants Joshua Dennerlein - Bank of America Austin Wurschmidt - KeyBanc Capital Markets Steven Valiquette - Barclays Vikram Malhotra - Mizuho Mike Mueller - JPMorgan Connor Siversky - Wells Fargo Jonathan Hughes - Raymond James Operator Good d ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32559 Commission file number 333-177186 MEDICAL PROPERTIES TRUST, INC. MPT OPERATING PARTNERSHIP, L.P. (Exact Name of Registrant as Specifie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32559 Commission file number 333-177186 MEDICAL PROPERTIES TRUST, INC. MPT OPERATING PARTNERSHIP, L.P. (Exact Name of Registrant as Specifi ...

Medical Properties Trust, Inc. (NYSE:MPW) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET Company Participants Charles Lambert - VP, Treasurer & MD, Capital Markets Edward Aldag - Founder, Chairman, President & CEO Steven Hamner - Founder, EVP, CFO & Director Conference Call Participants Connor Siversky - Wells Fargo Securities Michael Carroll - RBC Capital Markets Jonathan Hughes - Raymond James & Associates Austin Wurschmidt - KeyBanc Capital Markets Vikram Malhotra - Mizuho Securities Steven ...