Medical Properties (dis)Trust

Author: Viceroy Research Published on: January 26, 2023 Published in: Medical Properties Trust NASDAQ:MPW

Aggressive healthcare property roll-up caters almost exclusively to distressed tenants. Rent is round-tripped via “fake” purchases of massively inflated assets. The fat lady is singing.

January 26, 2023 – Viceroy Research is short Medical Properties Trust (NASDAQ : MPW), a healthcare property REIT who has engaged in billions of dollars of uncommercial transactions with its tenants and their management teams in order to mask a pervasive revenue round-robin scheme and / or theft.

The value of MPW’s assets, as a result of capitalizing these uncommercial transactions, are massively overstated. MPW employed an aggressive, debt-fuelled roll-up strategy in order to affect these transactions. We believe the true value of MPW’s LTV is ~85%, creating enormous credit risk. We believe MPW will have no choice but to significantly cut dividends.

Substantially all of MPW’s major tenants appear distressed. This precedes the need to engage in revenue round-robin transactions. MPW is a subprime asset roll-up generating prime yields.

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