February 15, 2023 – MPW’s purchase of 5 Florida Hospitals in 2021 was another Steward subsidy at MPW shareholder’s expense. This report investigates the uncommercial nature of this transaction. The acquisition of the Florida Hospitals forms part of Steward’s greater $1.1b acquisition of Tenet Healthcare’s
On February 11, 2023, Steward International doubled down, and stated to MaltaToday journalists that “MPW does not in any way own or control Steward Health Care International”. It has also previously categorically denied any commercial relationship with MPW, and any legal relationship with Steward Health
February 8, 2023 – MPW’s joint venture with Steward CEO, Ralph De La Torre, has been the subject of intense curiosity by MPW bulls and bears alike. Today, Viceroy Research will detail the JV’s structure, the ownership of Steward Malta, and egregious, and likely criminal,
February 7, 2023 – In Q2 2022, MPW committed $34.6m in funding for a new facility in McKinney, Texas, which would be leased to Springstone LLC. MPW did not disclose that the site was also purchased from Springstone, who already lease 18 facilities from MPW.
February 6, 2023 – As Viceroy prepare an extended case study highlighting MPW exposure to international criminal inquiries, we present readers with a fun throwback to 2018, when the SEC questioned MPW’s uncommercial transactions. A link to the correspondence is below: https://www.sec.gov/Archives/edgar/data/1287865/000119312518271134/filename1.htm The background to
February 2, 2023 – Viceroy has sent a letter to MPW’s auditors. We highlight that rudiementary checks on their part would expose severely distressed tenants, a pervasive revenue round-tripping scheme, and uncollectable accrued revenues. A copy of the letter can be found in the link
MPW has paid over 3x the market value for its Neuropsychiatric Hospital facility in Houston. Viceroy’s investigations show that combined costs of the development and appraised value of land was ~$9.1m at the date of MPW’s acquisition. Despite this, MPW claim to have outlaid over
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
SBB humiliates shareholders with absurd and untrue announcements surrounding the success of its incompetent dealmakers. December 8, 2022 – SBB announced it had sold a stake in its newly-formed EduCo to Brookfield on November 30,2022[1]. It then proceeded to defecate on a plate and present
November 30, 2022 –Home REIT today published its response to Viceroy’s report: “No Place Like Home REIT”. This response all but confirms round-tripping of revenues to tenants via vendor agreements, low tenant quality and related party structures between major tenants. This document will address Home
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