February 16, 2023 – On February 15, 2023, Steward Health Care Systems (“SHCS”) announced that it had entered into an agreement to sell its Utah operations to Commonspirit. This is an objectively bad deal for MPW, who have taken a 20% haircut on their Utah
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
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.