Publications

March 1, 2023 – On February 23, 2023, MPW released their Q4 2022 results and held their earnings call, both of which raised several issues and confirmed Viceroy’s continued belief in the weakness of their tenant base. By our calculations, Commonspirit’s annual rent on the

February 22, 2023 – In 2022 Steward sued Tenet for payments from the Florida Detected Payments Program (DPP) it believed it was owed given the back-dated periods these receipts relate to. Particulars of amounts are heavily redacted. This lawsuit appears to have spectacularly backfired on

Steward International will die on this hill. February 17, 2023 – On February 14, 2023, Steward Healthcare International (“SHCI”) threatened legal action against independent Maltese journalists and Viceroy Research in a “right of reply” essay submitted to MaltaToday. This was in response to Viceroy Research’s

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 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