Between 20 the properties performed as expected, with the eight properties that would be subject to a subsequent transaction yielding approximately $475 million in rental and mortgage interest income for MPT.
In 2018 we acquired the fee simple interest in the originally mortgaged hospitals – as is always our preference – for an incremental investment of $43 million. That same year, MPT invested a total of about $1.25 billion – $600 million for the fee simple interest of five of the hospitals, $600 million for mortgage interests in the other four hospitals and $50 million for a passive equity stake in Steward. Ahead of the 2016 transaction, our underwriting procedures valued these nine hospitals at between $1.2 billion and $1.3 billion.MPT’s acquisition of nine Massachusetts facilities from Steward Health Care System LLC – highlighted by Viceroy – offers a perfect example of that model in action as well as the baseless nature of Viceroy’s allegations: Very importantly, when we have elected to sell or otherwise recapitalize our hospital real estate, we have almost always realized attractive gains well in excess of the amounts we originally paid. The amounts we pay for hospital real estate are supported first and foremost by this process, and by independent analysis and other market information. When these criteria align, our general belief is that we will be able to find a competent replacement operator in the rare case that we must transition from the original lessee. We believe our success is largely attributed to an underwriting process focused on hospitals that are integral to sustaining a community’s healthcare delivery over many years. MPT has a proven underwriting track record. When acquiring hospital real estate assets, MPT is focused on assessing physical asset quality, location, competitive market dynamics, and facility-level operations to determine true community need and, in turn, probability of financial success regardless of operator.Here are some of the underlying facts of the situation we wanted to reiterate directly with you: We encourage you to read our lawsuit in full, which you can do by following this link. Over the past few months, we have heard many of your suggestions to speak up and emphasize the facts, and today we have taken a decisive step in that respect by filing a lawsuit in federal court against Viceroy and its members. Unfortunately, the chorus of false and intentionally deceptive claims from Viceroy Research and others who stand to benefit from declines in MPT’s stock price has grown so loud that we can no longer sit by idly. These results include healthcare investments of more than $23 billion, the returns from which have generated more than $4.3 billion in cash dividends to you, our shareholders. We are proud that we have avoided distractions and maintained a relentless focus on that objective to deliver enduring results. Since our founding, MPT’s primary objective has been to profitably invest in hospital real estate and create attractive returns for our shareholders.
Steward health care stock full#
The full text of the letter can be found below and the complaint, which shareholders are encouraged to read in full, can be accessed here.
MPT also today issued a letter to shareholders, clarifying the facts underlying its strong and sustainable business performance and track record of value creation. The lawsuit seeks permanent injunctive relief, disgorgement of ill-gotten gains, and compensatory and punitive damages from Viceroy and its members for defamation, civil conspiracy, tortious interference, private nuisance, and unjust enrichment. (the “Company” or “MPT”) (NYSE: MPW) today filed a lawsuit in federal court against Viceroy Research LLC (“Viceroy”), a short-selling firm that has repeatedly published baseless allegations to drive down the Company’s stock price. Shareholder Letter Corrects Record Regarding Short-Selling Firm’s Baseless Allegations. Viceroy’s Numerous Defamatory, False and Misleading Claims Have Caused Serious Harm to MPT and its Investors.
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