Video Highlights:
- Short – Medical Properties Trust, Inc (MPW): Updated our numbers on MPW; we estimate MPW is trading at a ~6-6.5% implied net effective cap rate; in several respects we think we are being generous, including giving the company credit for the book value of its mortgage and operator loans, giving credit for a return earned on MPW's recurring "capex" burden, and in general taking the reported numbers at face value; cannot use GAAP multiples to value this company; MPW remains a short
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