G&A-DRIVEN "MISS," BUT DEPLOYED MORE CAPITAL THAN WE MODELED | 8.8.22 | (RADI)

08/08/22 06:20PM EDT

Hedgeye Cartoon of the Day: Roller Cycle

It is 8.8.22, and Active Short Medical Properties Trust (MPW) is overvalued by approximately ~$16.18/share.

Ticker: RADI

Company: Active Long Radius Global Infrastructure

Subsector: Towers / Infrastructure

Headline: Not as straightforward to call beats/misses, need to watch yields; deal or no deal?

Adj. EBITDA of $11.8 million was -$3.2 million vs. Hedgeye, driven primarily by -$4.7 million of higher G&A expenses and offset by lower taxes and additional non-cash FX adjustments.

Important to remember the "origination G&A" component which can introduce noise in the P&L depending on the level of investment activity. We look instead to the all-in yield on true acquisition capex + origination G&A as one of the most important metrics vis-a-vis measuring expense levels and external growth. The company deployed a little more capital than we expected, and the all-in investment yield of 6.4% was about -60bps lower than our assumption.
Taken together its not that bad, however, as the ~6.4% yield YTD is only about ~10-15bps down from the full year 2021 result and down about -40bps y/y. So we are not talking drastic compression here.

Organic growth at +3.7% came in +60bps higher than our estimate on +50bps of pickup from contracted escalators, which are likely benefitting from increased CPI-linked adjustments in Europe.
There was a ramp on cost of service expenses on increased property taxes following the acquisition of fee simple interests.
All that may matter for the stock is any commentary on a potential transaction and whether the company is sold this year, given prior M&A rumors.

Figure 1: RADI 2Q22 Earnings Variances

Source: Company Reports, Hedgeye Estimates

Prior Notes:

8.8.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 8.8.22

8.7.22 - SUNDAY NIGHT REIT READ | STYLE FACTOR PERFORMANCE | 8.7.22

8.5.22 - PSA MISSED OUR TOP-LINE ON 2Q | 8.5.22 | (PSA)

8.4.22 - ANOTHER HIGH-QUALITY TOP-LINE DRIVEN BEAT-AND-RAISE IN STORAGE | 8.4.22 | (LSI)

8.3.22 - HIGH-QUALITY F1Q23 BEAT OUT OF UHAL, BUT WE THINK OVER-EARNING | 8.3.22 | (UHAL)

8.3.22 - INITIAL THOUGHTS ON MPW'S 2Q RESULTS | 8.3.22 | (MPW)

8.2.22 - EXR KEEPS CRUSHING EXPECTATIONS, JUST STANDING ASIDE | 8.2.22 | (EXR)

8.1.22 - INVH MODEL UPDATE - HITTING PEAK MARGINS | 8.1.22 | (INVH)

7.31.22 - SUNDAY NIGHT REIT READ | STEWARD TRYING TO "STIFF" ITS VENDORS? | 7.31.22 | (MPW)

7.29.22 - CPT 2Q22 RESULTS IN-LINE | 7.29.22 | (CPT)

7.28.22 - EVENT REPLAY | MPW's EQUITY IS WORTHLESS | 7.28.22 | (MPW)

7.28.22 - INVH IS "STAGFLATION REIT" | 7.28.22 | (INVH 2Q22 RESULTS)

7.26.22 - HIGH QUALITY 2Q22 BEAT OUT OF EQR | 7.26.22 | (EQR)

7.26.22 - REITS DAILY BRIEF | 7.26.22 | (NXRT 2Q22 RESULTS)

7.25.22 - EVENT INVITE | MEDICAL PROPERTIES TRUST (MPW) FLASH CALL | THURSDAY, 7/28 @ 10:00AM ET

7.24.22 - SUNDAY NIGHT REIT READ | 7.24.22 | (NXRT, POSITION MONITOR CHANGES)

7.22.22 - REITS WEEKLY VALUATION HANDBOOK | 7.22.22

7.21.22 - REITS DAILY BRIEF | (MPW, REXR 2Q22 RESULTS)

7.19.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 7.19.22 | (INVH, PLD)

7.18.22 - IS MPW RUNNING AFOUL OF SEC TOPIC 2, SECTION 2340? | 7.18.22 | (MPW)

7.17.22 - SUNDAY NIGHT REIT READ | 7.17.22 | (FINANCIAL STRAIN INDEX)

7.16.22 - CORRECTION: IS MPW MANAGEMENT GETTING DESPERATE? | 7.16.22 | (MPW)

7.15.22 - REITS WEEKLY VALUATION HANDBOOK | 7.15.22

7.14.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 7.14.22 | (AVB, CTRE, IHS TCN)

7.13.22 - SELL INVITATION HOMES | 7.13.22 | (INVH)

7.10.22 - SUNDAY NIGHT REIT READ | 7.10.22 | (HR, HTA, INVH)

7.8.22 - REITS WEEKLY VALUATION HANDBOOK | 7.8.22

7.8.22 - REITS DAILY BRIEF | 7.8.22 | (INVH - TWO CITIES OPPOSE MOTION TO DISMISS, STILL MORE MPW)

7.6.22 - REITS DAILY BRIEF | 7.6.22 | (STEWARD'S LIQUIDITY & MPW'S OPTIONS)

7.3.22 - SUNDAY NIGHT REIT READ | 7.3.22 | (HR, HTA, WELL, MPW, NXRT)

7.1.22 - REITS WEEKLY VALUATION HANDBOOK | 7.1.22

6.30.22 - REITS DAILY BRIEF | 6.30.22 | (APARTMENT RENTS, MPW)

6.28.22 - REITS DAILY BRIEF | 6.28.22 | (INVH) | PLAINTIFF FILES RESPONSE

6.26.22 - SUNDAY NIGHT REIT READ | 6.26.22 | (COLD)

6.24.22 - REITS WEEKLY VALUATION HANDBOOK | 6.24.22

6.23.22 - REITS DAILY BRIEF | 6.23.22 | (PGRE)

6.22.22 - REITS DAILY BRIEF | 6.22.22 | (PGRE)

6.20.22 - REITS DAILY BRIEF | 6.20.22 | (POSITION MONITOR UPDATE)

6.17.22 - REITS DAILY BRIEF | 6.17.22 | (MPW - MORE BAD NEWS)

6.17.22 - REITS WEEKLY VALUATION HANDBOOK | 6.17.22

6.16.22 - REITS DAILY BRIEF | 6.16.22 | EXPLORING MPW'S PRIORY TRANSACTION (MPW)

6.12.22 - SUNDAY NIGHT REIT READ | 6.12.22 | (FR, PGRE, NXRT)

6.10.22 - REITS WEEKLY VALUATION HANDBOOK | 6.10.22

6.8.22 - REITS DAILY BRIEF | 6.8.22 | (NAREIT, POSITION MONITOR UPDATE)

6.6.22 - REITS DAILY BRIEF | 6.6.22 | (MPW)

6.5.22 - SUNDAY NIGHT REIT READ | 6.5.22 | (JUNE NAREIT PRESENTATIONS HITTING)

6.3.22 - REITS WEEKLY VALUATION HANDBOOK | 6.3.22

6.3.22 - REITS DAILY BRIEF | 6.3.22 | (ANOTHER ONE ON MPW)

6.2.22 - REITS DAILY BRIEF | 6.2.22 | (MPW)

6.1.22 - REITS DAILY BRIEF | 6.1.22 | (CPT TO BEST IDEA SHORT LIST)

5.30.22 - SUNDAY NIGHT REIT READ (ON MONDAY) | 5.30.22 | (UHAL, FIRST WEEKLY VALUATION HANDBOOK)

5.26.22 - UHAL F4Q22 RESULTS - BIG OOF ON DIY | 5.26.22 | (UHAL)

5.25.22 - REITS DAILY BRIEF | 5.25.22 | (MPW MUST LIVE ON ANOTHER PLANET)

5.24.22 - REITS DAILY BRIEF | 5.24.22 | (REMOVING COLD FROM BEST IDEA SHORT)

5.22.22 - SUNDAY NIGHT REIT READ | 5.22.22 | (OFC, STYLE FACTORS)

5.20.22 - REITS DAILY BRIEF | 5.20.22 | (MPW)

5.18.22 - REITS DAILY BRIEF | 5.18.22 | (POSITION MONITOR UPDATE)

5.17.22 - REITS DAILY BRIEF | 5.17.22 | (MPW)

5.16.22 - SUNDAY NIGHT REIT READ, A LITTLE LATE | 5.16.22 | (CUBE, PSA, EXR, LSI, UHAL)

5.12.22 - REITS DAILY BRIEF | 5.12.22 | (APARTMENT RENT TRACKER)

5.10.22 - RADI 1Q22 RESULTS | TIMING IMPACT DRAG; POTENTIAL DEAL ALL THAT MATTERS | 5.10.22 | (RADI)

5.8.22 - SUNDAY NIGHT REIT READ | 5.8.22 | (RADI)

5.6.22 - COLD 1Q22 RESULTS | SETTING UP ANOTHER GUIDANCE CUT? | 5.6.22 | (COLD)

5.5.22 - REITS DAILY BRIEF | 5.5.22 | (HR/HTA/WELL, LSI, NSA)

5.4.22 - REITS DAILY BRIEF | 5.4.22 | (EXR/PSA 1Q22 RESULTS)

5.3.22 - REITS DAILY BRIEF | 5.3.22 | (HR, HTA)

5.1.22 - SUNDAY NIGHT REIT READ | 5.1.22 | (AMH, MPW)

4.29.22 - MPW HEARING FOOTSTEPS? | 4.29.22 | (MPW)

4.28.22 - AVB 1Q22 RESULTS | BIG BEAT DIDN'T HAPPEN, BUT FY22 OUTLOOK RAISED | 4.28.22 | (AVB)

4.27.22 - INVH 1Q22 RESULTS | ROC ROLLING OVER EVERYWHERE | 4.27.22 | (INVH, AMH)

4.26.22 - EQR 1Q22 RESULTS | DISAPPOINTING QUARTER | 4.26.22 | (EQR)

4.26.22 - REITS DAILY BRIEF | 4.26.22 | (AVB 1Q22 PREVIEW)

4.25.22 - REITS DAILY BRIEF | 4.25.22 | (EQR 1Q22 PREVIEW)

4.24.22 - SUNDAY NIGHT REIT READ | 4.24.22 | (AMH, INVH, TCN)

4.22.22 - EVENT REPLAY: MPW BEST IDEA SHORT BLACK BOOK (MPW)

4.21.22 - REITS DAILY BRIEF - LATE EDITION | 4.21.22 | (MPW)

4.19.22 - REITS DAILY BRIEF | 4.19.22 | (PLD 1Q22 RESULTS)

4.17.22 - SUNDAY NIGHT REIT READ | 4.17.22 | (MPW)

4.13.22 - REITS DAILY BRIEF | 4.13.22 | (OFFICE UTILIZATION)

4.12.22 - EVENT INVITE | MEDICAL PROPERTIES TRUST (MPW) BLACK BOOK | THURSDAY, 4/21 @ 10:00AM ET

4.10.22 - SUNDAY NIGHT REIT READ | 4.10.22 | (MACRO STYLE FACTORS)

4.8.22 - REITS DAILY BRIEF | 4.8.22 | (PLD)

4.7.22 - REITS DAILY BRIEF | 4.7.22 | (OFFICE UTILIZATION, PGRE)

4.5.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 4.5.22 | (AMH, MAA, MPW)

4.3.22 - SUNDAY NIGHT REIT READ | 4.3.22 | (CXW)

4.1.22 - REITS DAILY BRIEF | 4.1.22 | (CPT, INVH)

3.31.22 - REITS DAILY BRIEF | 3.31.22 | (APARTMENT RENT TRACKER)

3.30.22 - REITS DAILY BRIEF | SELF-STORAGE ASSUMPTIONS | 3.30.22 | (CUBE, EXR, LSI, NSA, PSA)

3.27.22 - SUNDAY NIGHT REIT READ | 3.27.22 | (CXW, INVH, ONL, WE)

3.22.22 - REITS DAILY BRIEF | PGRE REJECTS MONARCH OFFER | 3.22.22 | (PGRE)

3.20.22 - SUNDAY NIGHT REIT READ | 3.20.22 | (INVH)

3.18.22 - REITS DAILY BRIEF | COLD REMAINS TOP SHORT IDEA | 3.18.22 | (COLD)

3.16.22 - REITS DAILY BRIEF | SFR ASSUMPTIONS SHEET | 3.16.22 | (AMH, INVH)

3.15.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.15.22 | (SUI)

3.13.22 - SUNDAY NIGHT REIT READ | 3.13.22 | (INVH)

3.11.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.11.22 | (WE)

3.9.22 - REITS DAILY BRIEF | 3.9.22 | (OFFICE UTILIZATION)

3.8.22 - REITS DAILY BRIEF | 3.8.22 | (APARTMENT RENT TRACKER, AMH, INVH, TCN, ILPT)

3.6.22 - SUNDAY NIGHT REIT READ | 3.6.22 | (WE)

3.4.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 3.4.22 | (WE)

3.4.22 - REITS DAILY BRIEF | 3.4.22 | (RADI MODEL UPDATE)

3.1.22 - REITS DAILY BRIEF | 3.1.22 | (WE)

3.1.22 - FOLLOWING UP W/ ADDITIONAL THOUGHTS ON HR | 2.28.22 | (HR, HTA)

2.28.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.28.22 | (HR, HTA)

2.27.22 - SUNDAY NIGHT REIT READ | 2.27.22 | (HR, HTA)

2.26.22 - UPDATE FOLLOWING MONARCH BID | POSITION MONITOR UPDATE | 2.26.22 | (PGRE)

2.24.22 - REITS DAILY BRIEF | 2.24.22 | (COLD 4Q21 RESULTS)

2.24.22 - UPDATE ON INVH COURT CASE | 2.24.22 | (INVH)

2.24.22 - REITS DAILY BRIEF | 2.24.22 | (PGRE)

2.23.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.23.22 | (INVH, COLD)

2.20.22 - SUNDAY NIGHT REIT READ (A LITTLE EARLY FOR FUN!) | 2.20.22 | (INVH SHORT)

2.17.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.17.22 | (INVH)

2.16.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 2.16.22 | (UHAL)

2.15.22 - INVH 4Q21 RESULTS | JUST NOT ENOUGH | 2.15.22 | (INVH)

2.13.22 - SUNDAY NIGHT REIT READ - SUPER BOWL EDITION | 2.13.22 | (UHAL)

2.11.22 - REITS DAILY BRIEF | 2.11.22 | (OFC 4Q21 RESULTS)

2.10.22 - REITS DAILY BRIEF | 2.10.22 | (REXR 4Q21 FOLLOW-UP)

2.9.22 - REXR'S FY22 OUTLOOK DISAPPOINTING | 2.9.22 | (REXR)

2.9.22 - REITS DAILY BRIEF | 2.9.22 | (EGP)

2.8.22 - REITS DAILY BRIEF | 2.8.22 | (REXR, APARTMENT RENT TRACKER)

2.6.22 - SUNDAY NIGHT REIT READ | 2.6.22 | (RADI)

2.4.22 - EVENT REPLAY | RADIUS GLOBAL INFRASRUCTURE (RADI) BLACK BOOK

2.2.22 - AVB FY22 GUIDANCE CONSERVATIVE | 2.2.22 | (AVB)

2.1.22 - EQR 4Q21 EARNINGS BEAT | 2.1.22 | (EQR)

1.31.22 - POSITION MONITOR UPDATE | 1.31.22 | (O, NNN, WY, CUBE, LSI)

1.30.22 - SUNDAY NIGHT REIT READ | 1.30.22 (AVB, EQR, WE)

1.27.22 - EVENT INVITE | RADIUS GLOBAL INFRASRUCTURE (RADI) BLACK BOOK | FRIDAY, 2/4 @ 10:00AM ET

1.27.22 - REITS DAILY BRIEF | 1.27.22 | (OFC)

1.26.22: REITS DAILY BRIEF PART II | 1.26.22 | (RADI)

1.26.22 - REITS DAILY BRIEF | 1.26.22 | (COLD)

1.25.22 - REITS DAILY BRIEF | 1.25.22 | (APARTMENTS, OFFICE UTILIZATION)

1.25.22 - Will $MSTR Be Forced To Sell Their Bitcoin? (Bonus)

1.23.22 - SUNDAY NIGHT REIT READ | 1.23.22

1.22.22 - REITS DAILY BRIEF | 1.21.22 | (COLD)

1.21.22 - REITS DAILY BRIEF | 1.19.22 | (AMH, WE)

1.19.22 - REITS DAILY BRIEF | 1.19.22 | (PLD, COLD)

1.17.22 - MONDAY NIGHT HOLIDAY REIT READ | 1.17.22 (RADI, PLD)

1.12.22 - REITS DAILY BRIEF | 1.12.22 | (APARTMENT RENT TRACKER)

1.11.22 - REITS DAILY BRIEF | 1.11.22 | (POSITION MONITOR UPDATE)

1.10.22 - REITS DAILY BRIEF | 1.10.22 | (WE, REXR)

1.9.22 - SUNDAY NIGHT REIT READ | 1.9.22

1.6.22 - REITS DAILY BRIEF | 1.6.22 | (PSA, POSITION MONITOR)

1.5.22 - ESRT <--> PGRE: A WIN-WIN ALL AROUND? | 1.5.22 | (ESRT, PGRE)

1.4.22 - REITS DAILY BRIEF | 1.4.22 | (PGRE)

1.3.22 - REITS DAILY BRIEF | 1.3.22 | (POSITION MONITOR UPDATE, PGRE)

12.29.21 - REITS DAILY BRIEF | 12.29.21 | (Position Monitor, TCN, DLR, EQIX, ELS, SUI)

12.23.21 - REITS DAILY BRIEF | 12.23.21 | (AVB, CPT, EQR, MAA)

12.21.21 - REITS DAILY BRIEF | 12.21.21 | (BRG, U.S. OFFICE UTILIZATION)

12.19.21 - SUNDAY NIGHT REIT READ | 12.19.21 | (PSA)

12.17.21 - REITS DAILY BRIEF | 12.17.21 | (Storage, Manhattan Office)

12.16.21 - REITS DAILY BRIEF | 12.16.21 | (FR)

12.15.21 - EVENT REPLAY | FIRESIDE CHAT W/ WEWORK CEO SANDEEP MATHRANI

12.14.21 - REITS DAILY BRIEF | 12.14.21 | (U.S. OFFICE UTILIZATION)

12.12.21 - SUNDAY NIGHT REIT READ | 12.12.21 | (WE)

12.11.21 - EVENT REMINDER | FIRESIDE CHAT W/ WEWORK CEO SANDEEP MATHRANI

12.10.21 - REITS DAILY BRIEF | 12.10.21 | (ESRT)

12.8.21 - REITS DAILY BRIEF | 12.8.21 | (APARTMENT RENT TRACKER, U.S. OFFICE UTILIZATION)

12.7.21 - REITS DAILY BRIEF | 12.7.21 | (SLG)

12.6.21 - REITS DAILY BRIEF | 12.6.21 | (WE NOVEMBER OPERATIONS UPDATE)

12.5.21 - SUNDAY NIGHT REIT READ | 12.5.21 | (PGRE, EGP, PLYM, MAA, CPT, O, EPR)

12.2.21 - REITS DAILY BRIEF | 12.2.21 | (WE)

12.1.21 - IGNORE CNBC RE: WEWORK RESTATEMENT | 12.1.21 | (WE)

12.1.21 - REITS DAILY BRIEF | 12.1.21 | (U.S. OFFICE UTILIZATION, WE)

11.30.21 - REITS DAILY BRIEF | 11.30.21 | (AMH)

11.28.21 - SUNDAY NIGHT REIT READ | 11.28.21 | (COLD)

11.23.21 - REITS DAILY BRIEF | 11.23.21 | (U.S. OFFICE UTILIZATION, WE)

11.21.21 - SUNDAY NIGHT REIT READ | 11.21.21 | (WE)

11.19.21 - REITS DAILY BRIEF | 11.19.21 | (CUBE)

11.17.21 - REITS DAILY BRIEF | 11.17.21 | (STYLE FACTOR WORK)

11.16.21 - REITS DAILY BRIEF | 11.16.21 | (U.S. OFFICE UTILIZATION)

11.15.21 - CUBE ANNOUNCES STABILIZED ACQUISITION | 11.15.21

11.15.21 - REITS DAILY BRIEF | 11.15.21 | (WE, ILPT)

11.14.21 - SUNDAY NIGHT REIT READ | 11.14.21 | (CUBE, EXR, LSI, NSA)

11.11.21 - REITS DAILY BRIEF | 11.11.21 | (LSI, NYC CBD OFFICE)

11.10.21 - REITS DAILY BRIEF | 11.10.21 | (UHAL, CONE, COR, NSA, PSA)

11.9.21 - REITS DAILY BRIEF | 11.9.21 | (U.S. OFFICE UTILIZATION, SFR)

11.7.21 - SUNDAY NIGHT REIT READ | 11.7.21 | (APARTMENT RENTAL RATE TRACKER, POSITION MONITOR UPDATE)

11.4.21 - REIT RECAP | 11.4.21 | AMH 3Q21 RESULTS

11.4.21 - REIT RECAP | 11.4.21 | CUBE 3Q21 RESULTS

11.4.21 - REITS DAILY BRIEF | 11.4.21 | (COLD, IRM, EARNINGS SURPRISE MONITOR)

11.3.21 - REITS DAILY BRIEF | 11.2.21 | (LSI, POSITION MONITOR UPDATE)

11.2.21 - REITS DAILY BRIEF | 11.2.21 | (PSA, U.S. OFFICE UTILIZATION)

11.1.21 - REIT RECAP | 11.1.21 | PSA 3Q21 RESULTS

10.31.21 - SUNDAY NIGHT REIT READ | 10.31.21 | (3Q21 EARNINGS SURPRISES, POSITION MONITOR)

10.28.21 - REIT RECAP | 10.28.21 | CPT 3Q21 RESULTS

10.28.21 - REITS DAILY BRIEF | 10.28.21 | (EXR)

10.28.21 - REIT RECAP | 10/28/21 | INVH 3Q21 RESULTS

10.28.21 - REIT RECAP | 10/27/21 | AVB 3Q21 RESULTS

10.27.21 - REITS DAILY BRIEF | 10.27.21 | (3Q21 Earnings, AVB, EXR, Office)

10.26.21 - REIT RECAP | 10/26/21 | EXR 3Q21 RESULTS

10.26.21 - REITS DAILY BRIEF | 10.26.21 | (EQR, REXR)

10.25.21 - SUNDAY NIGHT REIT READ | 10.24.21 | (POSITION MONITOR)

10.21.21. - REIT RECAP | 10/21/21 | REXR 3Q21 RESULTS

10.20.21 - REITS DAILY BRIEF | 10.20.21 | (EGP, PLYM, REXR, ILPT)

10.19.21 - VIDEO | American Homes 4 Rent (AMH) Thesis

10.19.21 - REITS DAILY BRIEF | 10.19.21 | (COLD, SLG, VNO, AMH, U.S. Office Utilization)

10.18.21 - REITS DAILY BRIEF | 10.18.21 | (PLD)

10.17.21 - SUNDAY NIGHT REIT READ | 10.17.21 | (PLD, POSITION MONITOR)

10.15.21 - REIT RECAP | 10/15/21 | PLD 3Q21 RESULTS

10.13.21 - REITS DAILY BRIEF | 10.13.21 | (PLD)

10.10.21 - SUNDAY NIGHT REIT READ | 10.10.21 | (POSITION MONITOR UPDATE)

10.8.21 - BLACK BOOK ROUND-UP | AMERCO (UHAL)

10.7.21 - BEST IDEA ROUND-UP | AMERICOLD REALTY TRUST (COLD)

Please e-mail with any questions.

Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs

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