Hedgeye Cartoon of the Day: "Plato's Cave" REIT, But Starting to See the Light?
Hedgeye REITs Chart of the Day: You Are Paying a ~6.9% Cap for (Dis)Trust... Don't Do That
Source: Company Reports, FactSet, Hedgeye Estimates
Quote of the Quarter: "The fundamental problem here is that you have entire business models and capital structures that have been built up over the past decade that were just based off of zero percent or very low levels of interest rates and now with rates and spreads where they are, and continue to go, the math just doesn’t work.” - Andrew Friedman on “The Call,” 9.27.2022
UPDATED MPW "CHEAT SHEET"
Ticker: MPW
Company Name: Active Short Medical Properties (Dis)Trust
Subsector: "B" Tranche Triple-Net Hospital "WholeCos"
Headline: With the stock fully in the "real estate 101 inverted canon ball pattern," let's start recapping Steward for posterity...
- While Active Short MPW's #2 tenant Prospect Medical has received most of the recent attention from investors and analysts, we have not forgotten about largest tenant Steward Health which we continue to believe is a total mess.
- So much has happened and been said about Steward over the last year or so, that we hoped to create a "one-stop shop" for some of the more important points that evidence a growing pile of nonsense. This is in no way meant to be exhaustive, and we will add to the list as necessary.
- On the Steward Utah portfolio profitability:
- "Based on the most recent two months, Steward's internal unadjusted EBITDAR shows a run rate of more than $800 million. The Utah and Miami markets alone continue to perform very strong and make up approximately $350 million of that $800 million." - CEO Ed Aldag, 2Q22 earnings call on 8.3.22
- "Well, from selling the operations – that's the Steward position. Steward is doing very, very well as we mentioned. If you take roughly a $125 million run rate EBITDAR for Utah alone and put a market multiple on that – that's EBITDA by the way, then, Steward has options." - CFO Steve Hamner, 2Q22 earnings call on 8.3.22
- "Steward’s Utah operations are highly profitable and generating ~$105 million EBITDA run-rate." - 3Q22 investor presentation on 10.28.22, so a -16% reduction in ~2 months
- "The expectations for 2023 continues to be in excess of $350 million including the Utah facilities. The Utah facilities represent approximately $80 million of that. So, somewhere in the $300 million annualized 2023 post the Utah transaction." - CEO Ed Aldag, 4Q22 earnings call on 2.23.23
- So to recap, Steward's largest, most profitable and most important market saw a ~35% trailing off in its EBITDA run-rate as we moved through 2022, when things were supposedly getting better throughout. And MPW claims that Steward RemainCo, which is of MUCH lower average quality and profitability, is more than making up the difference.
- Adverse selection...
- Nonsense.
- On the Utah OpCo valuation:
- "Remember that HCA valued Steward's Utah operations and solely the Utah operations at $850 million." - CFO Steve Hamner, 3Q22 earnings call on 10.28.22
- "While the exact deal terms are confidential, Steward also noted the enterprise value of the Centura transaction is similar to the previous HCA transaction. The deal is expected to close in 2Q23." - RBC research note published on 2.15.23, presumably after speaking with MPW management
- On 2.15.23 Commonspirit disclosed the purchase price at ~$685 million, or a ~20% reduction from HCA's purchase price. We found it on the evening of 2.15.23 and published it. ~$685 million is NOT similar to ~$850 million, and represents a substantial re-trade as we had expected.
- Nonsense.
- On the MAAP repayments:
- "By the end of September, Steward will have paid back all of its MAAP requirement, excluding the small amount associated with the hospital in Massachusetts that was hit by flood two years ago. The exhaustion of the payback of the MAAP money in September and the termination of the tenant management agreement will mean approximately $50 million additional cash dollars per month available to Steward." - CEO Ed Aldag, 2Q22 earnings call on 8.3.22
- "... Steward's cash flow has been burdened by having to repay to CMS the vast majority of MAAP advances approximating $450 million... Steward has weathered this cash drain and is now on the flip side of these circumstances and expects to be strongly cash flow positive, starting with the fourth quarter of 2022." - CFO Steve Hamner, 3Q22 earnings call on 10.28.22
- Yet in October 2022, Steward applied for an extension to CMS related to the Florida repayments and claimed "extreme" financial hardship. Discovery in the Tenet litigation revealed that those payments still had not been made as of 2.20.23.
- Nonsense.
- On the Tenet Florida acquisition and Steward's share of the funding:
- "Notwithstanding Steward's strong recent and improving facility level EBITDARM performance across its portfolio, the most recent quarters have suffered from cash pressures. These were caused by, for the most part, the investment of more than $200 million in last summer's acquisition of five hospitals in the Miami area..." - CFO Steve Hamner, 2Q22 earnings call on 8.3.22
- MPW and Steward closed on the acquisition of 5 Miami-area hospitals from Tenet in August 2021. MPW's share of the ~$1.1 billion total purchase price consisted of a ~$900 million sale-leaseback, leaving Steward's share at ~$200 million for the OpCos.
- MPW increased the Steward Florida market gross asset balance in 2Q21 by +$900 million when reported on 7.29.21, to account for the SLB capital committed.
- MPW committed / funded an incremental +$137 million to the Steward Florida market in 3Q21, reported on 10.28.21. No other hospitals were acquired in Florida.
- MPW committed / funded an incremental +$75 million to the Steward Florida market in 4Q21, reported on 2.3.22. No other hospitals were acquired in Florida.
- Total MPW funding of ~$1.1 billion = total ~$1.1 billion purchase price to Tenet for the real estate + the OpCos.
- How can the ~$200 million mentioned above be a use of cash for Steward, if MPW effectively refunded an equivalent amount back to Steward over two quarters and tacked it on to the lease base?
- Moreover, MPW shareholders effectively put up ~100% of the capital to jam incremental EBITDAR into Steward = asymmetric risk!
- Nonsense.
- On the Steward ABL Extension:
- "Sure, [analyst name redacted], let me take the ABL first and you and I have been together for a long time, so I know your health care background and you know that the ABLs are highly secured loans, they're secured by the receivables and have very good margins. So it's usually not something that we even think about mentioning. Obviously we've never had an issue in any of our tenants being able to renew their ABL and certainly don't expect that situation here either." - CEO Ed Aldag, 2Q22 earnings call on 8.3.22
- First of all, nice little dig there and attempt at discrediting what turned out to be a VERY relevant risk raised by us in April 2022, after looking at this company for about ~15 minutes. The stock closed at $16.07/share on 8.3.22.
- Furthermore, that statement is factually not true. Shasta Regional Medical Center, a case study (oddly) resurfaced by MPW along with 2Q22 earnings, included HPA's ABL lender cutting off funding with HPA filing for bankruptcy and Shasta defaulting at the facility-level.
- Steward then missed securing a full extension of the ABL facility by the 9.30.22 maturity date, and on the following day announced an "interim extension." Former CFO, Chris Dunleavy, who was quoted in that release has since departed Steward.
- Finally, after missing the targeted 75-day interim extension period, on 12.22.22 Steward announced a 1-year extension of the ABL facility through December 2023. It did not secure a long-term extension of the maturities, as alluded to in the 9.30.22 press release. Presumably this extension included a repayment contingency upon sale of the Utah portfolio.
- This process was not typical, and there clearly were "issues."
- Nonsense.
- On Steward's Financials:
- "Not at this point. And the reason is primarily because we always want to follow what the SEC rules are and the SEC rules do not require it, so because they don't require it, we would have some issues with our tenants and on our own filing financial statements." - CFO Steve Hamner, 2Q22 earnings call on 8.3.22
- Section 39.6 of the Steward master lease obligates Steward to furnish MPW with audited financial statements, and Steward consents to MPW disclosing them and other financial info in regular way communication with analysts including earnings/earnings calls.
- We did not find out until Fall 2022 that perhaps the real issue was that Steward's 2021 audit was not complete, and would not be completed until December 2022. Clearly something was irregular, or just flat our wrong, with that process.
- Nonsense.
- On Aggressive Steward Gross Asset Pro Formas:
- MPW announced the MAM 50% JV for the 8 Massachusetts hospitals operated by Steward on 9.1.21, and it would not close until the following Spring on 3.16.22. MPW announced the pending sale of Steward's Utah asset to HCA and the related master lease and put option on 9.29.21, with close expected at that time in 1H22. It would not close at all after the FTC challenged it on anti-competitive grounds.
- Yet, despite MPW owning 100% of the hospitals and Steward continuing to manage all of them into year-end 2021 (and the HCA deal obviously never closing), MPW aggressively pro-forma'd along with 4Q21 results to show the impacts of these transactions closing. This brought MPW's leased gross asset exposure to Steward to <20%, the key hurdle to which the SEC ascribes materiality and requires a triple-net landlord to disclose the financials of a large tenant. Meanwhile there was very material risk that the HCA transaction in particular would not close due to regulatory risk.
- We asked the question as to whether or not this was a deliberate effort by MPW to subvert SEC Topic 2, Section 2340 around key tenant reporting.
- THEN, as if that was not aggressive enough, MPW did it AGAIN with 4Q22 results. See above regarding the deal with Commonspirit, which was announced prior to MPW's (delayed) 4Q22 report. MPW then released the infamous "supplemental to the 4Q22 supplemental," which again showed Steward Utah zeroed out well-before any transaction closes.
- We continue to believe that MPW is deliberately and repeatedly attempting to avoid disclosure of Steward's audited financial statements, as such disclosure would both (1) be devastating, in that they would likely show how bad the situation at Steward really is, and (2) run counter to several public statements made by MPW management to investors over the past year.
- Nonsense.
- On 4Q22 Gross Asset Reporting:
- See HERE.
- Nonsense.
- On the ~$335 million Cerberus buyout loan:
- See HERE and read carefully, following the chronology.
- Nonsense.
- And to conclude, let's take a tour of Aldag's comments over the years re: Steward (for entertainment, but it's also useful historical context):
- 2017:
- "Steward continues to perform well. They were right on track with what our original projections were and are." - CEO Ed Aldag, 2Q17 earnings call
- Steward reported a ~$319 million pre-tax loss for 2017. We estimate GAAP EBITDAR / (Rent + Interest) coverage at ~0.22x.
- 2018:
- "Steward, our largest tenant, continues to perform well and is on track for a record year in 2018." - CEO Ed Aldag, 1Q18 earnings call
- "Steward, our largest tenant continues to perform well and we expect that they will achieve a record year in 2018. The 2017 acquisitions by Steward, which are still in process of integration mainly in the Texas and Utah markets are on track." - CEO Ed Aldag, 2Q18 earnings call
- "Steward, our largest tenant, continues to perform at anticipated levels with same-store trailing 12-month EBITDARM coverage exceeding 3 times. I had previously noted potential divestures of two Steward hospitals. Steward has decided to keep these two hospitals and has re-energized the local market with new leadership and a strategic plan for strengthened and sustained performance." - CEO Ed Aldag, 3Q18 earnings call
- "Yes. [analyst name redacted], I don't have that first answer right off top of my head. But from how is Steward doing, it's doing exceptionally well. Their coverage is over 2 times." - CEO Ed Aldag, 4Q18 earnings call
- Steward reported a ~$304 million pre-tax loss excluding asset sale gains for 2018. We estimate GAAP EBITDAR / (Rent + Interest) coverage at ~0.82x.
- 2019:
- "Yeah, it's (rent coverage) trended up and we expect 2019 to be a very strong year for them." - CEO Ed Aldag, 1Q19 earnings call
- "Yeah. Overall, Steward is performing very well. I think the most exciting thing about the Steward portfolio to me is that the Northeastern properties probably performed better than we expected. And when you look overall at their coverage being in the 285 range today, and we expect to see that continue to grow. We think that their integration is probably gotten all behind them. And so we're very pleased with where they are right now." - CEO Ed Aldag, 2Q19 earnings call
- "But overall, the Steward hospitals are doing very well. We're very happy with where they are from a total coverage standpoint and very happy with where the company is on a total integration of all the new hospitals." - CEO Ed Aldag, 3Q19 earnings call
- "I would like to provide a quick update on Steward. Steward continues to see good progress, both operationally and financially. As Steward continues to implement its fully integrated model in the various markets in which it operates, opportunities remain for both growth and potential divestures. - CEO Ed Aldag, 4Q19 earnings call
- Steward reported a ~$253 million pre-tax loss excluding asset sale gains for 2019. We estimate GAAP EBITDAR / (Rent + Interest) coverage at ~0.85x.
- 2020 (some of our favorite quotes):
- "In fact, if you look at our top five tenants and I'll just remind everybody who they are. It's Steward, Prospect Medical, LightPoint, Prime and Ernest Health. All of those operators continue to perform very well." - CEO Ed Aldag, 1Q20 earnings call
- "Our operators are performing beautifully across the world." - CEO Ed Aldag, 3Q20 earnings call
- "Our operators are world-class... MPT has the strongest portfolio of hospitals in the world (what?)." - CEO Ed Aldag, 4Q20 earnings call
- Steward reported a ~$458 million pre-tax loss excluding asset sale gains for 2020, despite booking ~$390 million of CARES Act revenue which offset most of the lost patient services revenue vs. 2019. We estimate GAAP EBITDAR / (Rent + Interest) coverage at ~0.48x.
- 2021:
- "This is a long-term investment that we've made with Steward. We think it's a wonderful opportunity and are excited to have this potential opportunity." - CEO Ed Aldag, 1Q21 earnings call regarding ~$335 million loan (see above)
- "Steward performance tracks right in line with what we're seeing from our other operators. Their quarter-over-quarter coverage showed a more than 60 basis points increase. Their total coverage is also at an all-time high with MPT." - CEO Ed Aldag, 2Q21 earnings call
- 2022:
- "Now, let me take a few moments to provide some high level updates on some of our larger tenants. Steward. Steward operations continue to make dramatic improvements from 2020. In 2020, Steward's unadjusted EBITDAR was approximately $209 million. In 2021, based on current unaudited numbers, Steward generated an unadjusted EBITDAR of more than $450 million. This reflects a more than $240 million improvement... Based on the most recent two months, Steward's internal unadjusted EBITDAR shows a run rate of more than $800 million." - CEO Ed Aldag, 2Q22 earnings call
- "And before turning the call over to Steve, let me outline the strong operating performance that Steward is reporting to us on... Steward is also forecasting on-adjusted EBITDA of more than $350 million for fiscal year 2023." - CEO Ed Aldag, 3Q22 earnings call
- Nonsense.
- Compare the statements over 2017-2020 vs. the actual results delivered. Now consider the statements made in 2022 on Steward's "performance improvements." Should we take those seriously? Also, if Steward had "weathered the cash drain" from the first nine months of 2022, then why was it rushing to sell the operations of its best market and best hospital to raise liquidity? We're calling bullsh*t.
- Why should you believe anything MPW says about Steward? It's the same management team that told you all of the above...
Figure 1: Updated Hedgeye REITs Position Monitor
Source: Company Reports, FactSet, Hedgeye
Prior Notes:
3.26.23 - SUNDAY NIGHT REIT READ | GOOD TIMES ALL AROUND | 3.26.23 | (ABR, MPW, NTST)
3.24.23 - REITS WEEKLY VALUATION HANDBOOK | 3.24.23
3.23.23 - REITS DAILY BRIEF | POSITION MONITOR UPDATE - MOVING NTST TO DMZ | 3.23.23 (NTST)
3.21.23 - REITS DAILY BRIEF | UPDATE ON ABR - WORSE THAN WE FIRST PUBLISHED | 3.22.23 (ABR, SLG)
3.21.23 - SAVE THE DATE | BLACK BOOK PRESENTATION - ACTIVE SHORT ST. JOE CO. | 4.6.23 | (JOE)
3.19.23 - SUNDAY NIGHT REIT READ | SHORT ARBOR - BV DEGRADATION COMING | 3.19.23 | (ABR, SLG, VNO)
3.18.23 - REITS WEEKLY VALUATION HANDBOOK | 3.18.23
3.16.23 - REITS DAILY BRIEF | GOING BACK TO THE SECURITIZATIONS... | 3.16.23 (INVH)
3.15.23 - THE (DIS)TRUST SERIES | VOL. LVII | WHY A COMP CONSULTANT AS SENIOR ADVISOR TO CEO? | 3.15.23 (MPW)
3.15.23 - REITS DAILY BRIEF | TREMORS IN MREIT LAND | 3.15.23 (ABR, BRT, AMT, SBAC)
3.11.23 - SUNDAY NIGHT REIT READ | COMPLETING THE SBAC PIVOT | 3.11.23 (SBAC, MPW)
3.10.23 - REITS WEEKLY VALUATION HANDBOOK | 3.10.23
3.9.23 - THE (DIS)TRUST SERIES | VOL. LVI | "PROSPECT NEUTRAL" = "PROSPECT ZERO?" | 3.9.23 (MPW)
3.7.23 - THE (DIS)TRUST SERIES | VOL. LV | ANOTHER EXEC DEPARTURE AT STEWARD? | 3.7.23 (MPW)
3.6.23 - REITS DAILY BRIEF | MORE RESI CONFERENCE THOUGHTS... | 3.6.23 (AVB, ESS, INVH)
3.5.23 - SUNDAY NIGHT REIT READ | A FEW PRESENTATION CALL-OUTS | 3.5.23 | (MAA, CPT, EXR/LSI/PSA)
3.3.23 - REITS WEEKLY VALUATION HANDBOOK | 3.3.23
3.2.23 - REITS DAILY BRIEF | REMOVING RADI FROM ACTIVE LONG LIST | 3.2.23 (RADI, INVH)
3.2.23 - THE (DIS)TRUST SERIES | VOL. LIV | 2022 10-K FILING REVIEW | 3.2.23 (MPW)
3.1.23 - REITS DAILY BRIEF | THOUGHTS FOLLOWING AMC'S 4Q22 RESULTS | 3.1.23 (EPR)
2.28.23 - CORRECTION: REITS DAILY BRIEF | RADI SALE SAGA FINALLY CONCLUDING? | 2.28.23 (RADI)
2.27.23 - THE (DIS)TRUST SERIES | VOL. LIII | STOP WASTING OUR TIME | 2.27.23 (MPW)
2.26.23 - SUNDAY NIGHT REIT READ | EPR 4Q22 CALL NOTES | 2.26.23 | (EPR)
2.26.23 - THE (DIS)TRUST SERIES | VOL. LII | "FRAUD" IN MALTA | 2.26.23 (MPW)
2.24.23 - REITS WEEKLY VALUATION HANDBOOK | 2.24.23
2.24.23 - AMH 4Q22 RESULTS | DISAPPOINTING FY23 GUIDE SHOULDN'T BE A SURPRISE... | 2.24.23 (AMH)
2.24.23 - THE (DIS)TRUST SERIES | VOL. LI | MPW'S EQUITY REMAINS WORTHLESS | 2.24.23 (MPW)
2.23.23 - EPR 4Q22 RESULTS | BETTER 4Q, BUT NO FY23 OUTLOOK THE FOCUS | 2.23.23 (EPR)
2.22.23 - THE (DIS)TRUST SERIES | VOL. L | NEW FILINGS IN TENET/STEWARD LITIGATION | 2.22.23 (MPW)
2.21.23 - REITS DAILY BRIEF | PSA 4Q22 + INVH CASE + OFFICE LOANS | 2.22.23 (PSA, INVH, OFFICE)
2.21.23 - NXRT 4Q22 RESULTS | MOVING TO SHORT BENCH | 2.21.23 (NXRT)
2.20.23 - MONDAY NIGHT REIT READ | NXRT 4Q + STAG MODEL + MIKE PAPA WHISKEY | 2.20.23 | (NXRT, STAG, MPW)
2.17.23 - REITS WEEKLY VALUATION HANDBOOK | 2.17.23
2.16.23 - COLD 4Q22 RESULTS | 2.16.23 (COLD)
2.16.23 - STAG 4Q22 RESULTS | THINK THE FY23 GUIDE IS CONSERVATIVE | 2.16.23 (STAG)
2.16.23 - THE (DIS)TRUST SERIES | VOL. XLIX | PUTTING ALL THE MOVING PARTS TOGETHER, AGAIN | 2.16.23 (MPW)
2.15.23 - THE (DIS)TRUST SERIES | VOL. XLVIII | COMMONSPIRIT DISCLOSED THE PURCHASE PRICE | 2.15.23 (MPW)
2.15.23 - REITS DAILY BRIEF | INVH EARNINGS + MPW FOLLOW-UP | 2.15.23 (INVH, MPW)
2.15.23 - THE (DIS)TRUST SERIES | VOL. XLVI | NO-NONSENSE TAKE ON STEWARD UTAH | 2.15.23 (MPW)
2.13.23 - THE (DIS)TRUST SERIES | VOL. XLV | TOO MUCH V'CNCY IN BIRMINGHAM... SO BUILD A HQ | 2.13.23 (MPW)
2.12.23 - SUNDAY NIGHT REIT READ | NEW ACTIVE SHORT ST. JOE COMPANY | 2.12.23 | (JOE, IRT, DOC)
2.10.23 - REITS DAILY BRIEF | UPDATED CPT NUMBERS + REGAL LEASE NEGOTIATIONS | 2.10.23 (CPT, EPR, O)
2.9.23 - THE (DIS)TRUST SERIES | VOL. XLIV | ALL OF YOUR MODELS ARE BROKEN... | 2.9.23 (MPW)
2.9.23 - UHAL 3Q23 RESULTS | U-MISS'ED THE QUARTER | 2.9.23 (UHAL)
2.8.23 - REITS DAILY BRIEF | ESS 4Q RESULTS + UHAL + POSITION MONITOR UPDATES | 2.8.23 (ESS, IRT, UHAL)
2.7.23 - REITS DAILY BRIEF | STORAGE DEAL + UDR RESULTS + INVH CLASS ACTION | 2.7.23 (LSI, PSA, INVH, UDR)
2.5.23 - SUNDAY NIGHT REIT READ | WHO BLINKS FIRST? WE THINK SELLERS AS WELL | 2.5.23 | (CPT, EPR, MPW)
2.3.23 - REITS WEEKLY VALUATION HANDBOOK | 2.3.23
2.3.23 - CPT 4Q22 RESULTS | OUTRIGHT MISS ON THE QUARTER AND FY23 GUIDE | 2.3.23 (CPT)
2.3.23 - THE (DIS)TRUST SERIES | VOL. XLIII | CHERNOBYL IS REBUILDING | 2.3.23 (MPW)
2.2.23 - MAA 4Q22 RESULTS | MIXED BAG, BUT WE LEAN SLIGHT "MISS" ON FY23 GUIDE VS. EXPECTATIONS | (MAA)
2.1.23 - THE (DIS)TRUST SERIES | VOL. XLII FLASH | STEWARD'S PRESIDENT DEPARTING | 2.1.23 (MPW)
2.1.23 - REITS DAILY BRIEF | SFR "PRICING POWER" NARRATIVE TO BE TESTED | 2.1.23 (AMH, INVH, TCN)
1.31.23 - REITS DAILY BRIEF | INVH CFO DEPARTURE + ADDING AMH TO ACTIVE SHORT LIST | 1.31.23 (AMH, INVH)
1.29.23 - SUNDAY NIGHT REIT READ | "RENTER BILL OF RIGHTS" + STEWARD WTF | 1.29.23 | (APARTMENTS, SFR, MPW)
1.27.23 - REITS WEEKLY VALUATION HANDBOOK | 1.27.23
1.27.23 - THE (DIS)TRUST SERIES | VOL. XLI | REBUTTING THE SHASTA REBUTTAL | 1.27.23 (MPW)
1.26.23 - REITS DAILY BRIEF | RADI SALE PROCESS CONCLUDING NEXT MONTH? | 1.26.23 (EPR/AMC, RADI, SLG)
1.22.23 - SUNDAY NIGHT REIT READ | POTENTIAL FY23 BEATS & MISSES | 1.22.23 (AMH, CUBE, INVH, IRM, MPW, STAG)
1.20.23 - REITS WEEKLY VALUATION HANDBOOK | 1.20.23
1.20.23 - REITS DAILY BRIEF | OUR NOTES FROM THE PLD CALL | 1.20.23 (PLD)
1.20.23 - THE (DIS)TRUST SERIES | VOL. XXXX | PROSPECT CROZER MIGHT BE A TOTAL LOSS | 1.20.23 (MPW)
1.16.23 - MONDAY NIGHT REIT READ | MULTIFAMILY UNDERWRITING + EPR + PIPELINE | 1.16.23 (EPR, APARTMENTS, MPW)
1.13.23 - THE (DIS)TRUST SERIES | VOL. XXXIX | PIPELINE HEALTH IS SIMPLY INCREDIBLE | 1.13.23 (MPW)
1.13.23 - REITS WEEKLY VALUATION HANDBOOK | 1.13.23
1.13.23 - REITS DAILY BRIEF | UPDATING SFR #s FOR HIGHER NC PROPERTY TAXES | 1.13.23 (AMH, INVH)
1.12.23 - REITS DAILY BRIEF | POSITION MONITOR UPDATES | 1.12.23 (AMT, HIW, MAA, NSA, SBAC, VTR)
1.10.23 - REITS DAILY BRIEF | ADDING/REMOVING CUBE/SBAC TO ACTIVE SHORT LIST | 1.10.23 (CUBE, EXR, SBAC, WPC)
1.8.23 - SUNDAY NIGHT REIT READ | SD WHISTLEBLOWER CASE ACTIVITY + EPR FEEDBACK | 1.8.23 (INVH, EPR, MPW)
1.7.23 - THE (DIS)TRUST SERIES | VOL. XXXVIII | ADD'L STEWARD VENDOR COMPLAINTS | 1.7.23 (MPW)
1.6.23 - REITS WEEKLY VALUATION HANDBOOK | 1.6.23
1.6.23 - EVENT REPLAY | NEW ACTIVE SHORT EPR PROPERTIES BLACK BOOK | 1.6.23 (EPR)
1.4.23 - THE (DIS)TRUST SERIES | VOLUME XXXVII | ARTICLE ON "PONZI HOSPITALS" | 1.4.23 (MPW)
1.4.23 - FLASH | JUDGE DENIES INVH'S MTD | 1.4.23 (INVH)
1.3.23 - REITS DAILY BRIEF | INITIAL THOUGHTS ON EPR | 1.3.23 (EPR)
1.1.23 - EVENT INVITE UPDATE | EPR PROPERTIES (EPR) BLACK BOOK | THURSDAY, 1/5 @ 12:30 PM ET
12.30.22 - REITS WEEKLY VALUATION HANDBOOK | 12.30.22
12.26.22 - MONDAY NIGHT REIT READ | MPW "CHEAT SHEET" | 12.26.22 (EPR, MPW)
12.23.22 - REITS WEEKLY VALUATION HANDBOOK | 12.23.22
12.22.22 - THE (DIS)TRUST SERIES | VOLUME XXXVI | STEWARD ABL EXTENSION + OUR QUESTIONS | 12.22.22 (MPW)
12.22.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 12.22.22 (EPR)
12.20.22 - REITS DAILY BRIEF | 12.20.22 (CUBE, EXR, LSI, NSA, PSA, MPW)
12.18.22 - SUNDAY NIGHT REIT READ | TAKING AN "L" ON HR | 12.18.22 (HR, DOC)
12.16.22 - THE (DIS)TRUST SERIES | VOLUME XXXV | GOAL POSTS TORN DOWN? | 12.16.22 (MPW)
12.16.22 - REITS WEEKLY VALUATION HANDBOOK | 12.16.22
12.15.22 - REITS DAILY BRIEF | FLORIDA REINSURANCE BILL + MPW/STEWARD WTF? | 12.15.22 (AMH, INVH, TCN, MPW)
12.14.22 - REITS DAILY BRIEF | RENT CONTROL MEASURES + CEO CHANGE AT DLR | 12.14.22 (APARTMENTS, DLR)
12.14.22 - THE (DIS)TRUST SERIES | VOLUME XXXIV | GOALPOSTS CONSTANTLY MOVING... | 12.14.22 (MPW)
12.12.22 - THE (DIS)TRUST SERIES | VOLUME XXXIII | PIPELINE AUCTION CALLED OFF | 12.12.22 (MPW)
12.11.22 - SUNDAY NIGHT REIT READ | APARTMENT ITEMS + BREIT/SREIT + MPW MUSINGS | 12.11.22 (APARTMENTS, MPW)
12.9.22 - REITS WEEKLY VALUATION HANDBOOK | 12.9.22
12.9.22 - REITS DAILY BRIEF | INVH TAKES OUT 2018-1 SECURITIZATION | 12.9.22 (INVH)
12.6.22 - THE (DIS)TRUST SERIES | VOLUME XXXII | CIRCULATING THE CBS REPORT ON PROSPECT | 12.6.22 (MPW)
12.2.22 - REITS WEEKLY VALUATION HANDBOOK | 12.2.22
12.1.22 - REITS DAILY BRIEF | EQT "IN DISCUSSIONS" TO ACQUIRE RADI? | 12.1.22 (RADI)
11.29.22 - REITS DAILY BRIEF | HEALTHSCOPE PUSHED BACK + INDT BID | 11.29.22 (MPW, INDT)
11.28.22 - THE (DIS)TRUST SERIES | VOLUME XXX | PIPELINE BK UPDATE + STOCK IS NOT "CHEAP" | 11.28.22 (MPW)
11.27.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR + VAL HANDBOOK | 11.27.22 (DLR, EQIX, HR, DOC, SBAC, MPW)
11.22.22 - REITS DAILY BRIEF | RESI NEWS ITEMS | 11.22.22
11.20.22 - SUNDAY NIGHT REIT READ | UHAL NUMBERS + POSITION MONITOR UPDATE | 11.20.22 (UHAL)
11.19.22 - THE (DIS)TRUST SERIES | VOLUME XXIX | UPON FURTHER REVIEW... | 11.19.22 (MPW)
11.18.22 - REITS WEEKLY VALUATION HANDBOOK | 11.18.22
11.16.22 - REITS DAILY BRIEF | NOTES FROM NAREIT DAY #1 | 11.16.22
11.15.22 - THE (DIS)TRUST SERIES | VOLUME XXVIII | IMPORTANT UPDATES FROM CMAX | 11.15.22 (MPW)
11.14.22 - THE (DIS)TRUST SERIES | VOLUME XXVII | HEALTHSCOPE PORTFOLIO SALE UPDATE | 11.14.22 (MPW)
11.13.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR UPDATE | 11.13.22 (IRM, PGRE)
11.11.22 - REITS WEEKLY VALUATION HANDBOOK | 11.11.22
11.9.22 - THE (DIS)TRUST SERIES | 3Q22 10-Q REVIEW | 11.9.22 (MPW)
11.9.22 - RADI 3Q22 RESULTS | 11.9.22
11.7.22 - THE (DIS)TRUST SERIES | HEADING BACK TO CHERNOBYL... | 11.7.22 (MPW)
11.6.22 - SUNDAY NIGHT REIT READ | POSITION MONITOR UPDATE + SBAC REVIEW | 11.6.22 (ADC, O, NTST, SBAC)
11.5.22 - THE (DIS)TRUST SERIES | VOLUME XXIV | OPERATIONS SUSPENDED AT DCMH | 11.5.22 (MPW)
11.4.22 - REITS DAILY BRIEF | SOME FOLLOW UP ITEMS, INCLUDING ON INVH | 11.4.22
11.4.22 - REITS WEEKLY VALUATION HANDBOOK | 11.4.22
11.3.22 - AMH 3Q22 RESULTS | MORE PROPERTY TAX MEDICINE | 11.3.22
11.3.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATE | 11.3.22
11.2.22 - LSI 3Q22 RESULTS | LSI TO THE RESCUE? | 11.2.22 (LSI)
11.2.22 - REITS DAILY BRIEF | OCTOBER APARTMENT RENT TRACKER | 11.2.22
11.2.22 - EXR 3Q22 RESULTS | OOF | 11.2.22 (EXR)
11.2.22 - PSA 3Q22 RESULTS | 11.2.22 (PSA)
11.1.22 - THE (DIS)TRUST SERIES | VOLUME XXIII | REAL-TIME LOOK AT TEXARKANA | 11.1.22 (MPW)
11.1.22 - THE (DIS)TRUST SERIES | VOLUME XXII | PIPELINE UNSECURED CREDITOR OBJECTION | 11.1.22 (MPW)
10.31.22 - REITS DAILY BRIEF | WE MADE A MISTAKE - ADJUSTING INVH NUMBERS | 10.31.22 (INVH)
10.31.22 - THE (DIS)TRUST SERIES | VOLUME XXI | PIPELINE BK UPDATE | 10.31.22 (MPW)
10.30.22 - SUNDAY NIGHT REIT READ | UPDATED INVH MODEL ASSUMPTIONS | 10.30.22 (INVH, MPW)
10.28.22 - THE (DIS)TRUST SERIES | VOLUME XX | BACK TO THAT DRY HOLE IN TX... | 10.28.22 (MPW)
10.28.22 - REITS WEEKLY VALUATION HANDBOOK | 10.28.22
10.28.22 - STAG 3Q22 RESULTS | 10.28.22 (STAG)
10.27.22 - INVH POST-3Q22 CALL THOUGHTS | 10.27.22 (INVH)
10.26.22 - MAA 3Q22 RESULTS | 10.27.22 (MAA)
10.26.22 - INVH 3Q22 RESULTS | PERHAPS THE WORST QTR IN RECENT MEMORY FOR A "BLUE CHIP" | 10.26.22 (INVH)
10.26.22 - THE (DIS)TRUST SERIES | VOLUME XIX | 3Q22 PREVIEW | 10.26.22 (MPW)
10.26.22 - EQR 3Q22 RESULTS | ANOTHER DECEL IN LEASING SPREADS | 10.26.22 (EQR)
10.25.22 - REITS DAILY BRIEF | THOUGHTS ON NXRT'S 3Q22 | 10.25.22 (NXRT)
10.25.22 - THE (DIS)TRUST SERIES | VOLUME XVIII | I'M THE CAPTAIN NOW... | (MPW)
10.25.22 - THE (DIS)TRUST SERIES | VOLUME XVII | THAT'S SOME EXPENSIVE GRASS! | (MPW)
10.23.22 - SUNDAY NIGHT REIT READ | LOT'S TO READ ON SFR | 10.23.22 (VRE, AMH, INVH, TCN, MPW, SBAC)
10.21.22 - REITS WEEKLY VALUATION HANDBOOK | 10.21.22
10.21.22 - REITS DAILY BRIEF | THC NEGATIVE READ ACROSS FOR STEWARD ET AL | 10.21.22 (MPW)
10.20.22 - REITS CLIENT ALERT | 10.20.22 (MPW)
10.20.22 - REITS DAILY BRIEF | 3Q22 EARNINGS NOTES | 10.20.22 (REXR, CCI)
10.19.22 - CLARIFICATION ON MAA PORTION OF PRIOR NOTE | 10.19.22 (MAA)
10.19.22 - REITS DAILY BRIEF | NOTES FROM PLD'S 3Q + SUDDEN MAA CHANGE | 10.19.22 (PLD, MAA, MPW)
10.17.22 - REITS DAILY BRIEF | ELS MISS + SFR CONSIDERATIONS AROUND QUARTERRA | 10.18.22 (ELS, AMH, INVH, TCN)
10.16.22 - SUNDAY NIGHT REIT READ | ADDING STAG TO ACTIVE LONG LIST | 10.16.22 (STAG, MPW)
10.15.22 - THE (DIS)TRUST SERIES | VOLUME XV | RESPONDING TO CEO INTERVIEW | (MPW)
10.14.22 - REITS WEEKLY VALUATION HANDBOOK | 10.14.22
10.11.22 - REITS DAILY BRIEF | 10.11.22 (CPT, INVH, MPW)
10.10.22 - THE (DIS)TRUST SERIES | VOLUME XIV | WE CALL YOUR BLUFF | (MPW)
10.10.22 - THE (DIS)TRUST SERIES | VOLUME XIII | HEALTHSCOPE SALE WOULD LIKELY BE DILUTIVE | (MPW)
10.9.22 - SUNDAY NIGHT REIT READ | 10.9.22 (RE FUND FLOWS, MPW, VNO)
10.7.22 - REITS WEEKLY VALUATION HANDBOOK | 10.7.22
10.7.22 - THE (DIS)TRUST SERIES | VOLUME XII | WHAT EXACTLY IS "CREF?" | (MPW)
10.6.22 - THE (DIS)TRUST SERIES | VOLUME XI | PROSPECT BUYING BACK CT HOSPITALS FROM MPW | (MPW)
10.5.22 - REITS DAILY BRIEF | FACEBOOK TERMINATING 225 PARK AVE LEASE | 10.5.22 (GATEWAY OFFICE, MAA)
10.4.22 - REITS DAILY BRIEF | WHERE ARE INVH'S + SUI'S IAN UPDATES? | 10.4.22 (INVH, SUI, MPW)
10.3.22 - THE (DIS)TRUST SERIES | VOLUME X | TAKEAWAYS FROM INITIAL PIPELINE FILINGS | (MPW)
10.3.22 - FLASH | THE (DIS)TRUST SERIES | VOLUME IX | MPW's ~#12 TENANT FILES IN BK COURT | (MPW)
10.3.22 - SUNDAY NIGHT REIT READ (ON MONDAY MORNING) | 10.3.22 (SBAC, WY)
10.1.22 - REITS WEEKLY VALUATION HANDBOOK | 10.1.22
9.30.22 - FLASH | (DIS)TRUST SERIES | VOLUME VIII - DID STEWARD JUST BLOW UP? | (MPW)
9.30.22 - THE (DIS)TRUST SERIES | VOLUME VII - NOTHING TO SAY? | (MPW)
9.29.22 - REITS DAILY BRIEF | DIVVY HOMES LAYOFFS / GENERAL EXTERNAL GROWTH SLOWDOW | 9.29.22 (AMH, INVH, TCN)
9.28.22 - REITS DAILY BRIEF | WEN STEWARD CREDIT FACILITY? | 9.28.22 (MPW, APARTMENTS)
9.28.22 - THE (DIS)TRUST SERIES | VOLUME VI - A FAMILY AFFAIR (MPW)
9.26.22 - REITS DAILY BRIEF | IAN MUCH MORE THREATENING | 9.26.22 (ELS, SUI, AMH, INVH)
9.25.22 - SUNDAY NIGHT REIT READ | TS IAN SWINGING WEST | 9.25.22 (RESIDENTIAL)
9.23.22 - THE (DIS)TRUST SERIES | VOLUME V - THE CURIOUS CASE OF DISAPPEARING WORK EXPERIENCE | 9.23.22
9.23.22 - REITS WEEKLY VALUATION HANDBOOK | 9.23.22
9.20.22 - THE (DIS)TRUST SERIES | VOLUME IV - SO... ABOUT THAT ~$335 MILLION LOAN | 9.20.22 (MPW)
9.18.22 - THE (DIS)TRUST SERIES | VOLUME III - I'M ON A BOAT! | 9.18.22 (MPW)
9.16.22 - REITS WEEKLY VALUATION HANDBOOK & POSITION MONITOR UPDATE | 9.16.22 (STOR)
9.15.22 - THE (DIS)TRUST SERIES | VOLUME 2 - WHATS A WHISTLEBLOWER TO DO? | 9.15.22 (MPW)
9.15.22 - THE (DIS)TRUST SERIES | VOLUME 1 - SEMC NLRB COMPLAINT | 9.15.22 (MPW)
9.14.22 - REITS DAILY BRIEF | 9.14.22 (CPT, MAA, NXRT)
9.13.22 - REITS DAILY BRIEF | RESIDENTIAL UPDATES FLOODING IN | 9.13.22 (AMH, INVH)
9.9.22 - REITS WEEKLY VALUATION HANDBOOK | 9.9.22
9.7.22 - REITS DAILY BRIEF PART II | WHAT REALLY HAPPENED W/ WATSONVILLE? | 9.7.22 (MPW)
9.7.22 - REITS DAILY BRIEF | LOOK AT RENT CONTROL MEASURES ON THE NOV BALLOT | 9.7.22 (RESIDENTIAL)
9.5.22 - MONDAY NIGHT REIT READ | INVH ADDED TO S&P 500 + MORE MPW THOUGHTS | 9.5.22 (INVH, MPW)
9.2.22 - REITS WEEKLY VALUATION HANDBOOK | 9.2.22
9.1.22 - REITS DAILY BRIEF PART II | PROBABILITY UP THAT COMPLAINT GOES MULTI-STATE | 9.1.22 (INVH)
9.1.22 - REITS DAILY BRIEF | POSITION MONITOR UPDATES | 9.1.22 (EQR, PGRE)
Please e-mail with any questions.
Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs
