THE (DIS)TRUST SERIES | VOL. LXVII| | SEC WHISTLEBLOWER CASE FILED IN MALTA ORDEAL | 5.18.23 (MPW)

UPDATED MPW ISSUES "CHEAT SHEET" 

OPEN LETTER LINK

CBS REPORT PARTS I & II

Ticker: MPW

Company Name: Active Short Medical Properties (Dis)Trust 

Subsector: Future Restructuring Candidates

Headline: Article from The Shift highlights whistleblower complaint filed with U.S. SEC; RDLT mentioned

• This is based on the article and reporting conducted by The Shift. 
• VGH's (acquired by Steward in 2017) Sri Ram Tumuluri filed a 505-page whistleblower complaint with the U.S. SEC under FCPA, alleging threats and coercion to approve and sign over the Malta hospitals concession owned by Vitals to Steward Health for EUR 1.
• Tumuluri was a former director of Vitals Global Healthcare (VGH).
• Former Chief of Staff to the PM Keith Schembri, who we previously highlighted HERE, is alleged in the complaint to have implied a similar fate for Tumuluri as a Maltese journalist, Daphna Caruana Galizia, who had been murdered via car bomb. 
• Tumuluri alleges in his SEC whistleblower disclosure that at one meeting at Castille, Schembri told him, “You know what happened with Daphne [Caruana Galizia] and you don’t want to end up in that position. You want us to be a friend, not a foe.”
• The complaint, while not public, was viewed by the writers of The Shift. 
• Tumuluri also accused Steward Health Care of engaging in unlawful activity with the government of Malta, and claims that he only signed the concession over because he was made to fear for his life by government officials and others working on their behalf.
• As it relates to Steward, which remains ~25% of Active Short MPW's cash EBITDA:
•  Tumuluri claimed RDLT told him that he had no problem with bribing government officials if need be.
• “de la Torre boasted that he could issue ‘brown bags’ to government officials if necessary to close transactions, insinuating that he would bribe officials of the government of Malta.”
• Tumuluri claimed that through the latter part of 2016 and the entirety of 2017, Steward International President Armin Ernst (formerly of VGH, formerly of Steward) conspired with RDLT, along with government officials and others, to steal his confidential and proprietary information, such as business models, intellectual property, and other trade secrets; defame him; undermine his business relationships; disrupt financing to Vitals Malta; and to strip him of his interests in Vitals Malta and the hospital-services concession.
• He claims that RDLT offered Muscat (Prime Minister of Malta) a seat on the Steward Board once he left his government position. There are other former U.S. gov't officials on Steward's Board currently, although it appears H.R. McMaster has departed based on the current listing. 
  
• Steward Health Care International (SHCI) said it “emphatically rejects any and all allegations of impropriety made by Tumuluri, who is widely reported and recognised as an international fraudster, against the company and its directors.”
• Again, AT BEST MPW financed and facilitated the movement of SHCI into the "International Joint Venture," providing a ~$205 million loan in 2020 (~100% of the capital) in exchange for just a ~49% interest. The loan remains outstanding. This funding was then sent directly to Steward in exchange for the international business that had a book value of just ~$27 million. 
• Earlier this year a Maltese court implied fraud and potential criminal activity at Steward. 

Separate question that we think investors should care about / ask the company: Did Steward Health furnish its 2022 audited consolidated financial statements to MPW and its lenders, in accordance with the terms set forth in the master lease agreement? Our understanding is that this particular covenant is substantially similar to that under the ABL agreement. According to the below, and based again on our understanding, Steward is expected to deliver audited financial statements on 4.1. Obviously MPW, with is interests and objectives as lessor and 9.9% owner in Steward, can waive this requirement. But following the ABL fiasco last year, will the lenders do the same? And then there was this story from last Friday.... 

Also recall that, based on the below language, MPW would have been aware for the majority of 2022 that Steward has not completed its 2021 audit, yet did not inform investors until late in the year. It might be a good idea to not let them do that again. 

Figure 1: Snip from Amended Steward Master Lease (LINK) 

Source: sec.gov, Company Reports

Prior Notes:

5.17.23 - REITS DAILY BRIEF | UPDATING AMH ESTIMATES + PRIME DOWNGRADED | 5.17.23 (AMH, MPW)

5.16.23 - REITS DAILY BRIEF | UPDATING INVH ESTIMATES | 5.16.23 (CPT, INVH)

5.14.23 - SUNDAY NIGHT REIT READ | FLORIDA IMMIGRATION BILL's IMPACT ON CONSTRUCTION | 5.14.23 | (JOE)

5.12.23 - REITS WEEKLY VALUATION HANDBOOK | 5.12.23

5.11.23 - REITS DAILY BRIEF | QUI TAM SETTLEMENT INCOMING? | 5.11.23 (INVH)

5.11.23 - THE (DIS)TRUST SERIES | VOL. LXVII | 1Q23 10-Q REVIEW + FULL CASH FLOW MODEL | 5.11.23 (MPW)

5.9.23 - REITS DAILY BRIEF | REMOVING EPR FROM ACTIVE SHORT LIST | 5.9.23 (EPR)

5.7.23 - SUNDAY NIGHT REIT READ | NOTES FROM THE ABR CALL + ADDING A PILE OF CASH | 5.7.23 | (ABR, EQC, SLG)

5.6.23 - THE (DIS)TRUST SERIES | VOL. LXVI | COMING IN OVER THE TOP... | 5.6.23 (MPW)

5.5.23 - AMH 1Q23 RESULTS | 5.5.23 (AMH)

5.4.23 - REITS DAILY BRIEF | INVH FILES TO DISMISS IMPLEADER CLAIMS | 5.4.23 (INVH)

5.4.23 - PSA 1Q23 RESULTS | 5.4.23 (PSA)

5.23.23 - REITS DAILY BRIEF | INVH 1Q23 RESULTS + COMMONSPIRIT DEAL CLOSED | 5.2.23 (INVH, MPW, NSA, JOE)

4.28.23 - THE (DIS)TRUST SERIES | VOL. LXV | 1Q23 REVIEW + 2023 PROXY REVIEW | 4.28.23 (MPW)

4.27.23 - REITS DAILY BRIEF | VNO DIVIDEND SUSPENSION + JOE ROC DECELERATION AS EXPECTED | 4.27.23 (VNO, JOE)

4.26.23 - THE (DIS)TRUST SERIES | VOL. LXIV | GET SOME USEFUL INFO, ALONG WITH 1Q23 EARNINGS | 4.26.23 (MPW)

4.24.23 - REITS DAILY BRIEF | CBRE OFFICE SUBLEASE STATS | 4.24.23 (OFFICE)

4.20.23 - THE (DIS)TRUST SERIES | VOL. LXII | NO, WE HAVEN'T FORGOTTEN YOU - 1Q23 PREVIEW | 4.20.23 (MPW)

4.20.23 - REITS WEEKLY VALUATION HANDBOOK | 4.20.23

4.18.23 - REITS DAILY BRIEF | ABR LAWSUIT REVEALS POTENTIAL GOVERNANCE ISSUES | 4.18.23 (ABR, PLD)

4.17.23 - REITS DAILY BRIEF | APARTMENT RENT TRACKER + ANOTHER ABR SPONSOR ISSUE? | 4.17.23 (MF, ABR, MPW)

4.16.23 - SUNDAY NIGHT REIT READ | UPDATING SFR MODELS | 4.16.23 | (AMH, INVH, WY)

4.14.23 - REITS WEEKLY VALUATION HANDBOOK | 4.14.23

4.13.23 - REITS DAILY BRIEF | UPDATED BLACK BOOK CALENDAR INVITES | 4.13.23 (JOE, SBAC)

4.9.23 - SUNDAY NIGHT REIT READ | ADDING NSA TO ACTIVE LONG LIST | 4.9.23 | (NSA, MPW)

4.7.23 - THE (DIS)TRUST SERIES | VOL. LXI | NO DAYS OFF... THE ONLY EASY DAY WAS YESTERDAY | 4.7.23 (MPW)

4.6.23 - REITS WEEKLY VALUATION HANDBOOK | 4.6.23

4.5.23 - REITS DAILY BRIEF | ABR SPONSOR COVERAGE + INVH IMPLEADER RESPONSE | 4.5.23 (ABR, INVH)

4.5.23 - THE (DIS)TRUST SERIES | VOL. LX | SENATOR SENDS LETTER TO MPW & OTHERS | 4.5.23 (MPW)

4.4.23 - REITS DAILY BRIEF | SELF-STORAGE ESTIMATES | 4.4.23 (PSA, CUBE)

4.3.23 - THE (DIS)TRUST SERIES | VOL. LVIV | LAWSUIT CHECK POINTS TO MORE STEWARD UNPAID BILLS | 4.3.23 (MPW)

4.3.23 - REITS DAILY BRIEF | SIMILAR ROC STORY, BUT MOVING CUBE TO DMZ | 4.3.23 (CUBE, EXR, LSI, PSA, UHAL)

4.2.23 - SUNDAY NIGHT REIT READ | UPDATING STORAGE NUMBERS | 4.2.23 | (CUBE, EXR, PSA)

3.31.23 - REITS DAILY BRIEF | A FEW NEWS ITEMS BEFORE THE WEEKEND | 3.31.23 (WY, PGRE)

3.31.23 - REITS WEEKLY VALUATION HANDBOOK | 3.31.23

3.30.23 - REITS DAILY BRIEF | STANDARD "SIDE SHOW" IN QUI TAM CASE | 3.30.23 (INVH)

3.29.23 - REITS DAILY BRIEF | HEALTHSCOPE SALE DETAILS EMERGING | 3.29.23 (MPW, ABR)

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)

3.23.23 - 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