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Editor's Note: Below is a complimentary excerpt from a new research note written by Hedgeye's outspoken REITs analyst Rob Simone. For well over a year, Simone has done everything in his power to draw attention to red flags raised by Medical Property Trust (MPW) and to warn investors to get out of the way. MPW remains a "Best Idea" Short.
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Ticker: MPW
Company Name: Active Short Medical Properties (Dis)Trust
Subsector: B-Tranche NNN Hospital WholeCos / Potential Restructuring Candidates
Headline: No gaslighting allowed; So, did you guys get the secured debt engagement, or what?
- Every so often there is something written that is just so preposterous, so out of this world, that it cannot go un-responded to. A credit "research" note by a competitor firm published on 10.3.23 fits that characterization. After reading it, we viewed the commentary as borderline irresponsible and for sure missing many of the key points that are critical to the MPW story. To be totally candid, the content read to us like it was written by MPW's IR department, which is exactly what got equity investors into trouble over the past 18 months.
- While reading the note, we found ourselves asking the very question that is at the very foundation of why Hedgeye exists in the first place: "Is this 'Old Wall' firm working for you the investor, or the corporate issuer?" We think it is a valid question here.
- Sorry, but not sorry, we will NOT stand for this. Too much good work has been done, or at least attempted, over the last 18 months to have something like this muddy the waters for investors.
- In the end we want to call "balls and strikes" for equity and (most recently) fixed income investors, consistent with the "Hedgeye DNA" of loss avoidance and minimizing large drawdowns. So embedded in and driving the below commentary is that intent. Enjoy...
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If you are an institutional investor and would like to access Rob Simone's research email sales@hedgeye.com
