edward aldag medical properties trust

Should we slice and dice between different types of properties, between different operators across master leases? Is it possible you would just keep those and swap the operator? This morning we filed on our website a few slides that address some of the misdirection that Ed mentioned earlier. We estimate that this incremental cash rent in 2022 will approximate $24 million or $0.04 per share. Because again, like you said, that's a very high yield. And then talking about, I guess, some of your funding strategies, I mean maybe there's a little bit deleveraging included in guidance and obviously, you need to fund future investments. And what about like on individual assets? Our next question comes from Andrew Rosivach with Wolfe Research. So Connor we disagree with your original statement in there and so do our operators now. That's not unreasonable to expect. I think you mentioned it's probably higher than that. Occupancy exceeded last year and was only held back by the same labor shortages that other behavioral health facilities have experienced. And that protects us from currency volatility, at least on the asset side. I'll point to another business the recently announced acquisition by Blackstone of ACC certainly didn't show any cap rate compression that one might have expected an answer to your question at least that was my personal observation Mike. Second, even if one could accept that a company would execute such an overpayment strategy, the slides make clear that such overpayment would have gone to the sellers of the real estate such as the former owners of Steward or IASIS or community or tenant the parties from whom we bought the real estate and to whom was paid the sale proceeds. That equity can come from private investors or from public shareholders. The first was our $950 million acquisition of 18 additional inpatient behavioral health hospitals, along with an equity interest in the operating entity of Springstone LLC. They were primarily related to the acquisition of IASIS and some COVID numbers in there. In addition during the course of the conference call we will describe certain non-GAAP financial measures, which should be considered in addition to and not in lieu of comparable GAAP financial measures. So that's kind of our general observation. If you have an ad-blocker enabled you may be blocked from proceeding. Our next question comes from John Pawlowski with Green Street. There are two primary differences. And just to make clear what Ed said, we absolutely have the right to decide whether we sell our property or not. And we would be able to call HCA or Intermountain or some other large operator who wants to get into Utah and tell them, we're the landlord. At this point, MPT has not agreed to any changes in our status as the landlord. And finally, LifePoint. is an elder law attorney at the firm. You don't have any prospective capital related transactions in there, but you do have some expectation of client asset sales in there mucking around Prospect and what they're doing with some other sales of the operations. I just wanted to try and see if we can get more color. Okay. Great. In the middle of 2021, we announced and subsequently closed 2 sizable acquisitions. They should be profitable at the local level. So is leverage temporarily running higher this year with plans to get that back down in the five to six times range say in the next 12 or 24 months? I'd like to turn the call back to Ed Aldag for closing remarks. I think that has an impact of less than $1 million. Okay. So we think that will play an important role going forward for us. Okay. We presented these to correct what may have been misinterpreted based on recent third-party commentary. As demonstrated by recent highly profitable sales of these facilities to sophisticated third-party operators and investors. The short answer is that I think we've seen the worst I think that the numbers are reflected in some of the third quarter, they'll be reflected in some of the fourth quarter. I probably wouldn't speculate now about what the terms of --again, we expect will be a new or an extended lease, but we're probably not prepared to talk about potential terms. Thank you, Charles, and thank all of you for joining us this morning. Medical Properties Trust, Inc. (NYSE:MPW) Q4 2021 Results Conference Call February 3, 2022 11:00 AM ET, Charles Lambert - Treasurer and Managing Director, Edward Aldag - Chairman, President and Chief Executive, Steven Hamner - Executive Vice President and Chief Financial Officer, Good day and thank you for standing by. Thanks. What if something bad happened at the Steward parent level 12 months ago and we had to start taking back our facilities where we would capture those Utah assets and any others we wanted. Or how many percentage points of labor cost would it take to move that by 10 basis points from 2.7% to like a hypothetical 2.6%? Thank you. Entering text into the input field will update the search result below, to differ materially from those expressed in or underlying such forward-looking statements. We expect this to close in the second quarter of this year. Finally, of course, Prime could simply walk away from those hospitals and because they are extraordinarily profitable and cannot be replicated in those urban California markets, we think that's an unreasonable option for them. Well, from a CMS standpoint, as I stated earlier, on a cumulative basis, CMS has always exceeded the inflationary rates from the announced -- the payments that were announced for general acute care hospitals. But I'll take a deeper look and look forward to talking to again soon. Our portfolio is diversified, not only from an operator perspective but also from a geographic perspective as well as from an asset class perspective, given our recent large investments in behavioral health space. Medical Properties Trust, Inc. (MPW) CEO Edward Aldag on Q2 But historically, the main adjustments that we make are for dilution from Board of Director approved disposition strategies. Medical Properties Trust/Medical Properties Trust/President & Ceo: $1,000: 01/01/1900: G: MIKE ROGERS FOR CONGRESS - Republican: ALDAG, EDWARD K. JR. MOUNTAIN BRK, AL 35223: Medical Properties Trust/Medical Properties Trust/President/Ceo: $2,800: 01/01/1900: P: HIGHTOWER FOR ALABAMA - Republican: As a result, labor costs have increased and in some cases, services have had to be temporarily reduced or limited. But I think if you realistically look at somewhere between $1 billion and $3 billion is probably the right range. The law firm can be reached at 718-261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Slide 12 makes clear that the majority of MPT equity investments is actually $1.5 billion of hospital real estate that is owned in partnership-type vehicles. As you've seen in various news reports, Prospect has entered into an agreement with two separate entities to acquire their Pennsylvania and Connecticut facilities. Steve we'll do -- we'll try to do something very similar to this. R. Steven Hamner Executive Vice President and Chief Financial Officer. Or would that keep you out of the bottom end of that range as well? Mr. Fatoullah is also the co-founder of JR Wealth Advisors, LLC. Edward Aldag | Management | Medical Properties Trust, Inc. In other words, we didn't go through the portfolio and say that one no longer meets our investment criteria. Additionally, LifePoint successfully completed the acquisitions of Kindred and the subsequent creation of [Sion] Health at the end of 2021. For the small percentage of operators that do not provide detailed quarterly financial results at the hospital level, we have provided the credit profile of those tenets. You don't have to ramp up. And has those discussions changed or advanced over the past several quarters? I'd like to refer all of you to our website to see the recently posted case studies on 1 of Prime hospital and 1 pipeline hospital. You'll receive an email with the confirmation. I guess, what was the CPI increase? Also on the growth side, construction commenced on a new campus for Wadley Regional Medical Center, operated by Steward in Texarkana, Texas. Or are you willing to issue equity kind of at these prices? To be abundantly clear, this accounting adjustment has 0 impact on the collection of rent over the term of the lease. I mean there, again, we have 400-something hospitals. You'll notice that we have two operators that didn't want their names mentioned, but we still disclose what their coverage was and we'll continue to try to continue to improve our disclosure. The effect of those floors is included in our cash rental revenue regardless of actual inflation. So when we announced the Macquarie transaction several months ago, I think even at that time, we announced -- we talked about the high level of interest in from other potential partners that had been going on for a while. And yet today, I think we own 25 or 26 properties that generate extraordinarily strong coverage and rent payments for us. We just did the -- in the quarter we did the Finland deal that was at a cap rate probably I would have expected the same cap rate six or 12 months ago. Chairman of the Board. In order for us to capture that, the seller was not willing to bifurcate out the real estate and sell to us and then go try to find another buyer for the operations. Contract labor is down year-over-year though it has been increased slightly in the last two months. Okay. So my question is on the legislative front for the U.S. hospital sector. With our execution we have historically delivered, and we believe we'll continue to deliver in the foreseeable future, well-covered cash dividends, outperforming AFFO growth and value creation, with a conservative approach to funding this growth that have made it a substantial total shareholder return out pro forma over virtually any period. I look forward to sharing with you this morning details about our portfolio and future acquisition expectations. G. Steven Dawson Private Investor. Thank you. This is in Santa Cruz, California. Got it. Not very often I hear he does that, but he did it. It's not that we necessarily want to own equity in the operator but Springstone was a tremendous extraordinary platform a one of a kind that included 18 existing and several in-process new build state-of-the-art behavioral hospitals. And by the way that was heavily marketed in a highly competitive process. We certainly hope with the HCA transaction in Utah, and obviously, we worked with them closely on that list. They peaked around the end of January beginning of February and declining each week since. Okay. This investment included the real estate of 35 behavioral health facilities located throughout the U.K. as well as a 9.9% equity interest in the operating entity. That's helpful. And just one follow-up. But if you look at what the pipeline is it's still what it was for the last two quarters that I reported which is roughly 50-50 international and US. For the trailing 12 months of our total acute care portfolio, generated an EBITDARM coverage of 3.06x versus 3.11x last quarter trailing 12 months. And in recent years these re-tenanting transactions have been primarily related to Adeptus and Alecto and by the way have been prominently and expressly described in our public disclosures. Please. The slide following details non-real estate investments. Your line is open. WebSUPPLEMENTAL NEEDS TRUST Robert M. Freedman Schiff Hardin LLP 666 Fifth Ave New York, NY 10103 2127459575 Rfreedman@SchiffHardin.com Instructions to the Trustee Q1 2022 is expected to be in line with expectations despite these COVID-related self-isolation staffing issues. We have a very long, strong and mutually respectful relationship. Apply for pooled trust you can apply and open a pooled trust within a week 5. Almost incredibly for a company that started with 3 unpaid founders and no assets and listed on the New York Stock Exchange 1 year later, we have created $8.7 billion in value for our many thousands of shareholders. Medical Properties Trust, Inc. (MPW) CEO Edward Aldag on Q4 What's the credit of a potential replacement operator? But there's no carryover. The integration of the 5 recently purchased Miami facilities has been successful and the market continues to exceed expectations. If you are a member and this is your first time here, enter your business email and we will help you to join our exclusive Club. Obviously this was on the list of agenda in my discussions with them. If we're earning, say, in euros or pound sterling and yet we want to bring that home into dollars, that's when you have exposure to a currency issue. So probably the most conservative, I would say 50-50, but probably more likely more in the U.S. That concludes today's question-and-answer session. You've got the CPI escalator as a positive. I'm sorry if I missed this, but on elevated labor costs, so we know wage inflation is here to stay, but some expense components, notably high agency utilization by health systems, whether it's due to COVID call-outs, shortages or even isolation guidelines, they can be multiples of normal wages. And theres just 1 question. Medical Properties Trust, Inc. ( NYSE: MPW) Q2 2021 And in addition to earning a current rate of interest on this loan, MPT expects to receive value equivalent to that ownership interest upon certain events. I mean, can you kind of highlight how active those are right now? If that were to lead to financial stress at the Steward level, what we want to be sure of when we underwrite and when we collect our rent is that if that happens and it impacts Steward operations, we can extract from Steward the hospitals we want to extract. Great. Are those basically just offsetting one another versus your sequential -- sequentially versus your prior guidance? But I guess just to throw it out there I'm curious whether or not you guys have completed any sort of stress test calculations for your overall 2.7% EBITDARM rent coverage ratio across the entire portfolio specifically related to rising labor costs? The company was founded on August 27, 2003. These charges amounted to approximately $4.8 million for the quarter, and we included this amount in property-related expenses and offsetting revenue of a similar amount in our income statement. That's just simple arithmetic. But again, that's just one of those ins and outs amounts that I mentioned, there are a few others that all of which is why we left the guidance where it is. That has not been an issue at all. Excellent. We also sold an inpatient rehab facility in Fort Lauderdale for roughly $27 million, reflecting additional strong gains, and we agreed to facilitate our operator sale of a Midwest hospital by selling the related real estate for about $63 million, that also includes an attractive gain. But I'll just reiterate we're not in a position to predict when we might have something to announce. MEDICAL PROPERTIES TRUST INC Could you just kind of talk about how that's shaping up, possibility of them exercising the purchase options? At this time, all participants are in a listen-only mode. But that is outside of the facility level numbers and similar to the question that Tayo was asking about EBITDARM versus EBITDAR. Finally, we sold 5 former Adeptus freestanding emergency department properties. And if so, will someone like HCA prefer to do that themselves? However, if we're wrong, if we're totally and completely wrong and Prime does in fact exercise its options then what we've said is the result is well within that $78 million to $82 million guidance range. As usual, there were a few items that impacted our reported earnings and corresponding adjustments to normalized FFO for the quarter. We appreciate all of the questions. So this is the Watsonville property, I assume you're talking about. 2021 EBITDARM increased by approximately 21% year-over-year, fueled by both acquisitions and organic growth. Their coverage for the third quarter in 2021 reflects stabilization at a high coverage level, driven by a robust increase in self-pay volumes, which provide for increased reimbursement. This has been very profitable and very beneficial to our common shareholders. Our pipeline is robust. Medical Properties Trust Medical Properties Trust Inc. MPW (U.S.: NYSE) - The Wall Street Our pipeline of opportunities for 2022 is robust, and we continue to expect domestic opportunities to make up the majority of our near-term activity. So, you don't need the equity to come back keep the $1 billion to $3 billion guidance range. Okay. I mean, are you seeing any improvement in the reimbursement rates there? Second our guidance no longer attempt to adjust for the estimated future dilutive impact of capital transactions, because the timing and source of that capital is not definitive. Just kind of curious on the kind of messaging change on the JVs. First, let me point out as I have numerous times, EBITDARM in these calculations come straight from property level GAAP basis financial reports we received from our tenants, which include their annual audited financials at year-end. Okay. We have always considered and prominently displayed the AFFO metric because we, like many real estate investors think it's critically important to measure results not only based on GAAP, which includes mandated, non-cash straight-line rent, but on a measure that does not include this non-cash unbilled rent concept. Just kind of -- do you kind of lose some of the value by maybe changing it up where you bring in a partner upfront or? Got it. And then just jump back to coverage real quick. Well, both of them were part of master leases. So that's our outlook on currency for the most part. Edward Aldag - Biography - MarketScreener.com To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. None of them are overly concerned. The main tenant, again, I apologize in advance for the pronunciation, Pihlajalinna is the third largest private hospital operator in all of Finland. I'll start with Steward. Yes. Currently, Mr. Aldag is Chairman, President & Chief Executive Officer at this company and President, Chief Executive Officer I know you kind of mentioned this in your prepared remarks that there are some assets that you're willing to sell or part with. The oldest executive at Medical Properties Trust Inc is Emmett E. McLean, 66, who is the Founder, Exec. It does include common equity either and/or ATM underwritten offerings. Thanks so much for taking the questions. We bought this property right before COVID hit. Remember, if they do -- if they did go up, our rental payment would go up as well. We internally the process with us starts with determining what could be the most appropriate part of the portfolio. Medical Properties Trust, Inc. (NYSE:MPW) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET, Charles Lambert - Treasurer & Managing Director, Edward Aldag - Chairman, President & Chief Executive Officer, Steven Hamner - Executive Vice President & Chief Financial Officer, Good day, and thank you for standing by. Furthermore, they include all rental and lease payments and interest payments among other items. I wanted to touch on the current private market valuations for hospital assets. So the new operators were just operational with it in 2020. Edward Aldag - Biography - MarketScreener.com And we're looking at growing in behavioral, I guess, mainly with the Priory investment in the U.K. VP, COO & Sec.. Could you give us a sense of some of the things they're doing to come back that and what potentially the impact could be on rent coverage as we kind of look into 2022? So, again, there was no market rent coming in when they were sold. So the answer is yes. These items alone, net of the benefit of refinancing activities and investments since we introduced this range in early September, account for an approximate annualized $0.05 per share. While not yet include due to quarterly reporting, monthly consolidated EBITDAR is in line with underwriting projections and ahead of prior year. But we also have the ability to co-invest with joint venture partners on the front end of acquisitions and this may be another attractive strategy for capital access in periods such as recently during which these highly sophisticated and experienced joint venture partners place much higher values on our assets than does the public equity market. Did you hear the question? I'm certainly not going to speculate on whether or not this bill will get passed or whether they get attached to a bill that gets passed. Today, we have a relationship with Ernest where we sold the OpCo years ago for a mid-teens unlevered IRR. Or will most of your investments focus to kind of growing a Priory? And then just on the comment you made initially just sort of the more global nature now, has there been any change in the competition, especially post some of these larger deals and whether it's in the U.S. or any of your other global markets and just new players looking at this space? WebMEDICAL PROPERTIES TRUST, INC. (Exact name of registrant as specified in its governing instruments) 1000 URBAN CENTER DRIVE, SUITE 501, BIRMINGHAM, ALABAMA 35242 (205) 969-3755 We depend on the services of Edward K. Aldag, Jr., William G. McKenzie, Emmett E. McLean and R. Steven Hamner to carry out our business and investment Could you share the NOI cap rate on those sales? So, kind of hard back into it. We expect this transaction to close in the first half of 2022. Is that the right way to think of it? Mr. Aldag, Jr. owns 3,251,167 shares of Medical Properties Trust By definition, the CMS cost reports could actually show a negative profit margin and all of the rent and interest being paid at the same time. Great. The Capital Medical Center asset and the Western Plains Medical Complex. About $900 million or 60% of this is half of our MEDIAN asset and half of our Steward Massachusetts assets that are in those two joint ventures. You may now disconnect. It just feels that that's become more and more of an important source of capital apart from the dispositions just given where the stock price is. That was a German portfolio. Please go ahead. The calendar year 2022 FFO guidance of $1.78 to $1.82 per share includes of course the first quarter result of $0.47 that we reported this morning. Because of the high development yield that we are already earning on our initial 50% interest in this facility and the economic benefits of capturing the previous third-party investment and asset management fees along with the control as the 100% owner, we expect this to become one of our most attractive European hospitals. I do expect that the next quarter will be down slightly, but primarily due to the February -- the pressures in February and February not being a great month. Today, company assets have grown to nearly $25 billion and the number of hospital beds owned is more than 46,000. Welcome to the Medical Properties Trust conference call to discuss our first quarter 2022 financial results. Right now, it just feels like it's a really important part of you executing on the pipeline. And just to reiterate what Steve pointed out, we don't own the hospital and widely, but we've been looking at the replacement facility for a long time. But the most recent deals we've done and disclosed on a GAAP basis, probably where they were this time last year and through the summer, maybe with some upward pressure due to inflation, but we're still looking at -- on a GAAP basis, certainly U.S., high 7s into the 8s. Understood. Next, Swiss Medical ended 2021 with strong coverage and continued its expansion inside of Switzerland. So we have that opportunity, yes, and it's available to us. Our next question comes from Mike Mueller with JPMorgan. But just last one, just to clarify you mentioned you'll elaborate a bit on the G&A. MPT has both of these entities as tenants going forward. If you have any additional questions, please don't hesitate to call. This concludes today's conference call. On the CPI rent bumps, thanks for the disclosure on the increase. And then it becomes very, very valuable. Is there anything as -- so ostensibly these are core assets at one point and they shifted towards the physician bucket. But at least through now, we're not bringing earnings home. It's a short month obviously, and that's when you saw most of the labor spikes there. And that's the pattern we tried to follow when we have followed to a great extent. We're certainly not in a position -- haven't begun to market any other portfolio. I mean, is that something that the company is considering now? The information being provided today is as of this date only and except as required by the federal securities laws, the company does not undertake a duty to update any such information. Today, MPT is the worlds preeminent source of capital for hospitals, with a portfolio of more than 400 facilities across the United States, Western Europe, South America and Australia. Well, if you remember, Mike, you've been with us a long time, the widely hospital was originally owned by IASIS, and the redevelopment of that hospital was planned long before it was a Steward acquisition. Just trying to understand where coverage ratios could trend HHS funds from 2021 roll off. On the earnings side, that's a little bit trickier. During the course of this call, we will make projections and certain other statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is currently not our expectation or our plan to exercise that option in the foreseeable future. Next, Circle in the UK, which continues to be a superb operator producing coverages that continue to exceed MPT's original projections. Now there's details, there's ins and outs, but it's primarily the ones you mentioned, plus the incremental dilution that we need to get back to 6.0 . Just wondering how rising costs of construction inputs might be affecting your yield projections. So, our previous guidance included approximately $25 million in anticipated rents primarily from our development projects, even though the tenants had not commenced paying rent. The slide to summarize two things. No. Their either behavioral inpatient facilities continue to serve a vital need in each of their communities. Last quarter, I think we made a couple of similar announcements and then late last year.
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