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Quite a few vendors filing lawsuits/liens against Steward for non-payment since ARL extended.
But don't worry b/c $MPW has assured select analysts that Steward is FCF positive!
Street has become outsourced IR for so many issuers.
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@StockJabber
Isn't this within 24 hours of Vlad declaring they had no liquidity issues on CNBC?
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Is it clear yet that $MPW's coverage ratios are fake?
"Turning to Steward. Their hospital operations continue to perform well as evidenced by strong trailing 12-month EBITDARM coverage of 2.7x." - $MPW 3Q23 CC
If you think the rest of the portfolio is any different, good luck.
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Since Ed + Steve doubled-down (again) on CC, a reminder: $MPW's rent coverage metrics are fraudulent. Anyone capable of basic math can see.
Lease base schedule for Steward below.
NB: includes all operating hospitals except one + EXCLUDES the (more profitable) ASCs/MOBs.
1/x
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Tim Coco hits the nail on the head here…
“In 2018, Holy Family Hospital’s Haverhill campus was sold to a real estate investment trust for about $124 million—a price tag well above the $14.8 million the city says it is worth.”
$MPW
#Steward
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Interesting tidbit from $MPW tenant Alecto Healthcare Services bankruptcy, disclosing 100% ownership of a subsidiary called M/C Healthcare, LLC. Latest doc says operated two SC hospitals in 2015 and Alecto has owned 100% since 2018 w/o disclosing prior ownership...
(1/x)
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The Steward Glenwood opco sale w/ lease assumed at prior base by AHS is a classic $MPW attempt at "validating" asset values via clearly uneconomic leases to related parties/existing tenants (often w/ undisclosed funding).
Who is AHS? In short, a thinly capitalized shell.
1/x
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Since inception, $MPW has been heavily dependent on uneconomic transactions w/ related-party tenants (who often run afoul of regulators). Before Steward, there was Vibra (55% of revs in '06) and then Prime (38% of revs in '09). The deals back + forth are...something else. (1/x)
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$MPW claims in 8/3 investor presentation (page 5) they've only lost $20mm since inception ex. Adeptus on operator replacement, including 3 examples. This is false and misleading. A close examination provides an indication of the corners $MPW will cut to deceive investors. (1/x)
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A thread dedicated to documenting liens and lawsuits against $MPW's Steward Health Care System LLC over unpaid debts. There are many...
like this one in Harris County. Matthew's Hope Foundation ("MHF") is a charity.
How many times are we going to see the same fact pattern?
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More smoke + mirrors from $MPW trying desperately to keep the shell game going...
This quarter featured another attempt to "validate" asset values via a related party transaction. $MPW and Prime have traded assets back/forth many times in past. Back to the well again...
1/x
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@HedgeyeREITs
$MPW
Mass layoffs at Steward w/ no severance... lawsuit in Mass. alleging unpaid wages while rest of industry complains about staffing shortage. Liens piling up across the country for unpaid bills.
Nothing to see here... move along.
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Has anyone actually looked at financials in Orlando Health APA? Inexplicably includes multiple alt. versions which conflict w/ prior disclosures, typos, duplicates and numbers that don't tie across IS/BS/CF. Typical $MPW "Unaudited Adj. Normalized Pro-Forma" nothing to see here!
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From Prospect CT audited financials:
About those inter-company receivables among hospital and subsidizing "non-hospital" entities...
Yet another reminder that $MPW's stated coverage ratios are a scam.
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And here is the full UCC Financing Statement...
As politicians + regulators wonder how Steward happened and vow it will never happen again, they turn a blind eye to $MPW trying to run same play again.
Steward/
#MPT
gave less than 24 hrs notice of this transition. Wonder why?
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@HedgeyeREITs
Anyone interested in Steward should check out Glassdoor. From past month alone:
"Steward did several lay offs last week..."
"Unable to pay vendors. On credit hold with most. Embarrassing to our community..."
"Company did layoffs without any warning..."
"Shoestring staffing..."
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Why are so many $MPW tenants unable to issue financials?
Steward still hasn’t issued ‘22 audit + $MPW still hasn’t released Steward’s ‘21 audit.
Prospect claims in Yale counter cyberattack issues resolved yet still telling regulators otherwise.
Sherman filed BK a year ago.
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@TomBussa
@HedgeyeREITs
$MPW also claimed they didn't control Ernest, Priory, Springstone, Watsonville, Alecto, etc. despite owning the vast majority of capital stack. Critically, all these opcos were highly levered, insolvent shells without proper capitalization.
The Enron of REITs.
$MPW =
#EnREIT
.
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It should be abundantly clear by now the myriad accounting and disclosure shell games $MPW (and Steward) have been playing to mislead investors and regulators.
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One of $MPW's biggest lies has been that its tenants generate enough cash to pay these inflated rents, conveyed via coverage ratios. Narrative only holds up if investors can't see the real numbers. Which explains why $MPW goes to such lengths to conceal tenant audited financials.
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$MPW management comments and disclosure on this call...just wow.
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When Steward finally has to disclose its annual legal expenses, the number will be shockingly high. Especially appalling given habitual shortages of basic medical supplies, under-staffing and severe deferred maintenance.
NB: this is a fraud enabled by critical gatekeepers.
$MPW
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St. Luke's (Phoenix) which has been closed since 2019 and St. Luke's Behavioral Hospital are carried at more than $90mm, net on $MPW's balance sheet.
These are not isolated incidents, they are widespread across Steward facilities (which CREF was paid $3mm+ per month to manage).
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$MPW has run this same scam repeatedly. So not at all surprising to see UCC filed this AM confirming
#MPT
lending to this "new" tenant via TRS.
How much capital is $MPW advancing to try to maintain headline optics/illusion RE: massively overvalued assets and uneconomic rents?
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As $MPW tries to spin latest excuse for Steward's catastrophic financial condition, worth noting this is a recycled narrative. Suggest reading Steward lawsuits vs. Cerner and CHS (and related counterclaims), which are very revealing.
And also this one...
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Another Steward senior exec departure...this time COO.
Steward may want to update its leadership page...
Where were the signs? $MPW
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Throwback to this Fireside Chat just over a year ago! Amid mass exodus of Steward senior execs.
Imagine believing a single number from $MPW or Steward...
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@HedgeyeREITs
@Hedgeye
@KeithMcCullough
Pipeline, like Watsonville, not a huge % of $MPW assets/rent, but important development b/c highlights:
1- Complete lack of underwriting.
2- Management's dishonest + deceptive commentary.
3- Concentration risk as most tenants share same business model + levered to the hilt.
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Steward & $MPW's latest extortion attempt on Sharon Hospital should sound familiar, it is the biz model. One of many, e.g., Steward Easton, Watsonville, Alecto WV, Prospect PA, Prospect CT, Steward MA, CarePoint, etc.
These bailout demands all came AFTER hospitals were looted.
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@HedgeyeREITs
@Hedgeye
$MPW has completely misrepresented the financial condition of its tenants. Across the board.
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$MPW's "internal valuation methodology for similar assets [bespoke hospital real estate]" is a trade secret, confidential, don't ask for details!
Steward claims EBITDAR here is $60mm, yet opcos unable to pay for elevator repair/pest control/supplies?
Something doesn't add up...
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@HedgeyeREITs
@BostonGlobe
@MassGovernor
@Steward
When will Mass. taxpayers wake up to this scam? Steward's bailout demands are appalling on so many levels.
Ralph de la Torre, Michael Callum, etc. have been flying in style while overworked & underpaid nurses fight to provide basic care.
$MPW
#Steward
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"Secured" is a term $MPW uses frequently, but how many of its loans and leases are/were actually secured by underlying collateral?
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So about that LifePoint-Springstone deal...
In the press release, $MPW said LifePoint leases would be extended 5 yrs to 2041. Great news, right?
But the LifePoint assets acquired in Dec '19 had 20 yr leases. Guess they forgot to tell us the lease term was reduced in Dec '21.
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So no one would touch w/o gov’t support. $700mm quite a big hole!
“Some of the money will be used for upgrades to hospital garages, elevators, and emergency rooms neglected by Steward…”
But Steward was covering inflated rent 2.7x right $MPW? Says a lot about rest of portfolio.
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Don't worry $MPW investors, the rest of the portfolio is doing fine!
[Just like Steward was...]
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Of course, what $MPW really bought is ongoing silence of Steward, ABL/FILO + UCC and release of liability arising from years of fraudulent conduct. Naturally, this was financed by
#MPT
stakeholders. All b/c Ed really didn’t want to go under oath or have truth see light of day.
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@surftheyieldcrv
@HedgeyeREITs
@Hedgeye
@HedgeyeIndstrls
Also... $MPW abuses the word accretive. When you straight-line 20+ yr rents (incl. all option periods!) + finance deal w/ short-term debt...present a picture which distorts underlying economic reality. Almost like they had to keep doing big acquisitions to maintain the illusion!
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Some interesting details:
-Prospect under DOJ investigation for FCA violations.
-Prospect CT only avoided going concern qualification via $MPW rx + rent holiday + assumed Yale deal close.
-Prospect misrepresented liabilities Yale would assume to auditors (+ refused to correct).
More details on DOJ's investigation into Prospect released in court filings yesterday
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What does it mean when critical definitions for non-GAAP KPIs change every quarter?
$MPW's financial reporting chicanery is a big tell about what is going on under the surface.
Ed Aldag gambling with shareholders' chips at the poker table, all-in w/ 27o.
Giddy up!
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Just some more year-end tax planning from another $MPW director.
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@HedgeyeREITs
How on earth does PwC sign off on these values?
$MPW had a crossed corporate guaranty prior to this transaction. What exactly have they gained? The smoke and mirrors show continues unabated.
But don't worry, conjuring collateral out of thin air will work with Steward.
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On Steward MA, important to highlight that values ascribed to the properties in initial SLB didn't reflect the true FMV of RE, was a disguised (mostly) unsecured financing.
$MPW claims value fair based on inflated rents set using fake coverage ratios. Table below speaks volumes.
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@HedgeyeREITs
@Steward
Another one filed 12.18.23. These unpaid bills are stacking up, across the country...
I wonder what Steward's real (on and off-balance sheet) payables are currently?
$MPW
#StewardLiens
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@HedgeyeREITs
Some gems:
"Likewise, if a tenant's earnings get cut in half that also has minimal impact on the REIT."
"As far as I can tell, Steward is paying approximately market rent."
"I have no idea what fate will come to Steward, and as an MPW investor, I don't particularly care."
$MPW
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@Timothy38296021
@HedgeyeREITs
Where did the $57mm that $MPW has already contributed go? Interestingly, the balance barely changed from 1Q22 to 2Q22.
Why are there so many construction liens being filed against Steward?
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In PR, $MPW says "...MPT will have sourced in excess of $1 billion of immediately available liquidity." Except...no it is not immediately available liquidity (these aren't closing until 2023). Just like Steward Utah sale announcement last September.
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I'm sure these unpaid bills were properly reflected in Steward's 2022 audited financials...
$MPW
#StewardLiens
#CREF
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And here it is...Interim Managers disclosed (few hrs before hearing). You'll never guess who $MPW designated: AHS, comically rebranded as HSA or Healthcare Systems of America! And Quorum (full circle) + Insight! Or, more accurately, empty shells.
#MPT
#TheSubPrimeHospitalREIT
8/x
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15
Striking similarities between Ed Aldag / $MPW and Don Dixon / Vernon Savings & Loan.
Two great books on the S&L Crisis
and Control Frauds:
The Best Way to Rob a Bank Is to Own One by William K. Black
The Daisy Chain by James O’Shea
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@HedgeyeREITs
And the Seller Reps & Warranties could prove challenging even on the few sales announced by Steward / $MPW.
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Vibra is another significant $MPW tenant which seems in controlled demo mode. Ernest + PAM under common control/ownership but $MPW doesn't reflect in concentration disclosure.
Vibra was $MPW's original tenant and received opco loans. Aldag and Hollinger go back decades.
1/x
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@HedgeyeREITs
@TomBussa
Houston Town & Country / Stealth LP, when $MPW loaned a shell entity (Leaf on a Tree) "owned by" Brad Hollinger of Vibra (their largest tenant at the time) ~$9mm to assume a defaulted lease at same terms. Then later wrote down the loan.
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14
$MPW has some more "bespoke" hospital real estate available for sale if anyone is interested...
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After the looting, comes the blame (gov't, poor/immigrants, COVID, etc.) and then URGENT(!) pleas for taxpayer-funded bailouts. This is the end game of $MPW's despicable business model.
Below from Michael Sarrao of Prime + Alecto infamy.
1/x
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@StockJabber
Unreal. "Oh that wasn't fraud...just an employee temporarily committing fraud due to a health condition...he's fine now."
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@HedgeyeREITs
Aldag & Hamner not disclosing $20mm loan to Prime opco (or $8mm loan to HPA opco) when pumping deal as validating biz model was quite a sign of things to come.
Analysts asked if $MPW put up capital multiple times. They were lied to. Check transcript.
Not first or last time.
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13
Apollo filed the Loan Agreement for $MPW Mass. JV in its lawsuit fighting eminent domain taking of SEMC RE.
Despite the undeniable materiality (and claims "sale" "validated" Steward's financial condition), $MPW never filed this or the JV Agreement w/ Macquarie. I wonder why?
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13
@HedgeyeREITs
Ed, Steve and Drew have lied to investors repeatedly for years and yet the Street continues to regurgitate this bullshit without fail.
It’s the same pattern of intentional misrepresentation over and over as $MPW exploits a glaring lack of securities law enforcement.
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Like Steward, Prospect and Pipeline, vendors have filed lawsuits re: unpaid bills, revealing a familiar pattern w/ $MPW tenants.
Notice too the blurred lines and shared employees among corporate entities under common control.
3/x
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13
AHS Sherman, the tenant that took over $MPW owned Wilson Jones for fellow Prime spawn Alecto last year, has failed to pay BK expenses on timely basis. It has also funded operations by wiring money from a distressed hospital in IL that recently had trauma designation revoked.
5/x
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What staffing shortage? 2023 will be a record year for Steward! $800mm+ EBITDAR, no problem, could even be conservative! Don't worry about the actual financials or listen to the FUD from all the public cos (+ literally everyone else)! Just trust $MPW! When have they ever misled?
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@HedgeyeREITs
@Steward
Interesting tidbits in these letters.
Steward Mass. portfolio wasn't re-appraised as of 12/31/23 or 3/31/24? Seriously?
The 8 opcos were profitable in aggregate since March 2022? Creative intra-co accounting?
Why hasn't $MPW released the full MAM JV Agreement + financing docs?
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Innnnnteresting little detail from Mark Rich's affidavits dated 10/19/23 and 11/15/23...
What exactly is going on at Steward?
Nothing to see here...move along.
$MPW
#StewardLiens
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“A potential stumbling block in the deal was the fact that Crozer, which is owned by…Prospect Medical Holdings Inc., does not own its real estate. It was sold to Medical Properties Trust, a large real estate investment trust that charges Crozer $35 million a year in rent.” $MPW
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$FOXF levering up to buy non-strategic adjacent biz from former sponsor after disastrous quarter...
Have heard this tune before.
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@HedgeyeREITs
Speaking of $MPW's underwriting...
So 4 of the original 7 from 2019 acquisition have now closed.
0
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13
@BP77California
@HedgeyeREITs
@Hedgeye
Apparently $MPW telling investors that Steward audited financials still not complete (no 8-K, ehem). Putting aside obvious issues, how can Steward provide audited financials for a carve-out (not existing legal sub) as part of $CMAX deal w/o audited parent financials complete?
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Magic mirror on the wall, how much money did $MPW loan to Steward this fall?
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"The financial freefall has been well-documented over the years even as it now appears to surprise state regulators."
0
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@HedgeyeREITs
@Steward
For years $MPW has used these coverage ratios to deceive shareholders RE: sustainability of heavily inflated rents.
Now that Steward itself has confirmed the lies, should call into question asset values across $MPW's portfolio, which were supported by same fake coverage ratios.
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13
Quite a statement from Steward considering the hundreds of millions it has extracted from taxpayers.
“The lawsuit is without merit and a waste of taxpayer money…”
IMO, this is the tip of the iceberg.
$MPW: at the very heart of the problem…
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@Mike_Taylor1972
A "blackout room" in HQ office for a hospital system collecting billions annually from gov't programs...nothing to see here folks!
0
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@HedgeyeREITs
Just when we think $MPW AFFO quality can’t get any worse…they come in hot and completely redeem themselves!
Why no Qs on call RE: how much non-cash PIK interest income included? Any from PHP convert?
Or is that why they shut down Q&A 15 mins early?
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@HedgeyeREITs
On top of everything else, you have $MPW director selling in the interim. Don't worry, she plans to repurchase at a later date!
1
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@HedgeyeREITs
A vast majority of $MPW's tenants appear deliberately under-capitalized shells. If patient care is such a priority, as $MPW claims, why does it directly enable this dynamic? These deals not possible w/o $MPW.
The rx agreements also seem designed to strand liabilities at opcos.
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@FriendlyBearSA
@AlderLaneEggs
This omission (and the re-characterization in general) is straight out of the Prophecy playbook. What a coincidence.
1
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12
Never just one cockroach...
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12
Recall Steward bought Big Spring from Quorum in 2019 w/ $MPW buying RE for > 2x the price Steward paid for the wholeco the same day.
For more info on Insight, see Allstate's RICO complaint:
#MPT
#TheSubPrimeHospitalREIT
9/x
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RDLT (via QE) suing Senate Committee. True to form with his MO at Steward (preemptive litigation + stonewalling regulators).
RDLT blames COVID and gov't reimbursement for Steward's problems, not his own looting of the system w/ $MPW + Cerberus.
RDLT now plays the victim.
#Fraud
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Here is $MPW's MO and fraudulent track record in brief. Funding opcos since inception (Vibra). Read fine print carefully. $MPW track record excludes costs incurred by MPT for operations + transition AND losses from loans to opcos to perpetuate inflated values + avoid impairments.
Here is the rub. This is everything!
If and when any of these
@Steward
hospital OpCos/WholeCos are sold, and $MPW comes out and says "this proves our values, this validates our underwriting, blah blah, etc.," the same old nonsense, we all need to ask and have answered these
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@themagicbakery
$MPW's opco deals bear striking resemblance to the ADC loans (+ direct investments) from S&L era. Plus the related party deals control frauds pointed to as "validating" u/w in order to trick investors + auditors.
Wonder why $MPW doesn't disclose SF or cash rent/NOI by property?
1
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@AIMhonesty
And those that think this was limited to Steward + Prospect should take a closer look at the development deals + follow-on SLBs where $MPW paid huge premium to cost (Ernest, Springstone, Priory/Median, etc.) which fluffed operator financials and provided ongoing liquidity.
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@DonutShorts
These vacant assets were HEAVILY marketed, suggesting impairments req’d. How much fake capex?
#CREF
Does PWC (or JPM) still let $MPW pretend Prospect CT not impaired? Insolvent yet spending millions in legal on frivolous opposition. More capital misallocation to prop up
#MPT
BS.
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$MPW, Vibra, Ernest + PAM have all used Monzer Hourani's Medistar as developer, incl. on Stockton project delivered in '23.
Stockton held at ~$53mm in '23 10-K. '21 10-K had ~$48mm est. cost. Yet docs filed w/ HCAI show much lower final cost of ~$38mm. Why such a big delta?
4/x
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