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Medical Properties Trust, Inc. MPW — also known as MPT — recently announced that it reached an agreement with Steward Health Care System, its secured lenders and the Unsecured Creditors Committee.
This agreement reinstates MPT’s control over its real estate and terminates its relationship with Steward. It also enables the immediate transition of operations at 15 hospitals in the country. The settlement agreement comprises 23 hospitals that were formerly operated by Steward.
The company has also collaborated with state regulators to establish structured transition plans aimed at preventing hospital closures, protecting jobs and ensuring the continuity of care for patients.
New Lease Agreement With Tenants
Medical Properties has secured new lease agreements with four tenants to operate 15 hospitals. Healthcare Systems of America will operate through five hospitals in Southeast Florida, two in East Texas and one in Louisiana. Honor Health will take over the operations of three hospitals in Arizona. Quorum Health will assume control of two hospitals in West Texas, and Insight Health will operate through two hospitals in Ohio.
Commencing from Sept. 11, 2024, these replacement tenants will be entitled to the operating revenue and will bear the responsibility for the expenses of the hospitals they manage on an interim basis for Steward until the purchase agreements regarding the operations can be finalized with Steward.
Based on the new lease agreements, MPT anticipates receiving nearly $160 million in total annualized cash rental payments on this portfolio’s approximate lease base of $2 billion upon reaching stabilization in the fourth quarter of 2026. This represents approximately 95% of the cash rent Steward would have owed for the same assets during that period. Moreover, the weighted average initial lease term is approximately 18 years.
The company will waive cash rent payments for all 15 properties for the remainder of 2024 in order to expedite the re-tenanting process and minimize any disruption to patient care. It is anticipated that cash rent payments will start in the first quarter of 2025, reaching approximately 50% of the total fully stabilized rent by the conclusion of 2025 and achieving complete stabilization by the fourth quarter of 2026.
Settlement Agreement
In accordance with the terms of the agreement, MPT agreed to sell three Florida hospitals to Orlando Health. A significant portion of the proceeds of that sale will be transferred to Steward. Consequently, Steward and its other stakeholders have relinquished all rights to any proceeds from future transactions related to any other hospitals that remain in the portfolio as of Sept. 11, 2024.
Hearing to Confirm Settlement
The Bankruptcy Court has set a hearing date on Sept. 17 to review and approve a final order that confirms the settlement. Additionally, the agreement is subject to the successful completion of Steward’s sales to the new operators and the necessary approvals from applicable state and local regulatory bodies.
MPW’s Transaction Conclusion
The replacement of Steward enhances the company’s ability to safeguard the essential operations of these facilities, thereby aiding their communities and preserving the value of its real estate for the benefit of shareholders.
Over the past six months, shares of this Zacks Rank #3 (Hold) company have gained 23.1% compared with the industry’s growth of 13.3%.
Stocks to Consider
Some better-ranked stocks from the healthcare REIT sector are CareTrust REIT CTRE and Sabra Healthcare REIT SBRA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CareTrust’s 2024 FFO per share stands at $1.48, indicating an increase of 5% from the year-ago reported figure.
The Zacks Consensus Estimate for Sabra’s 2024 FFO per share is pinned at $1.41, suggesting year-over-year growth of 6%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zacks Investment Research
Healthpeak Properties, Inc. DOC owns diversified and top-quality healthcare real estate assets in the high barrier-to-entry markets of the United States. Solid demand for lab assets amid the increasing need for drug innovation and developments is likely to drive its lab portfolio’s growth. The rise in senior citizens’ healthcare expenditure is expected to support its continuing care retirement community (CCRC) portfolio.
However, competition from industry players and a high interest rate environment add to its woes.
What’s Supporting DOC?
The increasing life expectancy of the U.S. population and biopharma drug development growth opportunities have promoted the lab real estate market fundamentals and led to a rise in demand for such assets.
Also, the use of artificial intelligence and machine learning is likely to increase the probability of success in drug research and lower the timeline for development, indicating a rise in the allocation of healthcare spending by healthcare research institutes in the upcoming years.
With a cluster strategy in three premier lab epicenters, namely San Diego, San Francisco and Boston, to assemble assets through acquisitions, developments and redevelopments, Healthpeak is gaining scale and is well-poised to meet the growing demand from lab tenants.
With the likelihood of the senior citizen population rising in the years ahead, Healthpeak’s CCRC portfolio, which refers to its retirement communities that include independent living, assisted living and skilled nursing units, is positioned to benefit from the high healthcare expenditures incurred by this age cohort.
Healthpeak is making portfolio-repositioning efforts to focus on lab, outpatient medical and CCRC assets. As part of such efforts, the company recycled capital through non-core dispositions of SHOP and triple-net leased assets to acquire and fund the development of lab and outpatient medical assets in high barrier-to-entry markets.
The company maintains a healthy balance sheet position and exited the second quarter of 2024 with around $3.08 billion of liquidity and a net debt-to-adjusted EBITDAre of 5.2X. It also enjoys favorable long-term credit ratings from Moody’s and S&P Global, rendering it easy access to the debt market at favorable costs. With a sound liquidity position, Healthpeak is well-placed to bank on growth opportunities.
Over the past six months, shares of this Zacks Rank #2 (Buy) company have gained 27.8% compared with the industry's upside of 12.9%.
What’s Hurting DOC?
Healthpeak operates in a competitive market and contends with several other companies providing similar healthcare services or alternatives. The company’s operators contend with peers for occupancy, which could limit its power to raise rents and affect revenues and profitability.
DOC’s development and redevelopment pipeline, although encouraging for long-term growth, exposes the company to the risks associated with rising construction costs. Over the recent years, increasing construction spending, along with the rising costs of capital, has affected the expected yields on the company’s development and redevelopment projects.
Additionally, a high interest rate environment is a concern for Healthpeak. Elevated rates imply high borrowing costs for the company, which would affect its ability to purchase or develop real estate. DOC has a substantial debt burden, and its net debt, as of June 30, 2024, was approximately $8.60 billion.
Other Stocks to Consider
Some other top-ranked stocks from the broader REIT sector are National Health Investors NHI and CareTrust REIT CTRE, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for National Health Investors’ 2024 FFO per share has moved 1.3% upward over the past month to $4.55.
The Zacks Consensus Estimate for CareTrust’s current year FFO per share has moved marginally upward in the past month to $1.48.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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