MPW - Earnings call transcript Q2 2024 | Medical Properties Trust, Inc.

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Operator

Good day, and welcome to the Medical Properties Trust Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, today's 60-minute call is being recorded. I would now like to turn the conference over to Charles Lambert. Please go ahead.

Charles Lambert

Thank you, and good morning. Properties financial call results. Medical second discuss the XXXX quarter to Trust to conference our Welcome With today me are Edward K. Aldag, Officer Secretary. of Hooper, Senior Vice and and Chief Chief Steven President, President and Senior President Financial Executive Rosa Officer; Hanna, Chief President Jr., Hamner, and of Controller Kevin Vice Vice Accounting the Chairman, company; Officer; Executive Operations and

the this release and furnished with was X-K Commission. distributed morning Securities press Exchange Our Form and on

available on receive the not you is medicalpropertiestrust.com copy, If website a in our it Investor did at section. Relations

live we're hosting of Additionally, you which can in a section. webcast same today's call, that access

our Securities course of XXXX. These Reform the subject and considered unknown projections underlying may Act to will make forward-looking may those be and expressed Private and certain forward-looking factors statements in that During differ from meaning such Litigation financial statements. call, known and are statements materially the that this risks, results or other statements of uncertainties forward-looking other within we the future to of events cause

not information from future does to is to undertake refer as date only, the a required with in Exchange and company's to Securities being could discussion reports results and provided this company as factors duty for call. any except laws, company's a securities by The today actual of or information. such the this We the Commission of materially the cause filed differ the update federal the those you expressed that events

lieu release, reconciled most Properties should with to directly our the will measures measures, conference accordance note financial of the certain describe financial requirements. to non-GAAP and of be all Medical Reg course press measures. GAAP in which measures in during Please considered addition, GAAP has G we comparable comparable that addition in Trust non-GAAP the not in In financial call,

financial at reconciliations. measures also can comparable for directly most refer and You medicalpropertiestrust.com the related to our website

the over Executive Officer, turn Aldag. call now to Chief Ed I will our

Edward Aldag

on Charles, Kevin quarter joined you earnings Thank I'm to morning call. Hanna our second all Hamner, us this by be and you, joining the has of XXXX Steve to XX thanks was and again today for Rosa joining Management Director for call of this years Frey. with recently been Also the and morning for Underwriting. Jason MPT named Jason and is Hooper. Managing Q&A Asset pleased

positive surgical the are see and trends portfolio of health public hospitals increasing financial is across large consistent overall improving. our global admissions hospital what's During real of we continued been volumes reported year-over-year, the quarter, our with estate, by to operators, and

detail, allocation these Rosa portfolio to as in update XX Before restructuring on an a trends minutes strategy our more discusses spend Healthcare's Steward capital ongoing Chapter as I few process. well would like providing

initial additional to our Beginning on with that indicated $X we were liquidity last our track quarter XXXX. billion exceed target in for We strategy.

rate We Arizona Health X million transactions emergency including attractive hospital less successfully for care an the forward, in the as acute July freestanding cap general well than valuations, have carried at or of of facilities as to momentum executing department $XXX several implied approximately Dignity sale additional X.X%.

beyond. expected total on focused $X.X levers We XXXX. have create several accelerating result, debt our a mature and to liquidity in billion available we liquidity, maturities have scheduled XXXX and in in additional generated debt all remain satisfying date comfortably As paydown repaid to to and

be is transitioning the unfortunate several The with markets, Steward's public which priorities. more has other attention This restructuring to expected process involving competing Massachusetts straightforward. Steward. the Massachusetts sales stakeholders particularly a in understandably as interested market is slowed important to in most has received to down noise Turning date, is complicated where ownership process

These a joint properties the are are owned our other Infrastructure Partners. XX% Massachusetts reminder, by from properties lease separate to interest with in MPT country. all around operates through the subject X agreement Steward properties a also a in master As Macquarie that that's Steward venture

well to minimize transition keep disruption filing Steward when including hospitals willing provide we XX no with before do to its functioning Since work Commonwealth early the Steward's patient in necessary XXXX, Chapter new through in capital other party May, have and the to operators, to stepping and to sought collaborating was so.

met Health Services. Department We of regularly Human have the with and

negotiations We have participated in viable solutions. state discuss officials several with rounds of to

And are facilities over and above invested to of $XXX critical care we purchase into We have these upgrades. respective their various infrastructure original all to X fund these the our approximately hospitals million the believe health over of years, communities. price

be operators, and hospital process bidding private Macquarie systems of We have showed willing various that country can facilities these interest maintained the were by other concession grant. recent scenarios quality this or some submitted belief, operators, largest in the validated early MPT run profitably submitting actually in contemplated rent bids, long and the to including

of X discouraged volume and MPT we open, closure Unfortunately, negative commentary a of there short, operators and many the solution inaccurate several hospitals. In be paths participating away of to willing any these to from the to out-of-state viable avoid scared believe considerable was the of keeping part the hospitals for-profit all of process. were in or

only to to seems have operators receives who ultimately, operate determine not-for-profit ownership license these the the focus Commonwealth facilities. these been The in-state, on to regulators of transferring and hospitals

and recent for to for access the opportunities privately health workers criticism and care estate real that term. deeply over only REITs misunderstanding owned that a businesses damage health care care concerned employment by long are owned the will We stems of

of for in have inexpensive financing leasebacks invest is fact hospital's that to categories. is be to dollar that relatively matter to a The compared other unavailable is patient-facing long And term every the used the over sale estate valuable dollar a proven of a alternative choices. the own resources real is

process Steward all most the stakeholders. X these allowing to the in being in Given and is on the best of interest sales Massachusetts, appropriate Commonwealth believe currently determine we the conditions properties imposed and exiting the outcome

benefits and to interest these model business best from the our always the ensure shareholders. protect Our primary to that objectives have of care our been health of communities

obviously well Steward's on outcome remaining we in new to expect subject negotiated with based positive the urgency close in the sense parties agreements, We greater as being results the others of move to are We real Massachusetts. for have of estate all to markets with communities. urge with operators the a finalized. in sake as court that disappointed we are But approval, local process, of the all

to the now over trends turn across portfolio. it our Rosa I'll discuss to performance

Rosa Hooper

Ed. you, Thank

take will through high-level real of I the of comments. our diverse a highlights hospital some usual, few As beginning with critical across portfolio you estate,

General behavioral health our XX% positive and our facilities reporting across notable operators are coverage represent total approximately volume which mentioned, Ed As portfolio trends. reported of particularly and assets EBITDARM acute improvements.

Continental segment, LTACH years. rehabilitation from Europe, for The our which past the includes private we an unmistakable hospitals, and In continue few increased remained flat. trend benefit the to post-acute demand U.K. inpatient over and portfolios

recently care in NHS For the head more information and the incidence the U.K. reported is reportedly choosing U.K. options in patients in of network a to NHS the order administration increase of XXXX, private year-over-year example, with private sector collaboration health to in for the urging backlogs. the alleviate X% private treatment allow

fourth recently was consecutive Group on and Hospital health Health, continues Circle the the recognized deliver Private for this capitalize Year of financial which to well investors performance. to trend positioned steady year as is clearly by

assets position financing than the completion more and nonrecourse, U.K. During by coverage non-amortizing approximately $XXX Xx demand announced million our continues is the take provider further by U.K. of which to itself to of backed successful service consistently care it in delivers innovate new space the in second efficiently which and largest secured the country value to health action Also see. most of tremendous to quarter, independent this the mental we continues Circle our operated the U.K. heightened in embedded some the Priory, in portfolio. demonstrating

end, quality reimbursement best-in-class plan comprehensive the implementing and To Germany, second improvements increased year are and services they steady through higher is In making outcomes. the rates. on of Priory's delivering improvement parent that measured occupancy MEDIAN for through incremental both in strategy company a performance Priory focusing

to our portfolio. Turning U.S.

reimbursement from acuity prospect, revenue remained rates. and Steward benefiting acute Excluding strong, admissions, mix general higher and trends

on CommonSpirit. we interest, portfolio, JV which up admissions year-over-year. a more X with we quarter, XX% announced performing than our is our XX% a a previously retain the of institutional leading formation This to closed hold well in Utah by During operated asset manager with new properties

strong unit. Ernest one coverage positive remains EBITDARM partially positive developments. IRF Health's from offset delivering and This new was is already results the Ernest's rehab quarter admissions and consolidated first opened second performance, inside the also to portfolio reported ramp. new IRF by stable the LTACH Ernest earth, in its LTACHs unit continue and revenues development above EBITDARM successfully which with consecutive its inpatient of March, as same-store Xx their and seeing In

years. big a standout in was portfolio its Health total X quarter, LifePoint of admissions nearly highest Our hospitals this recording

EBITDARM As months. improvement over a last material result, LifePoint several the has realized

In results highest in operating performance inpatient more costs. continued than volumes fact, steadily also in as LifePoint's increasing from EBITDARM years. in its of as were well May X decreases LifePoint XXXX physician-related benefited behavioral's

Prime admissions in year-over-year. X% Our saw facility growth

million a announced consideration in for This paid and sale we $XXX aggregate cash $XXX New the of we consideration that also California of in completed and Prime This interest-bearing quarter, hospitals to mortgage. consists million X million. of Jersey $XXX

facilities double-digit increases Coverage by labor. in Xx to contract substantial at general increased almost driven acute and ScionHealth reductions year-over-year, volume

XX-month admission attack. side approximate year some year-over-year X% on cyber year's this facilities California a the trailing has last seeing increase an coverages California basis. This helped momentum rebound Prospect's Finally, on are positive momentum so with far from

interest. of from more the unique well as settings. than cash of second its has portfolio quarters across fully In tenants $X well-diversified operating rent with cash million $XX a million summary, MPT Prospect care as due and paid first XX

we majority continue operators over volume are in for the the improving and long portfolio, financial cash steadily will the for We MPT to and, term. the our turn, are flows seeing generate drive performance meaningful vast solid trends in cost of confident

Kevin?

James Hanna

quarter a loss This reported share Rosa. GAAP morning, of per of you, FFO $X.XX of share for and second per we $X.XX normalized Thank the XXXX. net

As $XX relates of $XX mentioned million make from to full Prospect. representing additionally revenue in million to in earnings share. quarter about that portfolio, the Massachusetts second partnership is MPT second our and cash included Steward results as $XX million quarter, noting continue Steward approximately from worth it payment It consolidated the release,

is in of quarter due end, of approximately the consolidated of With July, second which G&A, our quarter lower stock stock million with excluding the rent the the for than has quarter. award share month partial quarter is paid of quarter is first Steward to flat G&A XX%. increase expense, a XXXX QX, timing to million compensation rent, $XX Subsequent in quarter grants of to and the resulting expense the from only and regard $X.X consolidated in

In the from this awards out date related substantially is unless not operated I new Lake expense April, JV. award today. price we will equity the with firm compensation venture as share XX% investment involving City hold hospitals of the share-based performance-based formed of our share of a point out on CommonSpirit. pay to that and by the will the approximately noncash price joint Salt our million, area of majority $XXX of leading that an appreciates our X representing We in the investment a

I earnings point will on also share lag a quarterly record JV we that the out will of our basis.

potential third related reporting recorded partnership conservative of the the to estimated the to rules charges noncash Approximately $XXX stake Massachusetts charges primarily in regarding the With quarter, with in reflect U.S. being pursuant equity the GAAP were and impairment first full impairment assumptions quarter accounting and in of million our These were of recovery. recorded XXXX. Macquarie. quarter

fully We in this part currently believe real bankruptcy time. re-leased $X.X secured process. Steward estate to We million these estate and have non-real be the is in recoverable billion or as expected that of ongoing are $XXX investments approximately at investments sold of

no any be that will However, assurances can not periods. we in have impairments future given additional

will adjustments of FFO. note normalized I to couple a other

investment based obtain First, approximately appraisal. important any that Holdings adjustment expects from $XXX purchasers. the the independent third-party prospective ultimate on prospects to sales our does million price value we to latest adjusted of that this the however, note, downward It not book necessarily is by PHP in reflect

marketable shares of such of Second, securities related we the [indiscernible] adjustment favorable small as to value recorded a our fair

to With turn strategy. Steve I for discussion a Steve? it and that, over overall capital liquidity our will allocation of

R. Hamner

of other have executed very we year-to-date roughly you, in the monetization categories in quarterly the major diminished that's On real importantly, in valuation investment virtually $X our facilities pointed out, valuations, whether of rate, attractive we same replacement real particularly billion light metric, billion we IRRs full $X.X exceed on suffered almost cost, period. now a more of year other X Thank any would executed transactions update based that Ed Very have hospital at total our just than and estate to Kevin. capitalization values last our our been initial And estate during these, transactions. all belief as target. have us, call, XX expressed that

to and address XXXX that These scheduled billion second in have liquidity $X.X quarter, provided fully pay transactions the debt to we XXXX maturities us of enabling pay have all used maturities. of our all down

As overwhelming in of to of bank our liquidity credit success revolving as provide a this a cushion covenant lenders our strategy, long received to and result pursue to continues agreement executing our support operations. sale runway from we Steward retenanting the its hospital adjust

court restructuring long-term of tenants to hospital expect value with supervised sell retain that to and we our the currently we real new or is in operators leased majority value to Steward the process. There assets replace through as quality estate Steward,

not and process. covenant during amendment, of we additional the briefly a X-K an timing will filed so afforded We few flexibility control describes I appreciate the do the key provisions that the by lenders' We points. this recognition process, only this morning restructuring our of this that cushion summarize

First, value XX all through total certain of unencumbered on now the operators This assets was waiver than there assets. leased current the this to until we end assets in estate And in assurances, quarter. Steward temporary although quarter's XX, quarter of is XXXX. the months discussed later period. XX% Steward third or in will other expectation certainly tenants time, limited At loan last to -- bankruptcy period. has sooner waiver for that virtually real sold that September the that through of rather means provision transitioned effective happen the limitation been And to weighed the to of that no to call, our generally that within calculation been that will This leased that will our lease remain have we then. are expect

already the future, facility current years of given liquidity and to growth. reduced executed need the our the available in rapid not credit Second, revolving to priorities during multibillion-dollar transactions from available just we sales asset us and billion, the generated was further commitment and our $X.XX and financing we significant do that

prices, et cetera. worth this September morning's rent highlight worth Steward adjusted net Third, these the way next quarter. that These of preclude terms, of any GAAP all the has to also will are transitions, headroom I second can including continually the covenant covenants. and the end described for net adjust to been of as $X $X.X permanently in provide modifications we through billion will to amendments the evaluate and for of XXXX financial need consolidated the that X-K. the certain billion of reported be effects the compared sale lease the deferrals, Again,

And we coverage which and the is as Other leverage changes each interest within to effective X.XXx. retenanting XX%, the of that XXXX, outcomes. increase unsecured that unsecured amendments, effective believe selling date each total are anticipates to through of XX, are increase June them. are of gives September We to well of allowed to the leverage XX% the allowed required cushion that covenants Steward us the these XX, reduce

we yield FFO also normalized quarterly terminate agreed unless XX% amendment Based represent about ahead we per morning's reported included market to the of a amount cash we share prices, payments. on share September to provisions and this per payout dividend limit Finally, of a would quarterly our about quarter, of in results next and this XX, of recent the X%. that ratio $X.XX will dividend elect

through at end These our of the will are payout prediction income more in strength business, to If our our certainly assets. is of assessed not non-Steward the an it but per determine That the than XXXX. assets indication is leased third dividend the amendments, of additional most quarter, again, the Board time. alternatives quarter generally a a year of that take of the that our of will a appropriate requires especially transition Steward which retaxable effective portion $X.XX our are of excess

investors the to have income shareholders, lenders. especially should amendment fixed our key repeatedly from our and be that takeaway proven, For we this

our into their and real to portfolio looking strong the years XXXX, of Over that of hospital stable in hospital operators estate markets the and we strategically real event is available and portfolio liquid we last with elect monetize to so, readily couple no through estate key have our is XXXX a respective leased to calendar expectation that Steward. to will in do exposure

strategies. additional have monetization of other We multiple expect to refinancing, estate real including maturing and satisfy to loans, high-value options

that, it turn with to will questions. for back And the over I operator

Operator

Austin Markets. [Operator Capital will Instructions] KeyBanc question from first And from be the Wurschmidt

Austin Wurschmidt

Steward rent assets? positive lined contractual Ed in-place time. today a from have what expecting -- what the Steward of re-leasing of percent give over results the those with Steward you currently comparing about to expect sense up negotiations Steward and appropriate us operations your on to going, in take how the then share are comments can facilities leased just kind also expand achieve operator the at versus And you an to the

Edward Aldag

Austin, a to, the court are that's in my remarks, all I love of prepared bankruptcy confidential confidentially participants moment. all I say absolutely other we're the this as And process. So other would at but under can order -- than

Austin Wurschmidt

to able of out Is of total would assets the to $X.X percent investments? that you expect about billion there anything estate real sell share you're that of

Edward Aldag

there will combination All be sales and retenanting. I can that say is a of

Austin Wurschmidt

quarterly we quarter? it. the should Got about payment cash what and Okay. rent for Steward be how from third the interest think And then should

R. Hamner

rate is any moving the there's visibility if retenanted simply bankruptcy there's be, will evolution literally the if either sold Austin, rapidly, assets ramp-up. in day-to-day have any the lease what Steve into of and or here. something the we Again, don't it's deferral, that and cash retenanted if procedures,

precision have don't give to any confidence So to a the we simply prediction.

Operator

Joshua of America. Dennerlein is Bank question next from from our And

Joshua Dennerlein

the rejection Steward thinking the lease through guess like Mass in I just portfolio.

do or be like it's hospitals. the that, wape get other easier or parts like flex. just how like across happen of flex that you [indiscernible] could seems assets rest can't Just portfolio, cost I'm broader there if if the assuming maybe Steward of out of might just the hard the we adjust are wouldn't kind comfortable it X labor the even for structure capital of like you to

not kind comfortable that can might just that, get of So how we happen?

R. Hamner

of I'll by question, So its a for it's we the everything have else including Macquarie. point that Massachusetts Josh, and with is thanks virtue structure, different just than out, that joint venture just

they're that. of nonrecourse that true on financing the and know as And importantly, is those value very value all as secured gross necessarily assets equity assets. much You the of the limits, course, nearly not

confidentiality hospitals, And about and within regulatory believe able and that there We the constraints again, then so forth. higher alternatives thought just through certain described weren't was what just and to to finally, to work Ed constraints the closing mediation value. we did we were probably achieve

Joshua Dennerlein

mentioned like at is for come you look Ed, causing scoop to What maybe -- and what -- the are noise like down like buyers. of is and at situation it of they assets. on ] some waiting mass with kind relook potential then And that back like Okay. [ some maybe the

Edward Aldag

was Josh, maybe but that misunderstood to you in regard me, Massachusetts. only

Joshua Dennerlein

Okay.

fair. That's Okay.

Operator

question from be And Mizuho. will Malhotra next the Vikram from

Vikram Malhotra

given tenants of monitoring a any sort or of of we as the that list just I front anything us may towards coming the regulatory I'm of wondering, are sort the from perspective, The half you there an -- around be guess just that changes into to on give I color watch guess, other rest you thoughts where talked hospitals, kind you've kind some be the payments. election, close able portfolio, us may may to of you've second model Steward. to maybe 'XX? some given close sort more onetimes be of of on

Edward Aldag

in any last So continue they're that have one And are around about quarter, our Vikram, associated other in only the the that process properties portfolio. aren't selling. it the that properties From some with the the issues of They with them to there remains we perform not that tenant which okay. represents than our really portfolio. standpoint, in have that, MPT, X% we of really talked total

Vikram Malhotra

the year? on development. and color development that both Okay. That can like into maybe just makes and trending I CapEx it you think wondering basis, do or a go-forward how half some I'm about was million. maintenance anticipate 'XX, on give if $XXX And CapEx, as as CapEx sense. into side, you then just also just second I'm that was well thoughts next maybe wondering

Edward Aldag

to in the vast one Norwood of be continues have majority in So the facilities that X we Steward, in that related to Texarkana. one Texas development under and

Court seen damage there may in definition favorably the storm You Supreme the Massachusetts in on the have ruled of Massachusetts. that

insurance So additional we expect to relief there. have

go-forward We and Steward. that a continue to believe of that completed those and other on have good will be interest basis to both than in someone they facilities released

Operator

Carroll from And RBC. the is next question from Michael

Michael Carroll

for on last you up to those happening? through comment timing settlement proceeds now. guess I can know where Ed. there need following appeal of been sooner? in process? of do that those I Hospital, Norwood you time what's insurance kind I of it's occurring stuck regarding potential the proceeds, get some go Just your I And a guess court the the a is mean

Edward Aldag

going So guess Court I definition to a we not favorable Supreme a be. the and go have ruled will was try lower us. you're for am right, favor very It the court. back timing the make next on on the to The our to damage, ruling storm in of to do what

Michael Carroll

from then on pull on available required touch amounts debt the sale, to limitations the asset and credit proceeds now? -- I credit credit asset XXX% under funds And any mentioned repay mean have down Okay. you is facility. X-K, sales that certain to if MPW can facility Is what the of a go mean? does those the big there you the pulling need proceeds that Great. availability you right mean, wanted pay additional facility on from that I that And facility? to you just does In amendment. from outstanding transactions. from

R. Hamner

No.

from certain it's down. initial you're And file facility. And future we'll question, XX% have in to asset We certain initially, the to a public cash net percentage. think targeted the sales of what -- proceeds pay is access document I your

we You in that's a may due have recall, January. sterling-based loan term

prepaid be sale that So cash . any additional proceeds. with will property

Michael Carroll

But don't once pay availability? capacity the you you lose the down

R. Hamner

Sterling in paying line, to January line, paying But just -- on that's full the down the be because redraw term correct. that's On line. down 'XX. loan, Yes. clear, permanent we the matures The access that to under the have

Operator

And from the Mueller JPMorgan. next is from question Mike

Michael Mueller

Since you for like the And amount was givebacks talk And guess, have versus as you mix remind of can the it that seems including addressed investment investment I you about Steward, can't well? like go-forward far? What locked at you us, sales what Steward the releasing so filed? beginning total when the have of up? of what definitively this,

R. Hamner

Well, in Mike, We and definitively Massachusetts, relinquish do only we'll but not definitively thing complete. yet. that is point, even that's that complete expect it you even to is not interest definitive our as the agreement subject

Michael Mueller

it. Got Okay.

the us on, prospect, So can on give And you forth? care any second guess, that. for the anything sale back I question, timing with business? managed it's update then Yale And monetization the basically and

Edward Aldag

So Connecticut we going Yale on the guesses. to not any don't update, any make have sell,

it was going was I to of trying to this timing that I what think ago a roughly that time the guess be. quit situation year

forward expecting winner month, PHP pick I we'll the are and bids move and On final they closing. sales, a believe then to this

Operator

the Truist Securities. from question And Michael is Lewis next with

Michael Lewis

that be Should kind to? are addressed property sales? about 'XX rate. billion assume we or debt or been what that Steve, options at in most interest next debt the and I for that X.X% that adjusting both you and of 'XX see years. you've other total you will several of alluded those options talked available over you Ed $X Or the refinancing through exploring about to

R. Hamner

further existing or point, are we options and the necessary, be expect to that, as do able have although to if of through the point. asset talked discuss sales conventional uncertainty nothing this we we the some to get about replacement normal refinance, Steward At at the situation. refinancing Well, We've liquidity. announce

Michael Lewis

too maybe debt property Do you it's think or level early.

the what market... public don't You know

R. Hamner

plans further no for have have We certainly We that. capacity.

#X You nonamortizing come to more saw is able that's at sub-X% #X I Circle resolving probably available priority. out XX-year that's of on we were this or assets, even of like after guess We'd that achieve would point remaining the I our those but are what available. a certainly fixed not an loan or reiterate. unsecured borrower. #X to values the But Steward,

pulled frankly, conventional available. we've have anybody's those be in exceeding months, to are 'XX expectations more X with of able and, We But number a ours address beyond also frankly, levers more we believe levers already of means. and we'll that that maturities

Michael Lewis

portfolio. risk little Understood. question, the transactions billion $X.X -- And a and sales just the the already of I'm representative second and overall of the kind you've liquidity done, then yield the profile Okay. What assets is And my of those the on quality of growth strengthening thinking the if plus. the about of portfolio? the rest are or weakening

R. Hamner

of back think our transaction. the would all globe, sample early a don't overall very, the which property the portfolio. look the think very And XXXX, good so. way across if sold include back -- I We've gotten across and type assets across Australian you across I into No, type going operator spectrum, the

one fact, need valuation. valuation. We strong the transactions, think we similar achieve comment overall portfolio I really was to, we that we of And as sell point my if those to if that don't situation strong the that of in very, more. a strategically, remaining I every very very of I diminished very, every would have portfolio. out achieved That decide earlier, we pointed the in haven't quality And feel think, we've in confident

I think that your of point the was question.

Operator

And . the next question is from from Omotayo Deutsche Bank. Okusanya

Omotayo Okusanya

paid to paid about that or gets we thinking should the that cash And be there's forms nature. the alternative has out it? it's as to way norm the on your to dividend. meet forward to be clarify unless, the to wanted $X.XX need is it's Is that out going requirements. work way such some Is in then that going of the course, you that's just increment any I be get dividend of and to if going then stock something per of number, going quarter

R. Hamner

I -- the dividend. to set, so, said the we're Tayo, ordinary hasn't it obviously, think saying a dividend No, don't been pay in next will course. be we have All dividend the because is,

will REIT our maintain status. We

goes share cash. that think only and without $X.XX may of And that up I to dividend, tag. be per can determined in whenever of it be that a quarter whatever

Omotayo Okusanya

again, For and operators. could question that and them one exactly does the to through lease transitioned would ask just a to when regards just in How how And clarification. walk there. Steward work rejecting in then I it is other reject period work Steward it lease be operator wanted to you of or you new that may if other us get the between assets

So might in that at I ready Shore be going think you North through Florida?

Edward Aldag

remind under X So properties Tayo, everyone remaining are let master lease. the me that all

the properties, that for lease, are reject for Steward all. to very to they valuable Steward as have but So well. These for not them would first reject just us

Operator

ladies the concludes to and closing for turn conference question-and-answer gentlemen, Ed back And remarks. this to I session. any would like today's over Aldag

Edward Aldag

resolved very we said call. listen have in Steward more you my are wish we everyone again, this you, But rather I than given to to what getting look the could And being today's where I and detailed to appreciate information forward bankruptcy. Thank remarks, I want we Chad. feel later. you good on about I prepared on do sooner

Operator

The conference sir. today's you presentation. concluded. Thank for attending you, Thank has now

may now disconnect. You

Medical Properties Trust (MPW) 8 Aug 242024 Q2 Earnings call transcript