Source:
March 3, 2023
Medical Properties Trust NASDAQ:MPW
Aggressive healthcare property roll-up caters almost exclusively to distressed tenants. Rent is round-tripped via “fake” purchases of massively inflated assets. The fat lady is singing.
January 26, 2023 Viceroy Research is short Medical Properties Trust, a healthcare property REIT who has engaged in billions of dollars of uncommercial transactions with its tenants and their management teams in order to mask a pervasive revenue round-robin scheme and / or theft.
The value of MPW’s assets, as a result of capitalizing these uncommercial transactions, are massively overstated. MPW employed an aggressive, debt-fuelled roll-up strategy in order to affect these transactions. We believe the true value of MPW’s LTV is ~85%, creating enormous credit risk. We believe MPW will have no choice but to significantly cut dividends.
Substantially all of MPW’s major tenants appear distressed. This precedes the need to engage in revenue round-robin transactions. MPW is a subprime asset roll-up generating prime yields.
Viceroy Research has obtained Swiss bank statements which show numerous receipts from SHCS, which appear to be immediately laundered to politicians, con men, and VGH fraudsters.
We thank Tacet Global’s Greg Gillespie for allowing us to access to his investigation into Accutor AG. Mr. Gillespie has sunk countless hours on this project, and voluntarily submitted a dossier to the Malta courts in support of the annulment of the Malta Hospital Concessions.Tacet Global’s website can be found at: www.TacetGlobal.com
Through a small window of bank statements: we can see Steward Health Care Systems (“SHCS”) made millions, or potentially tens of millions, in disbursements to Accutor AG in relation to Steward Health Care System’s €1 acquisition of Vitals Global Health (“VGH”). Accutor AG is a VGH related party.
Steward Health Care Systems, MPW’s largest customer, made potentially tens of millions of dollars in fraudulent disbursements to VGH related parties and other conflicted parties through Accutor AG.
Tacet Global’s investigations of Accutor AG show that the payroll services company has committed tax fraud, pension fraud, embezzlement, immigration fraud, modern slavery, and forging & counterfeiting across dozens of its jurisdictions.
These documents clearly show payments from SHCS to Accutor with MPW-owned properties listed as the address and from Accutor to several individuals responsible for VGH. We have sent these documents and a copy of our report to the relevant regulatory and law enforcement abilities.