Company Quick10K Filing
MedEquities Realty Trust
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-10
8-K 2019-05-17 Leave Agreement, M&A, Shareholder Rights, Control, Officers, Exhibits
8-K 2019-05-15 Shareholder Vote, Other Events, Exhibits
8-K 2018-12-31 Enter Agreement, Leave Agreement, Officers, Other Events, Exhibits
8-K 2018-11-30 Officers
8-K 2018-11-09 Earnings, Regulation FD, Exhibits
8-K 2018-11-09 Enter Agreement, Exhibits
8-K 2018-10-06 Enter Agreement, Exhibits
8-K 2018-08-08 Earnings, Regulation FD, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-10 Earnings, Regulation FD, Exhibits
8-K 2018-02-21 Earnings, Regulation FD, Exhibits
8-K 2018-02-07 Officers

MedEquities Realty Trust Financials

MRT Metrics, Comps, Filings

Quarterly | Annual

Business

References to "MedEquities," "Company," "we," "us" and "our" refer to MedEquities Realty Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including MedEquities Realty Operating Partnership, LP, a Delaware limited partnership (our "operating partnership"), of which we are the sole member of the sole general partner.

We are a self-managed and self-administered company that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. Our management team has extensive experience in acquiring, owning, developing, financing, operating, leasing and disposing of many types of healthcare properties, portfolios and operating companies. As of December 31, 2018, our portfolio was comprised of 34 healthcare facilities that contained a total of 2,758 licensed beds. Our properties are located in Texas, California, South Carolina, Nevada, Indiana, Connecticut and Tennessee and include 20 skilled nursing facilities, five behavioral health facilities, three acute care hospitals, two long-term acute care hospitals, two inpatient rehabilitation facilities, one assisted living facility and one medical office building. In addition, as of December 31, 2018, we had six healthcare-related debt investments totaling $52.0 million. As of December 31, 2018, all of our properties other than our medical office building were 100% leased pursuant to triple-net leases with lease expirations ranging from March 2029 to September 2033.

We invest primarily in real estate across the acute, post-acute and behavioral spectrum of care, where our management team has extensive experience and relationships and which we believe differentiates us from other healthcare real estate investors. We believe acute, post-acute and behavioral healthcare facilities have the potential to provide higher risk-adjusted returns compared to other forms of net-leased real estate assets due to the specialized expertise and insight necessary to own, finance and operate these properties, which are factors that tend to limit competition among owners, operators and finance companies. We target healthcare providers or operators that provide higher acuity services, are experienced, growth-minded and that we believe have shown an ability to successfully navigate a changing healthcare landscape. We believe that by investing in facilities that span the acute, post-acute and behavioral spectrum of care, we will be able to adapt to, and capitalize on, changes in the healthcare industry and support, grow and develop long-term relationships with providers that serve the highest number of patients at the highest-yielding end of the healthcare real estate market. We expect to invest primarily in the following types of healthcare properties: acute care hospitals, skilled nursing facilities, short-stay surgical and specialty hospitals (such as those focusing on orthopedic, heart and other dedicated surgeries and specialty procedures), dedicated specialty hospitals (such as inpatient rehabilitation facilities, long-term acute care hospitals and facilities providing psychiatric care), large and prominent physician clinics, diagnostic facilities, outpatient surgery centers, behavioral and mental health facilities, facilities designated as senior housing and assisted living, including memory care, and facilities that support these services, such as medical office buildings.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Equity

Income Statement ($MM Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($MM Quarterly)

Ops, Inv, Fin

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Ares Commercial Real Estate (ACRE) 454,953 0% 28.7 2% 1,674,697 1,248,953 70,204 0 37,350 43,085 1,234,807
Pennsylvania REIT (PEI) 446,988 39% 6.1 -3% 2,334,046 1,871,556 248,071 97,807 -74,352 70,720 429,096
Jernigan Capital (JCAP) 439,623 0% 6.8 8% 776,233 186,816 42,631 0 60,193 69,265 473,837
Great Ajax (AJX) 430,060 4.7 2% 1,553,686 1,195,722 0 0 29,970 79,924 372,134
Global Medical REIT (GMRE) 413,343 0% 10.5 2% 812,318 440,875 64,651 0 16,317 42,602 446,992
Orchid Island Capital (ORC) 364,476 -7.8 -0% 4,253,331 3,861,343 0 0 -20,744 -20,744 162,260
Spirit Mta REIT (SMTA) 359,091 0% 37.2 -3% 2,012,651 2,037,210 168,227 0 -58,410 59,497 2,213,149
Dynex Capital (DX) 355,358 -2.2 -4% 5,487,401 4,902,954 0 0 -207,803 -100,405 216,423
MedEquities Realty Trust (MRT) 349,614 0% 17.7 1% 643,159 295,021 57,230 0 5,455 34,848 616,756
Anworth Mortgage Asset (ANH) 345,687 113.6 -3% 4,581,761 4,027,669 0 0 -121,095 6,078 690,585
Ashford Hospitality Trust (AHT) 328,905 29% 33.4 -2% 4,769,051 4,380,969 1,491,591 429,015 -85,476 120,622 4,033,366
Braemar Hotels & Resorts (BHR) 313,212 27% 45.9 -2% 1,766,565 1,262,528 464,858 127,535 -26,806 26,997 1,238,262
CBL & Associates Properties (CBL) 292,336 0% 24.5 -4% 4,770,279 3,959,342 795,539 0 -196,353 161,702 3,955,734
Drive Shack (DS) 282,283 70% -17.7 -7% 535,906 452,250 269,535 189,791 -39,578 -15,122 267,770
Transcontinental Realty Investors (TCI) 280,108 0% 2.9 15% 872,869 511,823 35,652 0 133,493 149,939 428,216
Bluerock Residential Growth REIT (BRG) 269,990 0% 14.2 1% 2,090,483 1,304,171 207,461 0 26,106 102,030 1,448,362
Cedar Realty Trust (CDR) 261,722 0% 4.0 1% 1,222,785 695,610 145,387 0 16,216 65,106 259,739
CIM Commercial Trust (CMCT) 256,523 0% 1.2 52% 659,852 262,035 163,475 0 346,320 379,688 462,518
Gladstone Land (LAND) 248,359 0% 34.6 -0% 757,027 503,737 35,235 0 -210 20,139 696,471
Plymouth Industrial REIT (PLYM) 244,933 0% 7.1 -1% 601,846 359,249 52,807 0 -8,089 29,279 208,132

Balance Sheet ($'000)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-31
Cash12,2119,5097,8068,2407,26412,6405,9174,1725,8108,37017,411
Accounts Receivable
Inventory
PP&E472,547468,822465,270472,255508,405521,744517,519537,290540,917538,441535,023
Assets530,002519,753528,695536,578570,833581,603597,678628,342628,209632,789643,159
Accounts Payable
Long-Term Debt155,699163,741206,782215,523232,065264,406270,447278,137284,553
Liabilities267,172161,495171,478180,677215,198224,850239,856271,982279,087285,429295,021
Stockholders' Equity260,521355,752354,788353,215352,791353,756354,890353,025345,529343,454344,254
Income Statement ($'000)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-31
Revenue13,84514,01014,28214,82515,76616,23216,71617,5609,67813,30616,686
Cost of Revenue
Gross Profit
R&D
SG&A2,4362,8363,1712,9793,0462,4813,3165,0562,2844,690
Tax0-16-78-84
Net Income4,7345,3765,4755,7326,2666,6796,1544,186-1,1963622,103
Cash Flow ($'000)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-31
Cash Operating7,4928,98810,59710,60511,2137,8396,0597,618
Cash Investing-48-12,736-10,768-46,770-6,795-23,157-2,723-3,878
Cash Financing-10,1462,04560535,1899588,595-1,6985,301