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    Daniel Bernstein

    Research Analyst at Capital One Financial Corporation

    Daniel Bernstein's questions to Marti Technologies (MRT) leadership

    Daniel Bernstein's questions to Marti Technologies (MRT) leadership • Q3 2018

    Question

    Daniel Bernstein asked about the company's current and projected liquidity following the bank amendment, its capacity for new investments in 2019, dividend requirements to maintain REIT status, and the cause for the slight decline in skilled nursing coverage excluding the Texas Ten portfolio.

    Answer

    Chairman and CEO John McRoberts and Executive VP and CFO Jeff Walraven confirmed they have sufficient capital for current commitments and will recast their credit facility post-transition to determine future investment capacity. Walraven clarified that while no further 2018 dividend is required to meet REIT rules, a dividend will be necessary in 2019. They attributed the minor dip in SNF coverage primarily to performance at the Mira Vista property.

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    Daniel Bernstein's questions to Marti Technologies (MRT) leadership • Q2 2018

    Question

    Daniel Bernstein sought clarification on whether the company was on a cash accounting basis for its OnPointe (Texas Ten) or Fundamental tenants. He also asked about the possibility of selling Texas Ten assets, the impact of re-tenanting on aged receivables, Fundamental's corporate coverage, and the drivers behind improved hospital segment coverage.

    Answer

    CFO Jeffery Walraven confirmed the company was not on a cash basis for either tenant as of June 30 but would evaluate the situation for Q3. CEO John McRoberts stated they are open to selling some or all of the Texas Ten assets. He explained that a new tenant would not be responsible for the old tenant's aged receivables, which would remain as collateral. Management declined to provide specific coverage for Fundamental but expressed confidence in the operator. The hospital coverage increase was attributed to strong performance from assets like ADHE and various LTACs.

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    Daniel Bernstein's questions to Marti Technologies (MRT) leadership • Q1 2018

    Question

    Daniel Bernstein from Capital One Securities asked for clarification on the reasons behind the recent drop in corporate coverage for skilled nursing and the corresponding jump in hospital lease coverage.

    Answer

    CEO John McRoberts and Executive VP and CFO Jeffery Walraven confirmed that the decline in skilled nursing coverage was primarily influenced by the performance of the OnPointe portfolio. Walraven added that the increase in hospital lease coverage was due to the addition of a new, well-performing asset to the stabilized pool.

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    Daniel Bernstein's questions to Marti Technologies (MRT) leadership • Q3 2017

    Question

    Daniel Bernstein of Capital One asked about the long-term acute care (LTACH) space, inquiring if they are seeing census stabilization and if they have increased investment interest. He also asked about ancillary services at GruenePointe and whether the issues there have prompted changes to their underwriting criteria for skilled nursing.

    Answer

    CEO John McRoberts expressed a positive view on the LTACH space, believing the new patient criteria will benefit strong, clinically focused operators and lead to consolidation. He confirmed GruenePointe outsources therapy and pharmacy services. Regarding underwriting, McRoberts stated they now target a 1.5x coverage ratio for new skilled nursing deals, which accounts for current industry challenges like managed care penetration and shorter lengths of stay.

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