Jordan Sadler

Question 1

Jordan Sadler's questions to Marti Technologies (MRT) leadership • Q2 2018

Aug 11, 2018

Question

Jordan Sadler asked for details on the Texas Ten portfolio, including the re-tenanting process timeline, market rent coverage, CMS star ratings, and remaining collateral. He also inquired about the assumptions in guidance regarding this tenant's rent and the nature of the $2 million in transaction costs.

Answer

CEO John McRoberts and CFO Jeffery Walraven explained that they are in discussions with several parties to re-tenant or sell the Texas Ten portfolio, expecting a resolution within 60-90 days. They noted that while new deals are underwritten at 1.4x-1.5x coverage, a transition could be lower. An unidentified representative provided an updated CMS star rating of 3.9. Mr. Walraven confirmed that guidance assumes contractual rent will be collected, though payments may be slow. The transaction costs were described as related to a separate, large, complex, and ongoing transaction.

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Question 2

Jordan Sadler's questions to Marti Technologies (MRT) leadership • Q1 2018

May 10, 2018

Question

Jordan Sadler from KeyBanc Capital Markets inquired about the structural changes in the GruenePointe/OnPointe tenant relationship, the capitalization of the Adora Midtown property, the credit impact of OnPointe losing two facilities, and the nature of a planned Q2 acquisition.

Answer

Executive VP and CFO Jeffery Walraven detailed the ownership restructuring, explaining that the OnPointe principles now fully own the operating assets, which he and CEO John McRoberts view as a positive alignment of operations and ownership. Walraven also broke down the Adora property's $24 million cap stack and confirmed the two lost facilities had a net-zero credit impact. McRoberts added that the upcoming Q2 deal is a standard sale-leaseback of an inpatient rehabilitation facility.