tion of the historical discount drives our Ti' MPW currently trades at wider-than-historical FFO and AFFO multiple discounts versus its smaller-cap Healthcare REIT peers. While MPW's trading risk (liquidity and daily return volatility) and financial risks are similar to or better than the peers, we view operat

drives our TP; dividend protects the downside MPW currently trades at wider-than-historical FFO and AFFO multiple discounts versus its smaller-cap Healthcare REIT peers. However, we think there are several reasons why MPW should, at a minimum, trade in line with historical relative valuations including: 1) pr