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Medical Properties Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: MPW

For the fourth quarter 2011 we reported normalized FFO of approximately $20.5 million and AFFO of approximately $21.2 million or $0.19 per diluted share, for both measures. As of the end of last quarter, we had estimated on a quarterly basis our in-place normalized FFO run rate at $0.19 to $0.20 per share, so this quarter’s result is well in-line with our run rate estimate.

As a reminder we make certain adjustments to normalized FFO and in the fourth quarter these included approximately $1 million in cost incurred to make acquisitions and about $2.5 million in straight line rent write-off related to two property transactions. These transactions are more fully described in the press release.

Net income for the quarter ended December 31 was $12.7 million, about a $0.11 per share compared with net income of $10.6 million, or $0.09 per diluted share, for the year ago period. Capitalization metrics and other operating and financial metrics represented in our earning supplement that was posted to our website this afternoon.

We have previously described the fourth quarter acquisition of our Hoboken investments and the development agreements we entered into with Emerus. For 2011, we completed the acquisition of approximately $311 million of hospital real estate assets.

In order to provide an apples-to-apples comparison of expected run-rate normalized FFO per share, with and without the Ernest transactions, we believe the portfolio existing on the December 31 with our existing capital structure would generate annualized, normalized FFO of between $0.69 and $0.73 per share. And by the way that does not include about $0.03 per share that we expect on an annualized basis from our Florence development.

As we will discuss in more depth shortly, we expect that completion of the Ernest transactions will add approximately $0.19 per share or impressive accretion of 26%. These estimates do not include the effects, if any of cost and litigation related to discontinued operations, debt refinancing cost, real estate operating cost, interest rate swaps, write-offs of straight-line rent, or other non-recurring or unplanned transactions. They also do not include any earrings from RIDEA-type investments and operations. And they do not include any revenue from releasing our River Oaks property.

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