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Medical Properties Trust's CEO Presents At Bank Of America Merrill Lynch 2012 Health Care Conference (Transcript)

Stocks in this article: MPW

Also if you look down at the bottom left hand corner here, you see that our EBITDA, our lease coverage ratios. These are organic growths rates from our existing properties in our portfolio. You see in 2006, our EBITDA, our lease coverage ratio was approximately 3.5 times. Today, on a portfolio-wide basis, that EBITDA or lease coverage ratio is over 5.5 times. I’ll show you what it is broken out on an each segment there in just a few moments.

Last week in our earnings call we gave updated guidance. Our updated guidance for the first time we actually gave guidance for calendar year 2012. We also gave a run rate for 12/31/2012. In that run rate, we assume that we made an additional $300 million in acquisitions. We have about $100 million of debt that we could see that’s very imminent, that we expect to close very shortly within this quarter.

With the other $200 million, we’re excited to close by the fourth quarter. Now with that we were projecting that we will have a $1.6 FFO per share. And with our dividend rate of $0.80 per share, that puts us below an 80% pay out ratio. And that’s very important because those of you that follow us know that that’s been one of our goals. We’ve had some strategic opportunities here that we’ve taken advantage of. We’ve raised some equity to take advantage of those acquisitions. And so we’ve had some dilutions, so we’ve been above the 80% threshold. With the 80% threshold, that’s where we want to be before we start raising the dividend, we expect to be there again by the end of the year.

Now even if we don’t do the $200 million in acquisitions that we’ve scheduled for the fourth quarter, we’re still going to be above $1 per share in FFO, given it’s still greater than an 80% - less than an pay out ratio.

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