Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) today announced financial and operating results for the third quarter and nine months ended September 30, 2012.
THIRD QUARTER AND RECENT HIGHLIGHTS
- Achieved third quarter Normalized Funds from Operations (“FFO”) and Adjusted FFO (“AFFO”) per diluted share of $0.25 and $0.24, respectively, compared with $0.18 per diluted share for both FFO and AFFO in the third quarter of 2011;
- Invested $210 million in new acute care hospital assets with first year cash returns exceeding 10%;
- Agreed to fund additional $149 million in hospital acquisitions and developments, bringing year-to-date acquisitions and commitments total to approximately $781 million;
- Sold two post-acute properties for $42 million, reflecting a 260 point compression in market capitalization rates;
- Paid 2012 third quarter cash dividend of $0.20 per share, representing an 80% Normalized FFO dividend payout ratio.
Included in the financial tables accompanying this press release is information about the Company’s assets and liabilities, net income and reconciliations of net income to FFO and AFFO, all on a comparable basis to 2011 periods.
“We are executing our dynamic acquisition and operating investment strategy and this is continuing to drive strong financial results,” said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust. “For the second consecutive quarter we achieved FFO growth per share of more than 35% while continuing to build a diversified portfolio based on tenant, property and geographic mix. As we expected, our third quarter FFO payout ratio improved to 80% and our recent acquisitions should drive our in-place portfolio FFO payout ratio to 74%. We continue to exceed our lease and EBITDAR coverage targets, which consistently lead the industry and contribute to the cap rate compression demonstrated by our recent property sales.”