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TheStreet Open House

Medical Properties Trust, Inc. Reports Strong Growth During Third Quarter

Stock quotes in this article: MPW

OPERATING RESULTS

MPT’s continued successful execution of its growth and investment strategies have driven the Company’s strong results. Since 2010, MPT has made hospital investments totaling more than $1.0 billion with average returns of more than 10%.

Third quarter 2012 total revenues increased 55% to $53.7 million compared with $34.6 million for the third quarter of 2011. Normalized FFO for the quarter increased 71% to $33.4 million compared with $19.5 million in the third quarter of 2011. Per share Normalized FFO increased 39% to $0.25 per diluted share during the 2012 third quarter, compared with $0.18 per diluted share in the third quarter of 2011. The FFO dividend payout ratio for the third quarter of 2012 was 80%, an 11% improvement compared with the second quarter of 2012.

Net income for the third quarter of 2012 was $31.5 million (or $0.23 per diluted share) compared with net income of $0.4 million (or $0.00 per diluted share) during the third quarter of 2011.

For the nine months ended September 30, 2012 normalized FFO was $85.5 million (or $0.65 per diluted share) compared with $57.5 million (or $0.52 per diluted share) in the corresponding period in 2011. Revenue for the nine months ended September 30, 2012 was $145 million compared to $102 million in the corresponding period in 2011. Net income for the first nine months of 2012 was $61.3 million compared with $13.8 million in 2011.

PORTFOLIO UPDATE AND FUTURE OUTLOOK

Since June 30, 2012, the Company has made investments in acute care hospitals aggregating $210 million, including hospitals in Roxborough, PA and Reno, NV operated by Prime Healthcare, and the previously announced $100 million Centinela Hospital Medical Center transaction. MPT has commenced development of an $18 million post acute facility for Ernest Health in Spartanburg, SC. In addition, MPT expects to acquire two post acute care hospitals in the fourth quarter for an aggregate investment of $31 million that are subject to executed letters of intent with two existing MPT operators.

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