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Medical Properties Trust, Inc. Reports 27% Increase In Normalized FFO Per Share During 2012

Stocks in this article: MPW


Fourth quarter 2012 total revenues increased 67% to $57.4 million compared with $34.4 million for the fourth quarter of 2011. Normalized FFO for the quarter increased 65% to $33.9 million compared with $20.5 million in the fourth quarter of 2011. Per share Normalized FFO increased 32% to $0.25 per diluted share during the 2012 fourth quarter, compared with $0.19 per diluted share in the fourth quarter of 2011.

For the twelve months ended December 31, 2012, Normalized FFO was $119.4 million (or $0.90 per diluted share) compared with $78.0 million (or $0.71 per diluted share) in 2011. Revenue for the twelve months ended December 31, 2012, was $201.4 million compared to $135.5 million in 2011.

Net income for the fourth quarter of 2012 was $28.6 million (or $0.21 per diluted share) compared with net income of $12.7 million (or $0.11 per diluted share) in the fourth quarter of 2011. For the full year 2012, net income was $89.9 million (or $0.67 per diluted share) compared to $26.5 million (or $0.23 per diluted share).


Since September 30, 2012, the Company has made a $17 million investment in a long-term acute care hospital in Hammond, LA and committed to build a replacement hospital in Altoona, WI for $33.5 million for National Surgical Hospitals. As previously announced, the Company also committed to fund a $100 million investment with First Choice ER, LCC to provide sale / leaseback financing for up to 25 freestanding emergency room facilities and fund the $17.8 million construction of a rehabilitation hospital in Spartanburg, SC.

At December 31, 2012, the Company had total real estate and related investments of approximately $2.1 billion comprised of 82 healthcare properties in 25 states leased to 22 hospital operating companies. Based on this portfolio, continued double-digit yields on anticipated acquisitions of $400 million in 2013 and current capital markets conditions, the Company has increased its estimate of 2013 Normalized FFO per share to $1.10, which would represent an increase of 22% over the impressive 2012 results. “Because we are able to invest in hospital real estate that generates these high yields, every dollar invested is immediately accretive to 2013’s per share FFO and dividend coverage,” said Aldag.

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