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

Guidance estimates do not include the effects, if any, of real estate operating costs, litigation costs, debt refinancing costs, acquisition costs, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions. These estimates will change if the Company acquires assets totaling more or less than $400 million, acquisition capitalization rates vary from expectations, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, assets are sold, other operating expenses vary, income from investments in tenant operations vary from expectations, or existing leases do not perform in accordance with their terms.

CONFERENCE CALL AND WEBCAST

The Company has scheduled a conference call and webcast for Thursday, February 7, 2013; at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter and year ended December 31, 2012. The dial-in telephone numbers for the conference call 866-356-4281 (U.S.) and 617-597-5395 (International); using passcode 17469285. The conference call will also be available via webcast in the Investor Relations’ section of the Company’s website, www.medicalpropertiestrust.com.

A telephone and webcast replay of the call will be available from shortly after the completion of the call through February 21, 2013. Telephone numbers for the replay are 888-286-8010 and 617-801-6888 for U.S. and International callers, respectively. The replay passcode is 40589810.

The Company’s supplemental information package for the current period will also be available on the Company’s website under the “Investor Relations” section.

About Medical Properties Trust, Inc.

Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.

The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Words such as "expects," "believes," "anticipates," "intends," "will," "should” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the capacity of the Company’s tenants to meet the terms of their agreements; Normalized FFO per share; expected payout ratio, the amount of acquisitions of healthcare real estate, if any; capital markets conditions, the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the restructuring of the Company’s investments in non-revenue producing properties; the payment of future dividends, if any; completion of additional debt arrangement, and additional investments; national and economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the "Risk factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as amended, and as updated by the Company’s subsequently filed Quarterly Reports on Form 10-Q and other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this press release.

         
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
 
Consolidated Balance Sheets
 
December 31, 2012 December 31, 2011
Assets (Unaudited) (A)
Real estate assets
Land, buildings and improvements, and intangible lease assets $ 1,242,375,982 $ 1,174,153,751
Construction in progress and other 38,338,985 30,902,348
Real estate held for sale - 59,793,225
Net investment in direct financing leases 314,411,549 -
Mortgage loans   368,650,000     165,000,000  
Gross investment in real estate assets 1,963,776,516 1,429,849,324
Accumulated depreciation and amortization   (126,733,639 )   (93,188,257 )
Net investment in real estate assets 1,837,042,877 1,336,661,067
 
Cash and cash equivalents 37,311,207 102,725,906
Interest and rent receivable 47,586,709 29,862,106
Straight-line rent receivable 35,859,703 33,993,032
Other assets   221,085,156     118,631,608  
Total Assets $ 2,178,885,652   $ 1,621,873,719  
 
Liabilities and Equity
Liabilities
Debt, net $ 1,025,159,854 $ 689,848,981
Accounts payable and accrued expenses 65,960,792 51,124,723
Deferred revenue 20,609,467 23,307,074
Lease deposits and other obligations to tenants   17,341,694     28,777,787  
Total liabilities 1,129,071,807 793,058,565
 
Equity

Preferred stock, $0.001 par value. Authorized 10,000,000 shares; no shares outstanding

- -

Common stock, $0.001 par value. Authorized 250,000,000 shares; issued and outstanding - 136,335,427 shares at December 31, 2012 and 110,786,183 shares at December 31, 2011

136,336 110,786
Additional paid in capital 1,295,916,192 1,055,255,776
Distributions in excess of net income (233,494,130 ) (214,058,258 )
Accumulated other comprehensive income (loss) (12,482,210 ) (12,230,807 )
Treasury shares, at cost   (262,343 )   (262,343 )

Total Equity

  1,049,813,845     828,815,154  
 
Total Liabilities and Equity $ 2,178,885,652   $ 1,621,873,719  
 
 

(A) Financials have been derived from the prior year audited financials; however, we have reclassed the real estate (including accumulated depreciation) of certain properties sold in 2012 to Real Estate Held for Sale.

 
       
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
 
Consolidated Statements of Income
(Unaudited)
 
For the Three Months Ended For the Twelve Months Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
(A) (A)
Revenues
Rent billed $ 30,982,990 $ 28,640,262 $ 123,079,976 $ 108,735,374
Straight-line rent 2,553,270 120,344 7,982,068 5,378,698
Income from direct financing leases 8,748,999 - 21,728,141 -
Interest and fee income   15,121,630     5,656,844     48,607,233     21,370,228  

Total revenues

57,406,889 34,417,450 201,397,418 135,484,300
Expenses
Real estate depreciation and amortization 8,390,401 8,624,094 33,545,383 30,895,697
Property-related 455,322 395,499 1,495,448 737,847
Acquisition expenses 1,305,731 998,530 5,420,427 4,184,463
General and administrative   7,240,167     6,790,296     28,581,455     27,219,301  
Total operating expenses   17,391,621     16,808,419     69,042,713     63,037,308  
Operating income 40,015,268 17,609,031 132,354,705 72,446,992
 
Interest and other income (expense)   (16,120,991 )   (11,312,500 )   (56,961,855 )   (57,927,977 )
Income (loss) from continuing operations 23,894,277 6,296,531 75,392,850 14,519,015
Income from discontinued operations   4,709,113       6,443,222     14,684,097       12,195,089  
Net income 28,603,390 12,739,753 90,076,947 26,714,104
Net income attributable to non-controlling interests   (47,430 )   (47,676 )   (177,252 )   (178,212 )
Net income attributable to MPT common stockholders $ 28,555,960   $ 12,692,077   $ 89,899,695   $ 26,535,892  
 
 
Earnings per common share - basic and diluted:
Income (loss) from continuing operations $ 0.18 $ 0.05 $ 0.56 $ 0.12
Income from discontinued operations   0.03     0.06     0.11     0.11  
Net income attributable to MPT common stockholders $ 0.21   $ 0.11   $ 0.67   $ 0.23  
 
 
Dividends declared per common share $ 0.20 $ 0.20 $ 0.80 $ 0.80
.
 
Weighted average shares outstanding - basic 134,922,510 110,788,423 132,331,091 110,622,820
Weighted average shares outstanding - diluted 134,930,189 110,788,423 132,333,157 110,628,944
 
 

(A) Financials have been restated to reclass the operating results of certain properties sold in 2012 to discontinued operations.

 
 
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Reconciliation of Net Income to Funds From Operations
(Unaudited)
       
 
For the Three Months Ended   For the Twelve Months Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
(A) (A)
FFO information:
Net income attributable to MPT common stockholders $ 28,555,960 $ 12,692,077 $ 89,899,695 $ 26,535,892
Participating securities' share in earnings   (171,473 )   (229,415 )   (886,374 )   (1,089,841 )
Net income, less participating securities' share in earnings $ 28,384,487 $ 12,462,662 $ 89,013,321 $ 25,446,051
 
Depreciation and amortization:
Continuing operations 8,390,401 8,624,094 33,545,383 30,895,697
Discontinued operations 52,190 1,407,158 1,310,302 3,813,587
Loss (gain) on sale of real estate (9,089,008 ) (5,426,067 ) (16,369,188 ) (5,431,391 )
Real estate impairment charge   -     -     -     564,005  
Funds from operations $ 27,738,070 $ 17,067,847 $ 107,499,818 $ 55,287,949
 
Write-off straight line rent 4,816,433 2,470,436 6,456,272 2,470,436
Acquisition costs 1,305,731 998,530 5,420,427 4,184,463
Debt refinancing costs - - - 14,214,036
Write-off of other receivables   -     -     -     1,845,966  
Normalized funds from operations $ 33,860,234 $ 20,536,813 $ 119,376,517 $ 78,002,850
 
Share-based compensation 2,207,235 1,690,793 7,637,420 6,983,471
Debt costs amortization 880,777 766,608 3,458,797 3,537,876
Additional rent received in advance (B) (300,000 ) (300,000 ) (1,200,000 ) (1,200,000 )
Straight-line rent revenue and other   (3,907,388 )   (1,536,330 )   (11,696,822 )   (7,353,316 )
Adjusted funds from operations $ 32,740,858   $ 21,157,884   $ 117,575,912   $ 79,970,881  
 
 
 
Per diluted share data:
Net income, less participating securities' share in earnings $ 0.21 $ 0.11 $ 0.67 $ 0.23
Depreciation and amortization:
Continuing operations 0.07 0.08 0.25 0.28
Discontinued operations - 0.01 0.01 0.04
Loss (gain) on sale of real estate (0.07 ) (0.05 ) (0.12 ) (0.05 )
Real estate impairment charge   -     -     -     -  
Funds from operations $ 0.21 $ 0.15 $ 0.81 $ 0.50
 
Write-off straight line rent 0.03 0.03 0.05 0.02
Acquisition costs 0.01 0.01 0.04 0.04
Debt refinancing costs - - - 0.13
Write-off of other receivables   -     -     -     0.02  
Normalized funds from operations $ 0.25 $ 0.19 $ 0.90 $ 0.71
 
Share-based compensation 0.02 0.01 0.06 0.06
Debt costs amortization 0.01 0.01 0.03 0.03
Additional rent received in advance (B) (0.01 ) - (0.01 ) (0.01 )
Straight-line rent revenue and other   (0.03 )   (0.02 )   (0.09 )   (0.07 )
Adjusted funds from operations $ 0.24   $ 0.19   $ 0.89   $ 0.72  
 
 
(A) Financials have been restated to reclass the operating results of certain properties sold in 2012 to discontinued operations.
 

(B) Represents additional rent from one tenant received in advance of when we can recognize as revenue for accounting purposes.

This additional rent is being recorded to revenue on a straight-line basis over the lease life.
 

Investors and analysts following the real estate industry utilize funds from operations, or FFO, as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Stock quotes in this article: MPW 

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