Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) today announced financial and operating results for the second quarter ended June 30, 2013. The Company also announced a definitive agreement for the acquisition and leaseback of the real estate assets of three general acute care hospitals for an aggregate purchase price of $283.3 million, along with approximately $125.0 million in other acquisitions.
- Achieved second quarter Normalized Funds from Operations (“FFO”) per diluted share of $0.24, up 9% compared with $0.22 per diluted share reported in the second quarter of 2012;
- Entered into an agreement to acquire the real estate assets of three general acute care hospitals for $283.3 million, which is expected to close during the third quarter of 2013;
- Acquired and leased the real estate assets of two general acute care hospitals in the Kansas City area for $75.0 million in June 2013;
- Commenced development of two inpatient rehabilitation hospitals for an aggregate development and construction cost of approximately $33.5 million;
- Acquired the real estate assets of an inpatient rehabilitation hospital in Corpus Christi for $15.8 million in July;
- Executed definitive agreements and commenced development of free-standing emergency room hospital facilities pursuant to the previously announced commitment to First Choice ER, LLC;
- Sold two long-term acute care hospitals for a gain of $2.1 million; and
- Paid 2013 second quarter cash dividend of $0.20 per share.
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 2012 periods.
“MPT’s investment strategy has always focused on acquiring quality hospital real estate that achieves the industry’s most attractive returns,” said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust. “The Company has now completed more than $3.3 billion in acquisitions, and more than $407 million year-to-date, subject to completion of the $283.3 million transaction announced this morning. This amount exceeds our acquisition target for the full-year, and with five months remaining, we expect to complete additional acquisitions. These strategic investments, which generate high yields, are each highly accretive and with built-in inflation escalations, support future FFO per share growth and dividend coverage, create additional diversification in our portfolio and continue to enhance shareholder value.”