Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) today announced financial and operating results for the third quarter ended September 30, 2013.
- Achieved third quarter Normalized Funds from Operations (“FFO”) per diluted share of $0.25;
- Completed the $283 million acquisition of the real estate assets of three general acute care hospitals operated by IASIS Healthcare, LLC;
- Executed definitive agreements to acquire approximately $248 million (€184 million) of the real estate assets of 11 rehabilitation facilities in Germany;
- Commenced development of three free-standing emergency room facilities and reviewing diligence materials for 18 additional potential locations pursuant to the recently completed agreement with First Choice ER, LLC.
- Acquired and leased an existing $15.8 million inpatient rehabilitation hospital to Ernest Health and continued construction of two additional rehabilitation hospitals for Ernest Health;
- Completed approximately $420 million of long-term fixed rate debt transactions at an weighted average coupon of 5.9%;
- Raised approximately $147 million through a common stock offering;
- Paid 2013 third 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.
“Once again we have been able to exceed expectations by acquiring more than $650 million of high quality assets this year,” said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust. “Along with development properties opened in 2013, these additional facilities will generate approximately $68 million in additional revenue and at our high positive spreads are expected to meaningfully increase our normalized FFO run rate per share.“In addition to the strong investments made in the U.S. during this past quarter, we announced the acquisition of 11 rehabilitation facilities in Germany. The addition of these facilities in the strong economic and political environment of Germany adds significant strength to our portfolio for the benefit of our investors. We continue to be excited about our growing opportunities in the U.S. and now our additional opportunities in other parts of the world. We expect that 2014 will be another strong year for MPT.”