– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Per Share Net Income of $1.05 and Normalized FFO of $0.47 in First Quarter
12% Growth in Per Share NFFO Versus Prior-Year Quarter
Acquisitions, Dispositions and Macquarie Partnership Consistent with Accretive Capital Recycling Strategy
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the first quarter ended March 31, 2022, as well as certain events occurring subsequent to quarter end, continuing its record of double-digit growth in per share normalized funds from operations. MPT plans to also publish an Investor Update presentation under “Webcasts & Presentations” in the Investor Relations section of the Company’s website, https://investor-relations.medicalpropertiestrust.com/.
“Our hospitals continue to perform exceptionally well, and the organic growth benefits provided by our inflation-protected leases were realized early in 2022, as average cash rents for the majority of our portfolio increased by roughly 4%,” said Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer. “Our history of consistent dividend growth has no doubt been driven by accretive acquisitions, but it is equally the product of the uninterrupted and compounding annual cash rent increases that are embedded in virtually 100% of our leases.”
Mr. Aldag continued, “Our expected acquisitions of one to three billion dollars in 2022 is focused on the most compelling opportunities available and sized to be funded primarily with non-dilutive and attractively priced proceeds from partnership transactions such as the Macquarie deal and single asset dispositions such as the Adeptus sales.”
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 NFFO, all on a basis comparable to 2021 results, and reconciliations of total assets to total pro forma gross assets and total revenues to total adjusted revenues.
PORTFOLIO UPDATE
During and subsequent to the first quarter, MPT continued to execute on its growth pipeline while considering several funding options that are expected to achieve accretive spreads while normalizing leverage.
In March, MPT invested approximately €178 million in a portfolio of four general acute hospitals in Helsinki, Oulu, Turku and Kuopio, Finland. The facilities are leased to Pihlajalinna, one of the largest private hospital operators in Finland, subject to leases with CPI-based rent escalators. Finland is recognized for its high quality of care and is a top destination in Europe for orthopedic surgeries among other acute conditions. MPT’s entry into the Nordic region, where reforms are creating new opportunities for private investment in health care, increases its overall investment footprint to 10 countries.
In addition, construction of the $48 million new-build Bakersfield inpatient rehabilitation hospital for Ernest was completed and added to the rent paying portfolio, and an additional £96 million was invested in the Priory relationship.
The Company has total pro forma gross assets of approximately $22.2 billion, including $16.0 billion of general acute care hospitals, $2.6 billion of behavioral health facilities, $2.0 billion of inpatient rehabilitation hospitals, $0.3 billion of long-term acute care hospitals, and $0.2 billion of freestanding emergency room and urgent care properties. MPT’s portfolio, pro forma for the transactions described herein, includes roughly 440 properties and 46,000 licensed beds across the United States as well as in Germany, the United Kingdom, Switzerland, Italy, Spain, Finland, Portugal, Australia and Colombia. The properties are leased to or mortgaged by 53 hospital operating companies.
OPERATING RESULTS AND OUTLOOK
Net income for the first quarter ended March 31, 2022 was $632 million ($1.05 per diluted share) compared to $164 million ($0.28 per diluted share) in the year earlier period.
NFFO for the first quarter was $282 million ($0.47 per diluted share) compared to $244 million ($0.42 per diluted share) in the year earlier period, a 12% increase on a per share basis.
The Company is introducing several enhancements to its periodic disclosures with this quarter’s results. First, the previous practice of providing “run-rate” estimates of future results has been revised to estimate 2022 calendar earnings and NFFO based on the existing portfolio and capitalization. The existing portfolio will include binding acquisition agreements and lease terms but will exclude the expected future contributions from development and other capital projects, the possible future impact of deleveraging and other capital markets strategies. Accordingly, the Company’s new estimates of per share net income and NFFO of $1.10 to $1.14 and $1.78 to $1.82, respectively, do not include approximately $25 million in rents from development projects that were included in the previous run-rate estimates. The 2022 estimate includes the Company’s expectations concerning Prime’s repurchase options for two of the five Prime master leases; that outcome remains undetermined, but the dilutive impact of any potential outcome would remain within the scope of the guidance range.
Second, the Company’s Quarterly Supplemental package now includes enhanced disclosures of tenant-level EBITDARM to lease payment coverage levels. Most leases are now listed by named tenant relationship, along with a description of calculation methodology.
Third, the Quarterly Supplemental package provides additional information about certain Company investments in unconsolidated real estate partnerships and investments in hospital operations that are affiliated with MPT lessees.
These estimates do not include the effects, among others, of unexpected real estate operating costs, changes in accounting pronouncements, litigation costs, debt refinancing costs, acquisition costs, currency exchange rate movements, changes in income tax rates, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions. Moreover, these estimates do not provide for the impact on MPT or its tenants and borrowers from the global COVID-19 pandemic. These estimates may change if the Company acquires or sells assets in amounts that are different from estimates, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, other operating expenses vary, income from equity investments vary from expectations, or existing leases or loans do not perform in accordance with their terms.
CONFERENCE CALL AND WEBCAST
The Company has scheduled a conference call and webcast for Thursday, April 28, 2022 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter ended March 31, 2022. The dial-in numbers for the conference call are 844-535-3969 (U.S. and Canada) and 409-937-8903 (International); both numbers require passcode 4176908. 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 beginning shortly after the call’s completion. The telephone replay will be available through May 12, 2022 using dial-in numbers 855-859-2056 and 404-537-3406 for U.S. and International callers, respectively, and passcode 4176908. The webcast replay will be available for one year following the call’s completion on the Investor Relations section of the company’s website.
The Company’s supplemental information package for the current period will also be available on the Company’s website in the Investor Relations section.
The Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at www.medicalpropertiestrust.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investor Relations page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world’s largest owners of hospitals with roughly 440 facilities and 46,000 licensed beds (on a pro forma basis) in ten countries and across four continents. MPT’s financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “would”, “could”, “expect”, “intend”, “plan”, “estimate”, “target”, “anticipate”, “believe”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding our strategies, objectives, future expansion and development activities, and expected financial performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results or future events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including governmental assistance to hospitals and healthcare providers, including certain of our tenants; (ii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us, especially as a result of the adverse economic impact of the COVID-19 pandemic, and government regulation of hospitals and healthcare providers in connection with same (as further detailed in our Current Report on Form 8-K filed with the SEC on April 8, 2020); (iii) our expectations regarding annual guidance for net income and NFFO per share; (iv) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (v) the nature and extent of our current and future competition; (vi) macroeconomic conditions, such as a disruption of or lack of access to the capital markets, rising inflation or movements in currency exchange rates; (vii) our ability to obtain debt financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and pay down, refinance, restructure or extend our indebtedness as it becomes due; (viii) increases in our borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR; (ix) international, national and local economic, real estate and other market conditions, which may negatively impact, among other things, the financial condition of our tenants, lenders and institutions that hold our cash balances, and may expose us to increased risks of default by these parties; (x) factors affecting the real estate industry generally or the healthcare real estate industry in particular; (xi) our ability to maintain our status as a REIT for federal and state income tax purposes; (xii) federal and state healthcare and other regulatory requirements, as well as those in the foreign jurisdictions where we own properties; (xiii) the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain equity or debt financing secured by our properties or on an unsecured basis; (xiv) the ability of our tenants and operators to comply with applicable laws, rules and regulations in the operation of the our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (xv) potential environmental contingencies and other liabilities; (xvi) the risk that property sales, loan repayments, and other capital recycling transactions do not occur; (xvii) the accuracy of our methodologies and estimates regarding environmental, social and governance ("ESG") metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts; and (xviii) the risk that the sale by Steward of its Utah operations to HCA does not occur.
The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and as updated in our quarterly reports on Form 10-Q. Forward-looking statements are inherently uncertain and actual performance or outcomes may vary materially from any forward-looking statements and the assumptions on which those statements are based. Readers are cautioned to not place undue reliance on forward-looking statements as predictions of future events. We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.
| MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES | |||||||
| Consolidated Balance Sheets | |||||||
| (Amounts in thousands, except for per share data) | |||||||
| March 31, 2022 | December 31, 2021 | ||||||
| Assets | (Unaudited) | (A) | |||||
| Real estate assets | |||||||
| Land, buildings and improvements, intangible lease assets, and other | $ |
14,029,059 |
|
$ |
14,062,722 |
|
|
| Investment in financing leases |
|
2,063,227 |
|
|
2,053,327 |
|
|
| Real estate held for sale |
|
- |
|
|
1,096,505 |
|
|
| Mortgage loans |
|
224,281 |
|
|
213,211 |
|
|
| Gross investment in real estate assets |
|
16,316,567 |
|
|
17,425,765 |
|
|
| Accumulated depreciation and amortization |
|
(1,054,361 |
) |
|
(993,100 |
) |
|
| Net investment in real estate assets |
|
15,262,206 |
|
|
16,432,665 |
|
|
| Cash and cash equivalents |
|
248,846 |
|
|
459,227 |
|
|
| Interest and rent receivables |
|
65,933 |
|
|
56,229 |
|
|
| Straight-line rent receivables |
|
660,421 |
|
|
728,522 |
|
|
| Investments in unconsolidated real estate joint ventures |
|
1,534,514 |
|
|
1,152,927 |
|
|
| Investments in unconsolidated operating entities |
|
1,455,842 |
|
|
1,289,434 |
|
|
| Other loans |
|
66,963 |
|
|
67,317 |
|
|
| Other assets |
|
523,109 |
|
|
333,480 |
|
|
| Total Assets | $ |
19,817,834 |
|
$ |
20,519,801 |
|
|
| Liabilities and Equity | |||||||
| Liabilities | |||||||
| Debt, net | $ |
10,117,989 |
|
$ |
11,282,770 |
|
|
| Accounts payable and accrued expenses |
|
595,026 |
|
|
607,792 |
|
|
| Deferred revenue |
|
18,834 |
|
|
25,563 |
|
|
| Obligations to tenants and other lease liabilities |
|
166,626 |
|
|
158,005 |
|
|
| Total Liabilities |
|
10,898,475 |
|
|
12,074,130 |
|
|
| Equity | |||||||
| Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares | |||||||
| outstanding |
|
- |
|
|
- |
|
|
| Common stock, $0.001 par value. Authorized 750,000 shares; issued and | |||||||
| outstanding - 598,676 shares at March 31, 2022 and 596,748 |
|
599 |
|
|
597 |
|
|
| shares at December 31, 2021 | |||||||
| Additional paid-in capital |
|
8,547,892 |
|
|
8,564,009 |
|
|
| Retained earnings (deficit) |
|
369,972 |
|
|
(87,691 |
) |
|
| Accumulated other comprehensive loss |
|
(5,010 |
) |
|
(36,727 |
) |
|
| Total Medical Properties Trust, Inc. Stockholders' Equity |
|
8,913,453 |
|
|
8,440,188 |
|
|
| Non-controlling interests |
|
5,906 |
|
|
5,483 |
|
|
| Total Equity |
|
8,919,359 |
|
|
8,445,671 |
|
|
| Total Liabilities and Equity | $ |
19,817,834 |
|
$ |
20,519,801 |
|
|
| (A) Financials have been derived from the prior year audited financial statements. |
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES |
|||||||
Consolidated Statements of Income |
|||||||
(Unaudited) |
|||||||
| (Amounts in thousands, except for per share data) | For the Three Months Ended | ||||||
| March 31, 2022 | March 31, 2021 | ||||||
| Revenues | |||||||
| Rent billed | $ |
263,402 |
|
$ |
213,344 |
|
|
| Straight-line rent |
|
61,044 |
|
|
54,873 |
|
|
| Income from financing leases |
|
51,776 |
|
|
50,894 |
|
|
| Interest and other income |
|
33,578 |
|
|
43,654 |
|
|
| Total revenues |
|
409,800 |
|
|
362,765 |
|
|
| Expenses | |||||||
| Interest |
|
91,183 |
|
|
86,972 |
|
|
| Real estate depreciation and amortization |
|
85,316 |
|
|
75,642 |
|
|
| Property-related (A) |
|
8,598 |
|
|
5,453 |
|
|
| General and administrative |
|
41,424 |
|
|
36,073 |
|
|
| Total expenses |
|
226,521 |
|
|
204,140 |
|
|
| Other income (expense) | |||||||
| Gain on sale of real estate and other, net |
|
451,638 |
|
|
989 |
|
|
| Earnings from equity interests |
|
7,338 |
|
|
7,101 |
|
|
| Debt refinancing and unutilized financing costs |
|
(8,816 |
) |
|
(2,269 |
) |
|
| Other (including fair value adjustments on securities) |
|
9,887 |
|
|
7,794 |
|
|
| Total other income |
|
460,047 |
|
|
13,615 |
|
|
| Income before income tax |
|
643,326 |
|
|
172,240 |
|
|
| Income tax expense |
|
(11,379 |
) |
|
(8,360 |
) |
|
| Net income |
|
631,947 |
|
|
163,880 |
|
|
| Net income attributable to non-controlling interests |
|
(266 |
) |
|
(97 |
) |
|
| Net income attributable to MPT common stockholders | $ |
631,681 |
|
$ |
163,783 |
|
|
| Earnings per common share - basic and diluted: | |||||||
| Net income attributable to MPT common stockholders | $ |
1.05 |
|
$ |
0.28 |
|
|
| Weighted average shares outstanding - basic |
|
598,676 |
|
|
576,240 |
|
|
| Weighted average shares outstanding - diluted |
|
598,932 |
|
|
577,541 |
|
|
| Dividends declared per common share | $ |
0.29 |
|
$ |
0.28 |
|
|
| (A) Includes $6.3 million and $3.5 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2022 and 2021, respectively. |
| MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES | |||||||
| Reconciliation of Net Income to Funds From Operations | |||||||
| (Unaudited) | |||||||
| (Amounts in thousands, except for per share data) | For the Three Months Ended | ||||||
| March 31, 2022 | March 31, 2021 | ||||||
| FFO information: | |||||||
| Net income attributable to MPT common stockholders | $ |
631,681 |
|
$ |
163,783 |
|
|
| Participating securities' share in earnings |
|
(402 |
) |
|
(370 |
) |
|
| Net income, less participating securities' share in earnings | $ |
631,279 |
|
$ |
163,413 |
|
|
| Depreciation and amortization |
|
99,459 |
|
|
88,536 |
|
|
| Gain on sale of real estate and other, net |
|
(451,638 |
) |
|
(989 |
) |
|
| Funds from operations | $ |
279,100 |
|
$ |
250,960 |
|
|
| Write-off (recovery) of straight-line rent and other |
|
2,604 |
|
|
(5,238 |
) |
|
| Non-cash fair value adjustments |
|
(8,023 |
) |
|
(4,065 |
) |
|
| Debt refinancing and unutilized financing costs |
|
8,816 |
|
|
2,269 |
|
|
| Normalized funds from operations | $ |
282,497 |
|
$ |
243,926 |
|
|
| Share-based compensation |
|
11,804 |
|
|
12,264 |
|
|
| Debt costs amortization |
|
5,613 |
|
|
4,009 |
|
|
| Rent deferral, net |
|
(3,716 |
) |
|
803 |
|
|
| Straight-line rent revenue and other |
|
(77,333 |
) |
|
(67,275 |
) |
|
| Adjusted funds from operations | $ |
218,865 |
|
$ |
193,727 |
|
|
| Per diluted share data: | |||||||
| Net income, less participating securities' share in earnings | $ |
1.05 |
|
$ |
0.28 |
|
|
| Depreciation and amortization |
|
0.17 |
|
|
0.15 |
|
|
| Gain on sale of real estate and other, net |
|
(0.75 |
) |
|
- |
|
|
| Funds from operations | $ |
0.47 |
|
$ |
0.43 |
|
|
| Write-off (recovery) of straight-line rent and other |
|
- |
|
|
(0.01 |
) |
|
| Non-cash fair value adjustments |
|
(0.01 |
) |
|
- |
|
|
| Debt refinancing and unutilized financing costs |
|
0.01 |
|
|
- |
|
|
| Normalized funds from operations | $ |
0.47 |
|
$ |
0.42 |
|
|
| Share-based compensation |
|
0.02 |
|
|
0.02 |
|
|
| Debt costs amortization |
|
0.01 |
|
|
0.01 |
|
|
| Rent deferral, net |
|
(0.01 |
) |
|
- |
|
|
| Straight-line rent revenue and other |
|
(0.12 |
) |
|
(0.11 |
) |
|
| Adjusted funds from operations | $ |
0.37 |
|
$ |
0.34 |
|
|
Notes: |
(A) Certain line items above (such as depreciation and amortization) include our share of such income/expense from unconsolidated joint ventures. These amounts are included with the activity of all of our equity interests in the "Earnings from equity interests" line on the consolidated statements of income. |
(B) 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. |
|
In addition to presenting FFO in accordance with the Nareit definition, we also disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our results of operations or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity. |
|
We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) non-cash revenue, (ii) non-cash share-based compensation expense, and (iii) amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity. |
| MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES | ||||||||
| 2022 Guidance Reconciliation | ||||||||
| (Unaudited) | ||||||||
| 2022 Guidance - Per Share(1) | ||||||||
| Low | High | |||||||
| Net income attributable to MPT common stockholders | $ |
1.10 |
$ |
1.14 |
||||
| Participating securities' share in earnings |
|
- |
|
|
- |
|
||
| Net income, less participating securities' share in earnings | $ |
1.10 |
|
$ |
1.14 |
|
||
| Depreciation and amortization |
|
0.68 |
|
|
0.68 |
|
||
| Funds from operations | $ |
1.78 |
|
$ |
1.82 |
|
||
| Other adjustments |
|
- |
|
|
- |
|
||
| Normalized funds from operations | $ |
1.78 |
|
$ |
1.82 |
|
||
(1) The guidance is based on current expectations and actual results or future events may differ materially from those expressed in this table, which is a forward-looking statement within the meaning of the federal securities laws. Please refer to the forward-looking statement included in this press release and our filings with the Securities and Exchange Commission for a discussion of risk factors that affect our performance. |
| Total Pro Forma Gross Assets | ||||
| (Unaudited) | ||||
| (Amounts in thousands) | March 31, 2022 | |||
| Total Assets | $ |
19,817,834 |
|
|
| Add: | ||||
| Accumulated depreciation and amortization |
|
1,054,361 |
|
|
| Incremental gross assets of our joint ventures and other(1) |
|
1,611,625 |
|
|
| Less: | ||||
| Cash on hand |
|
(248,846 |
) |
|
| Total Pro Forma Gross Assets(2) | $ |
22,234,974 |
|
|
(1) Adjustment to reflect our share of our joint ventures' gross assets and certain lease intangible assets. |
(2) Total pro forma gross assets is total assets before accumulated depreciation/amortization and assumes material real estate commitments on new investments are fully funded using cash on hand (if available). We believe total pro forma gross assets is useful to investors as it provides a more current view of our portfolio and allows for a better understanding of our concentration levels as our commitments close. |
| Adjusted Revenues | ||||
| (Unaudited) | ||||
| For the Three | ||||
| Months Ended | ||||
| (Amounts in thousands) | March 31, 2022 | |||
| Total Revenues | $ |
409,800 |
||
| Revenue from real estate properties owned through | ||||
| joint venture arrangements |
|
34,976 |
|
|
| Total Adjusted Revenues(1) | $ |
444,776 |
|
|
(1) Adjusted revenues are total revenues adjusted for our pro rata portion of similar revenues in our real estate joint venture arrangements. We believe adjusted revenues is useful to investors as it provides a more complete view of revenue across all of our investments and allows for better understanding of our revenue concentration. |
Чистая прибыль на акцию в первом квартале составила 1,05 доллара, а нормализованный финансовый результат составил 0,47 доллара.
12%-Ный Рост NFFO на Акцию По сравнению С Предыдущим Кварталом
Приобретения, отчуждения и партнерство с Macquarie В соответствии со Стратегией увеличения оборотного капитала
БИРМИНГЕМ, АЛАБАМА.--(BUSINESS WIRE)--Medical Properties Trust, Inc. (“Компания” или “MPT”) (NYSE: MPW) сегодня объявила финансовые и операционные результаты за первый квартал, закончившийся 31 марта 2022 года, а также некоторые события, произошедшие после окончания квартала, продолжая свой рекорд по двузначный рост в расчете на акцию привел к нормализации средств от операционной деятельности. MPT планирует также опубликовать презентацию Обновления для инвесторов в разделе “Веб-трансляции и презентации” в разделе по связям с инвесторами на веб-сайте Компании, https://investor-relations.medicalpropertiestrust.com /.
“Наши больницы продолжают работать исключительно хорошо, и преимущества органического роста, предоставляемые нашими договорами аренды с защитой от инфляции, были реализованы в начале 2022 года, поскольку средняя арендная плата за наличные для большей части нашего портфеля увеличилась примерно на 4%”, - сказал Эдвард К. Алдаг-младший, председатель, Президент и главный исполнительный директор. “Наша история последовательного роста дивидендов, несомненно, была обусловлена растущими приобретениями, но в равной степени это результат непрерывного и все возрастающего ежегодного увеличения арендной платы за наличные, которое заложено практически в 100% наших договоров аренды”.
Г-н Алдаг продолжил: “Наши ожидаемые приобретения на сумму от одного до трех миллиардов долларов в 2022 году сосредоточены на наиболее привлекательных доступных возможностях и рассчитаны на финансирование в основном за счет нерастворимых и привлекательных по цене поступлений от партнерских сделок, таких как сделка Macquarie, и продажи отдельных активов, таких как продажа Adeptus”.
В финансовые таблицы, прилагаемые к этому пресс-релизу, включена информация об активах и обязательствах Компании, чистой прибыли и сверках чистой прибыли с NFFO, все на основе, сопоставимой с результатами 2021 года, а также сверки общих активов с общими валовыми активами для проформы и общей выручки с общей скорректированной выручкой.
обновление портфолио
В течение первого квартала и после него MPT продолжала наращивать темпы роста, рассматривая при этом несколько вариантов финансирования, которые, как ожидается, обеспечат увеличение спредов при нормализации левереджа.
В марте MPT инвестировала около 178 миллионов евро в портфель из четырех больниц общего профиля в Хельсинки, Оулу, Турку и Куопио, Финляндия. Помещения сданы в аренду Pihlajalinna, одному из крупнейших частных операторов больниц в Финляндии, на условиях аренды с использованием эскалаторов на основе ИПЦ. Финляндия известна своим высоким качеством медицинской помощи и является лучшим местом в Европе для проведения ортопедических операций среди других острых заболеваний. Вхождение MPT в Скандинавский регион, где реформы создают новые возможности для частных инвестиций в здравоохранение, увеличивает его общее инвестиционное присутствие до 10 стран.
Кроме того, было завершено строительство новой стационарной реабилитационной больницы Бейкерсфилд для Эрнеста стоимостью 48 миллионов долларов, которая была добавлена в портфель услуг по оплате аренды, а в отношения с Приоратом было инвестировано дополнительно 96 миллионов фунтов стерлингов.
Общие валовые активы Компании составляют приблизительно 22,2 миллиарда долларов, в том числе 16,0 миллиарда долларов больниц общей неотложной помощи, 2,6 миллиарда долларов учреждений поведенческого здравоохранения, 2,0 миллиарда долларов стационарных реабилитационных больниц, 0,3 миллиарда долларов стационаров длительного интенсивного лечения и 0,2 миллиарда долларов отдельно стоящих отделений неотложной помощи и свойства неотложной помощи. Портфель MPT, проформа для описанных здесь сделок, включает примерно 440 объектов недвижимости и 46 000 лицензированных коек по всей территории Соединенных Штатов, а также в Германии, Соединенном Королевстве, Швейцарии, Италии, Испании, Финляндии, Португалии, Австралии и Колумбии. Недвижимость сдана в аренду или заложена 53 компаниями, управляющими больницами.
операционные результаты и перспективы
Чистая прибыль за первый квартал, закончившийся 31 марта 2022 года, составила $632 млн ($1,05 на разводненную акцию) по сравнению с $164 млн ($0,28 на разводненную акцию) годом ранее.
Чистая прибыль за первый квартал составила 282 миллиона долларов (0,47 доллара на разводненную акцию) по сравнению с 244 миллионами долларов (0,42 доллара на разводненную акцию) годом ранее, что на 12% больше в расчете на акцию.
Компания вносит несколько улучшений в свои периодические раскрытия информации по результатам этого квартала. Во-первых, предыдущая практика предоставления “текущих” оценок будущих результатов была пересмотрена для оценки календарной прибыли и NFFO на 2022 год на основе существующего портфеля и капитализации. Существующий портфель будет включать обязательные соглашения о приобретении и условия аренды, но исключит ожидаемые будущие взносы от развития и других капитальных проектов, возможное будущее влияние сокращения доли заемных средств и других стратегий на рынках капитала. Соответственно, новые оценки чистой прибыли на акцию и NFFO Компании в размере от 1,10 до 1,14 долл. США и от 1,78 до 1,82 долл. США, соответственно, не включают примерно 25 миллионов долларов арендной платы от проектов развития, которые были включены в предыдущие оценки текущей стоимости. Оценка на 2022 год включает ожидания Компании в отношении вариантов выкупа Prime двух из пяти основных договоров аренды Prime; этот результат остается неопределенным, но разводняющее влияние любого потенциального результата останется в пределах ориентировочного диапазона.
Во-вторых, Ежеквартальный дополнительный пакет Компании теперь включает расширенное раскрытие информации о EBITDARM на уровне арендатора для уровней покрытия арендных платежей. Большинство договоров аренды теперь перечислены по именованным отношениям арендатора вместе с описанием методологии расчета.
В-третьих, Ежеквартальный Дополнительный пакет предоставляет дополнительную информацию об инвестициях определенных компаний в неконсолидированные товарищества по недвижимости и инвестициях в операции больниц, которые связаны с арендаторами MPT.
Эти оценки не включают, среди прочего, последствия непредвиденных эксплуатационных расходов на недвижимость, изменений в бухгалтерских отчетах, судебных издержек, затрат на рефинансирование долга, затрат на приобретение, колебаний валютных курсов, изменений ставок подоходного налога, операций по хеджированию процентных ставок, списания линейной арендной платы или других не связанных с- повторяющиеся или незапланированные транзакции. Более того, эти оценки не учитывают воздействие глобальной пандемии COVID-19 на MPT или ее арендаторов и заемщиков. Эти оценки могут измениться, если Компания приобретает или продает активы в суммах, отличных от оценок, меняются рыночные процентные ставки, рефинансируется долг, выпускаются новые акции, возникает дополнительная задолженность, меняются другие операционные расходы, доход от инвестиций в акционерный капитал отличается от ожиданий, или существующие договоры аренды или займы не работают в в соответствии с их условиями.
конференц-связь и веб-трансляция
Компания запланировала телефонную конференцию и веб-трансляцию на четверг, 28 апреля 2022 года, в 11:00 утра по восточному времени, чтобы представить финансовые и операционные результаты Компании за квартал, закончившийся 31 марта 2022 года. Набираемые номера для конференц-связи: 844-535-3969 (США и Канада) и 409-937-8903 (международные); для обоих номеров требуется пароль 4176908. Конференц-связь также будет доступна через веб-трансляцию в разделе по связям с инвесторами на веб-сайте Компании, www.medicalpropertiestrust.com .
Повтор телефонного и веб-трансляции вызова будет доступен вскоре после завершения вызова. Повтор телефонного звонка будет доступен до 12 мая 2022 года с использованием набираемых номеров 855-859-2056 и 404-537-3406 для американских и международных абонентов соответственно и пароля 4176908. Повтор веб-трансляции будет доступен в течение одного года после завершения звонка в разделе по связям с инвесторами на веб-сайте компании.
Дополнительный информационный пакет Компании за текущий период также будет доступен на веб-сайте Компании в разделе по связям с инвесторами.
Компания использует и намерена продолжать использовать страницу по связям с инвесторами своего веб-сайта, которую можно найти по адресу www.medicalpropertiestrust.com , в качестве средства раскрытия существенной непубличной информации и выполнения своих обязательств по раскрытию информации в соответствии с Положением FD, в том числе, помимо прочего, путем размещения презентаций для инвесторов, которые могут включать в себя материалы непубличная информация. Соответственно, инвесторы должны следить за страницей по связям с инвесторами, в дополнение к нашим пресс-релизам, заявкам SEC, телефонным конференциям, презентациям и веб-трансляциям. Информация, содержащаяся на нашем веб-сайте или доступ к которой возможен через него, не включена путем ссылки в настоящий документ и не является его частью.
О компании Medical Properties Trust, Inc.
Medical Properties Trust, Inc. - это саморегулируемый инвестиционный фонд недвижимости, созданный в 2003 году для приобретения и развития больничных помещений, арендуемых в сети. С момента своего основания в Бирмингеме, штат Алабама, Компания выросла и стала одним из крупнейших в мире владельцев больниц с примерно 440 объектами и 46 000 лицензированных коек (на формальной основе) в десяти странах и на четырех континентах. Модель финансирования MPT облегчает приобретения и рекапитализацию и позволяет операторам больниц использовать стоимость своих активов в сфере недвижимости для финансирования улучшения оборудования, модернизации технологий и других инвестиций в операции. Для получения дополнительной информации, пожалуйста, посетите веб-сайт компании по адресу www.medicalpropertiestrust.com .
Настоящий пресс-релиз содержит прогнозные заявления по смыслу раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Прогнозные заявления обычно можно идентифицировать с помощью прогнозных слов, таких как “может”, “будет”, “будет”, “мог бы”, ”ожидать“, ”намереваться“, ”планировать“, ”оценивать“, ”цель“, ”предвидеть“, "полагать”, “цели”, “перспективы”, “руководство” или другие подобные слова и включают заявления о наших стратегиях, целях, будущей деятельности по расширению и развитию, а также ожидаемых финансовых результатах. Прогнозные заявления включают в себя известные и неизвестные риски и неопределенности, которые могут вызвать фактические результаты и будущие события могут существенно отличаться от выраженных или подразумеваемых в прогнозных заявлениях, включая, но не ограничиваясь: (I) в экономических, политических и социальных последствий, а также неопределенность в связи с COVID-19 пандемией, в том числе правительственной помощи в больницах и медицинских работников, в том числе некоторых наших арендаторов; (II) способность наших арендаторов, операторы и заемщиков, чтобы удовлетворить свои обязательства в рамках соответствующих договорных отношений с США, особенно в результате негативных экономических последствий COVID-19 пандемией и государственное регулирование деятельности больниц и медицинских работников в связи с же (о чем более подробно в нашем сегодняшнем отчете по форме 8-к, поданных в комиссию по ценным бумагам на 8 апреля 2020); (III) и наши ожидания относительно годовой прогноз по чистой прибыли и NFFO на одну акцию; и (IV) наших успехов в реализации нашей бизнес-стратегии и наша способность выявлять, андеррайтинг, финансы, непревзойденный и интеграцию приобретений и инвестиций; (в) с учетом характера и степени нашей нынешней и будущей конкуренции; (ви) макроэкономические условия, такие как нарушение или отсутствие доступа к рынкам капитала, рост инфляции или колебаний валютных курсов; (VII), в нашу способность получать финансирование на привлекательных условиях и вообще, что может негативно повлиять на нашу способность осуществлять приобретение и развитие возможностей и оплатить, рефинансировать, реструктурировать или продлить наш задолженности как они причитаются; (VIII в) увеличение наших затрат по займам, в результате изменений в процентных ставках и другие факторы, включая возможность поэтапной ЛИБОР; (IX) в международных, национальных и местных экономических, недвижимость и другие рыночные условия, которые могут отрицательно повлиять, среди прочего, финансовое состояние наших арендаторов, кредиторов и учреждений, которые предназначены для хранения денежных средств и может привести к увеличению рисков неисполнения этих лиц; (х) факторы, влияющие на рынке недвижимости в целом, так и здравоохранения рынке недвижимости в частности; (XI в) способности поддерживать свой статус REIT для федеральных и государственных налоговых целях; (ХІІ) федеральных и государственных медицинских и иных нормативных требований, а также в иностранных юрисдикциях, где у нас собственные свойства; (XIII), и стоимость нашей недвижимости, что может ограничить наши возможности распоряжаться имуществом по привлекательным ценам или получения или сохранения капитала или заемного финансирования под залог нашей недвижимости или на необеспеченной основе; (XIV в) способность наших арендаторов и операторов в соответствии с действующими законами, правилами и положениями в работе наших объектов, в обеспечении высокого качества услуг, привлечения и удержания квалифицированных кадров и привлечения пациентов; (XV в) потенциальные экологические условные обязательства и прочие обязательства; (XVI в) риск того, что продажа недвижимости, погашение кредитов, и другие столицы обработка транзакций; (XVII в.) точность наших методик и оценки экологических, социальных и управленческих ("ЭСГ") метрик, целей и задач, арендатор готовность и способность работать вместе в направлении отчетности в области ЭСУ ЭСУ и удовлетворение целей и задач, а также влияние государственного регулирования на нашем ЭСГ усилия; и (XVIII в.) риск того, что продажи по Эконому своего Юта операций в ГКА не возникает.
Риски, описанные выше, не являются исчерпывающими, и дополнительные факторы могут негативно повлиять на наш бизнес и финансовые показатели, включая факторы риска, обсуждаемые в разделе “Факторы риска” в нашем Годовом отчете по форме 10-K за год, закончившийся 31 декабря 2021 года, и обновленные в наших ежеквартальных отчетах по форме 10-Вопрос: Прогнозные заявления по своей сути являются неопределенными, и фактические показатели или результаты могут существенно отличаться от любых прогнозных заявлений и предположений, на которых основаны эти заявления. Читателей предостерегают от чрезмерного доверия к прогнозным заявлениям в качестве предсказаний будущих событий. Мы отказываемся от какой-либо ответственности за обновление таких прогнозных заявлений, которые относятся только к дате, на которую они были сделаны.
| Medical Properties Trust, INC. AND SUBSIDIARIES | |||||||
| Consolidated Balance Sheets | |||||||
| (Amounts in thousands, except for per share data) | |||||||
| March 31, 2022 | December 31, 2021 | ||||||
| Assets | (Unaudited) | (A) | |||||
| Real estate assets | |||||||
| Land, buildings and improvements, intangible lease assets, and other | $ |
14,029,059 |
|
$ |
14,062,722 |
|
|
| Investment in financing leases |
|
2,063,227 |
|
|
2,053,327 |
|
|
| Real estate held for sale |
|
- |
|
|
1,096,505 |
|
|
| Mortgage loans |
|
224,281 |
|
|
213,211 |
|
|
| Gross investment in real estate assets |
|
16,316,567 |
|
|
17,425,765 |
|
|
| Accumulated depreciation and amortization |
|
(1,054,361 |
) |
|
(993,100 |
) |
|
| Net investment in real estate assets |
|
15,262,206 |
|
|
16,432,665 |
|
|
| Cash and cash equivalents |
|
248,846 |
|
|
459,227 |
|
|
| Interest and rent receivables |
|
65,933 |
|
|
56,229 |
|
|
| Straight-line rent receivables |
|
660,421 |
|
|
728,522 |
|
|
| Investments in unconsolidated real estate joint ventures |
|
1,534,514 |
|
|
1,152,927 |
|
|
| Investments in unconsolidated operating entities |
|
1,455,842 |
|
|
1,289,434 |
|
|
| Other loans |
|
66,963 |
|
|
67,317 |
|
|
| Other assets |
|
523,109 |
|
|
333,480 |
|
|
| Total Assets | $ |
19,817,834 |
|
$ |
20,519,801 |
|
|
| Liabilities and Equity | |||||||
| Liabilities | |||||||
| Debt, net | $ |
10,117,989 |
|
$ |
11,282,770 |
|
|
| Accounts payable and accrued expenses |
|
595,026 |
|
|
607,792 |
|
|
| Deferred revenue |
|
18,834 |
|
|
25,563 |
|
|
| Obligations to tenants and other lease liabilities |
|
166,626 |
|
|
158,005 |
|
|
| Total Liabilities |
|
10,898,475 |
|
|
12,074,130 |
|
|
| Equity | |||||||
| Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares | |||||||
| outstanding |
|
- |
|
|
- |
|
|
| Common stock, $0.001 par value. Authorized 750,000 shares; issued and | |||||||
| outstanding - 598,676 shares at March 31, 2022 and 596,748 |
|
599 |
|
|
597 |
|
|
| shares at December 31, 2021 | |||||||
| Additional paid-in capital |
|
8,547,892 |
|
|
8,564,009 |
|
|
| Retained earnings (deficit) |
|
369,972 |
|
|
(87,691 |
) |
|
| Accumulated other comprehensive loss |
|
(5,010 |
) |
|
(36,727 |
) |
|
| Total Medical Properties Trust, Inc. Stockholders' Equity |
|
8,913,453 |
|
|
8,440,188 |
|
|
| Non-controlling interests |
|
5,906 |
|
|
5,483 |
|
|
| Total Equity |
|
8,919,359 |
|
|
8,445,671 |
|
|
| Total Liabilities and Equity | $ |
19,817,834 |
|
$ |
20,519,801 |
|
|
| (A) Financials have been derived from the prior year audited financial statements. |
Medical Properties Trust, INC. AND SUBSIDIARIES |
|||||||
Consolidated Statements of Income |
|||||||
(Unaudited) |
|||||||
| (Amounts in thousands, except for per share data) | For the Three Months Ended | ||||||
| March 31, 2022 | March 31, 2021 | ||||||
| Revenues | |||||||
| Rent billed | $ |
263,402 |
|
$ |
213,344 |
|
|
| Straight-line rent |
|
61,044 |
|
|
54,873 |
|
|
| Income from financing leases |
|
51,776 |
|
|
50,894 |
|
|
| Interest and other income |
|
33,578 |
|
|
43,654 |
|
|
| Total revenues |
|
409,800 |
|
|
362,765 |
|
|
| Expenses | |||||||
| Interest |
|
91,183 |
|
|
86,972 |
|
|
| Real estate depreciation and amortization |
|
85,316 |
|
|
75,642 |
|
|
| Property-related (A) |
|
8,598 |
|
|
5,453 |
|
|
| General and administrative |
|
41,424 |
|
|
36,073 |
|
|
| Total expenses |
|
226,521 |
|
|
204,140 |
|
|
| Other income (expense) | |||||||
| Gain on sale of real estate and other, net |
|
451,638 |
|
|
989 |
|
|
| Earnings from equity interests |
|
7,338 |
|
|
7,101 |
|
|
| Debt refinancing and unutilized financing costs |
|
(8,816 |
) |
|
(2,269 |
) |
|
| Other (including fair value adjustments on securities) |
|
9,887 |
|
|
7,794 |
|
|
| Total other income |
|
460,047 |
|
|
13,615 |
|
|
| Income before income tax |
|
643,326 |
|
|
172,240 |
|
|
| Income tax expense |
|
(11,379 |
) |
|
(8,360 |
) |
|
| Net income |
|
631,947 |
|
|
163,880 |
|
|
| Net income attributable to non-controlling interests |
|
(266 |
) |
|
(97 |
) |
|
| Net income attributable to MPT common stockholders | $ |
631,681 |
|
$ |
163,783 |
|
|
| Earnings per common share - basic and diluted: | |||||||
| Net income attributable to MPT common stockholders | $ |
1.05 |
|
$ |
0.28 |
|
|
| Weighted average shares outstanding - basic |
|
598,676 |
|
|
576,240 |
|
|
| Weighted average shares outstanding - diluted |
|
598,932 |
|
|
577,541 |
|
|
| Dividends declared per common share | $ |
0.29 |
|
$ |
0.28 |
|
|
| (A) Includes $6.3 million and $3.5 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2022 and 2021, respectively. |
| Medical Properties Trust, INC. AND SUBSIDIARIES | |||||||
| Reconciliation of Net Income to Funds From Operations | |||||||
| (Unaudited) | |||||||
| (Amounts in thousands, except for per share data) | For the Three Months Ended | ||||||
| March 31, 2022 | March 31, 2021 | ||||||
| FFO information: | |||||||
| Net income attributable to MPT common stockholders | $ |
631,681 |
|
$ |
163,783 |
|
|
| Participating securities' share in earnings |
|
(402 |
) |
|
(370 |
) |
|
| Net income, less participating securities' share in earnings | $ |
631,279 |
|
$ |
163,413 |
|
|
| Depreciation and amortization |
|
99,459 |
|
|
88,536 |
|
|
| Gain on sale of real estate and other, net |
|
(451,638 |
) |
|
(989 |
) |
|
| Funds from operations | $ |
279,100 |
|
$ |
250,960 |
|
|
| Write-off (recovery) of straight-line rent and other |
|
2,604 |
|
|
(5,238 |
) |
|
| Non-cash fair value adjustments |
|
(8,023 |
) |
|
(4,065 |
) |
|
| Debt refinancing and unutilized financing costs |
|
8,816 |
|
|
2,269 |
|
|
| Normalized funds from operations | $ |
282,497 |
|
$ |
243,926 |
|
|
| Share-based compensation |
|
11,804 |
|
|
12,264 |
|
|
| Debt costs amortization |
|
5,613 |
|
|
4,009 |
|
|
| Rent deferral, net |
|
(3,716 |
) |
|
803 |
|
|
| Straight-line rent revenue and other |
|
(77,333 |
) |
|
(67,275 |
) |
|
| Adjusted funds from operations | $ |
218,865 |
|
$ |
193,727 |
|
|
| Per diluted share data: | |||||||
| Net income, less participating securities' share in earnings | $ |
1.05 |
|
$ |
0.28 |
|
|
| Depreciation and amortization |
|
0.17 |
|
|
0.15 |
|
|
| Gain on sale of real estate and other, net |
|
(0.75 |
) |
|
- |
|
|
| Funds from operations | $ |
0.47 |
|
$ |
0.43 |
|
|
| Write-off (recovery) of straight-line rent and other |
|
- |
|
|
(0.01 |
) |
|
| Non-cash fair value adjustments |
|
(0.01 |
) |
|
- |
|
|
| Debt refinancing and unutilized financing costs |
|
0.01 |
|
|
- |
|
|
| Normalized funds from operations | $ |
0.47 |
|
$ |
0.42 |
|
|
| Share-based compensation |
|
0.02 |
|
|
0.02 |
|
|
| Debt costs amortization |
|
0.01 |
|
|
0.01 |
|
|
| Rent deferral, net |
|
(0.01 |
) |
|
- |
|
|
| Straight-line rent revenue and other |
|
(0.12 |
) |
|
(0.11 |
) |
|
| Adjusted funds from operations | $ |
0.37 |
|
$ |
0.34 |
|
|
Notes: |
(A) Certain line items above (such as depreciation and amortization) include our share of such income/expense from unconsolidated joint ventures. These amounts are included with the activity of all of our equity interests in the "Earnings from equity interests" line on the consolidated statements of income. |
(B) 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. |
|
In addition to presenting FFO in accordance with the Nareit definition, we also disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our results of operations or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity. |
|
We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) non-cash revenue, (ii) non-cash share-based compensation expense, and (iii) amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity. |
| Medical Properties Trust, INC. AND SUBSIDIARIES | ||||||||
| 2022 Guidance Reconciliation | ||||||||
| (Unaudited) | ||||||||
| 2022 Guidance - Per Share(1) | ||||||||
| Low | High | |||||||
| Net income attributable to MPT common stockholders | $ |
1.10 |
$ |
1.14 |
||||
| Participating securities' share in earnings |
|
- |
|
|
- |
|
||
| Net income, less participating securities' share in earnings | $ |
1.10 |
|
$ |
1.14 |
|
||
| Depreciation and amortization |
|
0.68 |
|
|
0.68 |
|
||
| Funds from operations | $ |
1.78 |
|
$ |
1.82 |
|
||
| Other adjustments |
|
- |
|
|
- |
|
||
| Normalized funds from operations | $ |
1.78 |
|
$ |
1.82 |
|
||
(1) The guidance is based on current expectations and actual results or future events may differ materially from those expressed in this table, which is a forward-looking statement within the meaning of the federal securities laws. Please refer to the forward-looking statement included in this press release and our filings with the Securities and Exchange Commission for a discussion of risk factors that affect our performance. |
| Total Pro Forma Gross Assets | ||||
| (Unaudited) | ||||
| (Amounts in thousands) | March 31, 2022 | |||
| Total Assets | $ |
19,817,834 |
|
|
| Add: | ||||
| Accumulated depreciation and amortization |
|
1,054,361 |
|
|
| Incremental gross assets of our joint ventures and other(1) |
|
1,611,625 |
|
|
| Less: | ||||
| Cash on hand |
|
(248,846 |
) |
|
| Total Pro Forma Gross Assets(2) | $ |
22,234,974 |
|
|
(1) Adjustment to reflect our share of our joint ventures' gross assets and certain lease intangible assets. |
(2) Total pro forma gross assets is total assets before accumulated depreciation/amortization and assumes material real estate commitments on new investments are fully funded using cash on hand (if available). We believe total pro forma gross assets is useful to investors as it provides a more current view of our portfolio and allows for a better understanding of our concentration levels as our commitments close. |
| Adjusted Revenues | ||||
| (Unaudited) | ||||
| For the Three | ||||
| Months Ended | ||||
| (Amounts in thousands) | March 31, 2022 | |||
| Total Revenues | $ |
409,800 |
||
| Revenue from real estate properties owned through | ||||
| joint venture arrangements |
|
34,976 |
|
|
| Total Adjusted Revenues(1) | $ |
444,776 |
|
|
(1) Adjusted revenues are total revenues adjusted for our pro rata portion of similar revenues in our real estate joint venture arrangements. We believe adjusted revenues is useful to investors as it provides a more complete view of revenue across all of our investments and allows for better understanding of our revenue concentration. |
