Per Share Net Income of $0.19 and Normalized
FFO of $0.38 in Third Quarter
Expected Liquidity Transactions in the Next
Twelve Months to Fund Aggressive Repayment of Debt
Maturities
Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE:
MPW) today announced financial and operating results for the third
quarter ended September 30, 2023, as well as certain events
occurring subsequent to quarter end.
- Net income of $0.19 and Normalized Funds from Operations
(“NFFO”) of $0.38 for the 2023 third quarter on a per diluted share
basis and including approximately $0.02 per share from MPT’s
receipt of non-cash and non-recurring investment consideration in
PHP Holdings (“PHP”) in lieu of third quarter cash rent and
interest contractually owed by Prospect Medical Holdings
(“Prospect”);
- As anticipated, collected cash rent payments in each of
September and October from Prospect;
- Commenced in July rent collections at a newly developed
post-acute facility operated by Ernest in South Carolina at a total
cost of approximately $22 million; and
- Agreed in principle to sell seven facilities back to a tenant
comprising approximately 1% of MPT’s total assets in the first half
of 2024, substantively ending the relationship and making MPT whole
for its investment and deferred amounts. Due to accounting
requirements, net income includes related write-offs detailed in
Operating Results and Outlook.
Previously announced activities:
- Sold in July three hospitals to Prime Healthcare for
approximately $100 million;
- Purchased in the open market through October approximately £50
million in 2.55% Notes Due 2023;
- Sold in October four remaining facilities in Australia for cash
proceeds of roughly AUD$470 million, representing a 5.7% cash
capitalization rate and funding a reduction in the balance of the
revolving credit facility and an increase in cash availability;
and
- Declared per share third quarter dividend of $0.15,
representing a 50% payout of third quarter per share adjusted funds
from operations (“AFFO”), in alignment with updated capital
allocation strategy to increase liquidity and enhance long-term
value creation.
“Our business model remains strong and stable,” said Edward K.
Aldag, Jr., Chairman, President and Chief Executive Officer.
“Looking forward, we have launched a capital allocation strategy to
increase liquidity, effectively address our debt maturities and
solidify through a right-sized cash dividend our business for
sustained long-term shareholder creation and growth when our cost
of capital inevitably begins to normalize.”
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 and AFFO,
including per share amounts, all on a basis comparable to 2022
results.
PORTFOLIO UPDATE
Medical Properties Trust has total assets of approximately $19.0
billion, including $12.3 billion of general acute facilities, $2.5
billion of behavioral health facilities and $1.7 billion of
post-acute facilities. As of September 30, 2023, MPT’s portfolio
included 441 properties and approximately 44,000 licensed beds.
Since the end of the third quarter, MPT has sold four properties
and now owns approximately 43,000 licensed beds leased to or
mortgaged by 54 hospital operating companies across the United
States as well as in the United Kingdom, Switzerland, Germany,
Spain, Finland, Colombia, Italy and Portugal.
Europe ($6.1 billion total
assets)
During the third quarter, Centene Corporation agreed to sell
Circle Health (“Circle”) ($2 billion) to PureHealth at a value of
roughly $1.2 billion. While the change in sponsorship is not
expected to impact Circle’s strategy or operations, the transaction
is evidence that the business of running private hospitals in the
United Kingdom is attractive to a broad, global investor base. This
business cannot perform without Circle’s 36 facilities leased from
MPT across the UK, at which rent coverage is strong and
consistent.
Across the remainder of MPT’s European portfolio, operators are
benefitting from growing reimbursement revenue and continued
normalization of labor costs. Priory ($1.3 billion) maintained
EBITDARM coverage of approximately 2.0x and MEDIAN continues to
consistently report EBITDARM coverage in the 1.5-2.0x range for the
twelve months ended June 30, 2023. The Infracore joint venture,
through which MPT owns a 70% stake in nearly $1.5 billion of gross
real estate assets leased to Swiss Medical Network (“SMN”), has
reliably paid cash distributions since the investment was made in
2019. SMN reported a year-to-date EBITDAR margin of 19% through the
end of June and also added a new investor in a transaction that
favorably impacted the fair market value of the platform, resulting
in an approximate CHF 20 million third quarter gain on MPT’s equity
stake.
Steward Health Care System (“Steward”)
($3.8 billion)
Steward reported facility level GAAP EBITDARM coverage of 2.7x
for the twelve months ended June 30, 2023. Although demands on cash
from operations have been impacted by challenges related to revenue
cycle management and an accounts payable backlog, MPT believes that
Steward will be able to satisfy its rental obligations over the
full term of the leases given the local profitability Steward
generates at MPT’s facilities, the cross-defaulted nature of the
master leases, and the additional security of its overall Steward
collateral package. For more detailed information about MPT’s
investments with Steward, please refer to MPT’s investor relations
website under Webcasts and Presentations.
Prospect ($1.1 billion)
As expected, Prospect resumed payments of the approximately $3
million of contractual rent which will be due monthly through
February of 2024. Under the lease agreement, Prospect will begin
making full rent payments on its approximately $513 million
California portfolio at a mid-8% cash rate in March of 2024.
In May 2023, MPT disclosed that it agreed to provide Prospect a
$75 million delayed draw term loan facility in connection with its
recapitalization transactions. Funding under this facility
increased to $45 million during the third quarter and to $65
million following quarter-end. The delayed draw term loan facility
earns cash interest, which was fully paid to MPT in early October,
and is secured by government and commercial insurance accounts
receivable.
CAPITAL ALLOCATION STRATEGY UPDATE
Having utilized proceeds from its exit from Australia to reduce
the balance of its revolving credit facility and to increase cash
availability, MPT is flexible to manage near-term maturities with
existing liquidity and projected retained cash flow. However, in
the interest of expediting the repayment of these maturities,
significantly reducing its revolving credit facility balance and
repaying additional maturities, the Company is evaluating
divestiture and joint venture opportunities for which indications
of marketability are encouraging. MPT is also exploring limited
secured debt financing options which similarly would provide
immediate liquidity based on asset value. In the aggregate, MPT
expects to raise approximately $2 billion in new liquidity over the
next twelve months.
OPERATING RESULTS AND OUTLOOK
Net income for the third quarter ended September 30, 2023 was
$117 million ($0.19 per diluted share) compared to net income of
$222 million ($0.37 per diluted share) in the year earlier period.
Included in third quarter net income is the recognition of $13
million of third quarter 2023 contractually owed rent and interest
revenue from the receipt of an investment in PHP and, separately,
an approximate $30 million fair market value adjustment due to
updated assumptions related to the value of MPT’s investment
received in the second quarter of 2023. In addition, net income
includes the write-off of deferred rent receivable of approximately
$17 million and straight-line rent of roughly $32 million resulting
from the planned substantive exit of MPT’s relationship with a
tenant currently comprising approximately 1% of total assets.
Although the agreement with the tenant is expected to result in
full collection of the deferred rent during the first half of 2024,
accounting rules require that both the straight-line rent and
deferred rent be written off currently.
NFFO for the third quarter ended September 30, 2023 was $226
million ($0.38 per diluted share) compared to $272 million ($0.45
per diluted share) in the year earlier period. Included in 2023
third quarter NFFO is roughly $13 million ($0.02 per diluted share)
from the receipt of an investment in PHP in lieu of cash for third
quarter contractually owed rent and interest revenue from Prospect.
This recognition completes MPT’s accounting for the receipt of its
investment in PHP. The combined amount of approximately $82 million
recorded in the second and third quarters is not intended to
represent cash currently and is not expected to recur.
The Company is narrowing its 2023 calendar estimate of per share
net income to $0.36 to $0.38 to account for third quarter results
and is also narrowing its estimate of per share NFFO to $1.56 to
$1.58. The ranges include the recognition of PHP investment value
received in the second and third quarters. The estimates are based
on an existing portfolio which includes the impact of binding
disposition and leasing transactions and excludes expected future
contributions from development and other capital projects.
These estimates do not include the effects, among others, of
unexpected real estate operating costs, modifications to lease
terms, 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 and in place lease
intangibles, other impairments or other non-recurring/unplanned
transactions. 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 or repurchased, new
shares are issued or repurchased, 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
October 26, 2023 at 11:00 a.m. Eastern Time to present the
Company’s financial and operating results for the quarter ended
September 30, 2023. The dial-in numbers for the conference call are
844-481-2836 (U.S.) and 412-317-1856 (International); there is no
passcode requirement. Call participants are to ask the operator to
be joined to the Medical Properties Trust, Inc. conference call
upon dialing in. 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 November 9, 2023, using dial-in numbers
877-344-7529 (U.S.), 855-669-9658 (Canada) and 412-317-0088
(International) along with passcode 1930844. 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
hospital real estate with 441 facilities and approximately 44,000
licensed beds as of September 30, 2023. Since the end of the third
quarter, the Company has sold four facilities and now owns
approximately 43,000 licensed beds in nine countries across three
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, asset sales, expected returns on investments 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, potential impact from health crises
(like COVID-19); (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 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; (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 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 operate profitably and generate positive
cash flow, comply with applicable laws, rules and regulations in
the operation of 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 the expected sale of three Connecticut
hospitals currently leased to Prospect does not occur; (xvii) the
risk that MPT is unable to monetize its investment in PHP at full
value within a reasonable time period or at all; (xiii) the risk
that other property sales, loan repayments, and other capital
recycling transactions do not occur; (xix) the risk that MPT is not
able to attain its leverage, liquidity and cost of capital
objectives within a reasonable time period or at all; and (xx) the
risks and uncertainties of litigation.
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, 2022 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) September 30, 2023 December 31, 2022
Assets (Unaudited) (A) Real estate assets
Land, buildings and improvements, intangible lease assets, and
other
$
13,042,260
$
13,862,415
Investment in financing leases
1,233,336
1,691,323
Real estate held for sale
290,321
-
Mortgage loans
302,476
364,101
Gross investment in real estate assets
14,868,393
15,917,839
Accumulated depreciation and amortization
(1,315,223
)
(1,193,312
)
Net investment in real estate assets
13,553,170
14,724,527
Cash and cash equivalents
340,058
235,668
Interest and rent receivables, net
195,559
167,035
Straight-line rent receivables
788,761
787,166
Investments in unconsolidated real estate joint ventures
1,461,725
1,497,903
Investments in unconsolidated operating entities
1,843,847
1,444,872
Other loans
263,471
227,839
Other assets
558,291
572,990
Total Assets
$
19,004,882
$
19,658,000
Liabilities and Equity Liabilities Debt, net
$
10,157,079
$
10,268,412
Accounts payable and accrued expenses
375,888
621,324
Deferred revenue
32,280
27,727
Obligations to tenants and other lease liabilities
154,218
146,130
Total Liabilities
10,719,465
11,063,593
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 - 598,444 shares at September 30, 2023 and 597,476
598
597
shares at December 31, 2022 Additional paid-in capital
8,558,768
8,535,140
Retained (deficit) earnings
(215,058
)
116,285
Accumulated other comprehensive loss
(59,778
)
(59,184
)
Total Medical Properties Trust, Inc. Stockholders' Equity
8,284,530
8,592,838
Non-controlling interests
887
1,569
Total Equity
8,285,417
8,594,407
Total Liabilities and Equity
$
19,004,882
$
19,658,000
(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 For the Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September
30, 2022
Revenues Rent billed
$
229,306
$
232,418
$
724,954
$
737,029
Straight-line rent
21,511
26,552
38,875
146,114
Income from financing leases
26,066
51,011
107,729
154,660
Interest and other income
29,693
42,358
122,624
124,562
Total revenues
306,576
352,339
994,182
1,162,365
Expenses Interest
106,709
88,076
308,833
266,989
Real estate depreciation and amortization
77,802
81,873
526,065
251,523
Property-related (A)
6,483
8,265
38,269
37,998
General and administrative
38,110
37,319
115,438
117,601
Total expenses
229,104
215,533
988,605
674,111
Other income (expense) (Loss) gain on sale of real
estate
(20
)
68,795
209
536,788
Real estate and other impairment (charges) recovery
(3,750
)
19,450
(93,288
)
14,575
Earnings from equity interests
11,264
11,483
34,840
33,606
Debt refinancing and unutilized financing benefit (costs)
862
(17
)
46
(9,452
)
Other (including fair value adjustments on securities)
41,125
4,082
25,447
20,875
Total other income (expense)
49,481
103,793
(32,746
)
596,392
Income (loss) before income tax
126,953
240,599
(27,169
)
1,084,646
Income tax (expense) benefit
(10,058
)
(18,579
)
134,661
(40,615
)
Net income
116,895
222,020
107,492
1,044,031
Net income attributable to non-controlling interests
(185
)
(227
)
(25
)
(960
)
Net income attributable to MPT common stockholders
$
116,710
$
221,793
$
107,467
$
1,043,071
Earnings per common share - basic and diluted: Net
income attributable to MPT common stockholders
$
0.19
$
0.37
$
0.18
$
1.74
Weighted average shares outstanding - basic
598,444
598,980
598,363
598,828
Weighted average shares outstanding - diluted
598,553
599,339
598,406
599,099
Dividends declared per common share
$
0.15
$
0.29
$
0.73
$
0.87
(A) Includes $3.3 million and $5.6 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 September 30, 2023 and 2022, respectively, and $28.6 million
and $30.2 million for the nine months ended September 30, 2023 and
2022, 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 For the Nine Months
Ended September 30, 2023 September 30, 2022 September 30, 2023
September 30, 2022
FFO information: Net income
attributable to MPT common stockholders
$
116,710
$
221,793
$
107,467
$
1,043,071
Participating securities' share in earnings
(311
)
(288
)
(1,295
)
(1,035
)
Net income, less participating securities' share in earnings
$
116,399
$
221,505
$
106,172
$
1,042,036
Depreciation and amortization
96,280
99,296
580,484
300,731
Loss (gain) on sale of real estate
20
(68,795
)
(209
)
(536,788
)
Real estate impairment charges
3,750
-
55,854
-
Funds from operations
$
216,449
$
252,006
$
742,301
$
805,979
Write-off of unbilled rent and other
52,742
35,587
150,576
35,259
Other impairment (recovery) charges
-
(19,450
)
37,434
(14,575
)
Litigation and other
2,759
-
12,987
-
Share-based compensation adjustments
1,243
-
(3,120
)
(966
)
Non-cash fair value adjustments
(46,815
)
(3,597
)
(42,562
)
(12,563
)
Tax rate changes and other
-
7,726
(164,535
)
6,901
Debt refinancing and unutilized financing (benefit) costs
(862
)
17
(46
)
9,452
Normalized funds from operations
$
225,516
$
272,289
$
733,035
$
829,487
Share-based compensation
10,210
11,089
32,839
33,968
Debt costs amortization
5,016
4,543
15,340
14,716
Rent deferral, net
2,351
549
7,144
(6,494
)
Straight-line rent revenue from operating and finance leases
(61,003
)
(73,061
)
(184,417
)
(225,151
)
Adjusted funds from operations
$
182,090
$
215,409
$
603,941
$
646,526
Per diluted share data: Net income, less
participating securities' share in earnings
$
0.19
$
0.37
$
0.18
$
1.74
Depreciation and amortization
0.16
0.16
0.97
0.50
Loss (gain) on sale of real estate
-
(0.11
)
-
(0.90
)
Real estate impairment charges
0.01
-
0.09
-
Funds from operations
$
0.36
$
0.42
$
1.24
$
1.34
Write-off of unbilled rent and other
0.09
0.06
0.25
0.06
Other impairment (recovery) charges
-
(0.03
)
0.06
(0.03
)
Litigation and other
0.01
-
0.02
-
Share-based compensation adjustments
-
-
(0.01
)
-
Non-cash fair value adjustments
(0.08
)
(0.01
)
(0.07
)
(0.02
)
Tax rate changes and other
-
0.01
(0.27
)
0.01
Debt refinancing and unutilized financing (benefit) costs
-
-
-
0.02
Normalized funds from operations
$
0.38
$
0.45
$
1.22
$
1.38
Share-based compensation
0.02
0.02
0.06
0.06
Debt costs amortization
0.01
0.01
0.03
0.02
Rent deferral, net
-
-
0.01
(0.01
)
Straight-line rent revenue from operating and finance leases
(0.11
)
(0.12
)
(0.31
)
(0.37
)
Adjusted funds from operations
$
0.30
$
0.36
$
1.01
$
1.08
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 all activity 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 ("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,
including amortization related to in-place lease intangibles, and
after adjustments for unconsolidated partnerships and joint
ventures.
In addition to presenting FFO in
accordance with the Nareit definition, we 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 (if any not paid by our tenants) 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) straight-line rent, (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 more 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
infrastructure-type assets generally require longer term leases
with annual contractual escalations of base rents, resulting in the
recognition of a significant amount of rental income that is not
billable/collected until future periods. 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 2023
Guidance Reconciliation (Unaudited) 2023 Guidance - Per
Share(1) Low High
Net income attributable to MPT common
stockholders
$
0.36
$
0.38
Participating securities' share in earnings
-
-
Net income, less participating securities' share in earnings
$
0.36
$
0.38
Depreciation and amortization
1.13
1.13
Real estate impairment charges
0.09
0.09
Funds from operations
$
1.58
$
1.60
Other adjustments
(0.02
)
(0.02
)
Normalized funds from operations
$
1.56
$
1.58
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026067350/en/
Drew Babin, CFA, CMA Senior Managing Director of Corporate
Communications Medical Properties Trust, Inc. (646) 884-9809
dbabin@medicalpropertiestrust.com
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