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Net income consistent with a consistent percentage of $0. 37 and normalized FFO of $0. 45 in the third quarter
Year-to-date capital recycling transactions generate $1. 8 billion in cash
BIRMINGHAM, Ala. , October 27, 2022–(BUSINESS WIRE)–Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) announced its monetary and operating effects for the third quarter ended September 30, 2022, as well as certain events that occurred after the end of the quarter.
Net earnings of $0. 37 and normalized or consistent fund (“NFFO”) of $0. 45 for the third quarter of 2022 on a diluted basis consistent with participation;
Previous activities:
August statement of a normal quarterly dividend of $0. 29 consistent with a consistent percentage, representing a third-quarter payment of the budget-consistent adjusted budget (“AFFO”) consistent with a consistent percentage of approximately 81%;
The sale of 11 homes to Prime Healthcare (“Prime”) and the repayment of loans to MPT combined to contribute to significant short-term debt relief in the third quarter;
Proposed acquisition through a subsidiary of LifePoint Health, Inc. (“LifePoint”) of a majority interest in Springstone Health OpCo, LLC (“Springstone”) resulting in a loan of approximately $200 million to MPT at the end of the first part of 2023; and
Agreement to sell 3 hospitals in Connecticut to Prospect Medical Holdings (“Prospectus”) for a total sale value of approximately $457 million in 2023.
“The functionality of our services took a step forward at the time and in the third quarter, reflecting the resilience of well-underwritten infrastructure-type hospitals,” said Edward K. Aldag, Jr. , president and chief executive officer. “The projected increases in our CPI-related rents imply a total expansion of monetary rents in diversity of 4 to 5% for next year, a speed that will most likely align well with the hospital industry’s projected earnings trends. “
The monetary tables accompanying this press release include data on assets and liabilities, net source of income and reconciliations of net revenue sources for NFFO and AFFO, adding amounts consistent with participation, all on a comparable basis to 2021 results, as well as asset reconciliations to total adjusted gross assets and total revenue to total adjusted revenue.
PORTFOLIO UPDATE
Including total earnings earned from its first-quarter genuine real estate partnership transaction with Macquarie Asset Management, proceeds from asset sales and loan repayments and other third-quarter transactions, MPT has secured approximately $1. 8 billion in money through capital recycling transactions to date. In addition, as previously announced, the Company expects to earn more than $650 million in revenue in 2023 from other binding agreements. debt reduction, prospective percentage buybacks and selective investments.
During the third quarter, Steward finalized accelerated payment of similar amounts owed to approximately $450 million in COVID-like advances and collected approximately $70 million in notable reimbursements under the Texas Medicaid program. With those money losses now outlined, positive profit trends, significant decreases in contract hard work utilization, and expected annual savings resulting from changes to Steward’s job title design are expected to result in positive and sustainable loose cash flow.
The corporation has general adjusted gross assets of approximately $21. 1 billion, adding $14. 8 billion from general acute care hospitals, $2. 2 billion from behavioral fitness facilities, $1. 9 billion from inpatient rehabilitation facilities, $300 million from long-term acute care hospitals and $0. 3 billion from standard facilities. hospitals only. emergency rooms and emergency residences. MPT’s portfolio, adjusted for the transactions described herein, includes approximately 435 homes and 44,000 authorized beds in the United States, the United Kingdom, Switzerland, Germany, Australia, Spain, Finland, Colombia, Italy and Portugal. The properties are rented or mortgaged through 54 hospital operating companies.
OPERATING RESULTS AND OUTLOOK
Net revenue source for the third quarter of 2022 ended September 30, 2022 $222 million ($0. 37 consistent with diluted share) compared to $171 million ($0. 29 consistent with diluted share) in the prior year consistent with the prior period.
NFFO for the third quarter of 2022 $272 million ($0. 45 consistent with diluted share) compared to $263 million ($0. 44 consistent with diluted share) in the prior year consistent with the period.
The company is raising its 2022 earnings estimate consistent with a consistent percentage from $1. 99 to $2. 01, adding year-to-date sales earnings of approximately $537 million, and is also restricting its NFFO for 2022 consistent with a percentage consistent with an estimate of $1. 80 to $1. 82 from a past rango. de $1. 78 to $1. 82. MPT expects to provide initial earnings estimates consistent with constant percentage and NFFO for 2023 when it releases its fourth-quarter results.
These estimates do not take into account the effects of, among other things, unexpected real estate operating costs, accounting statement adjustments, litigation costs, debt refinancing costs, acquisition costs, fluctuations in replacement rates, adjustments in tax rates, interest rate hedging activities, – linear rental discounts or other non-recurring or unplanned transactions. Additionally, those estimates do not take into account the effect on MPT or its tenants and borrowers from the global COVID-19 pandemic. These estimates would possibly supersede if the Company acquires or sells assets for amounts other than estimates, market interest rates supersede, debt is refinanced or repurchased, new shares are issued or redeemed, more debt is incurred, other operating expenses vary, the source of income from fair investments differs from expectations, or existing rentals or loans are not operating according to their terms.
TELECONFERENCING AND WEBCAST
The Company scheduled a convention call and webcast on Thursday, October 27, 2022 at 11:00 a. m. m. , Eastern Time, to provide the Company’s monetary and operating effects for the quarter ended September 30, 2022. The call convention numbers for the telephone convention are 833-630-1956 (USA). UU) and 412-317-1837 (Canada/International); No password required. Call participants should ask the operator to register for the Medical Properties Trust, Inc. convention call. when they connect. The convention call will also be webcast on the Investor Relations segment of the Company’s website, www. medicalpropertiestrust. com.
A telephone replay and an Internet broadcast of the call will be available shortly after the call ends. 669-9658 (Canada) and 412-317-0088 (international) with access code 5485534. It will be held for one year after the end of the call in the Investor Relations segment of the Company’s website.
The Company’s supplemental data package for the existing era will also be available on the Company’s online page in the Investor Relations section.
The Company uses, and intends to continue to use, the Investor Relations page of its online page, which can be found on www. medicalpropertiestrust. com, as a means to disclose the private form of the curtains and comply with its disclosure obligations under the FD Regulations. including, without limitation, through the publication of presentations for investors who would possibly come with private information curtains. Accordingly, investors monitor the Investor Relations page, in addition to following our press releases, SEC filings, public convention calls, filings and webcasts. Information contained in, or accessed through, our online page is not incorporated by reference and does not form part of this document.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. es a self-directed real estate investment accepted as true established in 2003 to obtain and expand net lease hospital services. Since its inception in Birmingham, Alabama, the company has grown to become one of the largest hospitals in the world. genuine homeowners with approximately 435 services and 44,000 licensed beds (on an adjusted basis) in ten countries and on 4 continents. MPT’s financing style facilitates acquisitions and recapitalizations and allows hospital operators to unlock the price of their real estate assets to fund facility improvements, generation upgrades and other investments in operations. For more information, visit the company’s online page at www. medicalpropertiesaccept as true with. com.
This news 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 sometimes be known by the use of forward-looking words such as “possibly”, “will”, “may also just”, “may also just”, “expect”, “intend”, “plan” . Array “estimate “, “target”, “anticipate”, “believe”, “targets”, “outlook”, “directions” or other similar terms, and come with statements relating to our strategies, objectives, long-term business expansion and progression and our consistent expected monetary compliance. Forward-looking statements involve known and unknown threats and uncertainties that could possibly cause our actual long-term effects or events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) economic, political and social have an effect on and uncertainty similar to the possible have an effect on health crises (such as COVID-19); (ii) the ability of our tenants, tenants and borrowers to meet their obligations under their respective contractual agreements with us, in addition to the negative economic effects of the COVID-19 pandemic and government regulation of hospitals and care providers medical information in connection therewith (as detailed in our existing report on Form 8-K filed with the SEC on April 8, 2020); (iii) our expectations regarding the expected annual net source of income and NFFO consistent with the participation; (iv) our good fortune in implementing our business strategy and our ability to identify, underwrite, finance, total and integrate acquisitions and investments; (v) the nature and extent of our current and long-term competition; (vi) macroeconomic situations, such as interruption or lack of access to capital markets or fluctuations in the currency exchange rate; (vii) our ability to offload debt financing on extravagant terms or not offload at all, which may also have an adverse effect on our ability to pursue acquisition and progression opportunities and to repay, refinance, restructure or increase our indebtedness as that wins; (viii) increases in our borrowing costs due to interest rate adjustments and other items; (ix) economic, real estate and other international, national and local market situations, which could possibly have an adverse effect, among other things, on the monetary condition of our tenants, lenders and establishments that maintain our money balances, and potentially further threats of breach would be disclosed to us through such parties; (x) items that sometimes affect the real estate industry or specifically the fitnesscare real estate industry; (xi) our ability to maintain REIT goodwill for federal and state income tax purposes; (xii) federal and state fitnesscare and other regulatory requirements, as well as those of foreign jurisdictions where we have addresses; (xiii) the price of our real estate assets, which could possibly restrict our ability to dispose of assets at high prices or to discharge or maintain equity or debt financing secured through our homes or unsecured; (xiv) the ability of our ongoing tenants and employees to operate profitably and generate positive cash flow, to comply with applicable laws, rules and regulations in the ongoing ownership of our homes, to provide high quality services, attracting and retaining a qualified body of workers and attracting patients; (xv) prospective environmental contingencies and other liabilities; (xvi) the threat that LifePoint’s planned acquisition of a majority interest in Springstone will not occur; (xvii) the threat that the planned sale of 3 Connecticut hospitals currently leased to Prospect will not occur; and (xviii) the threat of additional asset sales, loan repayments, and other capital recycling transactions not taking place.
The threats described above are not exhaustive and other points may also adversely affect our business and monetary functionality, adding the threat points discussed in the segment titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. and updated in our quarterly reports on Form 10-Q. Forward-looking statements are inherently doubtful and actual functionality or effects are likely to differ materially from the forward-looking statements and assumptions on which such statements are based. Readers are cautioned not to place undue reliance on forward-looking statements as predictions of long-term events. We are not guilty to update those forward-looking statements, which speak only as of the date they are made.
MEDICAL PROPERTY TRUST, INC. AND SUBSIDIARIES
Consolidated tabs
(Quantities in thousands, consistent with data consistent with percentages)
September 30, 2022
December 31, 2021
Assets
(Unaudited)
(UNITED NATIONS)
Real Estate Assets
Land, constructions and improvements, leasing of intangibles and others
Ps
13 083 292
Ps
14 062 722
Leasing investment
1 965 021
2 053 327
Real estate for sale
–
1 096 505
mortgages
305 504
213 211
Gross investment in real estate assets
15 353 817
17 425 765
Accumulated depreciation
(1 088 912
)
(993 100
)
Net investment in equity
14 264 905
16 432 665
Cash and cash equivalents
299 171
459 227
Interest and rent receivable
117 555
56 229
Linear accounts receivable
710 082
728 522
Interests in unconsolidated equity joint ventures
1 422 010
1 152 927
Investments in non-consolidated entities
1 428 061
1 289 434
Other loans
200 245
67 317
Other assets
601 387
333 480
Total assets
Ps
19 043 416
Ps
20 519 801
Commitments and equity
Liabilities
Debt, net
Ps
9 476 144
Ps
11 282 770
Accounts payable and liabilities
569 017
607 792
Deferred revenue
18 569
25 563
Obligations to tenants and rent debts
146 438
158 005
Total responsibilities
10 210 168
12 074 130
Equity
Preferential action, on par with $0. 001. 10,000 legal actions; no actions
exceptional
–
–
Common shares, on par with $0. 001. 750,000 authorized shares; issued and
Outstanding – 598,983 shares as of September 30, 2022 and 596,748
599
597
Actions as of December 31, 2021
Share premium
8 537 145
8 564 009
Retained earnings (deficit)
433 339
(87 691
)
Cumulative comprehensive income
(139 301
)
(36 727
)
Total Medical Properties Trust, Inc. Equity
8 831 782
8 440 188
Non-majority interests
1 466
5 483
Total equity
8 833 248
8 445 671
Total liabilities and equity
Ps
19 043 416
Ps
20 519 801
(A) Financial knowledge is derived from the audited monetary statements of the last year.
MEDICAL PROPERTY TRUST, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Quantities in thousands, consistent with data consistent with percentages)
For the 3 months completed
For the months completed
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Revenues
rent charged
Ps
232 418
Ps
242 211
Ps
737 029
Ps
672 425
Linear rent
26 552
64 637
146 114
174 975
Leasing products
51 011
50 667
154 660
151 898
Interest and income
42 358
33 264
124 562
136 038
Total revenue
352 339
390 779
1 162 365
1 135 336
expense
Interest
88 076
94 132
266 989
273 409
Actual depreciation and amortization
81 873
85 039
251 523
237 050
Related to (A)
8 265
7 128
37 998
31 265
General and administrative
37 319
36 694
117 601
107 312
Total Expenses
215 533
222 993
674 111
649 036
Other source of income (expenses)
Gain on sale of real estate and real estate, net
68 795
9 294
536 788
8 896
Result of participations
11 483
7 193
33 606
21 633
Unused debt refinancing and financing costs
(17
)
–
(9 452
)
(2 339
)
Other (including fair changes in values)
23 532
(2 276
)
35 450
4 747
Total revenue
103 793
14 211
596 392
32 937
Income before source of income tax
240 599
181 997
1 084 646
519 237
Income from tax expenses
(18 579
)
(10 602
)
(40 615
)
(69 141
)
Net income
222 020
171 395
1 044 031
450 096
Net source of income attributable to non-controlling interests
(227
)
(258
)
(960
)
(611
)
Net source of income attributable to MPT shareholders not unusual
Ps
221 793
Ps
171 137
Ps
1 043 071
Ps
449 485
Common benefits consistent with consistent percentage – fundamental and diluted:
Net source of income attributable to MPT shareholders not unusual
Ps
0,37
Ps
0,29
Ps
1,74
Ps
0,76
Weighted average of notable stocks – basic
598 980
595 119
598 828
586 291
Weighted average number of notable shares – diluted
599 339
597 320
599 099
587 971
Declared dividends consistent with non-unusual stocks
Ps
0,29
Ps
0,28
Ps
0,87
Ps
0,84
(A) Includes $5. 6 million and $4. 0 million of floor lease and other expenses (such as asset taxes and insurance) paid through us and reimbursed through our tenants for the 3 months ended September 30, 2022 and 2021, respectively, and $30. 2 million and $23. 1 million for the nine months ended September 30, 2022 and 2021, respectively.
MEDICAL PROPERTY TRUST, INC. AND SUBSIDIARIES
Reconciliation of net source of income with operating budget
(Unaudited)
(Quantities in thousands, consistent with data consistent with percentages)
For the 3 months completed
For the months completed
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
FFO Information:
Net source of income attributable to MPT shareholders not unusual
Ps
221 793
Ps
171 137
Ps
1 043 071
Ps
449 485
Share of securities in profits
(288
)
(328
)
(1 035
)
(1 088
)
Net profit, minus the percentage of securities in profit
Ps
221 505
Ps
170 809
Ps
1 042 036
Ps
448 397
Depreciation and amortization
99 296
98 492
300 731
277 089
Gain on sale of real estate and real estate, net
(68 795
)
(9 294
)
(536 788
)
(8 896
)
Working capital funds
Ps
252 006
Ps
260 007
Ps
805 979
Ps
716 590
Cancellation (recovery) of linear and other income tax
23 863
3 650
27 444
(1 601
)
Fair non-monetary adjustments
(3 597
)
(819
)
(12 563
)
(2 763
)
Tax changes
–
–
(825
)
42 746
Unused debt refinancing and financing costs
17
–
9 452
2 339
Standardized operating funds
Ps
272 289
Ps
262 838
Ps
829 487
Ps
757 311
Stock compensation
11 089
13 555
33 968
38 590
Debt repayment
4 543
4 584
14 716
12 693
Rental deferral, net
549
559
(6 494
)
2 198
Linear and rents
(73 061
)
(79 973
)
(225 151
)
(215 169
)
Adjusted operating funds
Ps
215 409
Ps
201 563
Ps
646 526
Ps
595 623
Data consistent with diluted action:
Net profit, minus the percentage of securities in profit
Ps
0,37
Ps
0,29
Ps
1,74
Ps
0,76
Depreciation and amortization
0,16
0,17
0,50
0,48
Gain on sale of real estate and real estate, net
(0,11
)
(0,02
)
(0,90
)
(0,02
)
Working capital funds
Ps
0,42
Ps
0,44
Ps
1. 34
Ps
1. 22
Cancellation (recovery) of linear and other income tax
0,04
–
0,04
–
Fair non-monetary adjustments
(0,01
)
–
(0,02
)
–
Tax changes
–
–
–
0,07
Unused debt refinancing and financing costs
–
–
0,02
–
Standardized operating funds
Ps
0,45
Ps
0,44
Ps
1. 38
Ps
1. 29
Stock compensation
0,02
0,02
0. 06
0,07
Debt repayment
0,01
0,01
0,02
0,02
Rental deferral, net
–
–
(0,01
)
–
Linear and rents
(0,12
)
(0,13
)
(0,37
)
(0,37
)
Adjusted operating funds
Ps
0,36
Ps
0. 34
Ps
1. 08
Ps
1. 01
Remarks:
(A) Some of the above parts (such as depreciation and amortization) come with our percentage of such source of income / expenses from unconsolidated joint ventures. These amounts come with all activity from our investments in the “Earnings of Shares” line of consolidated income source statements. The amortization of linear rents in 2022 is basically similar to homes sold.
(B) Investors and analysts who adhere to the real estate industry use the operating budget, or FFO, as a measure of additional functionality. FFO, which reflects the assumption that real estate asset prices rise or fall with market conditions, is primarily adjusted for the effects of Real Estate GAAP Depreciation and Amortization, which assume that the price of real estate declines predictably over time. We calculate FFO according to the definition provided through the National Association of Real Estate Investment Trusts, or Nareit, which represents a net source of income (loss) (calculated in accordance with GAAP), gains (losses) on real estate sales and real estate impairment charges, plus real estate depreciation and amortization, and after changes for unconsolidated partnerships and joint ventures.
In addition to presenting FFO according to Nareit’s definition, we disclose Normalized FFO, which adjusts FFO for similar parts to unplanned or non-essential events or activities or accounting adjustments that, if not noted, Array would make a comparison to. effects of the previous era and market expectations. less significant for investors and analysts. We believe that the use of FFO, combined with the required GAAP filings, enhances investors’ understanding of our operating effects and that the use of normalized FFO makes comparisons of our operating effects with prior times more meaningful. and other companies. While FFO and Normalized FFO are applicable and widely used complementary measures of REIT operational and monetary functionality, they do not deserve to be thought of as a replacement measure of our operational functionality as the measures do not reflect depreciation prices or the point of depreciation. capital expenditures and rental prices required to maintain the operational functionality of our properties, which may constitute significant economic prices that may only materially affect our effects of operations. FFO and normalized FFO deserve not to be considered as an option for net source of income (calculated in accordance with GAAP) as an indicator of our effects of operations or cash flow from operating activities (calculated in accordance with GAAP) as an indicator. indicator of our liquidity. Array
We calculate adjusted operating funds, or AFFOs, by subtracting or adding to normalized FFOs (i) straight-line income, (ii) stock-based non-cash reimbursement expense, and (iii) amortization of deferred finance costs. AFFOs are an operational measure we use to analyze our operating effects based more on receiving, rather than accumulating, our rental income source and other secure adjustments. This is a vital step as our infrastructure-type assets typically require longer-term leases with annual contract increases. in base rentals, resulting in the popularity of a significant amount of rental income source that is not billable/received for extended periods. Our AFFO calculation may not be comparable with AFOA or similarly named measures reported through other REITs. EPFA deserves not to be considered as an option for net source of income (calculated in accordance with GAAP) as an indicator of our effects on operations or cash flows from operations ng activities (calculated in accordance with GAAP) as an indicator of our liquidity.
MEDICAL PROPERTY TRUST, INC. AND SUBSIDIARIES
Reconciliation of 2022 forecasts
(Unaudited)
Guideline 2022 – By action(1)
low
High
Net source of income attributable to MPT shareholders not unusual
Ps
1,99
Ps
2. 01
Share of securities in profits
–
–
Net profit, minus the percentage of securities in profit
Ps
1,99
Ps
2. 01
Depreciation and amortization
0,67
0,67
Gain on sale of real estate and real estate, net
(0,90
)
(0,90
)
Working capital funds
Ps
1,76
Ps
1,78
Other settings
0,04
0,04
Standardized operating funds
Ps
1,80
Ps
1,82
(1) Guidance is based on existing expectations and actual effects or long-term events could differ materially from those expressed in this table, which is a forward-looking view of the meaning of federal securities laws. Please refer to the prospectus included in this press release and our filings with the Securities and Exchange Commission for a discussion of threat points affecting our performance.
Total adjusted gross assets
(Unaudited)
(Quantities in thousands)
September 30, 2022
Total assets
Ps
19 043 416
More: Accumulated depreciation and amortization
1 088 912
More: Additional gross assets from our investments in unconsolidated equity joint ventures(1)
1 604 762
Less: Gross eBook of Transaction Commitments(2)
(686 057
)
Net: Reclassification between operators(3)
–
Add: Additional money from transaction commitments(4)
39 009
Total adjusted gross assets(5)
Ps
21 090 042
(1) Reflects an addition to general assets to provide our overall percentage of gross assets of each joint venture. See below for details of the calculation. While we do not control any of our unconsolidated real estate joint venture agreements and have no direct legal rights to the underlying assets of unconsolidated real estate joint ventures, we believe this adjustment allows investors to view safe concentration data on a basis comparable to that of our real estate portfolio. This provision is also consistent with how our control team reviews our portfolio.
Real estate joint ventures Real estate and total gross assets
Ps
5 519 058
Weighted average shareholding
55
%
3 026 772
Investments in unconsolidated equity joint ventures
(1 422 010
)
Additional gross assets from our investments in unconsolidated equity joint ventures
Ps
1 604 762
(2) Primarily represents the gross e-ledger of assets to be sold/redeemed as a component of the October 2022 commitment to sell 3 leased services to Prospect Medical Holdings, Inc. for approximately $457 million and an August 2022 commitment for a subsidiary of LifePoint Health, Inc. (“LifePoint”) to obtain a controlling interest in Springstone Health Opco, LLC (“Springstone”).
(3) Reclassification of $800 million of gross assets between Springstone and LifePoint based on the transaction commitment described in Note (2).
(4) Represents the expected liquidity of revenues generated through the transaction commitments described in note (2), less the entire revolving balance as at 30 September 2022.
(5) Total adjusted gross assets are general assets before accumulated depreciation and amortization (adjusted for our investments in unconsolidated real estate joint ventures), assume that significant transaction commitments are terminated and assume the money that will be held at the end of the era and the money generated from or to transaction commitments or post-closing financing activities are used in those transactions, are used to reduce debt. Adjusted gross assets in general are useful for investors as they provide a more up-to-date view of our portfolio and allow us to better understand our degrees of concentration as our commitments close.
Adjusted income
(Unaudited)
for all three
Months ended
(Quantities in thousands)
September 30, 2022
Total revenue
Ps
352 339
Income from unconsolidated real estate joint ventures
44 997
Total Adjusted Revenue(1)
Ps
397 336
(1) Adjusted income is the adjusted general income of our percentage in proportion to similar income on our investments in unconsolidated real estate joint ventures. That adjusted source of income is useful to investors because it provides a more complete view of the source of income. of all our investments and allows a greater understanding of the concentration of our source of income.
See the businesswire. com edition: https://www. businesswire. com/news/home/20221026006179/en/
Contacts
Drew Babin, CFA, CMADirector Senior General Manager, Corporate CommunicationsMedical Properties Trust, Inc. (646) 884-9809dbabin@medicalpropertiestrust. com