Medical Properties Trust Inc (MPW) 10K Annual Reports & 10Q SEC Filings

Birmingham, AL – February 23, 2023 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the fourth quarter and full-year ended December 31, 2022, as well as certain events occurring subsequent to quarter end.

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Net loss of ($0.24) and Normalized Funds from Operations (“NFFO”) of $0.43 for the 2022 fourth quarter and net income of $1.50 and NFFO of $1.82 for the full-year 2022, all on a per diluted share basis;

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Fourth quarter 2022 net loss and full-year 2022 net income include a real estate impairment of approximately $171 million related to four properties leased to Prospect Medical Holdings (“Prospect”) in Pennsylvania as well as a write-off of roughly $112 million in unbilled Prospect rent also included in Funds from Operations (“FFO”) but excluded from normalized results;

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In October, commenced a development project to be leased to Ernest in South Carolina upon completion for approximately $22 million;

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In December, acquired six Priory behavioral health facilities previously leased from a third-party owner in the UK for £233 million; and

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Additional cash rent from CPI-based and fixed rent escalators of approximately $50 million expected in 2023.

Previously announced activities:

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January announcement that Pipeline Health will assume the existing terms of its Los Angeles hospital master lease and collect 100% of past due rent;

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February repayment to MPT of $205 million loan investment in Springstone, upon Lifepoint Health’s acquisition of a majority interest in the operator;

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Agreed in February to lease entire Utah hospital portfolio to a wholly owned subsidiary of CommonSpirit Health (“CommonSpirit”), upon CommonSpirit’s planned acquisition of Steward Health Care System’s (“Steward”) Utah operations; and

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Declared in February a regular quarterly dividend of $0.29 per share, representing a fourth quarter payout of adjusted funds from operations (“AFFO”) per share of roughly 85%.

The following information was filed by Medical Properties Trust Inc (MPW) on Thursday, February 23, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Medical Properties Trust Inc's 10-K Annual Report:

Financial - Income Highlight
Interest and other income down $2.5 million from the prior year due to the following: Interest from loans down $10.8 million over the prior year due to $41.5 million from loan payoffs, including $37.4 million of less interest revenue earned on the Priory loans from the conversion of the 800 million mortgage loan to fee simple assets in the second quarter of 2021 and the repayment of the 250 million acquisition loan in the 2021 fourth quarter as described in Note 3 to the consolidated financial statements in Item 8 to this Annual Report on Form 10-K, along with approximately $7.7 million of unfavorable foreign currency fluctuations.

Revenue - Product Highlight
However, from a detailed perspective, 2022 saw a decrease in approximately $165.8 million from disposals in 2021 and 2022 (including a $96.9 million decrease from the properties disposed of in the Macquarie Transaction as described in Note 3 to the consolidated financial statements in Item 8 to this Annual Report on Form 10-K, along with lower revenues due to Prime Healthcare Services, Inc.'s ("Prime") repurchase transaction in the 2022 third quarter and $41.9 million of straight-line rent and other write-offs associated with non-Macquarie Transaction disposals in 2022) and $36.2 million from unfavorable foreign currency fluctuations.
Revenue - Product Highlight
Additionally, we maintained a strong liquidity position throughout the year and kept our leverage substantially in line with 2020 by raising more than $1.0 billion in proceeds through sales of our common stock and receiving approximately $0.5 billion from payoffs on our loan portfolio and proceeds from strategic divestitures.
Financial - Earnings Highlight
Grew net income and Normalized FFO (both on a per diluted share basis) by 37% and 11%, respectively; and Selected as one of Modern Healthcares Best Places to Work in healthcare in 2021.
Other - Other Highlight
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.
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Described below are the non-GAAP...Read more
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In comparison, we incurred a...Read more
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Earnings from equity interests was...Read more
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Financial - Expense
Compensation expense was slightly lower...Read more
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We classified these equity investments...Read more
Financial - Dividend
Finally, we increased our dividend...Read more
Revenue - Product
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M & A - Other
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Financial - Dividend
Lastly, we increased our dividend...Read more
Other - Other
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Financial - Expense
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FFO, reflecting the assumption that...Read more
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Financial - Income
Other income in 2022 includes...Read more
Financial - Shares
The following table presents a...Read more
Financial - Income
Other income ? up $8.3...Read more
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During the year ended December...Read more
Revenue - Product
In addition, rent revenues are...Read more
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These sales were highlighted by...Read more
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Financial - Expense
Property-related expenses for 2022 increased...Read more
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2022 Highlights In 2022, the...Read more
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Results of Operations Our operating...Read more
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We also disposed of 11...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Medical Properties Trust Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: MPW
CIK: 1287865
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-005575
Submitted to the SEC: Wed Mar 01 2023 4:36:52 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Real Estate Investment Trusts

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Medical Properties Trust Inc (MPW) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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