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Sep 30, 2021
Medical Properties Trust Q3 2021 Earnings Report
Reported net income of $0.29 per share and normalized FFO of $0.44 per share.
Key Takeaways
Medical Properties Trust, Inc. announced financial results for the third quarter ended September 30, 2021. The company reported a net income of $0.29 per share and normalized funds from operations (NFFO) of $0.44 per share. They also announced transactions expected to provide $1.5 billion in capital and reduce leverage.
Net income of $0.29 and Normalized Funds from Operations (“NFFO”) of $0.44 for the 2021 third quarter on a per diluted share basis, in line with portfolio run-rate guidance.
Completed in early August the previously announced sale-leaseback transaction totaling $900 million for five general acute hospitals in South Florida leased to Steward Health Care System (“Steward”).
Completed the previously announced $760 million sale-leaseback transaction for 18 inpatient behavioral health hospital facilities operated by Springstone, LLC (“Springstone”), as well as a $190 million investment in the operating company.
Received full repayment of a short-term £250 million bridge loan extended to the buyer of Priory Group (“Priory”) in January.
Medical Properties Trust
Medical Properties Trust
Medical Properties Trust Revenue by Segment
Revenue by Segment
Rent Billed Revenue
CapyFin.comStraight-line Rent Revenue
CapyFin.comIncome from Financing Leases Revenue
CapyFin.comInterest and Other Income Revenue
CapyFin.com Forward Guidance
MPT expects an annual run-rate of $1.16 to $1.20 per diluted share for net income and $1.81 to $1.85 per diluted share for NFFO.
Positive Outlook
- Completion of the partnership with Macquarie.
- Timing adjustments related to investment and capital markets transactions closed during and subsequent to the quarter.
- Impact of MPT’s binding agreement to execute the partnership.
- Aggregate future earnings contribution from two hospitals under development.
- Earnings contribution from various expansion projects where rent has not yet commenced.
Challenges Ahead
- Unexpected real estate operating costs.
- Changes in accounting pronouncements.
- Litigation costs.
- Debt refinancing costs.
- Acquisition costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income