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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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