\nPer Share Net Income of $1.05 and Normalized FFO of $0.47 in First Quarter\n<\/p>\n
\n12% Growth in Per Share NFFO Versus Prior-Year Quarter\n<\/p>\n
\nAcquisitions, Dispositions and Macquarie Partnership Consistent with Accretive Capital Recycling Strategy\n<\/p>\n
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Medical Properties Trust, Inc. (the \u201cCompany\u201d or \u201cMPT\u201d) (NYSE: MPW) today announced financial and operating results for the first quarter ended March 31, 2022, as well as certain events occurring subsequent to quarter end, continuing its record of double-digit growth in per share normalized funds from operations. MPT plans to also publish an Investor Update presentation under \u201cWebcasts & Presentations\u201d in the Investor Relations section of the Company\u2019s website, https:\/\/investor-relations.medicalpropertiestrust.com\/<\/a>.\n<\/p>\n <\/a> Completed in March the previously announced hospital partnership transaction with Macquarie Asset Management, resulting in an approximate $600 million gain on sale of real estate and roughly $1.3 billion in cash proceeds;<\/p>\n Added approximately $370 million in new investments, including an aggregate of approximately $200 million for four general acute hospitals in Finland;<\/p>\n As of late-April completed the profitable sales for cash proceeds of $86 million of two under-rented general acute hospitals formerly operated by Adeptus Health (\u201cAdeptus\u201d), reducing to less than $10 million the Company\u2019s current investment in vacant Adeptus facilities; and<\/p>\n In February declared a quarterly dividend of $0.29 per share, an approximate 4% increase that represents the tenth consecutive year in which MPT has increased its dividend.<\/p>\n \n\u201cOur hospitals continue to perform exceptionally well, and the organic growth benefits provided by our inflation-protected leases were realized early in 2022, as average cash rents for the majority of our portfolio increased by roughly 4%,\u201d said Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer. \u201cOur history of consistent dividend growth has no doubt been driven by accretive acquisitions, but it is equally the product of the uninterrupted and compounding annual cash rent increases that are embedded in virtually 100% of our leases.\u201d\n<\/p>\n \nMr. Aldag continued, \u201cOur expected acquisitions of one to three billion dollars in 2022 is focused on the most compelling opportunities available and sized to be funded primarily with non-dilutive and attractively priced proceeds from partnership transactions such as the Macquarie deal and single asset dispositions such as the Adeptus sales.\u201d\n<\/p>\n \nIncluded in the financial tables accompanying this press release is information about the Company\u2019s assets and liabilities, net income, and reconciliations of net income to NFFO, all on a basis comparable to 2021 results, and reconciliations of total assets to total pro forma gross assets and total revenues to total adjusted revenues.\n<\/p>\n \nPORTFOLIO UPDATE\n<\/p>\n \nDuring and subsequent to the first quarter, MPT continued to execute on its growth pipeline while considering several funding options that are expected to achieve accretive spreads while normalizing leverage.\n<\/p>\n \nIn March, MPT invested approximately \u20ac178 million in a portfolio of four general acute hospitals in Helsinki, Oulu, Turku and Kuopio, Finland. The facilities are leased to Pihlajalinna, one of the largest private hospital operators in Finland, subject to leases with CPI-based rent escalators. Finland is recognized for its high quality of care and is a top destination in Europe for orthopedic surgeries among other acute conditions. MPT\u2019s entry into the Nordic region, where reforms are creating new opportunities for private investment in health care, increases its overall investment footprint to 10 countries.\n<\/p>\n \nIn addition, construction of the $48 million new-build Bakersfield inpatient rehabilitation hospital for Ernest was completed and added to the rent paying portfolio, and an additional \u00a396 million was invested in the Priory relationship.\n<\/p>\n \nThe Company has total pro forma gross assets of approximately $22.2 billion, including $16.0 billion of general acute care hospitals, $2.6 billion of behavioral health facilities, $2.0 billion of inpatient rehabilitation hospitals, $0.3 billion of long-term acute care hospitals, and $0.2 billion of freestanding emergency room and urgent care properties. MPT\u2019s portfolio, pro forma for the transactions described herein, includes roughly 440 properties and 46,000 licensed beds across the United States as well as in Germany, the United Kingdom, Switzerland, Italy, Spain, Finland, Portugal, Australia and Colombia. The properties are leased to or mortgaged by 53 hospital operating companies.\n<\/p>\n \nOPERATING RESULTS AND OUTLOOK\n<\/p>\n \nNet income for the first quarter ended March 31, 2022 was $632 million ($1.05 per diluted share) compared to $164 million ($0.28 per diluted share) in the year earlier period.\n<\/p>\n \nNFFO for the first quarter was $282 million ($0.47 per diluted share) compared to $244 million ($0.42 per diluted share) in the year earlier period, a 12% increase on a per share basis.\n<\/p>\n \nThe Company is introducing several enhancements to its periodic disclosures with this quarter\u2019s results. First, the previous practice of providing \u201crun-rate\u201d estimates of future results has been revised to estimate 2022 calendar earnings and NFFO based on the existing portfolio and capitalization. The existing portfolio will include binding acquisition agreements and lease terms but will exclude the expected future contributions from development and other capital projects, the possible future impact of deleveraging and other capital markets strategies. Accordingly, the Company\u2019s new estimates of per share net income and NFFO of $1.10 to $1.14 and $1.78 to $1.82, respectively, do not include approximately $25 million in rents from development projects that were included in the previous run-rate estimates. The 2022 estimate includes the Company\u2019s expectations concerning Prime\u2019s repurchase options for two of the five Prime master leases; that outcome remains undetermined, but the dilutive impact of any potential outcome would remain within the scope of the guidance range.\n<\/p>\n \nSecond, the Company\u2019s Quarterly Supplemental package now includes enhanced disclosures of tenant-level EBITDARM to lease payment coverage levels. Most leases are now listed by named tenant relationship, along with a description of calculation methodology.\n<\/p>\n \nThird, the Quarterly Supplemental package provides additional information about certain Company investments in unconsolidated real estate partnerships and investments in hospital operations that are affiliated with MPT lessees.\n<\/p>\n \nThese estimates do not include the effects, among others, of unexpected real estate operating costs, 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 or other non-recurring or unplanned transactions. Moreover, these estimates do not provide for the impact on MPT or its tenants and borrowers from the global COVID-19 pandemic. 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, new shares are issued, 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.\n<\/p>\n \nCONFERENCE CALL AND WEBCAST\n<\/p>\n \nThe Company has scheduled a conference call and webcast for Thursday, April 28, 2022 at 11:00 a.m. Eastern Time to present the Company\u2019s financial and operating results for the quarter ended March 31, 2022. The dial-in numbers for the conference call are 844-535-3969 (U.S. and Canada) and 409-937-8903 (International); both numbers require passcode 4176908. The conference call will also be available via webcast in the Investor Relations section of the Company\u2019s website, www.medicalpropertiestrust.com<\/a>.\n<\/p>\n \nA telephone and webcast replay of the call will be available beginning shortly after the call\u2019s completion. The telephone replay will be available through May 12, 2022 using dial-in numbers 855-859-2056 and 404-537-3406 for U.S. and International callers, respectively, and passcode 4176908. The webcast replay will be available for one year following the call\u2019s completion on the Investor Relations section of the company\u2019s website.\n<\/p>\n \nThe Company\u2019s supplemental information package for the current period will also be available on the Company\u2019s website in the Investor Relations section.\n<\/p>\n \nThe Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at www.medicalpropertiestrust.com<\/a>, 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.\n<\/p>\n \nAbout Medical Properties Trust, Inc.\n<\/p>\n \nMedical 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\u2019s largest owners of hospitals with roughly 440 facilities and 46,000 licensed beds (on a pro forma basis) in ten countries and across four continents. MPT\u2019s 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\u2019s website at www.medicalpropertiestrust.com<\/a>.\n<\/p>\n \nThis 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 \u201cmay\u201d, \u201cwill\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cestimate\u201d, \u201ctarget\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cobjectives\u201d, \u201coutlook\u201d, \u201cguidance\u201d or other similar words, and include statements regarding our strategies, objectives, future expansion and development activities, 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, the COVID-19 pandemic, including governmental assistance to hospitals and healthcare providers, including certain of our tenants; (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, rising inflation 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, including the potential phasing out of LIBOR; (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 federal and state 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 comply with applicable laws, rules and regulations in the operation of the 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 property sales, loan repayments, and other capital recycling transactions do not occur; (xvii) the accuracy of our methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts; and (xviii) the risk that the sale by Steward of its Utah operations to HCA does not occur.\n<\/p>\n \nThe 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 \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2021 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.\n<\/p>\n \u00a0 \u00a0 (Amounts in thousands, except for per share data)<\/p>\n March 31, 2022<\/p>\n December 31, 2021 (A) Land, buildings and improvements, intangible lease assets, and other<\/p>\n \n$\n<\/p>\n \n14,029,059\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n14,062,722\n<\/p>\n \n\u00a0\n<\/p>\n Investment in financing leases<\/p>\n \n\u00a0\n<\/p>\n \n2,063,227\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,053,327\n<\/p>\n \n\u00a0\n<\/p>\n Real estate held for sale<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,096,505\n<\/p>\n \n\u00a0\n<\/p>\n Mortgage loans<\/p>\n \n\u00a0\n<\/p>\n \n224,281\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n213,211\n<\/p>\n \n\u00a0\n<\/p>\n Gross investment in real estate assets<\/p>\n \n\u00a0\n<\/p>\n \n16,316,567\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n17,425,765\n<\/p>\n \n\u00a0\n<\/p>\n Accumulated depreciation and amortization<\/p>\n \n\u00a0\n<\/p>\n \n(1,054,361\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(993,100\n<\/p>\n \n)\n<\/p>\n Net investment in real estate assets<\/p>\n \n\u00a0\n<\/p>\n \n15,262,206\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n16,432,665\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n248,846\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n459,227\n<\/p>\n \n\u00a0\n<\/p>\n Interest and rent receivables<\/p>\n \n\u00a0\n<\/p>\n \n65,933\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n56,229\n<\/p>\n \n\u00a0\n<\/p>\n Straight-line rent receivables<\/p>\n \n\u00a0\n<\/p>\n \n660,421\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n728,522\n<\/p>\n \n\u00a0\n<\/p>\n Investments in unconsolidated real estate joint ventures<\/p>\n \n\u00a0\n<\/p>\n \n1,534,514\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,152,927\n<\/p>\n \n\u00a0\n<\/p>\n Investments in unconsolidated operating entities<\/p>\n \n\u00a0\n<\/p>\n \n1,455,842\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,289,434\n<\/p>\n \n\u00a0\n<\/p>\n Other loans<\/p>\n \n\u00a0\n<\/p>\n \n66,963\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n67,317\n<\/p>\n \n\u00a0\n<\/p>\n Other assets<\/p>\n \n\u00a0\n<\/p>\n \n523,109\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n333,480\n<\/p>\n \n\u00a0\n<\/p>\n Total Assets<\/p>\n \n$\n<\/p>\n \n19,817,834\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n20,519,801\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 Liabilities<\/p>\n Debt, net<\/p>\n \n$\n<\/p>\n \n10,117,989\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n11,282,770\n<\/p>\n \n\u00a0\n<\/p>\n Accounts payable and accrued expenses<\/p>\n \n\u00a0\n<\/p>\n \n595,026\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n607,792\n<\/p>\n \n\u00a0\n<\/p>\n Deferred revenue<\/p>\n \n\u00a0\n<\/p>\n \n18,834\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n25,563\n<\/p>\n \n\u00a0\n<\/p>\n Obligations to tenants and other lease liabilities<\/p>\n \n\u00a0\n<\/p>\n \n166,626\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n158,005\n<\/p>\n \n\u00a0\n<\/p>\n Total Liabilities<\/p>\n \n\u00a0\n<\/p>\n \n10,898,475\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n12,074,130\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares<\/p>\n outstanding<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Common stock, $0.001 par value. Authorized 750,000 shares; issued and<\/p>\n outstanding – 598,676 shares at March 31, 2022 and 596,748<\/p>\n \n\u00a0\n<\/p>\n \n599\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n597\n<\/p>\n \n\u00a0\n<\/p>\n shares at December 31, 2021<\/p>\n Additional paid-in capital<\/p>\n \n\u00a0\n<\/p>\n \n8,547,892\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n8,564,009\n<\/p>\n \n\u00a0\n<\/p>\n Retained earnings (deficit)<\/p>\n \n\u00a0\n<\/p>\n \n369,972\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(87,691\n<\/p>\n \n)\n<\/p>\n Accumulated other comprehensive loss<\/p>\n \n\u00a0\n<\/p>\n \n(5,010\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(36,727\n<\/p>\n \n)\n<\/p>\n Total Medical Properties Trust, Inc. Stockholders’ Equity<\/p>\n \n\u00a0\n<\/p>\n \n8,913,453\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n8,440,188\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n5,906\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,483\n<\/p>\n \n\u00a0\n<\/p>\n Total Equity<\/p>\n \n\u00a0\n<\/p>\n \n8,919,359\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n8,445,671\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n$\n<\/p>\n \n19,817,834\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n20,519,801\n<\/p>\n \n\u00a0\n<\/p>\n (A) Financials have been derived from the prior year audited financial statements.<\/p>\n \nMEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES\n<\/p>\n \u00a0<\/p>\n \nConsolidated Statements of Income\n<\/p>\n \n(Unaudited)\n<\/p>\n (Amounts in thousands, except for per share data) March 31, 2022<\/p>\n March 31, 2021<\/p>\n \u00a0 Rent billed<\/p>\n \n$\n<\/p>\n \n263,402\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n213,344\n<\/p>\n \n\u00a0\n<\/p>\n Straight-line rent<\/p>\n \n\u00a0\n<\/p>\n \n61,044\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n54,873\n<\/p>\n \n\u00a0\n<\/p>\n Income from financing leases<\/p>\n \n\u00a0\n<\/p>\n \n51,776\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n50,894\n<\/p>\n \n\u00a0\n<\/p>\n Interest and other income<\/p>\n \n\u00a0\n<\/p>\n \n33,578\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n43,654\n<\/p>\n \n\u00a0\n<\/p>\n Total revenues<\/p>\n \n\u00a0\n<\/p>\n \n409,800\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n362,765\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 Interest<\/p>\n \n\u00a0\n<\/p>\n \n91,183\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n86,972\n<\/p>\n \n\u00a0\n<\/p>\n Real estate depreciation and amortization<\/p>\n \n\u00a0\n<\/p>\n \n85,316\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n75,642\n<\/p>\n \n\u00a0\n<\/p>\n Property-related (A)<\/p>\n \n\u00a0\n<\/p>\n \n8,598\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,453\n<\/p>\n \n\u00a0\n<\/p>\n General and administrative<\/p>\n \n\u00a0\n<\/p>\n \n41,424\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n36,073\n<\/p>\n \n\u00a0\n<\/p>\n Total expenses<\/p>\n \n\u00a0\n<\/p>\n \n226,521\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n204,140\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 Gain on sale of real estate and other, net<\/p>\n \n\u00a0\n<\/p>\n \n451,638\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n989\n<\/p>\n \n\u00a0\n<\/p>\n Earnings from equity interests<\/p>\n \n\u00a0\n<\/p>\n \n7,338\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,101\n<\/p>\n \n\u00a0\n<\/p>\n Debt refinancing and unutilized financing costs<\/p>\n \n\u00a0\n<\/p>\n \n(8,816\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,269\n<\/p>\n \n)\n<\/p>\n Other (including fair value adjustments on securities)<\/p>\n \n\u00a0\n<\/p>\n \n9,887\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,794\n<\/p>\n \n\u00a0\n<\/p>\n Total other income<\/p>\n \n\u00a0\n<\/p>\n \n460,047\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n13,615\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n643,326\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n172,240\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n(11,379\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(8,360\n<\/p>\n \n)\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n631,947\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n163,880\n<\/p>\n \n\u00a0\n<\/p>\n Net income attributable to non-controlling interests<\/p>\n \n\u00a0\n<\/p>\n \n(266\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(97\n<\/p>\n \n)\n<\/p>\n Net income attributable to MPT common stockholders<\/p>\n \n$\n<\/p>\n \n631,681\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n163,783\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 Net income attributable to MPT common stockholders<\/p>\n \n$\n<\/p>\n \n1.05\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.28\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n598,676\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n576,240\n<\/p>\n \n\u00a0\n<\/p>\n Weighted average shares outstanding – diluted<\/p>\n \n\u00a0\n<\/p>\n \n598,932\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n577,541\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n$\n<\/p>\n \n0.29\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.28\n<\/p>\n \n\u00a0\n<\/p>\n (A) Includes $6.3 million and $3.5 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2022 and 2021, respectively.<\/p>\n MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES<\/p>\n \u00a0 \u00a0 March 31, 2022<\/p>\n March 31, 2021<\/p>\n \u00a0 Net income attributable to MPT common stockholders<\/p>\n \n$\n<\/p>\n \n631,681\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n163,783\n<\/p>\n \n\u00a0\n<\/p>\n Participating securities’ share in earnings<\/p>\n \n\u00a0\n<\/p>\n \n(402\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(370\n<\/p>\n \n)\n<\/p>\n Net income, less participating securities’ share in earnings<\/p>\n \n$\n<\/p>\n \n631,279\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n163,413\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n99,459\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n88,536\n<\/p>\n \n\u00a0\n<\/p>\n Gain on sale of real estate and other, net<\/p>\n \n\u00a0\n<\/p>\n \n(451,638\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(989\n<\/p>\n \n)\n<\/p>\n Funds from operations<\/p>\n \n$\n<\/p>\n \n279,100\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n250,960\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n2,604\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,238\n<\/p>\n \n)\n<\/p>\n Non-cash fair value adjustments<\/p>\n \n\u00a0\n<\/p>\n \n(8,023\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,065\n<\/p>\n \n)\n<\/p>\n Debt refinancing and unutilized financing costs<\/p>\n \n\u00a0\n<\/p>\n \n8,816\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,269\n<\/p>\n \n\u00a0\n<\/p>\n Normalized funds from operations<\/p>\n \n$\n<\/p>\n \n282,497\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n243,926\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n11,804\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n12,264\n<\/p>\n \n\u00a0\n<\/p>\n Debt costs amortization<\/p>\n \n\u00a0\n<\/p>\n \n5,613\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,009\n<\/p>\n \n\u00a0\n<\/p>\n Rent deferral, net<\/p>\n \n\u00a0\n<\/p>\n \n(3,716\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n803\n<\/p>\n \n\u00a0\n<\/p>\n Straight-line rent revenue and other<\/p>\n \n\u00a0\n<\/p>\n \n(77,333\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(67,275\n<\/p>\n \n)\n<\/p>\n Adjusted funds from operations<\/p>\n \n$\n<\/p>\n \n218,865\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n193,727\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0 Net income, less participating securities’ share in earnings<\/p>\n \n$\n<\/p>\n \n1.05\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.28\n<\/p>\n \n\u00a0\n<\/p>\n Depreciation and amortization<\/p>\n \n\u00a0\n<\/p>\n \n0.17\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.15\n<\/p>\n \n\u00a0\n<\/p>\n Gain on sale of real estate and other, net<\/p>\n \n\u00a0\n<\/p>\n \n(0.75\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Funds from operations<\/p>\n \n$\n<\/p>\n \n0.47\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.43\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.01\n<\/p>\n \n)\n<\/p>\n Non-cash fair value adjustments<\/p>\n \n\u00a0\n<\/p>\n \n(0.01\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Debt refinancing and unutilized financing costs<\/p>\n \n\u00a0\n<\/p>\n \n0.01\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Normalized funds from operations<\/p>\n \n$\n<\/p>\n \n0.47\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.42\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0 \n\u00a0\n<\/p>\n \n0.02\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.02\n<\/p>\n \n\u00a0\n<\/p>\n Debt costs amortization<\/p>\n \n\u00a0\n<\/p>\n \n0.01\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.01\n<\/p>\n \n\u00a0\n<\/p>\n Rent deferral, net<\/p>\n \n\u00a0\n<\/p>\n \n(0.01\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Straight-line rent revenue and other<\/p>\n \n\u00a0\n<\/p>\n \n(0.12\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.11\n<\/p>\n \n)\n<\/p>\n Adjusted funds from operations<\/p>\n \n$\n<\/p>\n \n0.37\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.34\n<\/p>\n \n\u00a0\n<\/p>\n \nNotes:\n<\/p>\n \n(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 the activity of all of our equity interests in the “Earnings from equity interests” line on the consolidated statements of income.\n<\/p>\n \n(B) Investors and analysts following the real estate industry utilize funds from operations, or 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 and after adjustments for unconsolidated partnerships and joint ventures.\n<\/p>\n \n\u00a0\n<\/p>\n \nIn addition to presenting FFO in accordance with the Nareit definition, we also 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 necessary 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.\n<\/p>\n \n\u00a0\n<\/p>\n \nWe calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) non-cash revenue, (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 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 leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. 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.\n<\/p>\n Contacts <\/p>\n \nDrew Babin, CFA, CMA
\nNet income of $1.05 and Normalized Funds from Operations (\u201cNFFO\u201d) of $0.47 for the 2022 first quarter on a per diluted share basis;<\/p>\n
\nMEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES<\/p>\n
\nConsolidated Balance Sheets<\/p>\n
\nAssets
\n(Unaudited)<\/p>\n
\nReal estate assets<\/p>\n
\nCash and cash equivalents<\/p>\n
\nLiabilities and Equity<\/p>\n
\nEquity<\/p>\n
\nNon-controlling interests<\/p>\n
\nTotal Liabilities and Equity<\/p>\n
\nFor the Three Months Ended<\/p>\n
\nRevenues<\/p>\n
\nExpenses<\/p>\n
\nOther income (expense)<\/p>\n
\nIncome before income tax<\/p>\n
\nIncome tax expense<\/p>\n
\nNet income<\/p>\n
\nEarnings per common share – basic and diluted:<\/p>\n
\nWeighted average shares outstanding – basic<\/p>\n
\nDividends declared per common share<\/p>\n
\nReconciliation of Net Income to Funds From Operations
\n(Unaudited)<\/p>\n
\n(Amounts in thousands, except for per share data)
\nFor the Three Months Ended<\/p>\n
\nFFO information:<\/p>\n
\nDepreciation and amortization<\/p>\n
\nWrite-off (recovery) of straight-line rent and other<\/p>\n
\nShare-based compensation<\/p>\n
\nPer diluted share data:<\/p>\n
\nWrite-off (recovery) of straight-line rent and other<\/p>\n
\nShare-based compensation<\/p>\n
\n
Senior Managing Director of Corporate Communications
\n
Medical Properties Trust, Inc.
\n
(646) 884-9809
\n
dbabin@medicalpropertiestrust.com<\/a>\n<\/p>\n
![<\/a>\nNet income of $1.05 and Normalized Funds from Operations (\u201cNFFO\u201d) of $0.47 for the 2022 first quarter on a per diluted share basis;<\/p>\nCompleted in March the previously announced hospital partnership transaction with Macquarie Asset Management, resulting in an approximate $600 million gain on sale of real estate and roughly $1.3 billion in cash proceeds;<\/p>\nAdded approximately $370 million in new investments, including an aggregate of approximately $200 million for four general acute hospitals in Finland;<\/p>\nAs of late-April completed the profitable sales for cash proceeds of $86 million of two under-rented general acute hospitals formerly operated by Adeptus Health (\u201cAdeptus\u201d), reducing to less than $10 million the Company\u2019s current investment in vacant Adeptus facilities; and<\/p>\nIn February declared a quarterly dividend of $0.29 per share, an approximate 4% increase that represents the tenth consecutive year in which MPT has increased its dividend.<\/p>\n\n\u201cOur hospitals continue to perform exceptionally well, and the organic growth benefits provided by our inflation-protected leases were realized early in 2022, as average cash rents for the majority of our portfolio increased by roughly 4%,\u201d said Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer. \u201cOur history of consistent dividend growth has no doubt been driven by accretive acquisitions, but it is equally the product of the uninterrupted and compounding annual cash rent increases that are embedded in virtually 100% of our leases.\u201d\n<\/p>\n\nMr. Aldag continued, \u201cOur expected acquisitions of one to three billion dollars in 2022 is focused on the most compelling opportunities available and sized to be funded primarily with non-dilutive and attractively priced proceeds from partnership transactions such as the Macquarie deal and single asset dispositions such as the Adeptus sales.\u201d\n<\/p>\n\nIncluded in the financial tables accompanying this press release is information about the Company\u2019s assets and liabilities, net income, and reconciliations of net income to NFFO, all on a basis comparable to 2021 results, and reconciliations of total assets to total pro forma gross assets and total revenues to total adjusted revenues.\n<\/p>\n\nPORTFOLIO UPDATE\n<\/p>\n\nDuring and subsequent to the first quarter, MPT continued to execute on its growth pipeline while considering several funding options that are expected to achieve accretive spreads while normalizing leverage.\n<\/p>\n\nIn March, MPT invested approximately \u20ac178 million in a portfolio of four general acute hospitals in Helsinki, Oulu, Turku and Kuopio, Finland. The facilities are leased to Pihlajalinna, one of the largest private hospital operators in Finland, subject to leases with CPI-based rent escalators. Finland is recognized for its high quality of care and is a top destination in Europe for orthopedic surgeries among other acute conditions. MPT\u2019s entry into the Nordic region, where reforms are creating new opportunities for private investment in health care, increases its overall investment footprint to 10 countries.\n<\/p>\n\nIn addition, construction of the $48 million new-build Bakersfield inpatient rehabilitation hospital for Ernest was completed and added to the rent paying portfolio, and an additional \u00a396 million was invested in the Priory relationship.\n<\/p>\n\nThe Company has total pro forma gross assets of approximately $22.2 billion, including $16.0 billion of general acute care hospitals, $2.6 billion of behavioral health facilities, $2.0 billion of inpatient rehabilitation hospitals, $0.3 billion of long-term acute care hospitals, and $0.2 billion of freestanding emergency room and urgent care properties. MPT\u2019s portfolio, pro forma for the transactions described herein, includes roughly 440 properties and 46,000 licensed beds across the United States as well as in Germany, the United Kingdom, Switzerland, Italy, Spain, Finland, Portugal, Australia and Colombia. The properties are leased to or mortgaged by 53 hospital operating companies.\n<\/p>\n\nOPERATING RESULTS AND OUTLOOK\n<\/p>\n\nNet income for the first quarter ended March 31, 2022 was $632 million ($1.05 per diluted share) compared to $164 million ($0.28 per diluted share) in the year earlier period.\n<\/p>\n\nNFFO for the first quarter was $282 million ($0.47 per diluted share) compared to $244 million ($0.42 per diluted share) in the year earlier period, a 12% increase on a per share basis.\n<\/p>\n\nThe Company is introducing several enhancements to its periodic disclosures with this quarter\u2019s results. First, the previous practice of providing \u201crun-rate\u201d estimates of future results has been revised to estimate 2022 calendar earnings and NFFO based on the existing portfolio and capitalization. The existing portfolio will include binding acquisition agreements and lease terms but will exclude the expected future contributions from development and other capital projects, the possible future impact of deleveraging and other capital markets strategies. Accordingly, the Company\u2019s new estimates of per share net income and NFFO of $1.10 to $1.14 and $1.78 to $1.82, respectively, do not include approximately $25 million in rents from development projects that were included in the previous run-rate estimates. The 2022 estimate includes the Company\u2019s expectations concerning Prime\u2019s repurchase options for two of the five Prime master leases; that outcome remains undetermined, but the dilutive impact of any potential outcome would remain within the scope of the guidance range.\n<\/p>\n\nSecond, the Company\u2019s Quarterly Supplemental package now includes enhanced disclosures of tenant-level EBITDARM to lease payment coverage levels. Most leases are now listed by named tenant relationship, along with a description of calculation methodology.\n<\/p>\n\nThird, the Quarterly Supplemental package provides additional information about certain Company investments in unconsolidated real estate partnerships and investments in hospital operations that are affiliated with MPT lessees.\n<\/p>\n\nThese estimates do not include the effects, among others, of unexpected real estate operating costs, 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 or other non-recurring or unplanned transactions. Moreover, these estimates do not provide for the impact on MPT or its tenants and borrowers from the global COVID-19 pandemic. 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, new shares are issued, 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.\n<\/p>\n\nCONFERENCE CALL AND WEBCAST\n<\/p>\n\nThe Company has scheduled a conference call and webcast for Thursday, April 28, 2022 at 11:00 a.m. Eastern Time to present the Company\u2019s financial and operating results for the quarter ended March 31, 2022. The dial-in numbers for the conference call are 844-535-3969 (U.S. and Canada) and 409-937-8903 (International); both numbers require passcode 4176908. The conference call will also be available via webcast in the Investor Relations section of the Company\u2019s website, www.medicalpropertiestrust.com<\/a>.\n<\/p>\n\nA telephone and webcast replay of the call will be available beginning shortly after the call\u2019s completion. The telephone replay will be available through May 12, 2022 using dial-in numbers 855-859-2056 and 404-537-3406 for U.S. and International callers, respectively, and passcode 4176908. The webcast replay will be available for one year following the call\u2019s completion on the Investor Relations section of the company\u2019s website.\n<\/p>\n\nThe Company\u2019s supplemental information package for the current period will also be available on the Company\u2019s website in the Investor Relations section.\n<\/p>\n\nThe Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at www.medicalpropertiestrust.com<\/a>, 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.\n<\/p>\n\nAbout Medical Properties Trust, Inc.\n<\/p>\n\nMedical 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\u2019s largest owners of hospitals with roughly 440 facilities and 46,000 licensed beds (on a pro forma basis) in ten countries and across four continents. MPT\u2019s 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\u2019s website at www.medicalpropertiestrust.com<\/a>.\n<\/p>\n\nThis 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 \u201cmay\u201d, \u201cwill\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cestimate\u201d, \u201ctarget\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cobjectives\u201d, \u201coutlook\u201d, \u201cguidance\u201d or other similar words, and include statements regarding our strategies, objectives, future expansion and development activities, 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, the COVID-19 pandemic, including governmental assistance to hospitals and healthcare providers, including certain of our tenants; (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, rising inflation 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, including the potential phasing out of LIBOR; (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 federal and state 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 comply with applicable laws, rules and regulations in the operation of the 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 property sales, loan repayments, and other capital recycling transactions do not occur; (xvii) the accuracy of our methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts; and (xviii) the risk that the sale by Steward of its Utah operations to HCA does not occur.\n<\/p>\n\nThe 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 \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2021 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.\n<\/p>\n\u00a0\nMEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES<\/p>\n\u00a0\nConsolidated Balance Sheets<\/p>\n(Amounts in thousands, except for per share data)<\/p>\nMarch 31, 2022<\/p>\nDecember 31, 2021\nAssets\n(Unaudited)<\/p>\n(A)\nReal estate assets<\/p>\nLand, buildings and improvements, intangible lease assets, and other<\/p>\n\n$\n<\/p>\n\n14,029,059\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n14,062,722\n<\/p>\n\n\u00a0\n<\/p>\nInvestment in financing leases<\/p>\n\n\u00a0\n<\/p>\n\n2,063,227\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,053,327\n<\/p>\n\n\u00a0\n<\/p>\nReal estate held for sale<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,096,505\n<\/p>\n\n\u00a0\n<\/p>\nMortgage loans<\/p>\n\n\u00a0\n<\/p>\n\n224,281\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n213,211\n<\/p>\n\n\u00a0\n<\/p>\nGross investment in real estate assets<\/p>\n\n\u00a0\n<\/p>\n\n16,316,567\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n17,425,765\n<\/p>\n\n\u00a0\n<\/p>\nAccumulated depreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n(1,054,361\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(993,100\n<\/p>\n\n)\n<\/p>\nNet investment in real estate assets<\/p>\n\n\u00a0\n<\/p>\n\n15,262,206\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n16,432,665\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nCash and cash equivalents<\/p>\n\n\u00a0\n<\/p>\n\n248,846\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n459,227\n<\/p>\n\n\u00a0\n<\/p>\nInterest and rent receivables<\/p>\n\n\u00a0\n<\/p>\n\n65,933\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n56,229\n<\/p>\n\n\u00a0\n<\/p>\nStraight-line rent receivables<\/p>\n\n\u00a0\n<\/p>\n\n660,421\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n728,522\n<\/p>\n\n\u00a0\n<\/p>\nInvestments in unconsolidated real estate joint ventures<\/p>\n\n\u00a0\n<\/p>\n\n1,534,514\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,152,927\n<\/p>\n\n\u00a0\n<\/p>\nInvestments in unconsolidated operating entities<\/p>\n\n\u00a0\n<\/p>\n\n1,455,842\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,289,434\n<\/p>\n\n\u00a0\n<\/p>\nOther loans<\/p>\n\n\u00a0\n<\/p>\n\n66,963\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n67,317\n<\/p>\n\n\u00a0\n<\/p>\nOther assets<\/p>\n\n\u00a0\n<\/p>\n\n523,109\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n333,480\n<\/p>\n\n\u00a0\n<\/p>\nTotal Assets<\/p>\n\n$\n<\/p>\n\n19,817,834\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n20,519,801\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nLiabilities and Equity<\/p>\nLiabilities<\/p>\nDebt, net<\/p>\n\n$\n<\/p>\n\n10,117,989\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n11,282,770\n<\/p>\n\n\u00a0\n<\/p>\nAccounts payable and accrued expenses<\/p>\n\n\u00a0\n<\/p>\n\n595,026\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n607,792\n<\/p>\n\n\u00a0\n<\/p>\nDeferred revenue<\/p>\n\n\u00a0\n<\/p>\n\n18,834\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n25,563\n<\/p>\n\n\u00a0\n<\/p>\nObligations to tenants and other lease liabilities<\/p>\n\n\u00a0\n<\/p>\n\n166,626\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n158,005\n<\/p>\n\n\u00a0\n<\/p>\nTotal Liabilities<\/p>\n\n\u00a0\n<\/p>\n\n10,898,475\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n12,074,130\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nEquity<\/p>\nPreferred stock, $0.001 par value. Authorized 10,000 shares; no shares<\/p>\noutstanding<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nCommon stock, $0.001 par value. Authorized 750,000 shares; issued and<\/p>\noutstanding – 598,676 shares at March 31, 2022 and 596,748<\/p>\n\n\u00a0\n<\/p>\n\n599\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n597\n<\/p>\n\n\u00a0\n<\/p>\nshares at December 31, 2021<\/p>\nAdditional paid-in capital<\/p>\n\n\u00a0\n<\/p>\n\n8,547,892\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n8,564,009\n<\/p>\n\n\u00a0\n<\/p>\nRetained earnings (deficit)<\/p>\n\n\u00a0\n<\/p>\n\n369,972\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(87,691\n<\/p>\n\n)\n<\/p>\nAccumulated other comprehensive loss<\/p>\n\n\u00a0\n<\/p>\n\n(5,010\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(36,727\n<\/p>\n\n)\n<\/p>\nTotal Medical Properties Trust, Inc. Stockholders’ Equity<\/p>\n\n\u00a0\n<\/p>\n\n8,913,453\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n8,440,188\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nNon-controlling interests<\/p>\n\n\u00a0\n<\/p>\n\n5,906\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,483\n<\/p>\n\n\u00a0\n<\/p>\nTotal Equity<\/p>\n\n\u00a0\n<\/p>\n\n8,919,359\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n8,445,671\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nTotal Liabilities and Equity<\/p>\n\n$\n<\/p>\n\n19,817,834\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n20,519,801\n<\/p>\n\n\u00a0\n<\/p>\n(A) Financials have been derived from the prior year audited financial statements.<\/p>\n\nMEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES\n<\/p>\n\u00a0<\/p>\n\nConsolidated Statements of Income\n<\/p>\n\n(Unaudited)\n<\/p>\n(Amounts in thousands, except for per share data)\nFor the Three Months Ended<\/p>\nMarch 31, 2022<\/p>\nMarch 31, 2021<\/p>\n\u00a0\nRevenues<\/p>\nRent billed<\/p>\n\n$\n<\/p>\n\n263,402\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n213,344\n<\/p>\n\n\u00a0\n<\/p>\nStraight-line rent<\/p>\n\n\u00a0\n<\/p>\n\n61,044\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n54,873\n<\/p>\n\n\u00a0\n<\/p>\nIncome from financing leases<\/p>\n\n\u00a0\n<\/p>\n\n51,776\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n50,894\n<\/p>\n\n\u00a0\n<\/p>\nInterest and other income<\/p>\n\n\u00a0\n<\/p>\n\n33,578\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n43,654\n<\/p>\n\n\u00a0\n<\/p>\nTotal revenues<\/p>\n\n\u00a0\n<\/p>\n\n409,800\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n362,765\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nExpenses<\/p>\nInterest<\/p>\n\n\u00a0\n<\/p>\n\n91,183\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n86,972\n<\/p>\n\n\u00a0\n<\/p>\nReal estate depreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n85,316\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n75,642\n<\/p>\n\n\u00a0\n<\/p>\nProperty-related (A)<\/p>\n\n\u00a0\n<\/p>\n\n8,598\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,453\n<\/p>\n\n\u00a0\n<\/p>\nGeneral and administrative<\/p>\n\n\u00a0\n<\/p>\n\n41,424\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n36,073\n<\/p>\n\n\u00a0\n<\/p>\nTotal expenses<\/p>\n\n\u00a0\n<\/p>\n\n226,521\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n204,140\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nOther income (expense)<\/p>\nGain on sale of real estate and other, net<\/p>\n\n\u00a0\n<\/p>\n\n451,638\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n989\n<\/p>\n\n\u00a0\n<\/p>\nEarnings from equity interests<\/p>\n\n\u00a0\n<\/p>\n\n7,338\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,101\n<\/p>\n\n\u00a0\n<\/p>\nDebt refinancing and unutilized financing costs<\/p>\n\n\u00a0\n<\/p>\n\n(8,816\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,269\n<\/p>\n\n)\n<\/p>\nOther (including fair value adjustments on securities)<\/p>\n\n\u00a0\n<\/p>\n\n9,887\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,794\n<\/p>\n\n\u00a0\n<\/p>\nTotal other income<\/p>\n\n\u00a0\n<\/p>\n\n460,047\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n13,615\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nIncome before income tax<\/p>\n\n\u00a0\n<\/p>\n\n643,326\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n172,240\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nIncome tax expense<\/p>\n\n\u00a0\n<\/p>\n\n(11,379\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(8,360\n<\/p>\n\n)\n<\/p>\n\u00a0\nNet income<\/p>\n\n\u00a0\n<\/p>\n\n631,947\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n163,880\n<\/p>\n\n\u00a0\n<\/p>\nNet income attributable to non-controlling interests<\/p>\n\n\u00a0\n<\/p>\n\n(266\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(97\n<\/p>\n\n)\n<\/p>\nNet income attributable to MPT common stockholders<\/p>\n\n$\n<\/p>\n\n631,681\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n163,783\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nEarnings per common share – basic and diluted:<\/p>\nNet income attributable to MPT common stockholders<\/p>\n\n$\n<\/p>\n\n1.05\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.28\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nWeighted average shares outstanding – basic<\/p>\n\n\u00a0\n<\/p>\n\n598,676\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n576,240\n<\/p>\n\n\u00a0\n<\/p>\nWeighted average shares outstanding – diluted<\/p>\n\n\u00a0\n<\/p>\n\n598,932\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n577,541\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nDividends declared per common share<\/p>\n\n$\n<\/p>\n\n0.29\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.28\n<\/p>\n\n\u00a0\n<\/p>\n(A) Includes $6.3 million and $3.5 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2022 and 2021, respectively.<\/p>\nMEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES<\/p>\n\u00a0\nReconciliation of Net Income to Funds From Operations\n(Unaudited)<\/p>\n\u00a0\n(Amounts in thousands, except for per share data)\nFor the Three Months Ended<\/p>\nMarch 31, 2022<\/p>\nMarch 31, 2021<\/p>\n\u00a0\nFFO information:<\/p>\nNet income attributable to MPT common stockholders<\/p>\n\n$\n<\/p>\n\n631,681\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n163,783\n<\/p>\n\n\u00a0\n<\/p>\nParticipating securities’ share in earnings<\/p>\n\n\u00a0\n<\/p>\n\n(402\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(370\n<\/p>\n\n)\n<\/p>\nNet income, less participating securities’ share in earnings<\/p>\n\n$\n<\/p>\n\n631,279\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n163,413\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nDepreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n99,459\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n88,536\n<\/p>\n\n\u00a0\n<\/p>\nGain on sale of real estate and other, net<\/p>\n\n\u00a0\n<\/p>\n\n(451,638\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(989\n<\/p>\n\n)\n<\/p>\nFunds from operations<\/p>\n\n$\n<\/p>\n\n279,100\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n250,960\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nWrite-off (recovery) of straight-line rent and other<\/p>\n\n\u00a0\n<\/p>\n\n2,604\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,238\n<\/p>\n\n)\n<\/p>\nNon-cash fair value adjustments<\/p>\n\n\u00a0\n<\/p>\n\n(8,023\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,065\n<\/p>\n\n)\n<\/p>\nDebt refinancing and unutilized financing costs<\/p>\n\n\u00a0\n<\/p>\n\n8,816\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,269\n<\/p>\n\n\u00a0\n<\/p>\nNormalized funds from operations<\/p>\n\n$\n<\/p>\n\n282,497\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n243,926\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nShare-based compensation<\/p>\n\n\u00a0\n<\/p>\n\n11,804\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n12,264\n<\/p>\n\n\u00a0\n<\/p>\nDebt costs amortization<\/p>\n\n\u00a0\n<\/p>\n\n5,613\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,009\n<\/p>\n\n\u00a0\n<\/p>\nRent deferral, net<\/p>\n\n\u00a0\n<\/p>\n\n(3,716\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n803\n<\/p>\n\n\u00a0\n<\/p>\nStraight-line rent revenue and other<\/p>\n\n\u00a0\n<\/p>\n\n(77,333\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(67,275\n<\/p>\n\n)\n<\/p>\nAdjusted funds from operations<\/p>\n\n$\n<\/p>\n\n218,865\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n193,727\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0\nPer diluted share data:<\/p>\nNet income, less participating securities’ share in earnings<\/p>\n\n$\n<\/p>\n\n1.05\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.28\n<\/p>\n\n\u00a0\n<\/p>\nDepreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n0.17\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.15\n<\/p>\n\n\u00a0\n<\/p>\nGain on sale of real estate and other, net<\/p>\n\n\u00a0\n<\/p>\n\n(0.75\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nFunds from operations<\/p>\n\n$\n<\/p>\n\n0.47\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.43\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nWrite-off (recovery) of straight-line rent and other<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.01\n<\/p>\n\n)\n<\/p>\nNon-cash fair value adjustments<\/p>\n\n\u00a0\n<\/p>\n\n(0.01\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nDebt refinancing and unutilized financing costs<\/p>\n\n\u00a0\n<\/p>\n\n0.01\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nNormalized funds from operations<\/p>\n\n$\n<\/p>\n\n0.47\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.42\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nShare-based compensation<\/p>\n\n\u00a0\n<\/p>\n\n0.02\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.02\n<\/p>\n\n\u00a0\n<\/p>\nDebt costs amortization<\/p>\n\n\u00a0\n<\/p>\n\n0.01\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.01\n<\/p>\n\n\u00a0\n<\/p>\nRent deferral, net<\/p>\n\n\u00a0\n<\/p>\n\n(0.01\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nStraight-line rent revenue and other<\/p>\n\n\u00a0\n<\/p>\n\n(0.12\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.11\n<\/p>\n\n)\n<\/p>\nAdjusted funds from operations<\/p>\n\n$\n<\/p>\n\n0.37\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.34\n<\/p>\n\n\u00a0\n<\/p>\n\nNotes:\n<\/p>\n\n(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 the activity of all of our equity interests in the “Earnings from equity interests” line on the consolidated statements of income.\n<\/p>\n\n(B) Investors and analysts following the real estate industry utilize funds from operations, or 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 and after adjustments for unconsolidated partnerships and joint ventures.\n<\/p>\n\n\u00a0\n<\/p>\n\nIn addition to presenting FFO in accordance with the Nareit definition, we also 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 necessary 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.\n<\/p>\n\n\u00a0\n<\/p>\n\nWe calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) non-cash revenue, (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 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 leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. 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.\n<\/p>\nContacts <\/p>\n\nDrew Babin, CFA, CMA\nSenior Managing Director of Corporate Communications\nMedical Properties Trust, Inc.\n(646) 884-9809\ndbabin@medicalpropertiestrust.com<\/a>\n<\/p>\n Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"Per Share Net Income of $1.05 and Normalized FFO of $0.47 in First Quarter 12% Growth in Per Share NFFO Versus Prior-Year Quarter Acquisitions, Dispositions and Macquarie Partnership Consistent with Accretive Capital Recycling Strategy BIRMINGHAM, Ala.–(BUSINESS WIRE)–Medical Properties Trust, Inc. (the \u201cCompany\u201d or \u201cMPT\u201d) (NYSE: MPW) today announced financial and operating results for the first […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-782641","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nMedical Properties Trust, Inc. Reports First Quarter Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/medical-properties-trust-inc-reports-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical Properties Trust, Inc. Reports First Quarter Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"Per Share Net Income of $1.05 and Normalized FFO of $0.47 in First Quarter 12% Growth in Per Share NFFO Versus Prior-Year Quarter Acquisitions, Dispositions and Macquarie Partnership Consistent with Accretive Capital Recycling Strategy BIRMINGHAM, Ala.–(BUSINESS WIRE)–Medical Properties Trust, Inc. (the \u201cCompany\u201d or \u201cMPT\u201d) (NYSE: MPW) today announced financial and operating results for the first […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/medical-properties-trust-inc-reports-first-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-28T18:03:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T18:50:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"olomaster\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"olomaster\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/medical-properties-trust-inc-reports-first-quarter-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/medical-properties-trust-inc-reports-first-quarter-results\/\"},\"author\":{\"name\":\"olomaster\",\"@id\":\"https:\/\/15.161.165.86\/#\/schema\/person\/f3523ef027b0af56aa28725439cc9518\"},\"headline\":\"Medical Properties Trust, Inc. 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