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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32559

Commission file number 333-177186

MEDICAL PROPERTIES TRUST, INC.

MPT OPERATING PARTNERSHIP, L.P.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

 

maryland

delaware

20-0191742

20-0242069

(State or other jurisdiction of

incorporation or organization)

(I. R. S. Employer

Identification No.)

 

 

 

 

1000 URBAN CENTER DRIVE, SUITE 501

BIRMINGHAM, AL

35242

(Address of principal executive offices)

(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (205) 969-3755

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share, of Medical Properties Trust, Inc.

MPW

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☒ (Medical Properties Trust, Inc. only)

Accelerated filer

Non-accelerated filer

☒ (MPT Operating Partnership, L.P. only)

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of May 24, 2024, Medical Properties Trust, Inc. had 600.1 million shares of common stock, par value $0.001, outstanding.

 

 


 

EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the three months ended March 31, 2024 of Medical Properties Trust, Inc., a Maryland corporation, and MPT Operating Partnership, L.P., a Delaware limited partnership, through which Medical Properties Trust, Inc. conducts substantially all of its operations. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “Medical Properties,” “MPT,” or the “company” refer to Medical Properties Trust, Inc. together with its consolidated subsidiaries, including MPT Operating Partnership, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “operating partnership” refer to MPT Operating Partnership, L.P. together with its consolidated subsidiaries.

 


 

MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P.

AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED March 31, 2024

Table of Contents

 

Page

PART I — FINANCIAL INFORMATION

3

Item 1 Financial Statements

3

Medical Properties Trust, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Net Income for the Three Months Ended March 31, 2024 and 2023

4

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023

5

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023

6

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

7

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023

8

Condensed Consolidated Statements of Net Income for the Three Months Ended March 31, 2024 and 2023

9

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023

10

Condensed Consolidated Statements of Capital for the Three Months Ended March 31, 2024 and 2023

11

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

12

Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. and Subsidiaries

 

Notes to Condensed Consolidated Financial Statements

13

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3 Quantitative and Qualitative Disclosures about Market Risk

38

Item 4 Controls and Procedures

39

PART II — OTHER INFORMATION

41

Item 1 Legal Proceedings

41

Item 1A Risk Factors

41

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3 Defaults Upon Senior Securities

43

Item 4 Mine Safety Disclosures

43

Item 5 Other Information

43

Item 6 Exhibits

44

SIGNATURE

45

 

 

2


 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

March 31,
2024

 

 

December 31,
2023

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

12,823,748

 

 

$

13,237,187

 

Investment in financing leases

 

 

1,233,178

 

 

 

1,231,630

 

Real estate held for sale

 

 

295,130

 

 

 

 

Mortgage loans

 

 

309,926

 

 

 

309,315

 

Gross investment in real estate assets

 

 

14,661,982

 

 

 

14,778,132

 

Accumulated depreciation and amortization

 

 

(1,422,728

)

 

 

(1,407,971

)

Net investment in real estate assets

 

 

13,239,254

 

 

 

13,370,161

 

Cash and cash equivalents

 

 

224,340

 

 

 

250,016

 

Interest and rent receivables

 

 

34,492

 

 

 

45,059

 

Straight-line rent receivables

 

 

677,570

 

 

 

635,987

 

Investments in unconsolidated real estate joint ventures

 

 

1,450,482

 

 

 

1,474,455

 

Investments in unconsolidated operating entities

 

 

794,138

 

 

 

1,778,640

 

Other loans

 

 

426,971

 

 

 

292,615

 

Other assets

 

 

453,709

 

 

 

457,911

 

Total Assets

 

$

17,300,956

 

 

$

18,304,844

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt, net

 

$

10,098,723

 

 

$

10,064,236

 

Accounts payable and accrued expenses

 

 

302,526

 

 

 

412,178

 

Deferred revenue

 

 

32,076

 

 

 

37,962

 

Obligations to tenants and other lease liabilities

 

 

163,264

 

 

 

156,603

 

Total Liabilities

 

 

10,596,589

 

 

 

10,670,979

 

Equity

 

 

 

 

 

 

Preferred stock, $0.001 par value. Authorized 10,000 shares;
   
no shares outstanding

 

 

 

 

 

 

Common stock, $0.001 par value. Authorized 750,000 shares;
   issued and outstanding —
600,304 shares at March 31, 2024 and
   
598,991 shares at December 31, 2023

 

 

600

 

 

 

599

 

Additional paid-in capital

 

 

8,567,199

 

 

 

8,560,309

 

Retained deficit

 

 

(1,846,862

)

 

 

(971,809

)

Accumulated other comprehensive (loss) income

 

 

(18,838

)

 

 

42,501

 

Total Medical Properties Trust, Inc. stockholders’ equity

 

 

6,702,099

 

 

 

7,631,600

 

Non-controlling interests

 

 

2,268

 

 

 

2,265

 

Total Equity

 

 

6,704,367

 

 

 

7,633,865

 

Total Liabilities and Equity

 

$

17,300,956

 

 

$

18,304,844

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

For the Three Months
Ended March 31,

 

(In thousands, except per share amounts)

2024

 

 

2023

 

Revenues

 

 

 

 

 

Rent billed

$

199,299

 

 

$

248,157

 

Straight-line rent

 

44,736

 

 

 

56,693

 

Income from financing leases

 

16,393

 

 

 

13,195

 

Interest and other income

 

10,888

 

 

 

32,166

 

Total revenues

 

271,316

 

 

 

350,211

 

Expenses

 

 

 

 

 

Interest

 

108,685

 

 

 

97,654

 

Real estate depreciation and amortization

 

75,586

 

 

 

83,860

 

Property-related

 

4,818

 

 

 

7,110

 

General and administrative

 

33,348

 

 

 

41,724

 

Total expenses

 

222,437

 

 

 

230,348

 

Other expense

 

 

 

 

 

(Loss) gain on sale of real estate

 

(1,423

)

 

 

62

 

Real estate and other impairment charges, net

 

(693,088

)

 

 

(89,538

)

Earnings from equity interests

 

10,549

 

 

 

11,352

 

Other (including fair value adjustments on securities)

 

(229,345

)

 

 

(5,166

)

Total other expense

 

(913,307

)

 

 

(83,290

)

 

 

 

 

 

 

(Loss) income before income tax

 

(864,428

)

 

 

36,573

 

Income tax expense

 

(10,949

)

 

 

(3,543

)

 

 

 

 

 

 

Net (loss) income

 

(875,377

)

 

 

33,030

 

Net income attributable to non-controlling interests

 

(248

)

 

 

(236

)

Net (loss) income attributable to MPT common stockholders

$

(875,625

)

 

$

32,794

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

Net (loss) income attributable to MPT common stockholders

$

(1.46

)

 

$

0.05

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

600,304

 

 

 

598,302

 

Weighted average shares outstanding — diluted

 

600,304

 

 

 

598,310

 

 

 

 

 

 

 

Dividends declared per common share

$

 

 

$

0.29

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Unaudited)

 

 

 

For the Three Months
Ended March 31,

 

(In thousands)

 

2024

 

 

2023

 

Net (loss) income

 

$

(875,377

)

 

$

33,030

 

Other comprehensive (loss) income:

 

 

 

 

 

 

Unrealized loss on interest rate swaps, net of tax

 

 

(2,797

)

 

 

(15,325

)

Reclassification of interest rate swap gain from AOCI, net of tax

 

 

 

 

 

(28,553

)

Foreign currency translation (loss) gain

 

 

(58,542

)

 

 

28,143

 

Total comprehensive (loss) income

 

 

(936,716

)

 

 

17,295

 

Comprehensive income attributable to non-controlling interests

 

 

(248

)

 

 

(236

)

Comprehensive (loss) income attributable to MPT common stockholders

 

$

(936,964

)

 

$

17,059

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Equity

(Unaudited)

 

 

 

Preferred

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share amounts)

 

Shares

 

 

Par
Value

 

 

Shares

 

 

Par
Value

 

 

Additional
Paid-in
Capital

 

 

Retained
Deficit

 

 

Accumulated
Other
Comprehensive
(Loss) Income

 

 

Non-
Controlling
Interests

 

 

Total
Equity

 

Balance at December 31, 2023

 

 

 

 

$

 

 

 

598,991

 

 

$

599

 

 

$

8,560,309

 

 

$

(971,809

)

 

$

42,501

 

 

$

2,265

 

 

$

7,633,865

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(875,625

)

 

 

 

 

 

248

 

 

 

(875,377

)

Unrealized loss on interest rate swaps,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,797

)

 

 

 

 

 

(2,797

)

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(58,542

)

 

 

 

 

 

(58,542

)

Stock vesting and amortization of
   stock-based compensation

 

 

 

 

 

 

 

 

1,370

 

 

 

1

 

 

 

7,173

 

 

 

 

 

 

 

 

 

 

 

 

7,174

 

Stock vesting - satisfaction of tax
   withholdings

 

 

 

 

 

 

 

 

(57

)

 

 

 

 

 

(283

)

 

 

 

 

 

 

 

 

 

 

 

(283

)

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(245

)

 

 

(245

)

Dividends declared adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

572

 

 

 

 

 

 

 

 

 

572

 

Balance at March 31, 2024

 

 

 

 

$

 

 

 

600,304

 

 

$

600

 

 

$

8,567,199

 

 

$

(1,846,862

)

 

$

(18,838

)

 

$

2,268

 

 

$

6,704,367

 

 

 

 

 

Preferred

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share amounts)

 

Shares

 

 

Par
Value

 

 

Shares

 

 

Par
Value

 

 

Additional
Paid-in
Capital

 

 

Retained
Deficit

 

 

Accumulated
Other
Comprehensive
(Loss) Income

 

 

Non-
Controlling
Interests

 

 

Total
Equity

 

Balance at December 31, 2022

 

 

 

 

$

 

 

 

597,476

 

 

$

597

 

 

$

8,535,140

 

 

$

116,285

 

 

$

(59,184

)

 

$

1,569

 

 

$

8,594,407

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,794

 

 

 

 

 

 

236

 

 

 

33,030

 

Unrealized loss on interest rate swaps,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,325

)

 

 

 

 

 

(15,325

)

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,143

 

 

 

 

 

 

28,143

 

Reclassification of interest rate swap
   gain to earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,553

)

 

 

 

 

 

(28,553

)

Stock vesting and amortization of
   stock-based compensation

 

 

 

 

 

 

 

 

1,325

 

 

 

1

 

 

 

11,828

 

 

 

 

 

 

 

 

 

 

 

 

11,829

 

Stock vesting - satisfaction of tax
   withholdings

 

 

 

 

 

 

 

 

(499

)

 

 

 

 

 

(5,554

)

 

 

 

 

 

 

 

 

 

 

 

(5,554

)

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(231

)

 

 

(231

)

Dividends declared ($0.29 per
   common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,492

)

 

 

 

 

 

 

 

 

(174,492

)

Balance at March 31, 2023

 

 

 

 

$

 

 

 

598,302

 

 

$

598

 

 

$

8,541,414

 

 

$

(25,413

)

 

$

(74,919

)

 

$

1,574

 

 

$

8,443,254

 

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Three Months
Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

Net (loss) income

 

$

(875,377

)

 

$

33,030

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

77,214

 

 

 

87,586

 

Amortization of deferred financing costs and debt discount

 

 

3,698

 

 

 

4,014

 

Straight-line rent revenue and other

 

 

(46,566

)

 

 

(58,566

)

Stock-based compensation

 

 

7,633

 

 

 

11,829

 

Loss (gain) on sale of real estate

 

 

1,423

 

 

 

(62

)

Real estate and other impairment charges, net

 

 

693,088

 

 

 

89,538

 

Straight-line rent and other write-off

 

 

1,817

 

 

 

2,192

 

Tax rate changes and other

 

 

(307

)

 

 

(7,305

)

Other adjustments (including fair value adjustments on securities)

 

 

223,674

 

 

 

(8,505

)

Changes in:

 

 

 

 

 

 

Interest and rent receivables

 

 

5,369

 

 

 

(514

)

Other assets

 

 

5,689

 

 

 

(2,493

)

Accounts payable and accrued expenses

 

 

(18,878

)

 

 

(15,696

)

Deferred revenue

 

 

(4,135

)

 

 

600

 

Net cash provided by operating activities

 

 

74,342

 

 

 

135,648

 

Investing activities

 

 

 

 

 

 

Cash paid for acquisitions and other related investments

 

 

 

 

 

(72,900

)

Net proceeds from sale of real estate

 

 

6,596

 

 

 

100

 

Proceeds received from sale and repayment of loans receivable

 

 

114,416

 

 

 

221,876

 

Investment in loans receivable

 

 

(135,000

)

 

 

(50,000

)

Construction in progress and other

 

 

(29,885

)

 

 

(13,292

)

Proceeds from sale and return of equity investment

 

 

11,656

 

 

 

 

Capital additions and other investments, net

 

 

(87,045

)

 

 

(68,606

)

Net cash (used for) provided by investing activities

 

 

(119,262

)

 

 

17,178

 

Financing activities

 

 

 

 

 

 

Revolving credit facility, net

 

 

111,186

 

 

 

95,919

 

Dividends paid

 

 

(92,763

)

 

 

(176,580

)

Lease deposits and other obligations to tenants

 

 

6,226

 

 

 

(2,691

)

Stock vesting - satisfaction of tax withholdings

 

 

(283

)

 

 

(5,554

)

Other financing activities, payment of debt refinancing, and deferred financing costs

 

 

(2,291

)

 

 

(219

)

Net cash provided by (used for) financing activities

 

 

22,075

 

 

 

(89,125

)

(Decrease) increase in cash, cash equivalents, and restricted cash for period

 

 

(22,845

)

 

 

63,701

 

Effect of exchange rate changes

 

 

(2,889

)

 

 

2,927

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

255,952

 

 

 

241,538

 

Cash, cash equivalents, and restricted cash at end of period

 

$

230,218

 

 

$

308,166

 

Interest paid

 

$

131,815

 

 

$

116,436

 

Supplemental schedule of non-cash financing activities:

 

 

 

 

 

 

Dividends declared, unpaid

 

$

 

 

$

174,492

 

Cash, cash equivalents, and restricted cash are comprised of the following:

 

 

 

 

 

 

Beginning of period:

 

 

 

 

 

 

Cash and cash equivalents

 

$

250,016

 

 

$

235,668

 

Restricted cash, included in Other assets

 

 

5,936

 

 

 

5,870

 

 

 

$

255,952

 

 

$

241,538

 

End of period:

 

 

 

 

 

 

Cash and cash equivalents

 

$

224,340

 

 

$

302,321

 

Restricted cash, included in Other assets

 

 

5,878

 

 

 

5,845

 

 

 

$

230,218

 

 

$

308,166

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

March 31,
2024

 

 

December 31,
2023

 

(In thousands)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

12,823,748

 

 

$

13,237,187

 

Investment in financing leases

 

 

1,233,178

 

 

 

1,231,630

 

Real estate held for sale

 

 

295,130

 

 

 

 

Mortgage loans

 

 

309,926

 

 

 

309,315

 

Gross investment in real estate assets

 

 

14,661,982

 

 

 

14,778,132

 

Accumulated depreciation and amortization

 

 

(1,422,728

)

 

 

(1,407,971

)

Net investment in real estate assets

 

 

13,239,254

 

 

 

13,370,161

 

Cash and cash equivalents

 

 

224,340

 

 

 

250,016

 

Interest and rent receivables

 

 

34,492

 

 

 

45,059

 

Straight-line rent receivables

 

 

677,570

 

 

 

635,987

 

Investments in unconsolidated real estate joint ventures

 

 

1,450,482

 

 

 

1,474,455

 

Investments in unconsolidated operating entities

 

 

794,138

 

 

 

1,778,640

 

Other loans

 

 

426,971

 

 

 

292,615

 

Other assets

 

 

453,709

 

 

 

457,911

 

Total Assets

 

$

17,300,956

 

 

$

18,304,844

 

Liabilities and Capital

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt, net

 

$

10,098,723

 

 

$

10,064,236

 

Accounts payable and accrued expenses

 

 

302,136

 

 

 

318,980

 

Deferred revenue

 

 

32,076

 

 

 

37,962

 

Obligations to tenants and other lease liabilities

 

 

163,264

 

 

 

156,603

 

Payable due to Medical Properties Trust, Inc.

 

 

 

 

 

92,808

 

Total Liabilities

 

 

10,596,199

 

 

 

10,670,589

 

Capital

 

 

 

 

 

 

General Partner — issued and outstanding — 6,004 units at
  March 31, 2024 and
5,991 units at December 31, 2023

 

 

67,288

 

 

 

75,969

 

Limited Partners — issued and outstanding — 594,300 units at
   March 31, 2024 and
593,000 units at December 31, 2023

 

 

6,654,039

 

 

 

7,513,520

 

Accumulated other comprehensive (loss) income

 

 

(18,838

)

 

 

42,501

 

Total MPT Operating Partnership, L.P. capital

 

 

6,702,489

 

 

 

7,631,990

 

Non-controlling interests

 

 

2,268

 

 

 

2,265

 

Total Capital

 

 

6,704,757

 

 

 

7,634,255

 

Total Liabilities and Capital

 

$

17,300,956

 

 

$

18,304,844

 

 

See accompanying notes to condensed consolidated financial statements.

8


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

 

For the Three Months
Ended March 31,

 

(In thousands, except per unit amounts)

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

Rent billed

 

$

199,299

 

 

$

248,157

 

Straight-line rent

 

 

44,736

 

 

 

56,693

 

Income from financing leases

 

 

16,393

 

 

 

13,195

 

Interest and other income

 

 

10,888

 

 

 

32,166

 

Total revenues

 

 

271,316

 

 

 

350,211

 

Expenses

 

 

 

 

 

 

Interest

 

 

108,685

 

 

 

97,654

 

Real estate depreciation and amortization

 

 

75,586

 

 

 

83,860

 

Property-related

 

 

4,818

 

 

 

7,110

 

General and administrative

 

 

33,348

 

 

 

41,724

 

Total expenses

 

 

222,437

 

 

 

230,348

 

Other expense

 

 

 

 

 

 

(Loss) gain on sale of real estate

 

 

(1,423

)

 

 

62

 

Real estate and other impairment charges, net

 

 

(693,088

)

 

 

(89,538

)

Earnings from equity interests

 

 

10,549

 

 

 

11,352

 

Other (including fair value adjustments on securities)

 

 

</