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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 September 30, 2023

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 November 3, 2023, Medical Properties Trust, Inc. had 599.0 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 and nine months ended September 30, 2023 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 September 30, 2023

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 September 30, 2023 and December 31, 2022

3

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2023 and 2022

4

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022

5

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2023 and 2022

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

8

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022

9

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2023 and 2022

10

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022

11

Condensed Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2023 and 2022

12

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

14

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

 

Notes to Condensed Consolidated Financial Statements

15

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

33

Item 3 Quantitative and Qualitative Disclosures about Market Risk

43

Item 4 Controls and Procedures

45

PART II — OTHER INFORMATION

46

Item 1 Legal Proceedings

46

Item 1A Risk Factors

46

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3 Defaults Upon Senior Securities

47

Item 4 Mine Safety Disclosures

47

Item 5 Other Information

47

Item 6 Exhibits

48

SIGNATURE

49

 

 

2

 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

September 30,
2023

 

 

December 31,
2022

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

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

 

$

13,042,260

 

 

$

13,862,415

 

Investment in financing leases

 

 

1,233,336

 

 

 

1,691,323

 

Real estate held for sale

 

 

290,321

 

 

 

—

 

Mortgage loans

 

 

302,476

 

 

 

364,101

 

Gross investment in real estate assets

 

 

14,868,393

 

 

 

15,917,839

 

Accumulated depreciation and amortization

 

 

(1,315,223

)

 

 

(1,193,312

)

Net investment in real estate assets

 

 

13,553,170

 

 

 

14,724,527

 

Cash and cash equivalents

 

 

340,058

 

 

 

235,668

 

Interest and rent receivables, net

 

 

195,559

 

 

 

167,035

 

Straight-line rent receivables

 

 

788,761

 

 

 

787,166

 

Investments in unconsolidated real estate joint ventures

 

 

1,461,725

 

 

 

1,497,903

 

Investments in unconsolidated operating entities

 

 

1,843,847

 

 

 

1,444,872

 

Other loans

 

 

263,471

 

 

 

227,839

 

Other assets

 

 

558,291

 

 

 

572,990

 

Total Assets

 

$

19,004,882

 

 

$

19,658,000

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt, net

 

$

10,157,079

 

 

$

10,268,412

 

Accounts payable and accrued expenses

 

 

375,888

 

 

 

621,324

 

Deferred revenue

 

 

32,280

 

 

 

27,727

 

Obligations to tenants and other lease liabilities

 

 

154,218

 

 

 

146,130

 

Total Liabilities

 

 

10,719,465

 

 

 

11,063,593

 

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 — 598,444 shares at September 30, 2023 and
   597,476 shares at December 31, 2022

 

 

598

 

 

 

597

 

Additional paid-in capital

 

 

8,558,768

 

 

 

8,535,140

 

Retained (deficit) earnings

 

 

(215,058

)

 

 

116,285

 

Accumulated other comprehensive loss

 

 

(59,778

)

 

 

(59,184

)

Total Medical Properties Trust, Inc. stockholders’ equity

 

 

8,284,530

 

 

 

8,592,838

 

Non-controlling interests

 

 

887

 

 

 

1,569

 

Total Equity

 

 

8,285,417

 

 

 

8,594,407

 

Total Liabilities and Equity

 

$

19,004,882

 

 

$

19,658,000

 

 

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 September 30,

 

 

For the Nine Months
Ended September 30,

 

(In thousands, except per share amounts)

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rent billed

$

229,306

 

 

$

232,418

 

 

$

724,954

 

 

$

737,029

 

Straight-line rent

 

21,511

 

 

 

26,552

 

 

 

38,875

 

 

 

146,114

 

Income from financing leases

 

26,066

 

 

 

51,011

 

 

 

107,729

 

 

 

154,660

 

Interest and other income

 

29,693

 

 

 

42,358

 

 

 

122,624

 

 

 

124,562

 

Total revenues

 

306,576

 

 

 

352,339

 

 

 

994,182

 

 

 

1,162,365

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Interest

 

106,709

 

 

 

88,076

 

 

 

308,833

 

 

 

266,989

 

Real estate depreciation and amortization

 

77,802

 

 

 

81,873

 

 

 

526,065

 

 

 

251,523

 

Property-related

 

6,483

 

 

 

8,265

 

 

 

38,269

 

 

 

37,998

 

General and administrative

 

38,110

 

 

 

37,319

 

 

 

115,438

 

 

 

117,601

 

Total expenses

 

229,104

 

 

 

215,533

 

 

 

988,605

 

 

 

674,111

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain on sale of real estate

 

(20

)

 

 

68,795

 

 

 

209

 

 

 

536,788

 

Real estate and other impairment (charges) recovery

 

(3,750

)

 

 

19,450

 

 

 

(93,288

)

 

 

14,575

 

Earnings from equity interests

 

11,264

 

 

 

11,483

 

 

 

34,840

 

 

 

33,606

 

Debt refinancing and unutilized financing benefit (costs)

 

862

 

 

 

(17

)

 

 

46

 

 

 

(9,452

)

Other (including fair value adjustments on securities)

 

41,125

 

 

 

4,082

 

 

 

25,447

 

 

 

20,875

 

Total other income (expense)

 

49,481

 

 

 

103,793

 

 

 

(32,746

)

 

 

596,392

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax

 

126,953

 

 

 

240,599

 

 

 

(27,169

)

 

 

1,084,646

 

Income tax (expense) benefit

 

(10,058

)

 

 

(18,579

)

 

 

134,661

 

 

 

(40,615

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

116,895

 

 

 

222,020

 

 

 

107,492

 

 

 

1,044,031

 

Net income attributable to non-controlling interests

 

(185

)

 

 

(227

)

 

 

(25

)

 

 

(960

)

Net income attributable to MPT common
   stockholders

$

116,710

 

 

$

221,793

 

 

$

107,467

 

 

$

1,043,071

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MPT common stockholders

$

0.19

 

 

$

0.37

 

 

$

0.18

 

 

$

1.74

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

598,444

 

 

 

598,980

 

 

 

598,363

 

 

 

598,828

 

Weighted average shares outstanding — diluted

 

598,553

 

 

 

599,339

 

 

 

598,406

 

 

 

599,099

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.15

 

 

$

0.29

 

 

$

0.73

 

 

$

0.87

 

 

See accompanying notes to condensed consolidated financial statements.

4

 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

116,895

 

 

$

222,020

 

 

$

107,492

 

 

$

1,044,031

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on interest rate swaps, net of tax

 

 

(12,440

)

 

 

52,975

 

 

 

(9,845

)

 

 

123,827

 

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

 

 

—

 

 

 

—

 

 

 

(28,553

)

 

 

—

 

Foreign currency translation (loss) gain

 

 

(54,018

)

 

 

(108,845

)

 

 

34,570

 

 

 

(226,401

)

Reclassification of foreign currency translation loss from
   AOCI

 

 

—

 

 

 

—

 

 

 

3,234

 

 

 

—

 

Total comprehensive income

 

 

50,437

 

 

 

166,150

 

 

 

106,898

 

 

 

941,457

 

Comprehensive income attributable to non-controlling
   interests

 

 

(185

)

 

 

(227

)

 

 

(25

)

 

 

(960

)

Comprehensive income attributable to MPT common
   stockholders

 

$

50,252

 

 

$

165,923

 

 

$

106,873

 

 

$

940,497

 

 

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
Earnings
(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

)

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(28,553

)

 

 

—

 

 

 

(28,553

)

Foreign currency translation gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,143

 

 

 

—

 

 

 

28,143

 

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

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(42,037

)

 

 

—

 

 

 

(396

)

 

 

(42,433

)

Unrealized gain on interest rate swaps,
   net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,920

 

 

 

—

 

 

 

17,920

 

Foreign currency translation gain

 

 

—

 

 

 

—

 

 

 

—