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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, 2022

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 4, 2022, Medical Properties Trust, Inc. had 598.0 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, 2022 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, 2022

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, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021

5

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

8

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021

9

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2022 and 2021

10

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021

11

Condensed Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2022 and 2021

12

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

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

29

Item 3 Quantitative and Qualitative Disclosures about Market Risk

42

Item 4 Controls and Procedures

43

PART II — OTHER INFORMATION

44

Item 1 Legal Proceedings

44

Item 1A Risk Factors

44

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3 Defaults Upon Senior Securities

44

Item 4 Mine Safety Disclosures

44

Item 5 Other Information

44

Item 6 Exhibits

45

SIGNATURE

46

 

 

 

2


 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

September 30,
2022

 

 

December 31,
2021

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

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

 

$

13,083,292

 

 

$

14,062,722

 

Investment in financing leases

 

 

1,965,021

 

 

 

2,053,327

 

Real estate held for sale

 

 

 

 

 

1,096,505

 

Mortgage loans

 

 

305,504

 

 

 

213,211

 

Gross investment in real estate assets

 

 

15,353,817

 

 

 

17,425,765

 

Accumulated depreciation and amortization

 

 

(1,088,912

)

 

 

(993,100

)

Net investment in real estate assets

 

 

14,264,905

 

 

 

16,432,665

 

Cash and cash equivalents

 

 

299,171

 

 

 

459,227

 

Interest and rent receivables

 

 

117,555

 

 

 

56,229

 

Straight-line rent receivables

 

 

710,082

 

 

 

728,522

 

Investments in unconsolidated real estate joint ventures

 

 

1,422,010

 

 

 

1,152,927

 

Investments in unconsolidated operating entities

 

 

1,428,061

 

 

 

1,289,434

 

Other loans

 

 

200,245

 

 

 

67,317

 

Other assets

 

 

601,387

 

 

 

333,480

 

Total Assets

 

$

19,043,416

 

 

$

20,519,801

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt, net

 

$

9,476,144

 

 

$

11,282,770

 

Accounts payable and accrued expenses

 

 

569,017

 

 

 

607,792

 

Deferred revenue

 

 

18,569

 

 

 

25,563

 

Obligations to tenants and other lease liabilities

 

 

146,438

 

 

 

158,005

 

Total Liabilities

 

 

10,210,168

 

 

 

12,074,130

 

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 —
598,983 shares at September 30, 2022 and
   
596,748 shares at December 31, 2021

 

 

599

 

 

 

597

 

Additional paid-in capital

 

 

8,537,145

 

 

 

8,564,009

 

Retained earnings (deficit)

 

 

433,339

 

 

 

(87,691

)

Accumulated other comprehensive loss

 

 

(139,301

)

 

 

(36,727

)

Total Medical Properties Trust, Inc. stockholders’ equity

 

 

8,831,782

 

 

 

8,440,188

 

Non-controlling interests

 

 

1,466

 

 

 

5,483

 

Total Equity

 

 

8,833,248

 

 

 

8,445,671

 

Total Liabilities and Equity

 

$

19,043,416

 

 

$

20,519,801

 

 

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)

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rent billed

$

232,418

 

 

$

242,211

 

 

$

737,029

 

 

$

672,425

 

Straight-line rent

 

26,552

 

 

 

64,637

 

 

 

146,114

 

 

 

174,975

 

Income from financing leases

 

51,011

 

 

 

50,667

 

 

 

154,660

 

 

 

151,898

 

Interest and other income

 

42,358

 

 

 

33,264

 

 

 

124,562

 

 

 

136,038

 

Total revenues

 

352,339

 

 

 

390,779

 

 

 

1,162,365

 

 

 

1,135,336

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Interest

 

88,076

 

 

 

94,132

 

 

 

266,989

 

 

 

273,409

 

Real estate depreciation and amortization

 

81,873

 

 

 

85,039

 

 

 

251,523

 

 

 

237,050

 

Property-related

 

8,265

 

 

 

7,128

 

 

 

37,998

 

 

 

31,265

 

General and administrative

 

37,319

 

 

 

36,694

 

 

 

117,601

 

 

 

107,312

 

Total expenses

 

215,533

 

 

 

222,993

 

 

 

674,111

 

 

 

649,036

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate and other, net

 

68,795

 

 

 

9,294

 

 

 

536,788

 

 

 

8,896

 

Earnings from equity interests

 

11,483

 

 

 

7,193

 

 

 

33,606

 

 

 

21,633

 

Debt refinancing and unutilized financing costs

 

(17

)

 

 

 

 

 

(9,452

)

 

 

(2,339

)

Other (including fair value adjustments on securities)

 

23,532

 

 

 

(2,276

)

 

 

35,450

 

 

 

4,747

 

Total other income

 

103,793

 

 

 

14,211

 

 

 

596,392

 

 

 

32,937

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

240,599

 

 

 

181,997

 

 

 

1,084,646

 

 

 

519,237

 

Income tax expense

 

(18,579

)

 

 

(10,602

)

 

 

(40,615

)

 

 

(69,141

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

222,020

 

 

 

171,395

 

 

 

1,044,031

 

 

 

450,096

 

Net income attributable to non-controlling interests

 

(227

)

 

 

(258

)

 

 

(960

)

 

 

(611

)

Net income attributable to MPT common stockholders

$

221,793

 

 

$

171,137

 

 

$

1,043,071

 

 

$

449,485

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MPT common stockholders

$

0.37

 

 

$

0.29

 

 

$

1.74

 

 

$

0.76

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

598,980

 

 

 

595,119

 

 

 

598,828

 

 

 

586,291

 

Weighted average shares outstanding — diluted

 

599,339

 

 

 

597,320

 

 

 

599,099

 

 

 

587,971

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.29

 

 

$

0.28

 

 

$

0.87

 

 

$

0.84

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

222,020

 

 

$

171,395

 

 

$

1,044,031

 

 

$

450,096

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on interest rate swaps, net of tax

 

 

52,975

 

 

 

8,847

 

 

 

123,827

 

 

 

28,558

 

Foreign currency translation loss

 

 

(108,845

)

 

 

(25,191

)

 

 

(226,401

)

 

 

(47,077

)

Total comprehensive income

 

 

166,150

 

 

 

155,051

 

 

 

941,457

 

 

 

431,577

 

Comprehensive income attributable to non-controlling interests

 

 

(227

)

 

 

(258

)

 

 

(960

)

 

 

(611

)

Comprehensive income attributable to MPT common
   stockholders

 

$

165,923

 

 

$

154,793

 

 

$

940,497

 

 

$

430,966

 

 

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

 

 

Non-
Controlling
Interests

 

 

Total
Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

596,748

 

 

$

597

 

 

$

8,564,009

 

 

$

(87,691

)

 

$

(36,727

)

 

$

5,483

 

 

$

8,445,671

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

631,681

 

 

 

 

 

 

266

 

 

 

631,947

 

Unrealized gain on interest rate swaps,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,932

 

 

 

 

 

 

44,932

 

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,215

)

 

 

 

 

 

(13,215

)

Stock vesting and amortization of
   stock-based compensation

 

 

 

 

 

 

 

 

3,107

 

 

 

3

 

 

 

11,801

 

 

 

 

 

 

 

 

 

 

 

 

11,804

 

Stock vesting - satisfaction of tax
   withholdings

 

 

 

 

 

 

 

 

(1,179

)

 

 

(1

)

 

 

(27,918

)

 

 

 

 

 

 

 

 

 

 

 

(27,919

)

Issuance of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

929

 

 

 

929

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(772

)

 

 

(772

)

Dividends declared ($0.29 per
   common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,018

)

 

 

 

 

 

 

 

 

(174,018

)

Balance at March 31, 2022

 

 

 

 

$

 

 

 

598,676

 

 

$

599

 

 

$

8,547,892

 

 

$

369,972

 

 

$

(5,010

)

 

$

5,906

 

 

$