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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, 2021

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

 

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.   

 

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 1, 2021, Medical Properties Trust, Inc. had 596.3 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, 2021 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, 2021

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, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

8

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020

9

Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2021 and 2020

10

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020

11

Condensed Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2021 and 2020

12

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

14

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

 

Notes to Condensed Consolidated Financial Statements

15

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

28

Item 3 Quantitative and Qualitative Disclosures about Market Risk

40

Item 4 Controls and Procedures

41

PART II — OTHER INFORMATION

42

Item 1 Legal Proceedings

42

Item 1A Risk Factors

42

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3 Defaults Upon Senior Securities

42

Item 4 Mine Safety Disclosures

42

Item 5 Other Information

42

Item 6 Exhibits

43

SIGNATURE

44

 

 

 

 

2


 

 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

September 30,

2021

 

 

December 31,

2020

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

 

 

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

 

$

13,244,403

 

 

$

12,078,927

 

Investment in financing leases

 

 

2,042,585

 

 

 

2,010,922

 

Real estate held for sale

 

 

1,096,475

 

 

 

 

Mortgage loans

 

 

200,285

 

 

 

248,080

 

Gross investment in real estate assets

 

 

16,583,748

 

 

 

14,337,929

 

Accumulated depreciation and amortization

 

 

(936,289

)

 

 

(833,529

)

Net investment in real estate assets

 

 

15,647,459

 

 

 

13,504,400

 

Cash and cash equivalents

 

 

349,652

 

 

 

549,884

 

Interest and rent receivables

 

 

64,622

 

 

 

46,208

 

Straight-line rent receivables

 

 

661,429

 

 

 

490,462

 

Equity investments

 

 

1,170,171

 

 

 

1,123,623

 

Other loans

 

 

1,502,677

 

 

 

858,368

 

Other assets

 

 

315,977

 

 

 

256,069

 

Total Assets

 

$

19,711,987

 

 

$

16,829,014

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

10,581,023

 

 

$

8,865,458

 

Accounts payable and accrued expenses

 

 

595,003

 

 

 

438,750

 

Deferred revenue

 

 

19,739

 

 

 

36,177

 

Obligations to tenants and other lease liabilities

 

 

157,488

 

 

 

144,772

 

Total Liabilities

 

 

11,353,253

 

 

 

9,485,157

 

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 — 596,145 shares at September 30, 2021 and

   541,419 shares at December 31, 2020

 

 

596

 

 

 

541

 

Additional paid-in capital

 

 

8,541,092

 

 

 

7,461,503

 

Distributions in excess of net income

 

 

(117,733

)

 

 

(71,411

)

Accumulated other comprehensive loss

 

 

(69,843

)

 

 

(51,324

)

Treasury shares, at cost

 

 

(777

)

 

 

(777

)

Total Medical Properties Trust, Inc. stockholders’ equity

 

 

8,353,335

 

 

 

7,338,532

 

Non-controlling interests

 

 

5,399

 

 

 

5,325

 

Total Equity

 

 

8,358,734

 

 

 

7,343,857

 

Total Liabilities and Equity

 

$

19,711,987

 

 

$

16,829,014

 

 

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)

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent billed

$

242,211

 

 

$

192,953

 

 

$

672,425

 

 

$

538,277

 

Straight-line rent

 

64,637

 

 

 

51,125

 

 

 

174,975

 

 

 

103,697

 

Income from financing leases

 

50,667

 

 

 

52,544

 

 

 

151,898

 

 

 

157,469

 

Interest and other income

 

33,264

 

 

 

32,836

 

 

 

136,038

 

 

 

115,989

 

Total revenues

 

390,779

 

 

 

329,458

 

 

 

1,135,336

 

 

 

915,432

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

94,132

 

 

 

82,263

 

 

 

273,409

 

 

 

243,538

 

Real estate depreciation and amortization

 

85,039

 

 

 

69,665

 

 

 

237,050

 

 

 

192,049

 

Property-related

 

7,128

 

 

 

5,897

 

 

 

31,265

 

 

 

19,178

 

General and administrative

 

36,694

 

 

 

31,718

 

 

 

107,312

 

 

 

97,121

 

Total expenses

 

222,993

 

 

 

189,543

 

 

 

649,036

 

 

 

551,886

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of real estate

 

9,294

 

 

 

(927

)

 

 

8,896

 

 

 

(2,703

)

Real estate impairment charges

 

 

 

 

 

 

 

 

 

 

(19,006

)

Earnings from equity interests

 

7,193

 

 

 

5,893

 

 

 

21,633

 

 

 

15,263

 

Debt refinancing and unutilized financing costs

 

 

 

 

 

 

 

(2,339

)

 

 

(611

)

Other (including mark-to-market adjustments on equity securities)

 

(2,276

)

 

 

2,461

 

 

 

4,747

 

 

 

(9,499

)

Total other income (expense)

 

14,211

 

 

 

7,427

 

 

 

32,937

 

 

 

(16,556

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

181,997

 

 

 

147,342

 

 

 

519,237

 

 

 

346,990

 

Income tax expense

 

(10,602

)

 

 

(15,985

)

 

 

(69,141

)

 

 

(24,824

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

171,395

 

 

 

131,357

 

 

 

450,096

 

 

 

322,166

 

Net income attributable to non-controlling interests

 

(258

)

 

 

(251

)

 

 

(611

)

 

 

(600

)

Net income attributable to MPT common stockholders

$

171,137

 

 

$

131,106

 

 

$

449,485

 

 

$

321,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MPT common stockholders

$

0.29

 

 

$

0.25

 

 

$

0.76

 

 

$

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

595,119

 

 

 

531,095

 

 

 

586,291

 

 

 

526,651

 

Weighted average shares outstanding — diluted

 

597,320

 

 

 

532,436

 

 

 

587,971

 

 

 

527,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.28

 

 

$

0.27

 

 

$

0.84

 

 

$

0.81

 

 

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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

171,395

 

 

$

131,357

 

 

$

450,096

 

 

$

322,166

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

8,847

 

 

 

(2,624

)

 

 

28,558

 

 

 

(35,635

)

Foreign currency translation (loss) gain

 

 

(25,191

)

 

 

19,983

 

 

 

(47,077

)

 

 

2,886

 

Total comprehensive income

 

 

155,051

 

 

 

148,716

 

 

 

431,577

 

 

 

289,417

 

Comprehensive income attributable to non-controlling interests

 

 

(258

)

 

 

(251

)

 

 

(611

)

 

 

(600

)

Comprehensive income attributable to MPT common

   stockholders

 

$

154,793

 

 

$

148,465

 

 

$

430,966

 

 

$

288,817

 

 

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

 

 

Distributions

in

Excess of

Net Income

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Shares

 

 

Non-

Controlling

Interests

 

 

Total

Equity

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

541,419

 

 

$

541

 

 

$

7,461,503

 

 

$

(71,411

)

 

$

(51,324

)

 

$

(777

)

 

$

5,325

 

 

$

7,343,857

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,783

 

 

 

 

 

 

 

 

 

97

 

 

 

163,880

 

Unrealized gain on interest rate swaps, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,504

 

 

 

 

 

 

 

 

 

15,504

 

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,900

)

 

 

 

 

 

 

 

 

(30,900

)

Stock vesting and amortization of

   stock-based compensation

 

 

 

 

 

 

 

 

1,741

 

 

 

2

 

 

 

12,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,264

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(193

)

 

 

(193

)

Proceeds from offering (net of

   offering costs)

 

 

 

 

 

 

 

 

39,949

 

 

 

40

 

 

 

779,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

779,241

 

Dividends declared ($0.28 per

   common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163,443

)

 

 

 

 

 

 

 

 

 

 

 

(163,443

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

583,109

 

 

$

583

 

 

$

8,252,966

 

 

$

(71,071

)

 

$

(66,720

)

 

$

(777

)

 

$

5,229

 

 

$

8,120,210

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114,565

 

 

 

 

 

 

 

 

 

256

 

 

 

114,821

 

Unrealized gain on interest rate swaps, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,207

 

 

 

 

 

 

 

 

 

4,207

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,014

 

 

 

 

 

 

 

 

 

9,014

 

Stock vesting and amortization of

   stock-based compensation

 

 

 

 

 

 

 

 

176