Medical Properties Trust (MPW) Misses Q1 EPS by 2c

Medical Properties Trust (NYSE: MPW) reported Q1 EPS of $0.25, $0.02 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $205 million versus the consensus estimate of $204.03 million.

OPERATING RESULTS AND OUTLOOK

Net income for the first quarter of 2018 was $90.6 million (or $0.25 per diluted share), compared to $68.0 million (or $0.21 per diluted share) in the first quarter of 2017.

NFFO for the first quarter of 2018 increased 24% to $131.5 million compared with $105.9 million in the first quarter of 2017. Per share NFFO increased 9% to $0.36 per diluted share in the first quarter of 2018, compared with $0.33 per diluted share in the first quarter of 2017.

On January 1, 2018, the Company adopted new accounting rules, which resulted in an increase in general and administrative expenses for the first quarter. Certain third party transaction costs that were previously accounted for as acquisition expenses are now capitalized. With this accounting change, MPT will no longer charge indirect and internal transaction costs as acquisition expenses.

The Company reaffirms its NFFO estimates for 2018. Net income is expected to range from $1.00 to $1.04 per diluted share, while NFFO is expected to range from $1.42 to $1.46 per diluted share. This estimate assumes no additional acquisitions or investments, no asset sales and no material capital transactions. The Company also reaffirmed its expectations that it will complete negotiations of certain joint venture arrangements during the first half of 2018. However, there is no assurance that any such arrangements will be completed.

For earnings history and earnings-related data on Medical Properties Trust (MPW) click here.

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