Medical Properties Trust (MPW) Misses Q4 EPS by 7c, Revenues Beat; Offers FY21 EPS Guidance Above Consensus

February 4, 2021 8:11 AM EST

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Medical Properties Trust (NYSE: MPW) reported Q4 EPS of $0.20, $0.07 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $333.81 million versus the consensus estimate of $330.71 million.

  • Net income of $0.20 and Normalized Funds from Operations (“NFFO”) of $0.41 for the 2020 fourth quarter and net income of $0.81 and NFFO of $1.57 for the full-year 2020, all on a per diluted share basis;
  • Closed in the fourth quarter on one inpatient rehabilitation (“IRF”) development agreement and six general acute and IRF acquisitions in the U.S., the U.K., Switzerland, and Colombia totaling nearly $670 million;
  • Closed in mid-January on an £800 million real estate investment in behavioral health properties in the UK operated by Priory Group (“Priory”);
  • In the first quarter of 2021 completed the sale of Olympia Medical Center to the UCLA Health System for proceeds of $51 million, recovering a loan balance of $25 million and other past due amounts at an overall expected gain exceeding $10 million;
  • During and subsequent to the fourth quarter issued $1.3 billion in 3.5% senior unsecured notes due in 2031, redeemed $800 million of senior unsecured notes due in 2024 with a blended interest rate of 6%, raised $828 million in common equity, extended with improved pricing the existing $1.5 billion line of credit agreement, and arranged a $900 million interim credit facility.

“I am pleased that in spite of the pandemic, MPT grew NFFO per share by 21% in 2020 and is approaching $5 billion in investments closed since the end of 2019 in a manner both accretive to earnings and beneficial to operator and property diversity in an already strongly diverse portfolio,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “While not a surprise to MPT, the challenges of 2020 proved that hospitals are essential to global healthcare delivery and that our growth pipeline can sustain momentum under challenging circumstances.”

Mr. Aldag continued, “2021 is obviously off to a strong start on the investment front, and growth-related conversations with our operators are picking up as they emerge from 2020 with strong operations and significant liquidity.”

GUIDANCE:

Medical Properties Trust sees FY2021 EPS of $1.14-$1.18, versus the consensus of $1.13.

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



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