Medical Properties Trust (MPW) Misses Q3 EPS by 1c, Revenues Beat

Medical Properties Trust (NYSE: MPW) reported Q3 EPS of $0.25, $0.01 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $329.46 million versus the consensus estimate of $315.27 million.

• Net income of $0.25 and Normalized Funds from Operations (“NFFO”) of $0.41 in the third quarter, both on a per diluted share basis;
• Collection of materially all current rent and interest due from operators expected in fourth quarter with definitive agreements in place to collect, with interest, the 2% of 2020 rents previously deferred due to the COVID-19 pandemic;
• Closed in early August on the acquisition of a MEDIAN inpatient rehab facility in Dahlen, Germany for €12.5 million;
• Acquired BMI Woodlands Hospital in Darlington, United Kingdom in early August for £29.4 million;
• Completed in mid-August an investment in Prime St. Francis Medical Center in Lynwood, CA for $300 million;
• Sold approximately 7.0 million common shares since June 30, 2020 through the Company’s “at-the-market” program for net proceeds of approximately $129 million.

“We are pleased to report outstanding 24% normalized FFO per share growth relative to last year’s third quarter as well as to confirm our previous disclosures that we are once again collecting substantially 100% of current rent and interest due from our tenants, as operating conditions continue to approach and, in some instances, exceed pre-COVID levels,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “Regardless of political and legislative outcomes hitting the news in coming months, it remains a fact that U.S. total healthcare spending at hospitals, having reached $1.2 trillion as officially measured in 2018, has increased at an 8.8% compound annual growth rate and without a single annual decrease since CMS began recording this data in 1960. Irrespective of the outcome of the election and the direction the U.S. may take with regard to healthcare, we fully expect to maintain our sector-leading lease coverage multiples.”

Mr. Aldag continued, “Early indications suggest that our 2021 investment pipeline is similar in both size and composition to several years in our recent history. We continue to move forward with several attractive smaller investments, and, as is typical, we are in various stages of progress on significant opportunities with timing that is difficult to estimate.”

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