Medical Properties Trust (MPW) Misses Q1 EPS by 3c, Revenues Miss; Provides FY19 EPS Outlook Above Consensus

Medical Properties Trust (NYSE: MPW) reported Q1 EPS of $0.20, $0.03 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $180.45 million versus the consensus estimate of $182.92 million.

FIRST QUARTER AND RECENT HIGHLIGHTS

• Net income of $0.20 and Normalized Funds from Operations (“NFFO”) of $0.31 in the first quarter both on a per diluted share basis;
• Acquired the freehold interest of the BMI Harbour Hospital, an acute care hospital located in the highly desirable area of Poole, England, for approximately $45.4 million;
• Agreed with a syndicate of banks to terms of an Australian $1.2 billion unsecured term loan;
• Sold 22.6 million common shares for approximately $400 million through the Company’s “at-the-market” program totaling 28.2 million shares and $494 million since commencement of sales in 2018’s fourth quarter.

“As MPT executes on its robust $5 billion pipeline, considerable progress has been made on our previously announced Healthscope acquisition with the securing of financing and the scheduling by Healthscope on May 22 of its shareholder meeting,” said Edward K. Aldag, Jr., MPT’s Chairman, President and Chief Executive Officer. “We expect to close on this $859 million transaction during the second quarter. In another transaction, MPT has expanded its footprint in the UK with the acquisition of BMI Harbour Hospital, an acute care hospital located in Poole, England. In the capital markets, we had outstanding execution in the first quarter raising approximately $400 million through our ‘at-the-market’ program, in anticipation of substantial acquisition activity throughout the remainder of 2019.”

GUIDANCE:

Medical Properties Trust sees FY2019 EPS of $1.02-$1.04, versus the consensus of $0.98.

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

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