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Medical Properties Trust, Inc. is a different kind of real estate investment trust - by design.
MPT has carved a unique niche in the largest and fastest-growing segment of the U.S. economy. Unlike other real estate investment trusts - even those categorized as healthcare REITs - MPT focuses exclusively on providing capital to acute care facilities of all kinds through long-term triple-net leases. And, unlike other sources of capital, MPT provides 100 percent financing to reduce an organization's overall cost of capital by unlocking the value of its real estate assets.
* Per share net income of $0.26 and Normalized Funds from Operations (?NFFO?) of $0.35 in the fourth quarter, both on a per diluted share basis; * Completed the acquisition of 10 acute care hospitals operated by LifePoint Health, Inc. in six U.S. states for an aggregate purchase price of approximately $700 million; a $31.0 million (?28.2 million) majority real estate interest in a hospital in Viseu, Portugal; substantial interest in joint ventures that own two premier Madrid hospitals for an aggregate investment of $130.0 million (?117.3 million); and commenced development of a $27.5 million unique behavioral hospital in the Houston, Texas area; * Completed the highly profitable sale of two acute care hospitals, exiting a market and tenant relationship; * Completed an inaugural Sterling bond issue with staggered maturities in December, raising £1.0 billion to provide financing for 2019 UK acquisitions and to pre-fund the January acquisition of 30 British hospitals; completed remaining purchase price funding in January with a £700 million unsecured term loan for a blended financing cost of less than 3.0%; * Filed a $1.0 billion at-the-market equity program; and * Issued 57.5 million shares of common stock for net proceeds of approximately $1.0 billion.
OPERATING RESULTS AND OUTLOOK
Net income for the fourth quarter and year ended December 31, 2019 was $130 million ($0.26 per diluted share), and $375 million ($0.87 per diluted share), respectively compared to $78 million ($0.21 per diluted share) and $1.02 billion ($2.76 per diluted share) in the year earlier periods.
NFFO for the fourth quarter and year ended December 31, 2019 was $171 million ($0.35 per diluted share), and $557 million ($1.30 per diluted share), respectively compared to $112 million ($0.31 per diluted share) and $501 million ($1.37 per diluted share) in the year earlier periods. The year earlier period included gains on sales approximating $671 million.
The Company reaffirms an annual run rate of $1.24 to $1.27 per diluted share for net income and $1.65 to $1.68 per diluted share for NFFO based on all announced transactions and an assumed capital structure that results in a net debt to EBITDA ratio of approximately 5.5 times.
* Per share net income of $0.15 and Normalized Funds from Operations (?NFFO?) of $0.37 in the first quarter, both on a per diluted share basis; * Previously announced completion of the acquisition of 30 acute care hospitals located throughout the United Kingdom and now operated by Circle Health (?Circle?) for a purchase price of approximately $2.0 billion (£1.5 billion); * Commenced rent on Idaho Falls Community Hospital, an 88-bed acute care hospital development; * Entered into agreements with Ernest Health to provide $47.9 million in funding for the development of a 50-bed freestanding inpatient rehabilitation hospital in Bakersfield, California that is expected to be fully operational in the third quarter of 2021; * Previously announced completion of a £700 million unsecured term loan in early January with proceeds used to partially fund the Circle/BMI transaction; * Sold 8.3 million common shares year-to-date through the Company?s ?at-the-market? program at an average price of $19.99 for net proceeds of approximately $164 million.
Net income for the first quarter of 2020 was $81.0 million (or $0.15 per diluted share), compared to $75.8 million ($0.20 per diluted share) in the first quarter of 2019.
NFFO for the first quarter of 2020 was $191.2 million (or $0.37 per diluted share), compared to $117.8 million ($0.31 per diluted share) in the first quarter of 2019.
The Company reaffirms its estimated annualized NFFO run rate range including $1.14 to $1.17 per diluted share for net income and $1.65 to $1.68 per diluted share for NFFO based on all announced transactions and an assumed capital structure that results in a net debt to EBITDA ratio of approximately 5.5 times.
Medical Properties Trust, Inc. (the ?Company? or ?MPT?) (NYSE: MPW) today provided an update on June rent and loan payment collections and announced, as expected, the completion of its £1.5B lease agreement with UK-based hospital operator Circle Health.
Financial Health of MPT Operators Evident in June Collections, Repayment Agreements
In addition to having received June rent and loan payments consistent with April and May at 96% of amounts due, MPT has reached agreements in principle to collect all amounts, with interest, deferred by certain operators during the COVID-19 pandemic.
Circle Health Master Lease Structure Completed to Reflect Enhanced Rent Growth Profile
As expected, the 8.9% GAAP yield on MPT?s master lease to Circle Health became effective concurrent with the finalization of an amendment introducing a 2% minimum annual cash rent escalator to the full and extended terms of the agreement. MPT began to recognize the related additional straight-line rent on June 16.
- Per Share Net Income of $0.21 and Normalized FFO of $0.38 - $3.1 Billion of Closed and Announced Investments Year-to-Date - 100% of Rent and Interest Collected or Subject to Definitive Repayment Agreements Since Onset of COVID-19
* Net income of $0.21 and Normalized Funds from Operations (?NFFO?) of $0.38 in the second quarter, both on a per diluted share basis; * Expected full-calendar year 2020 cash rent and interest collections of 98%; deferrals of current rent and interest due will end by the fourth quarter, and amounts remaining unpaid will be collected pursuant to defined repayment arrangements; * Acquired in early July for $200 million the fee simple interest in Steward?s Davis and Jordan Valley, UT Hospitals previously subject to a mortgage loan investment from MPT; * Entered into commitments to acquire real estate of Prime St. Francis Medical Center in Lynwood, CA for an investment of $300 million; expected to close in the third quarter; * Closed in mid-May, a $205 million transaction to form a joint venture to invest in select international hospitals outside of the scope of existing operator relationships; subsequently committed to a $100 million investment, expected to close in the fourth quarter, in a three-hospital portfolio located in Colombia to be managed by the new platform; * Entered into binding agreement to acquire real estate of a MEDIAN inpatient rehab facility in Dahlen, Germany for ?12.5 million in the third quarter; separately, commenced construction on an Ernest post-acute facility in Bakersfield, CA with a total cost of roughly $48M and placed under various stages of agreement approximately $210 million of additional investments to be detailed in future quarters; * Sold approximately 6.0 million common shares since March 31, 2020 through the Company?s ?at-the-market? program at an average price of $18.16 for net proceeds of approximately $108.2 million.
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