10-Q 1 mpw-10q_20180630.htm 10-Q mpw-10q_20180630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission file number 001-32559

Commission file number 333-177186

 

MEDICAL PROPERTIES TRUST, INC.

MPT OPERATING PARTNERSHIP, L.P.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

 

MARYLAND

DELAWARE

 

20-0191742

20-0242069

(State or other jurisdiction of

incorporation or organization)

 

(I. R. S. Employer

Identification No.)

 

 

 

 

1000 URBAN CENTER DRIVE, SUITE 501

BIRMINGHAM, AL

 

35242

(Address of principal executive offices)

 

(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (205) 969-3755

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

Large accelerated filer

 

  (Medical Properties Trust, Inc. only)

  

Accelerated filer

 

Non-accelerated filer

 

  (MPT Operating Partnership, L.P. only)

  

Smaller reporting company

 

 

 

      (Do not check if a smaller reporting company)

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 3, 2018, Medical Properties Trust, Inc. had 364,858,202 shares of common stock, par value $0.001, outstanding.

 

 


 

EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the three and six months ended June 30, 2018 of Medical Properties Trust, Inc., a Maryland corporation, and MPT Operating Partnership, L.P., a Delaware limited partnership, through which Medical Properties Trust, Inc. conducts substantially all of its operations. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our company,” “Medical Properties,” “MPT,” or “the company” refer to Medical Properties Trust, Inc. together with its consolidated subsidiaries, including MPT Operating Partnership, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to MPT Operating Partnership, L.P. together with its consolidated subsidiaries.

 

 

 


 

MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P.

AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED June 30, 2018

Table of Contents

 

 

Page

PART I — FINANCIAL INFORMATION

3

Item 1 Financial Statements

3

Medical Properties Trust, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017

3

Condensed Consolidated Statements of Net Income for the Three and Six Months Ended June 30, 2018 and 2017

4

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2018 and 2017

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017

6

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017

7

Condensed Consolidated Statements of Net Income for the Three and Six Months Ended June 30, 2018 and 2017

8

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2018 and 2017

9

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017

10

Medical Properties Trust, Inc. and MPT Operating Partnership, L.P.

 

Notes to Condensed Consolidated Financial Statements

11

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3 Quantitative and Qualitative Disclosures about Market Risk

32

Item 4 Controls and Procedures

32

PART II — OTHER INFORMATION

34

Item 1 Legal Proceedings

34

Item 1A Risk Factors

34

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 3 Defaults Upon Senior Securities

34

Item 4 Mine Safety Disclosures

34

Item 5 Other Information

34

Item 6 Exhibits

35

SIGNATURE

36

 

 

 

2


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

June 30,

2018

 

 

December 31,

2017

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

4,671,829

 

 

$

5,797,605

 

Real estate held for sale

 

 

1,263,257

 

 

 

146,615

 

Mortgage loans

 

 

1,686,866

 

 

 

1,778,316

 

Net investment in direct financing leases

 

 

688,427

 

 

 

698,727

 

Gross investment in real estate assets

 

 

8,310,379

 

 

 

8,421,263

 

Accumulated depreciation and amortization

 

 

(419,061

)

 

 

(455,712

)

Net investment in real estate assets

 

 

7,891,318

 

 

 

7,965,551

 

Cash and cash equivalents

 

 

146,569

 

 

 

171,472

 

Interest and rent receivables

 

 

85,181

 

 

 

78,970

 

Straight-line rent receivables

 

 

215,297

 

 

 

185,592

 

Other loans

 

 

147,855

 

 

 

150,209

 

Other assets

 

 

470,604

 

 

 

468,494

 

Total Assets

 

$

8,956,824

 

 

$

9,020,288

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

4,864,261

 

 

$

4,898,667

 

Accounts payable and accrued expenses

 

 

204,505

 

 

 

211,188

 

Deferred revenue

 

 

14,133

 

 

 

18,178

 

Lease deposits and other obligations to tenants

 

 

28,470

 

 

 

57,050

 

Total liabilities

 

 

5,111,369

 

 

 

5,185,083

 

Equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value. Authorized 10,000 shares;

   no shares outstanding

 

 

 

 

 

 

Common stock, $0.001 par value. Authorized 500,000 shares;

   issued and outstanding — 364,731 shares at June 30, 2018 and

   364,424 shares at December 31, 2017

 

 

365

 

 

 

364

 

Additional paid-in capital

 

 

4,338,798

 

 

 

4,333,027

 

Distributions in excess of net income

 

 

(464,784

)

 

 

(485,932

)

Accumulated other comprehensive loss

 

 

(42,353

)

 

 

(26,049

)

Treasury shares, at cost

 

 

(777

)

 

 

(777

)

Total Medical Properties Trust, Inc. Stockholders’ Equity

 

 

3,831,249

 

 

 

3,820,633

 

Non-controlling interests

 

 

14,206

 

 

 

14,572

 

Total Equity

 

 

3,845,455

 

 

 

3,835,205

 

Total Liabilities and Equity

 

$

8,956,824

 

 

$

9,020,288

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

(In thousands, except per share amounts)

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent billed

$

122,827

 

 

$

103,447

 

 

$

250,838

 

 

$

200,210

 

Straight-line rent

 

15,073

 

 

 

16,277

 

 

 

30,864

 

 

 

29,056

 

Income from direct financing leases

 

18,934

 

 

 

18,312

 

 

 

36,615

 

 

 

36,192

 

Interest and fee income

 

45,068

 

 

 

28,771

 

 

 

88,631

 

 

 

57,746

 

Total revenues

 

201,902

 

 

 

166,807

 

 

 

406,948

 

 

 

323,204

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

58,126

 

 

 

39,710

 

 

 

115,149

 

 

 

77,739

 

Real estate depreciation and amortization

 

34,466

 

 

 

29,493

 

 

 

70,268

 

 

 

57,079

 

Property-related

 

1,920

 

 

 

1,153

 

 

 

4,104

 

 

 

2,481

 

General and administrative

 

19,552

 

 

 

15,079

 

 

 

37,370

 

 

 

28,276

 

Acquisition costs

 

411

 

 

 

10,806

 

 

 

411

 

 

 

13,562

 

Total expenses

 

114,475

 

 

 

96,241

 

 

 

227,302

 

 

 

179,137

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate, net

 

24,151

 

 

 

 

 

 

25,618

 

 

 

7,413

 

Debt refinancing costs

 

 

 

 

(751

)

 

 

 

 

 

(14,380

)

Other

 

2,002

 

 

 

3,367

 

 

 

534

 

 

 

5,134

 

Total other income (expense)

 

26,153

 

 

 

2,616

 

 

 

26,152

 

 

 

(1,833

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

113,580

 

 

 

73,182

 

 

 

205,798

 

 

 

142,234

 

Income tax (expense) benefit

 

(1,563

)

 

 

614

 

 

 

(2,738

)

 

 

(253

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

112,017

 

 

 

73,796

 

 

 

203,060

 

 

 

141,981

 

Net income attributable to non-controlling interests

 

(450

)

 

 

(381

)

 

 

(892

)

 

 

(596

)

Net income attributable to MPT common stockholders

$

111,567

 

 

$

73,415

 

 

$

202,168

 

 

$

141,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MPT common stockholders

$

0.30

 

 

$

0.21

 

 

$

0.55

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

364,897

 

 

 

349,856

 

 

 

364,889

 

 

 

335,456

 

Weighted average shares outstanding — diluted

 

365,541

 

 

 

350,319

 

 

 

365,442

 

 

 

335,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.25

 

 

$

0.24

 

 

$

0.50

 

 

$

0.48

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

(In thousands)

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

$

112,017

 

 

$

73,796

 

 

$

203,060

 

 

$

141,981

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

(32,392

)

 

 

34,020

 

 

 

(16,304

)

 

 

40,312

 

Total comprehensive income

 

79,625

 

 

 

107,816

 

 

 

186,756

 

 

 

182,293

 

Comprehensive income attributable to non-controlling

   interests

 

(450

)

 

 

(381

)

 

 

(892

)

 

 

(596

)

Comprehensive income attributable to MPT common

   stockholders

$

79,175

 

 

$

107,435

 

 

$

185,864

 

 

$

181,697

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Six Months

Ended June 30,

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

203,060

 

 

$

141,981

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

74,441

 

 

 

59,825

 

Amortization of deferred financing costs and debt discount

 

 

3,590

 

 

 

3,139

 

Direct financing lease interest accretion

 

 

(4,743

)

 

 

(4,690

)

Straight-line rent revenue

 

 

(41,664

)

 

 

(30,173

)

Share-based compensation

 

 

6,725

 

 

 

4,377

 

Gain from sale of real estate, net

 

 

(25,618

)

 

 

(7,413

)

Straight-line rent and other write-off

 

 

13,294

 

 

 

1,117

 

Debt refinancing costs

 

 

 

 

 

14,380

 

Other adjustments

 

 

(14,718

)

 

 

(5,735

)

Changes in:

 

 

 

 

 

 

 

 

Interest and rent receivables

 

 

(7,285

)

 

 

(10,786

)

Accounts payable and accrued expenses

 

 

(10,603

)

 

 

(11,126

)

Net cash provided by operating activities

 

 

196,479

 

 

 

154,896

 

Investing activities

 

 

 

 

 

 

 

 

Cash paid for acquisitions and other related investments

 

 

(273,728

)

 

 

(600,781

)

Net proceeds from sale of real estate

 

 

221,931

 

 

 

64,335

 

Principal received on loans receivable

 

 

262,862

 

 

 

5,188

 

Investment in loans receivable

 

 

(169,435

)

 

 

(3,574

)

Construction in progress and other

 

 

(22,875

)

 

 

(36,002

)

Other investments, net

 

 

(20,400

)

 

 

(67,101

)

Net cash used for investing activities

 

 

(1,645

)

 

 

(637,935

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from term debt

 

 

 

 

 

955,280

 

Payments of term debt

 

 

 

 

 

(675,279

)

Revolving credit facilities, net

 

 

(4,618

)

 

 

(39,911

)

Distributions paid

 

 

(180,813

)

 

 

(151,692

)

Lease deposits and other obligations to tenants

 

 

(28,001

)

 

 

5,790

 

Proceeds from sale of common shares, net of offering costs

 

 

 

 

 

548,063

 

Other financing activities

 

 

(2,328

)

 

 

(16,543

)

Net cash (used for) provided by financing activities

 

 

(215,760

)

 

 

625,708

 

(Decrease) increase in cash, cash equivalents and restricted cash for period

 

 

(20,926

)

 

 

142,669

 

Effect of exchange rate changes

 

 

(3,477

)

 

 

9,588

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

172,247

 

 

 

84,882

 

Cash, cash equivalents and restricted cash at end of period

 

$

147,844

 

 

$

237,139

 

Interest paid

 

$

115,245

 

 

$

63,371

 

Supplemental schedule of non-cash financing activities:

 

 

 

 

 

 

 

 

Distributions declared, unpaid

 

$

91,547

 

 

$

87,519

 

Cash, cash equivalents and restricted cash are comprised of the following:

 

 

 

 

 

 

 

 

Beginning of period:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

171,472

 

 

$

83,240

 

Restricted cash, included in Other assets

 

 

775

 

 

 

1,642

 

 

 

$

172,247

 

 

$

84,882

 

End of period:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

146,569

 

 

$

236,364

 

Restricted cash, included in Other assets

 

 

1,275

 

 

 

775

 

 

 

$

147,844

 

 

$

237,139

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

June 30,

2018

 

 

December 31,

2017

 

(In thousands)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

4,671,829

 

 

$

5,797,605

 

Real estate held for sale

 

 

1,263,257

 

 

 

146,615

 

Mortgage loans

 

 

1,686,866

 

 

 

1,778,316

 

Net investment in direct financing leases

 

 

688,427

 

 

 

698,727

 

Gross investment in real estate assets

 

 

8,310,379

 

 

 

8,421,263

 

Accumulated depreciation and amortization

 

 

(419,061

)

 

 

(455,712

)

Net investment in real estate assets

 

 

7,891,318

 

 

 

7,965,551

 

Cash and cash equivalents

 

 

146,569

 

 

 

171,472

 

Interest and rent receivables

 

 

85,181

 

 

 

78,970

 

Straight-line rent receivables

 

 

215,297

 

 

 

185,592

 

Other loans

 

 

147,855

 

 

 

150,209

 

Other assets

 

 

470,604

 

 

 

468,494

 

Total Assets

 

$

8,956,824

 

 

$

9,020,288

 

Liabilities and Capital

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

4,864,261

 

 

$

4,898,667

 

Accounts payable and accrued expenses

 

 

112,626

 

 

 

121,465

 

Deferred revenue

 

 

14,133

 

 

 

18,178

 

Lease deposits and other obligations to tenants

 

 

28,470

 

 

 

57,050

 

Payable due to Medical Properties Trust, Inc.

 

 

91,489

 

 

 

89,333

 

Total liabilities

 

 

5,110,979

 

 

 

5,184,693

 

Capital

 

 

 

 

 

 

 

 

General Partner — issued and outstanding — 3,647 units at June 30, 2018

   and 3,644 units at December 31, 2017

 

 

38,767

 

 

 

38,489

 

Limited Partners:

 

 

 

 

 

 

 

 

Common units — issued and outstanding — 361,084 units at

   June 30, 2018 and 360,780 units at December 31, 2017

 

 

3,835,225

 

 

 

3,808,583

 

LTIP units — issued and outstanding — 232 units at June 30, 2018

   and 292 units at December 31, 2017

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(42,353

)

 

 

(26,049

)

Total MPT Operating Partnership, L.P. Capital

 

 

3,831,639

 

 

 

3,821,023

 

Non-controlling interests

 

 

14,206

 

 

 

14,572

 

Total capital

 

 

3,845,845

 

 

 

3,835,595

 

Total Liabilities and Capital

 

$

8,956,824

 

 

$

9,020,288

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

(In thousands, except per unit amounts)

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent billed

$

122,827

 

 

$

103,447

 

 

$

250,838

 

 

$

200,210

 

Straight-line rent

 

15,073

 

 

 

16,277

 

 

 

30,864

 

 

 

29,056

 

Income from direct financing leases

 

18,934

 

 

 

18,312

 

 

 

36,615

 

 

 

36,192

 

Interest and fee income

 

45,068

 

 

 

28,771

 

 

 

88,631

 

 

 

57,746

 

Total revenues

 

201,902

 

 

 

166,807

 

 

 

406,948

 

 

 

323,204

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

58,126

 

 

 

39,710

 

 

 

115,149

 

 

 

77,739

 

Real estate depreciation and amortization

 

34,466

 

 

 

29,493

 

 

 

70,268

 

 

 

57,079

 

Property-related

 

1,920

 

 

 

1,153

 

 

 

4,104

 

 

 

2,481

 

General and administrative

 

19,552

 

 

 

15,079

 

 

 

37,370

 

 

 

28,276

 

Acquisition costs

 

411

 

 

 

10,806

 

 

 

411

 

 

 

13,562

 

Total expenses

 

114,475

 

 

 

96,241

 

 

 

227,302

 

 

 

179,137

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate, net

 

24,151

 

 

 

 

 

 

25,618

 

 

 

7,413

 

Debt refinancing costs

 

 

 

 

(751

)

 

 

 

 

 

(14,380

)

Other

 

2,002

 

 

 

3,367

 

 

 

534

 

 

 

5,134

 

Total other income (expense)

 

26,153

 

 

 

2,616

 

 

 

26,152

 

 

 

(1,833

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

113,580

 

 

 

73,182

 

 

 

205,798

 

 

 

142,234

 

Income tax (expense) benefit

 

(1,563

)

 

 

614

 

 

 

(2,738

)

 

 

(253

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

112,017

 

 

 

73,796

 

 

 

203,060

 

 

 

141,981

 

Net income attributable to non-controlling interests

 

(450

)

 

 

(381

)

 

 

(892

)

 

 

(596

)

Net income attributable to MPT Operating Partnership partners

$

111,567

 

 

$

73,415

 

 

$

202,168

 

 

$

141,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per unit — basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MPT Operating Partnership partners

$

0.30

 

 

$

0.21

 

 

$

0.55

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average units outstanding — basic

 

364,897

 

 

 

349,856

 

 

 

364,889

 

 

 

335,456

 

Weighted average units outstanding — diluted

 

365,541

 

 

 

350,319

 

 

 

365,442

 

 

 

335,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per unit

$

0.25

 

 

$

0.24

 

 

$

0.50

 

 

$

0.48

 

 

See accompanying notes to condensed consolidated financial statements.

8


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

(In thousands)

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

$

112,017

 

 

$

73,796

 

 

$

203,060

 

 

$

141,981

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

(32,392

)

 

 

34,020

 

 

 

(16,304

)

 

 

40,312

 

Total comprehensive income

 

79,625

 

 

 

107,816

 

 

 

186,756

 

 

 

182,293

 

Comprehensive income attributable to non-controlling interests

 

(450

)

 

 

(381

)

 

 

(892

)

 

 

(596

)

Comprehensive income attributable to MPT Operating Partnership partners

$

79,175

 

 

$

107,435

 

 

$

185,864

 

 

$

181,697

 

 

See accompanying notes to condensed consolidated financial statements.

9


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Six Months

Ended June 30,

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

203,060