Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet

June 30, 2012

(in thousands)

	Parent		Subsidiary Issuers		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Total Consolidated
Assets
Real estate assets
Land, buildings and improvements and intangible lease assets	$	—	$	69	$	1,209,831		$	65,946		$	—	$	1,275,846
Mortgage loans		—		—		165,000			100,000			—		265,000
Net investment in direct financing leases		—		—		—			201,156			—		201,156
Gross investment in real estate assets		—		69		1,374,831			367,102			—		1,742,002
Accumulated depreciation and amortization		—		—		(113,670	)		(5,601	)		—		(119,271	)
Net investment in real estate assets				69		1,261,161			361,501			—		1,622,731
Cash & cash equivalents		—		125,655		1,565			419			—		127,639
Interest and rent receivable		—		513		25,677			11,848			—		38,038

Straight-line rent receivable		—		—		31,164			5,809			—			36,973
Other loans		—		177		—			159,541			—			159,718
Net intercompany receivable (payable)		26,728		1,229,630		(846,533	)		(409,825	)		—			—
Investment in subsidiaries		1,027,973		554,473		42,912			—			(1,625,358	)		—
Other assets		—		32,800		1,520			19,112			—			53,432
Total Assets	$	1,054,701	$	1,943,317	$	517,466		$	148,405		$	(1,625,358	)	$	2,038,531
Liabilities and Equity
Liabilities
Debt, net	$	—	$	885,889	$	—		$	14,315		$	—		$	900,204
Accounts payable and accrued expenses		27,118		28,931		2,362			676			—			59,087
Deferred revenue		—		524		20,830			1,142			—			22,496
Lease deposits and other obligations to tenants		—		—		28,125			1,036			—			29,161
Total liabilities		27,118		915,344		51,317			17,169			—			1,010,948
Total equity		1,027,583		1,027,973		466,149			131,236			(1,625,358	)		1,027,583
Total Liabilities and Equity	$	1,054,701	$	1,943,317	$	517,466		$	148,405		$	(1,625,358	)	$	2,038,531

Condensed Consolidated Balance Sheet

December 31, 2011

(in thousands)

	Parent		Subsidiary Issuers		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Assets
Real estate assets
Land, buildings and improvements and intangible lease assets	$	—	$	37	$	1,189,891		$	65,948		$	—		$	1,255,876
Real estate held for sale		—		—		—			17,637			—			17,637
Mortgage loans		—		—		165,000			—			—			165,000
Gross investment in real estate assets		—		37		1,354,891			83,585			—			1,438,513
Accumulated depreciation and amortization		—		—		(97,100	)		(4,751	)		—			(101,851	)
Net investment in real estate assets		—		37		1,257,791			78,834			—			1,336,662
Cash & cash equivalents		—		101,230		1,409			87			—			102,726
Interest and rent receivable		—		399		22,529			6,934			—			29,862
Straight-line rent receivable		—		—		28,928			5,065			—			33,993
Other loans		—		178		5,491			69,170			—			74,839
Net intercompany receivable (payable)		21,955		872,380		(867,536	)		(26,799	)		—			—
Investment in subsidiaries		829,205		489,858		43,008			—			(1,362,071	)		—
Other assets		—		27,285		2,151			14,356			—			43,792
Total Assets	$	851,160	$	1,491,367	$	493,771		$	147,647		$	(1,362,071	)	$	1,621,874
Liabilities and Equity
Liabilities
Debt, net	$	—	$	635,820	$	39,600		$	14,429		$	—		$	689,849
Accounts payable and accrued expenses		22,345		25,783		2,581			416			—			51,125
Deferred revenue		—		559		21,499			1,249			—			23,307
Lease deposits and other obligations to tenants		—		—		28,258			520			—			28,778
Total liabilities		22,345		662,162		91,938			16,614			—			793,059
Total equity		828,815		829,205		401,833			131,033			(1,362,071	)		828,815
Total Liabilities and Equity	$	851,160	$	1,491,367	$	493,771		$	147,647		$	(1,362,071	)	$	1,621,874

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income

For the Three Months Ended June 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	30,701		$	4,153		$	(2,131	)	$	32,723
Straight-line rent		—			—			1,053			375			—			1,428
Income from direct financing leases		—			—			4,839			5,371			(4,839	)		5,371
Interest and fee income		—			5,034			6,530			7,007			(7,023	)		11,548
Total revenues		—			5,034			43,123			16,906			(13,993	)		51,070
Expenses
Real estate depreciation and amortization		—			—			8,363			425			—			8,788
Property-related		—			130			420			7,059			(6,970	)		639
General and administrative		—			6,773			—			(76	)		—			6,697
Acquisition expenses		—			279			—			—			—			279
Total operating expenses		—			7,182			8,783			7,408			(6,970	)		16,403
Operating income (expense)		—			(2,148	)		34,340			9,498			(7,023	)		34,667
Other income (expense)
Interest and other income (expense)		—			(16	)		(2	)		4,840			(4,839	)		(17	)
Earnings from equity and other interests		—			—			453			426			—			879
Interest expense		—			(14,913	)		254			(12,092	)		11,862			(14,889	)
Net other income (expense)		—			(14,929	)		705			(6,826	)		7,023			(14,027	)
Income (loss) from continuing operations		—			(17,077	)		35,045			2,672			—			20,640
Income (loss) from discontinued operations		—			—			—			(1,280	)		—			(1,280	)
Equity in earnings of consolidated subsidiaries net of income taxes		19,360			36,437			1,117			—			(56,914	)		—
Net income (loss)		19,360			19,360			36,162			1,392			(56,914	)		19,360
Net income (loss) attributable to non-controlling interests		(44	)		(44	)		—			—			44			(44	)
Net income (loss) attributable to MPT common stockholders	$	19,316		$	19,316		$	36,162		$	1,392		$	(56,870	)	$	19,316

Condensed Consolidated Statements of Income

For the Six Months Ended June 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	60,677		$	8,284		$	(4,591	)	$	64,370
Straight-line rent		—			—			2,133			744			—			2,877
Income from direct financing leases		—			—			6,492			7,206			(6,492	)		7,206
Interest and fee income		—			7,978			11,744			10,414			(10,646	)		19,490
Total revenues		—			7,978			81,046			26,648			(21,729	)		93,943
Expenses
Real estate depreciation and amortization		—			—			16,570			850			—			17,420
Property-related		—			261			522			11,171			(11,083	)		871
General and administrative		—			13,736			—			553			—			14,289
Acquisition expenses		—			3,704			—			—			—			3,704
Total operating expenses		—			17,701			17,092			12,574			(11,083	)		36,284
Operating income (expense)		—			(9,723	)		63,954			14,074			(10,646	)		57,659
Other income (expense)
Interest and other income (expense)		—			(28	)		(2	)		(2	)		—			(32	)
Earnings from equity and other interests		—			—			453			426			—			879
Interest expense		—			(27,702	)		478			(11,106	)		10,646			(27,684	)
Net other income (expense)		—			(27,730	)		929			(10,682	)		10,646			(26,837	)
Income (loss) from continuing operations		—			(37,453	)		64,883			3,392			—			30,822
Income (loss) from discontinued operations		—			—			—			(855	)		—			(855	)
Equity in earnings of consolidated subsidiaries net of income taxes		29,967			67,420			2,238			—			(99,625	)		—
Net income (loss)		29,967			29,967			67,121			2,537			(99,625	)		29,967
Net income (loss) attributable to non-controlling interests		(87	)		(87	)		—			—			87			(87	)
Net income (loss) attributable to MPT common stockholders	$	29,880		$	29,880		$	67,121			2,537		$	(99,538	)	$	29,880

Condensed Consolidated Statements of Income

For the Three Months Ended June 30, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	26,068		$	1,905		$	(331	)	$	27,642
Straight-line rent		—			—			1,459			586			—			2,045
Interest and fee income		—			1,370			4,505			907			(1,513	)		5,269
Total revenues		—			1,370			32,032			3,398			(1,844	)		34,956
Expenses
Real estate depreciation and amortization		—			—			7,490			425			—			7,915
Real estate impairment charge		—			—			564			—			—			564
Property-related		—			(35	)		300			278			(331	)		212
General and administrative		27			6,003			—			1,788			—			7,818
Acquisition expenses		—			579			—			37			—			616
Total operating expenses		27			6,547			8,354			2,528			(331	)		17,125
Operating income (loss)		(27	)		(5,177	)		23,678			870			(1,513	)		17,831
Other income (expense)
Interest and other income (expense)		—			22			(5	)		2			—			19
Earnings from equity and other interests		—			—			—			2			—			2
Debt refinancing costs		—			(3,684	)		(105	)		—			—			(3,789	)
Interest expense		—			(12,048	)		(40	)		(1,812	)		1,513			(12,387	)
Net other income (expense)		—			(15,710	)		(150	)		(1,808	)		1,513			(16,155	)

Income (loss) from continuing operations		(27	)		(20,887	)		23,528		(938	)		—			1,676
Income (loss) from discontinued operations		—			—			98		909			—			1,007
Equity in earnings of consolidated subsidiaries net of income taxes		2,710			23,597			1,267		—			(27,574	)		—
Net income (loss)		2,683			2,710			24,893		(29	)		(27,574	)		2,683
Net income (loss) attributable to non-controlling interests		(43	)		(43	)		—		—			43			(43	)
Net income attributable to MPT common stockholders	$	2,640		$	2,667		$	24,893	$	(29	)	$	(27,531	)	$	2,640

Condensed Consolidated Statements of Income

For the Six Months Ended June 30, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	51,613		$	3,606		$	(663	)	$	54,556
Straight-line rent		—			—			2,835			921			—			3,756
Interest and fee income		—			2,767			9,007			1,676			(2,900	)		10,550
Total revenues		—			2,767			63,455			6,203			(3,563	)		68,862
Expenses
Real estate depreciation and amortization		—			—			14,539			807			—			15,346
Real estate impairment charge		—			—			564			—			—			564
Property-related		—			—			193			706			(663	)		236
General and administrative		44			12,008			—			2,641			—			14,693
Acquisition expenses		—			2,204			—			452			—			2,656
Total operating expenses		44			14,212			15,296			4,606			(663	)		33,495
Operating income (loss)		(44	)		(11,445	)		48,159			1,597			(2,900	)		35,367
Other income (expense)
Interest income and other		—			(2	)		1			(63	)		—			(64	)
Earnings from equity and other interests		—			—			—			70			—			70
Debt refinancing costs		—			(3,684	)		(105	)		—			—			(3,789	)
Interest expense		—			(20,015	)		(94	)		(3,317	)		2,900			(20,526	)
Net other income (expense)		—			(23,701	)		(198	)		(3,310	)		2,900			(24,309	)
Income (loss) from continuing operations		(44	)		(35,146	)		47,961			(1,713	)		—			11,058
Income (loss) from discontinued operations		—			—			98			2,351			—			2,449
Equity in earnings of consolidated subsidiaries net of income taxes		13,551			48,697			2,345			—			(64,593	)		—
Net income (loss)		13,507			13,551			50,404			638			(64,593	)		13,507
Net income (loss) attributable to non-controlling interests		(88	)		(88	)		—			—			88			(88	)
Net income attributable to MPT common stockholders	$	13,419		$	13,463		$	50,404		$	638		$	(64,505	)	$	13,419

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	19,360		$	19,360		$	36,162	$	1,392	$	(56,914	)	$	19,360
Other comprehensive income:
Unrealized loss on interest rate swap		(1,045	)		(1,045	)		—		—		1,045			(1,045	)
Total comprehensive income		18,315			18,315			36,162		1,392		(55,869	)		18,315
Comprehensive income attributable to non-controlling interests		(44	)		(44	)		—		—		44			(44	)
Comprehensive income attributable to MPT common stockholders	$	18,271		$	18,271		$	36,162	$	1,392	$	(55,825	)	$	18,271

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Six Months Ended June 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	29,967		$	29,967		$	67,121	$	2,537	$	(99,625	)	$	29,967
Other comprehensive income:
Unrealized loss on interest rate swap		(546	)		(546	)		—		—		546			(546	)
Total comprehensive income		29,421			29,421			67,121		2,537		(99,079	)		29,421
Comprehensive income attributable to non-controlling interests		(87	)		(87	)		—		—		87			(87	)
Comprehensive income attributable to MPT common stockholders	$	29,334		$	29,334		$	67,121	$	2,537	$	(98,992	)	$	29,334

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income (loss)	$	2,683		$	2,710		$	24,893	$	(29	)	$	(27,574	)	$	2,683
Other comprehensive income (loss):
Unrealized loss on interest rate swap		(3,586	)		(3,586	)		—		—			3,586			(3,586	)
Total comprehensive income (loss)		(903	)		(876	)		24,893		(29	)		(23,988	)		(903	)
Comprehensive income attributable to non-controlling interests		(43	)		(43	)		—		—			43			(43	)

Comprehensive income (loss) attributable to MPT common stockholders $ (946 )  $ (919 )  $ 24,893 $ (29 )  $ (23,945 )  $ (946 ) 

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Six Months Ended June 30, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	13,507		$	13,551		$	50,404	$	638	$	(64,593	)	$	13,507
Other comprehensive income:
Unrealized loss on interest rate swap		(3,069	)		(3,069	)		—		—		3,069			(3,069	)
Total comprehensive income		10,438			10,482			50,404		638		(61,524	)		10,438
Comprehensive income attributable to non-controlling interests		(88	)		(88	)		—		—		88			(88	)
Comprehensive income attributable to MPT common stockholders	$	10,350		$	10,394		$	50,404	$	638	$	(61,436	)	$	10,350

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	—		$	(30,512	)	$	75,358		$	(423	)	$	—		$	44,423
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(200,000	)		(196,500	)		—			(396,500	)
Principal received on loans receivable		—			—			5,491			2,475			—			7,966
Proceeds from sales of real estate		—			—			—			16,000			—			16,000
Investments in and advances to subsidiaries		(170,705	)		(359,319	)		179,010			180,309			170,705			—
Investments in loans receivable		—			—			—			(1,293	)		—			(1,293	)
Construction in progress and other		—			(47	)		(19,970	)		(638	)		—			(20,655	)
Net cash provided by (used in) investing activities		(170,705	)		(359,366	)		(35,469	)		353			170,705			(394,482	)
Financing Activities
Revolving credit facilities, net		—			(50,000	)		(39,600	)		—			—			(89,600	)
Additions to term debt		—			300,000			—			—			—			300,000
Payments of term debt		—			—			—			(114	)		—			(114	)
Distributions paid		(49,455	)		(49,589	)		—			—			49,455			(49,589	)
Sale of common stock, net		220,160			220,160			—			—			(220,160	)		220,160
Lease deposits and other obligations to tenants		—			—			(133	)		516			—			383

Debt issuance costs paid and other financing activities		—		(6,268	)		—			—		—			(6,268	)
Net cash provided by (used in) financing activities		170,705		414,303			(39,733	)		402		(170,705	)		374,972
Increase in cash and cash equivalents for period		—		24,425			156			332		—			24,913
Cash and cash equivalents at beginning of period		—		101,230			1,409			87		—			102,726
Cash and cash equivalents at end of period	$	—	$	125,655		$	1,565		$	419	$	—		$	127,639

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(158	)	$	(19,700	)	$	54,877		$	4,673		$	—		$	39,692
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(168,600	)		(11,387	)		—			(179,987	)
Principal received on loans receivable		—			—			—			1,469			—			1,469
Investments in and advances to subsidiaries		44,818			(90,945	)		83,887			6,900			(44,660	)		—
Investments in loans receivable		—			—			—			(229	)		—			(229	)
Construction in progress and other		—			(112	)		(7,368	)		(496	)		—			(7,976	)
Net cash provided by (used in) investing activities		44,818			(91,057	)		(92,081	)		(3,743	)		(44,660	)		(186,723	)
Financing Activities
Revolving credit facilities, net		—			—			39,600			—			—			39,600
Additions to term debt		—			450,000			—			—			—			450,000
Payments of term debt		—			(149,250	)		(8,433	)		(53	)		—			(157,736	)
Distributions paid		(44,660	)		(44,784	)		—			—			44,660			(44,784	)
Lease deposits and other obligations to tenants		—			—			5,127			(799	)		—			4,328
Debt issuance costs paid and other financing activities		—			(14,743	)		—			(136	)		—			(14,879	)
Net cash provided by (used in) financing activities		(44,660	)		241,223			36,294			(988	)		44,660			276,529
Increase (decrease) in cash and cash equivalents for period		—			130,466			(910	)		(58	)		—			129,498
Cash and cash equivalents at beginning of period		—			96,822			1,387			199			—			98,408
Cash and cash equivalents at end of period	$	—		$	227,288		$	477		$	141		$	—		$	227,906