Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet

June 30, 2013

(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	$	—	$	—		$	1,229,282		$	65,947		$	—		$	1,295,229
Mortgage loans		—		—			268,650			100,000			—			368,650
Net investment in direct financing leases		—		—			185,913			205,991			—			391,904
Gross investment in real estate assets		—		—			1,683,845			371,938			—			2,055,783
Accumulated depreciation and amortization		—		—			(134,575	)		(7,302	)		—			(141,877	)
Net investment in real estate assets		—		—			1,549,270			364,636			—			1,913,906
Cash and cash equivalents		—		25,923			—			149			—			26,072
Interest and rent receivable		—		700			29,376			24,155			—			54,231
Straight-line rent receivable		—		—			33,821			7,526			—			41,347
Other loans		—		178			—			157,073			—			157,251
Net intercompany receivable		29,654		1,371,376			—			—			(1,401,030	)		—
Investment in subsidiaries		1,223,231		736,536			43,649			—			(2,003,416	)		—
Other assets		—		29,517			2,176			29,976			—			61,669
Total Assets	$	1,252,885	$	2,164,230		$	1,658,292		$	583,515		$	(3,404,446	)	$	2,254,476
Liabilities and Equity
Liabilities
Debt, net	$	—	$	915,000		$	—		$	14,074		$	—		$	929,074
Accounts payable and accrued expenses		30,045		26,026			1,814			809			—			58,694
Net intercompany payable		—		—			1,022,643			378,387			(1,401,030	)		—
Deferred revenue		—		(27	)		19,410			6,030			—			25,413
Lease deposits and other obligations to tenants		—		—			16,677			1,778			—			18,455
Total liabilities		30,045		940,999			1,060,544			401,078			(1,401,030	)		1,031,636
Total equity		1,222,840		1,223,231			597,748			182,437			(2,003,416	)		1,222,840
Total Liabilities and Equity	$	1,252,885	$	2,164,230		$	1,658,292		$	583,515		$	(3,404,446	)	$	2,254,476

Condensed Consolidated Balance Sheet

December 31, 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	$	—	$	28	$	1,196,124		$	65,947		$	—		$	1,262,099
Real estate held for sale		—		—		—			16,497			—			16,497
Mortgage loans		—		—		268,650			100,000			—			368,650
Investment in direct financing leases		—		—		110,155			204,257			—			314,412
Gross investment in real estate assets		—		28		1,574,929			386,701			—			1,961,658
Accumulated depreciation and amortization		—		—		(118,163	)		(6,452	)		—			(124,615	)
Net investment in real estate assets		—		28		1,456,766			380,249			—			1,837,043
Cash and cash equivalents		—		35,483		1,565			263			—			37,311
Interest and rent receivable		—		212		29,159			15,918			—			45,289
Straight-line rent receivable		—		—		29,314			6,546			—			35,860
Other loans		—		177		—			159,066			—			159,243
Net intercompany receivable		27,393		1,373,941		—			—			(1,401,334	)		—
Investment in subsidiaries		1,050,204		647,029		42,666			—			(1,739,899	)		—
Other assets		—		31,097		1,522			31,521			—			64,140
Total Assets	$	1,077,597	$	2,087,967	$	1,560,992		$	593,563		$	(3,141,233	)	$	2,178,886
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,010,962	$	—		$	14,198		$	—		$	1,025,160
Accounts payable and accrued expenses		27,783		26,658		10,492			1,028			—			65,961
Net intercompany payable		—		—		1,000,117			401,217			(1,401,334	)		—
Deferred revenue		—		143		19,621			845			—			20,609
Lease deposits and other obligations to tenants		—		—		16,606			736			—			17,342
Total liabilities		27,783		1,037,763		1,046,836			418,024			(1,401,334	)		1,129,072
Total equity		1,049,814		1,050,204		514,156			175,539			(1,739,899	)		1,049,814
Total Liabilities and Equity	$	1,077,597	$	2,087,967	$	1,560,992		$	593,563		$	(3,141,233	)	$	2,178,886

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income

For the Three Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	29,411		$	5,063		$	(3,115	)	$	31,359
Straight-line rent		—			—			2,141			605			—			2,746
Income from direct financing leases		—			—			8,664			5,509			(4,943	)		9,230
Interest and fee income		—			5,052			9,186			6,985			(7,085	)		14,138
Total revenues		—			5,052			49,402			18,162			(15,143	)		57,473
Expenses
Real estate depreciation and amortization		—			—			8,293			425			—			8,718
Property-related		—			104			347			8,255			(8,057	)		649
General and administrative		—			7,674			—			(449	)		—			7,225
Acquisition expenses		—			2,088			—			—			—			2,088
Total operating expenses		—			9,866			8,640			8,231			(8,057	)		18,680
Operating income (expense)		—			(4,814	)		40,762			9,931			(7,086	)		38,793
Other income (expense)
Other income (expense)		—			(20	)		(1	)		(2	)		—			(23	)
Earnings from equity and other interests		—			—			233			943			—			1,176
Interest income (expense)		—			(14,726	)		319			(7,320	)		7,086			(14,641	)
Net other income (expense)		—			(14,746	)		551			(6,379	)		7,086			(13,488	)
Income (loss) from continuing operations		—			(19,560	)		41,313			3,552			—			25,305
Income from discontinued operations		—			—			—			2,100			—			2,100
Equity in earnings of consolidated subsidiaries, net of income taxes		27,405			46,965			1,121			—			(75,491	)		—
Net income		27,405			27,405			42,434			5,652			(75,491	)		27,405
Net income (loss) attributable to non-controlling interests		(57	)		(57	)		—			—			57			(57	)
Net income attributable to MPT common stockholders	$	27,348		$	27,348		$	42,434		$	5,652		$	(75,434	)	$	27,348

Condensed Consolidated Statements of Income

For the Six Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	59,379		$	9,567		$	(5,750	)	$	63,196
Straight-line rent		—			—			4,428			979			—			5,407
Income from direct financing leases		—			—			16,868			10,994			(9,876	)		17,986
Interest and fee income		—			10,108			18,404			14,517			(14,174	)		28,855
Total revenues		—			10,108			99,079			36,057			(29,800	)		115,444
Expenses
Real estate depreciation and amortization		—			—			16,412			850			—			17,262
Property-related		—			276			541			15,871			(15,626	)		1,062
General and administrative		—			14,419			—			625			—			15,044
Acquisition expenses		—			2,278			—			—			—			2,278
Total operating expenses		—			16,973			16,953			17,346			(15,626	)		35,646
Operating income (expense)		—			(6,865	)		82,126			18,711			(14,174	)		79,798
Other income (expense)
Other income (expense)		—			(42	)		—			(206	)		—			(248	)
Earnings from equity and other interests		—			—			233			1,435			—			1,668
Interest income (expense)		—			(30,243	)		629			(14,625	)		14,174			(30,065	)
Net other income (expense)		—			(30,285	)		862			(13,396	)		14,174			(28,645	)
Income (loss) from continuing operations		—			(37,150	)		82,988			5,315			—			51,153
Income from discontinued operations		—			—			(4	)		2,465			—			2,461
Equity in earnings of consolidated subsidiaries net of income taxes		53,614			90,764			2,242			—			(146,620	)		—
Net income		53,614			53,614			85,226			7,780			(146,620	)		53,614
Net income (loss) attributable to non-controlling interests		(110	)		(110	)		—			—			110			(110	)
Net income attributable to MPT common stockholders	$	53,504		$	53,504		$	85,226		$	7,780		$	(146,510	)	$	53,504

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	$	—		$	—		$	28,674		$	4,153		$	(2,131	)	$	30,696
Straight-line rent		—			—			949			375			—			1,324
Income from direct financing leases		—			—			4,839			5,371			(4,839	)		5,371
Interest and fee income		—			5,034			6,509			7,007			(7,023	)		11,527
Total revenues		—			5,034			40,971			16,906			(13,993	)		48,918
Expenses
Real estate depreciation and amortization		—			—			7,912			425			—			8,337
Property-related		—			130			368			7,058			(6,970	)		586
General and administrative		—			6,773			—			(76	)		—			6,697
Acquisition expenses		—			279			—			—			—			279
Total operating expenses		—			7,182			8,280			7,407			(6,970	)		15,899
Operating income (loss)		—			(2,148	)		32,691			9,499			(7,023	)		33,019
Other income (expense)
Other income (expense)		—			(16	)		—			(1	)		—			(17	)
Earnings from equity and other interests		—			—			453			426			—			879
Interest income (expense)		—			(14,913	)		253			(7,252	)		7,023			(14,889	)
Net other income (expense)		—			(14,929	)		706			(6,827	)		7,023			(14,027	)
Income (loss) from continuing operations		—			(17,077	)		33,397			2,672			—			18,992
Income (loss) from discontinued operations		—			—			(92	)		460			—			368
Equity in earnings of consolidated subsidiaries, net of income taxes		19,360			36,437			1,117			—			(56,914	)		—
Net income		19,360			19,360			34,422			3,132			(56,914	)		19,360
Net income (loss) attributable to non-controlling interests		(44	)		(44	)		—			—			44			(44	)
Net income attributable to MPT common stockholders	$	19,316		$	19,316		$	34,422		$	3,132		$	(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	$	—		$	—		$	56,690		$	8,284		$	(4,591	)	$	60,383
Straight-line rent		—			—			1,939			744			—			2,683
Income from direct financing leases		—			—			6,492			7,206			(6,492	)		7,206
Interest and fee income		—			7,978			11,703			10,414			(10,646	)		19,449
Total revenues		—			7,978			76,824			26,648			(21,729	)		89,721
Expenses
Real estate depreciation and amortization		—			—			15,668			850			—			16,518
Property-related		—			261			464			11,171			(11,083	)		813
General and administrative		—			13,736			—			553			—			14,289
Acquisition expenses		—			3,704			—			—			—			3,704
Total operating expenses		—			17,701			16,132			12,574			(11,083	)		35,324
Operating income (loss)		—			(9,723	)		60,692			14,074			(10,646	)		54,397
Other income (expense)
Other income (expense)		—			(28	)		—			(4	)		—			(32	)
Earnings from equity and other interests		—			—			452			427			—			879
Interest income (expense)		—			(27,702	)		479			(11,107	)		10,646			(27,684	)
Net other income (expense)		—			(27,730	)		931			(10,684	)		10,646			(26,837	)
Income (loss) from continuing operations		—			(37,453	)		61,623			3,390			—			27,560
Income (loss) from discontinued operations		—			—			(208	)		2,615			—			2,407
Equity in earnings of consolidated subsidiaries net of income taxes		29,967			67,420			2,238			—			(99,625	)		—
Net income		29,967			29,967			63,653			6,005			(99,625	)		29,967
Net income (loss) attributable to non-controlling interests		(87	)		(87	)		—			—			87			(87	)
Net income attributable to MPT common stockholders	$	29,880		$	29,880		$	63,653		$	6,005		$	(99,538	)	$	29,880

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	27,405		$	27,405		$	42,434	$	5,652	$	(75,491	)	$	27,405
Other comprehensive income:
Unrealized gain on interest rate swap		1,779			1,779			—		—		(1,779	)		1,779
Total comprehensive income		29,184			29,184			42,434		5,652		(77,270	)		29,184
Comprehensive income attributable to non-controlling interests		(57	)		(57	)		—		—		57			(57	)
Comprehensive income attributable to MPT common stockholders	$	29,127		$	29,127		$	42,434	$	5,652	$	(77,213	)	$	29,127

Condensed Consolidated Statements of Comprehensive Income

For the Six Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	53,614		$	53,614		$	85,226	$	7,780	$	(146,620	)	$	53,614
Other comprehensive income:
Unrealized gain on interest rate swap		2,606			2,606			—		—		(2,606	)		2,606
Total comprehensive income		56,220			56,220			85,226		7,780		(149,226	)		56,220
Comprehensive income attributable to non-controlling interests		(110	)		(110	)		—		—		110			(110	)
Comprehensive income attributable to MPT common stockholders	$	56,110		$	56,110		$	85,226	$	7,780	$	(149,116	)	$	56,110

Condensed Consolidated Statements of Comprehensive Income

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		$	34,422	$	3,132	$	(56,914	)	$	19,360
Other comprehensive income (loss):
Unrealized loss on interest rate swap		(1,045	)		(1,045	)		—		—		1,045			(1,045	)
Total comprehensive income		18,315			18,315			34,422		3,132		(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		$	34,422	$	3,132	$	(55,825	)	$	18,271

Condensed Consolidated Statements of Comprehensive Income

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		$	63,653	$	6,005	$	(99,625	)	$	29,967
Other comprehensive income (loss):
Unrealized loss on interest rate swap		(546	)		(546	)		—		—		546			(546	)
Total comprehensive income		29,421			29,421			63,653		6,005		(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		$	63,653	$	6,005	$	(98,992	)	$	29,334

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(35	)	$	(29,249	)	$	83,956		$	1,573		$	—		$	56,245
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(75,000	)		—			—			(75,000	)
Principal received on loans receivable		—			—			—			3,293			—			3,293
Net proceeds from sale of real estate		—			—			—			18,409			—			18,409
Investments in and advances to subsidiaries		(115,106	)		1,417			22,149			(23,601	)		115,141			—
Investments in loans receivable		—			—			—			(1,300	)		—			(1,300	)
Construction in progress and other		—			(621	)		(33,144	)		594			—			(33,171	)
Net cash provided by (used in) investing activities		(115,106	)		796			(85,995	)		(2,605	)		115,141			(87,769	)
Financing Activities
Revolving credit facilities, net		—			(85,000	)		—			—			—			(85,000	)
Payments of term debt		—			(11,000	)		—			(124	)		—			(11,124	)
Distributions paid		(57,712	)		(57,846	)		—			—			57,712			(57,846	)
Proceeds from sale of common shares/units, net of offering costs		172,853			172,853			—			—			(172,853	)		172,853
Lease deposits and other obligations to tenants		—			—			474			1,042			—			1,516
Debt issuance costs paid and other financing activities		—			(114	)		—			—			—			(114	)
Net cash provided by financing activities		115,141			18,893			474			918			(115,141	)		20,285
Increase (decrease) in cash and cash equivalents for period		—			(9,560	)		(1,565	)		(114	)		—			(11,239	)
Cash and cash equivalents at beginning of period		—			35,483			1,565			263			—			37,311
Cash and cash equivalents at end of period	$	—		$	25,923		$	—		$	149		$	—		$	26,072

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	)	$	71,218		$	3,717		$	—		$	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
Net proceeds from sale of real estate		—			—			—			16,000			—			16,000
Investments in and advances to subsidiaries		(170,705	)		(359,319	)		183,197			176,122			170,705			—
Investments in loans receivable		—			—			—			(1,293	)		—			(1,293	)
Construction in progress and other		—			(47	)		(19,970	)		(638	)		—			(20,655	)
Net cash used in investing activities		(170,705	)		(359,366	)		(31,282	)		(3,834	)		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	)
Proceeds from sale of common stock/units, net of offering costs		220,160			220,160			—			—			(220,160	)		220,160
Lease deposits and other obligations to tenants		—			—			(180	)		563			—			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			(39,780	)		449			(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