Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet

September 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	$	—	$	—		$	1,259,234		$	347,198		$	—		$	1,606,432
Mortgage loans		—		—			268,650			100,000			—			368,650
Net investment in direct financing leases		—		—			186,586			216,926			—			403,512
Gross investment in real estate assets		—		—			1,714,470			664,124			—			2,378,594
Accumulated depreciation and amortization		—		—			(142,939	)		(7,727	)		—			(150,666	)
Net investment in real estate assets		—		—			1,571,531			656,397			—			2,227,928
Cash and cash equivalents		—		11,391			—			733			—			12,124
Interest and rent receivable		—		715			29,284			24,506			—			54,505
Straight-line rent receivable		—		—			36,051			8,189			—			44,240
Other loans		—		178			—			161,067			—			161,245
Net intercompany receivable		32,053		1,639,081			—			—			(1,671,134	)		—
Investment in subsidiaries		1,358,959		783,441			43,557			—			(2,185,957	)		—
Other assets		—		32,534			980			29,594			—			63,108
Total Assets	$	1,391,012	$	2,467,340		$	1,681,403		$	880,486		$	(3,857,091	)	$	2,563,150
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,072,960		$	—		$	14,013		$	—		$	1,086,973
Accounts payable and accrued expenses		32,443		35,705			4,935			769			—			73,852
Net intercompany payable		—		—			998,987			672,147			(1,671,134	)		—
Deferred revenue		—		(284	)		17,970			5,543			—			23,229
Lease deposits and other obligations to tenants		—		—			17,923			2,604			—			20,527
Total liabilities		32,443		1,108,381			1,039,815			695,076			(1,671,134	)		1,204,581
Total equity		1,358,569		1,358,959			641,588			185,410			(2,185,957	)		1,358,569
Total Liabilities and Equity	$	1,391,012	$	2,467,340		$	1,681,403		$	880,486		$	(3,857,091	)	$	2,563,150

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 September 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	29,770	$	5,403		$	(3,295	)	$	31,878
Straight-line rent		—			—			2,189		664			—			2,853
Income from direct financing leases		—			—			10,519		5,750			(4,971	)		11,298
Interest and fee income		—			5,004			9,161		7,299			(7,037	)		14,427
Total revenues		—			5,004			51,639		19,116			(15,303	)		60,456
Expenses
Real estate depreciation and amortization		—			—			8,363		426			—			8,789
Property-related		—			182			251		8,291			(8,266	)		458
General and administrative		—			6,867			—		(487	)		—			6,380
Acquisition expenses		—			4,179			—		—			—			4,179
Total operating expenses		—			11,228			8,614		8,230			(8,266	)		19,806
Operating income (expense)		—			(6,224	)		43,025		10,886			(7,037	)		40,650
Other income (expense)
Other income (expense)		—			5			—		(2	)		—			3
Earnings from equity and other interests		—			—			454		389			—			843
Interest income (expense)		—			(16,055	)		454		(7,266	)		7,037			(15,830	)
Net other income (expense)		—			(16,050	)		908		(6,879	)		7,037			(14,984	)
Income (loss) from continuing operations		—			(22,274	)		43,933		4,007			—			25,666
Income from discontinued operations		—			—			—		37			—			37
Equity in earnings of consolidated subsidiaries, net of income taxes		25,703			47,977			1,114		—			(74,794	)		—
Net income		25,703			25,703			45,047		4,044			(74,794	)		25,703
Net income (loss) attributable to non-controlling interests		(55	)		(55	)		—		—			55			(55	)
Net income attributable to MPT common stockholders	$	25,648		$	25,648		$	45,047	$	4,044		$	(74,739	)	$	25,648

Condensed Consolidated Statements of Income

For the Nine Months Ended September 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	89,149		$	14,970		$	(9,045	)	$	95,074
Straight-line rent		—			—			6,617			1,643			—			8,260
Income from direct financing leases		—			—			27,387			16,744			(14,847	)		29,284
Interest and fee income		—			15,112			27,565			21,816			(21,211	)		43,282
Total revenues		—			15,112			150,718			55,173			(45,103	)		175,900
Expenses
Real estate depreciation and amortization		—			—			24,775			1,276			—			26,051
Property-related		—			458			792			24,162			(23,892	)		1,520
General and administrative		—			21,286			—			137			—			21,423
Acquisition expenses		—			6,457			—			—			—			6,457
Total operating expenses		—			28,201			25,567			25,575			(23,892	)		55,451
Operating income (expense)		—			(13,089	)		125,151			29,598			(21,211	)		120,449
Other income (expense)
Other income (expense)		—			(37	)		—			(208	)		—			(245	)
Earnings from equity and other interests		—			—			687			1,824			—			2,511
Interest income (expense)		—			(46,298	)		1,083			(21,892	)		21,211			(45,896	)
Net other income (expense)		—			(46,335	)		1,770			(20,276	)		21,211			(43,630	)
Income (loss) from continuing operations		—			(59,424	)		126,921			9,322			—			76,819
Income from discontinued operations		—			—			(4	)		2,502			—			2,498
Equity in earnings of consolidated subsidiaries net of income taxes		79,317			138,741			3,356			—			(221,414	)		—
Net income		79,317			79,317			130,273			11,824			(221,414	)		79,317
Net income (loss) attributable to non-controlling interests		(165	)		(165	)		—			—			165			(165	)
Net income attributable to MPT common stockholders	$	79,152		$	79,152		$	130,273		$	11,824		$	(221,249	)	$	79,152

Condensed Consolidated Statements of Income

For the Three Months Ended September 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	28,470		$	4,163		$	(2,335	)	$	30,298
Straight-line rent		—			—			2,371			374			—			2,745
Income from direct financing leases		—			—			5,238			5,394			(4,859	)		5,773
Interest and fee income		—			5,242			8,917			6,943			(7,065	)		14,037
Total revenues		—			5,242			44,996			16,874			(14,259	)		52,853
Expenses
Real estate depreciation and amortization		—			—			7,883			425			—			8,308
Property-related		—			88			116			7,204			(7,194	)		214
General and administrative		—			6,332			—			720			—			7,052
Acquisition expenses		—			410			—			—			—			410
Total operating expenses		—			6,830			7,999			8,349			(7,194	)		15,984
Operating income (loss)		—			(1,588	)		36,997			8,525			(7,065	)		36,869
Other income (expense)
Other income (expense)		—			(21	)		(2	)		—			—			(23	)
Earnings from equity and other interests		—			—			331			734			—			1,065
Interest income (expense)		—			(15,203	)		388			(7,296	)		7,065			(15,046	)
Net other income (expense)		—			(15,224	)		717			(6,562	)		7,065			(14,004	)
Income (loss) from continuing operations		—			(16,812	)		37,714			1,963			—			22,865
Income (loss) from discontinued operations		—			—			314			8,329			—			8,643
Equity in earnings of consolidated subsidiaries, net of income taxes		31,508			48,320			1,129			—			(80,957	)		—
Net income		31,508			31,508			39,157			10,292			(80,957	)		31,508
Net income (loss) attributable to non-controlling interests		(44	)		(44	)		—			—			44			(44	)
Net income attributable to MPT common stockholders	$	31,464		$	31,464		$	39,157		$	10,292		$	(80,913	)	$	31,464

Condensed Consolidated Statements of Income

For the Nine Months Ended September 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	85,160		$	12,446		$	(6,926	)	$	90,680
Straight-line rent		—			—			4,310			1,119			—			5,429
Income from direct financing leases		—			—			11,730			12,600			(11,351	)		12,979
Interest and fee income		—			13,219			20,620			17,358			(17,711	)		33,486
Total revenues		—			13,219			121,820			43,523			(35,988	)		142,574
Expenses
Real estate depreciation and amortization		—			—			23,551			1,275			—			24,826
Property-related		—			349			580			18,375			(18,277	)		1,027
General and administrative		—			20,067			—			1,274			—			21,341
Acquisition expenses		—			4,115			—			—			—			4,115
Total operating expenses		—			24,531			24,131			20,924			(18,277	)		51,309
Operating income (loss)		—			(11,312	)		97,689			22,599			(17,711	)		91,265
Other income (expense)
Other income (expense)		—			(49	)		(2	)		(4	)		—			(55	)
Earnings from equity and other interests		—			—			783			1,161			—			1,944
Interest income (expense)		—			(42,905	)		867			(18,403	)		17,711			(42,730	)
Net other income (expense)		—			(42,954	)		1,648			(17,246	)		17,711			(40,841	)
Income (loss) from continuing operations		—			(54,266	)		99,337			5,353			—			50,424
Income (loss) from discontinued operations		—			—			106			10,944			—			11,050
Equity in earnings of consolidated subsidiaries net of income taxes		61,474			115,740			3,367			—			(180,581	)		—
Net income		61,474			61,474			102,810			16,297			(180,581	)		61,474
Net income (loss) attributable to non-controlling interests		(130	)		(130	)		—			—			130			(130	)
Net income attributable to MPT common stockholders	$	61,344		$	61,344		$	102,810		$	16,297		$	(180,451	)	$	61,344

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended September 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	25,703		$	25,703		$	45,047	$	4,044	$	(74,794	)	$	25,703
Other comprehensive income:
Unrealized gain on interest rate swap		182			182			—		—		(182	)		182
Total comprehensive income		25,885			25,885			45,047		4,044		(74,976	)		25,885
Comprehensive income attributable to non-controlling interests		(55	)		(55	)		—		—		55			(55	)
Comprehensive income attributable to MPT common stockholders	$	25,830		$	25,830		$	45,047	$	4,044	$	(74,921	)	$	25,830

Condensed Consolidated Statements of Comprehensive Income

For the Nine Months Ended September 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	79,317		$	79,317		$	130,273	$	11,824	$	(221,414	)	$	79,317
Other comprehensive income:
Unrealized gain on interest rate swap		2,788			2,788			—		—		(2,788	)		2,788
Total comprehensive income		82,105			82,105			130,273		11,824		(224,202	)		82,105
Comprehensive income attributable to non-controlling interests		(165	)		(165	)		—		—		165			(165	)
Comprehensive income attributable to MPT common stockholders	$	81,940		$	81,940		$	130,273	$	11,824	$	(224,037	)	$	81,940

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended September 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	31,508		$	31,508		$	39,157	$	10,292	$	(80,957	)	$	31,508
Other comprehensive income (loss):
Unrealized loss on interest rate swap		(443	)		(443	)		—		—		443			(443	)
Total comprehensive income		31,065			31,065			39,157		10,292		(80,514	)		31,065
Comprehensive income attributable to non-controlling interests		(44	)		(44	)		—		—		44			(44	)
Comprehensive income attributable to MPT common stockholders	$	31,021		$	31,021		$	39,157	$	10,292	$	(80,470	)	$	31,021

Condensed Consolidated Statements of Comprehensive Income

For the Nine Months Ended September, 30, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	61,474		$	61,474		$	102,810	$	16,297	$	(180,581	)	$	61,474
Other comprehensive income (loss):
Unrealized loss on interest rate swap		(989	)		(989	)		—		—		989			(989	)
Total comprehensive income		60,485			60,485			102,810		16,297		(179,592	)		60,485
Comprehensive income attributable to non-controlling interests		(130	)		(130	)		—		—		130			(130	)
Comprehensive income attributable to MPT common stockholders	$	60,355		$	60,355		$	102,810	$	16,297	$	(179,462	)	$	60,355

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 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	$	91		$	(38,891	)	$	156,913		$	(16,549	)	$	—		$	101,564
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(95,000	)		(276,500	)		—			(371,500	)
Principal received on loans receivable		—			—			—			4,694			—			4,694
Net proceeds from sale of real estate		—			—			—			18,409			—			18,409
Investments in and advances to subsidiaries		(225,683	)		(267,545	)		(1,506	)		269,142			225,592			—
Investments in loans receivable		—			—			—			(1,445	)		—			(1,445	)
Construction in progress and other		—			(765	)		(63,691	)		1,034			—			(63,422	)
Net cash provided by (used in) investing activities		(225,683	)		(268,310	)		(160,197	)		15,334			225,592			(413,264	)
Financing Activities
Revolving credit facilities, net		—			(80,000	)		—			—			—			(80,000	)
Additions to term debt, net of discount		—			153,000			—			—			—			153,000
Payments of term debt		—			(11,000	)		—			(185	)		—			(11,185	)
Distributions paid		(87,727	)		(87,928	)		—			—			87,727			(87,928	)
Proceeds from sale of common shares/units, net of offering costs		313,319			313,319			—			—			(313,319	)		313,319
Lease deposits and other obligations to tenants		—			—			1,719			1,870			—			3,589
Debt issuance costs paid and other financing activities		—			(4,282	)		—			—			—			(4,282	)
Net cash provided by financing activities		225,592			283,109			1,719			1,685			(225,592	)		286,513
Increase (decrease) in cash and cash equivalents for period		—			(24,092	)		(1,565	)		470			—			(25,187	)
Cash and cash equivalents at beginning of period		—			35,483			1,565			263			—			37,311
Cash and cash equivalents at end of period	$	—		$	11,391		$	—		$	733		$	—		$	12,124

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 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	$	16		$	(38,780	)	$	109,018		$	4,455		$	—		$	74,709
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(410,000	)		(196,500	)		—			(606,500	)
Principal received on loans receivable		—			—			5,491			4,016			—			9,507
Net proceeds from sale of real estate		—			—			800			33,300			—			34,100
Investments in and advances to subsidiaries		(143,554	)		(540,016	)		380,605			159,427			143,538			—
Investments in loans receivable		—			—			—			(1,293	)		—			(1,293	)
Construction in progress and other		—			(59	)		(33,869	)		(1,992	)		—			(35,920	)
Net cash used in investing activities		(143,554	)		(540,075	)		(56,973	)		(3,042	)		143,538			(600,106	)
Financing Activities
Revolving credit facilities, net		—			75,000			(39,600	)		—			—			35,400
Additions to term debt		—			300,000			—			—			—			300,000
Payments of term debt		—			—			—			(171	)		—			(171	)
Distributions paid		(76,569	)		(76,770	)		—			—			76,569			(76,770	)
Proceeds from sale of common stock/units, net of offering costs		220,107			220,107			—			—			(220,107	)		220,107
Lease deposits and other obligations to tenants		—			—			(12,289	)		(1,102	)		—			(13,391	)
Debt issuance costs paid and other financing activities		—			(6,341	)		—			—			—			(6,341	)
Net cash provided by (used in) financing activities		143,538			511,996			(51,889	)		(1,273	)		(143,538	)		458,834
Increase in cash and cash equivalents for period		—			(66,859	)		156			140			—			(66,563	)
Cash and cash equivalents at beginning of period		—			101,230			1,409			87			—			102,726
Cash and cash equivalents at end of period	$	—		$	34,371		$	1,565		$	227		$	—		$	36,163