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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