Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets

December 31, 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	$	—	$	—	$	1,795,084		$	70,371		$	—		$	1,865,455
Net investment in direct financing leases		—		—		212,543			218,481			—			431,024
Mortgage loans		—		—		268,650			120,000			—			388,650
Gross investment in real estate assets		—		—		2,276,277			408,852			—			2,685,129
Accumulated depreciation and amortization		—		—		(151,624	)		(8,152	)		—			(159,776	)
Net investment in real estate assets		—		—		2,124,653			400,700			—			2,525,353
Cash and cash equivalents		—		18,815		27,094			70			—			45,979
Interest and rent receivables		—		336		31,324			26,839			—			58,499
Straight-line rent receivables		—		—		37,015			8,814			—			45,829
Other loans		—		178		1,100			159,712			—			160,990
Net intercompany receivable		35,363		1,907,474		—			—			(1,942,837	)		—
Investment in subsidiaries		1,344,598		825,153		42,407			—			(2,212,158	)		—
Other assets		—		37,311		1,168			29,441			—			67,920
Total Assets	$	1,379,961	$	2,789,267	$	2,264,761		$	625,576		$	(4,154,995	)	$	2,904,570
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,407,733	$	—		$	13,948		$	—		$	1,421,681
Accounts payable and accrued expenses		35,753		36,887		20,367			1,304			—			94,311
Net intercompany payable		—		—		1,538,934			403,903			(1,942,837	)		—
Deferred revenue		—		49		17,772			5,966			—			23,787
Lease deposits and other obligations to tenants		—		—		17,964			2,619			—			20,583
Total liabilities		35,753		1,444,669		1,595,037			427,740			(1,942,837	)		1,560,362
Total Equity		1,344,208		1,344,598		669,724			197,836			(2,212,158	)		1,344,208
Total Liabilities and Equity	$	1,379,961	$	2,789,267	$	2,264,761		$	625,576		$	(4,154,995	)	$	2,904,570

Condensed Consolidated Balance Sheets

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	$	1,185,265		$	65,947		$	—		$	1,251,240
Real estate held for sale		—		—		—			25,537			—			25,537
Net investment in direct financing leases		—		—		110,155			204,257			—			314,412
Mortgage loans		—		—		268,650			100,000			—			368,650
Gross investment in real estate assets		—		28		1,564,070			395,741			—			1,959,839
Accumulated depreciation and amortization		—		—		(116,344	)		(6,452	)		—			(122,796	)
Net investment in real estate assets		—		28		1,447,726			389,289			—			1,837,043
Cash and cash equivalents		—		35,483		1,565			263			—			37,311
Interest and rent receivables		—		212		29,150			15,927			—			45,289
Straight-line rent receivables		—		—		28,416			7,444			—			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	$	1,551,045		$	603,510		$	(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		—		—		997,231			404,103			(1,401,334	)		—
Deferred revenue		—		143		19,431			1,035			—			20,609
Lease deposits and other obligations to tenants		—		—		16,357			985			—			17,342
Total liabilities		27,783		1,037,763		1,043,511			421,349			(1,401,334	)		1,129,072
Total Equity		1,049,814		1,050,204		507,534			182,161			(1,739,899	)		1,049,814
Total Liabilities and Equity	$	1,077,597	$	2,087,967	$	1,551,045		$	603,510		$	(3,141,233	)	$	2,178,886

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	124,651		$	20,028		$	(12,101	)	$	132,578
Straight-line rent		—			—			8,438			2,268			—			10,706
Income from direct financing leases		—			—			38,522			22,577			(20,269	)		40,830
Interest and fee income		—			21,797			38,696			29,834			(31,918	)		58,409
Total revenues		—			21,797			210,307			74,707			(64,288	)		242,523
Expenses
Real estate depreciation and amortization		—			—			35,277			1,701			—			36,978
Property-related		—			601			1,356			32,863			(32,370	)		2,450
Acquisition expenses		—			7,356			12,138			—			—			19,494
General and administrative		—			29,033			375			655			—			30,063
Total operating expenses		—			36,990			49,146			35,219			(32,370	)		88,985
Operating income		—			(15,193	)		161,161			39,488			(31,918	)		153,538
Other income (expense)
Interest and other (expense) income		—			(110	)		—			(209	)		—			(319	)
Earnings from equity and other interests		—			—			948			2,606			—			3,554
Interest expense		—			(67,484	)		(1,912	)		(29,268	)		31,918			(66,746	)
Income tax expense		—			—			(158	)		(568	)		—			(726	)
Net other expense		—			(67,594	)		(1,122	)		(27,439	)		31,918			(64,237	)
Income (loss) from continuing operations		—			(82,787	)		160,039			12,049			—			89,301
Income (loss) from discontinued operations		—			—			(4	)		7,918			—			7,914
Equity in earnings of consolidated subsidiaries net of income taxes		97,215			180,002			4,477			—			(281,694	)		—
Net income (loss)		97,215			97,215			164,512			19,967			(281,694	)		97,215
Net income (loss) attributable to non-controlling interests		(224	)		(224	)		—			—			224			(224	)
Net income attributable to MPT common stockholders	$	96,991		$	96,991		$	164,512		$	19,967		$	(281,470	)	$	96,991

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	112,573	$	16,619		$	(9,309	)	$	119,883
Straight-line rent		—			—			6,429		1,482			—			7,911
Income from direct financing leases		—			—			19,870		18,090			(16,232	)		21,728
Interest and fee income		—			18,341			29,606		25,387			(24,731	)		48,603
Total revenues		—			18,341			168,478		61,578			(50,272	)		198,125
Expenses
Real estate depreciation and amortization		—			—			31,115		1,700			—			32,815
Property-related		—			495			816		25,707			(25,541	)		1,477
Acquisition expenses		—			5,420			—		—			—			5,420
General and administrative		—			26,018			—		2,544			—			28,562
Total operating expenses		—			31,933			31,931		29,951			(25,541	)		68,274
Operating income		—			(13,592	)		136,547		31,627			(24,731	)		129,851
Other income (expense)
Interest and other (expense) income		—			(69	)		—		(1,593	)		—			(1,662	)
Earnings from equity and other interests		—			—			1,061		1,882			—			2,943
Interest expense		—			(58,729	)		1,408		(25,653	)		24,731			(58,243	)
Income tax expense		—			—			—		(19	)		—			(19	)
Net other expense		—			(58,798	)		2,469		(25,383	)		24,731			(56,981	)
Income (loss) from continuing operations		—			(72,390	)		139,016		6,244			—			72,870
Income (loss) from discontinued operations		—			—			103		17,104			—			17,207
Equity in earnings of consolidated subsidiaries net of income taxes		90,077			162,467			4,481		—			(257,025	)		—
Net income (loss)		90,077			90,077			143,600		23,348			(257,025	)		90,077
Net income (loss) attributable to non-controlling interests		(177	)		(177	)		—		—			177			(177	)
Net income attributable to MPT common stockholders	$	89,900		$	89,900		$	143,600	$	23,348		$	(256,848	)	$	89,900

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	99,494		$	9,286		$	(3,092	)	$	105,688
Straight-line rent		—			—			3,515			1,762			—			5,277
Interest and fee income		—			6,124			17,543			3,926			(6,236	)		21,357
Total revenues		—			6,124			120,552			14,974			(9,328	)		132,322
Expenses
Real estate depreciation and amortization		—			—			28,489			1,658			—			30,147
Property-related		—			217			458			3,141			(3,092	)		724
Acquisition expenses		—			3,713			—			471			—			4,184
General and administrative		17			23,914			—			3,160			—			27,091
Total operating expenses		17			27,844			28,947			8,430			(3,092	)		62,146
Operating income		(17	)		(21,720	)		91,605			6,544			(6,236	)		70,176
Other income (expense)
Interest and other (expense) income		—			26			2			(10	)		—			18
Earnings from equity and other interests		—			—			345			(267	)		—			78
Debt refinancing costs		—			(14,109	)		(105	)		—			—			(14,214	)
Interest expense		—			(43,063	)		139			(7,122	)		6,236			(43,810	)
Income tax expense		—			—			—			(128	)		—			(128	)
Net other expense		—			(57,146	)		381			(7,527	)		6,236			(58,056	)
Income (loss) from continuing operations		(17	)		(78,866	)		91,986			(983	)		—			12,120
Income (loss) from discontinued operations		—			—			(1,969	)		16,563			—			14,594
Equity in earnings of consolidated subsidiaries net of income taxes		26,731			105,597			4,578			—			(136,906	)		—
Net income		26,714			26,731			94,595			15,580			(136,906	)		26,714
Net income attributable to non-controlling interests		(178	)		(178	)		—			—			178			(178	)
Net income attributable to MPT common stockholders	$	26,536		$	26,553		$	94,595		$	15,580		$	(136,728	)	$	26,536

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Year Ended December 31, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	97,215		$	97,215		$	164,512	$	19,967	$	(281,694	)	$	97,215
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap		3,474			3,474			—		—		(3,474	)		3,474
Foreign currency translation gain (loss)		67			67			—		—		(67	)		67
Total comprehensive income		100,756			100,756			164,512		19,967		(285,235	)		100,756
Comprehensive income attributable to non-controlling interests		(224	)		(224	)		—		—		224			(224	)
Comprehensive income attributable to MPT common stockholders	$	100,532		$	100,532		$	164,512	$	19,967	($	285,011	)	$	100,532

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Year Ended December 31, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	90,077		$	90,077		$	143,600	$	23,348	$	(257,025	)	$	90,077
Other comprehensive income:
Unrealized loss on interest rate swap		(251	)		(251	)		—		—		251			(251	)
Total comprehensive income		89,826			89,826			143,600		23,348		(256,774	)		89,826
Comprehensive income attributable to non-controlling interests		(177	)		(177	)		—		—		177			(177	)
Comprehensive income attributable to MPT common stockholders	$	89,649		$	89,649		$	143,600	$	23,348	($	256,597	)	$	89,649

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Year Ended December 31, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	26,714		$	26,731		$	94,595	$	15,580	$	(136,906	)	$	26,714
Other comprehensive income:
Unrealized loss on interest rate swap		(8,590	)		(8,590	)		—		—		8,590			(8,590	)
Total comprehensive income		18,124			18,141			94,595		15,580		(128,316	)		18,124
Comprehensive income attributable to non-controlling interests		(178	)		(178	)		—		—		178			(178	)
Comprehensive income attributable to MPT common stockholders	$	17,946		$	17,963		$	94,595	$	15,580	$	(128,138	)	$	17,946

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	4		$	(53,846	)	$	196,883		$	(2,240	)	$	—		$	140,801
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(619,092	)		(35,830	)		—			(654,922	)
Net proceeds from sales of real estate		—			—			—			32,409			—			32,409
Principal received on loans receivable		—			—			—			7,249			—			7,249
Investments in loans receivable		—			—			(1,100	)		(2,646	)		—			(3,746	)
Construction in progress and other		—			136			(94,737	)		1,034			—			(93,567	)
Net cash provided by (used in) investing activities		—			136			(714,929	)		2,216			—			(712,577	)
Financing Activities
Additions to term debt		—			424,580			—			—			—			424,580
Payments of term debt		—			(11,000	)		—			(249	)		—			(11,249	)
Revolving credit facilities, net		—			(20,000	)		—			—			—			(20,000	)
Distributions paid		(120,038	)		(120,309	)		—			—			120,038			(120,309	)
Lease deposits and other obligations to tenants		—			—			1,606			1,625			—			3,231
Net payments relating to intercompany financing		(193,297	)		(539,776	)		541,325			(1,545	)		193,293			—
Proceeds from sale of common shares, net of offering costs		313,331			313,331			—			—			(313,331	)		313,331
Debt issuance costs paid and other financing activities		—			(9,760	)		—			—			—			(9,760	)
Net cash provided by (used in) financing activities		(4	)		37,066			542,931			(169	)		—			579,824
Increase (decrease) in cash and cash equivalents for period		—			(16,644	)		24,885			(193	)		—			8,048
Effect of exchange rate changes		—			(24	)		644			—			—			620
Cash and cash equivalents at beginning of period		—			35,483			1,565			263			—			37,311
Cash and cash equivalents at end of period	$	—		$	18,815		$	27,094		$	70		$	—		$	45,979

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2012

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	57		$	(61,002	)	$	165,454		$	800		$	—		$	105,309
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(420,500	)		(200,990	)		—			(621,490	)
Net proceeds from sales of real estate		—			—			—			71,202			—			71,202
Principal received on loans receivable		—			—			5,491			5,440			—			10,931
Investments in loans receivable		—			—			—			(1,293	)		—			(1,293	)
Construction in progress and other		—			(578	)		(66,467	)		(9,433	)		—			(76,478	)
Net cash provided by (used in) investing activities		—			(578	)		(481,476	)		(135,074	)		—			(617,128	)
Financing Activities
Additions to term debt		—			300,000			—			—			—			300,000
Payments of term debt		—			—			—			(232	)		—			(232	)
Revolving credit facilities, net		—			75,000			(39,600	)		—			—			35,400
Distributions paid		(103,684	)		(103,952	)		—			—			103,684			(103,952	)
Lease deposits and other obligations to tenants		—			—			(10,031	)		(1,405	)		—			(11,436	)
Net payments relating to intercompany financing		(129,421	)		(501,839	)		365,809			136,087			129,364			—
Proceeds from sale of common shares, net of offering costs		233,048			233,048			—			—			(233,048	)		233,048
Debt issuance costs paid and other financing activities		—			(6,424	)		—			—			—			(6,424	)
Net cash provided by (used in) financing activities		(57	)		(4,167	)		316,178			134,450			—			446,404
Increase (decrease) in cash and cash equivalents for period		—			(65,747	)		156			176			—			(65,415	)
Cash and cash equivalents at beginning of period		—			101,230			1,409			87			—			102,726
Cash and cash equivalents at end of period	$	—		$	35,483		$	1,565		$	263		$	—		$	37,311

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2011

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(209	)	$	(48,779	)	$	109,329		$	18,929		$	—		$	79,270
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(241,626	)		(37,337	)		—			(278,963	)
Net proceeds from sales of real estate		—			—			—			41,130			—			41,130
Principal received on loans receivable		—			—			230			4,059			—			4,289
Investments in loans receivable		—			—			(230	)		(631	)		—			(861	)
Construction in progress and other		—			(6,466	)		(24,081	)		(669	)		—			(31,216	)
Net cash provided by (used in) investing activities		—			(6,466	)		(265,707	)		6,552			—			(265,621	)
Financing Activities
Additions to term debt		—			450,000			—			—			—			450,000
Payments of term debt		—			(237,666	)		(8,433	)		(163	)		—			(246,262	)
Revolving credit facilities, net		—			50,000			39,600			—			—			89,600
Distributions paid		(89,342	)		(89,601	)		—			—			89,342			(89,601	)
Lease deposits and other obligations to tenants		—			—			10,986			(2,365	)		—			8,621
Net payments relating to intercompany financing		89,551			(92,052	)		114,247			(22,404	)		(89,342	)		—
Debt issuance costs paid and other financing activities		—			(21,028	)		—			(661	)		—			(21,689	)
Net cash provided by (used in) financing activities		209			59,653			156,400			(25,593	)		—			190,669
Increase (decrease) in cash and cash equivalents for period		—			4,408			22			(112	)		—			4,318
Cash and cash equivalents at beginning of period		—			96,822			1,387			199			—			98,408
Cash and cash equivalents at end of period	$	—		$	101,230		$	1,409		$	87		$	—		$	102,726