Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets

March 31, 2014

(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	$	—	$	—		$	1,940,880		$	67,542		$	—		$	2,008,422
Net investment in direct financing leases		—		—			213,244			219,413						432,657
Mortgage loans		—		—			288,650			100,000			—			388,650
Gross investment in real estate assets		—		—			2,442,774			386,955			—			2,829,729
Accumulated depreciation and amortization		—		—			(164,898	)		(8,577	)		—			(173,475	)
Net investment in real estate assets		—		—			2,277,876			378,378			—			2,656,254
Cash and cash equivalents		—		31,104			18,564			641			—			50,309
Interest and rent receivables		—		537			32,735			29,902			—			63,174
Straight-line rent receivables		—		—			38,416			9,607			—			48,023
Other loans		—		178			1,100			140,274			—			141,552
Net intercompany receivable		35,608		1,999,835			—			—			(2,035,443	)		—
Investment in subsidiaries		1,431,370		851,636			42,326			—			(2,325,332	)		—
Other assets		—		36,088			1,169			30,023			—			67,280
Total Assets	$	1,466,978	$	2,919,378		$	2,412,186		$	588,825		$	(4,360,775	)	$	3,026,592
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,458,165		$	—		$	13,880		$	—		$	1,472,045
Accounts payable and accrued expenses		35,998		29,974			7,713			499			—			74,184
Net intercompany payable		—		—			1,649,895			385,548			(2,035,443	)		—
Deferred revenue		—		(131	)		19,373			6,177			—			25,419
Lease deposits and other obligations to tenants		—		—			20,265			3,699			—			23,964
Total liabilities		35,998		1,488,008			1,697,246			409,803			(2,035,443	)		1,595,612
Total Equity		1,430,980		1,431,370			714,940			179,022			(2,325,332	)		1,430,980
Total Liabilities and Equity	$	1,466,978	$	2,919,378		$	2,412,186		$	588,825		$	(4,360,775	)	$	3,026,592

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	$	—	$	—	$	1,796,411		$	69,044		$	—		$	1,865,455
Net investment in direct financing leases		—		—		212,543			218,481						431,024
Mortgage loans		—		—		288,650			100,000			—			388,650
Gross investment in real estate assets		—		—		2,297,604			387,525			—			2,685,129
Accumulated depreciation and amortization		—		—		(151,624	)		(8,152	)		—			(159,776	)
Net investment in real estate assets		—		—		2,145,980			379,373			—			2,525,353
Cash and cash equivalents		—		18,815		27,094			70			—			45,979
Interest and rent receivables		—		336		31,462			26,701			—			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		1,165			29,444			—			67,920
Total Assets	$	1,379,961	$	2,789,267	$	2,286,223		$	604,114		$	(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		20,522			1,149			—			94,311
Net intercompany payable		—		—		1,560,039			382,798			(1,942,837	)		—
Deferred revenue		—		49		17,785			5,953			—			23,787
Lease deposits and other obligations to tenants		—		—		18,139			2,444			—			20,583
Total liabilities		35,753		1,444,669		1,616,485			406,292			(1,942,837	)		1,560,362
Total Equity		1,344,208		1,344,598		669,738			197,822			(2,212,158	)		1,344,208
Total Liabilities and Equity	$	1,379,961	$	2,789,267	$	2,286,223		$	604,114		$	(4,154,995	)	$	2,904,570

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income

For the Year Ended March 31, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	40,975		$	5,660		$	(3,678	)	$	42,957
Straight-line rent		—			—			1,357			791			—			2,148
Income from direct financing leases		—			—			11,609			5,872			(5,266	)		12,215
Interest and fee income		—			10,132			15,255			7,858			(17,476	)		15,769
Total revenues		—			10,132			69,196			20,181			(26,420	)		73,089
Expenses
Real estate depreciation and amortization		—			—			13,265			425			—			13,690
Impairment charge		—			—			—			20,496			—			20,496
Property-related		—			172			432			9,078			(8,944	)		738
Acquisition expenses		—			375			137			—			—			512
General and administrative		—			8,149			201			609			—			8,959
Total operating expenses		—			8,696			14,035			30,608			(8,944	)		44,395
Operating income		—			1,436			55,161			(10,427	)		(17,476	)		28,694
Other income (expense)
Other income (expense)		—			(46	)		—			(4	)		—			(50	)
Earnings from equity and other interests		—			—			—			220			—			220
Interest expense		—			(21,823	)		(9,919	)		(7,346	)		17,476			(21,612	)
Income tax (expense) benefit		—			—			65			(8	)		—			57
Net other expense		—			(21,869	)		(9,854	)		(7,138	)		17,476			(21,385	)
Income (loss) from continuing operations		—			(20,433	)		45,307			(17,565	)		—			7,309
Loss from discontinued operations		—			—			—			(2	)		—			(2	)
Equity in earnings of consolidated subsidiaries net of income taxes		7,307			27,740			1,121			—			(36,168	)		—
Net income (loss)		7,307			7,307			46,428			(17,567	)		(36,168	)		7,307
Net income (loss) attributable to non-controlling interests		(66	)		(66	)		—			—			66			(66	)
Net income attributable to MPT common stockholders	$	7,241		$	7,241		$	46,428		$	(17,567	)	$	(36,102	)	$	7,241

Condensed Consolidated Statements of Income

For the Year Ended March 31, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	29,630		$	4,504		$	(2,635	)	$	31,499
Straight-line rent		—			—			2,277			374			—			2,651
Income from direct financing leases		—			—			8,204			5,485			(4,933	)		8,756
Interest and fee income		—			5,057			9,208			7,531			(7,089	)		14,707
Total revenues		—			5,057			49,319			17,894			(14,657	)		57,613
Expenses
Real estate depreciation and amortization		—			—			8,044			425			—			8,469
Property-related		—			172			190			7,616			(7,569	)		409
Acquisition expenses		—			191			—			—			—			191
General and administrative		—			6,744			—			1,022			—			7,766
Total operating expenses		—			7,107			8,234			9,063			(7,569	)		16,835
Operating income		—			(2,050	)		41,085			8,831			(7,088	)		40,778
Other income (expense)
Other income (expense)		—			(22	)		(2,635	)		(204	)		2,636			(225	)
Earnings from equity and other interests		—			—			—			492			—			492
Interest expense		—			(15,517	)		2,946			(7,305	)		4,452			(15,424	)
Income tax expense		—			—			—			(52	)		—			(52	)
Net other (expense) income		—			(15,539	)		311			(7,069	)		7,088			(15,209	)
Income (loss) from continuing operations		—			(17,589	)		41,396			1,762			—			25,569
Income (loss) from discontinued operations		—			—			(4	)		645			—			641
Equity in earnings of consolidated subsidiaries net of income taxes		26,210			43,799			1,121			—			(71,130	)		—
Net income (loss)		26,210			26,210			42,513			2,407			(71,130	)		26,210
Net income (loss) attributable to non-controlling interests		(54	)		(54	)		—			—			54			(54	)
Net income attributable to MPT common stockholders	$	26,156		$	26,156		$	42,513		$	2,407		$	(71,076	)	$	26,156

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income

For the Year Ended March 31, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	7,307		$	7,307		$	46,428	$	(17,567	)	$	(36,168	)	$	7,307
Other comprehensive income:
Unrealized gain on interest rate swap		721			721			—		—			(721	)		721
Foreign currency translation loss		(28	)		(28	)		—		—			28			(28	)
Total comprehensive income		8,000			8,000			46,428		(17,567	)		(36,861	)		8,000
Comprehensive income attributable to non-controlling interests		(66	)		(66	)		—		—			66			(66	)
Comprehensive income attributable to MPT common stockholders	$	7,934		$	7,934		$	46,428	$	(17,567	)	$	(36,795	)	$	7,934

Condensed Consolidated Statements of Comprehensive Income

For the Year Ended March 31, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	26,210		$	26,210		$	42,513	$	2,407	$	(71,130	)	$	26,210
Other comprehensive income:
Unrealized gain on interest rate swap		827			827			—		—		(827	)		827
Total comprehensive income		27,037			27,037			42,513		2,407		(71,957	)		27,037
Comprehensive income attributable to non-controlling interests		(54	)		(54	)		—		—		54			(54	)
Comprehensive income attributable to MPT common stockholders	$	26,983		$	26,983		$	42,513	$	2,407	$	(71,903	)	$	26,983

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Year Ended March 31, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	234		$	(23,272	)	$	43,606		$	(2,286	)	$	—		$	18,282
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(115,000	)		—			—			(115,000	)
Principal received on loans receivable		—			—			—			1,469			—			1,469
Investments in loans receivable		—			—			—			(2,385	)		—			(2,385	)
Construction in progress and other		—			205			(27,303	)		(827	)		—			(27,925	)
Net cash provided by (used in) investing activities		—			205			(142,303	)		(1,743	)		—			(143,841	)
Financing Activities
Revolving credit facilities, net		—			50,000			—			—			—			50,000
Payments of term debt		—			—			—			(68	)		—			(68	)
Distributions paid		(35,717	)		(35,778	)		—			—			35,717			(35,778	)
Lease deposits and other obligations to tenants		—			—			1,970			1,410			—			3,380
Net payments relating to intercompany financing		(77,100	)		(91,208	)		88,184			3,258			76,866			—
Proceeds from sale of common shares, net of offering costs		112,583			112,583			—			—			(112,583	)		112,583
Debt issuance costs paid and other financing activities		—			(241	)		—			—			—			(241	)
Net cash provided by (used in) financing activities		(234	)		35,356			90,154			4,600			—			129,876
Increase (decrease) in cash and cash equivalents for period		—			12,289			(8,543	)		571			—			4,317
Effect of exchange rate changes		—			—			13			—			—			13
Cash and cash equivalents at beginning of period		—			18,815			27,094			70			—			45,979
Cash and cash equivalents at end of period	$	—		$	31,104		$	18,564		$	641		$	—		$	50,309

Condensed Consolidated Statements of Cash Flows

For the Year Ended March 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	$	213		$	(9,099	)	$	36,434		$	(497	)	$	—		$	27,051
Investing Activities
Principal received on loans receivable		—			—			—			2,090			—			2,090
Investments in loans receivable		—			—			—			(800	)		—			(800	)
Construction in progress and other		—			331			(13,245	)		(612	)		—			(13,526	)
Net cash provided by (used in) investing activities		—			331			(13,245	)		678			—			(12,236	)
Financing Activities
Payments of term debt		—			—			—			(64	)		—			(64	)
Revolving credit facilities, net		—			(125,000	)		—			—			—			(125,000	)
Distributions paid		(27,719	)		(27,786	)		—			—			27,719			(27,786	)
Lease deposits and other obligations to tenants		—			—			921			2,628			—			3,549
Net payments relating to intercompany financing		(145,408	)		27,048			(24,109	)		(2,726	)		145,195			—
Proceeds from sale of common shares, net of offering costs		172,914			172,914			—			—			(172,914	)		172,914
Debt issuance costs paid and other financing activities		—			(64	)		—			—			—			(64	)
Net cash provided by (used in) financing activities		(213	)		47,112			(23,188	)		(162	)		—			23,549
Increase (decrease) in cash and cash equivalents for period		—			38,344			1			19			—			38,364
Cash and cash equivalents at beginning of period		—			35,483			1,565			263			—			37,311
Cash and cash equivalents at end of period	$	—		$	73,827		$	1,566		$	282		$	—		$	75,675