Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2014

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheet

June 30, 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	$	—	$	—		$	1,959,605		$	66,654		$	—		$	2,026,259
Mortgage loans		—		—			285,100			100,000			—			385,100
Net investment in direct financing leases		—		—			213,966			220,345			—			434,311
Gross investment in real estate assets		—		—			2,458,671			386,999			—			2,845,670
Accumulated depreciation and amortization		—		—			(169,260	)		(9,002	)		—			(178,262	)
Net investment in real estate assets		—		—			2,289,411			377,997			—			2,667,408
Cash and cash equivalents		—		120,030			26,705			50,288			—			197,023
Interest and rent receivables		—		832			18,655			26,866			—			46,353
Straight-line rent receivables		—		—			40,900			10,293			—			51,193
Other loans		—		—			1,100			139,370			—			140,470
Net intercompany receivable		35,785		2,028,913			—			—			(2,064,698	)		—
Investment in subsidiaries		1,413,344		880,837			43,159			—			(2,337,340	)		—
Other assets		—		46,340			857			40,400			—			87,597
Total Assets	$	1,449,129	$	3,076,952		$	2,420,787		$	645,214		$	(4,402,038	)	$	3,190,044
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,626,537		$	—		$	13,816		$	—		$	1,640,353
Accounts payable and accrued expenses		36,175		37,438			10,103			515			—			84,231
Net intercompany payable		—		—			1,620,097			444,601			(2,064,698	)		—
Deferred revenue		—		220			21,046			6,159			—			27,425
Lease deposits and other obligations to tenants		—		(587	)		21,579			4,089			—			25,081
Total liabilities		36,175		1,663,608			1,672,825			469,180			(2,064,698	)		1,777,090
Total equity		1,412,954		1,413,344			747,962			176,034			(2,337,340	)		1,412,954
Total Liabilities and Equity	$	1,449,129	$	3,076,952		$	2,420,787		$	645,214		$	(4,402,038	)	$	3,190,044

Condensed Consolidated Balance Sheet

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	$	—	$	—		$	1,796,415		$	69,040		$	—		$	1,865,455
Mortgage loans		—		—			285,106			103,650			—			388,756
Investment in direct financing leases		—		—			212,543			218,481			—			431,024
Gross investment in real estate assets		—		—			2,294,064			391,171			—			2,685,235
Accumulated depreciation and amortization		—		—			(151,624	)		(8,152	)		—			(159,776	)
Net investment in real estate assets		—		—			2,142,440			383,019			—			2,525,459
Cash and cash equivalents		—		18,815			27,094			70			—			45,979
Interest and rent receivables		—		336			31,492			26,737			—			58,565
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			1,096			29,466			—			67,873
Total Assets	$	1,379,961	$	2,789,267		$	2,282,644		$	607,818		$	(4,154,995	)	$	2,904,695
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,407,733		$	—		$	13,948		$	—		$	1,421,681
Accounts payable and accrued expenses		35,753		36,887			20,500			1,150			—			94,290
Net intercompany payable		—		—			1,556,634			386,203			(1,942,837	)		—
Deferred revenue		—		232			17,866			6,016			—			24,114
Lease deposits and other obligations to tenants		—		(183	)		18,163			2,422			—			20,402
Total liabilities		35,753		1,444,669			1,613,163			409,739			(1,942,837	)		1,560,487
Total equity		1,344,208		1,344,598			669,481			198,079			(2,212,158	)		1,344,208
Total Liabilities and Equity	$	1,379,961	$	2,789,267		$	2,282,644		$	607,818		$	(4,154,995	)	$	2,904,695

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Operations

For the Three Months Ended June 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	43,592		$	6,240		$	(3,904	)	$	45,928
Straight-line rent		—			—			2,491			687			—			3,178
Income from direct financing leases		—			—			11,652			5,898			(5,287	)		12,263
Interest and fee income		—			8,360			13,666			7,422			(14,257	)		15,191
Total revenues		—			8,360			71,401			20,247			(23,448	)		76,560
Expenses
Real estate depreciation and amortization		—			—			11,940			502			—			12,442
Impairment charges		—			289			21,975			7,367			—			29,631
Property-related		—			168			(105	)		9,090			(9,191	)		(38	)
General and administrative		—			8,500			55			(349	)		—			8,206
Acquisition expenses		—			2,510			25			—			—			2,535
Total operating expenses		—			11,467			33,890			16,610			(9,191	)		52,776
Operating income (expense)		—			(3,107	)		37,511			3,637			(14,257	)		23,784
Other income (expense)
Other income (expense)		—			19			—			—			—			19
Earnings from equity and other interests		—			—			111			575			—			686
Interest income (expense)		—			(24,724	)		(6,636	)		(7,259	)		14,257			(24,362	)
Debt refinancing costs		—			(290	)		—			—			—			(290	)
Income tax benefit (expense)		—			—			(32	)		(8	)		—			(40	)
Net other income (expense)		—			(24,995	)		(6,557	)		(6,692	)		14,257			(23,987	)
Income (loss) from continuing operations		—			(28,102	)		30,954			(3,055	)		—			(203	)
Income from discontinued operations		—			—			—			—			—			—
Equity in earnings of consolidated subsidiaries, net of income taxes		(203	)		27,899			1,042			—			(28,738	)		—
Net income		(203	)		(203	)		31,996			(3,055	)		(28,738	)		(203	)
Net income (loss) attributable to non-controlling interests		—			—			—			—			—			—
Net income attributable to MPT common stockholders	$	(203	)	$	(203	)	$	31,996		$	(3,055	)	$	(28,738	)	$	(203	)

Condensed Consolidated Statements of Operations

For the Six Months Ended June 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	84,543		$	11,928		$	(7,582	)	$	88,889
Straight-line rent		—			—			3,888			1,478			—			5,366
Income from direct financing leases		—			—			23,261			11,770			(10,552	)		24,479
Interest and fee income		—			18,492			28,863			15,293			(31,733	)		30,915
Total revenues		—			18,492			140,555			40,469			(49,867	)		149,649
Expenses
Real estate depreciation and amortization		—			—			25,204			927			—			26,131
Impairment charges		—			289			21,975			27,864			—			50,128
Property-related		—			339			325			18,170			(18,134	)		700
General and administrative		—			16,649			258			258			—			17,165
Acquisition expenses		—			2,886			161			—			—			3,047
Total operating expenses		—			20,163			47,923			47,219			(18,134	)		97,171
Operating income (expense)		—			(1,671	)		92,632			(6,750	)		(31,733	)		52,478
Other income (expense)
Other income (expense)		—			(30	)		—			—			—			(30	)
Earnings from equity and other interests		—			—			111			794			—			905
Interest income (expense)		—			(46,546	)		(16,533	)		(14,628	)		31,733			(45,974	)
Debt refinancing costs		—			(290	)		—			—			—			(290	)
Income tax benefit expense		—			—			32			(16	)		—			16
Net other income (expense)		—			(46,866	)		(16,390	)		(13,850	)		31,733			(45,373	)
Income (loss) from continuing operations		—			(48,537	)		76,242			(20,600	)		—			7,105
Income (loss) from discontinued operations		—			—			—			(2	)		—			(2	)
Equity in earnings of consolidated subsidiaries net of income taxes		7,103			55,640			2,163			—			(64,906	)		—
Net income		7,103			7,103			78,405			(20,602	)		(64,906	)		7,103
Net income (loss) attributable to non-controlling interests		(65	)		(65	)		—			—			65			(65	)
Net income attributable to MPT common stockholders	$	7,038		$	7,038		$	78,405		$	(20,602	)	$	(64,841	)	$	7,038

Condensed Consolidated Statements of Operations

For the Three Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	29,051	$	5,088		$	(3,115	)	$	31,024
Straight-line rent		—			—			2,171		606			—			2,777
Income from direct financing leases		—			—			8,664		5,509			(4,943	)		9,230
Interest and fee income		—			5,052			9,120		7,006			(7,085	)		14,093
Total revenues		—			5,052			49,006		18,209			(15,143	)		57,124
Expenses
Real estate depreciation and amortization		—			—			8,229		414			—			8,643
Property-related		—			104			335		8,267			(8,057	)		649
General and administrative		—			7,674			—		(563	)		—			7,111
Acquisition expenses		—			2,088			—		—			—			2,088
Total operating expenses		—			9,866			8,564		8,118			(8,057	)		18,491
Operating income (loss)		—			(4,814	)		40,442		10,091			(7,086	)		38,633
Other income (expense)
Other income (expense)		—			(20	)		—		(2	)		—			(22	)
Earnings from equity and other interests		—			—			233		943			—			1,176
Interest income (expense)		—			(14,726	)		318		(7,319	)		7,086			(14,641	)
Income tax benefit (expense)		—			—			—		(115	)		—			(115	)
Net other income (expense)		—			(14,746	)		551		(6,493	)		7,086			(13,602	)
Income (loss) from continuing operations		—			(19,560	)		40,993		3,598			—			25,031
Income (loss) from discontinued operations		—			—			—		2,374			—			2,374
Equity in earnings of consolidated subsidiaries, net of income taxes		27,405			46,965			1,121		—			(75,491	)		—
Net income		27,405			27,405			42,114		5,972			(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		$	42,114	$	5,972		$	(75,434	)	$	27,348

Condensed Consolidated Statements of Operations

For the Six Months Ended June 30, 2013

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	58,657	$	9,621		$	(5,750	)	$	62,528
Straight-line rent		—			—			4,489		979			—			5,468
Income from direct financing leases		—			—			16,868		10,994			(9,876	)		17,986
Interest and fee income		—			10,108			18,267		14,554			(14,174	)		28,755
Total revenues		—			10,108			98,281		36,148			(29,800	)		114,737
Expenses
Real estate depreciation and amortization		—			—			16,262		850			—			17,112
Property-related		—			276			537		15,875			(15,626	)		1,062
General and administrative		—			14,419			—		458			—			14,877
Acquisition expenses		—			2,278			—		—			—			2,278
Total operating expenses		—			16,973			16,799		17,183			(15,626	)		35,329
Operating income (loss)		—			(6,865	)		81,482		18,965			(14,174	)		79,408
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	)		628		(14,624	)		14,174			(30,065	)
Income tax benefit (expense)		—			—			—		(167	)		—			(167	)
Net other income (expense)		—			(30,285	)		861		(13,562	)		14,174			(28,812	)
Income (loss) from continuing operations		—			(37,150	)		82,343		5,403			—			50,596
Income (loss) from discontinued operations		—			—			—		3,018			—			3,018
Equity in earnings of consolidated subsidiaries net of income taxes		53,614			90,764			2,242		—			(146,620	)		—
Net income		53,614			53,614			84,585		8,421			(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		$	84,585	$	8,421		$	(146,510	)	$	53,504

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended June 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income (loss)	$	(203	)	$	(203	)	$	31,996	$	(3,055	)	$	(28,738	)	$	(203	)
Other comprehensive income:
Unrealized gain on interest rate swap		486			486			—		—			(486	)		486
Foreign currency translation gain		73			73			—		—			(73	)		73
Total comprehensive income		356			356			31,996		(3,055	)		(29,297	)		356
Comprehensive income attributable to non-controlling interests		—			—			—		—			—			—
Comprehensive income attributable to MPT common stockholders	$	356		$	356		$	31,996	$	(3,055	)	$	(29,297	)	$	356

Condensed Consolidated Statements of Comprehensive Income

For the Six Months Ended June 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income (loss)	$	7,103		$	7,103		$	78,405	$	(20,602	)	$	(64,906	)	$	7,103
Other comprehensive income:
Unrealized gain on interest rate swap		1,206			1,206			—		—			(1,206	)		1,206
Foreign currency translation gain		46			46			—		—			(46	)		46
Total comprehensive income		8,355			8,355			78,405		(20,602	)		(66,158	)		8,355
Comprehensive income attributable to non-controlling interests		(65	)		(65	)		—		—			65			(65	)
Comprehensive income attributable to MPT common stockholders	$	8,290		$	8,290		$	78,405	$	(20,602	)	$	(66,093	)	$	8,290

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		$	42,114	$	5,972	$	(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			42,114		5,972		(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		$	42,114	$	5,972	$	(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		$	84,585	$	8,421	$	(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			84,585		8,421		(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		$	84,585	$	8,421	$	(149,116	)	$	56,110

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(35	)	$	(41,011	)	$	106,136		$	(14,835	)	$	—		$	50,255
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(115,000	)		—			—			(115,000	)
Principal received on loans receivable		—			—			—			6,829			—			6,829
Net proceeds from sale of real estate		—			—			—			—			—			—
Investments in loans receivable		—			—			—			(5,601	)		—			(5,601	)
Construction in progress and other		—			(382	)		(53,671	)		(1,106	)		—			(55,159	)
Net cash provided by (used in) investing activities		—			(382	)		(168,671	)		122			—			(168,931	)
Financing Activities
Revolving credit facilities, net		—			(105,000	)		—			—			—			(105,000	)
Additions to term debt, net of discount		—			425,000			—			—			—			425,000
Payments of term debt		—			(100,000	)		—			(132	)		—			(100,132	)
Distributions paid		(71,686	)		(71,809	)		—			—			71,686			(71,809	)
Proceeds from sale of common shares/units, net of offering costs		128,332			128,332			—			—			(128,332	)		128,332
Lease deposits and other obligations to tenants		—			(404	)		3,645			1,669			—			4,910
Net payments relating to intercompany financing		(56,611	)		(122,015	)		58,586			63,394			56,646			—
Debt issuance costs paid and other financing activities		—			(11,496	)		—			—			—			(11,496	)
Net cash provided by financing activities		35			142,608			62,231			64,931			—			269,805
Increase (decrease) in cash and cash equivalents for period		—			101,215			(304	)		50,218			—			151,129
Effects of exchange rate changes on cash		—			—			(85	)		—			—			(85	)
Cash and cash equivalents at beginning of period		—			18,815			27,094			70			—			45,979
Cash and cash equivalents at end of period	$	—		$	120,030		$	26,705		$	50,288		$	—		$	197,023

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	)	$	(29,090	)	$	83,872		$	1,498		$	—		$	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 loans receivable		—			—			—			(1,300	)		—			(1,300	)
Construction in progress and other		—			(621	)		(33,144	)		594			—			(33,171	)
Net cash used in investing activities		—			(621	)		(108,144	)		20,996			—			(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 stock/units, net of offering costs		172,853			172,853			—			—			(172,853	)		172,853
Lease deposits and other obligations to tenants		—			(159	)		558			1,117			—			1,516
Net payments relating to intercompany financing		(115,106	)		1,417			22,149			(23,601	)		115,141			—
Debt issuance costs paid and other financing activities		—			(114	)		—			—			—			(114	)
Net cash provided by (used in) financing activities		35			20,151			22,707			(22,608	)		—			20,285
Increase 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