Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheet

September 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	$	—	$	—		$	1,995,236		$	65,947		$	—		$	2,061,183
Mortgage loans		—		—			285,093			100,000			—			385,093
Net investment in direct financing leases		—		—			214,709			221,677			—			436,386
Gross investment in real estate assets		—		—			2,495,038			387,624			—			2,882,662
Accumulated depreciation and amortization		—		—			(181,739	)		(9,543	)		—			(191,282	)
Net investment in real estate assets		—		—			2,313,299			378,081			—			2,691,380
Cash and cash equivalents		—		108,105			23,786			921			—			132,812
Interest and rent receivables		—		791			19,198			30,251			—			50,240
Straight-line rent receivables		—		—			44,633			11,770			—			56,403
Other loans		—		—			1,100			146,318			—			147,418
Net intercompany receivable		35,839		1,968,462			—			—			(2,004,301	)		—
Investment in subsidiaries		1,407,495		930,769			41,772			—			(2,380,036	)		—
Other assets		—		44,516			744			45,627			—			90,887
Total Assets	$	1,443,334	$	3,052,643		$	2,444,532		$	612,968		$	(4,384,337	)	$	3,169,140
Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,605,230		$	—		$	13,751		$	—		$	1,618,981
Accounts payable and accrued expenses		36,229		40,235			8,265			697			—			85,426
Net intercompany payable		—		—			1,593,090			411,212			(2,004,302	)		—
Deferred revenue		—		214			24,432			6,184			—			30,830
Lease deposits and other obligations to tenants		—		(531	)		23,097			4,231			—			26,797
Total liabilities		36,229		1,645,148			1,648,884			436,075			(2,004,302	)		1,762,034
Total equity		1,407,105		1,407,495			795,648			176,893			(2,380,035	)		1,407,106
Total Liabilities and Equity	$	1,443,334	$	3,052,643		$	2,444,532		$	612,968		$	(4,384,337	)	$	3,169,140

 

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
Net 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 Income

For the Three Months Ended September 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	69		$	45,703		$	6,424		$	(4,133	)	$	48,063
Straight-line rent		—			—			3,850			1,432			—			5,282
Income from direct financing leases		—			—			11,695			5,921			(5,308	)		12,308
Interest and fee income		—			9,323			14,336			7,338			(15,873	)		15,124
Total revenues		—			9,392			75,584			21,115			(25,314	)		80,777
Expenses
Real estate depreciation and amortization		—			—			12,814			540			—			13,354
Impairment charges		—			—			—			—			—			—
Property-related		—			169			732			9,171			(9,372	)		700
General and administrative		—			5,448			303			2,921			—			8,672
Acquisition expenses		—			469			1,929			2,488			—			4,886
Total operating expenses		—			6,086			15,778			15,120			(9,372	)		27,612
Operating income (expense)		—			3,306			59,806			5,995			(15,942	)		53,165
Other income (expense)
Other income (expense)		—			75			—			—			—			75
Earnings from equity and other interests		—			—			—			1,153			—			1,153
Interest income (expense)		—			(25,400	)		(8,304	)		(7,719	)		15,942			(25,481	)
Debt refinancing costs		—			—			—			—			—			—
Income tax benefit expense		—			—			(49	)		(200	)		—			(249	)
Net other income (expense)		—			(25,325	)		(8,353	)		(6,766	)		15,942			(24,502	)
Income (loss) from continuing operations		—			(22,019	)		51,453			(771	)		—			28,663
Income (loss) from discontinued operations		—			—			—			—			—			—
Equity in earnings of consolidated subsidiaries net of income taxes		28,663			50,682			995			—			(80,340	)		—
Net income		28,663			28,663			52,448			(771	)		(80,340	)		28,663
Net income (loss) attributable to non-controlling interests		(126	)		(126	)		—			—			126			(126	)
Net income attributable to MPT common stockholders	$	28,537		$	28,537		$	52,448		$	(771	)	$	(80,214	)	$	28,537

Condensed Consolidated Statements of Income

For the Nine Months Ended September 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	69		$	129,167		$	19,431		$	(11,715	)	$	136,952
Straight-line rent		—			—			7,881			2,767			—			10,648
Income from direct financing leases		—			—			34,956			17,691			(15,860	)		36,787
Interest and fee income		—			27,815			43,199			22,631			(47,606	)		46,039
Total revenues		—			27,884			215,203			62,520			(75,181	)		230,426
Expenses
Real estate depreciation and amortization		—			—			37,556			1,929			—			39,485
Impairment charges		—			289			19,002			30,837			—			50,128
Property-related		—			508			926			27,474			(27,507	)		1,401
General and administrative		—			22,096			560			3,180			—			25,836
Acquisition expenses		—			3,355			2,091			2,487			—			7,933
Total operating expenses		—			26,248			60,135			65,907			(27,507	)		124,783
Operating income (expense)		—			1,636			155,068			(3,387	)		(47,674	)		105,643
Other income (expense)
Other income (expense)		—			44			—			—			—			44
Earnings from equity and other interests		—			—			—			2,059			—			2,059
Interest income (expense)		—			(71,944	)		(24,836	)		(22,349	)		47,674			(71,455	)
Debt refinancing costs		—			(290	)		—			—			—			(290	)
Income tax benefit (expense)		—			—			(16	)		(216	)		—			(232	)
Net other income (expense)		—			(72,190	)		(24,852	)		(20,506	)		47,674			(69,874	)
Income (loss) from continuing operations		—			(70,554	)		130,216			(23,893	)		—			35,769
Income from discontinued operations		—			—			—			(2	)		—			(2	)
Equity in earnings of consolidated subsidiaries, net of income taxes		35,767			106,321			3,158			—			(145,246	)		—
Net income		35,767			35,767			133,374			(23,895	)		(145,246	)		35,767
Net income (loss) attributable to non-controlling interests		(192	)		(192	)		—			—			192			(192	)
Net income attributable to MPT common stockholders	$	35,575		$	35,575		$	133,374		$	(23,895	)	$	(145,054	)	$	35,575

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	$	—		$	—		$	29,189	$	5,650		$	(3,295	)	$	31,544
Straight-line rent		—			—			2,283		601			—			2,884
Income from direct financing leases		—			—			10,518		5,751			(4,971	)		11,298
Interest and fee income		—			5,004			9,096		7,317			(7,037	)		14,380
Total revenues		—			5,004			51,086		19,319			(15,303	)		60,106
Expenses
Real estate depreciation and amortization		—			—			8,012		702			—			8,714
Property-related		—			182			251		8,291			(8,266	)		458
General and administrative		—			6,867			—		(582	)		—			6,285
Acquisition expenses		—			4,179			—		—			—			4,179
Total operating expenses		—			11,228			8,263		8,411			(8,266	)		19,636
Operating income (loss)		—			(6,224	)		42,823		10,908			(7,037	)		40,470
Other income (expense)
Other income (expense)		—			5			—		(2	)		—			3
Earnings from equity and other interests		—			—			—		843			—			843
Interest income (expense)		—			(16,055	)		455		(7,267	)		7,037			(15,830	)
Income tax benefit (expense)		—			—			—		(94	)		—			(94	)
Net other income (expense)		—			(16,050	)		455		(6,520	)		7,037			(15,078	)
Income (loss) from continuing operations		—			(22,274	)		43,278		4,388			—			25,392
Income (loss) from discontinued operations		—			—			—		311			—			311
Equity in earnings of consolidated subsidiaries, net of income taxes		25,703			47,977			1,114		—			(74,794	)		—
Net income		25,703			25,703			44,392		4,699			(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		$	44,392	$	4,699		$	(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	$	—		$	—		$	86,789	$	16,328		$	(9,045	)	$	94,072
Straight-line rent		—			—			6,894		1,458			—			8,352
Income from direct financing leases		—			—			27,387		16,744			(14,847	)		29,284
Interest and fee income		—			15,112			27,363		21,872			(21,211	)		43,136
Total revenues		—			15,112			148,433		56,402			(45,103	)		174,844
Expenses
Real estate depreciation and amortization		—			—			23,720		2,107			—			25,827
Property-related		—			458			817		24,137			(23,892	)		1,520
General and administrative		—			21,286			—		(124	)		—			21,162
Acquisition expenses		—			6,457			—		—			—			6,457
Total operating expenses		—			28,201			24,537		26,120			(23,892	)		54,966
Operating income (loss)		—			(13,089	)		123,896		30,282			(21,211	)		119,878
Other income (expense)
Other income (expense)		—			(38	)		—		(207	)		—			(245	)
Earnings from equity and other interests		—			—			—		2,511			—			2,511
Interest income (expense)		—			(46,297	)		1,082		(21,892	)		21,211			(45,896	)
Income tax benefit (expense)		—			—			—		(261	)		—			(261	)
Net other income (expense)		—			(46,335	)		1,082		(19,849	)		21,211			(43,891	)
Income (loss) from continuing operations		—			(59,424	)		124,978		10,433			—			75,987
Income (loss) from discontinued operations		—			—			—		3,330			—			3,330
Equity in earnings of consolidated subsidiaries net of income taxes		79,317			138,741			3,355		—			(221,413	)		—
Net income		79,317			79,317			128,333		13,763			(221,413	)		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		$	128,333	$	13,763		$	(221,248	)	$	79,152

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended September 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income (loss)	$	28,663		$	28,663		$	52,448	$	(771	)	$	(80,340	)	$	28,663
Other comprehensive income (loss):
Unrealized gain on interest rate swap		1,136			1,136			—		—			(1,136	)		1,136
Foreign currency translation gain (loss)		(1,319	)		(1,319	)		—		—			1,319			(1,319	)
Total comprehensive income		28,480			28,480			52,448		(771	)		(80,157	)		28,480
Comprehensive income attributable to non-controlling interests		(126	)		(126	)		—		—			126			(126	)
Comprehensive income attributable to MPT common stockholders	$	28,354		$	28,354		$	52,448	$	(771	)	$	(80,031	)	$	28,354

Condensed Consolidated Statements of Comprehensive Income

For the Nine Months Ended September 30, 2014

(in thousands)

	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income (loss)	$	35,767		$	35,767		$	133,374	$	(23,895	)	$	(145,246	)	$	35,767
Other comprehensive income (loss):
Unrealized gain on interest rate swap		2,342			2,342			—		—			(2,342	)		2,342
Foreign currency translation gain (loss)		(1,273	)		(1,273	)		—		—			1,273			(1,273	)
Total comprehensive income		36,836			36,836			133,374		(23,895	)		(146,315	)		36,836
Comprehensive income attributable to non-controlling interests		(192	)		(192	)		—		—			192			(192	)
Comprehensive income attributable to MPT common stockholders	$	36,644		$	36,644		$	133,374	$	(23,895	)	$	(146,123	)	$	36,644

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		$	44,392	$	4,699	$	(74,794	)	$	25,703
Other comprehensive income:
Unrealized gain on interest rate swap		182			182			—		—		(182	)		182
Total comprehensive income		25,885			25,885			44,392		4,699		(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		$	44,392	$	4,699	$	(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		$	128,333	$	13,763	$	(221,413	)	$	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			128,333		13,763		(224,201	)		82,105
Comprehensive income attributable to non-controlling interests		(165	)		(165	)		—		—		165			(165	)
Comprehensive income attributable to MPT common stockholders	$	81,940		$	81,940		$	128,333	$	13,763	$	(224,036	)	$	81,940

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 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	$	(98	)	$	(76,425	)	$	221,310		$	(49,043	)	$	—		$	95,744
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(182,982	)		—			—			(182,982	)
Principal received on loans receivable		—			—			—			8,381			—			8,381
Net proceeds from sale of real estate		—			—			—			34,649			—			34,649
Investments in loans receivable		—			—			—			(9,102	)		—			(9,102	)
Construction in progress and other		—			(1,030	)		(95,489	)		(483	)		—			(97,002	)
Net cash provided by (used in) investing activities		—			(1,030	)		(278,471	)		33,445			—			(246,056	)
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		—			(100,176	)		—			(21	)		—			(100,197	)
Distributions paid		(107,842	)		(108,026	)		—			—			107,842			(108,026	)
Proceeds from sale of common shares/units, net of offering costs		128,270			128,270			—			—			(128,270	)		128,270
Lease deposits and other obligations to tenants		—			(360	)		9,431			1,808			—			10,879
Net payments relating to intercompany financing		(20,330	)		(61,206	)		46,446			14,662			20,428			—
Debt issuance costs paid and other financing activities		—			(11,757	)		—			—			—			(11,757	)
Net cash provided by financing activities		98			166,745			55,877			16,449			—			239,169
Increase (decrease) in cash and cash equivalents for period		—			89,290			(1,284	)		851			—			88,857
Effects of exchange rate changes on cash		—			—			(2,024	)		—			—			(2,024	)
Cash and cash equivalents at beginning of period		—			18,815			27,094			70			—			45,979
Cash and cash equivalents at end of period	$	—		$	108,105		$	23,786		$	921		$	—		$	132,812

 

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	)	$	171,742		$	(31,378	)	$	—		$	101,564
Investing Activities
Cash paid for acquisitions and other related investments		—			—			(356,250	)		(15,250	)		—			(371,500	)
Principal received on loans receivable		—			—			—			4,694			—			4,694
Net proceeds from sale of real estate		—			—			—			18,409			—			18,409
Investments in loans receivable		—			—			—			(1,445	)		—			(1,445	)
Construction in progress and other		—			(765	)		(63,690	)		1,033			—			(63,422	)
Net cash used in investing activities		—			(765	)		(419,940	)		(7,441	)		—			(413,264	)
Financing Activities
Revolving credit facilities, net		—			(80,000	)		—			—			—			(80,000	)
Additions to term debt		—			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 stock/units, net of offering costs		313,319			313,319			—			—			(313,319	)		313,319
Lease deposits and other obligations to tenants		—			—			1,699			1,890			—			3,589
Net payments relating to intercompany financing		(225,683	)		(267,545	)		244,934			22,702			225,592			—
Debt issuance costs paid and other financing activities		—			(4,282	)		—			—			—			(4,282	)
Net cash provided by (used in) financing activities		(91	)		15,564			246,633			24,407			—			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