10-Q 1 mpw-10q_20190331.htm 10-Q mpw-10q_20190331.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission file number 001-32559

Commission file number 333-177186

 

MEDICAL PROPERTIES TRUST, INC.

MPT OPERATING PARTNERSHIP, L.P.

(Exact Name of Registrant as Specified in Its Charter)

 

 

MARYLAND

DELAWARE

 

20-0191742

20-0242069

(State or other jurisdiction of

incorporation or organization)

 

(I. R. S. Employer

Identification No.)

 

1000 URBAN CENTER DRIVE, SUITE 501

BIRMINGHAM, AL

 

35242

(Address of principal executive offices)

 

(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (205) 969-3755

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  (Medical Properties Trust, Inc. only)

  

Accelerated filer

 

Non-accelerated filer

 

  (MPT Operating Partnership, L.P. only)

  

Smaller reporting company

 

 

 

 

  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001

MPW

The New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of May 3, 2019, Medical Properties Trust, Inc. had 394,424,343 shares of common stock, par value $0.001, outstanding.

 

 


 

EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the three months ended March 31, 2019 of Medical Properties Trust, Inc., a Maryland corporation, and MPT Operating Partnership, L.P., a Delaware limited partnership, through which Medical Properties Trust, Inc. conducts substantially all of its operations. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our company,” “Medical Properties,” “MPT,” or “the company” refer to Medical Properties Trust, Inc. together with its consolidated subsidiaries, including MPT Operating Partnership, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to MPT Operating Partnership, L.P. together with its consolidated subsidiaries.

 

 

 


 

MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P.

AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED March 31, 2019

Table of Contents

 

 

Page

PART I — FINANCIAL INFORMATION

3

Item 1 Financial Statements

3

Medical Properties Trust, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets at March 31, 2019 and December 31, 2018

3

Condensed Consolidated Statements of Net Income for the Three Months Ended March 31, 2019 and 2018

4

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018

5

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2019 and 2018

6

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018

7

MPT Operating Partnership, L.P. and Subsidiaries

 

Condensed Consolidated Balance Sheets at March 31, 2019 and December 31, 2018

8

Condensed Consolidated Statements of Net Income for the Three Months Ended March 31, 2019 and 2018

9

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018

10

Condensed Consolidated Statements of Capital for the Three Months Ended March 31, 2019 and 2018

11

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018

12

Medical Properties Trust, Inc. and MPT Operating Partnership, L.P.

 

Notes to Condensed Consolidated Financial Statements

13

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3 Quantitative and Qualitative Disclosures about Market Risk

31

Item 4 Controls and Procedures

32

PART II — OTHER INFORMATION

33

Item 1 Legal Proceedings

33

Item 1A Risk Factors

33

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3 Defaults Upon Senior Securities

33

Item 4 Mine Safety Disclosures

33

Item 5 Other Information

33

Item 6 Exhibits

34

SIGNATURE

35

 

2


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

March 31,

2019

 

 

December 31,

2018

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

5,394,092

 

 

$

5,268,459

 

Mortgage loans

 

 

1,214,780

 

 

 

1,213,322

 

Net investment in direct financing leases

 

 

684,547

 

 

 

684,053

 

Gross investment in real estate assets

 

 

7,293,419

 

 

 

7,165,834

 

Accumulated depreciation and amortization

 

 

(498,915

)

 

 

(464,984

)

Net investment in real estate assets

 

 

6,794,504

 

 

 

6,700,850

 

Cash and cash equivalents

 

 

995,548

 

 

 

820,868

 

Interest and rent receivables

 

 

24,788

 

 

 

25,855

 

Straight-line rent receivables

 

 

243,556

 

 

 

220,848

 

Equity investments

 

 

506,123

 

 

 

520,058

 

Other loans

 

 

365,402

 

 

 

373,198

 

Other assets

 

 

301,532

 

 

 

181,966

 

Total Assets

 

$

9,231,453

 

 

$

8,843,643

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

4,023,568

 

 

$

4,037,389

 

Accounts payable and accrued expenses

 

 

188,956

 

 

 

204,325

 

Deferred revenue

 

 

9,979

 

 

 

13,467

 

Obligations to tenants and other lease liabilities

 

 

118,474

 

 

 

27,524

 

Total Liabilities

 

 

4,340,977

 

 

 

4,282,705

 

Equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value. Authorized 10,000 shares;

   no shares outstanding

 

 

 

 

 

 

Common stock, $0.001 par value. Authorized 500,000 shares;

   issued and outstanding — 391,839 shares at March 31, 2019 and

   370,637 shares at December 31, 2018

 

 

392

 

 

 

371

 

Additional paid-in capital

 

 

4,803,672

 

 

 

4,442,948

 

Retained earnings

 

 

141,427

 

 

 

162,768

 

Accumulated other comprehensive loss

 

 

(67,892

)

 

 

(58,202

)

Treasury shares, at cost

 

 

(777

)

 

 

(777

)

Total Medical Properties Trust, Inc. Stockholders’ Equity

 

 

4,876,822

 

 

 

4,547,108

 

Non-controlling interests

 

 

13,654

 

 

 

13,830

 

Total Equity

 

 

4,890,476

 

 

 

4,560,938

 

Total Liabilities and Equity

 

$

9,231,453

 

 

$

8,843,643

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

 

For the Three Months

Ended March 31,

 

(In thousands, except per share amounts)

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

Rent billed

 

$

108,598

 

 

$

128,011

 

Straight-line rent

 

 

20,651

 

 

 

15,791

 

Income from direct financing leases

 

 

17,280

 

 

 

17,681

 

Interest and other income

 

 

33,925

 

 

 

43,563

 

Total revenues

 

 

180,454

 

 

 

205,046

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

50,551

 

 

 

57,023

 

Real estate depreciation and amortization

 

 

33,352

 

 

 

35,802

 

Property-related

 

 

3,066

 

 

 

2,184

 

General and administrative

 

 

23,451

 

 

 

17,818

 

Total expenses

 

 

110,420

 

 

 

112,827

 

Other income (expense)

 

 

 

 

 

 

 

 

Gain on sale of real estate, net

 

 

 

 

 

1,467

 

Earnings from equity interests

 

 

3,720

 

 

 

3,271

 

Other

 

 

204

 

 

 

(4,739

)

Total other income (expense)

 

 

3,924

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Income before income tax

 

 

73,958

 

 

 

92,218

 

Income tax benefit (expense)

 

 

2,333

 

 

 

(1,175

)

 

 

 

 

 

 

 

 

 

Net income

 

 

76,291

 

 

 

91,043

 

Net income attributable to non-controlling interests

 

 

(469

)

 

 

(442

)

Net income attributable to MPT common stockholders

 

$

75,822

 

 

$

90,601

 

 

 

 

 

 

 

 

 

 

Earnings per common share — basic and diluted

 

 

 

 

 

 

 

 

Net income attributable to MPT common stockholders

 

$

0.20

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

 

380,551

 

 

 

364,882

 

Weighted average shares outstanding — diluted

 

 

381,675

 

 

 

365,343

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.25

 

 

$

0.25

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

For the Three Months

Ended March 31,

 

(In thousands)

 

2019

 

 

2018

 

Net income

 

$

76,291

 

 

$

91,043

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized loss on interest rate swap

 

 

(3,772

)

 

 

 

Foreign currency translation (loss) gain

 

 

(5,918

)

 

 

16,088

 

Total comprehensive income

 

 

66,601

 

 

 

107,131

 

Comprehensive income attributable to non-controlling interests

 

 

(469

)

 

 

(442

)

Comprehensive income attributable to MPT common stockholders

 

$

66,132

 

 

$

106,689

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(Unaudited)

 

 

 

Preferred

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par

Value

 

 

Shares

 

 

Par

Value

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

(Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Non-

Controlling

Interests

 

 

Total

Equity

 

Balance at December 31, 2017

 

 

 

 

$

 

 

 

364,424

 

 

$

364

 

 

$

4,333,027

 

 

$

(485,932

)

 

$

(26,049

)

 

$

(777

)

 

$

14,572

 

 

$

3,835,205

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,601

 

 

 

 

 

 

 

 

 

442

 

 

 

91,043

 

Cumulative effect of change in accounting

   principles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,938

 

 

 

 

 

 

 

 

 

 

 

 

1,938

 

Foreign currency translation gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,088

 

 

 

 

 

 

 

 

 

16,088

 

Stock vesting and amortization of stock-based

   compensation

 

 

 

 

 

 

 

 

271

 

 

 

1

 

 

 

1,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,856

 

Redemption of MOP units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(816

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(816

)

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(620

)

 

 

(620

)

Proceeds from offering (net of offering costs)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94

)

Dividends declared ($0.25 per common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(91,411

)

 

 

 

 

 

 

 

 

 

 

 

(91,411

)

Balance at March 31, 2018

 

 

 

 

$

 

 

 

364,695

 

 

$

365

 

 

$

4,333,972

 

 

$

(484,804

)

 

$

(9,961

)

 

$

(777

)

 

$

14,394

 

 

$

3,853,189

 

 

 

 

Preferred

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par

Value

 

 

Shares

 

 

Par

Value

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

(Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Non-

Controlling

Interests

 

 

Total

Equity

 

Balance at December 31, 2018

 

 

 

 

$

 

 

 

370,637

 

 

$

371

 

 

$

4,442,948

 

 

$

162,768

 

 

$

(58,202

)

 

$

(777

)

 

$

13,830

 

 

$

4,560,938

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,822

 

 

 

 

 

 

 

 

 

469

 

 

 

76,291

 

Unrealized loss on interest rate swap

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,772

)

 

 

 

 

 

 

 

 

(3,772

)

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,918

)

 

 

 

 

 

 

 

 

(5,918

)

Stock vesting and amortization of stock-based

   compensation

 

 

 

 

 

 

 

 

1,055

 

 

 

1

 

 

 

6,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,715

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(645

)

 

 

(645

)

Proceeds from offering (net of offering costs)

 

 

 

 

 

 

 

 

20,147

 

 

 

20

 

 

 

354,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

354,030

 

Dividends declared ($0.25 per common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,163

)

 

 

 

 

 

 

 

 

 

 

 

(97,163

)

Balance at March 31, 2019

 

 

 

 

$

 

 

 

391,839

 

 

$

392

 

 

$

4,803,672

 

 

$

141,427

 

 

$

(67,892

)

 

$

(777

)

 

$

13,654

 

 

$

4,890,476

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Three Months

Ended March 31,

 

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

76,291

 

 

$

91,043

 

Adjustments to reconcile net income to net cash provided

   by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

34,675

 

 

 

37,858

 

Amortization of deferred financing costs and debt discount

 

 

1,827

 

 

 

1,789

 

Direct financing lease interest accretion

 

 

(2,337

)

 

 

(2,340

)

Straight-line rent revenue

 

 

(23,959

)

 

 

(20,377

)

Share-based compensation

 

 

6,715

 

 

 

1,856

 

Gain from sale of real estate, net

 

 

 

 

 

(1,467

)

Straight-line rent and other write-off, net of tax benefit

 

 

2,596

 

 

 

6,059

 

Other adjustments

 

 

2,249

 

 

 

(3,217

)

Changes in:

 

 

 

 

 

 

 

 

Interest and rent receivables

 

 

(1,193

)

 

 

(3,678

)

Accounts payable and accrued expenses

 

 

(9,940

)

 

 

(12,729

)

Net cash provided by operating activities

 

 

86,924

 

 

 

94,797

 

Investing activities

 

 

 

 

 

 

 

 

Cash paid for acquisitions and other related investments

 

 

(6,492

)

 

 

 

Net proceeds from sale of real estate

 

 

 

 

 

148,809

 

Principal received on loans receivable

 

 

420

 

 

 

1,734

 

Investment in loans receivable

 

 

(1,185

)

 

 

(149,080

)

Construction in progress and other

 

 

(160,736

)

 

 

(8,399

)

Net cash used for investing activities

 

 

(167,993

)

 

 

(6,936

)

Financing activities

 

 

 

 

 

 

 

 

Revolving credit facilities, net

 

 

9,097

 

 

 

(33,590

)

Distributions paid

 

 

(95,419

)

 

 

(89,403

)

Lease deposits and other obligations to tenants

 

 

3,677

 

 

 

1,299

 

Proceeds from sale of common shares, net of offering costs

 

 

354,030

 

 

 

(94

)

Debt issuance costs paid and other financing activities

 

 

(677

)

 

 

(1,549

)

Net cash provided by (used for) financing activities

 

 

270,708

 

 

 

(123,337

)

Increase (decrease) in cash, cash equivalents and restricted cash for period

 

 

189,639

 

 

 

(35,476

)

Effect of exchange rate changes

 

 

(11,450

)

 

 

2,774

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

822,425

 

 

 

172,247

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,000,614

 

 

$

139,545

 

Interest paid

 

$

51,296

 

 

$

57,025

 

Supplemental schedule of non-cash financing activities:

 

 

 

 

 

 

 

 

Distributions declared, unpaid

 

$

97,163

 

 

$

91,411

 

Cash, cash equivalents and restricted cash are comprised of the following:

 

 

 

 

 

 

 

 

Beginning of period:

 

 

 

 

 

 

 

 

  Cash and cash equivalents

 

$

820,868

 

 

$

171,472

 

  Restricted cash, included in Other assets

 

 

1,557

 

 

775

 

 

 

$

822,425

 

 

$

172,247

 

End of period:

 

 

 

 

 

 

 

 

  Cash and cash equivalents

 

$

995,548

 

 

$

138,314

 

  Restricted cash, included in Other assets

 

 

5,066

 

 

 

1,231

 

 

 

$

1,000,614

 

 

$

139,545

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

March 31,

2019

 

 

December 31,

2018

 

(In thousands)

 

(Unaudited)

 

 

(Note 2)

 

Assets

 

 

 

 

 

 

 

 

Real estate assets

 

 

 

 

 

 

 

 

Land, buildings and improvements, intangible lease assets, and other

 

$

5,394,092

 

 

$

5,268,459

 

Mortgage loans

 

 

1,214,780

 

 

 

1,213,322

 

Net investment in direct financing leases

 

 

684,547

 

 

 

684,053

 

Gross investment in real estate assets

 

 

7,293,419

 

 

 

7,165,834

 

Accumulated depreciation and amortization

 

 

(498,915

)

 

 

(464,984

)

Net investment in real estate assets

 

 

6,794,504

 

 

 

6,700,850

 

Cash and cash equivalents

 

 

995,548

 

 

 

820,868

 

Interest and rent receivables

 

 

24,788

 

 

 

25,855

 

Straight-line rent receivables

 

 

243,556

 

 

 

220,848

 

Equity investments

 

 

506,123

 

 

 

520,058

 

Other loans

 

 

365,402

 

 

 

373,198

 

Other assets

 

 

301,532

 

 

 

181,966

 

Total Assets

 

$

9,231,453

 

 

$

8,843,643

 

Liabilities and Capital

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

4,023,568

 

 

$

4,037,389

 

Accounts payable and accrued expenses

 

 

91,461

 

 

 

108,574

 

Deferred revenue

 

 

9,979

 

 

 

13,467

 

Obligations to tenants and other lease liabilities

 

 

118,474

 

 

 

27,524

 

Payable due to Medical Properties Trust, Inc.

 

 

97,105

 

 

 

95,361

 

Total Liabilities

 

 

4,340,587

 

 

 

4,282,315

 

Capital

 

 

 

 

 

 

 

 

General Partner — issued and outstanding — 3,918 units at March 31, 2019

   and 3,706 units at December 31, 2018

 

 

49,478

 

 

 

46,084

 

Limited Partners:

 

 

 

 

 

 

 

 

Common units — issued and outstanding — 387,921 units at

   March 31, 2019 and 366,931 units at December 31, 2018

 

 

4,895,626

 

 

 

4,559,616

 

LTIP units — issued and outstanding — 232 units at March 31, 2019

   and 232 units at December 31, 2018

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(67,892

)

 

 

(58,202

)

Total MPT Operating Partnership, L.P. capital

 

 

4,877,212

 

 

 

4,547,498

 

Non-controlling interests

 

 

13,654

 

 

 

13,830

 

Total Capital

 

 

4,890,866

 

 

 

4,561,328

 

Total Liabilities and Capital

 

$

9,231,453

 

 

$

8,843,643

 

 

See accompanying notes to condensed consolidated financial statements.

8


 

MPT OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Net Income

(Unaudited)

 

 

 

For the Three Months

Ended March 31,

 

(In thousands, except per unit amounts)

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

Rent billed

 

$

108,598

 

 

$

128,011

 

Straight-line rent

 

 

20,651

 

 

 

15,791

 

Income from direct financing leases

 

 

17,280

 

 

 

17,681

 

Interest and other income

 

 

33,925

 

 

 

43,563

 

Total revenues

 

 

180,454

 

 

 

205,046

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

50,551

 

 

 

57,023

 

Real estate depreciation and amortization

 

 

33,352

 

 

 

35,802

 

Property-related

 

 

3,066

 

 

 

2,184

 

General and administrative

 

 

23,451

 

 

 

17,818

 

Total expenses

 

 

110,420

 

 

 

112,827

 

Other income (expense)

 

 

 

 

 

 

 

 

Gain on sale of real estate, net