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Medical Properties Trust, Inc. Reports Second Quarter Results; Provides Net Income and FFO Estimates for 2017 and 2018

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Medical Properties Trust, Inc. Reports Second Quarter Results; Provides Net Income and FFO Estimates for 2017 and 2018 Medical Properties Trust, Inc. Reports Second Quarter Results; Provides Net Income and FFO Estimates for 2017 and 2018 August 9, 2017 Per Share Net Income of $0.21 and Normalized FFO of $0.32 Reinstates 2017 Per Share Estimates of Net Income of $0.87 to $0.89 and Normalized FFO of $1.29 to $1.31 Introduces 2018 Per Share Estimates of Net Income of $1.02 to $1.06 and Normalized FFO of $1.42 to $1.46 BIRMINGHAM, Ala.--(BUSINESS WIRE)--Aug. 9, 2017-- Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE:MPW) today announced financial and operating results for the second quarter ended June 30, 2017, and recent highlights, including approximately $1.9 billion in announced acquisitions year to date. “For the past three calendar years, MPT has grown its normalized FFO per share at a compounded annual rate of more than ten percent, significantly exceeding our peers,” said Edward K. Aldag, Jr., MPT’s Chairman, President and Chief Executive Officer. “Our outstanding growth so far in 2017 sets the stage for continued outperformance in FFO per share and dividend growth. The hospital real estate market remains very active and MPT is continuing to pursue opportunities to acquire high-quality hospitals located in strong markets with the objective of further creating long-term value for our shareholders.” SECOND QUARTER AND RECENT HIGHLIGHTS Net income of $0.21 and normalized funds from operations (“FFO”) of $0.32 in the second quarter both on a per diluted share basis; Entered into previously announced binding agreements to acquire the real estate interests of ten acute care hospitals and a behavioral health facility to be operated by Steward Health Care LLC (“Steward”) for $1.4 billion, along with a $100 million investment in Steward; acquisitions expected to close in the fourth quarter of 2017; Completed previously announced sale and leaseback transactions aggregating approximately $429 million with Steward, RCCH Healthcare Partners and Alecto Healthcare; and €19.4 million with German acute operator ATOS; Previously announced funding commitment with Circle Health Group and commencement of development of an acute care hospital in Birmingham, England, for an estimated total cost of approximately £33 million; Completed sale leaseback transactions of 13 rehabilitation hospitals in the second quarter and July for €166.2 million to affiliates of MEDIAN, which combined with previous acquisitions of seven hospitals in the fourth quarter of 2016 for €49.5 million finalizes the acquisition of 20 hospitals for €215.7 million announced in 2016; Previously announced completion of a public offering of 43.1 million shares of common stock (including underwriters’ overallotment) resulting in net proceeds of $548 million; FTSE Russell added MPW with its equity market capitalization of approximately $4.8 billion to the Russell 1000 Index on June 23. After closing of the pending transactions, the Company expects to have pro forma total gross assets of approximately $9.1 billion, including $6.5 billion in general acute care hospitals, $1.9 billion in inpatient rehabilitation hospitals, and $0.4 billion in long-term acute care hospitals. This pro forma portfolio includes 270 properties representing more than 31,000 licensed beds in 29 states and in Germany, the United Kingdom, Italy and Spain. The properties are leased to or mortgaged by 31 hospital operating companies. Included in the financial tables accompanying this press release is information about the Company’s assets and liabilities, net income and reconciliations of net income to FFO and Adjusted Funds from Operations (“AFFO”), all on a basis comparable to 2016 results. In addition, a reconciliation of pro forma total gross assets to total assets is included in the financial tables accompanying this press release. OPERATING RESULTS AND OUTLOOK Net income for the second quarter of 2017 was $73.4 million (or $0.21 per diluted share), compared to $53.7 million (or $0.22 per diluted share) in the second quarter of 2016. Normalized FFO for the second quarter increased 50% to $113.6 million compared with $75.5 million in the second quarter of 2016. Normalized FFO was $0.32 per diluted share in the second quarter compared with $0.32 per diluted share in the second quarter of 2016. Based on management’s present investment, capital and operating strategies, and the expected timing of each, management estimates 2017 net income as a range of between $0.87 and $0.89 per diluted share and 2017 Normalized FFO between $1.29 and $1.31 per diluted share. This range is based on management’s estimate of the likely timing of closing of the $1.4 billion Steward investment and the timing and interest rate related to the anticipated debt financing of such investment. The Company today is also introducing its estimate of 2018 net income as a range of between $1.02 and $1.06 per diluted share and 2018 Normalized FFO between $1.42 and $1.46 per diluted share. This estimate assumes no additional acquisitions or investments and no asset sales. A reconciliation of Normalized FFO guidance to net income is included with the financial tables accompanying this press release. These estimates do not include the effects, if any, of unexpected real estate operating costs, changes in accounting pronouncements, litigation costs, debt refinancing costs, acquisition costs, currency exchange rate movements, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions. These estimates may change if the Company acquires or sells assets, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, other operating expenses vary, income from investments in tenant operations vary from expectations, or existing leases do not perform in accordance with their terms. CONFERENCE CALL AND WEBCAST The Company has scheduled a conference call and webcast for Wednesday, August 9, 2017, at 11:00 a.m. Eastern Time, to present the Company’s financial and operating results for the quarter ended June 30, 2017. The dial-in numbers for the conference call are 855-365-5214 (U.S.) and 440-996-5721 (international); both numbers require passcode 53420810. The conference call will also be available via webcast in the Investor Relations’ section of the Company’s website, www.medicalpropertiestrust.com. A telephone and webcast replay of the call will be available beginning shortly after the call’s completion through August 23, 2017. Dial-in numbers for the replay are 855-859-2056 and 404-537-3406 for U.S. and International callers, respectively. The replay passcode for both U.S. and international callers is 53420810. The Company’s supplemental information package for the current period will also be available on the Company’s website under the “Investor Relations” section. About Medical Properties Trust, Inc. Medical Properties Trust, Inc. is a self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. MPT’s financing model allows hospitals and other healthcare facilities to unlock the value of their underlying real estate in order to fund facility improvements, technology upgrades, staff additions and new construction. Facilities include acute care hospitals, inpatient rehabilitation hospitals, long-term acute care hospitals, and other medical and surgical facilities. For more information, please visit the Company’s website at www.medicalpropertiestrust.com. The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Words such as "expects," "believes," "anticipates," "intends," "will," "should” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the satisfaction of all conditions to, and the timely closing (if at all) of pending transactions including the recently announced Steward transactions; net income per share for 2017 and 2018; Normalized FFO per share for 2017 and 2018; the amount of acquisitions of healthcare real estate, if any; results from the potential sales, if any, of assets; capital markets conditions; estimated leverage metrics; the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangements, and additional investments; national and international economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; the Company's ability to maintain its status as a REIT for income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the "Risk factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and as updated by the Company’s
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