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2017 Annual Report

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2017 Annual Report 2017 Annual Report | Shining Light on the Future $ 6.1 $ 2.3 $ 307 +331% +290% +61% NORMALIZED FUNDS FROM OPERATIONS NORMALIZED FUNDSFROM 9.8 495 24 +1 +50% +57% 61 % 26 742 37 +42% +41% +1 52 55% 65 1,045 +34% +41% +25% 70 TOT 92 1,305 TOT +11% -13% +0% (2004 - 20 (2004 - (2004 - 20 (2004 -20 62 AL REVENUE 102 1,306 AL ASSETS +8% +3% +3% 67 104 1,344 +20% +17% +26% 78 132 1,609 17 17 17 +50% +53% +34% ) ) ) 119 198 2,162 +22% +33% +23% 147 243 2,880 +29% +29% +23% 182 313 3,720 +51% +41% +51% 442 5,609 275 +22% +29% +22% +23% +14% +29% 335 541 6,419 $475 $705 $ 9,020 +331% +290% $ 6.1 $ 2.3 +61% $ 307 NORMALIZED FUNDSFROMOPERATIONS +57% +161% 24 9.8 +50% 495 +42% +1 37 26 +41% 742 55% +41% +25% +34% 52 65 1,045 TOT +11% -13% +8% +0% 70 92 TOT 1,305 (2004 - 2017) (2004- (2004 -2017) (2004 -2017) AL REVENUE +3% +3% +3% +3% 62 102 AL ASSETS 1,306 +26% +17% 67 104 +2 1,344 0% +53% +34% 78 +50% 132 1,609 +22% +33% +23% 119 198 2,162 +29% +23% 147 243 +29% 2,880 +51% +51% 182 +41% 313 3,720 +22% +22% 442 +14% 5,609 275 +29% +23% 335 541 +2 6,419 $475 $705 9% $ 9,020 of the interior, which proceeded at every step with sustainability inmind. withsustainability step atevery whichproceeded of theinterior, redesign andcomplete bothpartial demolitionoftheexterior required modernhospital.This asanultra andrepurposed recycled effectively was thestructure buildingandonlypartially as anoffice constructed, Originallydesigned patientsinApril2017. itsfirst in Spain,welcomed On thecover: Shining LightontheFuture ancient church originally illuminated only by candlelight. onlyby originallyilluminated ancient church here: Pictured (Amounts inmillions) IMED Valencia, Medical Properties Trust’s first hospital first Trust’s MedicalProperties IMED Valencia, NORMALIZED FUNDSFROMOPERATIONS $ 6.1 $ 2.3 $ 307 Solar panels that help power the hospital overlook an thehospitaloverlook Solar panelsthathelppower 24 9.8 495 TOT 37 26 TOT 742 AL REVENUE(2004 -2017) 52 65 (2004-2017) AL ASSETS 1,045 (2004 - 2017) (2004- 70 92 1,305 62 102 1,306 67 104 1,344 78 132 1,609 119 198 2,162 147 243 2,880 182 313 3,720 275 442 5,609 335 541 6,419 $475 $705 $ 9,020 $ 2.3 9.8 TOT 26 AL REVENUE(2004-2017) 65 92 102 104 132 198 243 313 442 541 $ 705 NORMALIZED FUNDSFROMOPERATIONS $ 6.1 24 37 52 (2004 - 2017) (2004- 70 62 67 78 119 147 182 275 335 $ 475 At the Very Heart of MPT For a company built on hospital knowledge, Gil McKenzie was great to have in board meetings because he was the was part of the deepest foundation. One of the original hospital operator in the room. He brought knowledge and board members, he brought direct experience in operating compassion and a ‘do the right thing’ attitude.” hospitals, which he continued to apply long after Ed Aldag “In the early days, Gil was in the office a fair amount asked him to join the board. and would share his understanding of the details of Gil was there first as a friend, and he remained the best hospital operations with our people,” Hamner said. sort of friend for the rest of his life. When Ed conceived the “Gil was so valuable to us,” Emmett McLean recalled. original vision for the company, Gil was one of “He understood the hospital business the first people he talked to – even before he from 30-plus years of experience and he had met Emmett McLean and Steve Hamner. "He was a asked really good questions. Plus, he was Gil operated three hospitals and Ed wanted great friend. always willing to pitch in and help us.” his advice. He was a “On a personal level, he was simply “I drove to Evergreen, Alabama, to tell great mentor, a great guy and a great family man,” him about my plan,” Aldag recalled. “Gil said, and he will McLean added. “I am so privileged to have ‘That’s a fabulous plan’ and, because he had a be sorely known him.” servant’s heart, he added, ‘If there’s anything I “Gil had one of the most incredible William Gilliard McKenzie missed..." September 6, 1958 – August 15, 2017 can do to help you, just let me know.’” hearts I have ever known and truly wanted “At one point, Gil’s hospitals were going to to help people,” Aldag reflected. “He was a Gil McKenzie (left) and Ed Aldag, celebrating be part of MPT’s original portfolio,” recalled Steve Hamner. great friend. He was a great mentor, and he will be sorely the 10th Anniversary of MPT’s listing on the “Although that didn’t work out, he became a long-term missed by this board and this company.” New York Stock Exchange on July 8, 2015. contributor to the company’s success,” Hamner noted. “Gil “MPT is forever indebted to him.” A MONUMENTAL YEAR By all measures, 2017 proved to be a monumental Expanding Relationships, Driving Value year for Medical Properties Trust, far exceeding Each acquisition in 2017 was immediately accretive, our initial acquisitions guidance and reinforcing demonstrating the company’s commitment to creating our enviable position as the global leader in hospital shareholder value. MPT’s ability to complete a growing real estate finance. We achieved record results, number of highly valued transactions each year completing $2.3 billion in investments and increasing reflects our leadership position and the strength of our normalized funds from operations (FFO) to $1.35 per underwriting process. share – both single-year records – while With every OUTPERFORMING delivering 33 percent compound annual acquisition, MPT BENCHMARKS growth in assets over the past five years. strives to cultivate 276 MPT’s total portfolio grew to $9.5 2017 Total +20.55% relationships with PROPERTIES Shareholder billion by year’s end, encompassing 276 Returns premier, industry- properties and more than 32,000 hospital Source: FactSet. leading hospital operators. Our sustained Returns assume beds across the U.S. and Western Europe. dividend success and ever-growing hospital By focusing exclusively on general acute reinvestment. expertise continue to attract preeminent care, inpatient rehabilitation and long-term healthcare institutions, with which we acute care facilities, we have created one of are proud to work. the strongest hospital real estate portfolios In 2017, we welcomed to our portfolio +5.07% in the world. two nationally recognized, not-for-profit, Since our founding in 2003, MPT has academic health systems – Ochsner pursued one primary objective: to deliver -0.15% Clinic Foundation in Louisiana and long-term value to shareholders by enabling SNL U.S. U.S. REIT MPW UCHealth in Colorado - both of which Healthcare Index their investment in the largest segment REIT Index are investment-grade rated. MPT enters of the U.S. economy. Building on a long-term strategy of into such relationships with master lease or parent investing in hospitals that are critical to healthcare in their guaranty structures, expanded underwriting knowledge communities, we are proud to report that, in 2017, MPT’s and industry foresight. total shareholder return The year was also marked by a significant expansion nd of more than 20 percent of our relationship with Steward Health Care, now the 2 outperformed both the largest private, for-profit hospital system in the U.S. LARGEST major REIT index and the and one of the country’s most innovative and successful NON-GOVERNMENTAL benchmark healthcare REIT operators. In May, we announced the investment of $1.4 OWNER OF HOSPITAL index by 15 percent and 20 billion in 10 acute care hospitals and one behavioral health BEDS WORLDWIDE percent, respectively. facility, all located in attractive high-growth markets and operated under Steward’s integrated, forward- This is well within the range of prudence RECORD On Track for the Future thinking model. The transaction was completed for long-term, predictable cash flows. ACQUISITIONS Ultimately, we believe that hospitals will be the in September. Our solid execution in the capital markets Properties by Type galvanizing force behind the U.S. health system’s included the completion of a very successful (in billions) transformation to value-based care. Just as they always A Well-Balanced Approach $1.4 billion bond issue at a historically low Acute Care have, the most successful hospitals will adapt to Rehabilitation Over the past two years, we have significantly interest rate. changing industry norms through innovative strategies, Long-Term Acute Care strengthened our balance sheet, which at the end We remain focused on allocating capital enhanced analytics and collaborative partnerships Net Other Assets of 2017, reflected limited near-term obligations, thoughtfully across our portfolio, sustaining an $9.5B to improve patient care and clinical outcomes. We moderate leverage and multiple liquidity options. appropriate balance of investing for growth, are proud of the role MPT is playing to support and Simply put, we ended the year in a strong maintaining flexibility in our liquidity and facilitate this dynamic and important transition. financial position. achieving solid shareholder returns. Recently, In 2017, MPT’s stellar performance produced Despite the record year for acquisitions, we increased our cash dividend for the fourth historic records: we managed the balance sheet pragmatically consecutive year, reflecting our confidence in • Record high normalized FFO per share; to ensure that our leverage ratio increased MPT’s robust investment pipeline and proven • Record high acquisitions; $2.3B only modestly, to 5.8 times earnings before ability to execute our strategy, as well as our • Record low interest rates for U.S.
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