On October 26, 2023, Medical Properties Trust Inc (MPW, Financial) released its financial and operating results for the third quarter ended September 30, 2023. The company confirmed the long-term strength, stability, and performance of its business model, with a net income per share of $0.19 and normalized FFO of $0.38 in the third quarter.
Financial Highlights
Medical Properties Trust Inc (MPW, Financial) reported a net income of $117 million ($0.19 per diluted share) for Q3 2023, compared to a net income of $222 million ($0.37 per diluted share) in the same period last year. The company's NFFO for Q3 2023 was $226 million ($0.38 per diluted share), compared to $272 million ($0.45 per diluted share) in the year-earlier period.
Portfolio Update
As of September 30, 2023, MPW's portfolio included 441 properties and approximately 44,000 licensed beds. The company has total assets of approximately $19.0 billion, including $12.3 billion of general acute facilities, $2.5 billion of behavioral health facilities, and $1.7 billion of post-acute facilities.
Capital Allocation Strategy Update
MPW is evaluating divestiture and joint venture opportunities to expedite the repayment of debt maturities. The company expects to raise approximately $2 billion in new liquidity over the next twelve months.
Operating Results and Outlook
The company is narrowing its 2023 calendar estimate of per share net income to $0.36 to $0.38 to account for third quarter results. The estimates are based on an existing portfolio which includes the impact of binding disposition and leasing transactions and excludes expected future contributions from development and other capital projects.
Financial Tables
Medical Properties Trust Inc (MPW, Financial) reported total revenues of $306,576 for the third quarter ended September 30, 2023. The company's total expenses for the same period were $229,104. The net income attributable to MPT common stockholders was $116,710.
The company's total assets as of September 30, 2023, were $19,004,882, with total liabilities standing at $10,719,465. The total equity was $8,285,417.
Conclusion
Medical Properties Trust Inc (MPW, Financial) has demonstrated a strong and stable business model in its Q3 results. The company's aggressive strategy for debt repayment and its expected liquidity transactions in the next twelve months indicate a positive outlook for the future.
Explore the complete 8-K earnings release (here) from Medical Properties Trust Inc for further details.
