Adjusts Estimate of Annualized Normalized Funds from Operations Up to
$0.77 to $0.81 Per Share
BIRMINGHAM, Ala., Feb 15, 2011 (BUSINESS WIRE) --
Medical Properties Trust, Inc. (NYSE: MPW) today announced it has
acquired the real estate of an acute care hospital in New Jersey and the
real estate and, indirectly 9.9% of the operations, of a long term acute
care hospital (LTACH) in the Dallas area.
The Company purchased for approximately $58.0 million the real estate of
a 6-story, 278-bed acute care hospital in the New Jersey area of
metropolitan New York, and leased the facility to the operator under a
15-year lease, with six 5-year extension options. The operator is an
affiliate of a private hospital operating company that acquired the
hospital in 2008.
Separately, the Company acquired for $23.5 million the real estate of
the 60-bed Atrium Medical Center at Corinth in the Dallas area, an LTACH
that was completed in 2009. An MPT affiliate invested approximately $6.5
million in a joint venture arrangement with an affiliate of Vibra
Healthcare that will manage and has acquired a 51% interest in the
operations of the facility. MPT's interest in the joint venture is
approximately 19%. The former operators of the hospital, comprised
primarily of local physicians, will maintain ownership of 49% of the
operating entity.
"With today's announcements, we have committed more than $175 million in
investments so far in 2011, and approximately $380 million since our
April 2010 refinancing transactions," said Edward K. Aldag, Jr.,
chairman, president and CEO of Medical Properties Trust, Inc. Aldag
further noted that based solely on the existing portfolio of assets and
capital structure, Company management expects normalized funds from
operations to range between $0.77 and $0.81 per share on an annualized
basis. "This estimated normalized FFO range does not include revenue, if
any, that may result from additional acquisitions in 2011, which we
expect will exceed another $175 million," said Aldag.
Normalized funds from operations is a non-GAAP measure and a
reconciliation of Normalized FFO to net income can be found in the
Company's previous earnings releases at www.medicalpropertiestrust.com.
The Company also announced that it has completed the previously
announced acquisitions of the real estate assets of Alvarado Medical
Center in San Diego and a Kansas City area LTACH operated by RehabCare.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a Birmingham, Alabama based
self-advised real estate investment trust formed to capitalize on the
changing trends in healthcare delivery by acquiring and developing
net-leased healthcare facilities. These facilities include inpatient
rehabilitation hospitals, long-term acute care hospitals, regional acute
care hospitals, ambulatory surgery centers and other single-discipline
healthcare facilities, such as heart hospitals and orthopedic hospitals.
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 capacity of the Company's tenants to meet the terms of
their agreements; annual Normalized FFO per share; the amount of
acquisitions of healthcare real estate, if any; 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 restructuring of the Company's
investments in non-revenue producing properties; the payment of future
dividends, if any; completion of additional debt arrangements; and
additional investments; national and 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 federal 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
Form 10-K for the year ended December 31, 2009, as amended, and as
updated by our subsequently filed Quarterly Reports on Form 10-Q and our
other SEC filings. Except as otherwise required by the federal
securities laws, the Company undertakes no obligation to update the
information in this press release.
SOURCE: Medical Properties Trust, Inc.
Medical Properties Trust, Inc.
Charles Lambert, Finance Director, 205-397-8897
clambert@medicalpropertiestrust.com