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Medical Properties Trust(MPW) - 2025 Q1 - Quarterly Results
MPWMedical Properties Trust(MPW)2025-05-01 12:54
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Financial Performance - Net loss for Q1 2025 was (118million)or(118 million) or (0.20) per share, compared to a net loss of (876million)or(876 million) or (1.46) per share in Q1 2024[11] - Total revenues for the three months ended March 31, 2025, were 223,799,000,adecreaseof17.5223,799,000, a decrease of 17.5% from 271,316,000 in the same period of 2024[22] - Net loss attributable to MPT common stockholders for Q1 2025 was 118,275,000,comparedtoanetlossof118,275,000, compared to a net loss of 875,625,000 in Q1 2024, representing a 86.5% improvement[24] - Funds from operations (FFO) for Q1 2025 were 16,123,000,asignificantrecoveryfromalossof16,123,000, a significant recovery from a loss of 779,959,000 in Q1 2024[24] - Normalized funds from operations for Q1 2025 were 81,102,000,comparedto81,102,000, compared to 141,785,000 in Q1 2024, reflecting a decrease of 42.7%[24] Assets and Portfolio - Total assets as of March 31, 2025, were approximately 14.9billion,including14.9 billion, including 8.7 billion in general acute facilities and 2.4billioninbehavioralhealthfacilities[5]−MPT′sportfolioincluded393propertiesandapproximately39,000licensedbedsleasedto53hospitaloperatingcompaniesacrossmultiplecountries[5]CashManagementandDividends−Thecompanypaidaregularquarterlydividendof2.4 billion in behavioral health facilities[5] - MPT's portfolio included 393 properties and approximately 39,000 licensed beds leased to 53 hospital operating companies across multiple countries[5] Cash Management and Dividends - The company paid a regular quarterly dividend of 0.08 per share in April 2025[4] - The company declared dividends of 0.08percommonshareforQ12025,whilenodividendsweredeclaredinQ12024[22]RentandCollection−A2.30.08 per common share for Q1 2025, while no dividends were declared in Q1 2024[22] Rent and Collection - A 2.3% weighted average year-over-year inflation-based rent escalator was realized for stabilized tenants[4] - Cash rent collection from replacement operators at hospitals in Florida, Texas, and Louisiana has commenced[4] - MPT has collected all cash rent owed by new tenants, with the exception of approximately 100,000 related to two Ohio facilities[9] Expenses and Charges - Interest expenses increased to 115,801,000inQ12025from115,801,000 in Q1 2025 from 108,685,000 in Q1 2024, marking an increase of 6.2%[22] - Real estate depreciation and amortization expenses decreased to 64,572,000inQ12025from64,572,000 in Q1 2025 from 75,586,000 in Q1 2024, a reduction of 14.6%[22] - The company experienced real estate impairment charges of 65,683,000inQ12025,withnosuchchargesreportedinQ12024[24]OtherFinancialActivities−Thecompanycompletedaprivateofferingofover65,683,000 in Q1 2025, with no such charges reported in Q1 2024[24] Other Financial Activities - The company completed a private offering of over 2.5 billion in senior secured notes due in 2032 at a blended coupon rate of 7.885%[4] - The company reported a gain on the sale of real estate of 8,059,000inQ12025,comparedtoalossof8,059,000 in Q1 2025, compared to a loss of 1,423,000 in Q1 2024[22] Restructuring Efforts - The restructuring process for Prospect Medical Group is ongoing, with a settlement agreement approved by the Bankruptcy Court[10]