Medical Properties Trust(MPW) - 2025 Q1 - Quarterly Results

Financial Performance - Net loss for Q1 2025 was ($118 million) or ($0.20) per share, compared to a net loss of ($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, 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, 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, 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, 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 $14.9 billion, including $8.7 billion in general acute facilities and $2.4 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 $0.08 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 $115,801,000 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 $64,572,000 in Q1 2025 from $75,586,000 in Q1 2024, a reduction of 14.6%[22] - The company experienced real estate impairment charges of $65,683,000 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 $8,059,000 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]