EX-99.2 3 d617212dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Investing In the future of healthcare. THIRD QUARTER 2013 SUPPLEMENTAL INFORMATION


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Table of Contents Company Information.... 1 Reconciliation of Net Income to Funds from Operations 2 Investment and Revenue by Asset Type, Operator, and by State 3 Lease Maturity Schedule 4 Debt Summary 5 Consolidated Statements of Income 6 Consolidated Balance Sheets 7 Acquisitions and Summary of Development Projects 8 Detail of Other Assets 9 The information in this supplemental information package should be read in conjunction with the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the Securities and Exchange Commission. You can access these documents free of charge at www.sec.gov and from the Company’s website at www.medicalpropertiestrust.com. The information contained on the Company’s website is not incorporated by reference into, and should not be considered a part of, this supplemental package. For more information, please contact: Charles Lambert, Managing Director—Capital Markets at (205) 397-8897.


 

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Company Information Headquarters: Medical Properties Trust, Inc. 1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (205) 969-3755 Fax: (205) 969-3756 Website: www.medicalpropertiestrust.com Executive Officers: Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer R. Steven Hamner, Executive Vice President and Chief Financial Officer Emmett E. McLean, Executive Vice President, Chief Operating Officer, Secretary and Treasurer Investor Relations: Medical Properties Trust, Inc. 1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 Attn: Charles Lambert (205) 397-8897 clambert@medicalpropertiestrust.com


MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds From Operations

(Unaudited)

 

     For the Three Months Ended     For the Nine Months Ended  
     September 30, 2013     September 30, 2012     September 30, 2013     September 30, 2012  
           (A)           (A)  

FFO information:

        

Net income attributable to MPT common stockholders

   $ 25,648,052      $ 31,463,596      $ 79,152,370      $ 61,343,735   

Participating securities’ share in earnings

     (166,066     (224,867     (538,391     (714,901
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income, less participating securities’ share in earnings

   $ 25,481,986      $ 31,238,729      $ 78,613,979      $ 60,628,834   

Depreciation and amortization:

        

Continuing operations

     8,789,048        8,308,006        26,050,645        24,826,225   

Discontinued operations

     —          494,026        103,197        1,586,869   

Loss (gain) on sale of real estate

     —          (8,725,735     (2,054,229     (7,280,180
  

 

 

   

 

 

   

 

 

   

 

 

 

Funds from operations

   $ 34,271,034      $ 31,315,026      $ 102,713,592      $ 79,761,748   

Write-off straight line rent

     —          1,639,839        —          1,639,839   

Acquisition costs

     4,178,765        410,426        6,457,217        4,114,696   
  

 

 

   

 

 

   

 

 

   

 

 

 

Normalized funds from operations

   $ 38,449,799      $ 33,365,291      $ 109,170,809      $ 85,516,283   

Share-based compensation

     1,815,195        1,793,476        6,019,100        5,430,185   

Debt costs amortization

     871,974        867,193        2,624,123        2,578,020   

Additional rent received in advance (B)

     (300,000     (300,000     (900,000     (900,000

Straight-line rent revenue and other

     (4,461,141     (3,756,682     (12,365,795     (7,789,434
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted funds from operations

   $ 36,375,827      $ 31,969,278      $ 104,548,237      $ 84,835,054   
  

 

 

   

 

 

   

 

 

   

 

 

 

Per diluted share data:

        

Net income, less participating securities’ share in earnings

   $ 0.16      $ 0.23      $ 0.53      $ 0.46   

Depreciation and amortization:

        

Continuing operations

     0.06        0.06        0.17        0.19   

Discontinued operations

     —          —          —          0.01   

Loss (gain) on sale of real estate

     —          (0.06     (0.01     (0.05
  

 

 

   

 

 

   

 

 

   

 

 

 

Funds from operations

   $ 0.22      $ 0.23      $ 0.69      $ 0.61   

Write-off straight line rent

     —          0.01        —          0.01   

Acquisition costs

     0.03        0.01        0.04        0.03   
  

 

 

   

 

 

   

 

 

   

 

 

 

Normalized funds from operations

   $ 0.25      $ 0.25      $ 0.73      $ 0.65   

Share-based compensation

     0.01        0.01        0.04        0.04   

Debt costs amortization

     —          0.01        0.02        0.02   

Additional rent received in advance (B)

     —          —          (0.01     —     

Straight-line rent revenue and other

     (0.03     (0.03     (0.08     (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted funds from operations

   $ 0.23      $ 0.24      $ 0.70      $ 0.65   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Financials have been restated to reclass the operating results of certain properties sold in 2012 and 2013 to discontinued operations.
(B) Represents additional rent from one tenant in advance of when we can recognize as revenue for accounting purposes.

This additional rent is being recorded to revenue on a straight-line basis over the lease life.

Investors and analysts following the real estate industry utilize funds from operations, or FFO, as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

In addition to presenting FFO in accordance with the NAREIT definition, we also disclose normalized FFO,which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.

We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) unbilled rent revenue, (ii) non-cash share-based compensation expense, and (iii) amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity.

 

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INVESTMENT AND REVENUE BY ASSET TYPE, OPERATOR AND BY STATE

Investments and Revenue by Asset Type - As of September 30, 2013

 

            Total
Assets
    Percentage
of Gross Assets
    Total
Revenue
     Percentage
of Total Revenue
 

General Acute Care Hospitals

     A       $ 1,629,627,084        60.1   $ 102,572,777         58.3

Long-Term Acute Care Hospitals

        470,544,700        17.3     40,237,151         22.9

Rehabilitation Hospitals

        424,041,806        15.6     31,844,399         18.1

Wellness Centers

        15,624,817        0.6     1,246,016         0.7

Other assets

        173,977,638        6.4     —           —     
     

 

 

   

 

 

   

 

 

    

 

 

 

Total gross assets

        2,713,816,045        100.0     

Accumulated depreciation and amortization

        (150,666,149       
     

 

 

        

Total

      $ 2,563,149,896        $ 175,900,343         100.0
     

 

 

     

 

 

    

 

 

 

Investments and Revenue by Operator - As of September 30, 2013

 

     Total
Assets
    Percentage
of Gross Assets
    Total
Revenue
     Percentage
of Total  Revenue
 

Prime Healthcare

   $ 684,302,858        25.2   $ 56,993,444         32.4

Ernest Health, Inc.

     464,141,872        17.1     35,990,375         20.4

IASIS Healthcare

     347,609,453        12.8     5,238,256         3.0

IJKG/HUMC

     126,401,831        4.7     12,213,208         6.9

Vibra Healthcare

     85,697,606        3.2     8,188,094         4.7

20 other operators

     831,684,787        30.6     57,276,966         32.6

Other assets

     173,977,638        6.4     —           —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Total gross assets

     2,713,816,045        100.0     

Accumulated depreciation and amortization

     (150,666,149       
  

 

 

        

Total

   $ 2,563,149,896        $ 175,900,343         100.0
  

 

 

     

 

 

    

 

 

 

Investment and Revenue by State - As of September 30, 2013

 

     Total Assets     Percentage
of Gross  Assets
    Total Revenue      Percentage
of Total  Revenue
 

Texas

   $ 640,402,390        23.6   $ 42,377,371         24.1

California

     522,826,939        19.2     47,032,309         26.7

Arizona

     200,844,185        7.4     7,601,263         4.3

Louisiana

     138,211,048        5.1     4,508,295         2.6

New Jersey

     126,401,831        4.7     12,213,208         6.9

20 other states

     911,152,014        33.6     62,167,897         35.4

Other assets

     173,977,638        6.4     —           —     
  

 

 

   

 

 

   

 

 

    

 

 

 

Total gross assets

     2,713,816,045        100.0     

Accumulated depreciation and amortization

     (150,666,149       
  

 

 

        

Total

   $ 2,563,149,896        $ 175,900,343         100.0
  

 

 

     

 

 

    

 

 

 

A Includes two medical office buildings

 

 

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LEASE MATURITY SCHEDULE - AS OF SEPTEMBER 30, 2013

 

Total portfolio (1)

   Total leases      Base rent (2)      Percent of total
base rent
 

2013

     —         $ —           —     

2014

     1         2,122,415         1.1

2015

     2         4,155,412         2.2

2016

     1         2,250,000         1.2

2017

     —           —           —     

2018

     1         1,958,100         1.0

2019

     8         6,525,198         3.5

2020

     1         1,039,728         0.6

2021

     4         12,799,716         6.8

2022

     12         38,548,776         20.6

2023

     3         9,152,292         4.9

2024

     1         2,453,856         1.3

2025

     4         11,228,224         6.0

Thereafter

     38         95,152,114         50.8
  

 

 

    

 

 

    

 

 

 
     76       $ 187,385,831         100.0
  

 

 

    

 

 

    

 

 

 

 

(1) Excludes 6 of our properties that are under development.

Also, lease expiration is based on the fixed term of the lease and does not factor in potential renewal options provided for in our leases.

 

(2) The most recent monthly base rent annualized. Base rent does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues).

 

 

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DEBT SUMMARY AS OF SEPTEMBER 30, 2013

 

Instrument

  Rate Type   Rate     Balance     2013     2014     2015     2016     2017     Thereafter  

6.875% Notes Due 2021

  Fixed     6.88   $ 450,000,000      $ —        $ —        $ —        $ —        $ —        $ 450,000,000   

6.375% Notes Due 2022

  Fixed     6.38     350,000,000        —          —          —          —          —          350,000,000   

2015 Credit Facility Revolver

  Variable     3.03 % (1)      45,000,000        —          —          45,000,000        —          —          —     

2016 Term Loan

  Variable     2.44     100,000,000        —          —          —          100,000,000        —          —     

2016 Unsecured Notes

  Fixed     5.59 % (2)      125,000,000        —          —          —          125,000,000        —          —     

Northland - Mortgage Capital Term Loan

  Fixed     6.20     14,012,504        64,405        265,521        282,701        298,582        320,312        12,780,983   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      $ 1,084,012,504      $ 64,405      $ 265,521      $ 45,282,701      $ 225,298,582      $ 320,312      $ 812,780,983   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Debt Premium

  

    2,960,143               
     

 

 

             
      $ 1,086,972,647               
     

 

 

             

 

(1) Represents a $400 million unsecured revolving credit facility with spreads over LIBOR ranging from 2.60% to 3.40%.
(2) Represents the weighted-average rate for four traunches of the Notes at September 30, 2013 factoring in interest rate swaps in effect at that time.

The Company has entered into two swap agreements which began in July and October 2011. Effective July 31, 2011, the Company is paying 5.507% on $65 million of the Notes and effective October 31, 2011, the Company is paying 5.675% on $60 million of Notes.

 

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MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

 

     For the Three Months Ended     For the Nine Months Ended  
     September 30, 2013     September 30, 2012     September 30, 2013     September 30, 2012  
           (A)           (A)  

Revenues

        

Rent billed

   $ 31,877,115      $ 30,297,697      $ 95,073,326      $ 90,680,685   

Straight-line rent

     2,853,240        2,745,298        8,260,267        5,428,798   

Income from direct financing leases

     11,297,974        5,773,138        29,284,432        12,979,142   

Interest and fee income

     14,427,392        14,037,030        43,282,318        33,485,603   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     60,455,721        52,853,163        175,900,343        142,574,228   

Expenses

        

Real estate depreciation and amortization

     8,789,048        8,308,006        26,050,645        24,826,225   

Property-related

     458,253        214,478        1,520,384        1,027,609   

Acquisition expenses

     4,178,765        410,426        6,457,217        4,114,696   

General and administrative

     6,379,604        7,052,618        21,423,170        21,341,288   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     19,805,670        15,985,528        55,451,416        51,309,818   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     40,650,051        36,867,635        120,448,927        91,264,410   

Interest and other income (expense)

     (14,984,097     (14,004,022     (43,629,496     (40,840,864
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     25,665,954        22,863,613        76,819,431        50,423,546   

Income from discontinued operations

     37,100        8,643,283        2,498,156        11,050,011   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     25,703,054        31,506,896        79,317,587        61,473,557   

Net income attributable to non-controlling interests

     (55,002     (43,300     (165,217     (129,822
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to MPT common stockholders

   $ 25,648,052      $ 31,463,596      $ 79,152,370      $ 61,343,735   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share - basic:

        

Income from continuing operations

   $ 0.16      $ 0.17      $ 0.51      $ 0.38   

Income from discontinued operations

     —          0.06        0.02        0.08   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to MPT common stockholders

   $ 0.16      $ 0.23      $ 0.53      $ 0.46   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share - diluted:

        

Income from continuing operations

   $ 0.16      $ 0.17      $ 0.51      $ 0.38   

Income from discontinued operations

     —          0.06        0.02        0.08   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to MPT common stockholders

   $ 0.16      $ 0.23      $ 0.53      $ 0.46   
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends declared per common share

   $ 0.20      $ 0.20      $ 0.60      $ 0.60   

Weighted average shares outstanding - basic

     154,757,902        134,780,992        148,204,479        131,467,285   

Weighted average shares outstanding - diluted

     155,968,954        134,781,577        149,517,040        131,467,480   

 

(A) Financials have been restated to reclass the operating results of certain properties sold in 2012 and 2013 to discontinued operations.

 

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MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

 

     September 30, 2013     December 31, 2012  
     (Unaudited)     (A)  

Assets

    

Real estate assets

    

Land, buildings and improvements, and intangible lease assets

   $ 1,564,797,564      $ 1,223,760,599   

Construction in progress and other

     41,633,350        38,338,985   

Real estate held for sale

     —          16,497,248   

Net investment in direct financing leases

     403,512,336        314,411,549   

Mortgage loans

     368,650,000        368,650,000   
  

 

 

   

 

 

 

Gross investment in real estate assets

     2,378,593,250        1,961,658,381   

Accumulated depreciation and amortization

     (150,666,149     (124,615,504
  

 

 

   

 

 

 

Net investment in real estate assets

     2,227,927,101        1,837,042,877   

Cash and cash equivalents

     12,124,194        37,311,207   

Interest and rent receivable

     54,505,451        45,288,845   

Straight-line rent receivable

     44,240,282        35,859,703   

Other assets

     224,352,868        223,383,020   
  

 

 

   

 

 

 

Total Assets

   $ 2,563,149,896      $ 2,178,885,652   
  

 

 

   

 

 

 

Liabilities and Equity

    

Liabilities

    

Debt, net

   $ 1,086,972,647      $ 1,025,159,854   

Accounts payable and accrued expenses

     73,852,217        65,960,792   

Deferred revenue

     23,228,722        20,609,467   

Lease deposits and other obligations to tenants

     20,527,213        17,341,694   
  

 

 

   

 

 

 

Total liabilities

     1,204,580,799        1,129,071,807   

Equity

    

Preferred stock, $0.001 par value. Authorized 10,000,000 shares; no shares outstanding

     —          —     

Common stock, $0.001 par value. Authorized 250,000,000 shares; issued and outstanding - 160,880,162 shares at September 30, 2013 and 136,335,427 shares at December 31, 2012

     160,880        136,336   

Additional paid in capital

     1,615,229,624        1,295,916,192   

Distributions in excess of net income

     (246,865,083     (233,494,130

Accumulated other comprehensive income (loss)

     (9,693,981     (12,482,210

Treasury shares, at cost

     (262,343     (262,343
  

 

 

   

 

 

 

Total Medical Properties Trust, Inc. stockholders’ equity

     1,358,569,097        1,049,813,845   
  

 

 

   

 

 

 

Total Liabilities and Equity

   $ 2,563,149,896      $ 2,178,885,652   
  

 

 

   

 

 

 

 

(A) Financials have been derived from the prior year audited financials adjusted for discontinued operations.

 

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ACQUISITIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013

 

                    Investment /  

Name

  

Location

  

Property Type

  

Acquisition / Development

   Commitment  

Ernest Health, Inc.

  

Post Falls, ID

  

Inpatient Rehabilitation Hospital

  

Development

   $ 14,387,000   

Ernest Health, Inc.

  

South Ogden, UT

  

Inpatient Rehabilitation Hospital

  

Development

     19,153,000   

Prime Healthcare

  

Kansas City, KS

  

Acute Care Hospital

  

Acquisition

     60,000,000   

Prime Healthcare

  

Leavenworth, KS

  

Acute Care Hospital

  

Acquisition

     15,000,000   

IASIS Healthcare, LLC

  

Port Arthur, TX

  

Acute Care Hospital

  

Acquisition

     81,934,040   

IASIS Healthcare, LLC

  

Mesa, AZ

  

Acute Care Hospital

  

Acquisition

     112,047,210   

IASIS Healthcare, LLC

  

West Monroe, LA

  

Acute Care Hospital

  

Acquisition

     87,268,750   

Ernest Health, Inc.

  

Corpus Christi, TX

  

Inpatient Rehabilitation Hospital

  

Acquisition

     15,830,000   
           

 

 

 

Total Investments / Commitments

            $ 405,620,000   
           

 

 

 

SUMMARY OF DEVELOPMENT PROJECTS AS OF SEPTEMBER 30, 2013

 

Property

 

Location

 

Property Type

 

Operator

  Commitment     Costs
Incurred as
of 9/30/13
    Percent
Leased
    Estimated
Completion
Date
 

Victoria Rehabilitation Hospital

 

Victoria, TX

 

Inpatient Rehabilitation Hospital

 

Post Acute Medical

  $ 9,400,000      $ 8,390,986        100     4Q 2013   

Rehabilitation Hospital of the Northwest

 

Post Falls, ID

 

Inpatient Rehabilitation Hospital

 

Ernest Health, Inc.

    14,387,000        10,388,593        100     4Q 2013   

First Choice ER- Little Elm

 

Dallas, TX

 

General Acute Care Hospital

 

First Choice ER, LLC

    5,200,000        2,792,174        100     4Q 2013   

First Choice ER- Brodie

 

Austin, TX

 

General Acute Care Hospital

 

First Choice ER, LLC

    5,470,000        1,509,321        100     1Q 2014   

Oakleaf Surgical Hospital

 

Altoona, WI

 

General Acute Care Hospital

 

National Surgical Hospitals

    33,500,000        11,146,337        100     3Q 2014   

First Choice Emergency Rooms

 

Various

 

General Acute Care Hospital

 

First Choice

    89,330,000        —          100     Various   

Northern Utah Rehabilitation Hospital

 

South Ogden, UT

 

Inpatient Rehabilitation Hospital

 

Ernest Health, Inc.

    19,153,000        7,405,939        100     3Q 2014   
       

 

 

   

 

 

     
        $ 176,440,000      $ 41,633,350       
       

 

 

   

 

 

     

 

  8    LOGO


DETAIL OF OTHER ASSETS AS OF SEPTEMBER 30, 2013

 

                  YTD       
            Annual     Ridea Income       

Operator

   Investment      Interest Rate     (4)     

Security / Credit Enhancements

Non-Operating Loans

          

Vibra Healthcare acquisition loan (1)

   $ 13,107,070         10.25      Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent

Vibra Healthcare working capital

     5,347,336         9.63      Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent

Post Acute Medical working capital

     7,718,857         10.86      Secured and cross-defaulted with real estate; certain loans are cross-defaulted with other loans and real estate

Monroe Hospital (2)

     18,141,163           

IKJG/HUMC working capital

     15,050,000         10.4      Secured and cross-defaulted with real estate and guaranteed by Parent

Ernest

     5,083,333         9.2      Secured and cross-defaulted with real estate and guaranteed by Parent

Other

     245,567           
  

 

 

         
     64,693,326           

Operating Loans

          

Ernest Health, Inc. (3)

     93,200,000         15.00     10,485,000       Secured and cross-defaulted with real estate and guaranteed by Parent

IKJG/HUMC convertible loan

     3,351,831           879,887       Secured and cross-defaulted with real estate and guaranteed by Parent
  

 

 

      

 

 

    
     96,551,831           11,364,887      

Equity investments

     12,876,735           2,511,309      

Deferred debt financing costs

     22,708,765            Not applicable

Lease and cash collateral

     4,692,525            Not applicable

Other assets (5)

     22,829,686            Not applicable
  

 

 

      

 

 

    

Total

   $ 224,352,868         $ 13,876,196      
  

 

 

      

 

 

    

 

(1) Original amortizing acquisition loan was $41 million; loan matures in 2019
(2) Ceased accruing interest in 2010; net of $12.0 million reserve.
(3) Cash rate is 7% in 2013 and increases to 10% in 2014.
(4) Income earned on operating loans is reflected in the interest income line of the income statement.
(5) Includes prepaid expenses, office property and equipment and other.

 

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LOGO

Medical Properties Trust Medical Properties Trust, Inc. 1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (205) 969-3755 www.medicalpropertiestrust.com Contact: Charles Lambert, Managing Director - Capital Markets (205) 397-8897 or clambert@medicalpropertiestrust.com