0001193125-19-187454.txt : 20190906 0001193125-19-187454.hdr.sgml : 20190906 20190701170002 ACCESSION NUMBER: 0001193125-19-187454 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20190701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICAL PROPERTIES TRUST INC CENTRAL INDEX KEY: 0001287865 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 1000 UBRAN CENTER DRIVE STREET 2: SUITE 501 CITY: BIRMINGHAM STATE: AL ZIP: 35242 BUSINESS PHONE: 205-969-3755 MAIL ADDRESS: STREET 1: 1000 URBAN CENTER DRIVE STREET 2: SUITE 501 CITY: BIRMINGHAM STATE: AL ZIP: 35242 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MPT Operating Partnership, L.P. CENTRAL INDEX KEY: 0001524607 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: MEDICAL PROPERTIES TRUST, INC. STREET 2: 1000 URBAN CENTER DRIVE, SUITE 501 CITY: BIRMINGHAM STATE: AL ZIP: 35242 BUSINESS PHONE: 205-969-3755 MAIL ADDRESS: STREET 1: MEDICAL PROPERTIES TRUST, INC. STREET 2: 1000 URBAN CENTER DRIVE, SUITE 501 CITY: BIRMINGHAM STATE: AL ZIP: 35242 CORRESP 1 filename1.htm CORRESP

LOGO

July 1, 2019

Jennifer Monick

Assistant Chief Accountant

Office of Real Estate and Commodities

United States Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

 

Re:

Medical Properties Trust, Inc.

MPT Operating Partnership, L.P.

Form 10-K for Fiscal Year Ended December 31, 2018

Filed March 1, 2019

File No. 001-32559 and 333-177186

Dear Ms. Monick:

This letter is being furnished in response to the comments of the Staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) in the Commission’s letter dated June 17, 2019 to R. Steven Hamner, Executive Vice President and Chief Financial Officer of Medical Properties Trust, Inc. (the “Company”). To assist you in reviewing our responses, we have preceded each response below with a copy (in bold type) of the Staff’s comment as stated in your letter.

Form 10-K for the Fiscal Year Ended December 31, 2018

Significant Tenants, page 10

 

  1.

We note your disclosure on page 10 that Steward operated 39.5% of your gross assets as of December 31, 2018. Given that Steward appears to be a significant lessee, please tell us what consideration you gave to filing audited financial statements of Steward. In that regard, we note your response to comment 3 from our letter dated October 26, 2018, where you stated that you expected to file the financial statements of Steward with your Form 10-K or Form 10-K/A for the year ended December 31, 2018.

Ms. Jennifer Monick

Securities and Exchange Commission

 

  We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Pursuant to the guidance set forth in the Division of Corporation Finance Financial Reporting Manual Section 2340, we respectfully reaffirm our intention to file the audited financial statements of Steward for the years ended December 31, 2018 and 2017 via Form 10-K/A promptly upon such financial statements becoming available.

Although our lease agreements require the timely delivery of audited financial statements to us by our tenants, Steward has requested multiple extensions this year to allow for adequate time to complete such audit given the amount of time and energy that they have spent to integrate the systems and operations of their recent major acquisitions. At this time, we expect their audited financial statements to be available to us during July 2019, and we plan to file such audited financial statements via Form 10-K/A promptly thereafter.

Should you have any questions or further comments, please contact the undersigned at 205-969-3755.

Very truly yours,

MEDICAL PROPERTIES TRUST, INC.

MPT OPERATING PARTNERSHIP, L.P.

by Medical Properties Trust, Inc., the sole member of its general partner

 

/s/ R. Steven Hamner
R. Steven Hamner
Executive Vice President and Chief Financial Officer

 

2

GRAPHIC 2 g760489g0701224320611.jpg GRAPHIC begin 644 g760489g0701224320611.jpg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