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MPT Medical Properties Trust Medical Properties Trust , Inc. Reports First Quarter Results April 29 , 2021 Per Share Net Income of $ 0.28 and Normalized FFO of $ 0.42 in First Quarter Per Share NFFO Growth Exceeding 13 % Compared to Prior - Year Quarter Year - to - Date Investments of Approximately $ 1.6 Billion BIRMINGHAM , Ala .-- ( BUSINESS WIRE ) -- Apr . 29 , 2021-- Medical Properties Trust , Inc. ( the " Company " or " MPT " ) ( NYSE : MPW ) today announced financial and operating results for the first quarter ended March 31 , 2021 as well as certain events occurring subsequent to quarter end . • Net income of $ 0.28 and Normalized Funds from Operations ( " NFFO " ) of $ 0.42 for the 2021 first quarter on a per diluted share basis , well in line with portfolio run - rate guidance ; • Closed in January on the previously disclosed £ 800 million real estate investment in behavioral health properties in the UK operated by Priory Group ( " Priory " ) ; • Issued £ 850 million in senior notes due 2026 and 2030 at a blended rate of 2.9 % with proceeds used to permanently fund the Priory acquisitions ; • Completed a follow - on equity offering generating net proceeds of $ 711 million and sold approximately 8.0 million common shares from early March through the Company's " at - the - market ” program for additional net proceeds of approximately $ 173 million ; • Hospital tenants uniformly reporting continued strong operating and financial performance . " The rapid pace of accretive growth we have created in recent years is showing no signs of slowing , " said Edward K. Aldag , Jr. , MPT's Chairman , President , and Chief Executive Officer . " The positive attention brought to the need for hospitals during the COVID pandemic worldwide , and the essential role of MPT's tenants has never been so clear . Demand for our capital is strong , and our proven ability to execute large , complex transactions continues to give us a strong competitive advantage in this rapidly expanding market . " Mr. Aldag continued , " Our operators are well - capitalized , and their fundamentals returned to very close to normalized levels more than nine months ago and remain there today . We have observed that these levels of operations are consistent with recently reported quarterly results of the top publicly held operators in the nation . " Included in the financial tables accompanying this press release is information about the Company's assets and liabilities , net income , and reconciliations of net income to NFFO , all on a basis comparable to 2020 results , and reconciliations of total assets to pro forma total gross assets and total revenues to total adjusted revenues . PORTFOLIO UPDATE During and subsequent to the first quarter , MPT continued to execute on accretive acquisitions . MPT expects to replace the £ 800 million Priory real estate loan with sale - leaseback transactions involving 35 properties by the end of the second quarter , at which time the Company will begin to recognize a GAAP investment yield of 8.6 % . Through today , MPT made additional investments of approximately $ 158 million and $ 335 million , respectively , in its tenants Swiss Medical Network and Steward Health Care System ( " Steward " ) . Swiss Medical , the Company's tenant through its Infracore investment , is the second largest private operator of hospitals in Switzerland , a nation known for world - class healthcare delivery and an affluent , aging population . At an attractive investment entry point , MPT stands to benefit from greater alignment with Infracore and Swiss Medical , additional insight into the Swiss hospital system , and desirable real estate opportunities as Swiss Medical continues to consolidate a fragmented hospital landscape . Proceeds of the $ 335 million loan to Steward were used to redeem a similarly sized convertible loan from Steward's former private equity sponsor . Terms include opportunities for attractive participation in the value of Steward's growth as it demonstrates fundamental success consistent with recent reports from public hospital operators . Pursuant to its existing 9.9 % equity interest in Steward and a direct realization of the operational strength noted above , MPT received cash distributions during the quarter of $ 11.0 million . The Company has pro forma total gross assets of approximately $ 20.9 billion , including $ 15.2 billion in general acute care hospitals , $ 2.1 billion in inpatient rehabilitation hospitals , $ 1.7 billion in behavioral health facilities , $ 0.3 billion in long - term acute care hospitals , and $ 0.3 billion in freestanding emergency room and urgent care properties . MPT's portfolio , pro forma for the transactions described herein , includes 425 properties representing roughly 44,000 licensed beds across the United States and in Germany , the United Kingdom , Switzerland , Italy , Spain , Portugal , Australia , and Colombia . The properties are leased to or mortgaged by 51 hospital operating companies . MPT continues to work with existing and new operators in the U.S. and abroad on numerous opportunities . OPERATING RESULTS AND OUTLOOK Net income for the first quarter ended March 31 , 2021 was $ 164 million ( or $ 0.28 per diluted share ) compared to $ 81 million ( or $ 0.15 per diluted share ) in the year earlier period .