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MPT Medical Properties Trust Medical Properties Trust , Inc. Reports Second Quarter Results July 29 , 2021 Per Share Net Income of $ 0.19 and Normalized FFO of $ 0.43 in Second Quarter Per Share NFFO and AFFO Growth Exceeding 13 % Compared to Prior - Year Quarter Year - to - Date Investments of More than $ 3.6 Billion BIRMINGHAM , Ala .-- ( BUSINESS WIRE ) -- Jul . 29 , 2021-- Medical Properties Trust , Inc. ( the " Company " or " MPT " ) ( NYSE : MPW ) today announced financial and operating results for the second quarter ended June 30 , 2021 , as well as certain events occurring subsequent to quarter end . • Net income of $ 0.19 and Normalized Funds from Operations ( " NFFO " ) of $ 0.43 for the 2021 second quarter on a per diluted share basis , in line with portfolio run - rate guidance ; • Closed in late June on previously announced sale - leaseback transactions totaling £ 800 million on 35 Priory Group ( " Priory " ) behavioral health facilities in the United Kingdom , with proceeds used to fully retire the initial January real estate loan investment of the same amount ; • Completed in early July the $ 215 million acquisition of four general acute care hospitals operated by Pipeline Health System ( " Pipeline Health " ) in Los Angeles ; • Closed in early July the £ 15.6 million acquisition of Kings Park Hospital in Stirling , Scotland ; • Agreed to sell Capital Medical Center in Olympia , Washington for $ 135 million , contingent on regulatory approval ; • Since the end of the first quarter issued 12.2 million shares through the Company's " at - the - market❞ program for net proceeds of approximately $ 253 million and $ 320 million year - to - date ; • As previously announced , in June agreed to invest $ 950 million in behavioral health assets of Springstone , LLC ( " Springstone " ) , including full ownership of 18 inpatient behavioral hospital facilities and an interest in the operations , and to acquire five general acute care hospitals in South Florida to be operated by Steward Health Care System ( " Steward " ) for $ 900 million ; • Hospital tenants uniformly reporting continued strong operating and financial performance . " Following two - plus years of strong growth in key European and Australian markets , our acquisitions since early 2021 have been heavily weighted to the U.S. , " said Edward K. Aldag , Jr. , Chairman , President , and Chief Executive Officer . Aldag also pointed out that the Company enjoys investment spreads over funding costs that are similar regardless of the location . " Although lease rates vary across different countries , so does our cost of capital , and we have very successfully positioned our balance sheet with the lowest cost long - term , currency - weighted capital for our non - U.S . investments . " Mr. Aldag continued , “ Consistent with our long - term funding strategy , our high - cap rate U.S. acquisitions will be primarily funded with equity capital . Significant proceeds from one - off dispositions , loan repayments , and a vibrant and growing private market for hospital real estate are expected to normalize our leverage to the 6.0x range without the need for follow - on common equity , while also providing cost of capital and operator diversification benefits that we look forward to detailing in the near future . " 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 total pro forma gross assets and total revenues to total adjusted revenues . PORTFOLIO UPDATE During and subsequent to the second quarter , MPT continued to execute accretive acquisitions . As described in more detail in the Company's June 15 , 2021 press release , MPT announced its entry into a binding agreement to acquire 18 inpatient behavioral hospitals and an interest in the operations of Springstone from Welsh , Carson , Anderson & Stowe for total consideration of $ 950 million . In addition , as detailed in MPT's June 23 , 2021 press release , the Company agreed to acquire for $ 900 million five general acute care hospitals in South Florida to be operated by Steward . Both transactions are expected to close in the second half of 2021 . In early July , MPT acquired a network of four hospitals with nearly 500 beds in Los Angeles from Pipeline Health for $ 215 million . The facilities are located in densely populated areas with high barriers to entry and are essential to the communities they serve . The properties are subject to a 20 - year master lease with multiple extension options . Terms of the three U.S. acquisitions reflect a weighted average GAAP cap rate of approximately 8.7 % , further demonstrating the Company's success at delivering very attractive returns while continuing to increase the size of its portfolio at growth rates unique in the REIT environment . Also in early July , MPT acquired Kings Park Hospital , a private acute care hospital to be operated by Circle Health in Stirling , Scotland , for £ 15.6 million . The property will be joined to the Circle Health master lease , which has 29 years remaining on its initial term . The Company has total pro forma gross assets of approximately $ 22.3 billion , including $ 16.1 billion in general acute care hospitals , $ 2.4 billion in behavioral health facilities , $ 2.1 billion in inpatient rehabilitation hospitals , $ 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 446 properties representing