Medical Properties Trust (MPW) 10-Q 2006 Q3 Quarterly report

Exhibit 99.1

Vibra Healthcare, LLC and Subsidiaries
Consolidated Balance Sheet
June 30, 2006 (Unaudited) and December 31, 2005

	June 30, 2006			December 31, 2005
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	2,149,305		$	3,018,829
Patient accounts receivable, net of allowance for doubtful collections of $1,394,000 and $1,689,000 at June 30, 2006 and December 31, 2005, respectively		27,109,685			22,751,868
Third party settlements receivable		410,021			575,658
Prepaid insurance		1,055,269			1,969,240
Other current assets		896,679			964,268
Total current assets		31,620,959			29,279,863
Restricted investment		100,000			100,000
Property and equipment, net		17,409,512			17,638,222
Goodwill		22,629,663			22,629,663
Intangible assets		5,140,000			5,140,000
Deposits		4,750,162			4,028,604
Deferred financing and lease costs		2,031,630			1,970,073
Total assets	$	83,681,926		$	80,786,425
Liabilities and Member’s Deficit
Current liabilities:
Current maturities of long-term debt	$	107,442		$	58,377
Current maturities of obligations under capital leases		775,616			471,548
Accounts payable		5,256,090			5,080,042
Accounts payable — related parties		248,902			233,977
Accrued liabilities		6,065,401			6,260,283
Accrued insurance claims		1,303,607			1,054,202
Total current liabilities		13,757,058			13,158,429
Accrued insurance claims		2,470,507			2,470,507
Deferred rent		7,664,632			6,501,674
Long-term debt		53,866,954			51,572,156
Long-term obligations under capital leases		19,519,620			17,860,209
Total liabilities		97,278,771			91,562,975
Member’s deficit		(13,596,845	)		(10,776,550	)
Total liabilities and member’s deficit	$	83,681,926		$	80,786,425

Vibra Healthcare, LLC and Subsidiaries
Consolidated Statement of Operations and Changes in Member’s Deficit
(Unaudited)

	For the three months ended						For the six months ended
	June 30						June 30
	2006			2005			2006			2005
Revenue:
Net patient service revenue	$	36,913.364		$	30,588,335		$	72,703.224		$	59,916,423
Expenses:
Cost of services		24,783,784			21,491,176			49,755,420			41,558,235
Rent expense		5,412,953			3,669,721			10,766,593			7,024,370
General and administrative		4,866,494			5,342,554			9,574,660			10,464,137
Interest expense		1,914,800			1,294,943			3,716,548			2,558,299
Management fee — Vibra Management, LLC		785,038			657,466			1,525,162			1,244,059
Depreciation and amortization		527,647			220,682			1,035,830			414,975
Bad debt expense		209,721			178,431			397,587			345,664
Total expenses		38,500,437			32,854,973			76,771,800			63,609,739
Loss from operations		(1,587,073	)		(2,266,638	)		(4,068,576	)		(3,693,316	)
Non-operating revenue		648,437			514,293			1,248,281			1,047,753
Net loss		(938,636	)		(1,752,345	)		(2,820,295	)		(2,645,563	)
Member’s deficit — beginning		(12,658,209	)		(4,707,918	)		(10,776,550	)		(3,814,700	)
Member’s deficit — ending	$	(13,596,845	)	$	(6,460,263	)	$	(13,596,845	)	$	(6,460,263	)

Vibra Healthcare, LLC and Subsidiaries
Consolidated Statement of Cash Flows
For the Six Months Ended June 30, 2006 and 2005
(Unaudited)

	2006			2005
	(Unaudited)			(Unaudited)
Operating activities:
Net loss	$	(2,820,295	)	$	(2,645,563	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,035,830			414,975
Provision for bad debts		397,587			345,664
Changes in operating assets and liabilities, net of effects from acquisition of business:
Patient accounts receivable including third party settlements		(4,589,766	)		(4,679,052	)
Prepaids and other current assets		981,560			490,081
Deposits		(62,581	)		1,072,460
Accounts payable		190,973			(861,010	)
Accrued liabilities		54,523			1,207,666
Deferred rent		1,162,958			2,617,490
Net cash used in operating activities		(3,649,211	)		(2,037,289	)
Investing activities:
Deposits		(658,977	)		—
Purchase of restricted investment		—			(100,000	)
Purchases of property and equipment		(456,651	)		(505,408	)
Assets acquired in business acquisition		—			(284,292	)
Net cash used in investing activities		(1,115,628	)		(889,700	)
Financing activities:
Borrowings under revolving credit facility		72,558,824			50,591,077
Repayments of revolving credit facility		(70,258,916	)		(40,066,178	)
Borrowings under capital leases		2,000,000			2,181,898
Repayment of capital leases		(234,981	)		(11,988	)
Borrowings under other long-term debt		125,000			99,000
Repayment of long-term debt		(81,045	)		(7,731,041	)
Payment of deferred financing costs		(213,567	)		(112,201	)
Net cash provided by financing activities		3,895,315			4,950,567
Net increase (decrease) in cash and cash equivalents		(869,524	)		2,023,578
Cash and cash equivalents — beginning		3,018,829			2,280,772
Cash and cash equivalents — ending	$	2,149,305		$	4,304,350
Supplemental cash flow information:
Cash paid for interest	$	3,716,548		$	2,558,299
Non-cash transactions:
Deferred financing costs funded by revolving credit facility and MPT capital lease	$	—		$	352,627
Business acquisition adjustment of goodwill	$	—		$	140,504
Building and equipment acquisition funded by MPT capital lease	$	—		$	14,270,000
License acquisition funded by MPT capital lease	$	—		$	880,000
Lease deposit funded by MPT capital lease	$	—		$	472,500
Equipment purchases funded by capital leases	$	198,460		$	175,161