Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MPW | |
Entity Registrant Name | MEDICAL PROPERTIES TRUST INC | |
Entity Central Index Key | 1,287,865 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 364,083,580 | |
MPT Operating Partnership, L.P. [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MPT OPERATING PARTNERSHIP, L.P. | |
Entity Central Index Key | 1,524,607 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real estate assets | ||
Land, buildings and improvements, intangible lease assets, and other | $ 4,976,129 | $ 4,317,866 |
Mortgage loans | 1,062,558 | 1,060,400 |
Net investment in direct financing leases | 693,243 | 648,102 |
Gross investment in real estate assets | 6,731,930 | 6,026,368 |
Accumulated depreciation and amortization | (384,826) | (325,125) |
Net investment in real estate assets | 6,347,104 | 5,701,243 |
Cash and cash equivalents | 236,364 | 83,240 |
Interest and rent receivables | 68,537 | 57,698 |
Straight-line rent receivables | 147,755 | 116,861 |
Other loans | 152,968 | 155,721 |
Other assets | 375,109 | 303,773 |
Total Assets | 7,327,837 | 6,418,536 |
Liabilities | ||
Debt, net | 3,221,054 | 2,909,341 |
Accounts payable and accrued expenses | 219,527 | 207,711 |
Deferred revenue | 20,108 | 19,933 |
Lease deposits and other obligations to tenants | 34,943 | 28,323 |
Total Liabilities | 3,495,632 | 3,165,308 |
Equity / Capital | ||
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding | ||
Common stock, $0.001 par value. Authorized 500,000 shares; issued and outstanding - 364,020 shares at June 30, 2017 and 320,514 shares at December 31, 2016 | 364 | 321 |
Limited Partners: | ||
Additional paid in capital | 4,327,733 | 3,775,336 |
Distributions in excess of net income | (457,419) | (434,114) |
Accumulated other comprehensive loss | (52,591) | (92,903) |
Treasury shares, at cost | (777) | (262) |
Total Medical Properties Trust, Inc. Stockholders' Equity (MPT Operating Partnership, L.P. capital) | 3,817,310 | 3,248,378 |
Non-controlling interests | 14,895 | 4,850 |
Total Equity / Capital | 3,832,205 | 3,253,228 |
Total Liabilities and Equity / Capital | 7,327,837 | 6,418,536 |
MPT Operating Partnership, L.P. [Member] | ||
Real estate assets | ||
Land, buildings and improvements, intangible lease assets, and other | 4,976,129 | 4,317,866 |
Mortgage loans | 1,062,558 | 1,060,400 |
Net investment in direct financing leases | 693,243 | 648,102 |
Gross investment in real estate assets | 6,731,930 | 6,026,368 |
Accumulated depreciation and amortization | (384,826) | (325,125) |
Net investment in real estate assets | 6,347,104 | 5,701,243 |
Cash and cash equivalents | 236,364 | 83,240 |
Interest and rent receivables | 68,537 | 57,698 |
Straight-line rent receivables | 147,755 | 116,861 |
Other loans | 152,968 | 155,721 |
Other assets | 375,109 | 303,773 |
Total Assets | 7,327,837 | 6,418,536 |
Liabilities | ||
Debt, net | 3,221,054 | 2,909,341 |
Accounts payable and accrued expenses | 131,599 | 132,868 |
Deferred revenue | 20,108 | 19,933 |
Lease deposits and other obligations to tenants | 34,943 | 28,323 |
Payable due to Medical Properties Trust, Inc. | 87,538 | 74,453 |
Total Liabilities | 3,495,242 | 3,164,918 |
Limited Partners: | ||
Accumulated other comprehensive loss | (52,591) | (92,903) |
Total Medical Properties Trust, Inc. Stockholders' Equity (MPT Operating Partnership, L.P. capital) | 3,817,700 | 3,248,768 |
Non-controlling interests | 14,895 | 4,850 |
Total Equity / Capital | 3,832,595 | 3,253,618 |
Total Liabilities and Equity / Capital | 7,327,837 | 6,418,536 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ||
Equity / Capital | ||
General Partner - issued and outstanding - 3,640 units at June 30, 2017 and 3,204 units at December 31, 2016 | 38,722 | 33,436 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ||
Limited Partners: | ||
Limited Partners Capital | $ 3,831,569 | $ 3,308,235 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 364,020,000 | 320,514,000 |
Common stock, shares outstanding | 364,020,000 | 320,514,000 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ||
Limited Partners, units issued | 360,380,000 | 317,310,000 |
Limited Partners, units outstanding | 360,380,000 | 317,310,000 |
General Partner [Member] | MPT Operating Partnership, L.P. [Member] | ||
General partner, units issued | 3,640,000 | 3,204,000 |
General partner, units outstanding | 3,640,000 | 3,204,000 |
LTIP Units [Member] | MPT Operating Partnership, L.P. [Member] | ||
LTIP Units, shares issued | 292,000 | 292,000 |
LTIP Units, shares outstanding | 292,000 | 292,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | ||||
Rent billed | $ 103,447 | $ 77,960 | $ 200,210 | $ 152,021 |
Straight-line rent | 16,277 | 8,551 | 29,056 | 16,768 |
Income from direct financing leases | 18,312 | 13,552 | 36,192 | 32,503 |
Interest and fee income | 28,771 | 26,237 | 57,746 | 60,007 |
Total revenues | 166,807 | 126,300 | 323,204 | 261,299 |
Expenses | ||||
Real estate depreciation and amortization | 29,493 | 22,832 | 57,079 | 43,974 |
Impairment charges | 7,375 | 7,375 | ||
Property-related | 1,153 | 784 | 2,481 | 1,685 |
Acquisition expenses | 10,806 | 4,767 | 13,562 | 3,702 |
General and administrative | 15,079 | 12,045 | 28,276 | 23,516 |
Total operating expenses | 56,531 | 47,803 | 101,398 | 80,252 |
Operating income | 110,276 | 78,497 | 221,806 | 181,047 |
Other income (expense) | ||||
Interest expense | (39,710) | (41,501) | (77,739) | (80,870) |
Gain on sale of real estate and other asset dispositions, net | 16,638 | 7,413 | 16,678 | |
Earnings (loss) from equity and other interests | 2,800 | 1,200 | 4,514 | (3,801) |
Unutilized financing fees/debt refinancing costs | (751) | (14,380) | (4) | |
Other income (expense) | 567 | (546) | 620 | (217) |
Income tax benefit (expense) | 614 | (364) | (253) | (683) |
Net other expense | (36,480) | (24,573) | (79,825) | (68,897) |
Income from continuing operations | 73,796 | 53,924 | 141,981 | 112,150 |
Loss from discontinued operations | (1) | |||
Net income | 73,796 | 53,924 | 141,981 | 112,149 |
Net income attributable to non-controlling interests | (381) | (200) | (596) | (498) |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 73,415 | $ 53,724 | $ 141,385 | $ 111,651 |
Earnings per common share - basic | ||||
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.23 | $ 0.42 | $ 0.47 |
Loss from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | 0 | 0 | 0 | 0 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.23 | $ 0.42 | $ 0.47 |
Weighted average shares outstanding - basic | 349,856 | 238,082 | 335,456 | 237,796 |
Earnings per common share - diluted | ||||
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.22 | $ 0.42 | $ 0.47 |
Loss from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | 0 | 0 | 0 | 0 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.22 | $ 0.42 | $ 0.47 |
Weighted average shares outstanding - diluted | 350,319 | 239,008 | 335,871 | 238,413 |
Dividends declared per common share | $ 0.24 | $ 0.23 | $ 0.48 | $ 0.45 |
MPT Operating Partnership, L.P. [Member] | ||||
Revenues | ||||
Rent billed | $ 103,447 | $ 77,960 | $ 200,210 | $ 152,021 |
Straight-line rent | 16,277 | 8,551 | 29,056 | 16,768 |
Income from direct financing leases | 18,312 | 13,552 | 36,192 | 32,503 |
Interest and fee income | 28,771 | 26,237 | 57,746 | 60,007 |
Total revenues | 166,807 | 126,300 | 323,204 | 261,299 |
Expenses | ||||
Real estate depreciation and amortization | 29,493 | 22,832 | 57,079 | 43,974 |
Impairment charges | 7,375 | 7,375 | ||
Property-related | 1,153 | 784 | 2,481 | 1,685 |
Acquisition expenses | 10,806 | 4,767 | 13,562 | 3,702 |
General and administrative | 15,079 | 12,045 | 28,276 | 23,516 |
Total operating expenses | 56,531 | 47,803 | 101,398 | 80,252 |
Operating income | 110,276 | 78,497 | 221,806 | 181,047 |
Other income (expense) | ||||
Interest expense | (39,710) | (41,501) | (77,739) | (80,870) |
Gain on sale of real estate and other asset dispositions, net | 16,638 | 7,413 | 16,678 | |
Earnings (loss) from equity and other interests | 2,800 | 1,200 | 4,514 | (3,801) |
Unutilized financing fees/debt refinancing costs | (751) | (14,380) | (4) | |
Other income (expense) | 567 | (546) | 620 | (217) |
Income tax benefit (expense) | 614 | (364) | (253) | (683) |
Net other expense | (36,480) | (24,573) | (79,825) | (68,897) |
Income from continuing operations | 73,796 | 53,924 | 141,981 | 112,150 |
Loss from discontinued operations | (1) | |||
Net income | 73,796 | 53,924 | 141,981 | 112,149 |
Net income attributable to non-controlling interests | (381) | (200) | (596) | (498) |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 73,415 | $ 53,724 | $ 141,385 | $ 111,651 |
Earnings per common share - basic | ||||
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.23 | $ 0.42 | $ 0.47 |
Loss from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | 0 | 0 | 0 | 0 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.23 | $ 0.42 | $ 0.47 |
Weighted average shares outstanding - basic | 349,856 | 238,082 | 335,456 | 237,796 |
Earnings per common share - diluted | ||||
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.22 | $ 0.42 | $ 0.47 |
Loss from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | 0 | 0 | 0 | 0 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $ 0.21 | $ 0.22 | $ 0.42 | $ 0.47 |
Weighted average shares outstanding - diluted | 350,319 | 239,008 | 335,871 | 238,413 |
Dividends declared per common share | $ 0.24 | $ 0.23 | $ 0.48 | $ 0.45 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 73,796 | $ 53,924 | $ 141,981 | $ 112,149 |
Other comprehensive income: | ||||
Unrealized gain on interest rate swap | 825 | 1,640 | ||
Foreign currency translation gain (loss) | 34,020 | (14,683) | 40,312 | 5,904 |
Total comprehensive income | 107,816 | 40,066 | 182,293 | 119,693 |
Comprehensive income attributable to non-controlling interests | (381) | (200) | (596) | (498) |
Comprehensive income attributable to MPT common stockholders (Operating Partnership Partners) | 107,435 | 39,866 | 181,697 | 119,195 |
MPT Operating Partnership, L.P. [Member] | ||||
Net income | 73,796 | 53,924 | 141,981 | 112,149 |
Other comprehensive income: | ||||
Unrealized gain on interest rate swap | 825 | 1,640 | ||
Foreign currency translation gain (loss) | 34,020 | (14,683) | 40,312 | 5,904 |
Total comprehensive income | 107,816 | 40,066 | 182,293 | 119,693 |
Comprehensive income attributable to non-controlling interests | (381) | (200) | (596) | (498) |
Comprehensive income attributable to MPT common stockholders (Operating Partnership Partners) | $ 107,435 | $ 39,866 | $ 181,697 | $ 119,195 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net income | $ 141,981 | $ 112,149 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 59,825 | 45,170 |
Amortization of deferred financing costs and debt discount | 3,139 | 3,893 |
Direct financing lease interest accretion | (4,690) | (4,766) |
Straight-line rent revenue | (30,173) | (17,268) |
Share / (Unit)-based compensation expense | 4,377 | 4,152 |
Gain from sale of real estate and other asset dispositions, net | (7,413) | (16,678) |
Impairment charges | 7,375 | |
Straight-line rent and other write-off | 1,117 | 3,063 |
Unutilized financing fees/debt refinancing costs | 14,380 | 4 |
Other adjustments | (5,747) | (6,605) |
Changes in: | ||
Interest and rent receivables | (10,786) | (2,743) |
Accounts payable and accrued expenses | (11,126) | 9,544 |
Net cash provided by operating activities | 154,884 | 137,290 |
Investing activities | ||
Cash paid for acquisitions and other related investments | (600,781) | (109,991) |
Net proceeds from sale of real estate | 64,335 | 89,165 |
Principal received on loans receivable | 5,188 | 705,501 |
Investment in loans receivable | (3,574) | (96,504) |
Construction in progress and other | (36,002) | (101,113) |
Investment in unsecured senior notes | (50,000) | |
Proceeds from sale of unsecured senior notes | 50,000 | |
Other investments, net | (67,101) | (6,952) |
Net cash (used for) provided by investing activities | (637,935) | 480,106 |
Financing activities | ||
Proceeds from term debt | 955,280 | 500,000 |
Payments of term debt | (675,279) | (147) |
Revolving credit facilities, net | (39,911) | (1,075,000) |
Distributions paid | (151,692) | (104,788) |
Lease deposits and other obligations to tenants | 6,669 | 9,593 |
Proceeds from sale of common shares, net of offering costs | 548,063 | 44,306 |
Debt issuance costs paid and other financing activities | (16,543) | (8,465) |
Net cash provided by (used for) financing activities | 626,587 | (634,501) |
Increase (decrease) in cash and cash equivalents for period | 143,536 | (17,105) |
Effect of exchange rate changes | 9,588 | 3,125 |
Cash and cash equivalents at beginning of period | 83,240 | 195,541 |
Cash and cash equivalents at end of period | 236,364 | 181,561 |
Interest paid | 63,371 | 57,118 |
Supplemental schedule of non-cash financing activities: | ||
Distributions declared, unpaid | 87,519 | 55,272 |
MPT Operating Partnership, L.P. [Member] | ||
Operating activities | ||
Net income | 141,981 | 112,149 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 59,825 | 45,170 |
Amortization of deferred financing costs and debt discount | 3,139 | 3,893 |
Direct financing lease interest accretion | (4,690) | (4,766) |
Straight-line rent revenue | (30,173) | (17,268) |
Share / (Unit)-based compensation expense | 4,377 | 4,152 |
Gain from sale of real estate and other asset dispositions, net | (7,413) | (16,678) |
Impairment charges | 7,375 | |
Straight-line rent and other write-off | 1,117 | 3,063 |
Unutilized financing fees/debt refinancing costs | 14,380 | 4 |
Other adjustments | (5,747) | (6,605) |
Changes in: | ||
Interest and rent receivables | (10,786) | (2,743) |
Accounts payable and accrued expenses | (11,126) | 9,544 |
Net cash provided by operating activities | 154,884 | 137,290 |
Investing activities | ||
Cash paid for acquisitions and other related investments | (600,781) | (109,991) |
Net proceeds from sale of real estate | 64,335 | 89,165 |
Principal received on loans receivable | 5,188 | 705,501 |
Investment in loans receivable | (3,574) | (96,504) |
Construction in progress and other | (36,002) | (101,113) |
Investment in unsecured senior notes | (50,000) | |
Proceeds from sale of unsecured senior notes | 50,000 | |
Other investments, net | (67,101) | (6,952) |
Net cash (used for) provided by investing activities | (637,935) | 480,106 |
Financing activities | ||
Proceeds from term debt | 955,280 | 500,000 |
Payments of term debt | (675,279) | (147) |
Revolving credit facilities, net | (39,911) | (1,075,000) |
Distributions paid | (151,692) | (104,788) |
Lease deposits and other obligations to tenants | 6,669 | 9,593 |
Proceeds from sale of common shares, net of offering costs | 548,063 | 44,306 |
Debt issuance costs paid and other financing activities | (16,543) | (8,465) |
Net cash provided by (used for) financing activities | 626,587 | (634,501) |
Increase (decrease) in cash and cash equivalents for period | 143,536 | (17,105) |
Effect of exchange rate changes | 9,588 | 3,125 |
Cash and cash equivalents at beginning of period | 83,240 | 195,541 |
Cash and cash equivalents at end of period | 236,364 | 181,561 |
Interest paid | 63,371 | 57,118 |
Supplemental schedule of non-cash financing activities: | ||
Distributions declared, unpaid | $ 87,519 | $ 55,272 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Medical Properties Trust, Inc., a Maryland corporation, was formed on August 27, 2003, under the Maryland General Corporation Law for the purpose of engaging in the business of investing in, owning, and leasing commercial real estate. Our operating partnership subsidiary, MPT Operating Partnership, L.P., (the “Operating Partnership”) through which we conduct all of our operations, was formed in September 2003. Through another wholly-owned subsidiary, Medical Properties Trust, LLC, we are the sole general partner of the Operating Partnership. At present, we directly own substantially all of the limited partnership interests in the Operating Partnership and have elected to report our required disclosures and that of the Operating Partnership on a combined basis except where material differences exist. We have operated as a real estate investment trust (“REIT”) since April 6, 2004, and accordingly, elected REIT status upon the filing in September 2005 of the calendar year 2004 federal income tax return. Accordingly, we will generally not be subject to federal income tax in the United States (“U.S.”), provided that we continue to qualify as a REIT and our distributions to our stockholders equal or exceed our taxable income. Certain activities we undertake must be conducted by entities which we elected to be treated as taxable REIT subsidiaries (“TRSs”). Our TRSs are subject to both U.S. federal and state income taxes. For our properties located outside the U.S., we are subject to local taxes; however, we do not expect to incur additional taxes in the U.S. as such income will flow through our REIT. Our primary business strategy is to acquire and develop real estate and improvements, primarily for long-term lease to providers of healthcare services such as operators of general acute care hospitals, inpatient physical rehabilitation hospitals, long-term acute care hospitals, surgery centers, centers for treatment of specific conditions such as cardiac, pulmonary, cancer, and neurological hospitals, and other healthcare-oriented facilities. We also make mortgage and other loans to operators of similar facilities. In addition, we may obtain profits or equity interests in our tenants, from time to time, in order to enhance our overall return. We manage our business as a single business segment. All of our properties are located in the U.S. and Europe. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Unaudited Interim Condensed Consolidated Financial Statements For information about significant accounting policies, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K Recent Accounting Developments: Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date of this standard by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are still evaluating this standard but do not expect this standard to have a significant impact on our financial results, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is not effective for us until January 1, 2019, with early adoption permitted. We are continuing to evaluate this standard and the impact to us from both a lessor and lessee perspective. Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, 2017-01”). 2017-01 2017-01 2017-01 2017-01 Reclassifications Certain amounts in the consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. Variable Interest Entities At June 30, 2017, we had loans to and/or equity investments in certain variable interest entities (“VIEs”), which are also tenants of our facilities. We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs at June 30, 2017 are presented below (in thousands): VIE Type Maximum Loss Asset Type Carrying Loans, net $ 328,111 Mortgage and other loans $ 236,174 Equity investments $ 12,922 Other assets $ — (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. See Note 3 and 7 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein, such as Ernest Health, Inc. (“Ernest”). |
Real Estate and Lending Activit
Real Estate and Lending Activities | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Real Estate and Lending Activities | 3. Real Estate and Lending Activities Acquisitions We acquired the following assets (in thousands): Six Months 2017 2016 Assets Acquired Land and land improvements $ 86,434 $ 6,382 Building 420,731 36,455 Intangible lease assets — subject to amortization (weighted average useful life 28.4 years for 2017 and 25.8 years for 2016) 54,044 4,154 Net investments in direct financing leases 40,450 63,000 Liabilities assumed (878 ) — Total assets acquired $ 600,781 $ 109,991 The purchase price allocations attributable to the 2017 acquisitions and certain acquisitions made in the second half of 2016 are preliminary. When all relevant information is obtained, resulting changes, if any, to our provisional purchase price allocation will be retrospectively adjusted to reflect new information obtained about the facts and circumstances that existed as of the respective acquisition dates that, if known, would have affected the measurement of the amounts recognized as of those dates. 2017 Activity Median Transactions On June 22, 2017, we acquired an acute care hospital in Germany for a purchase price of €19.4 million (€18.6 of which has been funded to date). This property is leased to affiliates of Median Kliniken S.a.r.l. (“MEDIAN”), one of our current tenants, pursuant to an existing 27-year During the second quarter of 2017, we acquired 11 rehabilitation hospitals in Germany for an aggregate purchase price of €127 million. These 11 properties are leased to affiliates of MEDIAN, pursuant to a third master lease that has terms similar to the original master lease in 2015 with a fixed term ending in August 2043. These acquisitions are part of the portfolio of 20 properties in Germany that we agreed to acquire in July 2016 for €215.7 million, of which seven properties totaling €49.5 million closed in 2016. See Note 10 for an update on the final two properties totaling €39.2 million that closed after June 30, 2017. On January 30, 2017, we acquired an inpatient rehabilitation hospital in Germany for €8.4 million. This acquisition was the final property to close as part of the six hospital portfolio that we agreed to buy in September 2016 for an aggregate amount of €44.1 million. This property is leased to affiliates of MEDIAN pursuant to the original long-term master lease agreement reached with MEDIAN in 2015. Other Transactions On June 1, 2017, we acquired the real estate assets of Ohio Valley Medical Center, a 218-bed 139-bed not-for-profit 15-year 5-year On May 1, 2017, we acquired eight hospitals previously affiliated with Community Health Systems, Inc. in Florida, Ohio, and Pennsylvania for an aggregate purchase price of $301.3 million. These facilities are leased to Steward Health Care System LLC (“Steward”), pursuant to the existing long-term master lease entered into with Steward in October 2016. On May 1, 2017, we acquired the real estate of St. Joseph Regional Medical Center, a 145-bed From the respective acquisition dates, the properties acquired in 2017 contributed $8.2 million of revenue and $6.0 of income (excluding related acquisition expenses and taxes) for the three months ended June 30, 2017, and $8.4 million of revenue and $6.1 million of income (excluding related acquisition expenses and taxes) for the six months ended June 30, 2017. In addition, we expensed $9.1 million and $9.6 million of acquisition-related costs on these 2017 acquisitions for the three and six months ended June 30, 2017, respectively. 2016 Activity On May 2, 2016, we acquired an acute care hospital in Newark, New Jersey for an aggregate purchase price of $63 million leased to Prime Healthcare Services, Inc. (“Prime”) pursuant to a fifth master lease, which had a 15-year On June 22, 2016, we closed on the last property of the original €688 million MEDIAN transaction for a purchase price of €41.6 million. Upon acquisition, this property became subject to an existing master lease between us and affiliates of MEDIAN. The master lease had an initial start date of July 1, 2015, an initial term of 27 years, and provided for an initial GAAP lease rate of 9.3%, with annual escalators at the greater of one percent or 70% of the German consumer price index. From the respective acquisition dates, the properties acquired in 2016 contributed $1.1 million of revenue and income (excluding related acquisition expenses and taxes), for the three and six months ended June 30, 2016. In addition, we incurred $2.4 million of acquisition-related costs on the 2016 acquisitions for both the three and six months ended June 30, 2016. Development Activities During the first six months of 2017, we completed construction on the following facilities: • Adeptus Health, Inc. (“Adeptus Health”) – We completed four acute care facilities for this tenant during 2017 totaling approximately $68 million in development costs. These facilities are leased pursuant to an existing long-term master lease. • IMED Group (“IMED”) – Our general acute facility located in Valencia, Spain opened on March 31, 2017, and is being leased to IMED pursuant to a long-term master lease. Our ownership in this facility is effected through a joint venture between us and clients of AXA Real Estate, in which we own a 50% interest. Our share of the aggregate purchase and development cost of this facility is approximately €21 million. In April 2017, we completed the acquisition of the long leasehold interest of a development site in Birmingham, England from the Circle Health Group (“Circle”) (the tenant of our existing site in Bath, England) for a purchase price of £2.7 million. Simultaneously with the acquisition, we entered into contracts with the property landlord and the Circle committing us to construct an acute care hospital on the site. Our total development costs are anticipated to be approximately £30 million. Circle is contracted to enter into a lease of the hospital following completion of construction for an initial 15-year See table below for a status update on our current development projects (in thousands): Property Commitment Costs Incurred as of June 30, 2017 Estimated Completion Date Ernest (Flagstaff) $ 28,067 $ 11,351 1Q 2018 Circle (Birmingham) 42,017 7,088 4Q 2018 $ 70,084 $ 18,439 Disposals 2017 Activity On March 31, 2017, we sold the EASTAR Health System real estate located in Muskogee, Oklahoma, which was leased to RCCH. Total proceeds from this transaction were approximately $64 million resulting in a gain of $7.4 million, partially offset by a $0.6 million non-cash write-off 2016 Activity Capella Transaction Effective April 30, 2016, our investment in the operator of Capella Healthcare, Inc. (“Capella”) merged with Regional Care Hospital Partners, Inc. (“Regional Care”) (an affiliate of certain funds managed by affiliates of Apollo Global Management, LLC. (“Apollo”)) to form RCCH. As part of the transaction, we received net proceeds of approximately $550 million including approximately $492 million for our equity investment and loans made as part of the original Capella transaction that closed on August 31, 2015. In addition, we received $210 million in prepayment of two mortgage loans for hospitals in Russellville, Arkansas, and Lawton, Oklahoma, that we made in connection with the original Capella transaction. We made a new $93.3 million loan for a hospital property in Olympia, Washington that was subsequently converted to real estate on July 22, 2016. Additionally, we and an Apollo affiliate invested $50 million each in unsecured senior notes issued by RegionalCare, which we sold to a large institution on June 20, 2016 at par. The proceeds from this transaction represented the recoverability of our investment in full, except for transaction costs incurred of $6.3 million. We maintained our ownership of five hospitals in Hot Springs, Arkansas; Camden, South Carolina; Hartsville, South Carolina; Muskogee, Oklahoma; and McMinnville, Oregon. Pursuant to the transaction described above, the underlying leases, one of which is a master lease covering all but one property, was amended to shorten the initial fixed lease term, increase the security deposit, and eliminate the lessees’ purchase option provisions. Due to this lease amendment, we reclassified the lease of the properties under the master lease from a direct finance lease (“DFL”) to an operating lease. This reclassification resulted in a write-off Post Acute Transaction On May 23, 2016, we sold five properties (three of which were in Texas and two in Louisiana) that were leased and operated by Post Acute Medical (“Post Acute”). As part of this transaction, our outstanding loans of $4 million were paid in full, and we recovered our investment in the operations. Total proceeds from this transaction were $71 million resulting in a net gain of approximately $15 million. Corinth Transaction On June 17, 2016, we sold the Atrium Medical Center real estate located in Corinth, Texas, which was leased and operated by Corinth Investor Holdings. Total proceeds from the transaction were $28 million resulting in a gain on real estate of approximately $8 million. This gain on real estate was offset by approximately $9 million of non-cash write-off The sales in 2017 and 2016 were not strategic shifts in our operations, and therefore the results of operations related to these facilities were not reclassified as discontinued operations. Summary of Operations for Disposed Assets in 2016 The following represents the operating results (excluding gain on sale, transaction costs, and impairment or other non-cash charges) from the properties which sold during the first half of 2016 (excluding loans repaid in the Capella Transaction) for the periods presented (in thousands): For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Revenues $ — $ 1,139 $ — $ 3,700 Real estate depreciation and amortization — (357 ) — (857 ) Property-related expenses — (67 ) — (106 ) Other income (expense) — (9 ) — (68 ) Income from real estate dispositions, net $ — $ 706 $ — $ 2,669 Leasing Operations At June 30, 2017, leases on two Alecto facilities, 15 Ernest facilities and 10 Prime facilities are accounted for as DFLs. The components of our net investment in DFLs consisted of the following (in thousands): As of June 30, As of December 31, Minimum lease payments receivable $ 2,329,161 $ 2,207,625 Estimated residual values 448,098 407,647 Less: Unearned income (2,084,016 ) (1,967,170 ) Net investment in direct financing leases $ 693,243 $ 648,102 Adeptus Health On April 4, 2017, we announced that we had agreed in principle with Deerfield Management Company, L.P. (“Deerfield”), a healthcare-only investment firm, to the restructuring in bankruptcy of Adeptus Health, a current tenant and operator of facilities representing less than 5% of our total gross assets. In furtherance of the restructuring, Adeptus Health and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on April 19, 2017. Funds advised by Deerfield acquired Adeptus Health’s outstanding bank debt and Deerfield has agreed to provide additional financing, along with operational and managerial support, to Adeptus Health as part of the restructuring. The Adeptus Health restructuring and terms of our agreement with Deerfield provide for the payment to us of 100% of the rent payable during the restructuring and the assumption by Deerfield of approximately 80% of the facilities under our master lease agreement with Adeptus Health at current rental rates. Through August 4, 2017, Adeptus Health is current on its rent obligations to us. We have agreed to a post bankruptcy $3.1 million concession that will reduce our rental revenue by approximately $220 thousand annually over the remaining 14-year On April 4, 2017, we also announced that our Louisiana freestanding emergency facilities then-operated by Adeptus Health (with a total budgeted investment of approximately $24.5 million) had been re-leased two-year non-cash write-off In addition, we expect to re-lease Hoboken Facility In the first half of 2017, a subsidiary of the operator of our Hoboken facility acquired 20% of our subsidiary that owns the real estate for $10 million, which increases its interest in our real estate entity to 30%. This is reflected in the non-controlling interest line of our condensed consolidated balance sheets. Loans The following is a summary of our loans (in thousands): As of As of Mortgage loans $ 1,062,558 $ 1,060,400 Acquisition loans 120,048 121,464 Working capital and other loans 32,920 34,257 $ 1,215,526 $ 1,216,121 Our non-mortgage Concentrations of Credit Risk Our revenue concentration for the six months ended June 30, 2017 as compared to the prior year is as follows (dollars in thousands): Revenue by Operator For the Six Months Ended For the Six Months Ended Operators Total Percentage of Total Percentage of Prime $ 63,059 19.5 % $ 58,859 22.5 % Steward 58,278 18.0 % — — MEDIAN 47,744 14.8 % 47,745 18.3 % Ernest 35,269 10.9 % 33,322 12.8 % Adeptus Health 26,137 8.1 % 16,205 6.2 % RCCH 19,632 6.1 % 32,909 12.6 % Other operators 73,085 22.6 % 72,259 27.6 % Total $ 323,204 100.0 % $ 261,299 100.0 % Revenue by U.S. State and Country For the Six Months Ended For the Six Months Ended U.S. States and Other Countries Total Percentage of Total Percentage of Massachusetts $ 53,159 16.5 % $ — — Texas 49,851 15.4 % 48,256 18.5 % California 33,123 10.3 % 33,187 12.7 % New Jersey 21,852 6.8 % 18,243 7.0 % Arizona 15,542 4.8 % 11,722 4.5 % All other states 93,080 28.7 % 99,931 38.2 % Total U.S. $ 266,607 82.5 % $ 211,339 80.9 % Germany $ 54,576 16.9 % $ 47,745 18.3 % United Kingdom, Italy, and Spain 2,021 0.6 % 2,215 0.8 % Total International $ 56,597 17.5 % $ 49,960 19.1 % Grand Total $ 323,204 100.0 % $ 261,299 100.0 % On a total gross asset basis, which is total assets before accumulated depreciation/amortization, assumes all real estate binding commitments on new investments and unfunded amounts on development deals and commenced capital improvement projects are fully funded (see Notes 9 and 10 of Item 1 on this Form 10-Q), Gross Assets by Operator As of June 30, 2017 As of December 31, 2016 Operators Total Percentage of Gross Assets Total Percentage of Gross Assets Steward $ 3,410,874 37.4 % $ 1,250,000 17.5 % Prime 1,116,694 12.2 % 1,144,055 16.0 % MEDIAN 1,086,109 11.9 % 993,677 13.9 % Ernest 630,811 6.9 % 627,906 8.8 % RCCH 506,265 5.5 % 566,600 7.9 % Other operators 1,977,356 21.7 % 2,259,980 31.7 % Other assets 401,669 4.4 % 300,903 4.2 % Total $ 9,129,778 100.0 % $ 7,143,121 100.0 % Gross Assets by U.S. State and Country As of June 30, 2017 As of December 31, 2016 U.S. States and Other Countries Total Percentage of Gross Assets Total Percentage of Gross Assets Massachusetts $ 1,262,041 13.8 % $ 1,250,000 17.5 % Texas 1,230,945 13.5 % 947,443 13.3 % Utah 1,083,152 11.9 % 107,151 1.5 % California 542,883 5.9 % 542,889 7.6 % Arizona 486,547 5.3 % 331,834 4.6 % All other states 2,502,791 27.4 % 2,234,332 31.3 % Other domestic assets 352,748 3.9 % 264,215 3.7 % Total U.S. $ 7,461,107 81.7 % $ 5,677,864 79.5 % Germany $ 1,421,350 15.6 % $ 1,281,649 17.9 % United Kingdom, Italy, and Spain 198,400 2.2 % 146,920 2.1 % Other international assets 48,921 0.5 % 36,688 0.5 % Total International $ 1,668,671 18.3 % $ 1,465,257 20.5 % Grand Total $ 9,129,778 100.0 % $ 7,143,121 100.0 % On an individual property basis, we had no investment of any single property greater than 3.9% of our total gross assets as of June 30, 2017. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt The following is a summary of our debt (dollar amounts in thousands): As of June 30, 2017 As of December 31, 2016 Revolving credit facility $ 250,210 $ 290,000 Term loans 212,943 263,101 6.375% Senior Unsecured Notes due 2022: Principal amount 350,000 350,000 Unamortized premium 1,636 1,814 351,636 351,814 5.750% Senior Unsecured Notes due 2020 (A) — 210,340 4.000% Senior Unsecured Notes due 2022 (A) 571,300 525,850 5.500% Senior Unsecured Notes due 2024 300,000 300,000 6.375% Senior Unsecured Notes due 2024 500,000 500,000 3.325% Senior Unsecured Notes due 2025 (A) 571,300 — 5.250% Senior Unsecured Notes due 2026 500,000 500,000 $ 3,257,389 $ 2,941,105 Debt issue costs, net (36,335 ) (31,764 ) $ 3,221,054 $ 2,909,341 (A) These notes are Euro-denominated and reflect the exchange rate at June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows (in thousands): 2017 $ 162 2018 12,781 2019 — 2020 — 2021 250,210 Thereafter 2,992,600 Total $ 3,255,753 2017 Activity On February 1, 2017, we replaced our unsecured credit facility with a new revolving credit and term loan agreement (“Credit Facility”). The new agreement includes a $1.3 billion unsecured revolving loan facility, a $200 million unsecured term loan facility, and a €200 million unsecured term loan facility. The new unsecured revolving loan facility matures in February 2021 and can be extended for an additional 12 months at our option. The $200 million unsecured term loan facility matures on February 1, 2022, and the €200 million unsecured term loan facility had a maturity date of January 31, 2020; however, it was paid off on March 30, 2017 – see below. The commitment fee on the revolving loan facility is paid at a rate of 0.25%. The term loan and/or revolving loan commitments may be increased in an aggregate amount not to exceed $500 million. At our election, loans under the Credit Facility may be made as either ABR Loans or Eurodollar Loans. The applicable margin for term loans that are ABR Loans is adjustable on a sliding scale from 0.00% to 0.95% based on our current credit rating. The applicable margin for term loans that are Eurodollar Loans is adjustable on a sliding scale from 0.90% to 1.95% based on our current credit rating. The applicable margin for revolving loans that are ABR Loans is adjustable on a sliding scale from 0.00% to 0.65% based on our current credit rating. The applicable margin for revolving loans that are Eurodollar Loans is adjustable on a sliding scale from 0.875% to 1.65% based on our current credit rating. The commitment fee is adjustable on a sliding scale from 0.125% to 0.30% based on our current credit rating and is payable on the revolving loan facility. At June 30, 2017, the interest rate in effect on our term loan and revolver was 2.72% and 2.46%, respectively. On March 4, 2017, we redeemed the €200 million aggregate principal amount of our 5.750% Senior Unsecured Notes due 2020 and incurred a redemption premium of approximately $9 million. We funded this redemption, including the premium and accrued interest, with the proceeds of the new euro term loan together with cash on hand. On March 24, 2017, we completed a €500 million senior unsecured notes offering (“3.325% Senior Unsecured Notes due 2025”). Interest on the notes is payable annually on March 24 of each year. The notes pay interest in cash at a rate of 3.325% per year. The notes mature on March 24, 2025. We may redeem some or all of the 3.325% Senior Unsecured Notes due 2025 at any time. If the notes are redeemed prior to 90 days before maturity, the redemption price will be equal to 100% of their principal amount, plus a make-whole premium, plus accrued and unpaid interest up to, but excluding, the applicable redemption date. Within the period beginning on or after 90 days before maturity, the notes may be redeemed, in whole or in part, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The 3.325% Senior Unsecured Notes due 2025 are fully and unconditionally guaranteed on a senior unsecured basis by us. In the event of a change of control, each holder of the notes may require us to repurchase some or all of our notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest up to, but excluding, the date of the purchase. On March 30, 2017, we prepaid and extinguished the €200 million of outstanding term loans under the euro term loan facility portion of our Credit Facility. To fund such prepayment, including accrued and unpaid interest thereon, we used part of the proceeds of the 3.325% Senior Unsecured Notes due 2025. With the replacement of our old credit facility, the redemption of the 5.750% Senior Unsecured Notes due 2020, and the payoff of our €200 million euro term loan, we incurred a debt refinancing charge of $13.6 million in the first six months of 2017. 2016 Activity On February 22, 2016, we completed a $500 million senior unsecured notes offering (“6.375% Senior Unsecured Notes due 2024”). Interest on the notes is payable on March 1 and September 1 of each year. Interest on the notes is paid in cash at a rate of 6.375% per year. The notes mature on March 1, 2024. We may redeem some or all of the notes at any time prior to March 1, 2019 at a “make whole” redemption price. On or after March 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to March 1, 2019, we may redeem up to 35% of the notes at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, using proceeds from one or more equity offerings. In the event of a change in control, each holder of the notes may require us to repurchase some or all of the notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest to the date of purchase. Covenants Our debt facilities impose certain restrictions on us, including restrictions on our ability to: incur debts; create or incur liens; provide guarantees in respect of obligations of any other entity; make redemptions and repurchases of our capital stock; prepay, redeem or repurchase debt; engage in mergers or consolidations; enter into affiliated transactions; dispose of real estate or other assets; and change our business. In addition, the credit agreements governing our Credit Facility limit the amount of dividends we can pay as a percentage of normalized adjusted funds from operations (“FFO”), as defined in the agreements, on a rolling four quarter basis. At June 30, 2017, the dividend restriction was 95% of normalized adjusted FFO. The indentures governing our senior unsecured notes also limit the amount of dividends we can pay based on the sum of 95% of FFO, proceeds of equity issuances and certain other net cash proceeds. Finally, our senior unsecured notes require us to maintain total unencumbered assets (as defined in the related indenture) of not less than 150% of our unsecured indebtedness. In addition to these restrictions, the Credit Facility contains customary financial and operating covenants, including covenants relating to our total leverage ratio, fixed charge coverage ratio, secured leverage ratio, consolidated adjusted net worth, unsecured leverage ratio, and unsecured interest coverage ratio. This Credit Facility also contains customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with our covenants. If an event of default occurs and is continuing under the Credit Facility, the entire outstanding balance may become immediately due and payable. At June 30, 2017, we were in compliance with all such financial and operating covenants. |
Common Stock_Partners' Capital
Common Stock/Partners' Capital | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock/Partners' Capital | 5. Common Stock/Partners’ Capital Medical Properties Trust, Inc. On May 1, 2017, we completed an underwritten public offering of approximately 43.1 million shares (including the exercise of the underwriters’ 30-day During the six months ended June 30, 2016, we sold approximately 3 million shares of common stock under an at-the-market equity offering program, resulting in net proceeds of approximately $45 million, after deducting approximately $0.6 million of commissions. There is no availability under this equity offering program at June 30, 2017. MPT Operating Partnership, L.P. At June 30, 2017, the Company has a 99.89% ownership interest in the Operating Partnership with the remainder owned by three other partners, two of whom are employees and one of whom is a director. During the six months ended June 30, 2017 and 2016, the Operating Partnership issued approximately 43.1 million units and approximately 3 million units, respectively, in direct response to the common stock offerings by Medical Properties Trust, Inc. |
Stock Awards
Stock Awards | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Awards | 6. Stock Awards We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013, which authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units and awards of interests in our Operating Partnership. The Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. We have reserved 8,196,770 shares of common stock for awards under the Equity Incentive Plan for which 3.3 million shares remain available for future stock awards as of June 30, 2017. Share-based compensation expense totaled $4.4 million and $4.2 million for the six months ended June 30, 2017 and 2016, respectively, of which $0.3 million relates to the acceleration of vestings on time-based awards previously granted to two retiring board members. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 7. Fair Value of Financial Instruments We have various assets and liabilities that are considered financial instruments. We estimate that the carrying value of cash and cash equivalents and accounts payable and accrued expenses approximate their fair values. We estimate the fair value of our interest and rent receivables using Level 2 inputs such as discounting the estimated future cash flows using the current rates at which similar receivables would be made to others with similar credit ratings and for the same remaining maturities. The fair value of our mortgage loans and working capital loans are estimated by using Level 2 inputs such as discounting the estimated future cash flows using the current rates which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. We determine the fair value of our senior unsecured notes using Level 2 inputs such as quotes from securities dealers and market makers. We estimate the fair value of our revolving credit facility and term loans using Level 2 inputs based on the present value of future payments, discounted at a rate which we consider appropriate for such debt. Fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision. The following table summarizes fair value estimates for our financial instruments (in thousands): June 30, 2017 December 31, 2016 Asset (Liability) Book Fair Book Fair Interest and rent receivables $ 68,537 $ 68,698 $ 57,698 $ 57,707 Loans (1) 984,784 1,009,687 986,987 1,017,428 Debt, net (3,221,054 ) (3,384,541 ) (2,909,341 ) (2,966,759 ) (1) Excludes loans related to Ernest since they are recorded at fair value and discussed below. Items Measured at Fair Value on a Recurring Basis Our equity interest in Ernest along with their related loans are measured at fair value on a recurring basis as we elected to account for these investments using the fair value option method. We have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other existing equity interests or loans. At June 30, 2017, these amounts were as follows (in thousands): Asset Type Fair Cost Asset Type Mortgage loans $ 115,000 $ 115,000 Mortgage loans Acquisition and other loans 115,742 115,742 Other loans Equity investments 3,300 3,300 Other assets $ 234,042 $ 234,042 Our mortgage and other loans with Ernest are recorded at fair value based on Level 2 inputs by discounting the estimated cash flows using the market rates which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities. Our equity investment in Ernest is recorded at fair value based on Level 3 inputs, by using a discounted cash flow model, which requires significant estimates of our investee such as projected revenue and expenses and appropriate consideration of the underlying risk profile of the forecast assumptions associated with the investee. We classify the equity investment as Level 3, as we use certain unobservable inputs to the valuation methodology that are significant to the fair value measurement, and the valuation requires management judgment due to the absence of quoted market prices. For the cash flow model, our observable inputs include use of a capitalization rate, discount rate (which is based on a weighted-average cost of capital), and market interest rates, and our unobservable input includes an adjustment for a marketability discount (“DLOM”) on our equity investment of 40% at June 30, 2017. In regards to the underlying projection of revenues and expenses used in the discounted cash flow model, such projections are provided by Ernest. However, we will modify such projections (including underlying assumptions used) as needed based on our review and analysis of Ernest’s historical results, meetings with key members of management, and our understanding of trends and developments within the healthcare industry. In arriving at the DLOM, we started with a DLOM range based on the results of studies supporting valuation discounts for other transactions or structures without a public market. To select the appropriate DLOM within the range, we then considered many qualitative factors including the percent of control, the nature of the underlying investee’s business along with our rights as an investor pursuant to the operating agreement, the size of investment, expected holding period, number of shareholders, access to capital marketplace, etc. To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): Basis Point Change in Marketability Discount Estimated Increase (Decrease) +100 basis points $ (52 ) - 100 basis points 52 Because the fair value of Ernest investments noted above approximate their original cost, we did not recognize any unrealized gains/losses during the first half of 2017 or 2016. To date, we have not received any distribution payments from our equity investment in Ernest. |
Earnings Per Share_Common Unit
Earnings Per Share/Common Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share/Common Unit | 8. Earnings Per Share/Common Unit Medical Properties Trust, Inc. Our earnings per share were calculated based on the following (in thousands): For the Three Months 2017 2016 Numerator: Income from continuing operations $ 73,796 $ 53,924 Non-controlling (381 ) (200 ) Participating securities’ share in earnings (100 ) (132 ) Net income, less participating securities’ share in earnings $ 73,315 $ 53,592 Denominator: Basic weighted-average common shares 349,856 238,082 Dilutive potential common shares 463 926 Dilutive weighted-average common shares 350,319 239,008 For the Six Months 2017 2016 Numerator: Income from continuing operations $ 141,981 $ 112,150 Non-controlling (596 ) (498 ) Participating securities’ share in earnings (225 ) (276 ) Income from continuing operations, less participating securities’ share in earnings 141,160 111,376 Loss from discontinued operations attributable to MPT common stockholders — (1 ) Net income, less participating securities’ share in earnings $ 141,160 $ 111,375 Denominator: Basic weighted-average common shares 335,456 237,796 Dilutive potential common shares 415 617 Dilutive weighted-average common 335,871 238,413 MPT Operating Partnership, L.P. Our earnings per common unit were calculated based on the following (in thousands): For the Three Months 2017 2016 Numerator: Income from continuing operations $ 73,796 $ 53,924 Non-controlling (381 ) (200 ) Participating securities’ share in earnings (100 ) (132 ) Net income, less participating securities’ share in earnings $ 73,315 $ 53,592 Denominator: Basic weighted-average units 349,856 238,082 Dilutive potential units 463 926 Dilutive weighted-average units 350,319 239,008 For the Six Months 2017 2016 Numerator: Income from continuing operations $ 141,981 $ 112,150 Non-controlling (596 ) (498 ) Participating securities’ share in earnings (225 ) (276 ) Income from continuing operations, less participating securities’ share in earnings 141,160 111,376 Loss from discontinued operations attributable to MPT Operating Partnership partners — (1 ) Net income, less participating securities’ share in earnings $ 141,160 $ 111,375 Denominator: Basic weighted-average units 335,456 237,796 Dilutive potential units 415 617 Dilutive weighted-average units 335,871 238,413 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Commitments RCCH Commitment On September 28, 2016, we entered into a definitive agreement to acquire one acute care hospital in Washington for a purchase price of approximately $17.5 million. Upon closing, this facility will be leased to RCCH, pursuant to the current long-term master lease. Closing of the transaction, which is expected to be completed no later than the fourth quarter of 2017, is subject to customary real estate, regulatory and other closing conditions. Steward Commitment On May 18, 2017, we entered into definitive agreements to invest in a portfolio of ten acute care hospitals and one behavioral health facility currently operated by IASIS Healthcare (“IASIS”) for a combined purchase price and investment of approximately $1.4 billion. Following closing, the portfolio will be operated by Steward, which separately announced a simultaneous merger transaction with IASIS, the completion of which is a condition to our investment. Pursuant to the terms of an asset purchase agreement with IASIS and its affiliates, dated May 18, 2017, subsidiaries of the Operating Partnership will acquire from IASIS and its affiliates all of their interests in the real estate of eight acute care hospitals and one behavioral health facility for an aggregate purchase price of $700 million. At closing, these facilities will be leased to Steward pursuant to the existing master lease agreement. In addition, pursuant to the terms of the agreement, subsidiaries of the Operating Partnership will make mortgage loans in an aggregate amount of $700 million, secured by first mortgages in two other acute care hospitals. The real estate master lease and mortgage loans will have substantially similar terms, which have an initial fixed term expiration of October 31, 2031 and include three 5-year In addition, in conjunction with the real estate and mortgage loans transactions described above, a subsidiary of the Operating Partnership will also invest approximately $100 million in minority preferred interests of Steward. We will have no management authority or control of Steward except for certain protective rights consistent with a minority passive ownership interest, such as a limited right to approve certain extraordinary transactions. To assist in funding the Steward commitment, if needed, we received a commitment for a new $1.0 billion term loan facility pursuant to a commitment letter with JP Morgan Chase Bank, N.A. The term loan facility, if funded, would have a maturity date of one year after the date on which it is consummated, and could be extended an additional 12 months at our option. With this commitment, we paid $4.5 million of underwriting and other fees, which will be expensed over the commitment period. Through June 30, 2017, we have expensed approximately $0.8 million as an unutilized financing fee. Contingencies We are a party to various legal proceedings incidental to our business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect our financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events As described in Note 3 under the heading “2017 Activity,” on July 20, 2016, we entered into definitive agreements to acquire 20 rehabilitation hospitals in Germany for an aggregate purchase price of approximately €215.7 million to be leased to affiliates of MEDIAN. As of June 30, 2017, we had closed on 18 of the 20 facilities in the amount of €176.5 million. The remaining two facilities totaling €39.2 million closed in July 2017. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements For information about significant accounting policies, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K |
Recent Accounting Developments | Recent Accounting Developments: Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date of this standard by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are still evaluating this standard but do not expect this standard to have a significant impact on our financial results, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is not effective for us until January 1, 2019, with early adoption permitted. We are continuing to evaluate this standard and the impact to us from both a lessor and lessee perspective. Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, 2017-01”). 2017-01 2017-01 2017-01 2017-01 |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. |
Variable Interest Entities | Variable Interest Entities At June 30, 2017, we had loans to and/or equity investments in certain variable interest entities (“VIEs”), which are also tenants of our facilities. We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs at June 30, 2017 are presented below (in thousands): VIE Type Maximum Loss Asset Type Carrying Loans, net $ 328,111 Mortgage and other loans $ 236,174 Equity investments $ 12,922 Other assets $ — (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. See Note 3 and 7 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein, such as Ernest Health, Inc. (“Ernest”). |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Carrying Value and Classification of Related Assets and Maximum Exposure to Loss | The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs at June 30, 2017 are presented below (in thousands): VIE Type Maximum Loss Asset Type Carrying Loans, net $ 328,111 Mortgage and other loans $ 236,174 Equity investments $ 12,922 Other assets $ — (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. |
Real Estate and Lending Activ19
Real Estate and Lending Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Assets Acquired | We acquired the following assets (in thousands): Six Months 2017 2016 Assets Acquired Land and land improvements $ 86,434 $ 6,382 Building 420,731 36,455 Intangible lease assets — subject to amortization (weighted average useful life 28.4 years for 2017 and 25.8 years for 2016) 54,044 4,154 Net investments in direct financing leases 40,450 63,000 Liabilities assumed (878 ) — Total assets acquired $ 600,781 $ 109,991 |
Summary of Status Update on Current Development Projects | See table below for a status update on our current development projects (in thousands): Property Commitment Costs Incurred as of June 30, 2017 Estimated Completion Date Ernest (Flagstaff) $ 28,067 $ 11,351 1Q 2018 Circle (Birmingham) 42,017 7,088 4Q 2018 $ 70,084 $ 18,439 |
Summary of Operations for Disposed Assets in 2016 | The following represents the operating results (excluding gain on sale, transaction costs, and impairment or other non-cash charges) from the properties which sold during the first half of 2016 (excluding loans repaid in the Capella Transaction) for the periods presented (in thousands): For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Revenues $ — $ 1,139 $ — $ 3,700 Real estate depreciation and amortization — (357 ) — (857 ) Property-related expenses — (67 ) — (106 ) Other income (expense) — (9 ) — (68 ) Income from real estate dispositions, net $ — $ 706 $ — $ 2,669 |
Components of Net Investment in Direct Financing Leases | The components of our net investment in DFLs consisted of the following (in thousands): As of June 30, As of December 31, Minimum lease payments receivable $ 2,329,161 $ 2,207,625 Estimated residual values 448,098 407,647 Less: Unearned income (2,084,016 ) (1,967,170 ) Net investment in direct financing leases $ 693,243 $ 648,102 |
Summary of Loans | The following is a summary of our loans (in thousands): As of As of Mortgage loans $ 1,062,558 $ 1,060,400 Acquisition loans 120,048 121,464 Working capital and other loans 32,920 34,257 $ 1,215,526 $ 1,216,121 |
Schedule of Revenue by Operator | Revenue by Operator For the Six Months Ended For the Six Months Ended Operators Total Percentage of Total Percentage of Prime $ 63,059 19.5 % $ 58,859 22.5 % Steward 58,278 18.0 % — — MEDIAN 47,744 14.8 % 47,745 18.3 % Ernest 35,269 10.9 % 33,322 12.8 % Adeptus Health 26,137 8.1 % 16,205 6.2 % RCCH 19,632 6.1 % 32,909 12.6 % Other operators 73,085 22.6 % 72,259 27.6 % Total $ 323,204 100.0 % $ 261,299 100.0 % |
Schedule of Revenue from External Customers by Geographic Areas | Revenue by U.S. State and Country For the Six Months Ended For the Six Months Ended U.S. States and Other Countries Total Percentage of Total Percentage of Massachusetts $ 53,159 16.5 % $ — — Texas 49,851 15.4 % 48,256 18.5 % California 33,123 10.3 % 33,187 12.7 % New Jersey 21,852 6.8 % 18,243 7.0 % Arizona 15,542 4.8 % 11,722 4.5 % All other states 93,080 28.7 % 99,931 38.2 % Total U.S. $ 266,607 82.5 % $ 211,339 80.9 % Germany $ 54,576 16.9 % $ 47,745 18.3 % United Kingdom, Italy, and Spain 2,021 0.6 % 2,215 0.8 % Total International $ 56,597 17.5 % $ 49,960 19.1 % Grand Total $ 323,204 100.0 % $ 261,299 100.0 % |
Schedule of Gross Assets by Operator | Gross Assets by Operator As of June 30, 2017 As of December 31, 2016 Operators Total Percentage of Gross Assets Total Percentage of Gross Assets Steward $ 3,410,874 37.4 % $ 1,250,000 17.5 % Prime 1,116,694 12.2 % 1,144,055 16.0 % MEDIAN 1,086,109 11.9 % 993,677 13.9 % Ernest 630,811 6.9 % 627,906 8.8 % RCCH 506,265 5.5 % 566,600 7.9 % Other operators 1,977,356 21.7 % 2,259,980 31.7 % Other assets 401,669 4.4 % 300,903 4.2 % Total $ 9,129,778 100.0 % $ 7,143,121 100.0 % |
Schedule of Gross Assets by Geographic Areas | Gross Assets by U.S. State and Country As of June 30, 2017 As of December 31, 2016 U.S. States and Other Countries Total Percentage of Gross Assets Total Percentage of Gross Assets Massachusetts $ 1,262,041 13.8 % $ 1,250,000 17.5 % Texas 1,230,945 13.5 % 947,443 13.3 % Utah 1,083,152 11.9 % 107,151 1.5 % California 542,883 5.9 % 542,889 7.6 % Arizona 486,547 5.3 % 331,834 4.6 % All other states 2,502,791 27.4 % 2,234,332 31.3 % Other domestic assets 352,748 3.9 % 264,215 3.7 % Total U.S. $ 7,461,107 81.7 % $ 5,677,864 79.5 % Germany $ 1,421,350 15.6 % $ 1,281,649 17.9 % United Kingdom, Italy, and Spain 198,400 2.2 % 146,920 2.1 % Other international assets 48,921 0.5 % 36,688 0.5 % Total International $ 1,668,671 18.3 % $ 1,465,257 20.5 % Grand Total $ 9,129,778 100.0 % $ 7,143,121 100.0 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following is a summary of our debt (dollar amounts in thousands): As of June 30, 2017 As of December 31, 2016 Revolving credit facility $ 250,210 $ 290,000 Term loans 212,943 263,101 6.375% Senior Unsecured Notes due 2022: Principal amount 350,000 350,000 Unamortized premium 1,636 1,814 351,636 351,814 5.750% Senior Unsecured Notes due 2020 (A) — 210,340 4.000% Senior Unsecured Notes due 2022 (A) 571,300 525,850 5.500% Senior Unsecured Notes due 2024 300,000 300,000 6.375% Senior Unsecured Notes due 2024 500,000 500,000 3.325% Senior Unsecured Notes due 2025 (A) 571,300 — 5.250% Senior Unsecured Notes due 2026 500,000 500,000 $ 3,257,389 $ 2,941,105 Debt issue costs, net (36,335 ) (31,764 ) $ 3,221,054 $ 2,909,341 (A) These notes are Euro-denominated and reflect the exchange rate at June 30, 2017 and December 31, 2016, respectively. |
Principal Payments Due on Debt | As of June 30, 2017, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows (in thousands): 2017 $ 162 2018 12,781 2019 — 2020 — 2021 250,210 Thereafter 2,992,600 Total $ 3,255,753 |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Information of Financial Instruments | The following table summarizes fair value estimates for our financial instruments (in thousands): June 30, 2017 December 31, 2016 Asset (Liability) Book Fair Book Fair Interest and rent receivables $ 68,537 $ 68,698 $ 57,698 $ 57,707 Loans (1) 984,784 1,009,687 986,987 1,017,428 Debt, net (3,221,054 ) (3,384,541 ) (2,909,341 ) (2,966,759 ) (1) Excludes loans related to Ernest since they are recorded at fair value and discussed below. |
Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis | At June 30, 2017, these amounts were as follows (in thousands): Asset Type Fair Cost Asset Type Mortgage loans $ 115,000 $ 115,000 Mortgage loans Acquisition and other loans 115,742 115,742 Other loans Equity investments 3,300 3,300 Other assets $ 234,042 $ 234,042 |
Summary Showing Sensitivity Analysis by Using Basis Point Variations | To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): Basis Point Change in Marketability Discount Estimated Increase (Decrease) +100 basis points $ (52 ) - 100 basis points 52 |
Earnings Per Share_Common Unit
Earnings Per Share/Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Our earnings per share were calculated based on the following (in thousands): For the Three Months 2017 2016 Numerator: Income from continuing operations $ 73,796 $ 53,924 Non-controlling (381 ) (200 ) Participating securities’ share in earnings (100 ) (132 ) Net income, less participating securities’ share in earnings $ 73,315 $ 53,592 Denominator: Basic weighted-average common shares 349,856 238,082 Dilutive potential common shares 463 926 Dilutive weighted-average common shares 350,319 239,008 For the Six Months 2017 2016 Numerator: Income from continuing operations $ 141,981 $ 112,150 Non-controlling (596 ) (498 ) Participating securities’ share in earnings (225 ) (276 ) Income from continuing operations, less participating securities’ share in earnings 141,160 111,376 Loss from discontinued operations attributable to MPT common stockholders — (1 ) Net income, less participating securities’ share in earnings $ 141,160 $ 111,375 Denominator: Basic weighted-average common shares 335,456 237,796 Dilutive potential common shares 415 617 Dilutive weighted-average common 335,871 238,413 MPT Operating Partnership, L.P. Our earnings per common unit were calculated based on the following (in thousands): For the Three Months 2017 2016 Numerator: Income from continuing operations $ 73,796 $ 53,924 Non-controlling (381 ) (200 ) Participating securities’ share in earnings (100 ) (132 ) Net income, less participating securities’ share in earnings $ 73,315 $ 53,592 Denominator: Basic weighted-average units 349,856 238,082 Dilutive potential units 463 926 Dilutive weighted-average units 350,319 239,008 For the Six Months 2017 2016 Numerator: Income from continuing operations $ 141,981 $ 112,150 Non-controlling (596 ) (498 ) Participating securities’ share in earnings (225 ) (276 ) Income from continuing operations, less participating securities’ share in earnings 141,160 111,376 Loss from discontinued operations attributable to MPT Operating Partnership partners — (1 ) Net income, less participating securities’ share in earnings $ 141,160 $ 111,375 Denominator: Basic weighted-average units 335,456 237,796 Dilutive potential units 415 617 Dilutive weighted-average units 335,871 238,413 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Additional Information (Detail) - Accounting Standards Update No. 2017-01 [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Decrease normalized funds from operations | $ (1) |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Decrease normalized funds from operations | $ (2) |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Carrying Value and Classification of Related Assets and Maximum Exposure to Loss (Detail) | Jun. 30, 2017USD ($) |
Mortgage and other loans [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Amount | $ 236,174,000 |
Loans, net [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | 328,111,000 |
Equity investments [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | $ 12,922,000 |
Real Estate and Lending Activ25
Real Estate and Lending Activities - Assets Acquired (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Business Acquisition [Line Items] | ||
Liabilities assumed | $ (878) | |
Total assets acquired | 600,781 | $ 109,991 |
Land and Land Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total assets acquired | 86,434 | 6,382 |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Total assets acquired | 420,731 | 36,455 |
Intangible Lease Assets - Subject to Amortization [Member] | ||
Business Acquisition [Line Items] | ||
Total assets acquired | 54,044 | 4,154 |
Net Investments in Direct Financing Leases [Member] | ||
Business Acquisition [Line Items] | ||
Total assets acquired | $ 40,450 | $ 63,000 |
Real Estate and Lending Activ26
Real Estate and Lending Activities - Assets Acquired (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Intangible Lease Assets - Subject to Amortization [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average useful life of acquired intangible lease assets (in years) | 28 years 4 months 24 days | 25 years 9 months 18 days |
Real Estate and Lending Activ27
Real Estate and Lending Activities - 2017 Activity - Additional Information (Detail) € in Millions | Jun. 22, 2017EUR (€)Hospital | Jun. 01, 2017USD ($)Bed | May 01, 2017USD ($)BedHospital | Jan. 30, 2017EUR (€) | Jul. 20, 2016EUR (€)Hospital | Jul. 31, 2016EUR (€)Property | Jun. 30, 2017USD ($) | Jan. 30, 2017EUR (€)Hospital | Jun. 30, 2017USD ($)Hospital | Jun. 30, 2017EUR (€)PropertyHospital | Dec. 31, 2016EUR (€)Property |
Germany [Member] | Rehabilitation Hospital with Covenant Health System [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of facilities acquired | Hospital | 20 | ||||||||||
Acquisition costs | € | € 215.7 | ||||||||||
Number of properties closed | Hospital | 18 | 18 | |||||||||
2017 [Member] | Business Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue contributed by the acquired entity | $ 8,200,000 | $ 8,400,000 | |||||||||
Income contributed by the acquired entity | 6,000,000 | 6,100,000 | |||||||||
Acquisition related costs | $ 9,100,000 | $ 9,600,000 | |||||||||
2017 [Member] | Acute Care Hospital [Member] | Alecto Healthcare Services [Member] | Ohio Valley Medical Center [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of beds acquired | Bed | 218 | ||||||||||
2017 [Member] | Acute Care Hospital [Member] | Alecto Healthcare Services [Member] | East Ohio Regional Hospital [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of beds acquired | Bed | 139 | ||||||||||
2017 [Member] | West Virginia and Ohio [Member] | Acute Care Hospital [Member] | Alecto Healthcare Services [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquisition | $ 40,000,000 | ||||||||||
Purchase price of acquisition funded | $ 0 | ||||||||||
Term of lease | 15 years | ||||||||||
Percentage of increase in annual rent | 2.00% | ||||||||||
Number of lease extension options | 3 | ||||||||||
Term of lease extension | 5 years | ||||||||||
Additional fund committed to the tenant for capital improvements | $ 20,000,000 | ||||||||||
Ownership interest percentage in operator facility | 20.00% | ||||||||||
2017 [Member] | Florida, Ohio, and Pennsylvania [Member] | Community Health Systems, Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquisition | $ 301,300,000 | ||||||||||
Number of facilities acquired | Hospital | 8 | ||||||||||
2017 [Member] | Germany [Member] | Acute Care Hospital [Member] | MEDIAN [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquisition | € | € 19.4 | ||||||||||
Purchase price of acquisition funded | € | € 18.6 | ||||||||||
Number of facilities acquired | Hospital | 1 | ||||||||||
Term of lease | 27 years | ||||||||||
Lease agreement, end date | 2042-12 | ||||||||||
2017 [Member] | Germany [Member] | Rehabilitation Hospital with Covenant Health System [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquisition | € | € 8.4 | € 44.1 | |||||||||
Number of facilities acquired | Hospital | 6 | ||||||||||
2017 [Member] | Germany [Member] | Rehabilitation Hospital with Covenant Health System [Member] | Third Master Lease [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of facilities acquired | 20 | 11 | 11 | ||||||||
Lease agreement, end date | 2043-08 | 2043-08 | |||||||||
Acquisition costs | € | € 215.7 | € 127 | |||||||||
Number of properties closed | Property | 7 | ||||||||||
Amount of properties closed | € | € 49.5 | ||||||||||
Number of properties closed after current report period | Property | 2 | ||||||||||
Amount of properties closed after current report period | € | € 39.2 | ||||||||||
2017 [Member] | IDAHO, Lewiston | Acute Care Hospital [Member] | St. Joseph Regional Medical Center [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquisition | $ 87,500,000 | ||||||||||
Number of beds acquired | Bed | 145 |
Real Estate and Lending Activ28
Real Estate and Lending Activities - 2016 Activity - Additional Information (Detail) - 2016 [Member] € in Millions, $ in Millions | Jun. 22, 2016EUR (€) | May 02, 2016USD ($)RenewalOptions | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) |
MEDIAN [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition costs | € | € 688 | |||
Term of lease | 27 years | |||
Value of properties closed | € | € 41.6 | |||
Lease rent increase percentage | 70.00% | |||
Lease rate | 9.30% | |||
New Jersey [Member] | Acute Care Hospital [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition costs | $ 63 | |||
Term of lease | 15 years | |||
Number of lease extension options | RenewalOptions | 3 | |||
Increase in consumer price-index, floor rate | 2.00% | |||
Commitment to advance an additional amount for capital additions | $ 30 | |||
Commitment period to advance an additional amount for capital additions | 3 years | |||
Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue contributed by the acquired entity | $ 1.1 | $ 1.1 | ||
Income contributed by the acquired entity | 1.1 | 1.1 | ||
Acquisition related costs | $ 2.4 | $ 2.4 |
Real Estate and Lending Activ29
Real Estate and Lending Activities - Development Activities - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2017GBP (£) | Jun. 30, 2017USD ($)Facility | Jun. 30, 2017EUR (€)Facility | |
Birmingham, England | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | £ 2.7 | ||
Term of lease, years | 15 years | ||
Total development costs anticipated | £ 30 | ||
Development Activities [Member] | Adeptus Health [Member] | Acute Care Facilities [Member] | |||
Business Acquisition [Line Items] | |||
Number of facilities constructed | Facility | 4 | 4 | |
Acquisition costs | $ | $ 68 | ||
Development Activities [Member] | IMED [Member] | Acute Care Facilities [Member] | Spain [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition costs | € | € 21 | ||
Ownership interests acquired | 50.00% | 50.00% |
Real Estate and Lending Activ30
Real Estate and Lending Activities - Summary of Status Update on Current Development Projects (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | |
Commitment | $ 70,084 |
Costs Incurred as of 06/30/2017 | 18,439 |
Ernest [Member] | Flagstaff [Member] | |
Business Acquisition [Line Items] | |
Commitment | 28,067 |
Costs Incurred as of 06/30/2017 | $ 11,351 |
Estimated Completion Date | 1Q 2018 |
Circle [Member] | Birmingham [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 42,017 |
Costs Incurred as of 06/30/2017 | $ 7,088 |
Estimated Completion Date | 4Q 2018 |
Real Estate and Lending Activ31
Real Estate and Lending Activities - Disposals - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Business Combinations [Abstract] | |
Proceeds from sale of facilities | $ 64 |
Gain on real estate dispositions | 7.4 |
Gain offset by non-cash charges | $ 0.6 |
Real Estate and Lending Activ32
Real Estate and Lending Activities - Capella Transaction - Additional Information (Detail) - Capella [Member] $ in Millions | Apr. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016Hospital |
Business Acquisition [Line Items] | |||
Net proceeds from transaction | $ 550 | ||
Net proceeds from equity investment and loans | 492 | ||
Proceeds from prepayment of mortgage loans | 210 | ||
New loan for hospital property | 93.3 | ||
Investment on unsecured senior notes | 50 | ||
Transaction costs incurred | $ 6.3 | ||
Number of hospital owned | Hospital | 5 | ||
Write off of unbilled direct finance lease rent | $ 2.6 |
Real Estate and Lending Activ33
Real Estate and Lending Activities - Post Acute Transaction - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) | Jun. 17, 2016USD ($) | May 23, 2016USD ($)Property |
Business Acquisition [Line Items] | |||
Proceeds from sale of real estate | $ 64 | ||
Gain on real estate dispositions | $ 7.4 | ||
Post Acute [Member] | |||
Business Acquisition [Line Items] | |||
Number of properties sold | Property | 5 | ||
Outstanding loans paid in full | $ 4 | ||
Proceeds from sale of real estate | $ 28 | 71 | |
Gain on real estate dispositions | $ 15 | ||
Post Acute [Member] | Texas [Member] | |||
Business Acquisition [Line Items] | |||
Number of properties sold | Property | 3 | ||
Post Acute [Member] | Louisiana [Member] | |||
Business Acquisition [Line Items] | |||
Number of properties sold | Property | 2 |
Real Estate and Lending Activ34
Real Estate and Lending Activities - Corinth Transaction - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Jun. 17, 2016 | May 23, 2016 |
Proceeds from sale of real estate | $ 64 | ||
Gain offset by non-cash charges | $ 0.6 | ||
Post Acute [Member] | |||
Proceeds from sale of real estate | $ 28 | $ 71 | |
Gain on sale of real estate | 8 | ||
Post Acute [Member] | Texas [Member] | |||
Gain offset by non-cash charges | $ 9 |
Real Estate and Lending Activ35
Real Estate and Lending Activities - Summary of Operations for Disposed Assets in 2016 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Revenues | $ 0 | $ 1,139 | $ 0 | $ 3,700 |
Real estate depreciation and amortization | 0 | (357) | 0 | (857) |
Property-related expenses | 0 | (67) | 0 | (106) |
Other income (expense) | 0 | (9) | 0 | (68) |
Income from real estate dispositions, net | $ 0 | $ 706 | $ 0 | $ 2,669 |
Real Estate and Lending Activ36
Real Estate and Lending Activities - Leasing Operations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Leases | |
Alecto Healthcare Services [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 2 |
Ernest [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 15 |
Prime Facilities [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 10 |
Real Estate and Lending Activ37
Real Estate and Lending Activities - Components of Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Business Combinations [Abstract] | ||
Minimum lease payments receivable | $ 2,329,161 | $ 2,207,625 |
Estimated residual values | 448,098 | 407,647 |
Less: Unearned income | (2,084,016) | (1,967,170) |
Net investment in direct financing leases | $ 693,243 | $ 648,102 |
Real Estate and Lending Activ38
Real Estate and Lending Activities - Adeptus Health - Additional Information (Detail) $ in Thousands | Apr. 04, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($)Facility |
Business Acquisition [Line Items] | |||
Gain offset by non-cash charges | $ 600 | ||
Louisiana [Member] | Ochsner [Member] | |||
Business Acquisition [Line Items] | |||
Total budgeted investment | $ 24,500 | ||
Term of lease, years | 15 years | ||
Average minimum lease rate on development and construction cost | 9.20% | ||
Gain offset by non-cash charges | $ 500 | ||
Free standing emergency facilities, lease purchase description | Under these leases, Ochsner also has the right to purchase the freestanding emergency facilities (i) at our cost within two years of rent commencement or (ii) for the greater of fair market value or our cost after such two-year period. | ||
Adeptus Health [Member] | |||
Business Acquisition [Line Items] | |||
Number of facilities expected to sell re-lease or sell | Facility | 13 | ||
Percentage of portfolio | 15.00% | ||
Expected lease maturity year | 2,018 | ||
Number of facilities under bankruptcy | Facility | 7 | ||
Adeptus Health [Member] | Total Gross Assets [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of Total Gross Assets | 5.00% | ||
Adeptus Health [Member] | Deerfield [Member] | |||
Business Acquisition [Line Items] | |||
Pre-bankruptcy payment percentage of rent | 100.00% | ||
Percentage of master leased facilities current rent rate | 80.00% | ||
One-time rental credit | $ 3,100 | ||
Decrease in rent revenue | $ (220) | ||
Remaining year from initial lease term | 14 years |
Real Estate and Lending Activ39
Real Estate and Lending Activities - Hoboken Facility - Additional Information (Detail) - Hoboken Facility [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | |
Ownership interests acquired | 20.00% |
Acquisition costs | $ 10 |
Ownership interests after acquisition | 30.00% |
Real Estate and Lending Activ40
Real Estate and Lending Activities - Summary of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loans [Line Items] | ||
Loans, Balance | $ 1,215,526 | $ 1,216,121 |
Mortgage Loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | 1,062,558 | 1,060,400 |
Acquisition Loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | 120,048 | 121,464 |
Working Capital and Other Loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | $ 32,920 | $ 34,257 |
Real Estate and Lending Activ41
Real Estate and Lending Activities - Loans - Additional Information (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Ernest Transaction and Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Existing mortgage loans | $ 114.6 |
Real Estate and Lending Activ42
Real Estate and Lending Activities - Schedule of Revenue by Operator (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 166,807 | $ 126,300 | $ 323,204 | $ 261,299 |
Revenue [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 323,204 | $ 261,299 | ||
Percentage of Total Revenue | 100.00% | 100.00% | ||
Revenue [Member] | Credit Concentration Risk [Member] | Prime [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 63,059 | $ 58,859 | ||
Percentage of Total Revenue | 19.50% | 22.50% | ||
Revenue [Member] | Credit Concentration Risk [Member] | Steward [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 58,278 | |||
Percentage of Total Revenue | 18.00% | |||
Revenue [Member] | Credit Concentration Risk [Member] | MEDIAN [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 47,744 | $ 47,745 | ||
Percentage of Total Revenue | 14.80% | 18.30% | ||
Revenue [Member] | Credit Concentration Risk [Member] | Ernest [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 35,269 | $ 33,322 | ||
Percentage of Total Revenue | 10.90% | 12.80% | ||
Revenue [Member] | Credit Concentration Risk [Member] | Adeptus Health [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 26,137 | $ 16,205 | ||
Percentage of Total Revenue | 8.10% | 6.20% | ||
Revenue [Member] | Credit Concentration Risk [Member] | RCCH [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 19,632 | $ 32,909 | ||
Percentage of Total Revenue | 6.10% | 12.60% | ||
Revenue [Member] | Credit Concentration Risk [Member] | Other Operators [Member] | ||||
Investment And Revenue From External Customers [Line Items] | ||||
Total Revenue | $ 73,085 | $ 72,259 | ||
Percentage of Total Revenue | 22.60% | 27.60% |
Real Estate and Lending Activ43
Real Estate and Lending Activities - Schedule of Revenue from External Customers by Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 166,807 | $ 126,300 | $ 323,204 | $ 261,299 |
Revenue [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 323,204 | $ 261,299 | ||
Percentage of Total Revenue | 100.00% | 100.00% | ||
Revenue [Member] | Massachusetts [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 53,159 | |||
Percentage of Total Revenue | 16.50% | |||
Revenue [Member] | Texas [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 49,851 | $ 48,256 | ||
Percentage of Total Revenue | 15.40% | 18.50% | ||
Revenue [Member] | California [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 33,123 | $ 33,187 | ||
Percentage of Total Revenue | 10.30% | 12.70% | ||
Revenue [Member] | New Jersey [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 21,852 | $ 18,243 | ||
Percentage of Total Revenue | 6.80% | 7.00% | ||
Revenue [Member] | Arizona [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 15,542 | $ 11,722 | ||
Percentage of Total Revenue | 4.80% | 4.50% | ||
Revenue [Member] | All Other States [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 93,080 | $ 99,931 | ||
Percentage of Total Revenue | 28.70% | 38.20% | ||
Revenue [Member] | United States [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 266,607 | $ 211,339 | ||
Percentage of Total Revenue | 82.50% | 80.90% | ||
Revenue [Member] | Germany [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 54,576 | $ 47,745 | ||
Percentage of Total Revenue | 16.90% | 18.30% | ||
Revenue [Member] | United Kingdom, Italy, and Spain [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 2,021 | $ 2,215 | ||
Percentage of Total Revenue | 0.60% | 0.80% | ||
Revenue [Member] | International [Member] | Credit Concentration Risk [Member] | ||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||||
Total Revenue | $ 56,597 | $ 49,960 | ||
Percentage of Total Revenue | 17.50% | 19.10% |
Real Estate and Lending Activ44
Real Estate and Lending Activities - Schedule of Gross Assets by Operator (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 7,327,837 | $ 6,418,536 |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 9,129,778 | $ 7,143,121 |
Percentage of Total Gross Assets | 100.00% | 100.00% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | Steward [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 3,410,874 | $ 1,250,000 |
Percentage of Total Gross Assets | 37.40% | 17.50% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | Prime [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 1,116,694 | $ 1,144,055 |
Percentage of Total Gross Assets | 12.20% | 16.00% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | MEDIAN [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 1,086,109 | $ 993,677 |
Percentage of Total Gross Assets | 11.90% | 13.90% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | Ernest [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 630,811 | $ 627,906 |
Percentage of Total Gross Assets | 6.90% | 8.80% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | RCCH [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 506,265 | $ 566,600 |
Percentage of Total Gross Assets | 5.50% | 7.90% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | Other Operators [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 1,977,356 | $ 2,259,980 |
Percentage of Total Gross Assets | 21.70% | 31.70% |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | Other Assets [Member] | ||
Investment And Revenue From External Customers [Line Items] | ||
Total Gross Assets | $ 401,669 | $ 300,903 |
Percentage of Total Gross Assets | 4.40% | 4.20% |
Real Estate and Lending Activ45
Real Estate and Lending Activities - Schedule of Gross Assets by Geographic Areas (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 7,327,837 | $ 6,418,536 |
Total Gross Assets [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 9,129,778 | $ 7,143,121 |
Percentage of Total Gross Assets | 100.00% | 100.00% |
Total Gross Assets [Member] | Massachusetts [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 1,262,041 | $ 1,250,000 |
Percentage of Total Gross Assets | 13.80% | 17.50% |
Total Gross Assets [Member] | Texas [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 1,230,945 | $ 947,443 |
Percentage of Total Gross Assets | 13.50% | 13.30% |
Total Gross Assets [Member] | Utah [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 1,083,152 | $ 107,151 |
Percentage of Total Gross Assets | 11.90% | 1.50% |
Total Gross Assets [Member] | California [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 542,883 | $ 542,889 |
Percentage of Total Gross Assets | 5.90% | 7.60% |
Total Gross Assets [Member] | Arizona [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 486,547 | $ 331,834 |
Percentage of Total Gross Assets | 5.30% | 4.60% |
Total Gross Assets [Member] | All Other States [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 2,502,791 | $ 2,234,332 |
Percentage of Total Gross Assets | 27.40% | 31.30% |
Total Gross Assets [Member] | Other Domestic Assets [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 352,748 | $ 264,215 |
Percentage of Total Gross Assets | 3.90% | 3.70% |
Total Gross Assets [Member] | United States [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 7,461,107 | $ 5,677,864 |
Percentage of Total Gross Assets | 81.70% | 79.50% |
Total Gross Assets [Member] | Germany [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 1,421,350 | $ 1,281,649 |
Percentage of Total Gross Assets | 15.60% | 17.90% |
Total Gross Assets [Member] | United Kingdom, Italy, and Spain [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 198,400 | $ 146,920 |
Percentage of Total Gross Assets | 2.20% | 2.10% |
Total Gross Assets [Member] | Other International Assets [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 48,921 | $ 36,688 |
Percentage of Total Gross Assets | 0.50% | 0.50% |
Total Gross Assets [Member] | International [Member] | Credit Concentration Risk [Member] | ||
Investment And Revenue From External Customers By Geographic Area [Line Items] | ||
Total Gross Assets | $ 1,668,671 | $ 1,465,257 |
Percentage of Total Gross Assets | 18.30% | 20.50% |
Real Estate and Lending Activ46
Real Estate and Lending Activities - Concentrations of Credit Risk - Additional Information (Detail) - Pro Forma [Member] - Total Gross Assets [Member] - Customer Concentration Risk [Member] | Jun. 30, 2017Investment |
Business Acquisition [Line Items] | |
Number of investment in property | 0 |
Maximum percentage of entity's gross assets invested on single property | 3.90% |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 3,255,753 | |
Debt issue costs, net | (36,335) | $ (31,764) |
Debt, net | 3,221,054 | 2,909,341 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 250,210 | 290,000 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 212,943 | 263,101 |
6.375% Senior Unsecured Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 350,000 | 350,000 |
Unamortized premium | 1,636 | 1,814 |
Debt, net | 351,636 | 351,814 |
5.750% Senior Unsecured Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 210,340 | |
4.000% Senior Unsecured Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 571,300 | 525,850 |
5.500% Senior Unsecured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 300,000 | 300,000 |
6.375% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 500,000 | 500,000 |
3.325% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 571,300 | |
5.250% Senior Unsecured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 500,000 | 500,000 |
Senior Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 3,257,389 | $ 2,941,105 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | Jun. 30, 2017 | Mar. 24, 2017 | Mar. 04, 2017 | Dec. 31, 2016 |
6.375% Senior Unsecured Notes Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 6.375% | 6.375% | ||
5.750% Senior Unsecured Notes Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 5.75% | 5.75% | 5.75% | |
4.000% Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 4.00% | 4.00% | ||
5.500% Senior Unsecured Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 5.50% | 5.50% | ||
6.375% Senior Unsecured Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 6.375% | 6.375% | ||
3.325% Senior Unsecured Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 3.325% | 3.325% | 3.325% | |
5.250% Senior Unsecured Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 5.25% | 5.25% |
Debt - Principal Payments Due f
Debt - Principal Payments Due for Debt (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 162 |
2,018 | 12,781 |
2,019 | 0 |
2,020 | 0 |
2,021 | 250,210 |
Thereafter | 2,992,600 |
Total | $ 3,255,753 |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Millions | Mar. 30, 2017EUR (€) | Mar. 24, 2017EUR (€) | Mar. 04, 2017EUR (€) | Feb. 01, 2017USD ($) | Feb. 22, 2016USD ($) | Jun. 30, 2017USD ($) | Feb. 01, 2017EUR (€) | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Total Facility amount at a rate | 0.25% | |||||||
Aggregate committed amount of credit facility | $ | $ 500,000,000 | |||||||
Debt refinancing charge | $ | $ 13,600,000 | |||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee | 0.125% | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee | 0.30% | |||||||
Unsecured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured debt | $ | $ 1,300,000,000 | |||||||
Debt instrument, maturity date | Feb. 28, 2021 | |||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured debt | $ 200,000,000 | € 200 | ||||||
Debt instrument, maturity date | Feb. 1, 2022 | |||||||
Interest rate at end of period | 2.72% | |||||||
Prepaid and extinguished of outstanding term loans | € | € 200 | |||||||
Term Loans [Member] | Euro [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Jan. 31, 2020 | |||||||
Alternate Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin | 0.00% | |||||||
Applicable margin for revolving loans | 0.00% | |||||||
Alternate Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin | 0.95% | |||||||
Applicable margin for revolving loans | 0.65% | |||||||
Eurodollar Loans [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin | 0.90% | |||||||
Applicable margin for revolving loans | 0.875% | |||||||
Eurodollar Loans [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Applicable margin | 1.95% | |||||||
Applicable margin for revolving loans | 1.65% | |||||||
Revolver [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate at end of period | 2.46% | |||||||
5.750% Senior Unsecured Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured debt redeemed | € | € 200 | |||||||
Senior unsecured notes, interest rate | 5.75% | 5.75% | 5.75% | |||||
Senior notes, redemption date | Mar. 4, 2017 | |||||||
Senior unsecured notes, redemption description | We redeemed the €200 million aggregate principal amount of our 5.750% Senior Unsecured Notes due 2020 and incurred a redemption premium of approximately $9 million. We funded this redemption, including the premium and accrued interest, with the proceeds of the new euro term loan together with cash on hand. | |||||||
Redemption Premium | € | € 9 | |||||||
3.325% Senior Unsecured Notes Due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Mar. 24, 2025 | |||||||
Senior unsecured notes, interest rate | 3.325% | 3.325% | 3.325% | |||||
Senior unsecured notes, redemption description | Notes are redeemed prior to 90 days before maturity, the redemption price will be equal to 100% of their principal amount, plus a make-whole premium, plus accrued and unpaid interest up to, but excluding, the applicable redemption date. Within the period beginning on or after 90 days before maturity, the notes may be redeemed, in whole or in part, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The 3.325% Senior Unsecured Notes due 2025 are fully and unconditionally guaranteed on a senior unsecured basis by us. In the event of a change of control, each holder of the notes may require us to repurchase some or all of our notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest up to, but excluding, the date of the purchase. | |||||||
Senior unsecured notes face amount | € | € 500 | |||||||
Senior notes frequency of periodic payment | Interest on the notes is payable annually on March 24 of each year. | |||||||
Senior unsecured notes, redemption period | 90 days | |||||||
Senior notes, repurchased price percentage on principal amount plus accrued and unpaid interest | 101.00% | |||||||
3.325% Senior Unsecured Notes Due 2025 [Member] | Redeemed Prior to 90 Days [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes, redemption percentage on principal amount | 100.00% | |||||||
3.325% Senior Unsecured Notes Due 2025 [Member] | Redeemed Beginning on or After 90 Days [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes, redemption percentage on principal amount | 100.00% | |||||||
6.375% Senior Unsecured Notes due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes, interest rate | 6.375% | 6.375% | ||||||
6.375% Senior Unsecured Notes due 2024 [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Mar. 1, 2024 | |||||||
Senior unsecured notes, interest rate | 6.375% | |||||||
Senior unsecured notes, redemption description | We may redeem up to 35% of the notes at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, using proceeds from one or more equity offerings. In the event of a change in control, each holder of the notes may require us to repurchase some or all of the notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest to the date of purchase. | |||||||
Senior unsecured notes face amount | $ | $ 500,000,000 | |||||||
Senior notes frequency of periodic payment | Interest on the notes is paid in cash at a rate of 6.375% per year. | |||||||
Senior notes, repurchased price percentage on principal amount plus accrued and unpaid interest | 101.00% | |||||||
Debt instrument, redemption price percentage | 106.375% | |||||||
Senior notes, earliest redemption date | Mar. 1, 2019 | |||||||
6.375% Senior Unsecured Notes due 2024 [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes, redemption percentage on principal amount | 35.00% |
Debt - Covenants - Additional I
Debt - Covenants - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Percentage of dividends which could be paid from adjusted operating funds | 95.00% |
Percentage of dividends which could be paid from operation funds | 95.00% |
Maximum percentage of total unencumbered assets | 150.00% |
Common Stock_Partners' Capital
Common Stock/Partners' Capital - Additional Information (Detail) shares in Thousands, $ in Thousands | May 01, 2017USD ($)shares | Jun. 30, 2017USD ($)PartnerDirectorEmployeeshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016shares |
Class of Stock [Line Items] | ||||
Common stock, shares issued | shares | 364,020 | 320,514 | ||
Proceeds from sale of common shares / units, net of offering costs | $ | $ 548,063 | $ 44,306 | ||
Public Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | shares | 43,100 | |||
Additional shares purchased by underwriters | shares | 5,600 | |||
Proceeds from sale of common shares / units, net of offering costs | $ | $ 548,000 | |||
MPT Operating Partnership, L.P. [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from sale of common shares / units, net of offering costs | $ | $ 548,063 | $ 44,306 | ||
Number of units sold | shares | 43,100 | 3,000 | ||
MPT Operating Partnership, L.P. [Member] | ||||
Class of Stock [Line Items] | ||||
Ownership interest in equity | 99.89% | |||
Number of other partners | Partner | 3 | |||
Employee [Member] | ||||
Class of Stock [Line Items] | ||||
Number of partners shared remaining ownership percentage | Employee | 2 | |||
Director [Member] | ||||
Class of Stock [Line Items] | ||||
Number of partners shared remaining ownership percentage | Director | 1 | |||
Market Equity Offering Program [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | shares | 3,000 | |||
Proceeds from sale of common shares / units, net of offering costs | $ | $ 45,000 | |||
Sales commissions, amount | $ | $ 600 |
Stock Awards - Additional Infor
Stock Awards - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)board_membershares | Jun. 30, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share / (Unit)-based compensation expense | $ | $ 4,377 | $ 4,152 |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reserved shares of common stock for awards under the Equity Incentive Plan | shares | 8,196,770 | |
Common stock remaining for future stock awards transferred to the equity incentive plan | shares | 3,300,000 | |
Time Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation acceleration of vestings | $ | $ 300 | |
Number of retiring board member | board_member | 2 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Interest and rent receivables, Book value | $ 68,537 | $ 57,698 |
Loans, Book value | 984,784 | 986,987 |
Debt, net Book value | (3,221,054) | (2,909,341) |
Interest and rent receivables, Fair value | 68,698 | 57,707 |
Loans, Fair value | 1,009,687 | 1,017,428 |
Debt, net Fair value | $ (3,384,541) | $ (2,966,759) |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | $ 234,042 |
Cost | 234,042 |
Fair Value Measurements, Recurring [Member] | Equity investments [Member] | Other Assets [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 3,300 |
Cost | 3,300 |
Fair Value Measurements, Recurring [Member] | Acquisition and Other Loans [Member] | Other Loans [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 115,742 |
Cost | 115,742 |
Fair Value Measurements, Recurring [Member] | Mortgage Loans [Member] | Mortgage Loans [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 115,000 |
Cost | $ 115,000 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Adjustment for DLOM on our equity investment | 40.00% |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Summary Showing Sensitivity Analysis by Using Basis Point Variations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |
Estimated Increase (Decrease) In Fair Value of Financial Instruments plus 100 basis points | $ (52) |
Estimated Increase (Decrease) In Fair Value of Financial Instruments minus 100 basis points | $ 52 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations | $ 73,796 | $ 53,924 | $ 141,981 | $ 112,150 |
Non-controlling interests' share in net income | (381) | (200) | (596) | (498) |
Participating securities' share in earnings | (100) | (132) | (225) | (276) |
Income from continuing operations, less participating securities' share in earnings | 141,160 | 111,376 | ||
Loss from discontinued operations attributable to MPT common stockholders | (1) | |||
Net income, less participating securities' share in earnings | $ 73,315 | $ 53,592 | $ 141,160 | $ 111,375 |
Basic weighted-average common shares | 349,856 | 238,082 | 335,456 | 237,796 |
Dilutive potential common shares | 463 | 926 | 415 | 617 |
Dilutive weighted-average common shares | 350,319 | 239,008 | 335,871 | 238,413 |
MPT Operating Partnership, L.P. [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Income from continuing operations | $ 73,796 | $ 53,924 | $ 141,981 | $ 112,150 |
Non-controlling interests' share in net income | (381) | (200) | (596) | (498) |
Participating securities' share in earnings | (100) | (132) | (225) | (276) |
Income from continuing operations, less participating securities' share in earnings | 141,160 | 111,376 | ||
Loss from discontinued operations attributable to MPT common stockholders | (1) | |||
Net income, less participating securities' share in earnings | $ 73,315 | $ 53,592 | $ 141,160 | $ 111,375 |
Basic weighted-average common shares | 349,856 | 238,082 | 335,456 | 237,796 |
Dilutive potential common shares | 463 | 926 | 415 | 617 |
Dilutive weighted-average common shares | 350,319 | 239,008 | 335,871 | 238,413 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | May 18, 2017USD ($)Hospital | Sep. 28, 2016USD ($)Hospital | Jun. 30, 2017USD ($)HospitalHealth_Center |
Steward [Member] | Term Loan Credit Facility [Member] | J P Morgan Chase Bank [Member] | |||
Commitment And Contingencies [Line Items] | |||
Debt instrument face amount | $ 1,000 | ||
Underwriting and other fees | 4.5 | ||
Unutilized financing fee | 0.8 | ||
IASIS Healthcare [Member] | |||
Commitment And Contingencies [Line Items] | |||
Purchase price of acquisition | $ 1,400 | ||
IASIS Healthcare [Member] | Acute Care Hospital [Member] | |||
Commitment And Contingencies [Line Items] | |||
Number of facilities acquired | Hospital | 10 | ||
IASIS Healthcare [Member] | Behavioral health facility | |||
Commitment And Contingencies [Line Items] | |||
Number of facilities acquired | Hospital | 1 | ||
Subsidiaries | Long-Term First Mortgage Loan [Member] | |||
Commitment And Contingencies [Line Items] | |||
Amount of mortgage loan | $ 700 | ||
Number of mortgage facilities | Hospital | 2 | ||
Maturity date of loan | Oct. 31, 2031 | ||
Number of options extension | Hospital | 3 | ||
Period of options extension | 5 years | ||
Subsidiaries | Minority Preferred Interests | |||
Commitment And Contingencies [Line Items] | |||
Investment in preferred interests of Steward | $ 100 | ||
Subsidiaries | IASIS Healthcare [Member] | |||
Commitment And Contingencies [Line Items] | |||
Purchase price of acquisition | $ 700 | ||
Subsidiaries | IASIS Healthcare [Member] | Acute Care Hospital [Member] | |||
Commitment And Contingencies [Line Items] | |||
Number of facilities acquired | Hospital | 8 | ||
Subsidiaries | IASIS Healthcare [Member] | Behavioral health facility | |||
Commitment And Contingencies [Line Items] | |||
Number of facilities acquired | Health_Center | 1 | ||
Washington and Idaho [Member] | Acute Care Hospital [Member] | |||
Commitment And Contingencies [Line Items] | |||
Number of facilities acquired | Hospital | 1 | ||
Purchase price of acquisition | $ 17.5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Rehabilitation Hospital with Covenant Health System [Member] - Germany [Member] € in Millions | Jul. 31, 2017EUR (€)Hospital | Jul. 20, 2016EUR (€)Hospital | Jun. 30, 2017EUR (€)Hospital |
Subsequent Event [Line Items] | |||
Number of facilities acquired | Hospital | 20 | ||
Acquisition costs | € | € 215.7 | ||
Number of facilities closed | Hospital | 18 | ||
Proceeds from facilities closed | € | € 176.5 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of facilities closed | Hospital | 2 | ||
Proceeds from facilities closed | € | € 39.2 |