Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'MPW | ' |
Entity Registrant Name | 'MEDICAL PROPERTIES TRUST INC. | ' |
Entity Central Index Key | '0001287865 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 173,308,511 |
MPT Operating Partnership, L.P. [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'MPT Operating Partnership, L.P. | ' |
Entity Central Index Key | '0001524607 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate assets | ' | ' |
Land, buildings and improvements, and intangible lease assets | $2,026,259 | $1,865,455 |
Mortgage loans | 385,100 | 388,756 |
Net investment in direct financing leases | 434,311 | 431,024 |
Gross investment in real estate assets | 2,845,670 | 2,685,235 |
Accumulated depreciation and amortization | -178,262 | -159,776 |
Net investment in real estate assets | 2,667,408 | 2,525,459 |
Cash and cash equivalents | 197,023 | 45,979 |
Interest and rent receivables | 46,353 | 58,565 |
Straight-line rent receivables | 51,193 | 45,829 |
Other loans | 140,470 | 160,990 |
Other assets | 87,597 | 67,873 |
Total Assets | 3,190,044 | 2,904,695 |
Liabilities | ' | ' |
Debt, net | 1,640,353 | 1,421,681 |
Accounts payable and accrued expenses | 84,231 | 94,290 |
Deferred revenue | 27,425 | 24,114 |
Lease deposits and other obligations to tenants | 25,081 | 20,402 |
Total liabilities | 1,777,090 | 1,560,487 |
Equity / Capital | ' | ' |
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding | 0 | 0 |
Common stock, $0.001 par value. Authorized 250,000 shares; issued and outstanding - 171,551 shares at June 30, 2014 and 161,310 shares at December 31, 2013 | 171 | 161 |
Limited Partners: | ' | ' |
Additional paid in capital | 1,750,809 | 1,618,054 |
Distributions in excess of net income | -330,075 | -264,804 |
Accumulated other comprehensive loss | -7,689 | -8,941 |
Treasury shares, at cost | -262 | -262 |
Total Equity / Capital | 1,412,954 | 1,344,208 |
Total Liabilities and Equity / Capital | 3,190,044 | 2,904,695 |
MPT Operating Partnership, L.P. [Member] | ' | ' |
Real estate assets | ' | ' |
Land, buildings and improvements, and intangible lease assets | 2,026,259 | 1,865,455 |
Mortgage loans | 385,100 | 388,756 |
Net investment in direct financing leases | 434,311 | 431,024 |
Gross investment in real estate assets | 2,845,670 | 2,685,235 |
Accumulated depreciation and amortization | -178,262 | -159,776 |
Net investment in real estate assets | 2,667,408 | 2,525,459 |
Cash and cash equivalents | 197,023 | 45,979 |
Interest and rent receivables | 46,353 | 58,565 |
Straight-line rent receivables | 51,193 | 45,829 |
Other loans | 140,470 | 160,990 |
Other assets | 87,597 | 67,873 |
Total Assets | 3,190,044 | 2,904,695 |
Liabilities | ' | ' |
Debt, net | 1,640,353 | 1,421,681 |
Accounts payable and accrued expenses | 48,055 | 58,538 |
Deferred revenue | 27,425 | 24,114 |
Lease deposits and other obligations to tenants | 25,081 | 20,402 |
Payable due to Medical Properties Trust, Inc. | 35,786 | 35,362 |
Total liabilities | 1,776,700 | 1,560,097 |
Limited Partners: | ' | ' |
Accumulated other comprehensive loss | -7,689 | -8,941 |
Total Equity / Capital | 1,413,344 | 1,344,598 |
Total Liabilities and Equity / Capital | 3,190,044 | 2,904,695 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ' | ' |
Equity / Capital | ' | ' |
General Partner - issued and outstanding - 1,710 units at June 30, 2014 and 1,608 units at December 31, 2013 | 14,218 | 13,541 |
MPT Operating Partnership, L.P. [Member] | LTIP Units [Member] | ' | ' |
Limited Partners: | ' | ' |
Limited Partners Capital | 0 | 0 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ' | ' |
Limited Partners: | ' | ' |
Limited Partners Capital | $1,406,815 | $1,339,998 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000 | 250,000 |
Common stock, shares issued | 171,551 | 161,310 |
Common stock, shares outstanding | 171,551 | 161,310 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ' | ' |
General partner, units issued | 1,710 | 1,608 |
General partner, units outstanding | 1,710 | 1,608 |
MPT Operating Partnership, L.P. [Member] | LTIP Units [Member] | ' | ' |
LTIP Units, shares issued | 363 | 292 |
LTIP Units, shares outstanding | 363 | 292 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ' | ' |
Limited Partners, units issued | 169,841 | 159,702 |
Limited Partners, units outstanding | 169,841 | 159,702 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Rent billed | $45,928 | $31,024 | $88,889 | $62,528 |
Straight-line rent | 3,178 | 2,777 | 5,366 | 5,468 |
Income from direct financing leases | 12,263 | 9,230 | 24,479 | 17,986 |
Interest and fee income | 15,191 | 14,093 | 30,915 | 28,755 |
Total revenues | 76,560 | 57,124 | 149,649 | 114,737 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 12,442 | 8,643 | 26,131 | 17,112 |
Impairment charges | 29,631 | ' | 50,128 | ' |
Property-related | -38 | 649 | 700 | 1,062 |
General and administrative | 8,206 | 7,111 | 17,165 | 14,877 |
Acquisition expenses | 2,535 | 2,088 | 3,047 | 2,278 |
Total operating expenses | 52,776 | 18,491 | 97,171 | 35,329 |
Operating income | 23,784 | 38,633 | 52,478 | 79,408 |
Other income (expense) | ' | ' | ' | ' |
Interest and other income (expense) | 19 | -22 | -30 | -248 |
Earnings from equity and other interests | 686 | 1,176 | 905 | 1,668 |
Interest income (expense) | -24,362 | -14,641 | -45,974 | -30,065 |
Debt refinancing costs | -290 | ' | -290 | ' |
Income tax benefit (expense) | -40 | -115 | 16 | -167 |
Net other expense | -23,987 | -13,602 | -45,373 | -28,812 |
Income (loss) from continuing operations | -203 | 25,031 | 7,105 | 50,596 |
Income (loss) from discontinued operations | ' | 2,374 | -2 | 3,018 |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) attributable to non-controlling interests | 0 | -57 | -65 | -110 |
Net income (loss) attributable to MPT common stockholders | -203 | 27,348 | 7,038 | 53,504 |
Earnings per common share / units - basic | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to MPT common stockholders | ' | $0.16 | $0.04 | $0.35 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | $0.02 | ' | $0.02 |
Net income (loss) attributable to MPT common stockholders | ' | $0.18 | $0.04 | $0.37 |
Earnings per common share / units - diluted | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to MPT common stockholders | ' | $0.16 | $0.04 | $0.34 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | $0.02 | ' | $0.02 |
Net income (loss) attributable to MPT common stockholders | ' | $0.18 | $0.04 | $0.36 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 171,718 | 149,509 | 167,846 | 144,928 |
Diluted | 172,369 | 151,056 | 168,459 | 146,291 |
Dividends declared per common share / unit | $0.21 | $0.20 | $0.42 | $0.40 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 45,928 | 31,024 | 88,889 | 62,528 |
Straight-line rent | 3,178 | 2,777 | 5,366 | 5,468 |
Income from direct financing leases | 12,263 | 9,230 | 24,479 | 17,986 |
Interest and fee income | 15,191 | 14,093 | 30,915 | 28,755 |
Total revenues | 76,560 | 57,124 | 149,649 | 114,737 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 12,442 | 8,643 | 26,131 | 17,112 |
Impairment charges | 29,631 | ' | 50,128 | ' |
Property-related | -38 | 649 | 700 | 1,062 |
General and administrative | 8,206 | 7,111 | 17,165 | 14,877 |
Acquisition expenses | 2,535 | 2,088 | 3,047 | 2,278 |
Total operating expenses | 52,776 | 18,491 | 97,171 | 35,329 |
Operating income | 23,784 | 38,633 | 52,478 | 79,408 |
Other income (expense) | ' | ' | ' | ' |
Interest and other income (expense) | 19 | -22 | -30 | -248 |
Earnings from equity and other interests | 686 | 1,176 | 905 | 1,668 |
Interest income (expense) | -24,362 | -14,641 | -45,974 | -30,065 |
Debt refinancing costs | -290 | ' | -290 | ' |
Income tax benefit (expense) | -40 | -115 | 16 | -167 |
Net other expense | -23,987 | -13,602 | -45,373 | -28,812 |
Income (loss) from continuing operations | -203 | 25,031 | 7,105 | 50,596 |
Income (loss) from discontinued operations | ' | 2,374 | -2 | 3,018 |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) attributable to non-controlling interests | ' | -57 | -65 | -110 |
Net income (loss) attributable to MPT common stockholders | ($203) | $27,348 | $7,038 | $53,504 |
Earnings per common share / units - basic | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to MPT common stockholders | ' | $0.16 | $0.04 | $0.35 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | $0.02 | ' | $0.02 |
Net income (loss) attributable to MPT common stockholders | ' | $0.18 | $0.04 | $0.37 |
Earnings per common share / units - diluted | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to MPT common stockholders | ' | $0.16 | $0.04 | $0.34 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | $0.02 | ' | $0.02 |
Net income (loss) attributable to MPT common stockholders | ' | $0.18 | $0.04 | $0.36 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 171,718 | 149,509 | 167,846 | 144,928 |
Diluted | 172,369 | 151,056 | 168,459 | 146,291 |
Dividends declared per common share / unit | $0.21 | $0.20 | $0.42 | $0.40 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($203) | $27,405 | $7,103 | $53,614 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | 486 | 1,779 | 1,206 | 2,606 |
Foreign currency translation gain | 73 | ' | 46 | ' |
Total comprehensive income | 356 | 29,184 | 8,355 | 56,220 |
Comprehensive income attributable to non-controlling interests | ' | -57 | -65 | -110 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | 356 | 29,127 | 8,290 | 56,110 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' | ' |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | 486 | 1,779 | 1,206 | 2,606 |
Foreign currency translation gain | 73 | ' | 46 | ' |
Total comprehensive income | 356 | 29,184 | 8,355 | 56,220 |
Comprehensive income attributable to non-controlling interests | ' | -57 | -65 | -110 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | $356 | $29,127 | $8,290 | $56,110 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $7,103 | $53,614 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 26,715 | 17,927 |
Straight-line rent revenue | -6,236 | -5,407 |
Straight-line rent write-off | 950 | ' |
Impairment charges | 50,128 | ' |
Direct financing lease interest accretion | -3,256 | -2,498 |
Share-based compensation | 4,433 | 4,204 |
Gain on sale of real estate | ' | -2,054 |
Amortization and write-off of deferred financing costs and debt discount | 2,484 | 1,752 |
Other adjustments | -8,486 | 4,605 |
Changes in: | ' | ' |
Interest and rent receivable | -9,064 | -8,943 |
Accounts payable and accrued expenses | -14,516 | -6,955 |
Net cash provided by operating activities | 50,255 | 56,245 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -115,000 | -75,000 |
Principal received on loans receivable | 6,829 | 3,293 |
Net proceeds from sale of real estate | ' | 18,409 |
Investments in loans receivable | -5,601 | -1,300 |
Construction in progress and other | -55,159 | -33,171 |
Net cash used for investing activities | -168,931 | -87,769 |
Financing activities | ' | ' |
Revolving credit facilities, net | -105,000 | -85,000 |
Additions to term debt | 425,000 | ' |
Payments of term debt | -100,132 | -11,124 |
Distributions paid | -71,809 | -57,846 |
Proceeds from sale of common shares / units, net of offering costs | 128,332 | 172,853 |
Lease deposits and other obligations to tenants | 4,910 | 1,516 |
Debt issuance costs paid and other financing activities | -11,496 | -114 |
Net cash provided by financing activities | 269,805 | 20,285 |
Increase in cash and cash equivalents for period | 151,129 | -11,239 |
Effect of exchange rate changes | -85 | ' |
Cash and cash equivalents at beginning of period | 45,979 | 37,311 |
Cash and cash equivalents at end of period | 197,023 | 26,072 |
Interest paid | 41,907 | 29,114 |
Supplemental schedule of non-cash financing activities: | ' | ' |
Distributions declared, unpaid | 36,277 | 30,081 |
MPT Operating Partnership, L.P. [Member] | ' | ' |
Operating activities | ' | ' |
Net income | 7,103 | 53,614 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 26,715 | 17,927 |
Straight-line rent revenue | -6,236 | -5,407 |
Straight-line rent write-off | 950 | ' |
Impairment charges | 50,128 | ' |
Direct financing lease interest accretion | -3,256 | -2,498 |
Share-based compensation | 4,433 | 4,204 |
Gain on sale of real estate | ' | -2,054 |
Amortization and write-off of deferred financing costs and debt discount | 2,484 | 1,752 |
Other adjustments | -8,486 | 4,605 |
Changes in: | ' | ' |
Interest and rent receivable | -9,064 | -8,943 |
Accounts payable and accrued expenses | -14,516 | -6,955 |
Net cash provided by operating activities | 50,255 | 56,245 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -115,000 | -75,000 |
Principal received on loans receivable | 6,829 | 3,293 |
Net proceeds from sale of real estate | ' | 18,409 |
Investments in loans receivable | -5,601 | -1,300 |
Construction in progress and other | -55,159 | -33,171 |
Net cash used for investing activities | -168,931 | -87,769 |
Financing activities | ' | ' |
Revolving credit facilities, net | -105,000 | -85,000 |
Additions to term debt | 425,000 | ' |
Payments of term debt | -100,132 | -11,124 |
Distributions paid | -1,809 | -57,846 |
Proceeds from sale of common shares / units, net of offering costs | 128,332 | 172,853 |
Lease deposits and other obligations to tenants | 4,910 | 1,516 |
Debt issuance costs paid and other financing activities | -11,496 | -114 |
Net cash provided by financing activities | 269,805 | 20,285 |
Increase in cash and cash equivalents for period | 151,129 | -11,239 |
Effect of exchange rate changes | -85 | ' |
Cash and cash equivalents at beginning of period | 45,979 | 37,311 |
Cash and cash equivalents at end of period | 197,023 | 26,072 |
Interest paid | 41,907 | 29,114 |
Supplemental schedule of non-cash financing activities: | ' | ' |
Distributions declared, unpaid | $36,277 | $30,081 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
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 not be subject to U.S. federal income tax, 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. | |
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 United States and Europe—we made our first acquisition outside the United States in the fourth quarter of 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Unaudited Interim Condensed Consolidated Financial Statements: The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, including rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete 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 for the year ended December 31, 2013. During the six months ended June 30, 2014, there were no material changes to these policies, except as noted below with respect to discontinued operations. | |||||||||||
Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2014 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. | |||||||||||
Recent Accounting Developments: In 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. We adopted ASU 2014-08 for the quarter ended March 31, 2014. The application of this guidance is prospective from the date of adoption and should result in our not generally having to reflect single property disposals as discontinued operations in the future. | |||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position and results of operations. | |||||||||||
Variable Interest Entities | |||||||||||
At June 30, 2014, we had loans to and/or equity investments in several variable interest entities (“VIEs”) for which we are not the primary beneficiary. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at June 30, 2014 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Amount(2) | ||||||||||
Classification | |||||||||||
Loans, net | $ | 248,794 | Mortgage and other loans | $ | 208,509 | ||||||
Equity investments | $ | 18,785 | Other assets | $ | 5,141 | ||||||
-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 healthcare operations of our borrower or investee) that most significantly impact the VIE’s economic performance. As of June 30, 2014, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
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 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. |
Real_Estate_and_Lending_Activi
Real Estate and Lending Activities | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||
Real Estate and Lending Activities | ' | ||||||||||||||||||
3. Real Estate and Lending Activities | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
2014 Activity | |||||||||||||||||||
On March 31, 2014, we acquired a general acute care hospital and an adjacent parcel of land for an aggregate purchase price of $115 million from a joint venture of LHP Hospital Group, Inc. and Hackensack University Medical Center Mountainside. The facility was simultaneously leased back to the seller under a lease with a 15-year initial term with a 3-year extension option, followed by a further 12-year extension option at fair market value. The lease provides for consumer price-indexed annual rent increases, subject to a specified floor and ceiling. The lease includes a customary right of first refusal with respect to a subsequent proposed sale of the facility. | |||||||||||||||||||
2013 Activity | |||||||||||||||||||
On June 11, 2013, we acquired the real estate of two acute care hospitals in Kansas from affiliates of Prime Healthcare Services, Inc. (“Prime”) for a combined purchase price of $75 million and leased the facilities to the operator under a master lease agreement. The master lease is for 10 years and contains two renewal options of five years each, and the rent increases annually based on the greater of the consumer price-index or 2%. This lease is accounted for as a direct financing lease (“DFL”). | |||||||||||||||||||
As part of these acquisitions, we acquired the following assets: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Assets Acquired | |||||||||||||||||||
Land | $ | 8,515 | $ | — | |||||||||||||||
Building | 99,602 | — | |||||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life 15 years) | 6,883 | — | |||||||||||||||||
Net investments in direct financing leases | — | 75,000 | |||||||||||||||||
Total assets acquired | $ | 115,000 | $ | 75,000 | |||||||||||||||
The purchase price allocation attributable to the facility acquired in the 2014 first quarter along with the facilities acquired from IASIS and RHM in the 2013 third and fourth quarters is preliminary as we are waiting on additional information to perform our final analysis. When all relevant information is obtained, and if changes to our provisional purchase price allocations are needed, we will retrospectively adjust to reflect the new information obtained about the facts and circumstances that existed as of the respective acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. | |||||||||||||||||||
Development Activities | |||||||||||||||||||
During the first six months of 2014, we completed construction and began recording rental income on the following facilities: | |||||||||||||||||||
• | Northern Utah Rehabilitation Hospital – This $19 million inpatient rehabilitation facility located in South Ogden, Utah is leased to Ernest pursuant to the 2012 master lease. | ||||||||||||||||||
• | First Choice ER (a subsidiary of Adeptus Health) – We completed 8 acute care facilities for this tenant during 2014 totaling approximately $29.5 million, including Nacogdoches, Alvin, Brodie, Firestone, Frisco, Briar Forest, North Gate and Cedar Hill. These facilities are leased pursuant to the master lease entered into in 2013. | ||||||||||||||||||
During the first six months of 2014, we began construction on two additional facilities pursuant to the master funding and development agreement with First Choice ER. | |||||||||||||||||||
In regards to our Twelve Oaks facility, approximately 55% of this facility is being occupied, pursuant to a 15 year lease. | |||||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||||
Property | Location | Property Type | Operator | Commitment | Costs Incurred | Estimated | |||||||||||||
as of | Completion | ||||||||||||||||||
June 30, | Date | ||||||||||||||||||
2014 | |||||||||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | Acute Care Hospital | National Surgical | $ | 33,500 | $ | 28,669 | 3Q 2014 | |||||||||||
Hospitals | |||||||||||||||||||
First Choice ER - Allen | Allen, TX | Acute Care Hospital | Adeptus Health | 6,187 | 3,365 | 3Q 2014 | |||||||||||||
First Choice ER - Broomfield | Broomfield, CO | Acute Care Hospital | Adeptus Health | 5,238 | 2,515 | 3Q 2014 | |||||||||||||
First Choice ER - Spring | Spring, TX | Acute Care Hospital | Adeptus Health | 5,804 | 2,676 | 3Q 2014 | |||||||||||||
First Choice ER - Fountain | Fountain, CO | Acute Care Hospital | Adeptus Health | 6,194 | 3,380 | 3Q 2014 | |||||||||||||
First Choice ER - Missouri City (Sienna) | Houston, TX | Acute Care Hospital | Adeptus Health | 5,394 | 3,565 | 3Q 2014 | |||||||||||||
First Choice ER - Pearland | Pearland, TX | Acute Care Hospital | Adeptus Health | 5,691 | 2,331 | 4Q 2014 | |||||||||||||
First Choice ER - Thornton | Thornton, CO | Acute Care Hospital | Adeptus Health | 6,029 | 2,652 | 4Q 2014 | |||||||||||||
First Choice ER - Missouri City (Dulles) | Houston, TX | Acute Care Hospital | Adeptus Health | 5,693 | 2,516 | 4Q 2014 | |||||||||||||
First Choice ER - Commerce City | Denver, CO | Acute Care Hospital | Adeptus Health | 5,371 | 707 | 4Q 2014 | |||||||||||||
$ | 85,101 | $ | 52,376 | ||||||||||||||||
Disposals | |||||||||||||||||||
In April 2013, we sold two long-term acute care hospitals, Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas, for total proceeds of $18.5 million, resulting in a gain of $2.1 million. | |||||||||||||||||||
Leasing Operations | |||||||||||||||||||
All of our leases are accounted for as operating leases except for the master lease of 13 Ernest facilities and five Prime facilities which are accounted for as direct financing leases (“DFLs”). The components of our net investment in DFLs consisted of the following (dollars in thousands): | |||||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Minimum lease payments receivable | $ | 1,626,490 | $ | 1,647,567 | |||||||||||||||
Estimated residual values | 211,888 | 211,863 | |||||||||||||||||
Less: Unearned income | (1,404,067 | ) | (1,428,406 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 434,311 | $ | 431,024 | |||||||||||||||
Monroe Facility | |||||||||||||||||||
As of June 30, 2014 and December 31, 2013, our net investment (exclusive of the related real estate) in Monroe was as follows: | |||||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Loans | $ | 32,943 | $ | 31,341 | |||||||||||||||
Less: Loan impairment reserve | (32,943 | ) | (12,000 | ) | |||||||||||||||
Loans, net | — | 19,341 | |||||||||||||||||
Interest, rent and other receivables | — | 20,972 | |||||||||||||||||
Net investment | $ | — | $ | 40,313 | |||||||||||||||
The current operator of our Monroe facility has not made all payments required by the real estate lease agreement and working capital loan agreement, and we have deemed these assets to be impaired. During 2010, we recorded a $12 million impairment charge on the working capital loan and fully reserved for unbilled straight-line rent receivables as well. Since 2010, we have not recognized any interest income on the Monroe loan and have not recorded any unbilled rent revenue. In addition, we stopped recording billed rental revenue on April 1, 2013. | |||||||||||||||||||
During the first quarter of 2014, we executed a non-binding letter of intent with a third party with respect to a restructuring of our investment in the form of a new joint venture that would acquire the real estate of our Monroe facility and related assets in exchange for a combination of cash and promissory notes along with the potential of additional cash, if any, to be generated from our share in this new joint venture’s operations. Based on those new developments and the fair value of the loan’s underlying collateral at that time (using Level 2 inputs), we recorded an approximate $20.5 million impairment charge in the 2014 first quarter. Subsequent to the 2014 first quarter, we terminated this non-binding letter of intent. | |||||||||||||||||||
In July 2014, we entered into an agreement with a third-party to manage the Monroe Hospital. In addition, we entered into a non-binding letter of intent with this same party to lease the facility for initial cash rents of $2.1 million. These agreements contemplate a bankruptcy filing by the existing tenant and do not provide us with any recovery on the past due receivables at June 30, 2014. Based on these new developments and the fair value of our real estate and the underlying collateral of our loan (using Level 2 inputs), we recorded a $26.5 million impairment charge in the 2014 second quarter. This charge effectively reduces our overall investment in Monroe to the fair value of the underlying real estate, or $25 million, which we believe is fully recoverable at June 30, 2014. | |||||||||||||||||||
Bucks facility | |||||||||||||||||||
On May 20, 2014, the tenant of our Bucks facility gave notice of their intent to exercise the lease’s purchase option. Pursuant to this purchase option, the tenant acquired the facility on August 6, 2014 for $35 million. At June 30, 2014, we met the criteria to classify this facility as an Asset Held for Sale; thus, we wrote down this facility to fair market value less cost to sell, resulting in a $3.1 million real estate impairment charge. The sale of the Bucks facility is not a strategic shift in our operations, and therefore the results of the Bucks operations have not been reclassified as discontinued operations. | |||||||||||||||||||
Florence facility | |||||||||||||||||||
On March 6, 2013, the tenant of our facility in Phoenix, Arizona filed for Chapter 11 bankruptcy; but continues to pay rent. We have a letter of credit for approximately $1.2 million to cover any rent and other monetary payments not made. Although no assurances can be made that we will not have any impairment charges in the future, we believe our real estate investment in Florence of approximately $28 million at June 30, 2014, is fully recoverable. | |||||||||||||||||||
Gilbert facility | |||||||||||||||||||
In the first quarter of 2014, the tenant of our facility in Gilbert, Arizona filed for Chapter 11 bankruptcy; we sent notice of termination of the lease prior to the bankruptcy filing. As a result of the lease terminating, we recorded a charge of approximately $1 million to reserve against the straight-line rent receivables. In addition, we accelerated the amortization of the related lease intangible asset resulting in $1.1 million of additional expense in the 2014 first quarter. At June 30, 2014, we have $0.3 million of outstanding receivables, which we believe are collectible. Although no assurances can be made that we will not have any impairment charges or write-offs of receivables in the future, we believe our real estate investment in Gilbert of approximately $14 million at June 30, 2014, is fully recoverable. | |||||||||||||||||||
Loans | |||||||||||||||||||
The following is a summary of our loans (in thousands): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Mortgage loans | $ | 385,100 | $ | 388,756 | |||||||||||||||
Acquisition loans | 108,772 | 109,655 | |||||||||||||||||
Working capital and other loans | 28,346 | 47,983 | |||||||||||||||||
Convertible loan | 3,352 | 3,352 | |||||||||||||||||
$ | 525,570 | $ | 549,746 | ||||||||||||||||
The decrease in our working capital and other loans is primarily due to the impairment charge incurred on our Monroe loan during 2014 – see Note 3, Leasing Operations for further discussion. | |||||||||||||||||||
On March 1, 2012, pursuant to our convertible note agreement, we converted $1.7 million of our $5.0 million convertible note into a 9.9% equity interest in the operator of our Hoboken University Medical Center facility. At June 30, 2014, $3.3 million remains outstanding on the convertible note, and we retain the option, subject to regulatory approvals, to convert this remainder into 15.1% of equity interest in the operator. | |||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||
For the three months ended June 30, 2014 and 2013, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 27.9% and 32.5%, respectively, of total revenue. For the six months ended June 30, 2014 and 2013, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 28.5% and 31.9%, respectively, of total revenue. From an investment concentration perspective, Prime represented 22.3% and 24.5% of our total assets at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||
For the three months ended June 30, 2014 and 2013, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 18.2% and 20.4%, respectively, of total revenue. For the six months ended June 30, 2014 and 2013, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 18.9% and 20.5%, respectively, of total revenue. From an investment concentration perspective, Ernest represented 15.1% and 15.9% of our total assets at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||
On an individual property basis, we had no investment of any single property greater than 4% of our total assets as of June 30, 2014. | |||||||||||||||||||
From a geographic perspective, investments located in California represented 17.1% of our total assets at June 30, 2014, down from 18.7% at December 31, 2013. Investments located in Texas represented 21.3% of our total assets at June 30, 2014, down slightly from 22.7% at December 31, 2013. In addition, we further expanded our portfolio into Europe with the RHM portfolio acquisition in 2013, which represents less than 8% of total assets at June 30, 2014. |
Debt
Debt | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
4. Debt | |||||||||||||||||
The following is a summary of our debt (dollar amounts in thousands): | |||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | — | Variable | $ | 105,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 350,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,697 | — | 2,873 | — | |||||||||||||
352,697 | 352,873 | ||||||||||||||||
2013 Senior Unsecured Notes (A) | 273,840 | 5.75 | % | 274,860 | 5.75 | % | |||||||||||
2014 Senior Unsecured Notes | 300,000 | 5.5 | % | — | — | ||||||||||||
Term loans | 138,816 | Various | 113,948 | Various | |||||||||||||
$ | 1,640,353 | $ | 1,421,681 | ||||||||||||||
(A) | These notes are Euro-denominated and reflect the exchange rate at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
As of June 30, 2014, principal payments due for our debt (which exclude the effects of any premiums recorded) are as follows (in thousands): | |||||||||||||||||
2014 | $ | 134 | |||||||||||||||
2015 | 283 | ||||||||||||||||
2016 | 125,298 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 12,781 | ||||||||||||||||
Thereafter | 1,498,840 | ||||||||||||||||
Total | $ | 1,637,656 | |||||||||||||||
Credit Facility | |||||||||||||||||
On June 19, 2014, we closed on a new $900 million senior unsecured credit facility (the “Credit Facility”). The Credit Facility is comprised of a $775 million senior unsecured revolving credit facility (the “Revolving credit facility”) and a $125 million senior unsecured term loan facility (the “Term Loan”) .The Credit Facility has an accordion feature that allows us to expand the size of the facility by up to $250 million through increases to the Revolving credit facility, Term Loan, both or as a separate term loan tranche. The Credit Facility replaces our existing $400 million unsecured revolving credit facility and $100 million unsecured term loan. This transaction resulted in a refinancing charge of approximately $0.3 million in the 2014 second quarter. | |||||||||||||||||
The Revolving credit facility matures in June 2018 and can be extended for an additional 12 months at our option. The Revolving credit facility’s interest rate is (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread initially set at 1.00%, but that is adjustable from 0.70% to 1.25% based on current total leverage, or (2) LIBOR plus a spread initially set at 2.00%, but that is adjustable from 1.70% to 2.25% based on current total leverage. The pricing grid for the Revolving credit facility may be further adjusted subject to an investment grade rating being obtained. In addition to interest expense, we are required to pay a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.25% to 0.35% per year. At June 30, 2014, we had no borrowings outstanding on the Revolving credit facility. | |||||||||||||||||
The Term Loan matures in June 2019. The Term Loan’s interest rate is (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread initially set at 0.95%, but that is adjustable from 0.60% to 1.20% based on current total leverage, or (2) LIBOR plus a spread initially set at 1.95%, but that is adjustable from 1.60% to 2.20% based on current total leverage. The pricing grid for the Term Loan may be similarly adjusted subject to an investment grade rating being obtained. | |||||||||||||||||
2014 Senior Unsecured Notes | |||||||||||||||||
On April 17, 2014, we completed a $300 million senior unsecured notes offering (“2014 Senior Unsecured Notes”). Interest on the Notes will be payable semi-annually on May 1 and November 1 of each year, commencing on November 1, 2014. The 2014 Senior Unsecured Notes will pay interest in cash at a rate of 5.50% per year. The Notes mature on May 1, 2024. We may redeem some or all of the 2014 Senior Unsecured Notes at any time prior to May 1, 2019 at a “make-whole” redemption price. On or after May 1, 2019, we may redeem some or all of the Notes at a premium that will decrease over time. In addition, at any time and from time to time prior to May 1, 2017, we may redeem up to 35% of the aggregate principal amount of the 2014 Senior Unsecured Notes using the proceeds of one or more equity offerings. The 2014 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by certain subsidiary guarantors. In the event of a change of control, each holder of the 2014 Senior Unsecured Notes may require us to repurchase some or all of our 2014 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2014 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
Interest Rate Swap | |||||||||||||||||
During the second quarter 2010, we entered into an interest rate swap to manage our exposure to variable interest rates by fixing $65 million of our 2006 Senior Unsecured Notes, which started July 31, 2011 (date on which the interest rate turned variable) through maturity date (or July 2016), at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of our 2006 Senior Unsecured Notes which started October 31, 2011 (date on which the related interest rate turned variable) through the maturity date (or October 2016) at a rate of 5.675%. The fair value of the interest rate swaps was $7.8 million and $9.0 million as of June 30, 2014 and December 31, 2013, respectively, which is reflected in accounts payable and accrued expenses on the consolidated balance sheets. | |||||||||||||||||
We designated our interest rate swaps as cash flow hedges. Accordingly, the effective portion of changes in the fair value of our swaps is recorded as a component of accumulated other comprehensive income/loss on the balance sheet and reclassified into earnings in the same period, or periods, during which the hedged transactions effect earnings, while any ineffective portion is recorded through earnings immediately. We did not have any hedge ineffectiveness in the periods; therefore, there was no income statement effect recorded during the three and six month periods ended June 30, 2014 or 2013. We do not expect any of the current losses included in accumulated other comprehensive loss to be reclassified into earnings in the next 12 months. At June 30, 2014 and December 31, 2013, we had $4.1 million and $5.0 million, respectively, posted as collateral, which is currently reflected in other assets on our consolidated balance sheets. | |||||||||||||||||
Covenants | |||||||||||||||||
Our debt facilities impose certain restrictions on us, including, but not limited to, restrictions on our ability to: incur debt; 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 agreement governing our Credit Facility limit the amount of dividends we can pay to 95% of normalized adjusted funds from operations, as defined in the agreements, on a rolling four quarter basis. The indentures governing our 2011, 2012, 2013 and 2014 Senior Unsecured Notes also limit the amount of dividends we can pay based on the sum of 95% of funds from operations, proceeds of equity issuances and certain other net cash proceeds. Finally, our 2011, 2012, 2013 and 2014 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, unsecured leverage ratio, consolidated adjusted net worth, and unsecured interest coverage ratio. This 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 facility, the entire outstanding balance may become immediately due and payable. At June 30, 2014, we were in compliance with all such financial and operating covenants |
Common_StockPartners_Capital
Common Stock/Partners' Capital | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Common Stock/Partners' Capital | ' |
5. Common Stock/Partners’ Capital | |
Medical Properties Trust, Inc. | |
On March 11, 2014, we completed an underwritten public offering of 7.7 million shares of our common stock, resulting in net proceeds of approximately $100.2 million, after deducting estimated offering expenses. We also granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock. The option, which was exercised in full, closed on April 8, 2014 and resulted in additional net proceeds of approximately $16 million. | |
In January 2014, we put an at-the-market equity offering program in place, giving us the ability to sell up to $250 million of stock with a commission of 1.25%. During the first quarter of 2014, we sold 0.9 million shares of our common stock under our at-the-market equity offering program, at an average price of $13.21 per share resulting in total proceeds, net of commission, of $12.3 million. | |
On February 28, 2013, we completed an offering of 12.7 million shares of our common stock (including 1.7 million shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a price of $14.25 per share, resulting in net proceeds (after underwriting discount and expenses) of $172.9 million. | |
MPT Operating Partnership, L.P. | |
At June 30, 2014, the Company has a 99.9% 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, 2014 and 2013, the partnership issued 9.8 million and 12.7 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, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock Awards | ' |
6. Stock Awards | |
We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during 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 7,643,651 shares of common stock for awards under the Equity Incentive Plan for which 6,436,291 shares remain available for future stock awards as of June 30, 2014. We awarded the following during the six months ended June 2014 and 2013: | |
Time-based awards —We granted 345,984 and 258,736 shares in 2014 and 2013, respectively, of time-based restricted stock to management, independent directors and certain employees. These awards vest quarterly based on service, over three years, in equal amounts. | |
Performance-based awards —Our management team and certain employees were awarded 324,754 and 222,566 of performance based awards in 2014 and 2013, respectively. These awards vest ratably over a three year period based on the achievement of certain total shareholder return measures, with a carry-back and carry-forward provision through December 31, 2017 (for the 2013 awards) and December 31, 2018 (for the 2014 awards). Dividends on these awards are paid only upon achievement of the performance measures. | |
Multi-year Performance-based awards —We awarded 500,000 and 550,000 shares in 2014 and 2013, respectively, of multi-year performance-based awards to management. These shares are subject to three-year cumulative performance hurdles based on measures of total shareholder return. At the end of the three-year performance period, any earned shares will be subject to an additional two years of ratable time-based vesting on an annual basis. Dividends are paid on these shares only upon achievement of the performance measures. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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. Included in our accounts payable and accrued expenses are our interest rate swaps, which are recorded at fair value based on Level 2 observable market assumptions using standardized derivative pricing models. 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 2011, 2012, 2013 and 2014 Senior Unsecured Notes, using Level 2 inputs such as quotes from securities dealers and market makers. We estimate the fair value of our 2006 Senior Unsecured Notes, 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, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 46,353 | $ | 40,158 | $ | 58,565 | $ | 44,415 | |||||||||
Loans (1) | 328,037 | 343,958 | 351,713 | 358,383 | |||||||||||||
Debt, net | (1,640,354 | ) | (1,740,184 | ) | (1,421,681 | ) | (1,486,090 | ) | |||||||||
-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 and related loans, which were acquired in 2012, are being 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 equity interests or loans. | |||||||||||||||||
At June 30, 2014, these amounts were as follows (in thousands): | |||||||||||||||||
Asset Type | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loans | 97,533 | 97,533 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 200,833 | $ | 200,833 | ||||||||||||||
Our mortgage loans with Ernest are recorded at fair value based on Level 3 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 acquisition loans and equity investments in Ernest are 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 these loans and equity investments 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 these cash flow models, 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, 2014. | |||||||||||||||||
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) | ||||||||||||||||
In Fair Value | |||||||||||||||||
+100 basis points | $ | (375 | ) | ||||||||||||||
- 100 basis points | 375 | ||||||||||||||||
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 2014. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
8. Discontinued Operations | |||||||||||||||||
The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of in 2013, for the three and six months ended June 30, 2014 and 2013 (dollar amounts in thousands except per share/unit amounts): | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | 411 | $ | — | $ | 1,238 | |||||||||
Gain (loss) on sale | — | 2,054 | — | 2,054 | |||||||||||||
Income | — | 2,374 | (2 | ) | 3,018 | ||||||||||||
Earnings per share/unit — diluted | $ | — | $ | 0.02 | $ | — | $ | 0.02 |
Earnings_Per_ShareCommon_Unit
Earnings Per Share/Common Unit | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share/Common Unit | ' | ||||||||
9. Earnings Per Share/Common Unit | |||||||||
Medical Properties Trust, Inc. | |||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income (loss) from continuing operations | $ | (203 | ) | $ | 25,031 | ||||
Non-controlling interests’ share in continuing operations | — | (57 | ) | ||||||
Participating securities’ share in earnings | (195 | ) | (179 | ) | |||||
Income (loss) from continuing operations, less participating securities’ share in earnings | (398 | ) | 24,795 | ||||||
Income from discontinued operations attributable to MPT common stockholders | — | 2,374 | |||||||
Net income (loss), less participating securities’ share in earnings | $ | (398 | ) | $ | 27,169 | ||||
Denominator: | |||||||||
Basic weighted-average common shares | 171,718 | 149,509 | |||||||
Dilutive potential common shares | 651 | 1,547 | |||||||
Dilutive weighted-average common shares | 172,369 | 151,056 | |||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 7,105 | $ | 50,596 | |||||
Non-controlling interests’ share in continuing operations | (65 | ) | (110 | ) | |||||
Participating securities’ share in earnings | (404 | ) | (372 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 6,636 | 50,114 | |||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2 | ) | 3,018 | ||||||
Net income, less participating securities’ share in earnings | $ | 6,634 | $ | 53,132 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 167,846 | 144,928 | |||||||
Dilutive potential common shares | 613 | 1,363 | |||||||
Dilutive weighted-average common shares | 168,459 | 146,291 | |||||||
MPT Operating Partnership, L.P. | |||||||||
Our earnings per common unit were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income (loss) from continuing operations | $ | (203 | ) | $ | 25,031 | ||||
Non-controlling interests’ share in continuing operations | — | (57 | ) | ||||||
Participating securities’ share in earnings | (195 | ) | (179 | ) | |||||
Income (loss) from continuing operations, less participating securities’ share in earnings | (398 | ) | 24,795 | ||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | — | 2,374 | |||||||
Net income (loss), less participating securities’ share in earnings | $ | (398 | ) | $ | 27,169 | ||||
Denominator: | |||||||||
Basic weighted-average units | 171,718 | 149,509 | |||||||
Dilutive potential units | 651 | 1,547 | |||||||
Dilutive weighted-average units | 172,369 | 151,056 | |||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 7,105 | $ | 50,596 | |||||
Non-controlling interests’ share in continuing operations | (65 | ) | (110 | ) | |||||
Participating securities’ share in earnings | (404 | ) | (372 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 6,636 | 50,114 | |||||||
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners | (2 | ) | 3,018 | ||||||
Net income, less participating securities’ share in earnings | $ | 6,634 | $ | 53,132 | |||||
Denominator: | |||||||||
Basic weighted-average units | 167,846 | 144,928 | |||||||
Dilutive potential units | 613 | 1,363 | |||||||
Dilutive weighted-average units | 168,459 | 146,291 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
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, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11. Subsequent Events | |
On July 29, 2014, we executed a binding $150 million agreement with Adeptus Health for the development of acute care hospitals and free-standing emergency departments in the states of Texas, Colorado and Arizona. These facilities will be leased to Adeptus Health pursuant to a new master lease agreement that has a 15-year initial term with three extension options of five years each that provides for annual rent increases based on changes in the consumer price index. This new master lease agreement is cross-defaulted with the original master lease executed with First Choice ER in 2013. | |
On July 1, 2014, we acquired an acute care hospital in Peasedown St. John, United Kingdom from Circle Health Ltd., through its subsidiary Circle Hospital (Bath) Ltd. The sale/leaseback transaction, excluding any transfer taxes, is valued at approximately £28.3 million. The lease has an initial term of 15-years with a tenant option to extend the lease for an additional 15 years. The lease includes annual rent increases, which will equal the year-over-year change in the retail price index (“RPI”) with a floor of 2% and a cap of 5%. With this transaction, we will incur approximately £1.1 million of transfer and other taxes that will be expensed as acquisition costs. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||
12. Condensed Consolidating Financial Information | |||||||||||||||||||||||||
The following tables present the condensed consolidating financial information for (a) Medical Properties Trust, Inc. (“Parent” and a guarantor to our 2011, 2012, 2013 and 2014 Senior Unsecured Notes), (b) MPT Operating Partnership, L.P. and MPT Finance Corporation (“Subsidiary Issuers”), (c) on a combined basis, the guarantors of our 2011, 2012, 2013 and 2014 Senior Unsecured Notes (“Subsidiary Guarantors”), and (d) on a combined basis, the non-guarantor subsidiaries (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because the guarantee by each 100% owned Subsidiary Guarantor is joint and several, and we believe separate financial statements and other disclosures regarding the Subsidiary Guarantors are not material to investors. Furthermore, there are no significant legal restrictions on the Parent’s ability to obtain funds from its subsidiaries by dividend or loan. | |||||||||||||||||||||||||
The guarantees by the Subsidiary Guarantors may be released and discharged upon: (1) any sale, exchange or transfer of all of the capital stock of a Subsidiary Guarantor; (2) the merger or consolidation of a Subsidiary Guarantor with a Subsidiary Issuer or any other Subsidiary Guarantor; (3) the proper designation of any Subsidiary Guarantor by the Subsidiary Issuers as “unrestricted” for covenant purposes under the indenture governing the 2011, 2012, 2013 and 2014 Senior Unsecured Notes; (4) the legal defeasance or covenant defeasance or satisfaction and discharge of the indenture; (5) a liquidation or dissolution of a Subsidiary Guarantor permitted under the indenture governing the 2011, 2012, 2013 and 2014 Senior Unsecured Notes; or (6) the release or discharge of the Subsidiary Guarantor from its guarantee obligations under our revolving credit facility. | |||||||||||||||||||||||||
Subsequent to June 30, 2013, certain of our subsidiaries were re-designated as non-guarantors of our 2011, 2012, 2013 and 2014 Senior Unsecured Notes as the underlying properties were sold in 2013 or related mortgage loans paid off in 2014. In addition, certain of our subsidiaries previously classified as non-guarantors are guarantors as of June 30, 2014. With these re-designations, we have restated the 2013 consolidating financial information below to reflect these changes. | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,959,605 | $ | 66,654 | $ | — | $ | 2,026,259 | |||||||||||||
Mortgage loans | — | — | 285,100 | 100,000 | — | 385,100 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 213,966 | 220,345 | — | 434,311 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,458,671 | 386,999 | — | 2,845,670 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (169,260 | ) | (9,002 | ) | — | (178,262 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,289,411 | 377,997 | — | 2,667,408 | |||||||||||||||||||
Cash and cash equivalents | — | 120,030 | 26,705 | 50,288 | — | 197,023 | |||||||||||||||||||
Interest and rent receivables | — | 832 | 18,655 | 26,866 | — | 46,353 | |||||||||||||||||||
Straight-line rent receivables | — | — | 40,900 | 10,293 | — | 51,193 | |||||||||||||||||||
Other loans | — | — | 1,100 | 139,370 | — | 140,470 | |||||||||||||||||||
Net intercompany receivable | 35,785 | 2,028,913 | — | — | (2,064,698 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,413,344 | 880,837 | 43,159 | — | (2,337,340 | ) | — | ||||||||||||||||||
Other assets | — | 46,340 | 857 | 40,400 | — | 87,597 | |||||||||||||||||||
Total Assets | $ | 1,449,129 | $ | 3,076,952 | $ | 2,420,787 | $ | 645,214 | $ | (4,402,038 | ) | $ | 3,190,044 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,626,537 | $ | — | $ | 13,816 | $ | — | $ | 1,640,353 | |||||||||||||
Accounts payable and accrued expenses | 36,175 | 37,438 | 10,103 | 515 | — | 84,231 | |||||||||||||||||||
Net intercompany payable | — | — | 1,620,097 | 444,601 | (2,064,698 | ) | — | ||||||||||||||||||
Deferred revenue | — | 220 | 21,046 | 6,159 | — | 27,425 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | (587 | ) | 21,579 | 4,089 | — | 25,081 | ||||||||||||||||||
Total liabilities | 36,175 | 1,663,608 | 1,672,825 | 469,180 | (2,064,698 | ) | 1,777,090 | ||||||||||||||||||
Total equity | 1,412,954 | 1,413,344 | 747,962 | 176,034 | (2,337,340 | ) | 1,412,954 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,449,129 | $ | 3,076,952 | $ | 2,420,787 | $ | 645,214 | $ | (4,402,038 | ) | $ | 3,190,044 | ||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 43,592 | $ | 6,240 | $ | (3,904 | ) | $ | 45,928 | ||||||||||||
Straight-line rent | — | — | 2,491 | 687 | — | 3,178 | |||||||||||||||||||
Income from direct financing leases | — | — | 11,652 | 5,898 | (5,287 | ) | 12,263 | ||||||||||||||||||
Interest and fee income | — | 8,360 | 13,666 | 7,422 | (14,257 | ) | 15,191 | ||||||||||||||||||
Total revenues | — | 8,360 | 71,401 | 20,247 | (23,448 | ) | 76,560 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 11,940 | 502 | — | 12,442 | |||||||||||||||||||
Impairment charges | — | 289 | 21,975 | 7,367 | — | 29,631 | |||||||||||||||||||
Property-related | — | 168 | (105 | ) | 9,090 | (9,191 | ) | (38 | ) | ||||||||||||||||
General and administrative | — | 8,500 | 55 | (349 | ) | — | 8,206 | ||||||||||||||||||
Acquisition expenses | — | 2,510 | 25 | — | — | 2,535 | |||||||||||||||||||
Total operating expenses | — | 11,467 | 33,890 | 16,610 | (9,191 | ) | 52,776 | ||||||||||||||||||
Operating income (expense) | — | (3,107 | ) | 37,511 | 3,637 | (14,257 | ) | 23,784 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | 19 | — | — | — | 19 | |||||||||||||||||||
Earnings from equity and other interests | — | — | 111 | 575 | — | 686 | |||||||||||||||||||
Interest income (expense) | — | (24,724 | ) | (6,636 | ) | (7,259 | ) | 14,257 | (24,362 | ) | |||||||||||||||
Debt refinancing costs | — | (290 | ) | — | — | — | (290 | ) | |||||||||||||||||
Income tax benefit (expense) | — | — | (32 | ) | (8 | ) | — | (40 | ) | ||||||||||||||||
Net other income (expense) | — | (24,995 | ) | (6,557 | ) | (6,692 | ) | 14,257 | (23,987 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (28,102 | ) | 30,954 | (3,055 | ) | — | (203 | ) | ||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | (203 | ) | 27,899 | 1,042 | — | (28,738 | ) | — | |||||||||||||||||
Net income | (203 | ) | (203 | ) | 31,996 | (3,055 | ) | (28,738 | ) | (203 | ) | ||||||||||||||
Net income (loss) attributable to non-controlling interests | — | — | — | — | — | — | |||||||||||||||||||
Net income attributable to MPT common stockholders | $ | (203 | ) | $ | (203 | ) | $ | 31,996 | $ | (3,055 | ) | $ | (28,738 | ) | $ | (203 | ) | ||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 84,543 | $ | 11,928 | $ | (7,582 | ) | $ | 88,889 | ||||||||||||
Straight-line rent | — | — | 3,888 | 1,478 | — | 5,366 | |||||||||||||||||||
Income from direct financing leases | — | — | 23,261 | 11,770 | (10,552 | ) | 24,479 | ||||||||||||||||||
Interest and fee income | — | 18,492 | 28,863 | 15,293 | (31,733 | ) | 30,915 | ||||||||||||||||||
Total revenues | — | 18,492 | 140,555 | 40,469 | (49,867 | ) | 149,649 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 25,204 | 927 | — | 26,131 | |||||||||||||||||||
Impairment charges | — | 289 | 21,975 | 27,864 | — | 50,128 | |||||||||||||||||||
Property-related | — | 339 | 325 | 18,170 | (18,134 | ) | 700 | ||||||||||||||||||
General and administrative | — | 16,649 | 258 | 258 | — | 17,165 | |||||||||||||||||||
Acquisition expenses | — | 2,886 | 161 | — | — | 3,047 | |||||||||||||||||||
Total operating expenses | — | 20,163 | 47,923 | 47,219 | (18,134 | ) | 97,171 | ||||||||||||||||||
Operating income (expense) | — | (1,671 | ) | 92,632 | (6,750 | ) | (31,733 | ) | 52,478 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (30 | ) | — | — | — | (30 | ) | |||||||||||||||||
Earnings from equity and other interests | — | — | 111 | 794 | — | 905 | |||||||||||||||||||
Interest income (expense) | — | (46,546 | ) | (16,533 | ) | (14,628 | ) | 31,733 | (45,974 | ) | |||||||||||||||
Debt refinancing costs | — | (290 | ) | — | — | — | (290 | ) | |||||||||||||||||
Income tax benefit expense | — | — | 32 | (16 | ) | — | 16 | ||||||||||||||||||
Net other income (expense) | — | (46,866 | ) | (16,390 | ) | (13,850 | ) | 31,733 | (45,373 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (48,537 | ) | 76,242 | (20,600 | ) | — | 7,105 | |||||||||||||||||
Income (loss) from discontinued operations | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 7,103 | 55,640 | 2,163 | — | (64,906 | ) | — | ||||||||||||||||||
Net income | 7,103 | 7,103 | 78,405 | (20,602 | ) | (64,906 | ) | 7,103 | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | (65 | ) | (65 | ) | — | — | 65 | (65 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 7,038 | $ | 7,038 | $ | 78,405 | $ | (20,602 | ) | $ | (64,841 | ) | $ | 7,038 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income (loss) | $ | (203 | ) | $ | (203 | ) | $ | 31,996 | $ | (3,055 | ) | $ | (28,738 | ) | $ | (203 | ) | ||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 486 | 486 | — | — | (486 | ) | 486 | ||||||||||||||||||
Foreign currency translation gain | 73 | 73 | — | — | (73 | ) | 73 | ||||||||||||||||||
Total comprehensive income | 356 | 356 | 31,996 | (3,055 | ) | (29,297 | ) | 356 | |||||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 356 | $ | 356 | $ | 31,996 | $ | (3,055 | ) | $ | (29,297 | ) | $ | 356 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income (loss) | $ | 7,103 | $ | 7,103 | $ | 78,405 | $ | (20,602 | ) | $ | (64,906 | ) | $ | 7,103 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,206 | 1,206 | — | — | (1,206 | ) | 1,206 | ||||||||||||||||||
Foreign currency translation gain | 46 | 46 | — | — | (46 | ) | 46 | ||||||||||||||||||
Total comprehensive income | 8,355 | 8,355 | 78,405 | (20,602 | ) | (66,158 | ) | 8,355 | |||||||||||||||||
Comprehensive income attributable to non-controlling interests | (65 | ) | (65 | ) | — | — | 65 | (65 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 8,290 | $ | 8,290 | $ | 78,405 | $ | (20,602 | ) | $ | (66,093 | ) | $ | 8,290 | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (35 | ) | $ | (41,011 | ) | $ | 106,136 | $ | (14,835 | ) | $ | — | $ | 50,255 | ||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (115,000 | ) | — | — | (115,000 | ) | |||||||||||||||||
Principal received on loans receivable | — | — | — | 6,829 | — | 6,829 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | — | — | — | |||||||||||||||||||
Investments in loans receivable | — | — | — | (5,601 | ) | — | (5,601 | ) | |||||||||||||||||
Construction in progress and other | — | (382 | ) | (53,671 | ) | (1,106 | ) | — | (55,159 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (382 | ) | (168,671 | ) | 122 | — | (168,931 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (105,000 | ) | — | — | — | (105,000 | ) | |||||||||||||||||
Additions to term debt, net of discount | — | 425,000 | — | — | — | 425,000 | |||||||||||||||||||
Payments of term debt | — | (100,000 | ) | — | (132 | ) | — | (100,132 | ) | ||||||||||||||||
Distributions paid | (71,686 | ) | (71,809 | ) | — | — | 71,686 | (71,809 | ) | ||||||||||||||||
Proceeds from sale of common shares/units, net of offering costs | 128,332 | 128,332 | — | — | (128,332 | ) | 128,332 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | (404 | ) | 3,645 | 1,669 | — | 4,910 | ||||||||||||||||||
Net payments relating to intercompany financing | (56,611 | ) | (122,015 | ) | 58,586 | 63,394 | 56,646 | — | |||||||||||||||||
Debt issuance costs paid and other financing activities | — | (11,496 | ) | — | — | — | (11,496 | ) | |||||||||||||||||
Net cash provided by financing activities | 35 | 142,608 | 62,231 | 64,931 | — | 269,805 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | 101,215 | (304 | ) | 50,218 | — | 151,129 | ||||||||||||||||||
Effects of exchange rate changes on cash | — | — | (85 | ) | — | — | (85 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 120,030 | $ | 26,705 | $ | 50,288 | $ | — | $ | 197,023 | |||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,796,415 | $ | 69,040 | $ | — | $ | 1,865,455 | |||||||||||||
Mortgage loans | — | — | 285,106 | 103,650 | — | 388,756 | |||||||||||||||||||
Investment in direct financing leases | — | — | 212,543 | 218,481 | — | 431,024 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,294,064 | 391,171 | — | 2,685,235 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (151,624 | ) | (8,152 | ) | — | (159,776 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,142,440 | 383,019 | — | 2,525,459 | |||||||||||||||||||
Cash and cash equivalents | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Interest and rent receivables | — | 336 | 31,492 | 26,737 | — | 58,565 | |||||||||||||||||||
Straight-line rent receivables | — | — | 37,015 | 8,814 | — | 45,829 | |||||||||||||||||||
Other loans | — | 178 | 1,100 | 159,712 | — | 160,990 | |||||||||||||||||||
Net intercompany receivable | 35,363 | 1,907,474 | — | — | (1,942,837 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,344,598 | 825,153 | 42,407 | — | (2,212,158 | ) | — | ||||||||||||||||||
Other assets | — | 37,311 | 1,096 | 29,466 | — | 67,873 | |||||||||||||||||||
Total Assets | $ | 1,379,961 | $ | 2,789,267 | $ | 2,282,644 | $ | 607,818 | $ | (4,154,995 | ) | $ | 2,904,695 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,407,733 | $ | — | $ | 13,948 | $ | — | $ | 1,421,681 | |||||||||||||
Accounts payable and accrued expenses | 35,753 | 36,887 | 20,500 | 1,150 | — | 94,290 | |||||||||||||||||||
Net intercompany payable | — | — | 1,556,634 | 386,203 | (1,942,837 | ) | — | ||||||||||||||||||
Deferred revenue | — | 232 | 17,866 | 6,016 | — | 24,114 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | (183 | ) | 18,163 | 2,422 | — | 20,402 | ||||||||||||||||||
Total liabilities | 35,753 | 1,444,669 | 1,613,163 | 409,739 | (1,942,837 | ) | 1,560,487 | ||||||||||||||||||
Total equity | 1,344,208 | 1,344,598 | 669,481 | 198,079 | (2,212,158 | ) | 1,344,208 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,379,961 | $ | 2,789,267 | $ | 2,282,644 | $ | 607,818 | $ | (4,154,995 | ) | $ | 2,904,695 | ||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 29,051 | $ | 5,088 | $ | (3,115 | ) | $ | 31,024 | ||||||||||||
Straight-line rent | — | — | 2,171 | 606 | — | 2,777 | |||||||||||||||||||
Income from direct financing leases | — | — | 8,664 | 5,509 | (4,943 | ) | 9,230 | ||||||||||||||||||
Interest and fee income | — | 5,052 | 9,120 | 7,006 | (7,085 | ) | 14,093 | ||||||||||||||||||
Total revenues | — | 5,052 | 49,006 | 18,209 | (15,143 | ) | 57,124 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 8,229 | 414 | — | 8,643 | |||||||||||||||||||
Property-related | — | 104 | 335 | 8,267 | (8,057 | ) | 649 | ||||||||||||||||||
General and administrative | — | 7,674 | — | (563 | ) | — | 7,111 | ||||||||||||||||||
Acquisition expenses | — | 2,088 | — | — | — | 2,088 | |||||||||||||||||||
Total operating expenses | — | 9,866 | 8,564 | 8,118 | (8,057 | ) | 18,491 | ||||||||||||||||||
Operating income (loss) | — | (4,814 | ) | 40,442 | 10,091 | (7,086 | ) | 38,633 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (20 | ) | — | (2 | ) | — | (22 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 233 | 943 | — | 1,176 | |||||||||||||||||||
Interest income (expense) | — | (14,726 | ) | 318 | (7,319 | ) | 7,086 | (14,641 | ) | ||||||||||||||||
Income tax benefit (expense) | — | — | — | (115 | ) | — | (115 | ) | |||||||||||||||||
Net other income (expense) | — | (14,746 | ) | 551 | (6,493 | ) | 7,086 | (13,602 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (19,560 | ) | 40,993 | 3,598 | — | 25,031 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | 2,374 | — | 2,374 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 27,405 | 46,965 | 1,121 | — | (75,491 | ) | — | ||||||||||||||||||
Net income | 27,405 | 27,405 | 42,114 | 5,972 | (75,491 | ) | 27,405 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (57 | ) | (57 | ) | — | — | 57 | (57 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 27,348 | $ | 27,348 | $ | 42,114 | $ | 5,972 | $ | (75,434 | ) | $ | 27,348 | ||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 58,657 | $ | 9,621 | $ | (5,750 | ) | $ | 62,528 | ||||||||||||
Straight-line rent | — | — | 4,489 | 979 | — | 5,468 | |||||||||||||||||||
Income from direct financing leases | — | — | 16,868 | 10,994 | (9,876 | ) | 17,986 | ||||||||||||||||||
Interest and fee income | — | 10,108 | 18,267 | 14,554 | (14,174 | ) | 28,755 | ||||||||||||||||||
Total revenues | — | 10,108 | 98,281 | 36,148 | (29,800 | ) | 114,737 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 16,262 | 850 | — | 17,112 | |||||||||||||||||||
Property-related | — | 276 | 537 | 15,875 | (15,626 | ) | 1,062 | ||||||||||||||||||
General and administrative | — | 14,419 | — | 458 | — | 14,877 | |||||||||||||||||||
Acquisition expenses | — | 2,278 | — | — | — | 2,278 | |||||||||||||||||||
Total operating expenses | — | 16,973 | 16,799 | 17,183 | (15,626 | ) | 35,329 | ||||||||||||||||||
Operating income (loss) | — | (6,865 | ) | 81,482 | 18,965 | (14,174 | ) | 79,408 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (42 | ) | — | (206 | ) | — | (248 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 233 | 1,435 | — | 1,668 | |||||||||||||||||||
Interest income (expense) | — | (30,243 | ) | 628 | (14,624 | ) | 14,174 | (30,065 | ) | ||||||||||||||||
Income tax benefit (expense) | — | — | — | (167 | ) | — | (167 | ) | |||||||||||||||||
Net other income (expense) | — | (30,285 | ) | 861 | (13,562 | ) | 14,174 | (28,812 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (37,150 | ) | 82,343 | 5,403 | — | 50,596 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | 3,018 | — | 3,018 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 53,614 | 90,764 | 2,242 | — | (146,620 | ) | — | ||||||||||||||||||
Net income | 53,614 | 53,614 | 84,585 | 8,421 | (146,620 | ) | 53,614 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (110 | ) | (110 | ) | — | — | 110 | (110 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 53,504 | $ | 53,504 | $ | 84,585 | $ | 8,421 | $ | (146,510 | ) | $ | 53,504 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 27,405 | $ | 27,405 | $ | 42,114 | $ | 5,972 | $ | (75,491 | ) | $ | 27,405 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,779 | 1,779 | — | — | (1,779 | ) | 1,779 | ||||||||||||||||||
Total comprehensive income | 29,184 | 29,184 | 42,114 | 5,972 | (77,270 | ) | 29,184 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (57 | ) | (57 | ) | — | — | 57 | (57 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 29,127 | $ | 29,127 | $ | 42,114 | $ | 5,972 | $ | (77,213 | ) | $ | 29,127 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 53,614 | $ | 53,614 | $ | 84,585 | $ | 8,421 | $ | (146,620 | ) | $ | 53,614 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 2,606 | 2,606 | — | — | (2,606 | ) | 2,606 | ||||||||||||||||||
Total comprehensive income | 56,220 | 56,220 | 84,585 | 8,421 | (149,226 | ) | 56,220 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (110 | ) | (110 | ) | — | — | 110 | (110 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 56,110 | $ | 56,110 | $ | 84,585 | $ | 8,421 | $ | (149,116 | ) | $ | 56,110 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (35 | ) | $ | (29,090 | ) | $ | 83,872 | $ | 1,498 | $ | — | $ | 56,245 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (75,000 | ) | — | — | (75,000 | ) | |||||||||||||||||
Principal received on loans receivable | — | — | — | 3,293 | — | 3,293 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | 18,409 | — | 18,409 | |||||||||||||||||||
Investments in loans receivable | — | — | — | (1,300 | ) | — | (1,300 | ) | |||||||||||||||||
Construction in progress and other | — | (621 | ) | (33,144 | ) | 594 | — | (33,171 | ) | ||||||||||||||||
Net cash used in investing activities | — | (621 | ) | (108,144 | ) | 20,996 | — | (87,769 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (85,000 | ) | — | — | — | (85,000 | ) | |||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (124 | ) | — | (11,124 | ) | ||||||||||||||||
Distributions paid | (57,712 | ) | (57,846 | ) | — | — | 57,712 | (57,846 | ) | ||||||||||||||||
Proceeds from sale of common stock/units, net of offering costs | 172,853 | 172,853 | — | — | (172,853 | ) | 172,853 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | (159 | ) | 558 | 1,117 | — | 1,516 | ||||||||||||||||||
Net payments relating to intercompany financing | (115,106 | ) | 1,417 | 22,149 | (23,601 | ) | 115,141 | — | |||||||||||||||||
Debt issuance costs paid and other financing activities | — | (114 | ) | — | — | — | (114 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 35 | 20,151 | 22,707 | (22,608 | ) | — | 20,285 | ||||||||||||||||||
Increase in cash and cash equivalents for period | — | (9,560 | ) | (1,565 | ) | (114 | ) | — | (11,239 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 25,923 | $ | — | $ | 149 | $ | — | $ | 26,072 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Unaudited Interim Condensed Consolidated Financial Statements | ' | ||||||||||
Unaudited Interim Condensed Consolidated Financial Statements: The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, including rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete 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 for the year ended December 31, 2013. During the six months ended June 30, 2014, there were no material changes to these policies, except as noted below with respect to discontinued operations. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2014 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. | |||||||||||
Recent Accounting Development | ' | ||||||||||
Recent Accounting Developments: In 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. We adopted ASU 2014-08 for the quarter ended March 31, 2014. The application of this guidance is prospective from the date of adoption and should result in our not generally having to reflect single property disposals as discontinued operations in the future. | |||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position and results of operations. | |||||||||||
Variable Interest Entities | ' | ||||||||||
Variable Interest Entities | |||||||||||
At June 30, 2014, we had loans to and/or equity investments in several variable interest entities (“VIEs”) for which we are not the primary beneficiary. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at June 30, 2014 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Classification | Amount(2) | |||||||||
Loans, net | $ | 248,794 | Mortgage and other loans | $ | 208,509 | ||||||
Equity investments | $ | 18,785 | Other assets | $ | 5,141 | ||||||
-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 healthcare operations of our borrower or investee) that most significantly impact the VIE’s economic performance. As of June 30, 2014, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
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 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
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 are presented below at June 30, 2014 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Classification | Amount(2) | |||||||||
Loans, net | $ | 248,794 | Mortgage and other loans | $ | 208,509 | ||||||
Equity investments | $ | 18,785 | Other assets | $ | 5,141 | ||||||
-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_Activi1
Real Estate and Lending Activities (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||
Assets Acquired | ' | ||||||||||||||||||
As part of these acquisitions, we acquired the following assets: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Assets Acquired | |||||||||||||||||||
Land | $ | 8,515 | $ | — | |||||||||||||||
Building | 99,602 | — | |||||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life 15 years) | 6,883 | — | |||||||||||||||||
Net investments in direct financing leases | — | 75,000 | |||||||||||||||||
Total assets acquired | $ | 115,000 | $ | 75,000 | |||||||||||||||
Summary of Status Update on Current Development Projects | ' | ||||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||||
Property | Location | Property Type | Operator | Commitment | Costs Incurred | Estimated | |||||||||||||
as of | Completion | ||||||||||||||||||
June 30, | Date | ||||||||||||||||||
2014 | |||||||||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | Acute Care Hospital | National Surgical | $ | 33,500 | $ | 28,669 | 3Q 2014 | |||||||||||
Hospitals | |||||||||||||||||||
First Choice ER - Allen | Allen, TX | Acute Care Hospital | Adeptus Health | 6,187 | 3,365 | 3Q 2014 | |||||||||||||
First Choice ER - Broomfield | Broomfield, CO | Acute Care Hospital | Adeptus Health | 5,238 | 2,515 | 3Q 2014 | |||||||||||||
First Choice ER - Spring | Spring, TX | Acute Care Hospital | Adeptus Health | 5,804 | 2,676 | 3Q 2014 | |||||||||||||
First Choice ER - Fountain | Fountain, CO | Acute Care Hospital | Adeptus Health | 6,194 | 3,380 | 3Q 2014 | |||||||||||||
First Choice ER - Missouri City (Sienna) | Houston, TX | Acute Care Hospital | Adeptus Health | 5,394 | 3,565 | 3Q 2014 | |||||||||||||
First Choice ER - Pearland | Pearland, TX | Acute Care Hospital | Adeptus Health | 5,691 | 2,331 | 4Q 2014 | |||||||||||||
First Choice ER - Thornton | Thornton, CO | Acute Care Hospital | Adeptus Health | 6,029 | 2,652 | 4Q 2014 | |||||||||||||
First Choice ER - Missouri City (Dulles) | Houston, TX | Acute Care Hospital | Adeptus Health | 5,693 | 2,516 | 4Q 2014 | |||||||||||||
First Choice ER - Commerce City | Denver, CO | Acute Care Hospital | Adeptus Health | 5,371 | 707 | 4Q 2014 | |||||||||||||
$ | 85,101 | $ | 52,376 | ||||||||||||||||
Components of Net Investment in Direct Financing Leases | ' | ||||||||||||||||||
The components of our net investment in DFLs consisted of the following (dollars in thousands): | |||||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Minimum lease payments receivable | $ | 1,626,490 | $ | 1,647,567 | |||||||||||||||
Estimated residual values | 211,888 | 211,863 | |||||||||||||||||
Less: Unearned income | (1,404,067 | ) | (1,428,406 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 434,311 | $ | 431,024 | |||||||||||||||
Net Investment Under Monroe Facility | ' | ||||||||||||||||||
As of June 30, 2014 and December 31, 2013, our net investment (exclusive of the related real estate) in Monroe was as follows: | |||||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Loans | $ | 32,943 | $ | 31,341 | |||||||||||||||
Less: Loan impairment reserve | (32,943 | ) | (12,000 | ) | |||||||||||||||
Loans, net | — | 19,341 | |||||||||||||||||
Interest, rent and other receivables | — | 20,972 | |||||||||||||||||
Net investment | $ | — | $ | 40,313 | |||||||||||||||
Summary of Loans | ' | ||||||||||||||||||
The following is a summary of our loans (in thousands): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Mortgage loans | $ | 385,100 | $ | 388,756 | |||||||||||||||
Acquisition loans | 108,772 | 109,655 | |||||||||||||||||
Working capital and other loans | 28,346 | 47,983 | |||||||||||||||||
Convertible loan | 3,352 | 3,352 | |||||||||||||||||
$ | 525,570 | $ | 549,746 | ||||||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Debt | ' | ||||||||||||||||
The following is a summary of our debt (dollar amounts in thousands): | |||||||||||||||||
As of June 30, | As of December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | — | Variable | $ | 105,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 350,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,697 | — | 2,873 | — | |||||||||||||
352,697 | 352,873 | ||||||||||||||||
2013 Senior Unsecured Notes (A) | 273,840 | 5.75 | % | 274,860 | 5.75 | % | |||||||||||
2014 Senior Unsecured Notes | 300,000 | 5.5 | % | — | — | ||||||||||||
Term loans | 138,816 | Various | 113,948 | Various | |||||||||||||
$ | 1,640,353 | $ | 1,421,681 | ||||||||||||||
(A) | These notes are Euro-denominated and reflect the exchange rate at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Principal Payments Due for Debt | ' | ||||||||||||||||
As of June 30, 2014, principal payments due for our debt (which exclude the effects of any premiums recorded) are as follows (in thousands): | |||||||||||||||||
2014 | $ | 134 | |||||||||||||||
2015 | 283 | ||||||||||||||||
2016 | 125,298 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 12,781 | ||||||||||||||||
Thereafter | 1,498,840 | ||||||||||||||||
Total | $ | 1,637,656 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 46,353 | $ | 40,158 | $ | 58,565 | $ | 44,415 | |||||||||
Loans (1) | 328,037 | 343,958 | 351,713 | 358,383 | |||||||||||||
Debt, net | (1,640,354 | ) | (1,740,184 | ) | (1,421,681 | ) | (1,486,090 | ) | |||||||||
-1 | Excludes loans related to Ernest since they are recorded at fair value and discussed below. | ||||||||||||||||
Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
At June 30, 2014, these amounts were as follows (in thousands): | |||||||||||||||||
Asset Type | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loans | 97,533 | 97,533 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 200,833 | $ | 200,833 | ||||||||||||||
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) | ||||||||||||||||
In Fair Value | |||||||||||||||||
+100 basis points | $ | (375 | ) | ||||||||||||||
- 100 basis points | 375 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations Including Revenue and Expenses of Previously Owned Facilities | ' | ||||||||||||||||
The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of in 2013, for the three and six months ended June 30, 2014 and 2013 (dollar amounts in thousands except per share/unit amounts): | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | 411 | $ | — | $ | 1,238 | |||||||||
Gain (loss) on sale | — | 2,054 | — | 2,054 | |||||||||||||
Income | — | 2,374 | (2 | ) | 3,018 | ||||||||||||
Earnings per share/unit — diluted | $ | — | $ | 0.02 | $ | — | $ | 0.02 |
Earnings_Per_ShareCommon_Unit_
Earnings Per Share/Common Unit (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Earnings Per Share | ' | ||||||||
Medical Properties Trust, Inc. | |||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income (loss) from continuing operations | $ | (203 | ) | $ | 25,031 | ||||
Non-controlling interests’ share in continuing operations | — | (57 | ) | ||||||
Participating securities’ share in earnings | (195 | ) | (179 | ) | |||||
Income (loss) from continuing operations, less participating securities’ share in earnings | (398 | ) | 24,795 | ||||||
Income from discontinued operations attributable to MPT common stockholders | — | 2,374 | |||||||
Net income (loss), less participating securities’ share in earnings | $ | (398 | ) | $ | 27,169 | ||||
Denominator: | |||||||||
Basic weighted-average common shares | 171,718 | 149,509 | |||||||
Dilutive potential common shares | 651 | 1,547 | |||||||
Dilutive weighted-average common shares | 172,369 | 151,056 | |||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 7,105 | $ | 50,596 | |||||
Non-controlling interests’ share in continuing operations | (65 | ) | (110 | ) | |||||
Participating securities’ share in earnings | (404 | ) | (372 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 6,636 | 50,114 | |||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2 | ) | 3,018 | ||||||
Net income, less participating securities’ share in earnings | $ | 6,634 | $ | 53,132 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 167,846 | 144,928 | |||||||
Dilutive potential common shares | 613 | 1,363 | |||||||
Dilutive weighted-average common shares | 168,459 | 146,291 | |||||||
MPT Operating Partnership, L.P. | |||||||||
Our earnings per common unit were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income (loss) from continuing operations | $ | (203 | ) | $ | 25,031 | ||||
Non-controlling interests’ share in continuing operations | — | (57 | ) | ||||||
Participating securities’ share in earnings | (195 | ) | (179 | ) | |||||
Income (loss) from continuing operations, less participating securities’ share in earnings | (398 | ) | 24,795 | ||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | — | 2,374 | |||||||
Net income (loss), less participating securities’ share in earnings | $ | (398 | ) | $ | 27,169 | ||||
Denominator: | |||||||||
Basic weighted-average units | 171,718 | 149,509 | |||||||
Dilutive potential units | 651 | 1,547 | |||||||
Dilutive weighted-average units | 172,369 | 151,056 | |||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 7,105 | $ | 50,596 | |||||
Non-controlling interests’ share in continuing operations | (65 | ) | (110 | ) | |||||
Participating securities’ share in earnings | (404 | ) | (372 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 6,636 | 50,114 | |||||||
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners | (2 | ) | 3,018 | ||||||
Net income, less participating securities’ share in earnings | $ | 6,634 | $ | 53,132 | |||||
Denominator: | |||||||||
Basic weighted-average units | 167,846 | 144,928 | |||||||
Dilutive potential units | 613 | 1,363 | |||||||
Dilutive weighted-average units | 168,459 | 146,291 | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,959,605 | $ | 66,654 | $ | — | $ | 2,026,259 | |||||||||||||
Mortgage loans | — | — | 285,100 | 100,000 | — | 385,100 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 213,966 | 220,345 | — | 434,311 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,458,671 | 386,999 | — | 2,845,670 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (169,260 | ) | (9,002 | ) | — | (178,262 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,289,411 | 377,997 | — | 2,667,408 | |||||||||||||||||||
Cash and cash equivalents | — | 120,030 | 26,705 | 50,288 | — | 197,023 | |||||||||||||||||||
Interest and rent receivables | — | 832 | 18,655 | 26,866 | — | 46,353 | |||||||||||||||||||
Straight-line rent receivables | — | — | 40,900 | 10,293 | — | 51,193 | |||||||||||||||||||
Other loans | — | — | 1,100 | 139,370 | — | 140,470 | |||||||||||||||||||
Net intercompany receivable | 35,785 | 2,028,913 | — | — | (2,064,698 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,413,344 | 880,837 | 43,159 | — | (2,337,340 | ) | — | ||||||||||||||||||
Other assets | — | 46,340 | 857 | 40,400 | — | 87,597 | |||||||||||||||||||
Total Assets | $ | 1,449,129 | $ | 3,076,952 | $ | 2,420,787 | $ | 645,214 | $ | (4,402,038 | ) | $ | 3,190,044 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,626,537 | $ | — | $ | 13,816 | $ | — | $ | 1,640,353 | |||||||||||||
Accounts payable and accrued expenses | 36,175 | 37,438 | 10,103 | 515 | — | 84,231 | |||||||||||||||||||
Net intercompany payable | — | — | 1,620,097 | 444,601 | (2,064,698 | ) | — | ||||||||||||||||||
Deferred revenue | — | 220 | 21,046 | 6,159 | — | 27,425 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | (587 | ) | 21,579 | 4,089 | — | 25,081 | ||||||||||||||||||
Total liabilities | 36,175 | 1,663,608 | 1,672,825 | 469,180 | (2,064,698 | ) | 1,777,090 | ||||||||||||||||||
Total equity | 1,412,954 | 1,413,344 | 747,962 | 176,034 | (2,337,340 | ) | 1,412,954 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,449,129 | $ | 3,076,952 | $ | 2,420,787 | $ | 645,214 | $ | (4,402,038 | ) | $ | 3,190,044 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,796,415 | $ | 69,040 | $ | — | $ | 1,865,455 | |||||||||||||
Mortgage loans | — | — | 285,106 | 103,650 | — | 388,756 | |||||||||||||||||||
Investment in direct financing leases | — | — | 212,543 | 218,481 | — | 431,024 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,294,064 | 391,171 | — | 2,685,235 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (151,624 | ) | (8,152 | ) | — | (159,776 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,142,440 | 383,019 | — | 2,525,459 | |||||||||||||||||||
Cash and cash equivalents | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Interest and rent receivables | — | 336 | 31,492 | 26,737 | — | 58,565 | |||||||||||||||||||
Straight-line rent receivables | — | — | 37,015 | 8,814 | — | 45,829 | |||||||||||||||||||
Other loans | — | 178 | 1,100 | 159,712 | — | 160,990 | |||||||||||||||||||
Net intercompany receivable | 35,363 | 1,907,474 | — | — | (1,942,837 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,344,598 | 825,153 | 42,407 | — | (2,212,158 | ) | — | ||||||||||||||||||
Other assets | — | 37,311 | 1,096 | 29,466 | — | 67,873 | |||||||||||||||||||
Total Assets | $ | 1,379,961 | $ | 2,789,267 | $ | 2,282,644 | $ | 607,818 | $ | (4,154,995 | ) | $ | 2,904,695 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,407,733 | $ | — | $ | 13,948 | $ | — | $ | 1,421,681 | |||||||||||||
Accounts payable and accrued expenses | 35,753 | 36,887 | 20,500 | 1,150 | — | 94,290 | |||||||||||||||||||
Net intercompany payable | — | — | 1,556,634 | 386,203 | (1,942,837 | ) | — | ||||||||||||||||||
Deferred revenue | — | 232 | 17,866 | 6,016 | — | 24,114 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | (183 | ) | 18,163 | 2,422 | — | 20,402 | ||||||||||||||||||
Total liabilities | 35,753 | 1,444,669 | 1,613,163 | 409,739 | (1,942,837 | ) | 1,560,487 | ||||||||||||||||||
Total equity | 1,344,208 | 1,344,598 | 669,481 | 198,079 | (2,212,158 | ) | 1,344,208 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,379,961 | $ | 2,789,267 | $ | 2,282,644 | $ | 607,818 | $ | (4,154,995 | ) | $ | 2,904,695 | ||||||||||||
Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 43,592 | $ | 6,240 | $ | (3,904 | ) | $ | 45,928 | ||||||||||||
Straight-line rent | — | — | 2,491 | 687 | — | 3,178 | |||||||||||||||||||
Income from direct financing leases | — | — | 11,652 | 5,898 | (5,287 | ) | 12,263 | ||||||||||||||||||
Interest and fee income | — | 8,360 | 13,666 | 7,422 | (14,257 | ) | 15,191 | ||||||||||||||||||
Total revenues | — | 8,360 | 71,401 | 20,247 | (23,448 | ) | 76,560 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 11,940 | 502 | — | 12,442 | |||||||||||||||||||
Impairment charges | — | 289 | 21,975 | 7,367 | — | 29,631 | |||||||||||||||||||
Property-related | — | 168 | (105 | ) | 9,090 | (9,191 | ) | (38 | ) | ||||||||||||||||
General and administrative | — | 8,500 | 55 | (349 | ) | — | 8,206 | ||||||||||||||||||
Acquisition expenses | — | 2,510 | 25 | — | — | 2,535 | |||||||||||||||||||
Total operating expenses | — | 11,467 | 33,890 | 16,610 | (9,191 | ) | 52,776 | ||||||||||||||||||
Operating income (expense) | — | (3,107 | ) | 37,511 | 3,637 | (14,257 | ) | 23,784 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | 19 | — | — | — | 19 | |||||||||||||||||||
Earnings from equity and other interests | — | — | 111 | 575 | — | 686 | |||||||||||||||||||
Interest income (expense) | — | (24,724 | ) | (6,636 | ) | (7,259 | ) | 14,257 | (24,362 | ) | |||||||||||||||
Debt refinancing costs | — | (290 | ) | — | — | — | (290 | ) | |||||||||||||||||
Income tax benefit (expense) | — | — | (32 | ) | (8 | ) | — | (40 | ) | ||||||||||||||||
Net other income (expense) | — | (24,995 | ) | (6,557 | ) | (6,692 | ) | 14,257 | (23,987 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (28,102 | ) | 30,954 | (3,055 | ) | — | (203 | ) | ||||||||||||||||
Income from discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | (203 | ) | 27,899 | 1,042 | — | (28,738 | ) | — | |||||||||||||||||
Net income | (203 | ) | (203 | ) | 31,996 | (3,055 | ) | (28,738 | ) | (203 | ) | ||||||||||||||
Net income (loss) attributable to non-controlling interests | — | — | — | — | — | — | |||||||||||||||||||
Net income attributable to MPT common stockholders | $ | (203 | ) | $ | (203 | ) | $ | 31,996 | $ | (3,055 | ) | $ | (28,738 | ) | $ | (203 | ) | ||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 84,543 | $ | 11,928 | $ | (7,582 | ) | $ | 88,889 | ||||||||||||
Straight-line rent | — | — | 3,888 | 1,478 | — | 5,366 | |||||||||||||||||||
Income from direct financing leases | — | — | 23,261 | 11,770 | (10,552 | ) | 24,479 | ||||||||||||||||||
Interest and fee income | — | 18,492 | 28,863 | 15,293 | (31,733 | ) | 30,915 | ||||||||||||||||||
Total revenues | — | 18,492 | 140,555 | 40,469 | (49,867 | ) | 149,649 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 25,204 | 927 | — | 26,131 | |||||||||||||||||||
Impairment charges | — | 289 | 21,975 | 27,864 | — | 50,128 | |||||||||||||||||||
Property-related | — | 339 | 325 | 18,170 | (18,134 | ) | 700 | ||||||||||||||||||
General and administrative | — | 16,649 | 258 | 258 | — | 17,165 | |||||||||||||||||||
Acquisition expenses | — | 2,886 | 161 | — | — | 3,047 | |||||||||||||||||||
Total operating expenses | — | 20,163 | 47,923 | 47,219 | (18,134 | ) | 97,171 | ||||||||||||||||||
Operating income (expense) | — | (1,671 | ) | 92,632 | (6,750 | ) | (31,733 | ) | 52,478 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (30 | ) | — | — | — | (30 | ) | |||||||||||||||||
Earnings from equity and other interests | — | — | 111 | 794 | — | 905 | |||||||||||||||||||
Interest income (expense) | — | (46,546 | ) | (16,533 | ) | (14,628 | ) | 31,733 | (45,974 | ) | |||||||||||||||
Debt refinancing costs | — | (290 | ) | — | — | — | (290 | ) | |||||||||||||||||
Income tax benefit expense | — | — | 32 | (16 | ) | — | 16 | ||||||||||||||||||
Net other income (expense) | — | (46,866 | ) | (16,390 | ) | (13,850 | ) | 31,733 | (45,373 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (48,537 | ) | 76,242 | (20,600 | ) | — | 7,105 | |||||||||||||||||
Income (loss) from discontinued operations | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 7,103 | 55,640 | 2,163 | — | (64,906 | ) | — | ||||||||||||||||||
Net income | 7,103 | 7,103 | 78,405 | (20,602 | ) | (64,906 | ) | 7,103 | |||||||||||||||||
Net income (loss) attributable to non-controlling interests | (65 | ) | (65 | ) | — | — | 65 | (65 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 7,038 | $ | 7,038 | $ | 78,405 | $ | (20,602 | ) | $ | (64,841 | ) | $ | 7,038 | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 29,051 | $ | 5,088 | $ | (3,115 | ) | $ | 31,024 | ||||||||||||
Straight-line rent | — | — | 2,171 | 606 | — | 2,777 | |||||||||||||||||||
Income from direct financing leases | — | — | 8,664 | 5,509 | (4,943 | ) | 9,230 | ||||||||||||||||||
Interest and fee income | — | 5,052 | 9,120 | 7,006 | (7,085 | ) | 14,093 | ||||||||||||||||||
Total revenues | — | 5,052 | 49,006 | 18,209 | (15,143 | ) | 57,124 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 8,229 | 414 | — | 8,643 | |||||||||||||||||||
Property-related | — | 104 | 335 | 8,267 | (8,057 | ) | 649 | ||||||||||||||||||
General and administrative | — | 7,674 | — | (563 | ) | — | 7,111 | ||||||||||||||||||
Acquisition expenses | — | 2,088 | — | — | — | 2,088 | |||||||||||||||||||
Total operating expenses | — | 9,866 | 8,564 | 8,118 | (8,057 | ) | 18,491 | ||||||||||||||||||
Operating income (loss) | — | (4,814 | ) | 40,442 | 10,091 | (7,086 | ) | 38,633 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (20 | ) | — | (2 | ) | — | (22 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 233 | 943 | — | 1,176 | |||||||||||||||||||
Interest income (expense) | — | (14,726 | ) | 318 | (7,319 | ) | 7,086 | (14,641 | ) | ||||||||||||||||
Income tax benefit (expense) | — | — | — | (115 | ) | — | (115 | ) | |||||||||||||||||
Net other income (expense) | — | (14,746 | ) | 551 | (6,493 | ) | 7,086 | (13,602 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (19,560 | ) | 40,993 | 3,598 | — | 25,031 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | 2,374 | — | 2,374 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 27,405 | 46,965 | 1,121 | — | (75,491 | ) | — | ||||||||||||||||||
Net income | 27,405 | 27,405 | 42,114 | 5,972 | (75,491 | ) | 27,405 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (57 | ) | (57 | ) | — | — | 57 | (57 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 27,348 | $ | 27,348 | $ | 42,114 | $ | 5,972 | $ | (75,434 | ) | $ | 27,348 | ||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 58,657 | $ | 9,621 | $ | (5,750 | ) | $ | 62,528 | ||||||||||||
Straight-line rent | — | — | 4,489 | 979 | — | 5,468 | |||||||||||||||||||
Income from direct financing leases | — | — | 16,868 | 10,994 | (9,876 | ) | 17,986 | ||||||||||||||||||
Interest and fee income | — | 10,108 | 18,267 | 14,554 | (14,174 | ) | 28,755 | ||||||||||||||||||
Total revenues | — | 10,108 | 98,281 | 36,148 | (29,800 | ) | 114,737 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 16,262 | 850 | — | 17,112 | |||||||||||||||||||
Property-related | — | 276 | 537 | 15,875 | (15,626 | ) | 1,062 | ||||||||||||||||||
General and administrative | — | 14,419 | — | 458 | — | 14,877 | |||||||||||||||||||
Acquisition expenses | — | 2,278 | — | — | — | 2,278 | |||||||||||||||||||
Total operating expenses | — | 16,973 | 16,799 | 17,183 | (15,626 | ) | 35,329 | ||||||||||||||||||
Operating income (loss) | — | (6,865 | ) | 81,482 | 18,965 | (14,174 | ) | 79,408 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (42 | ) | — | (206 | ) | — | (248 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 233 | 1,435 | — | 1,668 | |||||||||||||||||||
Interest income (expense) | — | (30,243 | ) | 628 | (14,624 | ) | 14,174 | (30,065 | ) | ||||||||||||||||
Income tax benefit (expense) | — | — | — | (167 | ) | — | (167 | ) | |||||||||||||||||
Net other income (expense) | — | (30,285 | ) | 861 | (13,562 | ) | 14,174 | (28,812 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (37,150 | ) | 82,343 | 5,403 | — | 50,596 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | 3,018 | — | 3,018 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 53,614 | 90,764 | 2,242 | — | (146,620 | ) | — | ||||||||||||||||||
Net income | 53,614 | 53,614 | 84,585 | 8,421 | (146,620 | ) | 53,614 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (110 | ) | (110 | ) | — | — | 110 | (110 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 53,504 | $ | 53,504 | $ | 84,585 | $ | 8,421 | $ | (146,510 | ) | $ | 53,504 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income (loss) | $ | (203 | ) | $ | (203 | ) | $ | 31,996 | $ | (3,055 | ) | $ | (28,738 | ) | $ | (203 | ) | ||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 486 | 486 | — | — | (486 | ) | 486 | ||||||||||||||||||
Foreign currency translation gain | 73 | 73 | — | — | (73 | ) | 73 | ||||||||||||||||||
Total comprehensive income | 356 | 356 | 31,996 | (3,055 | ) | (29,297 | ) | 356 | |||||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 356 | $ | 356 | $ | 31,996 | $ | (3,055 | ) | $ | (29,297 | ) | $ | 356 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income (loss) | $ | 7,103 | $ | 7,103 | $ | 78,405 | $ | (20,602 | ) | $ | (64,906 | ) | $ | 7,103 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,206 | 1,206 | — | — | (1,206 | ) | 1,206 | ||||||||||||||||||
Foreign currency translation gain | 46 | 46 | — | — | (46 | ) | 46 | ||||||||||||||||||
Total comprehensive income | 8,355 | 8,355 | 78,405 | (20,602 | ) | (66,158 | ) | 8,355 | |||||||||||||||||
Comprehensive income attributable to non-controlling interests | (65 | ) | (65 | ) | — | — | 65 | (65 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 8,290 | $ | 8,290 | $ | 78,405 | $ | (20,602 | ) | $ | (66,093 | ) | $ | 8,290 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 27,405 | $ | 27,405 | $ | 42,114 | $ | 5,972 | $ | (75,491 | ) | $ | 27,405 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,779 | 1,779 | — | — | (1,779 | ) | 1,779 | ||||||||||||||||||
Total comprehensive income | 29,184 | 29,184 | 42,114 | 5,972 | (77,270 | ) | 29,184 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (57 | ) | (57 | ) | — | — | 57 | (57 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 29,127 | $ | 29,127 | $ | 42,114 | $ | 5,972 | $ | (77,213 | ) | $ | 29,127 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 53,614 | $ | 53,614 | $ | 84,585 | $ | 8,421 | $ | (146,620 | ) | $ | 53,614 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 2,606 | 2,606 | — | — | (2,606 | ) | 2,606 | ||||||||||||||||||
Total comprehensive income | 56,220 | 56,220 | 84,585 | 8,421 | (149,226 | ) | 56,220 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (110 | ) | (110 | ) | — | — | 110 | (110 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 56,110 | $ | 56,110 | $ | 84,585 | $ | 8,421 | $ | (149,116 | ) | $ | 56,110 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (35 | ) | $ | (41,011 | ) | $ | 106,136 | $ | (14,835 | ) | $ | — | $ | 50,255 | ||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (115,000 | ) | — | — | (115,000 | ) | |||||||||||||||||
Principal received on loans receivable | — | — | — | 6,829 | — | 6,829 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | — | — | — | |||||||||||||||||||
Investments in loans receivable | — | — | — | (5,601 | ) | — | (5,601 | ) | |||||||||||||||||
Construction in progress and other | — | (382 | ) | (53,671 | ) | (1,106 | ) | — | (55,159 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (382 | ) | (168,671 | ) | 122 | — | (168,931 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (105,000 | ) | — | — | — | (105,000 | ) | |||||||||||||||||
Additions to term debt, net of discount | — | 425,000 | — | — | — | 425,000 | |||||||||||||||||||
Payments of term debt | — | (100,000 | ) | — | (132 | ) | — | (100,132 | ) | ||||||||||||||||
Distributions paid | (71,686 | ) | (71,809 | ) | — | — | 71,686 | (71,809 | ) | ||||||||||||||||
Proceeds from sale of common shares/units, net of offering costs | 128,332 | 128,332 | — | — | (128,332 | ) | 128,332 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | (404 | ) | 3,645 | 1,669 | — | 4,910 | ||||||||||||||||||
Net payments relating to intercompany financing | (56,611 | ) | (122,015 | ) | 58,586 | 63,394 | 56,646 | — | |||||||||||||||||
Debt issuance costs paid and other financing activities | — | (11,496 | ) | — | — | — | (11,496 | ) | |||||||||||||||||
Net cash provided by financing activities | 35 | 142,608 | 62,231 | 64,931 | — | 269,805 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | 101,215 | (304 | ) | 50,218 | — | 151,129 | ||||||||||||||||||
Effects of exchange rate changes on cash | — | — | (85 | ) | — | — | (85 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 120,030 | $ | 26,705 | $ | 50,288 | $ | — | $ | 197,023 | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (35 | ) | $ | (29,090 | ) | $ | 83,872 | $ | 1,498 | $ | — | $ | 56,245 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (75,000 | ) | — | — | (75,000 | ) | |||||||||||||||||
Principal received on loans receivable | — | — | — | 3,293 | — | 3,293 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | 18,409 | — | 18,409 | |||||||||||||||||||
Investments in loans receivable | — | — | — | (1,300 | ) | — | (1,300 | ) | |||||||||||||||||
Construction in progress and other | — | (621 | ) | (33,144 | ) | 594 | — | (33,171 | ) | ||||||||||||||||
Net cash used in investing activities | — | (621 | ) | (108,144 | ) | 20,996 | — | (87,769 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (85,000 | ) | — | — | — | (85,000 | ) | |||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (124 | ) | — | (11,124 | ) | ||||||||||||||||
Distributions paid | (57,712 | ) | (57,846 | ) | — | — | 57,712 | (57,846 | ) | ||||||||||||||||
Proceeds from sale of common stock/units, net of offering costs | 172,853 | 172,853 | — | — | (172,853 | ) | 172,853 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | (159 | ) | 558 | 1,117 | — | 1,516 | ||||||||||||||||||
Net payments relating to intercompany financing | (115,106 | ) | 1,417 | 22,149 | (23,601 | ) | 115,141 | — | |||||||||||||||||
Debt issuance costs paid and other financing activities | — | (114 | ) | — | — | — | (114 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 35 | 20,151 | 22,707 | (22,608 | ) | — | 20,285 | ||||||||||||||||||
Increase in cash and cash equivalents for period | — | (9,560 | ) | (1,565 | ) | (114 | ) | — | (11,239 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 25,923 | $ | — | $ | 149 | $ | — | $ | 26,072 | |||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Carrying Value and Classification of Related Assets and Maximum Exposure to Loss (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Loans, net [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Maximum Loss Exposure | $248,794 |
Mortgage and other loans [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Amount | 208,509 |
Other assets [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Amount | 5,141 |
Equity investments [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Maximum Loss Exposure | $18,785 |
Real_Estate_and_Lending_Activi2
Real Estate and Lending Activities - 2014 Activity - Additional Information (Detail) (Acute Care Hospitals [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Significant Acquisitions and Disposals [Line Items] | ' |
Acquisition costs | $115 |
Term of lease, years | '15 years |
Term of lease extension, years | '3 years |
Fair value market [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Term of lease extension, years | '12 years |
Real_Estate_and_Lending_Activi3
Real Estate and Lending Activities - 2013 Activity - Additional Information (Detail) (2013 Activity [Member], Kansas [Member], USD $) | 0 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jul. 11, 2013 | Jun. 30, 2014 |
Facility | ||
RenewalOptions | ||
2013 Activity [Member] | Kansas [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Number of facilities acquired | 2 | ' |
Acquisition costs | $75 | ' |
Term of lease, years | ' | '10 years |
Number of lease extension options in current lease contract | 2 | ' |
Term of lease extension, years | ' | '10 years |
Percentage of rental rate | 2.00% | ' |
Real_Estate_and_Lending_Activi4
Real Estate and Lending Activities - Assets Acquired (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | $115,000 | $75,000 |
Net investments in direct financing leases [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | ' | 75,000 |
Land [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 8,515 | ' |
Building [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 99,602 | ' |
Intangible lease assets - subject to amortization [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | $6,883 | ' |
Real_Estate_and_Lending_Activi5
Real Estate and Lending Activities - Assets Acquired (Parenthetical) (Detail) (Intangible lease assets - subject to amortization [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Intangible lease assets - subject to amortization [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Weighted average useful life of acquired intangible lease assets (in years) | '15 years |
Real_Estate_and_Lending_Activi6
Real Estate and Lending Activities - Development Activities - Additional Information (Detail) (Development Activities [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Twelve Oaks Facility [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Percentage of facility partially occupied | 55.00% |
Lease agreement | '15 years |
Northern Utah Rehabilitation Hospital [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Estimated total development cost | 19 |
First Choice ER. [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Estimated total development cost | 29.5 |
Number of facilities leased | 8 |
Number of facilities under construction | 2 |
Real_Estate_and_Lending_Activi7
Real Estate and Lending Activities - Summary of Status Update on Current Development Projects (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Business Acquisition [Line Items] | ' |
Original Commitment | $85,101 |
Costs Incurred as of June 30, 2014 | 52,376 |
Property Oakleaf Surgical Hospital [Member] | Location Altoona, WI [Member] | Property Type Acute Care Hospital [Member] | Operator National Surgical Hospitals [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 33,500 |
Costs Incurred as of June 30, 2014 | 28,669 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Allen [Member] | Location Allen, TX [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 6,187 |
Costs Incurred as of June 30, 2014 | 3,365 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Broomfield [Member] | Location Broomfield, CO [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,238 |
Costs Incurred as of June 30, 2014 | 2,515 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Spring [Member] | Location Spring, TX [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,804 |
Costs Incurred as of June 30, 2014 | 2,676 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Fountain [Member] | Location Fountain, CO [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 6,194 |
Costs Incurred as of June 30, 2014 | 3,380 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Missouri City (Sienna) [Member] | Location Houston, TX [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,394 |
Costs Incurred as of June 30, 2014 | 3,565 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER - Pearland [Member] | Location Pearland, TX [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,691 |
Costs Incurred as of June 30, 2014 | 2,331 |
Estimated Completion Date | '4Q 2014 |
Property First Choice ER - Thornton [Member] | Location Thornton, CO [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 6,029 |
Costs Incurred as of June 30, 2014 | 2,652 |
Estimated Completion Date | '4Q 2014 |
Property First Choice ER - Missouri City (Dulles) [Member] | Location Houston, TX [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,693 |
Costs Incurred as of June 30, 2014 | 2,516 |
Estimated Completion Date | '4Q 2014 |
Property First Choice ER - Commerce City [Member] | Location Denver, CO [Member] | Property Type Acute Care Hospital [Member] | Operator Adeptus Health [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,371 |
Costs Incurred as of June 30, 2014 | $707 |
Estimated Completion Date | '4Q 2014 |
Real_Estate_and_Lending_Activi8
Real Estate and Lending Activities - Disposals - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended |
Jun. 30, 2013 | Apr. 30, 2013 | |
Disposals [Member] | ||
Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas [Member] | ||
Hospital | ||
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Proceeds from sale of real estate | $18,409,000 | $18,409,000 |
Gain (loss) on sale of real estate | ' | $2,100,000 |
Number of hospitals sold | ' | 2 |
Real_Estate_and_Lending_Activi9
Real Estate and Lending Activities - Leasing Operations - Additional Information (Detail) | 0 Months Ended |
Jun. 30, 2014 | |
Leases | |
Ernest [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Number of direct financing leases | 13 |
Prime Facilities [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Number of direct financing leases | 5 |
Recovered_Sheet1
Real Estate and Lending Activities - Components of Net Investment in Direct Financing Leases (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Minimum lease payments receivable | $1,626,490 | $1,647,567 |
Estimated residual values | 211,888 | 211,863 |
Less: Unearned income | -1,404,067 | -1,428,406 |
Net investment in direct financing leases | $434,311 | $431,024 |
Recovered_Sheet2
Real Estate and Lending Activities - Net Investment Under Monroe Facility (Detail) (Monroe Facility [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Monroe Facility [Member] | ' | ' |
Investments In Loans [Line Items] | ' | ' |
Loans | $32,943 | $31,341 |
Less: Loan impairment reserve | -32,943 | -12,000 |
Loans, net | 0 | 19,341 |
Interest, rent and other receivables | 0 | 20,972 |
Net investment | $0 | $40,313 |
Recovered_Sheet3
Real Estate and Lending Activities - Monroe Facility - Additional Information (Detail) (Monroe Facility [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2010 | Jul. 31, 2014 |
Subsequent Event [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' |
Impairment of working capital loan recognized | ' | ' | $12 | ' |
Impairment charges | 20.5 | 26.5 | ' | ' |
Impairment charges | ' | ' | ' | 2.1 |
Fair value of underlying real estate amount | ' | $25 | ' | ' |
Recovered_Sheet4
Real Estate and Lending Activities - Bucks Facility - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Aug. 06, 2014 | |
Bucks Facility [Member] | Bucks Facility [Member] | ||
Scenario, Forecast [Member] | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Business acquisition, cost of acquired entity | ' | ' | $35,000,000 |
Impairment charges of real estate | $950,000 | $3,100,000 | ' |
Recovered_Sheet5
Real Estate and Lending Activities - Florence Facility - Additional Information (Detail) (Florence acute care facility [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Significant Acquisitions and Disposals [Line Items] | ' |
Real estate investment | $28 |
Letter of Credit [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Letter of credit outstanding | $1.20 |
Recovered_Sheet6
Real Estate and Lending Activities - Gilbert Facility - Additional Information (Detail) (Gilbert facility [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 |
Gilbert facility [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Amortization of the related lease intangible asset | $1.10 | ' |
Outstanding rent receivables | ' | 0.3 |
Straight line rent receivables write-off | 1 | ' |
Real estate investment | ' | $14 |
Recovered_Sheet7
Real Estate and Lending Activities - Summary of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans [Line Items] | ' | ' |
Loans Receivable Net | $525,570 | $549,746 |
Mortgage loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 385,100 | 388,756 |
Acquisition loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 108,772 | 109,655 |
Working capital and other loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 28,346 | 47,983 |
Convertible loan [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | $3,352 | $3,352 |
Recovered_Sheet8
Real Estate and Lending Activities - Loans - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 01, 2012 | Jun. 30, 2014 | Mar. 01, 2012 |
Business Combinations [Abstract] | ' | ' | ' |
Amount of convertible note converted into equity interest | $1.70 | ' | ' |
Convertible note | ' | ' | 5 |
Percentage of equity shares from convertible debt | 9.90% | 15.10% | ' |
Remaining convertible debt after conversion of part of debt | ' | $3.30 | ' |
Recovered_Sheet9
Real Estate and Lending Activities - Concentrations of Credit Risk - Additional Information (Detail) (Concentration of Credit Risks [Member]) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage of entity's total assets invested on single property | 4.00% | ' | 4.00% | ' | ' |
California [Member] | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Percentage of total assets accounted | ' | ' | 17.10% | ' | 18.70% |
Texas [Member] | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Percentage of total assets accounted | ' | ' | 21.10% | ' | 22.70% |
European [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Percentage of total assets accounted | ' | ' | 8.00% | ' | ' |
Ernest [Member] | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Percentage of entity revenue from affiliates | 18.20% | 20.40% | 18.90% | 20.50% | ' |
Percentage of total assets accounted | 15.10% | ' | ' | ' | 15.90% |
Prime Health Care Services [Member] | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Percentage of entity revenue from affiliates | 27.90% | 32.50% | 28.50% | 31.90% | ' |
Percentage of total assets accounted | ' | ' | 22.30% | ' | 24.50% |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Principal amount | $1,637,656 | ' |
Debt | 1,640,353 | 1,421,681 |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 'Variable | 'Variable |
Debt | 0 | 105,000 |
2006 Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 'Various | 'Various |
Debt | 125,000 | 125,000 |
2011 Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured senior notes, interest rate | 6.88% | 6.88% |
Debt | 450,000 | 450,000 |
2012 Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured senior notes, interest rate | 6.38% | 6.38% |
Principal amount | 350,000 | 350,000 |
Unamortized premium | 2,697 | 2,873 |
Debt | 352,697 | 352,873 |
2013 Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured senior notes, interest rate | 5.75% | 5.75% |
Debt | 273,840 | 274,860 |
2014 Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured senior notes, interest rate | 5.50% | ' |
Debt | 300,000 | ' |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 'Various | 'Various |
Debt | $138,816 | $113,948 |
Debt_Principal_Payments_Due_fo
Debt - Principal Payments Due for Debt (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $134 |
2015 | 283 |
2016 | 125,298 |
2017 | 320 |
2018 | 12,781 |
Thereafter | 1,498,840 |
Total | $1,637,656 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||||||
Jun. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2010 | Oct. 31, 2011 | Jun. 30, 2010 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 17, 2014 | |
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract One [Member] | Interest Rate Contract Two [Member] | 2006 Senior Unsecured Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | 2014 Senior Unsecured Notes [Member] | 2014 Senior Unsecured Notes [Member] | |||||||
Federal Funds Rate [Member] | Euro Dollar Rate [Member] | London Interbank Offered Rate [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Euro Dollar Rate [Member] | London Interbank Offered Rate [Member] | Initial Spread [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||
London Interbank Offered Rate [Member] | London Interbank Offered Rate [Member] | London Interbank Offered Rate [Member] | London Interbank Offered Rate [Member] | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of senior unsecured credit facility paid off | $900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of senior unsecured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Credit facilities, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refinancing charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread of interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 2.00% | 0.70% | ' | 1.70% | 1.25% | ' | 2.25% | ' | 0.50% | 1.00% | 1.95% | 0.95% | 0.60% | 1.60% | 1.20% | 2.20% | ' | ' |
Credit facilities, percentage of commitment fee on unused capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving facility agreement, availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' |
Senior unsecured notes, redemption percentage on principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' |
Senior unsecured notes, repurchase price percentage on principal amount plus accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' |
Portion of debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the interest rate swaps | ' | ' | ' | ' | ' | ' | 7,800,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of interest rate derivative instrument | ' | ' | ' | ' | ' | ' | ' | ' | 5.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 'July 2016 | 'October 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, amount fixed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of derivative instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge ineffectiveness and income statement effect in period | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets, collateral | ' | $4,100,000 | ' | $4,100,000 | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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_StockPartners_Capital_A
Common Stock/Partner's Capital - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 11, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | |
MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | Employee [Member] | Director [Member] | Public Offering [Member] | Public Offering [Member] | Public Offering [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | ||||
Partner | Employee | Director | IPO [Member] | Maximum [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 171,551,000 | ' | 161,310,000 | ' | ' | ' | ' | 7,700,000 | 12,700,000 | ' | ' | 900,000 | ' | ' |
Net proceed from issuance of common stock | $128,332,000 | $172,853,000 | ' | $128,332,000 | $172,853,000 | ' | ' | $100,200,000 | $172,900,000 | ' | ' | $12,300,000 | ' | ' |
Additional shares purchased by underwriters | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,700,000 | ' | ' | ' | ' | ' |
Time granted to underwriters to purchase shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Net proceeds from additional issuance of shares | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' |
Number of shares can be sold out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 |
Sales commission percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' |
Public offering price for common stock per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.21 | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | $14.25 | ' | ' | ' | ' | ' |
Ownership interest in equity | ' | ' | ' | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units sold | ' | ' | ' | 9,800,000 | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other partners | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partners shared remaining ownership percentage | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' |
Stock_Awards_Additional_Inform
Stock Awards - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 7,643,651 | ' |
Common stock remaining for future stock awards transferred to the equity incentive plan | 6,436,291 | ' |
Time-Based Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 345,984 | 258,736 |
Stock awards vesting period in years | '3 years | ' |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 324,754 | 222,566 |
Stock awards vesting period in years | '3 years | ' |
Multi-year performance-based awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 500,000 | 550,000 |
Stock awards vesting period in years | '3 years | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Interest and rent receivables, Book value | $46,353 | $58,565 |
Loans, Book value | 328,037 | 351,713 |
Debt, net Book value | -1,640,353 | -1,421,681 |
Interest and rent receivables, Fair value | 40,158 | 44,415 |
Loans, Fair value | 343,958 | 358,383 |
Debt, net Fair value | ($1,740,184) | ($1,486,090) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | $200,833 |
Cost | 200,833 |
Fair Value Measurements, Recurring [Member] | Mortgage loans [Member] | Mortgage loans [Member] | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 100,000 |
Cost | 100,000 |
Fair Value Measurements, Recurring [Member] | Acquisition loans [Member] | Other loans [Member] | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 97,533 |
Cost | 97,533 |
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_of_Financial_Instru4
Fair Value of Financial Instruments - Additional information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Adjustment for marketability discount | 40.00% |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Summary Showing Sensitivity Analysis by Using Basis Point Variations (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
+100 basis points [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | ($375) |
- 100 basis points [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $375 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations Include Revenue and Expenses of Previously Owned Facilities (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenues | ' | $411 | ' | $1,238 |
Gain (loss) on sale | ' | 2,054 | ' | 2,054 |
Income | ' | $2,374 | ($2) | $3,018 |
Earnings per share/unit - diluted | ' | $0.02 | ' | $0.02 |
Earnings_Per_ShareCommon_Unit_1
Earnings Per Share/Common Unit - Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income (loss) from continuing operations | ($203) | $25,031 | $7,105 | $50,596 |
Non-controlling interests' share in continuing operations | ' | -57 | -65 | -110 |
Participating securities' share in earnings | -195 | -179 | -404 | -372 |
Income (loss) from continuing operations, less participating securities' share in earnings | -398 | 24,795 | 6,636 | 50,114 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | 2,374 | -2 | 3,018 |
Net income (loss), less participating securities' share in earnings | -398 | 27,169 | 6,634 | 53,132 |
Basic weighted-average common shares | 171,718 | 149,509 | 167,846 | 144,928 |
Dilutive potential common shares | 651 | 1,547 | 613 | 1,363 |
Dilutive weighted-average common shares | 172,369 | 151,056 | 168,459 | 146,291 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income (loss) from continuing operations | -203 | 25,031 | 7,105 | 50,596 |
Non-controlling interests' share in continuing operations | ' | -57 | -65 | -110 |
Participating securities' share in earnings | -195 | -179 | -404 | -372 |
Income (loss) from continuing operations, less participating securities' share in earnings | -398 | 24,795 | 6,636 | 50,114 |
Income (loss) from discontinued operations attributable to MPT common stockholders | ' | 2,374 | -2 | 3,018 |
Net income (loss), less participating securities' share in earnings | ($398) | $27,169 | $6,634 | $53,132 |
Basic weighted-average common shares | 171,718 | 149,509 | 167,846 | 144,928 |
Dilutive potential common shares | 651 | 1,547 | 613 | 1,363 |
Dilutive weighted-average common shares | 172,369 | 151,056 | 168,459 | 146,291 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 29, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Adeptus Health [Member] | Circle Health Ltd. [Member] | Circle Health Ltd. [Member] | |||||
USD ($) | GBP (£) | GBP (£) | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity | ' | ' | ' | ' | $150,000,000 | ' | ' |
Sale/leaseback transaction, initial term period | ' | ' | ' | ' | '15 years | '15 years | ' |
Sale/leaseback transaction, additional term period | ' | ' | ' | ' | '15 years | '15 years | ' |
Acquired facility, carrying value of sale/leaseback transaction | ' | ' | ' | ' | ' | ' | 28,300,000 |
Percentage change in annual retail price index, floor rate | ' | ' | ' | ' | ' | ' | 2.00% |
Percentage change in annual retail price index, cap rate | ' | ' | ' | ' | ' | ' | 5.00% |
Lease Acquisition Costs | $2,535,000 | $2,088,000 | $3,047,000 | $2,278,000 | ' | £ 1,100,000 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | $2,026,259 | $1,865,455 | ' | ' |
Mortgage loans | 385,100 | 388,756 | ' | ' |
Investment in direct financing leases | 434,311 | 431,024 | ' | ' |
Gross investment in real estate assets | 2,845,670 | 2,685,235 | ' | ' |
Accumulated depreciation and amortization | -178,262 | -159,776 | ' | ' |
Net investment in real estate assets | 2,667,408 | 2,525,459 | ' | ' |
Cash and cash equivalents | 197,023 | 45,979 | 26,072 | 37,311 |
Interest and rent receivables | 46,353 | 58,565 | ' | ' |
Straight-line rent receivables | 51,193 | 45,829 | ' | ' |
Other loans | 140,470 | 160,990 | ' | ' |
Net intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 87,597 | 67,873 | ' | ' |
Total Assets | 3,190,044 | 2,904,695 | ' | ' |
Debt, net | 1,640,353 | 1,421,681 | ' | ' |
Accounts payable and accrued expenses | 84,231 | 94,290 | ' | ' |
Net intercompany payable | 0 | 0 | ' | ' |
Deferred revenue | 27,425 | 24,114 | ' | ' |
Lease deposits and other obligations to tenants | 25,081 | 20,402 | ' | ' |
Total liabilities | 1,777,090 | 1,560,487 | ' | ' |
Total equity | 1,412,954 | 1,344,208 | ' | ' |
Total Liabilities and Equity | 3,190,044 | 2,904,695 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net intercompany receivable | 35,785 | 35,363 | ' | ' |
Investment in subsidiaries | 1,413,344 | 1,344,598 | ' | ' |
Total Assets | 1,449,129 | 1,379,961 | ' | ' |
Accounts payable and accrued expenses | 36,175 | 35,753 | ' | ' |
Total liabilities | 36,175 | 35,753 | ' | ' |
Total equity | 1,412,954 | 1,344,208 | ' | ' |
Total Liabilities and Equity | 1,449,129 | 1,379,961 | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 120,030 | 18,815 | 25,923 | 35,483 |
Interest and rent receivables | 832 | 336 | ' | ' |
Other loans | ' | 178 | ' | ' |
Net intercompany receivable | 2,028,913 | 1,907,474 | ' | ' |
Investment in subsidiaries | 880,837 | 825,153 | ' | ' |
Other assets | 46,340 | 37,311 | ' | ' |
Total Assets | 3,076,952 | 2,789,267 | ' | ' |
Debt, net | 1,626,537 | 1,407,733 | ' | ' |
Accounts payable and accrued expenses | 37,438 | 36,887 | ' | ' |
Deferred revenue | 220 | 232 | ' | ' |
Lease deposits and other obligations to tenants | -587 | -183 | ' | ' |
Total liabilities | 1,663,608 | 1,444,669 | ' | ' |
Total equity | 1,413,344 | 1,344,598 | ' | ' |
Total Liabilities and Equity | 3,076,952 | 2,789,267 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 1,959,605 | 1,796,415 | ' | ' |
Mortgage loans | 285,100 | 285,106 | ' | ' |
Investment in direct financing leases | 213,966 | 212,543 | ' | ' |
Gross investment in real estate assets | 2,458,671 | 2,294,064 | ' | ' |
Accumulated depreciation and amortization | -169,260 | -151,624 | ' | ' |
Net investment in real estate assets | 2,289,411 | 2,142,440 | ' | ' |
Cash and cash equivalents | 26,705 | 27,094 | ' | 1,565 |
Interest and rent receivables | 18,655 | 31,492 | ' | ' |
Straight-line rent receivables | 40,900 | 37,015 | ' | ' |
Other loans | 1,100 | 1,100 | ' | ' |
Investment in subsidiaries | 43,159 | 42,407 | ' | ' |
Other assets | 857 | 1,096 | ' | ' |
Total Assets | 2,420,787 | 2,282,644 | ' | ' |
Accounts payable and accrued expenses | 10,103 | 20,500 | ' | ' |
Net intercompany payable | 1,620,097 | 1,556,634 | ' | ' |
Deferred revenue | 21,046 | 17,866 | ' | ' |
Lease deposits and other obligations to tenants | 21,579 | 18,163 | ' | ' |
Total liabilities | 1,672,825 | 1,613,163 | ' | ' |
Total equity | 747,962 | 669,481 | ' | ' |
Total Liabilities and Equity | 2,420,787 | 2,282,644 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 66,654 | 69,040 | ' | ' |
Mortgage loans | 100,000 | 103,650 | ' | ' |
Investment in direct financing leases | 220,345 | 218,481 | ' | ' |
Gross investment in real estate assets | 386,999 | 391,171 | ' | ' |
Accumulated depreciation and amortization | -9,002 | -8,152 | ' | ' |
Net investment in real estate assets | 377,997 | 383,019 | ' | ' |
Cash and cash equivalents | 50,288 | 70 | 149 | 263 |
Interest and rent receivables | 26,866 | 26,737 | ' | ' |
Straight-line rent receivables | 10,293 | 8,814 | ' | ' |
Other loans | 139,370 | 159,712 | ' | ' |
Other assets | 40,400 | 29,466 | ' | ' |
Total Assets | 645,214 | 607,818 | ' | ' |
Debt, net | 13,816 | 13,948 | ' | ' |
Accounts payable and accrued expenses | 515 | 1,150 | ' | ' |
Net intercompany payable | 444,601 | 386,203 | ' | ' |
Deferred revenue | 6,159 | 6,016 | ' | ' |
Lease deposits and other obligations to tenants | 4,089 | 2,422 | ' | ' |
Total liabilities | 469,180 | 409,739 | ' | ' |
Total equity | 176,034 | 198,079 | ' | ' |
Total Liabilities and Equity | 645,214 | 607,818 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net intercompany receivable | -2,064,698 | -1,942,837 | ' | ' |
Investment in subsidiaries | -2,337,340 | -2,212,158 | ' | ' |
Total Assets | -4,402,038 | -4,154,995 | ' | ' |
Net intercompany payable | -2,064,698 | -1,942,837 | ' | ' |
Total liabilities | -2,064,698 | -1,942,837 | ' | ' |
Total equity | -2,337,340 | -2,212,158 | ' | ' |
Total Liabilities and Equity | ($4,402,038) | ($4,154,995) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Rent billed | $45,928 | $31,024 | $88,889 | $62,528 |
Straight-line rent | 3,178 | 2,777 | 5,366 | 5,468 |
Income from direct financing leases | 12,263 | 9,230 | 24,479 | 17,986 |
Interest and fee income | 15,191 | 14,093 | 30,915 | 28,755 |
Total revenues | 76,560 | 57,124 | 149,649 | 114,737 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 12,442 | 8,643 | 26,131 | 17,112 |
Impairment charges | 29,631 | ' | 50,128 | ' |
Property-related | -38 | 649 | 700 | 1,062 |
General and administrative | 8,206 | 7,111 | 17,165 | 14,877 |
Acquisition expenses | 2,535 | 2,088 | 3,047 | 2,278 |
Total operating expenses | 52,776 | 18,491 | 97,171 | 35,329 |
Operating income (expense) | 23,784 | 38,633 | 52,478 | 79,408 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | 19 | -22 | -30 | -248 |
Earnings from equity and other interests | 686 | 1,176 | 905 | 1,668 |
Interest income (expense) | -24,362 | -14,641 | -45,974 | -30,065 |
Debt refinancing costs | -290 | ' | -290 | ' |
Income tax benefit (expense) | -40 | -115 | 16 | -167 |
Net other income (expense) | -23,987 | -13,602 | -45,373 | -28,812 |
Income (loss) from continuing operations | -203 | 25,031 | 7,105 | 50,596 |
Income (loss) from discontinued operations | ' | 2,374 | -2 | 3,018 |
Equity in earnings of consolidated subsidiaries net of income taxes | 0 | ' | 0 | ' |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) attributable to non-controlling interests | 0 | -57 | -65 | -110 |
Net income attributable to MPT common stockholders | -203 | 27,348 | 7,038 | 53,504 |
Parent [Member] | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries net of income taxes | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) attributable to non-controlling interests | ' | -57 | -65 | -110 |
Net income attributable to MPT common stockholders | -203 | 27,348 | 7,038 | 53,504 |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Interest and fee income | 8,360 | 5,052 | 18,492 | 10,108 |
Total revenues | 8,360 | 5,052 | 18,492 | 10,108 |
Expenses | ' | ' | ' | ' |
Impairment charges | 289 | ' | 289 | ' |
Property-related | 168 | 104 | 339 | 276 |
General and administrative | 8,500 | 7,674 | 16,649 | 14,419 |
Acquisition expenses | 2,510 | 2,088 | 2,886 | 2,278 |
Total operating expenses | 11,467 | 9,866 | 20,163 | 16,973 |
Operating income (expense) | -3,107 | -4,814 | -1,671 | -6,865 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | 19 | -20 | -30 | -42 |
Interest income (expense) | -24,724 | -14,726 | -46,546 | -30,243 |
Debt refinancing costs | -290 | ' | -290 | ' |
Net other income (expense) | -24,995 | -14,746 | -46,866 | -30,285 |
Income (loss) from continuing operations | -28,102 | -19,560 | -48,537 | -37,150 |
Equity in earnings of consolidated subsidiaries net of income taxes | 27,899 | 46,965 | 55,640 | -90,764 |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Net income (loss) attributable to non-controlling interests | ' | -57 | -65 | -110 |
Net income attributable to MPT common stockholders | -203 | 27,348 | 7,038 | 53,504 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 43,592 | 29,051 | 84,543 | 58,657 |
Straight-line rent | 2,491 | 2,171 | 3,888 | 4,489 |
Income from direct financing leases | 11,652 | 8,664 | 23,261 | 16,868 |
Interest and fee income | 13,666 | 9,120 | 28,863 | 18,267 |
Total revenues | 71,401 | 49,006 | 140,555 | 98,281 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 11,940 | 8,229 | 25,204 | 16,262 |
Impairment charges | 21,975 | ' | 21,975 | ' |
Property-related | -105 | 335 | 325 | 537 |
General and administrative | 55 | ' | 258 | ' |
Acquisition expenses | 25 | ' | 161 | ' |
Total operating expenses | 33,890 | 8,564 | 47,923 | 16,799 |
Operating income (expense) | 37,511 | 40,442 | 92,632 | 81,482 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Earnings from equity and other interests | 111 | 233 | 111 | 233 |
Interest income (expense) | -6,636 | 318 | -16,533 | 628 |
Income tax benefit (expense) | -32 | ' | 32 | ' |
Net other income (expense) | -6,557 | 551 | -16,390 | 861 |
Income (loss) from continuing operations | 30,954 | 40,993 | 76,242 | 82,343 |
Equity in earnings of consolidated subsidiaries net of income taxes | 1,042 | 1,121 | 2,163 | 2,242 |
Net income (loss) | 31,996 | 42,114 | 78,405 | 84,585 |
Net income attributable to MPT common stockholders | 31,996 | 42,114 | 78,405 | 84,585 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 6,240 | 5,088 | 11,928 | 9,621 |
Straight-line rent | 687 | 606 | 1,478 | 979 |
Income from direct financing leases | 5,898 | 5,509 | 11,770 | 10,994 |
Interest and fee income | 7,422 | 7,006 | 15,293 | 14,554 |
Total revenues | 20,247 | 18,209 | 40,469 | 36,148 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 502 | 414 | 927 | 850 |
Impairment charges | 7,367 | ' | 27,864 | ' |
Property-related | 9,090 | 8,267 | 18,170 | 15,875 |
General and administrative | -349 | -563 | 258 | 458 |
Total operating expenses | 16,610 | 8,118 | 47,219 | 17,183 |
Operating income (expense) | 3,637 | 10,091 | -6,750 | 18,965 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | ' | -2 | ' | -206 |
Earnings from equity and other interests | 575 | 943 | 794 | 1,435 |
Interest income (expense) | -7,259 | -7,319 | -14,628 | -14,624 |
Income tax benefit (expense) | -8 | -115 | -16 | -167 |
Net other income (expense) | -6,692 | -6,493 | -13,850 | -13,562 |
Income (loss) from continuing operations | -3,055 | 3,598 | -20,600 | 5,403 |
Income (loss) from discontinued operations | ' | 2,374 | -2 | 3,018 |
Net income (loss) | -3,055 | 5,972 | -20,602 | 8,421 |
Net income attributable to MPT common stockholders | -3,055 | 5,972 | -20,602 | 8,421 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | -3,904 | -3,115 | -7,582 | -5,750 |
Income from direct financing leases | -5,287 | -4,943 | -10,552 | -9,876 |
Interest and fee income | -14,257 | -7,085 | -31,733 | -14,174 |
Total revenues | -23,448 | -15,143 | -49,867 | -29,800 |
Expenses | ' | ' | ' | ' |
Property-related | -9,191 | -8,057 | -18,134 | -15,626 |
Total operating expenses | -9,191 | -8,057 | -18,134 | -15,626 |
Operating income (expense) | -14,257 | -7,086 | -31,733 | -14,174 |
Other income (expense) | ' | ' | ' | ' |
Interest income (expense) | 14,257 | -7,086 | 31,733 | 14,174 |
Net other income (expense) | 14,257 | -7,086 | 31,733 | 14,174 |
Income (loss) from discontinued operations | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries net of income taxes | -28,738 | -75,491 | -64,906 | -146,620 |
Net income (loss) | -28,738 | -75,491 | -64,906 | -146,620 |
Net income (loss) attributable to non-controlling interests | ' | 57 | 65 | 110 |
Net income attributable to MPT common stockholders | ($28,738) | ($75,434) | ($64,841) | ($146,510) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | ($203) | $27,405 | $7,103 | $53,614 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | 486 | 1,779 | 1,206 | 2,606 |
Foreign currency translation gain | 73 | ' | 46 | ' |
Total comprehensive income | 356 | 29,184 | 8,355 | 56,220 |
Comprehensive income attributable to non-controlling interests | ' | -57 | -65 | -110 |
Comprehensive income attributable to MPT common stockholders | 356 | 29,127 | 8,290 | 56,110 |
Parent [Member] | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | 486 | 1,779 | 1,206 | 2,606 |
Foreign currency translation gain | 73 | ' | 46 | ' |
Total comprehensive income | 356 | 29,184 | 8,355 | 56,220 |
Comprehensive income attributable to non-controlling interests | ' | -57 | -65 | -110 |
Comprehensive income attributable to MPT common stockholders | 356 | 29,127 | 8,290 | 56,110 |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | -203 | 27,405 | 7,103 | 53,614 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | 486 | 1,179 | 1,206 | 2,606 |
Foreign currency translation gain | 73 | ' | 46 | ' |
Total comprehensive income | 356 | 29,184 | 8,355 | 56,220 |
Comprehensive income attributable to non-controlling interests | ' | -57 | -65 | -110 |
Comprehensive income attributable to MPT common stockholders | 356 | 29,127 | 8,290 | 56,110 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | 31,996 | 42,114 | 78,405 | 84,585 |
Other comprehensive income: | ' | ' | ' | ' |
Total comprehensive income | 31,996 | 42,114 | 78,405 | 84,585 |
Comprehensive income attributable to non-controlling interests | ' | ' | ' | ' |
Comprehensive income attributable to MPT common stockholders | 31,996 | 42,114 | 78,405 | 84,585 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | -3,055 | 5,972 | -20,602 | 8,421 |
Other comprehensive income: | ' | ' | ' | ' |
Total comprehensive income | 3,055 | 5,972 | -20,602 | 8,421 |
Comprehensive income attributable to non-controlling interests | ' | ' | ' | ' |
Comprehensive income attributable to MPT common stockholders | -3,055 | 5,972 | -20,602 | 8,421 |
Eliminations [Member] | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | -28,738 | -75,491 | -64,906 | -146,620 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on interest rate swap | -486 | -1,779 | -1,206 | -2,606 |
Foreign currency translation gain | -73 | ' | -46 | ' |
Total comprehensive income | -29,297 | -77,270 | -66,158 | -149,226 |
Comprehensive income attributable to non-controlling interests | ' | 57 | 65 | 110 |
Comprehensive income attributable to MPT common stockholders | ($29,297) | ($77,213) | ($66,083) | ($149,116) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | $50,255 | $56,245 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -115,000 | -75,000 |
Principal received on loans receivable | 6,829 | 3,293 |
Net proceeds from sale of real estate | ' | 18,409 |
Investments in loans receivable | -5,601 | -1,300 |
Construction in progress and other | -55,159 | -33,171 |
Net cash used for investing activities | -168,931 | -87,769 |
Financing activities | ' | ' |
Revolving credit facilities, net | -105,000 | -85,000 |
Additions to term debt, net of discount | 425,000 | ' |
Payments of term debt | -100,132 | -11,124 |
Distributions paid | -71,809 | -57,846 |
Proceeds from sale of common shares/units, net of offering costs | 128,332 | 172,853 |
Lease deposits and other obligations to tenants | 4,910 | 1,516 |
Debt issuance costs paid and other financing activities | -11,496 | -114 |
Net cash provided by financing activities | 269,805 | 20,285 |
Increase (decrease) in cash and cash equivalents for period | 151,129 | -11,239 |
Effects of exchange rate changes on cash | -85 | ' |
Cash and cash equivalents at beginning of period | 45,979 | 37,311 |
Cash and cash equivalents at end of period | 197,023 | 26,072 |
Parent [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | -35 | -35 |
Financing activities | ' | ' |
Distributions paid | -71,686 | -57,712 |
Proceeds from sale of common shares/units, net of offering costs | 128,332 | 172,853 |
Net payments relating to intercompany financing | -56,611 | -115,106 |
Net cash provided by financing activities | 35 | 35 |
Subsidiary Issuers [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | -41,011 | -29,090 |
Investing activities | ' | ' |
Construction in progress and other | -382 | -621 |
Net cash used for investing activities | -382 | -621 |
Financing activities | ' | ' |
Revolving credit facilities, net | -105,000 | -85,000 |
Additions to term debt, net of discount | 425,000 | ' |
Payments of term debt | -100,000 | -11,000 |
Distributions paid | -71,809 | -57,846 |
Proceeds from sale of common shares/units, net of offering costs | 128,332 | 172,853 |
Lease deposits and other obligations to tenants | -404 | -159 |
Net payments relating to intercompany financing | -122,015 | 1,417 |
Debt issuance costs paid and other financing activities | -11,496 | -114 |
Net cash provided by financing activities | 142,608 | 20,151 |
Increase (decrease) in cash and cash equivalents for period | 101,215 | -9,560 |
Cash and cash equivalents at beginning of period | 18,815 | 35,483 |
Cash and cash equivalents at end of period | 120,030 | 25,923 |
Subsidiary Guarantors [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | 106,136 | 83,872 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -115,000 | -75,000 |
Construction in progress and other | -53,671 | -33,144 |
Net cash used for investing activities | -168,671 | -108,144 |
Financing activities | ' | ' |
Lease deposits and other obligations to tenants | 3,645 | 558 |
Net payments relating to intercompany financing | 58,586 | 22,149 |
Net cash provided by financing activities | 62,231 | 22,707 |
Increase (decrease) in cash and cash equivalents for period | -304 | -1,565 |
Effects of exchange rate changes on cash | -85 | ' |
Cash and cash equivalents at beginning of period | 27,094 | 1,565 |
Cash and cash equivalents at end of period | 26,705 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | -14,835 | 1,498 |
Investing activities | ' | ' |
Principal received on loans receivable | 6,829 | 3,293 |
Net proceeds from sale of real estate | ' | 18,409 |
Investments in loans receivable | -5,601 | -1,300 |
Construction in progress and other | -1,106 | 594 |
Net cash used for investing activities | 122 | 20,996 |
Financing activities | ' | ' |
Payments of term debt | -132 | -124 |
Lease deposits and other obligations to tenants | 1,669 | 1,117 |
Net payments relating to intercompany financing | 63,394 | -23,601 |
Net cash provided by financing activities | 64,931 | -22,608 |
Increase (decrease) in cash and cash equivalents for period | 50,218 | -114 |
Cash and cash equivalents at beginning of period | 70 | 263 |
Cash and cash equivalents at end of period | 50,288 | 149 |
Eliminations [Member] | ' | ' |
Financing activities | ' | ' |
Distributions paid | 71,686 | 57,712 |
Proceeds from sale of common shares/units, net of offering costs | -128,332 | -172,853 |
Net payments relating to intercompany financing | $56,646 | $115,141 |