MPW - Earnings call transcript Q1 2019 | Medical Properties Trust, Inc.

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Operator

Good day, ladies and gentlemen and welcome to the Q1 2019 Medical Properties Trust Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference Mr. Lambert. Charles begin. may you Sir

Charles Lambert

Chairman, you. President Good conference financial Medical Trust Steven Aldag to With of Executive the company; Chief morning. to discuss Financial Welcome and Jr., K. call Edward XXXX Executive today the and our Chief me Officer Vice Properties Hamner, are Thank President and first results. quarter Officer.

this Exchange Form X-K Securities and Commission. Our on press with furnished release morning and was distributed the

at www.medicalpropertiestrust.com is If website you available a section. it not the did on in receive copy Relations Investor our

we're you hosting same a call, Additionally, live webcast can section. today's of which that access in

laws, uncertainties, Securities as During for today These by the considered and forward-looking call, statements to forward-looking call. differ Reform the will maybe reports certain those the within cause results make events filed future to factors of in Litigation meaning or expressed the company's of Exchange could a and course projections of this and statements information Private that XXXX. other only, with of statements Securities we materially forward-looking the Act to from differ you of that the the We discussion financial undertake actual except factors duty unknown to does may that and company such company's our this materially this any The federal date events as the are is such information. subject not underlying Commission provided being results statements. known future securities a and/or the update required to from and other and refer expressed risks, those cause

non-GAAP not lieu release, in requirements. measures GAAP note which financial to accordance most measures. financial measures comparable addition will course of describe in all In in comparable the financial Reg Medical has call, that non-GAAP in conference GAAP and with considered be the we reconciled Trust G press addition, during to should directly Properties our measures, of the Please certain

measures financial directly Ed I now www.medicalpropertiestrust.com Aldag. website to and turn for will the over also the Officer comparable refer at our to Executive can call related You most reconciliations. Chief our

Edward K. Aldag

and call today. of Charles for you, being thank you Thank all on the

quarter first Trust. busy The XXXX of been Medical for Properties very has

acquisitions actively with little on $X.X engaged earnings and at been process. acquisitions diligence over underwriting since another in due potential out teams billion, have the last further acquisitions valued billion our and Our in $X.X No behind underwriting have performing call. fallen a potential

of our are XX% opportunities. XX% new If vast portfolio. represent guarantee exciting domestic allowing attractive the While closings operator in in successful billion all international The of feel completing we that to all about transactions, about They're – closing $X.X we the area. these service in are additions share we majority portfolio. over and good where acquisitions are we respective and concentrations actively These and process. potential to announce diversify Steward's to deals care investments our within operators, closing, hospital Most be properties to publicly major a The of the several these are would significant care few high-quality post-acute metropolitan percentage acute the working next XXs. strong with in hope hospitals, facilities. portfolio We mix towards of facilities of low and market based markets fall inpatient their months. behavioral representing to the cannot MPT for we are continue are able a to the with

across and our U.K.'s and with is the facility privately is a the U.K., Healthcare. MPT the in This completed million healthcare $XX.X fourth acquisition performing the an with with new saw U.K. Healthcare you As well. this of portfolio BMI operator largest and to who is running up hospital healthcare hospitals transaction provider over owned BMI the morning, XX very we facilities

second diseases Aging increase Also, these healthcare late will believe to and down. to operational and play some to with advances turn track a the acquire scale. continue announced political around greater to performance to to noise growing chronic and from there in date capabilities Australia and organizations acquisitions we transaction for an role XX transactions. any to Healthscope on in in debates innovative All, and of Democratic prevalence is of healthcare current Medicare continue to that technologies and vital assist many from continue financial population's in the Despite mergers, financing slowing industry presidential be of to continue expenditures. previously add optimize build to looking demand quarter. healthcare MPT expected the partnering hospitals signs show Our closing doesn't

were Finally, increases mentioning rates payment for CMS proposed these and and at psychiatric recent payment are care CMS. care, Realizing by hospital read industry pleased fiscal bodes final for the to proposing acute is we post-acute large. that it's This well hospitals. company the our worth year XXXX not

reporting. added quarter's this to same-store five properties We turning Now to our reporting.

the to of reporting All inpatient rehabilitation were additions facilities. same-store

right a including, our report which same-store care with coverage. our represent XX% certainly coverage Acute year-over-year. leased, will the increase IRF total of investments United at stronger X%, which our balance MPT in months a QX X% total is is times, make to The that we range. Unless Same-store parent significant guarantee. total X.X in been XX% X% sustain never present, staffing. of bulk our XX our portfolio our it. our and It an which reporting flat we limited EBITDARM XXXX portfolio times. X.X in essentially master less our up year-over-year. has year-over-year. is anything States three for portfolio, coverage cross-defaulted flat increase care of is coverage times, opportunities, portfolio. EBITDARM on sheet is occurs a LTACHs coverage X.X which line our than of If for also continue represents to as acute reminder the of not or position Our same-store than is percentage the target a trailing hospitals XX% represents segment, important will portfolio at approximately is this EBITDARM includes is essentially have domestically total their but times, LTACHs, EBITDARM of under which

leader size of in reputation as real and grow the to financing continue and in preeminent estate capital. the global We source industry's hospital

actively dollars more international are domestic We Steve? with way. in of acquisitions coming opportunities and engaged billions of our

Steven Hamner

normalized the stable of couple I of the $X.XX Included against million results expenses lease is periods we quarter, expense point requires we Ed. describe behind address certain will Thank an revenue. changes in these take questions. share lease will that is to reimbursement quarter investment to remainder which out revenue. we take lessees year, per morning, few after certain our as of and been show you, expense minutes obligations accounting netted a for a hospital which the expected standard in accounting result as details X, first These of expectations FFO the up a for some January property-related our for results, quarter. then to gross as contractual diluted reported XXXX. prior a expense were of This estate and change rental the of lessors real This has and of rental first impositions, reflect of throughout portfolio the lessors' adoption the about in payment as $X.X of such new ground from

stock for quarters which from general up compensation were the million $XX.X is and assumptions previous to Our expense. expenses due made we quarter, administrative about have

toward performance awards you stock recall, are achievement weighted may of objective predetermined measures. heavily As our

accordingly. more total total operational is our performance XX% we expense expect to XX% million three to which believe XXXX it revenues between strong in met. shareholder with our a pipeline, our of believe represent compensation stock along From shareholder such administrative expenses quarter awards remainder of of the be return target our perspective, over and executing we our will X% $XX and last have return with to we confidence general performance is XXXX Given acquisitions once robust and likely our adjusted will for and in earned the the one-year years, $XX go-forward range XXXX, million in that XX% per

approximately expense, stock reported quarter for be about of first million X.X% Excluding or revenues. total G&A $XX.X compensation would the

on of both our We less $XXX results or no impact. accounting we the no assets forward, made quarter our liabilities new Going effect million, increasing that during transition with operations. income by the of a that the than FFO expect will have material adjustment but of lease and had impact adoption

for insurance will and noted, that income impositions tenants already reimbursable ground tax our the presented statement. in certain as such rents property responsible gross paying are As be some instances in and

this that fact that estate acquisition is to we remain discuss concerning to to have acquisition million ATM equity Our acquisition, over the attractive that result $XXX under real million other common in in expect month, in program agreements expected will has $XXX in raised we're of acquisition already primary Southern our surrounding the new focus communities. billion XXXX respect signing hospital Healthscope we rate the is and we at highly England will of and less in morning. remain important an of more made great capital of Ed our has that complete in real than and X%. so Reflecting been is on far debt very confident additional of of XXXX Australian-denominated million in The completing with we making that acquisitions $XXX that targeted delivery $X.X estate, $X.X term a healthcare high-quality in progress, prepared in will not hospital unsecured essential billion point as confidence acquisitions steps to the and initiating taking than this anticipation the investments. these acquisition quarter last the hospital the

long-term provided of Healthscope will per billion completed, quarter's historically normalized completion current more in that, expect to diluted low debt-to-EBITDA ratio times. the upon It annual basis. be will remain Our FFO and it rate share. we X.X we acquisitions, our leverage timXes but run in when be at closing to expected predict X.X will $X.X guidance questions. between a approximately possible is not is $X.XX on $X.XX Accordingly, June, call of early we the and we take maintain confident on with will our no prudent to range in that acquisitions additional precisely Operator? remain XXXX happy upon our And than strategies net acquisitions last

Operator

you. with from Thank Michael Our RBC comes first [Operator Carroll question Instructions] Capital.

Your open. line now is

Michael Carroll

Yes, of investment thanks. I think Or acquisition. after trying touch invest type time? get Does to you've deal been we it provide more in allow a I meaningfully U.K. does BMI that this transaction? I market Circle quick. the more country the to the should one-off aggressively to know it you foothold wanted a and guess more real over into on

Edward K. Aldag

a BMI. slowness Well, that to but we Mike disappointed with contractual still there traction be there near but don't I having said additional see -- very But have builds the us an for our future. of in and this still think good team able here any is Obviously, the it I there. have properties, upper think gives we'll investments a obviously question. with the investment some that's and I've We a that, good relationship in just one-off the foothold been U.K., we greater rights

Michael Carroll

I was X% know in And terms ramp are lease the Okay. guess the GAAP cap long what guess what lease? bumps? it the how I are is the think release and I the I earnings of rate.

Edward K. Aldag

XX years lease. on have remaining We the The--

Steven Hamner

detailed not There the are disclosed fixed rent bumps that we've terms.

Edward K. Aldag

what in they're of range we're used But to Michael. the

Michael Carroll

How Okay. XX long lease it initial how there's when the years terms? lease? What the was initial was was long it? If signed, was remaining,

Steven Hamner

on get to you that have to back Mike. I

Michael Carroll

you believe right year-over-year. Okay, I in ratio? LTACH remember that portfolio portfolio Is And coverage coverage coverage. to related was seem does talk about the correctly about the, mean case? I that guess, I I now? dropped continue of the are coverage the assets. does the to great. like It then that part weak the how Ernest the If want has IRF thinking to I that support And

Edward K. Aldag

that with Mike it's facilities. we of of an The LTACH, that other But Ernest, has coverage some it when pretty the you but closer defaults Ernest-related Ernest-related. got with bottom. extremely letter and Well, facility There a well-covered have do is Ernest of has with ones near ones We've to rehab That cross the is to are to not facilities actually performing all another aren't operator, of facilities combine crossed. are number mixed. do with one the large nothing the credit that there. are the these strong the

is continuing ultimately piece very everybody So, ways road. that maybe we seen the portfolio them to have that properties, this a criteria. of is XX is comfortable of point find itself growing. the go. to about feel We you've the a because that just LTACH close are we not property big property and there we're an But than of other valuable at them. the But remember very don't on our most a see part with the There what to something this couple it's probably $XXX patient bottom down that think that still that of trying just million,

Michael Carroll

Okay. supposed And then expectation a I timing on -- to of think that financials. Is Steward finally sometimes you'll report guess soon that? those when know I be I releasing an there there Is financials? you're

Steven Hamner

expect Yes, we to it fairly quickly. be

Michael Carroll

you. Thank great. Okay,

Operator

our Baird. question next Babin with Thank you. And from comes Drew

now line open. Your is

Drew Babin

morning. good Hey

Edward K. Aldag

Morning Drew.

Drew Babin

the on ratios, more things time first guess those seen the kind lagging the you've Starting from both out sequentially creep And ratios a as year-over-year. hospitals the Might on have to that on little from of of kind quarter coverage anything on? begin the like are the goes improving? based see financials and we attribution looks fourth quarter very coverage stabilized of acute IRFs it doing care I the much up

Edward K. Aldag

Drew not the care. sure Yes, the yet, categories. I in all IRF acute think in LTACHs I'm so certainly and -- the I about but think

Drew Babin

more you Okay. the mostly and to something past it in that just the operator And maybe front? is legislative on or do improvements operators had Prime issues out operating attribute some it working like

Edward K. Aldag

getting efficiencies, right but after just truly is Prime portfolio of probably think too particular operators' in fast, their on their many humming. They've too incredible truly an order you're it's acquisitions I in done fantastic. doing house operator is back improvement. job

think last to going and portfolios care the XXXX for hospitals catching Some be in -- we in to are great of acute quarter fourth the in is they the wanted be year here by to probably other particular. so first a up where the quarter year,

Drew Babin

term you potential Okay. then are And Aussie Thanks loan. all pricing for at talk that. able to on about terms the

in what have thre-ish color market of the might we that like? on something look that think looking but I kind modeled at any

Steven Hamner

known it three a today in the up. which the pretty what think then X.X, spread Yes, going in is off and use will to is the X.XX. what's be as if you that's It BBSY close of reference be ends I flat, to driven -- times X.X-ish Australia, our

So X.X. would as actually of today, slightly it than less be

Drew Babin

Okay. And BMI this, on cap provide cash X%. know one and one I GAAP did I if last but rate you deal? a apologies the missed the then yield

Steven Hamner

not. did we No,

Edward K. Aldag Jr.

We did for obviously purposes don't not. We negotiating tenants. other with generally

Drew Babin

Okay. you. Fair enough. Thank

Operator

Thank question from you. our next Jefferies. And comes Tayo with Okusanya

Your line is now open.

Tayo Okusanya

gentlemen. morning good Hi,

me. for couple a Just

Edward K. Aldag Jr.

Hey, Tayo.

Tayo Okusanya

morning. Good

for XXXX Medicare thoughts for First new just fiscal as to on hospitals for wanted your well as all of LTACHs? the proposals get year CMS reimbursement rates

Edward K. Aldag Jr.

thinking proposals heard question having -- I the to were the right you your acute LTACHs? asking were to CMS increase if as Tayo, asking cares volume talking, you for and but about I

Tayo Okusanya

Yes just for fiscal XXXX thoughts year the on proposal? are what your

Edward K. Aldag Jr.

and care Actually, of key bottom obviously see you few reimbursement, of very obviously will still we're think we're not the hit them criteria if the our to most but and to we pleasantly LTACHs a The they we're much there. propose. be so the rate LTACHs. in proposal the have portfolio for surprised We the pleased the continues there are. and hospitals, the patient watching what with wait acute For with on have LTACHs final results what

Tayo Okusanya

from talk discussed post could of Got little deal but no performing And think you guys little -- you. I if assets around decent about it's about talked did you just to you know now. XQ the the you XXXX give given about of XQ 'XXs coverage, small a interest you surprised I in the That bit? in that And then I longer how those while you rather sure us your portfolio of that just perspective? think -- part of exposure again the the are to XXXX kind -- reporting a was of talk almost I post low little being a Steward I is not Steward, it's that quite I'm represents? a that amount then lastly, seemed high. curious what kind there disclosure could would bit advocate that do the continue if the number disclosure investor that

Steven Hamner

Yes.

unique And investments. So XX page measurement a we indication Tayo. for you're position very It's as by supplemental. The fact protect in both the recent opportunity future just in actual that actually things probably really I Texas really and hospital there acquisition Steward's West where on to us of to near-term you'll just the one-off results. a I a meaningful means improve Steward month an not existing Steward couple revenue Steward is say of will as investments. have for of fill-in basis, those protect respect to I of market. and small was and see think MPT's let any It point address any With me last looking attractive of is on out very a the our calculation exposure in a

so which revenue. And see Healthscope, you'll of also example then has of included And with assets, there's doesn't that has for associated for it. also that It a billion is the development no no we've you'll see venture. adjustments lot include other $X.X under again as revenue joint

So been you'll investment to similar where to out, reporting and Steward we've which that if pro you get level. those back right also that's XX% the range always is in forma

Tayo Okusanya

Thank helpful. That's Okay. you.

Operator

Thank you.

with Sadler question from comes Next KeyBanc. Jordan

line now open. Your is

Jordan Sadler

Hey, wrong there? looks is you Can size Australian Or -- term is it on good just loan. at the it the Can wanted loan you like way? what I looking start maybe in am substantial maybe Healthscope. so of I to pretty to the relative to the the your speak morning. term investment LTV

Steven Hamner

the of much of No, as then our to couple investments, naturally right. hedge and take in typical one reasons. you're for both a looking non-U.S. Europe to investment. we -- and Australia our lower in is that's and secondly of offset Western overlever advantage debt with exactly it And to at Number cost

loan. an unstructured So it's

fungible debt, rest totally those the is it's done of it historical we've investments makes overlever. European to why sense again reasons for So as to which two MPT's with

offset have we So we when acquisitions. means that that to just do U.S.

in why range unsecured And confident corporate able leverage so to long-term being overall X X.X in to times we'll that's say on our going we're basis. retain forward that that a

Jordan Sadler

Okay.

it's So essentially XXX% LTV?

Steven Hamner

absolutely XXX%. is. It's It

Jordan Sadler

harder the ATM separately, a quarter of year. And acquisition know you Okay. in timing suspended used I is tweak to you've then timing that and the just the so closing become presume a the purely I little guidance predict? in this that has function

Edward K. Aldag

timing closing. has acquisition working XXX% way harder is out properties on call. exactly sizes we were it's it last in It I extremely we that been just about since right we've to dollar the talking that the and pointed always when my as been, It's as lumpy predict. fallen are that out previous have no announcement, And earnings now,

it's It's just an of of timing. So that. issue not issue an

Jordan Sadler

-- a the the only to able be seems a everything's ATM, more pretty bit? the the I little only back change did guess been So little might so the and to guess, do, push timing I acquisitions would expected the have new in which because have bit you much same. did

Steven Hamner

Well, didn't it. think but billion to in a No. the the to share when early time to in January. another $X were happen, a $X.X started What that transaction guidance we And quarter fourth transaction range develop counting roughly were on acquisitions. happen pipeline that's anticipating back first continued that year, very when $X.XX, at in I a gave we fairly really we large that is added in of and January billion we last

we confident that until least recently So meet could we $X.XX. still remained that at

difficult. basically calendar sure just As still basis. -- and $X.XX we of now be not timing more it about saying, $X.XX, approach now, to year the and than unlikely more it's it's on we're year a of and But the history middle becomes that's the why we're specifically

Jordan Sadler

like to might now bit XQ looks to a guess, be assuming just a I small it up acquisition, -- did obviously Okay. of on at that. right pretty you similar there's ATM. did you quite just but XQ, follow least that

least the I'm guide by high run or made you rate, I noticed rate So of at And pennies wrong run then there? separately, correct end if range. a at up a you correct -- bumped just me couple the the

Steven Hamner

Yes.

Jordan Sadler

anything I that? driving And if was was curious there

Steven Hamner

Yes.

Just on more than timing. terms clarity other

Edward K. Aldag

Yes.

already -- we'll backend near the will second will loaded. quarter all that very end properties the we're quarter, second in As be of have the close the

that much end right, have be and you're so the second from the there of quarter difference the to And more won't quarter standpoint. But second the first quarter. hope announcements we between by

Jordan Sadler

follow-up Okay. renewal that Does or quick on extension have And a BMI. option? an option then

Steven Hamner

Yes.

Jordan Sadler

And be then it's assume -- extended? you assume likely that it guys will

Steven Hamner

Well, XX years from now, I'm sure. not

Jordan Sadler

your of… in assumption GAAP -- an make calculated don't the in You spend

Steven Hamner

no, no. for The No. accounting initial is the which GAAP is rules, basically Oh, rate that. driven term. Not by

Edward K. Aldag

performer but BMI, XX strong a for knows. years is out This who

Jordan Sadler

Okay.

reasons, assumptions but… For renewal to over guess, some had I to certain as I guys the have as -- accounting thinking make it related to you was in it rules time, options, related

Steven Hamner

that's large But away any right. respect can't from That's are all of operator the analyzing assets. lease, we leverage walk to when has when whether an walk the and master single from with it a really there's away because to asset,

Jordan Sadler

Okay.

opposed As a to one-off?

Steven Hamner

Right.

Jordan Sadler

Okay. The lease up. large brought master it you

any Just color you give How us -- on can has looked coverage like trended? there? Steward, what you on it's did

Edward K. Aldag

Steward overall?

Jordan Sadler

Yes.

Edward K. Aldag

It's we XXXX be very them. and strong year up Yes. trended for to a expect

Jordan Sadler

EBITDA financials. And just you provide their sort by they don't -- of preliminary a give you coverage get They overall facility? that you

Edward K. Aldag

Steward, we're regular on a but on all our with not just We facilities basis. them daily working of get information

And doing. facilities are so we do all have insight the into what

Jordan Sadler

guys. Thank Okay. you

Operator

Thank you.

with from Our next question Vanacore Chad comes Stifel.

is open. now Your line

Chad Christopher

I'll it quick to keep one question.

on Ed, U.K. that the like. growth the any liked you'd slower comment been So to what level have then expansion hurdles in on seen. have you some I'm to had would curious

Edward K. Aldag

hospitals. provider seven going with that's back willing for or long more can any ago their NHS citizens Well, introduced time use the any years a They've insurance private the eight U.K. where Yes. cards years or

do yet hoped. the psychologically got hasn't a just it but just and so than we happened been it's so And process had ability it, they've to longer

Chad Vanacore

That’s All Thanks. it right. me. for

Edward K. Aldag

Chad. Thanks,

Operator

from And Securities. comes with our Karin next you. question Ford MUFG Thank

now is open. Your line

Karin Ford

Hello. Good morning.

Edward K. Aldag

Hi, Karin.

Karin Ford

yield acquisition I before. X.X% Hi. to wanted you'd to ask range given X.X% GAAP that about the

that think deals your split international going most that and the outside I be you've U.S. would were be I increased you XXXX had Healthscope said. It like in the the average to XX%, rest of to of bring of into think that the sounds targeted range. said you now previously more

that range good for us? is So still

Edward K. Aldag

It is U.S. last cost borrowing earnings and because we both Karin, about remember spread overseas getting the overseas. talked in call, of we're lower when same still because the it our

Karin Ford

just is purposes, that should fall still for we Okay. still be X.X% it a -- modeling number could on a side? just yield But the below reasonable GAAP or yield

Edward K. Aldag

good That's a reasonable number.

Karin Ford

Fair enough. Okay.

a were from Just question chance any step It NorthWest that to said REIT April in their you they slip deal late publicly delaying the the to to XQ they're chance like that Healthscope. a shoes on to looks get Is over finish if update NorthWest's acquisition the there on able line? that mid-May. and might could now unable be that

Edward K. Aldag

It's XQ. just more said, unable answer be to likely if -- perform highly to it what would you They're slips then NorthWest unlikely is step that exactly we in.

Karin Ford

to? rent then And quarter. of write-off straight-line talk $X.X in was It a just you last about like looked the question. Can related million was there Okay. that

Steven Hamner

number was That I can't all that netted out going course exactly a straight-line but minor transactions actually not ordinary what head, was rent. my out. $X.X off top Frankly, adjustments it recall It's that of just million. of to the in in and

Karin Ford

you. thank Okay,

Operator

Thank you.

Our with Wells Todd Fargo. question next Stender from comes

Your open. line is now

Todd Stender

by Steward's you're those coverage give by the some In clarity Thanks. rent just six you in. those given you've Can that the rent markets? markets on past, coverages

Edward K. Aldag

markets actually basis, well on I in is X.X range. overall me of have you. to it the in six coverage Steward's don't an Well, the over front give X me but it times. by It's let

Todd Stender

X.X. Okay

Okay.

those of markets in some excess of X. And were

Edward K. Aldag

Yes, that's.

Todd Stender

a I'll guys, Steward is you there that straight Is by right. financing a in that Okay. The investment? switch All acquisition. gears. Big or property Texas, of wholly-owned more Spring is debt

Steven Hamner

real own the the estate No, only and estate. we real

Todd Stender

Okay. Did and term? provide that GAAP yield the on you also lease

Steven Hamner

into did Steward But master not. lease. the We math, the it rolls

Todd Stender

yield Comparable is fair? Okay. that

Steven Hamner

Yes.

Todd Stender

right. That’s for Thank Okay, you. me. it all

Steven Hamner

Thanks, Todd.

Operator

And from JPMorgan. our you. comes Michael next Thank question with Mueller

now is Your open. line

Unidentified Analyst

Hi. It's everyone. on Michael morning, for actually Mueller. Good Sarah

Just question on quick equity a issuance.

like higher at we terms guidance pipeline to touched rate lower by term want guess, debt? the the equity raising can just So, $X.X year billion the end think guys And of that issuance, of the the debt-to-EBITDA rate? of I the $X.XX loan run that we in your can end. reach given having that issue remain you should you rest also range, How at upon of but look gets with now run assume funded to

Steven Hamner

having equity with out under billion with Well, the as even financing Healthscope earlier, pointed and ATM that closed when Jordan times at in be we debt, leverage. we'll Healthscope, issued XXX% $X.X X.X

Going forward, our history these the on run X.X now years our basis, as our said, times between times X that at many low is company and and we've a to plan expectation long-term leverage.

I to and driven not equity, when to debt have respect is precise. we when as doesn't I'm that So we answered we mean that With maintain make we balance and acquisition, leverage expectation and any the by do to these acquisition will adjusting an be and day billion we immediately but the obviously acquisitions, day very plan or just following that it that any be is do timing we question. prudent all up there, $X.X wake that your be sheet no ability our of level. velocity we will sure

Unidentified Analyst

Yes, thanks.

Operator

follow-up Okusanya. Thank have And Tayo a you. from we

Your line is now open.

Tayo Okusanya

queue. you. took off Thank Well, actually, I myself the

Edward K. Aldag

Tayo. Thanks,

Operator

I'm this no for questions in CEO, And like showing time. the turn to further Aldag, remarks. back at any Ed closing queue I'd the to call

Edward K. Aldag

in Thank interest all you call today. you, the Jimmy, your of for thank and

have any much. don't our you If Thank very you offices. please call additional to hesitate questions,

Operator

Everyone all a great program day. conclude Ladies you thank for today's may conference. and in your participation disconnect. does This your you and have gentlemen,

Medical Properties Trust (MPW) 2 May 192019 Q1 Earnings call transcript