MPW - Earnings call transcript Q4 2019 | Medical Properties Trust, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 Medical Properties Trust Earnings Conference Call. [Operator Instructions].

I would now like to hand the conference over to your host today, Charles Lambert, Managing Director. Thank you. Please go ahead, sir.

Charles Lambert

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

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

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

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

During for of and call, events materially underlying and/or and the forward-looking may reports those and that will expressed future filed to with certain you uncertainties are of Reform differ actual events we factors results other the such in the financial or company's those statements our to considered cause forward-looking forward-looking Commission discussion Litigation from the differ subject Securities to within future risks, the and We refer that could be Act known this other call. company's course These a unknown results to expressed make of the Private Securities this cause from factors statements of projections that statements the materially XXXX. statements. meaning may and Exchange

provided company not information. undertake does this The date to by the laws, any only, today such of being is as required a information securities and except federal as update duty

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

reconciliations. our to for measures comparable directly financial refer the and also www.medicalpropertiestrust.com at most website related can You

turn Ed Officer, the Aldag. to our call I will now over Chief Executive

Edward Aldag

fourth today's you XXXX a all quarter and record was on for MPT. Thank year joining us Good thank morning, for earnings you, Charles. call.

domestic we operators, hospitals approximately acquisitions completed billion located XXXX, Today, and existing as Australia. in increase. $X.X new approximately Portugal has billion. is XX% in international approximately Italy, in and international in XX/XX/XX, Switzerland, now with and During was On billion Germany, value domestically This $X.X well approximately as United $XX $X.X MPT acquisitions. billion represents Spain, our enterprise U.S., it the Kingdom, billion. $XX a investing

billion. IPO end XXX% XXX% was return From more of to $X shareholder REIT our the for to Today, index. index, equity total SNL billion. was our the At compared REIT than almost in broader market the our XXX% XXXX, $XX cap approximately XXXX it's date, of and Healthcare

return REIT shareholder largest represents shareholder was XX% year, total tenants portfolio. for X.X% the the of most Index. broader XX% our no our X-year broader XX% to of X than of largest X and REIT total return compared XX% SNL SNL Index, to XX.X% the the XX.X% index, At Our for the of compared XXXX, for Last the total beginning to XXX% REIT Healthcare REIT for was Index. and our And our and than respectively. property total represented -- Today, next less represents more importantly, represent tenant almost our largest largest our tenant XX% next X portfolio. XX% X.X%, our us, and

transaction, has acute pound program has for entire a assumed MPT for facilities. been facility portfolio has approximating BMI United a BMI investment for multi-million related Kingdom Circle early the who Health, people. a Circle to the committed $X.XX In infrastructure, trusted care in In acquired aggregate January, XX billion. we technology care tenant of operations years, facilities price an the acute and purchase of

level healthcare of of Centene operate depth leadership, experienced and with with of deep U.K. to ability partner the hospitals. a Circle's growing including backing and experienced in local of in experienced confident private the combined MPT excited about U.K. BMI to Circle private Corporation, healthcare U.K. the transaction knowledge this hospital strong of significant are opportunities is perspective, related operators benefits this footprint hospital the We portfolio in along the portfolio brings financial a leadership. increase hospital markets existing from from of our

in Circle opportunity partner that and within augment self-pay with local facility setting. significant to certain NHS markets, there's the a optimize volumes, local and service market insurance of private patient to provisions is to maximize confident timely expand infrastructure and lines care comfortable technology

we relationship Additionally, Management. already a expanded strong on $XXX our in million transaction and LifePoint closed Global December, with Apollo that Health

and $X.X X billion. LifePoint investment XX care acute XX states, increased total our care with acute included to hospitals transaction This and across hospitals

operators Spain. two continued leased that largest strong and are approximate in an one joint acute in own propco joint acquisition in stake ventures Hospitales, These for the real investment to estate by hospital was December. the This of the in with year to $XXX of transaction finish two our hospitals venture XX% We Spain. care Madrid yet equity entities HM a private million another operated

Mello Portugal. million. providers This future a José that a provides for for to the public our market, years. in operators recognition known strong $XX are gaps the and de participate the represents an MPT platform with increasingly of a This transaction care also opportunity increasing largest José about for in Viseu acquired in the MPT healthcare Mello, transaction health coverage is operator. growth-oriented excited We city -- very private metrics. marketplace the market approximately Portugal's rewarding by to newly-constructed, with enter care operator leading de consumer-driven the to hospital a in other hospitals Similar market MPT with in with Portugal growth Portuguese Portugal are investment in and system, private first XX-bed hospital the and with quality offered U.K. acquisitions attractive presents healthcare filling we've MPT unique hospital

business expansion needs. approximately to including international Luxembourg, our day-to-day strong our our Accordingly, the management full-time undertaken XX office has transfer expanded Birmingham underwriting With space and in of increasing to XXXX, employees, from personnel MPT highlighted our base the people we office. during of asset continued headcount above, meet our expansion and international operations its

first in of of process Australian to year. are during our in establishing Sydney the second we open this addition, In quarter the office

We grow in depth York. also have Birmingham experience in and personnel and and New U.S. our the continued to offices

concentration our is and acquisitions, U.S. XX%. these With is International investment XX%,

As U.S. we've said, International. we expect to our portfolio XX% be and about generally XX%

However, time as we from investments, make will fluctuate time. significant that to

neuropsychiatric complex to opportunity is largest behavioral providing the focused best-in-class country. fourth hospitals as of They the Houston, As severe is today. known $XX began care closed in and in organization XXXX that progress psychiatric XX-bed, Texas continues development not reported care health a the the equipped the as last planned. acute NPH quarter, the need cases patients for in for NeuroPsychiatric Hospitals an on hospital quarter meet on of health we a in freestanding company market. million behavioral a are Construction with handle medical psych and comorbid to traditionally underserved conditions, treating and with

open We quarter expect such behavioral this is need in to There this a U.S. for unmet the year. third hospitals tremendous of the hospital in

We these the to to of expect forefront the we meet needs. at to expect be -- to help provide financing forefront be at

To we do comfortable the enough XXXX, will date, I'm of is in an and $X working close we At on $X project will XXXX, billion billion. additional but we possible. that around to that are billion are For not property. full $X closed we actively on this million projecting have it already $X point, certainly

We we will this you on update as progress.

from we some impact either. any expect legislation, on talk healthcare-related accountability transparency portfolio negative fiscal regarding are In We our Medicaid regulation. seeing increased and do not

IRFs, update quick a LTAC. provide and and X portfolio. added on general subtracted I'll Now XX XX reporting; We our acute X, and our X to same-store properties, acute care care existing X

we changes, categories. our these across saw all essentially With flat EBITDA

we one quarter in Just to arrears. remind report you, will

is quarter the the which is of to this referring third So year, softest quarter. the historically

a our of in uptick the operators with flu. Some admissions have reported fourth quarter slight

cases reported However, and like I Steward. none of this quick operationally Steward see provide at both to time. coronavirus to good would our progress, of financially. on the operators update a continues have

potential perform At our Xx. underwriting quality. Report Prospect X.X%. in XX line Prime currently hospitals the greater As nation, in best EBITDARM successfully fully Prime our remain in the Prime's to divestitures. hospitals model receiving our of their been event, Nation remain continues its covered concentration in care integrated choice be various Healthcare Overall, the Arizona. has for managed coverage which in Healthgrades for performer strong. expectations, Steward for and over Nearly investment to December, than continues In exceptional it XXXX it is since its continues consistently of high the to performance XXX their operates, with is completed health initial in XXXX. implement plan both half recognitions Prime concentration among identified hospitals that opportunities and the Currently, sale Steward growth markets at and the to were X.X%.

facilities of of none know you wildfires been At time, the in of threatened. aware I Australia. all our seriously affected this have have been that and well are none

We Steve? performance. this stay Healthscope monitor contact Steve our situation. financial I'll consistent continue to At and time, in evolving go the to with over ask

Steven Hamner

financial a unmatched a that to reported important for to and truly the few full just of performance. Ed. how highlight in was growth, minute, XXXX $X.XX defined, MPT is share you, of XXXX, year. XXXX we fourth This items will year morning, diluted diversification Thank though that of -- most point success FFO normalized quarter is share the per important continue but I make and demonstrated $X.XX most per already monumental provide regardless the even a has should for

real resulting the operators, XX% an that gaining and and investors with In real market in acquired estate are at XXXX, strongly solutions immediately hospital we acceptance increase other billion, pace start both for the totaling hospital and participants, year-over-year internationally. U.S. in from accelerated This, $X.X accretive XXXX, a demonstrates total in along sponsors, assets. MPT's tremendous estate, hospital

was acquisition unmatched markets. supported similarly in capital activity in Our XXXX the execution by

X%. X% to on $X billion and we basis real notes maturities we unsecured almost rate interest loans That's at blended blended of yield hospital During currencies a investment the staggered approximately $X.X compared the in full XXX year, strategically acquired. issued point of multiple the billion estate with spread a term of

shares XXX more for an amount We of our the equity, care we for this reflecting price. billion REIT Even return common time. average issued health now to all-time AFFO all XX% during first stock the year. XX%, accounting with new And and we common almost ratio $X.X share payout have total of substantial million full of than of the equity our for is delivered pro in highs proceeds, a outstanding also of REIT shareholders forma yield dividend below in XX%, raised

to results sale just compensation quarter G&A included that With not are quarter relative prior large performance quarter fourth revenue arrive the pre-funding a released fees we couple and to morning, expected related results in on done financing guidance, assets we gain capital years, and one, there rent primarily similar New to about are that X FFO are line fourth Number items to related very due accordance items of dispositions, the material These to were financial acquisitions, other to handful FFO, expenses of at adjustments the Below of activities. make transactions, of this that acquisitions, achievement the busy disposed quarters, share-based including $XX.X in with properties that in what the markets primarily the from a highlight. recur. there FFO. recent certain an tremendous recent growth the to less respect we are of closings in adjusted are NAREIT then unused hospitals are aggregating have in to for metrics. write-offs primarily, the normalized to nominally Jersey, expected straight-line and million and higher

of We revenue. range a will to X% XXXX G&A adjusted between X.X% expect total and of normalize

is the also expected how We story that of our portfolio, us to $X.XX results after U.K., efforts is a our the annualized billion between than a XX% that FFO plus meant run delevering rate from prediction XXXX's other we in debt-to-EBITDA U.K. unmatched FFO, any estimate about estimates share of to further and the XXXX. current include that resulting acquisitions. actual XX while also $X.XX increase announced December, will acquire of January X.Xx positioned In not $X.XX that the morning, in generate growth billion virtually around actual X.Xx, our is announcing year $X.XX. to for estimate. over This meaningfully-sized calendar FFO rate per I'll completion reaffirmed our continued and share per real for The late any be XXXX doesn't have that almost And REIT. point upon agreement hospitals out into transaction, run the their

accretive billion, As just we mentioned to about few Ed FFO a certainly working add $X expect of a ago, XXXX. during pipeline so are minutes we actively

And to turn with I'll take that, we'll be any questions, operator. happy back and to the this

Operator

first Chad line our from comes And of question from Vanacore the Instructions]. Stifel. [Operator

Chad Vanacore

part portfolio, And also transaction, as what new us a So tell development can of large Health Circle you then with there? the them they're with X you the projects coverage well. about your have

the you expand do have that to So actually relationship board plans on further?

Edward Aldag

Chad, for the think but an I expansion able have they'll that The upcoming certainly future. think in year. the expected hands they'll these approximately near in coverage two for the two or We company, really I development May facilities completed -- standpoint, from think that, full be year. one grow their to be facilities the two in this to and at are location, location, facilities development Xx, they're are developments of one not

Chad Vanacore

underwriting coverage? potential impact any there? All you think about your that think do How right. Ed, in Then, Brexit just about

Edward Aldag

impact we concern inability to physicians we have affect any of impact operators haven't neither haven't seen recruit but of that that seen real the that physicians, Yes, our would the we over whatsoever, loss be that we're in. only of Chad. any any The and working had facilities or really at any the

Michael Wiechart

Then European local. right. the in All sticking

You increased personnel. your Luxembourg

You indication more today's an seeing of and international? of that to think about senior any how abroad? should management. we kind you're then Is that from U.S. And promoted Luke shift in distribution Savage opportunities

Edward Aldag

has question. Well, and with not see potentially of with Luke our opportunities us and XX% He's of South tremendous just been XX% is in I good will America. and all the overall with obviously, into same in international But job. happen Central number. internationally, will, but We Europe, don't day, a for our properties. fluctuate we're mix expansions that's much. responsible amount international because still on think outstanding expansions done all years Australia, a don't It an our XX that acquisitions to generally but for comfortable change the

Chad Vanacore

about opportunities a hospital. think All there? How the right. then you're And psychiatric developing should we

Edward Aldag

that in a out there, but it's there Well, there. operators need aren't great it There's out a great just country. this opportunity for big many

So think we that will I portfolio, it today. hope of a can it but grow be it our certainly don't big very where I from is part

Chad Vanacore

about significantly me, right. is for we All one rent One up run bumped think a the How should straight-line in quarter. which last normalized pretty rate?

Steven Hamner

you see, indicative in going what quarterly adjustment the probably think reconciliation I the forward expect what FFO of you'd is on a basis.

Operator

of line the Babin Drew Baird. from comes question from next Our

Andrew Babin

one Spain to of the A on Portugal question related and Chad's investments.

in markets consolidation investments believe I reconcile in some was for you here, what that you mentioned partners And and about the potentially healthcare that acquisitions an be if I occurring you color there's that on -- Portugal think chosen dynamics models opportunity those obviously, with it release those you've year? the why that that may would opportunity the in this with nationally and be you that also some or the give are markets. guess, did can Spain and add attractive, anything things those are create helpful. could also

Edward Aldag

Sure.

operators this we're that great a of we've transactions. them. other There consummate to be working X actually long time. It's it is for think years. been X private operators start X de for as we'll a able about there, a well that think, one cultivating a long job very the that different we've them. very platform outstanding with been We've grow future, the we've done well, Portugal very, near José strong relationships working with excited are that X time, think hospitals. running an that We've also first those We We're some largest gives for to with Mello. to of they built We me in relationship known that with in do Portugal. we relationship opportunity Let us very with

much have that U.K. is also that like It's is from the public healthcare, healthcare. standpoint private very and country a a have public very knows they with. very model vibrant they the Portugal supplements health but which the the well a comfortable care,

is sector Portuguese model. U.S. a And health other some being where United in are so care big hospitals. owns after It's Portugal a there operators a that we part of private the model much sought think

feel that So about. one it's strongly very we

X-plus in to even crisis. Spain during of suffering that for the ago, that had its country more great probably But work hospitals during know healthcare credit people. We all the a we that than now, a years example Spain back to their committed during crisis. continued great Spain, Spain the actually is the In time period, started for that's credit EBITDA increase.

the a like the care this they As to do in Spain. It's case we'll certainly a a people It's be largest we well the know, their as and particular all their system. as than system That times. to to Portugal with Spain able private investment for times the do in much well. able that's We lot grow hospital Spain. in health in very and U.K. healthcare people. got public country been private was sicker support healthcare get very in very continued model spent vibrant time bad the their of hospitals. well-respected good as We've think in operator We've generally

We are be under they operate debt hospitals and the to to very have articulate that pleased with able our way belt.

transaction. know, glad now. and And we got long to in that big that well. as took years We're very you us it grow have ago. in this a able investment Ramsay time to think get we'll As we be We've X footprint we the ago for U.K. with as those have we long BMI finally hospitals that Circle operators, as thought X-plus would a the

Andrew Babin

maybe down? And think fourth paid you were talk assets that And of that you those relative New kind buyer about you they type to in of hospital Can took I was where the the those Jersey. sold? -- pricing for quarter then sales, were the mentioned they

Edward Aldag

We where had for was gain us The were total weren't and situation, gain. those them. not looking for about... them to where -- had from an a purchaser we of us to facilities one We situations came to these opportunistic sell offered purchase sale. Yes, significant significantly

Steven Hamner

Well, of it was both of was adjustment you It more of saw operator reconciliation itself. of those $XX.X the The than included actually in business in in the a of facilities midst exiting the primary million. FFO part is the that.

pay this excited least along we it, buyer full take came to frankly. when us to was and so were value, willing And opportunistic at

Andrew Babin

equity just cost you is And sales standpoint make share to bring property price ATM down from begins but related to now, Obviously, the mention part this for with leverage, odds issuing be that of the of guess, it the stands probably what or on did one could the follow-on. the on right property some JV sense see capital strategy I does are pricing sale hospital as assets larger now? for that to relate the right something year. And sale how side? a we

Edward Aldag

Yes, like not big, don't of see properties. expect you'll would Drew. large that for opportunistic look this be I any any have will sales purely one. additional We to

From now. we with look a process. don't concept, So venture the people for doing get us, calls it's are the a slow certainly -- but pursuing we it's actively that. standpoint, in a we're something all and generally right The a joint at that that interested like while venture time people move pace, are very joint not that time-consuming for very they

Operator

of Omotayo Mizuho. next the Our question from line Okusanya comes from

Omotayo Okusanya

quick and tell tax me In other the rent the Great could straight-line to? what for write-off a ones of benefit, me. net adjustment, for of AFFO that reconciliation the relates quarter, you quarter. there's $X.XX Two

Steven Hamner

right with my the rent. that happy have. of have prepared don't remarks straight-line follow-up referenced that we on makes exactly in write-off that up, my And just happen you. quarter Well, activities that aggregation I'd I it's what of hands to busy other be mostly the

Omotayo Okusanya

Luxembourg of, and people of you That's and those What's the offices well over be? of as could skill background love going to Then there? more how as there, great. offices we'd there? a Okay, Australia your more hire kind just about from ultimately, going to kind as Is are talk, do little talent? of it looking Savage's it thing, big to of hiring the helpful. Luke second you you're bit well? more Birmingham people local Is set

Edward Aldag

absolutely. Sure,

Luke that he's worked been life -- of his So let the very been He's person of five time Luke. accounting. outside as in Luxembourg one all finance an entire opened office hospital healthcare, their a with XX start done background us the the and us outstanding originally he's CHS, in me in of Luke's operators, for to one us. regional He's has offices. job. with for He years of and for been with ago public been years, is involved large about and acquisitions.

asset from Our probably particular the from right in the now. close number people people to transfers over continue department probably moved Luxembourg, we that have make underwriting additions be we there Birmingham, Any right would to that we in that management, Birmingham.

in and level. between I'm that We asset acquisition offices sorry, of additional some goes will through process certainly our will at and as accounting and are -- time analysts U.S. and out lower the have swap the personnel and some We the Birmingham hiring to management in people Luxembourg people York, come back accounting New

our scratch, from relationship have And of somebody 'XX -- we're with the his maintaining customers office very, responsibility starting been real known where person is and that for there and He's we've years. involved building and we we now. us primary that very estate commercial relationship in knows that have well opening is in the Australia,

Ultimately, somewhere that area, people it's office, and the X match X whether they'll out in I at acquisitions think will the probably be additional or or Australian in all analysts. office relationships

Operator

from Barclays. from comes Valiquette question of Steven the next line Your

Steven Valiquette

ones half there with to their the a it's given is particular which And chosen? deals geographic/census-related, chosen first provide you're not of quarterly leaseback is more XX just sale own, still curious if LifePoint around financial since this they able in in that your I do earnings or for which Whether think I appearance announcing after call. to than which last variables hospitals a more I'm the LifePoint/Apollo cetera? transaction guess, future more LifePoint chance hospitals? were deal, general public little was color think, et hospital versus we're specific your this also, just I

Edward Aldag

Sure.

have original of they different Apollo Let literally they working the we summer. acquired last -- could sheet. portfolio that that changes since number this that We that me had with on we middle their a so here. make had the knew wanted been get to probably transaction to balance some start with they They

said, so "Here come pick together." have like back the And very the took portfolio. this of and us portfolio me, so here and front and with you'd to of much together. don't in portfolio We what to pretty to they for I price." our we them our are "Here, they that and gave say, different ones went worked were analyzing that Apollo particular their have entire with in entire And all but we able we put were want the to putting exact locations, list us choice, well in the time

of with hope and them. that management a we to long portfolio way additional about relationship we We've very the But put were LifePoint this I to certainly because excited it do Apollo will the got continue particular are team. we together. able business with

Operator

line Derek the from Deutsche from comes question next of Johnston Our Bank.

Derek Johnston

enjoying? you Based on guys offer could are be better of of lower to even selective that your where operators. be higher the and deal and increased quality even the pipeline capital attractive due And terms track to you engage more with to one Has way record. potentially deal capital can cost cost

Edward Aldag

me we let out our of strong we think that have a portfolio group Derek, very operators Well, point now. in

one But overall the our maybe but operators. of absolutely. happy yes, is We are with very answer all,

each give our of in to grow last people by dramatically capital, that obviously, actively our are, we has over really needs. to this to the our attention only is continue changed deal cost months, know ability at market, who XX and limited, the the grow point, we we -- continues dramatically pipeline potential As

Steven Hamner

just in potential if are less today, last we, in Derek, target it's a the had not-for-profit add, the to over $XXX of with million, invested couple although transactions, not-for-profits we've would increase sized And not-for-profit ideal world. than And it's total, negotiating relative fairly that the what past. some years, is tremendous look probably, I systems. with back for you the

So Ed profit we continue on said, to got what And -- operators will just expect to great but already. that side we've grow. reiterate

Derek Johnston

you great. then dividend And secondly, Understood. $X.XX. Okay, raised by the

model, the the Board look we when at you room range? have we assess growth? our to to Do further As It's when Circle does raising think around how you mid-XXs. pro see I mean, the a accretive FAD dividend, FFO will it approach raise especially healthy you payout, the as more that very forma the XXXX, especially I pro approach plus you guidance XX% table said given throughout the the once I certainly as bring noting FFO anticipate year than XXXX. forma

Edward Aldag

this just So Derek, over have after the not dividend actually think properties years closed have point. the we when a I and Board transactions setting done the announce closed, at them. of has great -- job have deal We obviously gotten everything

look everything the importance meeting, those at is we make upcoming We Board the and dividends. raising certainly and of will where decisions, Board have but understand an

Operator

question Capital. from Our Sadler next KeyBanc comes Jordan of from the line

Jordan Sadler

U.K. elaborate by of portfolio? at So, mention the stake of the Circle Ed, on interested and interest their in Circle I was Centene. you backing your in in Can their all

Edward Aldag

has of Centene do they interest Yes. in Circle, in with Europe passive operators. minority other areas as a other

given call, of this if U.K., issues of Louis. in little, expand. who may out underwriting in size. not gave Centene large, antitrust the and Circle care particular, like very St. the markets, greatest felt any, very For relatively know, to on successful opportunity sake them are different is diligence on And There everybody provider Circle's the a their managed based they

be So continues management there to and passive. anticipated see management. Circle's changes We no Circle's the investment is

Jordan Sadler

enterprises And opportunity for care you there guys some managed see is of do Do an them more you to with expect more? to the do world?

Edward Aldag

the with with we participate It that spent think very the their certainly grow have management their us and them of intention growth. is time Circle a amount Steve we did to that good I of in throughout the Europe. are Centene them. to to before future I some with transaction and team grow Well, relationship allows opportunity comfortable our

Steven Hamner

the we not done or being absolutely Circle's you're with I operations, managed Centene for United to but into Jordan, it United. think obviously, biggest, mean, is absolutely opportunity only we And us. that's not looking the anything But right. haven't sorry, care offers get company -- others,

Jordan Sadler

talk and active to not that's rate. billion year, maybe how pipeline, it this relates you Ed, the getting negotiation is like far in it as And billion it the pipeline along? $X Can you characterize a versus not bit? Australia little versus or domestic about in under of contract as Can $X your run of you're it although sounds done maybe necessarily much confident being the then

Edward Aldag

So to and there's actively in it And billion is out care in part Western are I Right that today's of that's here earlier further $X we hospitals. it be did broke $X and are along, XX-XX, of and broken between South continues international the the it's still America. way the working, in -- all billion that call. why we that, It Europe now, U.S. acute out XX% XX% all about general much

Jordan Sadler

year I sort be Okay. expecting point billion if in you. the this billion how timing -- gets the then And hit? some should to -- near-term $X of of the for that done or last guess, at $X Steve, If just that reasonable we one

Steven Hamner

hate almost billion. had last I at to look able to in we we predictable. not the year, try model. yet got up I little you June, think and not We've with learned you mean, totally long and we just predict. leave over with being $X It's ended one I ago to into and not hanging U.K. to can closed hospital

Jordan Sadler

know. I No,

Steven Hamner

yes, But you're...

Jordan Sadler

estimates run rate. to this the sort with struggle our own rate, full always of the just year for to We run bridge

toward on closed correctly? in be the to rate. anything is Am this BMI it having pretty run that in you're So there seems about thinking sort shape of early I -- on course like year good

Steven Hamner

only we of No, today. what is run are. have the Kind we you absolutely have rate today and what

So only this our be the would included that or rate would in in development. and run difference, miniscule be virtually

Idaho that but think England in we've in earlier, a not still I rate the mentioned projects others, project the in got We've a as with Ed, earning Circle. and little right run those are we're a Birmingham, of only in now. one got the few

Operator

Mueller of the from Michael comes question Morgan. next JP Our line from

Michael Mueller

to point? that. year at follow-up you a Steve, just guess, this permanently guidance I away are questions. of moving couple from A calendar

Steven Hamner

year is since just we per Jordan haven't discussing. periods have, the to and It's growing especially year gestation at were that we provided with it just have. the you're year just, as when that impossible as guidance for XX% really time Yes, about very we this reasons calendar XX% I last

You heard talking projects. Ed we've mentioned in a minute been years José ago about for Portugal that X-plus de to Mello

guidance So we it's to a over just tried predictable. not haven't give in year. calendar And well

Michael Mueller

it. Got

a little really about mentioned, were Xx. when of leases And covering I opportunity Okay. then, roll an you Prime assets you those And some about think, there more bit talk the Ed, to rents is expire? than Can half of up?

Edward Aldag

the I in the or situation. They're existing their under now, increases expire? the the of they nothing over just all rental about expire from standpoint, right don't were a under will but the they an master when -- under The Prime if hospitals then to again, So in what 'XX. first lease. so set question are what lease lease, a know it's want rates it intentions roll continue they

Michael Mueller

it. Got

there's a So bring-to-market? not

Edward Aldag

to structure we to very think market. way leases, close The that, our them. is protection we the have that Well, be they inflation going all in

that. be the in whatever theoretically, at are the 'XX, market should lease So rents

Michael Mueller

But Okay. in Xs, deals doing coverages hospital right? you're the are if more today, the new

Edward Aldag

in buying have a from well, that's of performed right. But X.X% hospital, Well, see we how in to an the been to so some range and our that's Xx the well portfolio it get them existing going-in and Prime X% long for covered. If the standpoint. other we're hospitals so you over expect

Operator

from Wells Fargo. comes question Stender line from of next the Todd Our

Todd Stender

dispositions going the assets? back the in Median those to quarter, were the Just

Steven Hamner

acute hospitals No, in care general New two were Jersey. no. Those

Todd Stender

Okay.

been longer is that on tenant And of reflection a your top no just Median down, Is they've list. guess? diluted so I

Steven Hamner

Well, two then, it's the year's acquisitions year. where joint in things. of upwards course, of last Median and $X-plus billion we half non-Median It's the sold of last of venture,

Todd Stender

you provided Okay. those have Portugal context coverage guess, Spain, us certainly coverages And give Xx. for Do markets rent release in then, maybe I for to you LifePoint. the rent just the saw acquisitions? Ed, and that like the the Circle. other at for We

Edward Aldag

Yes, of acquisitions. that the X.Xx all same they're all the in to range XXX for new in

Todd Stender

investing we you in fourth on balance quarter equity up. in the alongside Anything And then creeping investments sheet QX, operators the so your in are Okay. then far and cases? see the any

Steven Hamner

the a are accounted in No. in equity The it's investments, for example, Madrid X structurally because joint hospitals equity for venture.

Todd Stender

no to... investments equity But Okay.

Steven Hamner

not interest say structure that the trying in venture we're that the the of what does is not That's That's investment fee joint when of there we a hospital. rather than necessarily to the equity our of equity, of mean investing the in mean we're the means. all equity is operator

Edward Aldag

in in investment X% last bought a made transaction, the was operator where interest we've Switzerland the a operator. hospital the we Todd,

Todd Stender

Right. that. remember I

Operator

closing like time, I'm no this further back I to for questions. At would Ed Aldag the over turn remarks. call showing to

Edward Aldag

listening thank Thank And of again, you, all today. for you in Operator.

follow-up please to one out of additional Thank any do to much. reach hesitate us. questions, very not have you you If

Operator

Ladies you this for and gentlemen, conference concludes participating. call. Thank today's

You may now disconnect.

Medical Properties Trust (MPW) 6 Feb 202019 Q4 Earnings call transcript