Medical Properties Q3 Normalized FFO Rises - Quick Facts

(RTTNews) - Medical Properties Trust Inc. (MPW), a real estate investment trust, reported an increase in profit for the third quarter from last year on higher revenues. Normalized FFO also rose from last year.

The company's net income for the third quarter of 2017 was $76.5 million or $0.21 per share, up from $70.4 million or $0.28 per share in the year-ago period.

The latest quarter's results included $4.4 million in debt refinancing costs and $7.4 million of acquisition expenses. The year-ago quarter's results included an approximate $45 million net gain on the sale of real estate.

Funds from operations or FFO for the quarter rose to $0.30 per share from $0.20 per share a year ago. Adjusted FFO was $0.28 per share, compared to $0.27 per share in the prior-year period.

Normalized FFO or NFFO for quarter grew 61 percent to $120.6 million from $75.1 million in the year-ago period. Per share NFFO increased 10 percent to $0.33 from $0.30 in the same period last year.

Total revenues for the quarter rose to $176.58 million from $126.56 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter on revenues of $172.45 million. Analysts' estimates typically exclude special items.

Based on recent capital markets transactions and management's present investment, capital and operating strategies, the company updated its estimate of 2017 net income to a range of $0.84 to $0.86 per share and 2017 NFFO to a range of $1.30 to $1.32 per diluted share. The Street expects earnings of $0.89 per share for the year.

The company reaffirmed its estimate of 2018 net income in a range of $1.02 to $1.06 per share and 2018 NFFO of $1.42 to $1.46 per share. This estimate assumes no additional acquisitions or investments and no asset sales. Analysts expect earnings of $1.06 per share for the year.