Medical Properties Trust Q1 Profit Plunges

(RTTNews) - Medical Properties Trust, Inc. (MPW) reported Thursday a first-quarter net income attributable to stockholders of $32.79 million or $0.05 per share, sharply lower than $631.68 million or $1.05 per share prior-year quarter.

Normalized funds from operations or NFFO were $222.21 million or $0.37 per share, compared to $282.50 million or $0.47 per share in the year-ago quarter. Adjusted funds from operations were $0.30 per share, compared to $0.37 per share last year.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter decreased to $350.21 million from $409.80 million in the same quarter last year. Analysts expected revenue of $354.55 million for the quarter.

Looking ahead to fiscal 2023, Medical Properties Trust now projects net income in a range of $0.06 to $0.17 per share and NFFO in a range of $1.50 to $1.61 per share.

Previously, the company expected net income in a range of $0.83 to $0.98 per share and NFFO in a range of $1.50 to $1.65 per share.

The Street is looking for earnings of $1.03 per share for the year.

The company also declared a regular quarterly dividend of $0.29 per share of common stock to be paid on July 13, 2023 to stockholders of record on June 15, 2023.

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