NYSE$MPT
Medical Properties Trust Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Announced first quarter results, executed total liquidity transactions of $1.6 billion year-to-date, and reduced debt, net of cash, by approximately $1.6 billion since the first quarter of 2023.
Medical Properties Trust reported a net loss of ($1.23) per share and Normalized Funds from Operations (NFFO) of $0.24 per share for the first quarter of 2024. The net loss included $693 million in impairments, primarily related to Steward Health Care System and the International Joint Venture. The company executed $1.6 billion in liquidity transactions year-to-date and reduced debt by approximately $1.6 billion since Q1 2023.
- Net loss of ($1.23) and Normalized Funds from Operations (“NFFO”) of $0.24 for the 2024 first quarter on a per share basis.
- First quarter net loss included approximately $693 million ($1.16 per share) in impairments, primarily non-real estate adjustments related to Steward Health Care System (“Steward”) and the International Joint Venture.
- Completed in April the sale of five hospitals in California and New Jersey to Prime Healthcare for $350 million.
- Sold in April a 75% interest in five Utah hospitals operated by an affiliate of CommonSpirit Health to an institutional asset manager, resulting in approximately $1.1 billion of total proceeds.
Headline financials
Revenue & EPS history
Medical Properties Trust · Revenue · Quarterly
$271M
Revenue by segment
Medical Properties Trust · $307M total across 4 segments · Q3 2023
- Rent Billed$229M-1.3%74.8%
- Interest and Other Income$29.7M-29.9%9.7%
- Income from Financing Leases$26.1M-48.9%8.5%
- Straight-line Rent$21.5M-19.0%7.0%
Forward guidance
MPT expects to exceed initial target of $2.0 billion in liquidity transactions in 2024. Steward's bankruptcy may facilitate transition to new operators. MPT approved $75 million in debtor-in-possession financing.
Tailwinds
- MPT expects to exceed initial target of $2.0 billion in liquidity transactions in 2024
- MPT's capital allocation strategy has been validated by strong market demand for hospital assets.
- MPT's financing model allows operators to unlock the value of their real estate assets.
- MPT has constructed a highly diversified portfolio across geographies, operators, and facility types.
- MPT's operations benefit from strong growth in reimbursement rates, overall volumes and high acuity admissions.
Headwinds
- Steward's recent filing for Chapter 11 bankruptcy.
- Expense headwinds remain, particularly for labor and energy.
- MPT has agreed to provide $75 million in DIP funding to ensure continued operations and continuity of patient care.
- Net loss for the quarter ended March 31, 2024 included approximately $693 million ($1.16 per share) of impairments.
- The primary cause of the decrease in NFFO year-over-year was the significant decrease in revenue related to Steward.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.3%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+0.7%
Avg return
30 days after
65%
42 / 65 earnings
Positive
+17.0%
Q4 2024
Best reaction
-15.8%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | -4.1% | -6.0% | |
| Q4 2025 | +12.1% | +6.1% | -15.1% | |
| Q3 2025 | +6.6% | +1.4% | +18.5% | |
| Q1 2025 | -6.9% | -8.0% | -17.2% | |
| Q4 2024 | +17.0% | +18.2% | +26.6% | |
| Q3 2024 | +7.0% | -5.2% | -9.8% | |
| Q2 2024 | +1.5% | +2.4% | +7.4% | |
| Q1 2024 | +7.2% | +31.2% | +20.4% | |
| Q4 2023 | +2.5% | +6.7% | +13.9% | |
| Q3 2023 | +9.9% | +7.2% | +4.7% | |
| Q2 2023 | -15.8% | -20.0% | -33.4% | |
| Q1 2023 | +10.6% | +4.9% | -0.1% | |
| Q4 2022 | -13.5% | -15.6% | -38.3% | |
| Q3 2022 | +6.8% | +6.5% | +20.6% | |
| Q2 2022 | -5.3% | -4.3% | -15.3% | |
| Q1 2022 | +4.1% | +6.3% | +5.2% | |
| Q4 2021 | -4.0% | -5.2% | -10.2% | |
| Q3 2021 | +0.1% | -1.2% | +1.5% | |
| Q2 2021 | +1.3% | -1.5% | -3.3% | |
| Q1 2021 | -2.0% | -4.1% | -5.9% | |
| Q4 2020 | +0.0% | +1.6% | -2.9% | |
| Q3 2020 | +3.7% | +10.9% | +13.8% | |
| Q2 2020 | -0.8% | -1.6% | -8.5% | |
| Q1 2020 | +4.1% | +0.5% | +9.8% | |
| Q4 2019 | +2.3% | +3.6% | +1.1% | |
| Q3 2019 | +1.2% | -6.8% | +0.9% | |
| Q2 2019 | +2.1% | -0.1% | +6.2% | |
| Q1 2019 | +3.8% | +1.2% | +2.0% | |
| Q4 2018 | +3.4% | +1.7% | +1.1% | |
| Q3 2018 | +3.2% | +9.9% | +16.2% | |
| Q2 2018 | +1.0% | +3.0% | +4.2% | |
| Q1 2018 | +1.8% | +2.0% | +5.6% | |
| Q4 2017 | +1.6% | +1.5% | +6.6% | |
| Q3 2017 | +3.2% | +3.9% | +4.8% | |
| Q2 2017 | -1.7% | +0.1% | +5.2% | |
| Q1 2017 | +2.1% | +2.5% | +4.3% | |
| Q4 2016 | +1.8% | +1.8% | -6.3% | |
| Q3 2016 | -0.8% | +1.3% | -2.7% | |
| Q2 2016 | +1.1% | +2.0% | -0.5% | |
| Q1 2016 | +3.8% | — | — | |
| Q4 2015 | -2.5% | — | — | |
| Q3 2015 | -3.4% | — | — | |
| Q2 2015 | -3.8% | — | — | |
| Q1 2015 | +2.9% | — | — | |
| Q4 2014 | +0.4% | — | — | |
| Q3 2014 | +2.7% | — | — | |
| Q2 2014 | -0.3% | — | — | |
| Q1 2014 | -0.9% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | -1.0% | — | — | |
| Q4 2012 | +1.1% | — | — | |
| Q3 2012 | +3.1% | — | — | |
| Q2 2012 | +0.7% | — | — | |
| Q1 2012 | -0.1% | — | — | |
| Q4 2011 | -0.6% | — | — | |
| Q4 2009 | -0.6% | — | — | |
| Q3 2011 | -4.4% | — | — | |
| Q2 2011 | +4.5% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q4 2010 | +2.8% | — | — | |
| Q3 2010 | +0.5% | — | — | |
| Q2 2010 | +1.0% | — | — | |
| Q1 2010 | +7.9% | — | — |
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