MEDICAL PROPERTIES TRUST INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 2. Properties
At December 31, 2023, our portfolio (including properties in our five real estate joint ventures) consisted of 439 properties (including properties under construction or in the form of a first lien mortgage loan) operated by 54 different operators. Our vacant facilities represent less than 0.3% of total assets at December 31, 2023.
| TotalProperties · Total 2023Revenues(A) · TotalAssets(B) | ||||
|---|---|---|---|---|
| (Dollars in thousands) | ||||
| United States: | ||||
| Alabama | 2 | $791 | $6,684 | |
| Arizona | 18 | 2,131 | 547,789 | |
| Arkansas | 2 | 10,146 | 78,146 | |
| California | 19 | 102,224 | 1,252,674 | |
| Colorado | 14 | 18,544 | 159,292 | |
| Connecticut | 3 | 28,508 | 354,141 | |
| Florida | 9 | 35,688 | 1,348,210 | |
| Idaho | 6 | 34,423 | 265,368 | |
| Indiana | 5 | 6,930 | 63,116 | |
| Iowa | 1 | 5,307 | 48,592 | |
| Kansas | 9 | 20,712 | 204,972 | (C) |
| Kentucky | 1 | (5,093) | 72,946 | |
| Louisiana | 6 | (33) | 128,233 | |
| Massachusetts | 10 | (99,548) | 732,550 | (F) |
| Michigan | 2 | 2,178 | 20,493 | |
| Missouri | 4 | 17,350 | 125,633 | |
| Montana | 1 | 1,915 | 18,696 | |
| New Jersey | 6 | 35,515 | 263,870 | |
| New Mexico | 2 | 5,187 | 48,463 | |
| North Carolina | 1 | 3,114 | 31,849 | |
| Ohio | 9 | 20,411 | 349,141 | |
| Oklahoma | 2 | 7,495 | 72,377 | |
| Oregon | 1 | 12,381 | 86,634 | |
| Pennsylvania | 9 | 44,418 | 470,562 | |
| South Carolina | 8 | 15,714 | 136,264 | |
| Texas | 51 | 30,326 | 1,891,482 | (D) |
| Utah | 7 | 30,329 | 824,048 | |
| Virginia | 2 | 2,863 | 19,418 | |
| Washington | 2 | 4,187 | 37,536 | |
| Wisconsin | 1 | 3,476 | 22,281 | |
| Wyoming | 3 | 9,740 | 93,649 | |
| Other assets | — | — | 1,397,170 | |
| Total United States | 216 | $407,329 | $11,172,279 | |
| International: | ||||
| Australia | — | $29,707 | $— | |
| Colombia | 4 | 17,913 | 178,309 | |
| Germany | 85 | 37,955 | 734,630 | (F) |
| Italy | 8 | — | 80,562 | (F) |
| Portugal | 2 | 3,410 | 50,151 | |
| Spain | 9 | 8,349 | 252,529 | (E)(F) |
| Switzerland | 19 | 3,117 | 735,891 | (F) |
| United Kingdom | 92 | 352,594 | 4,261,944 | |
| Finland | 4 | 11,425 | 218,322 | |
| Other assets | — | — | 620,227 | |
| Total International | 223 | $464,470 | $7,132,565 | |
| Total | 439 | $871,799 | $18,304,844 | |
(A)
Total 2023 revenues include approximately $459 million of reserves for billed rent, straight-line rent, and interest and other income, primarily related to Steward. See Note 3 to Item 8 of this Annual Report on Form 10-K.
(B)
Represents total assets at December 31, 2023.
(C)
Includes one facility that was vacant at December 31, 2023.
(D)
Includes development projects still under construction and facilities that were vacant at December 31, 2023.
(E)
Includes development projects still under construction at December 31, 2023.
(F)
For Germany, the U.S., Switzerland, Spain, and Italy, we own properties through five real estate joint venture arrangements. The table below shows revenues earned from our joint venture arrangements:
| TotalProperties | Total 2023 Revenues | |
|---|---|---|
| (Dollars in thousands) | ||
| Germany | 71 | $64,578 |
| U.S. | 8 | 41,217 |
| Switzerland | 19 | 48,606 |
| Spain | 2 | 7,033 |
| Italy | 8 | 9,218 |
| Total | 108 | $170,652 |
A breakout of our facilities at December 31, 2023 based on property type is as follows:
| Number ofProperties | TotalSquareFootage | TotalLicensedBeds(A) | |
|---|---|---|---|
| General acute care hospitals | 192 | 35,112,270 | 20,758 |
| Behavioral health facilities | 70 | 3,272,782 | 4,479 |
| IRFs | 114 | 12,954,523 | 16,611 |
| LTACHs | 20 | 1,174,007 | 939 |
| FSERs | 43 | 407,936 | — |
| 439 | 52,921,518 | 42,787 |
(A)
Excludes our facilities that are under development.
The following table shows lease and loan expirations, assuming that none of the tenants/borrowers exercise any of their renewal options (dollars in thousands):
| Total Lease and Loan Portfolio(1) | TotalLeases/Loans(2) | AnnualizedBaseRent/Interest(3) | % of TotalAnnualizedBaseRent/Interest | TotalSquareFootage | TotalLicensedBeds |
|---|---|---|---|---|---|
| 2024 | — | $— | — | — | — |
| 2025 | 7 | 19,961 | 1.5% | 1,371,928 | 778 |
| 2026 | 4 | 2,274 | 0.2% | 332,221 | 238 |
| 2027 | 1 | 3,476 | 0.3% | 102,948 | 13 |
| 2028 | 8 | 19,968 | 1.5% | 2,281,409 | 548 |
| 2029 | 6 | 15,163 | 1.2% | 734,452 | 527 |
| 2030 | 11 | 6,454 | 0.5% | 220,258 | 59 |
| 2031 | 4 | 4,789 | 0.4% | 172,655 | 89 |
| 2032 | 41 | 68,677 | 5.3% | 1,291,879 | 804 |
| 2033 | 8 | 11,991 | 0.9% | 230,296 | 142 |
| Thereafter | 336 | 1,147,291 | 88.2% | 45,353,110 | 39,438 |
| Total | 426 | $1,300,044 | 100.0% | 52,091,156 | 42,636 |
(1)
Schedule includes leases and mortgage loans and related terms as of December 31, 2023.
(2)
Reflects all properties, including properties owned through our real estate joint ventures, except vacant properties and facilities that are under development.
(3)
The December 2023 base rent and mortgage loan interest per the lease/loan agreements are annualized. This does not include tenant recoveries, additional rents, and other lease/loan-related adjustments to revenue (i.e., straight-line rents, deferred revenues, or reserves/write-offs).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.