Medical Properties Trust Inc. is a Birmingham Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals long-term acute care hospitals regional and community hospitals women's and children's hospitals skilled nursing facilities ambulatory surgery centers and other single-discipline healthcare facilities such as heart hospitals orthopedic hospitals and cancer centers. Medical Properties Trust Inc. has a market cap of $438.3 million; its shares were traded at around $5.47 with a P/E ratio of 4.8 and P/S ratio of 3.7. The dividend yield of Medical Properties Trust Inc. stocks is 14.6%. Highlight of Business Operations:During the 2009 first quarter, operating cash flows approximated $18.3 million, which were used to fund primarily all of our dividend of $13.3 million and investing activities of $6.2 million.
In January 2009, we completed a public offering of 12.0 million shares of our common stock at $5.40 per share. Including the underwriters purchase of approximately 1.3 million additional shares to cover over allotments, net proceeds from this offering, after underwriting discount and commissions and fees, were approximately $67.9 million. The net proceeds of this offering were generally used to repay borrowings outstanding under our revolving credit facilities. At May 1, 2009, our availability under our revolving credit facilities plus cash on-hand approximated $70 million.
Long-term Liquidity Requirements: Our first significant maturity of debt comes due in November 2010 when our $30.0 million term loan ($29.8 million outstanding on May 1, 2009) and our $154.0 million revolving credit facility ($93.0 million outstanding on May 1, 2009) mature. However, of this approximately $122.8 million of debt coming due in 2010, $93.0 million relates to our revolving credit facility, which can be extended to 2011 so long as no default has occurred and we provide necessary notice of our intentions to extend the facility.
Depreciation and amortization during the first quarter of 2009 was $6.2 million, compared to $3.5 million during the first quarter of 2008, a 77.0% increase. All of this increase is related to an increase in the number of rent producing properties discussed above.
Interest expense for the quarters ended March 31, 2009 and 2008 totaled $9.5 million and $7.5 million, respectively. The increase in interest expense was the result of higher debt balances related to the investment of $466.3 million in real estate in the last three quarters of 2008.
General and administrative expenses in the first quarter of 2009 increased compared to the same period in 2008 by $1.3 million, or 30.3%, from $4.4 million to $5.7 million. The 2009 expenses include accruals for the maximum amount of performance-based incentive compensation that may be incurred pursuant to the performance targets in our incentive compensation plans. The 2008 expenses include a favorable accrual adjustment related to bonuses earned for 2007.
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