Medical Properties Trust Inc. (MPW, Financial) filed Quarterly Report for the period ended 2010-06-30.
Medical Properties Trust Inc. has a market cap of $1.12 billion; its shares were traded at around $10.06 with a P/E ratio of 12.8 and P/S ratio of 8.6. The dividend yield of Medical Properties Trust Inc. stocks is 8%. Medical Properties Trust Inc. had an annual average earning growth of 28.1% over the past 5 years.MPW is in the portfolios of John Keeley of Keeley Fund Management, Steven Cohen of SAC Capital Advisors.
General and administrative expenses in the first two quarters of 2010 and 2009 totaled $15.6 million and $11.5 million, respectively, an increase of 36.2%. In the second quarter of 2010, compensation expense was higher due to executive severance of $2.8 million. In addition, we incurred $0.6 million in legal and other closing costs related to the consummated acquisition in June 2010.
In April 2010, we completed a public offering (the Offering) of 26 million shares of common stock at $9.75 per share. Including the underwriters purchase of 3.9 million additional shares to cover over-allotments, net proceeds from this offering, after underwriters discounts and commissions, were $279.1 million. We have used the net proceeds from the Offering to pay off our $30 million term loan that was due this year and to fund our Tender Offer for 84% of the outstanding 6.125% exchangeable senior notes due 2011 at a price of 103% of the principal amount plus accrued and unpaid interest (or $123.2 million).
In May 2010, we entered into a new $450 million secured credit facility with a syndicate of banks, and the proceeds of which along with the Offering proceeds were used to repay in full all outstanding obligations under the old $220 million credit facility. The new facility includes a $300 million three-year term revolving facility and $150 million six-year term loan. We may increase the revolving facility up to $375 million through an accordion feature through November 2011, and in July 2010, we received a $30 million binding commitment from an additional bank participant, increasing our total availability to $330 million.
During the second quarter 2010, we entered into an interest rate swap to fix $65 million of our $125 million senior notes, starting July 31, 2011 (date on which the interest rate is scheduled to turn variable) through maturity date, at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of our senior notes starting October 31, 2011 (date on which the related interest rate is scheduled to turn variable) through the maturity date at a rate of 5.675%. We are currently paying a weighted average rate of 7.70% on those notes, so we expect to save $2.5 million annually on interest expense once the swaps become effective in July and October 2011.
During the six months ended June 30, 2009, operating cash flows were $29.2 million, which, along with borrowings from our revolving credit facility, were used to fund our dividends of $29.4 million and investing activities of $4.4 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 1.3 million additional shares to cover over-allotments, net proceeds from this offering, after underwriting discount and commissions and fees, were $67.9 million. The net proceeds of this offering were generally used to repay borrowings outstanding under our revolving credit facilities.
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Medical Properties Trust Inc. has a market cap of $1.12 billion; its shares were traded at around $10.06 with a P/E ratio of 12.8 and P/S ratio of 8.6. The dividend yield of Medical Properties Trust Inc. stocks is 8%. Medical Properties Trust Inc. had an annual average earning growth of 28.1% over the past 5 years.MPW is in the portfolios of John Keeley of Keeley Fund Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
General and administrative expenses in the second quarter of 2010 increased compared to the same period in 2009 by $3.7 million, or 63.2%, from $5.8 million to $9.5 million. The majority of this increase relates to executive severance of $2.8 million recorded during the second quarter of 2010 as a result of the resignation of an executive officer. In addition, we incurred $0.6 million in legal and other closing costs related to the consummated acquisition in June 2010.General and administrative expenses in the first two quarters of 2010 and 2009 totaled $15.6 million and $11.5 million, respectively, an increase of 36.2%. In the second quarter of 2010, compensation expense was higher due to executive severance of $2.8 million. In addition, we incurred $0.6 million in legal and other closing costs related to the consummated acquisition in June 2010.
In April 2010, we completed a public offering (the Offering) of 26 million shares of common stock at $9.75 per share. Including the underwriters purchase of 3.9 million additional shares to cover over-allotments, net proceeds from this offering, after underwriters discounts and commissions, were $279.1 million. We have used the net proceeds from the Offering to pay off our $30 million term loan that was due this year and to fund our Tender Offer for 84% of the outstanding 6.125% exchangeable senior notes due 2011 at a price of 103% of the principal amount plus accrued and unpaid interest (or $123.2 million).
In May 2010, we entered into a new $450 million secured credit facility with a syndicate of banks, and the proceeds of which along with the Offering proceeds were used to repay in full all outstanding obligations under the old $220 million credit facility. The new facility includes a $300 million three-year term revolving facility and $150 million six-year term loan. We may increase the revolving facility up to $375 million through an accordion feature through November 2011, and in July 2010, we received a $30 million binding commitment from an additional bank participant, increasing our total availability to $330 million.
During the second quarter 2010, we entered into an interest rate swap to fix $65 million of our $125 million senior notes, starting July 31, 2011 (date on which the interest rate is scheduled to turn variable) through maturity date, at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of our senior notes starting October 31, 2011 (date on which the related interest rate is scheduled to turn variable) through the maturity date at a rate of 5.675%. We are currently paying a weighted average rate of 7.70% on those notes, so we expect to save $2.5 million annually on interest expense once the swaps become effective in July and October 2011.
During the six months ended June 30, 2009, operating cash flows were $29.2 million, which, along with borrowings from our revolving credit facility, were used to fund our dividends of $29.4 million and investing activities of $4.4 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 1.3 million additional shares to cover over-allotments, net proceeds from this offering, after underwriting discount and commissions and fees, were $67.9 million. The net proceeds of this offering were generally used to repay borrowings outstanding under our revolving credit facilities.
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