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Medical Properties (MPW) Offers Update on May Rent Collection

Zacks Equity Research
·3 min read

Medical Properties Trust, Inc. MPW, also known as MPT, announced that it collected 96% of May rent and loan payments, in line with collections made in April.

Per management, operations at the company’s hospitals resumed in May as hospitals began to admit patients for elective procedures. Moreover, the company’s tenant roster has some of the most profitable and well-capitalized operators in the hospital industry across the United States and international markets. These have likely enabled it to collect 96% of its rents and loan payments, even through the worst months of the coronavirus pandemic.

Further, the company benefited from the financial and operational support provided by governments. These encouraging rent-collection trends, even in unprecedented times, demonstrate resiliency in the company’s portfolio and tenant roster.

As of Mar 31, 2020, MPT has pro forma total gross assets of $16.5 billion, comprising $13.3 billion in general acute care hospitals, $0.3 billion in long-term acute care hospitals and $1.8 billion in inpatient rehabilitation hospitals. This pro forma portfolio includes 389 properties, representing more than 41,000 licensed beds globally.

The company also remains focused on expanding its hospital footprint and in first-quarter 2020, it completed the $2-billion buyout of 30 UK hospitals. Such acquisitions will likely strengthen its portfolio, while positioning it for long-term growth.

However, it reported first-quarter normalized funds from operations (FFO) per share of 37 cents, missing the Zacks Consensus Estimate of 40 cents. An increase in property-related expenses and G&A expenses marred bottom-line growth.

Also, shares of this Zacks Rank #3 (Hold) company have lost 27.3% compared with its industry’s decline of 26.6% over the past three months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

 

Better-Ranked Stocks to Consider

Alexander Baldwin Holdings, Inc.’s ALEX Zacks Consensus Estimate for 2020 FFO per share moved upward to 83 cents over the past month. The company currently flaunts a Zacks Rank of 1.

Gladstone Land Corporation’s LAND FFO per share estimate for 2020 moved 3% upward to 68 cents over the past week. Further, it currently carries a Zacks Rank of 2 (Buy).

Clipper Realty Inc.’s CLPR FFO per share estimate for the ongoing year has been unchanged at 57 cents over the past 30 days. Additionally, it carries a Zacks Rank of 2 at present.

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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Medical Properties Trust, Inc. (MPW) : Free Stock Analysis Report
 
Alexander Baldwin Holdings, Inc. (ALEX) : Free Stock Analysis Report
 
Gladstone Land Corporation (LAND) : Free Stock Analysis Report
 
Clipper Realty Inc. (CLPR) : Free Stock Analysis Report
 
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Zacks Investment Research