BIRMINGHAM, Ala., Nov 05, 2009 (BUSINESS WIRE) ----Medical Properties Trust, Inc. (NYSE: MPW) today announced financial and operating results for the quarter ended September 30, 2009.

HIGHLIGHTS

-- Delivered third quarter 2009 normalized Funds from Operations ("FFO") of approximately $16.4 million, or $0.21 per share, and Adjusted FFO ("AFFO") of $16.0 million, or $0.20 per share, in line with previous guidance as adjusted for certain non-routine expenses;

-- Achieved profitability at Shasta Regional Medical Center less than one year from bankruptcy of prior operator;

-- Commenced surgical operations and patient care at newly reopened Bucks County Specialty Hospital;

-- Paid third quarter cash dividend of $0.20 per share on October 15, 2009.

"Our performance continues to improve on a quarterly basis in spite of global economic conditions that remain uncertain," said Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer of Medical Properties Trust, Inc. "A key focus during the quarter was the effective repositioning of selected assets within our portfolio. Our Shasta Regional Medical Center Hospital in Redding, California, which is operated by an affiliate of Prime Healthcare under a new lease that began only last November, reported strongly profitable operations." Medical Properties Trust is entitled to receive additional rent and profits participation income of up to $20 million over the term of the lease with the Prime affiliate.

Aldag added, "In addition, just six weeks after we leased our Bucks County Specialty Hospital, the new operator has spent more than $4.0 million on equipment and property improvements, and has begun performing surgeries and treating patients. Results such as these prove that our strategy of creating value over and above what is attributable to real estate is working effectively."

OPERATING RESULTS

The Company reported third quarter normalized FFO and AFFO of $0.21 and $0.20, respectively, per diluted share. Adjusting for $2.1 million ($0.03 per share) of property related expenses and litigation costs ($1.4 million and $0.7 million, respectively) that were excluded from the Company's previous annual guidance estimate, third quarter normalized FFO and AFFO per share amounts were $0.24 and $0.23, respectively, in-line with those previous annual estimates of $0.89 to $0.93 per share. Normalized FFO and AFFO per share for the comparable third quarter of 2008 were $0.29 and $0.29, respectively.

The Company reported total revenues of $34.1 million and $98.0 million, respectively, for the three and nine month periods ended September 30, 2009 compared with total revenues of $33.1 million and $87.6 million, respectively, for the same periods one year ago. Net income for the three and nine month periods ended September 30, 2009 were $10.4 million and approximately $29.0 million, respectively, compared to net income of $7.0 million and $31.3 million, respectively, for the same periods one year ago. A reconciliation of normalized FFO and AFFO to net income is included in the financial tables accompanying this press release.

PORTFOLIO UPDATE AND FUTURE OPERATIONS

At September 30, 2009, the Company had total real estate portfolio assets of approximately $1.3 billion. The Company's portfolio is comprised of 52 healthcare properties in 21 states leased to 14 hospital operating companies. Three of the investments are in the form of mortgage loans to two separate operating companies.

The Company continues to believe that its existing portfolio of assets will generate normalized FFO of between approximately $0.89 and $0.93 per diluted share on an annualized basis, taking into account the effects of the new lease agreement for Bucks County Hospital and changes in accounting for convertible debt and participating securities. This estimate does not include the effects, if any, of costs and litigation related to discontinued operations, real estate operating costs, write-offs of straight-line rent, or other non-recurring or unplanned transactions. In addition, this estimate will change if market interest rates change, assets are sold or acquired, the Sharpstown and River Oaks properties are sold or leased, other operating expenses vary or existing leases do not perform in accordance with their terms.

LIQUIDITY

As of September 30, 2009, the Company had approximately $13.1 million in cash and cash equivalents and $68 million available under its existing credit facilities.

The Company's outstanding debt as of September 30, 2009 consists of fixed-rate debt of $344.7 million and variable rate debt of $221.5 million. The earliest non-extendable maturity of the Company's debt is November 2010, at which time approximately $30.0 million will be due. In addition, $86 million of amounts outstanding under the Company's revolving credit facilities due in November 2010 may be extended until November 2011. The Company has approximately $8.0 million in unfunded commitments to complete additions and refurbishments of existing facilities and no commitments for new acquisitions or developments.

CONFERENCE CALL AND WEBCAST

The Company has scheduled a conference call and webcast for Thursday, November 5, 2009 at 11:00 a.m. Eastern Time to present the Company's financial and operating results for the quarter ended September 30, 2009. The dial-in telephone numbers for the conference call are 800-561-2601 (U.S.) and 617-614-3518 (International) using passcode 67640168. The conference call will also be available via webcast in the Investor Relations' section of the Company's website, www.medicalpropertiestrust.com. A telephone and webcast replay of the call will be available from shortly after the completion through November 20, 2009. Telephone numbers for the replay are 888-286-8010 and 617-801-6888 for U.S. and International callers, respectively. The replay passcode is 52797587.

About Medical Properties Trust, Inc.

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 acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities, such as heart hospitals and orthopedic hospitals. For more information, please visit the Company's website at www.medicalpropertiestrust.com.

The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Words such as "expects," "believes," "anticipates," "intends," "will," "should" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the capacity of the Company's tenants to meet the terms of their agreements; annual normalized FFO per share; the level of unfunded commitments; the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the restructuring of the Company's investments in non-revenue producing properties; the payment of future dividends, if any; acquisition of healthcare real estate; completion of additional debt arrangements; and additional investments; national and economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the facts that could affect outcomes, please refer to the "Risk factors" section of the Company's Form 10-K for the year ended December 31, 2008 as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this press release.

   MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
   Consolidated Balance Sheets
   September 30, 2009      December 31, 2008
   Assets                                                                                                                (Unaudited)
   (A)
   Real estate assets
   Land, buildings and improvements, and intangible lease assets                               $      995,227,868      $    
   996,964,710
   Mortgage loans                                                                                     185,000,000           
   185,000,000
   Gross investment in real estate assets                                                             1,180,227,868         
   1,181,964,710
   Accumulated depreciation and amortization                         (54,176,752   )        (40,333,974   )
   Net investment in real estate assets                              1,126,051,116          1,141,630,736
   Cash and cash equivalents                                                                                            13,094,072
   11,747,894
   Interest and rent receivable                                                                                         19,457,788
   13,836,775
   Straight-line rent receivable                                                                                        24,946,090
   19,003,110
   Other loans                                                                                                          109,921,463
   108,522,933
   Assets of discontinued operations                                                                                    1,184,808
   2,384,808
   Other assets                                                                                                         13,143,458
   14,246,975
   Total Assets                                                                                                          $  
   1,307,798,795    $     1,311,373,231
   Liabilities and Equity
   Liabilities
   Debt                                                                                        $      566,184,629      $    
   630,556,564
   Accounts payable and accrued expenses                                                              33,043,730            
   24,718,097
   Deferred revenue                                                                                   12,770,977            
   16,110,241
   Lease deposits and other obligations to tenants                                                    16,792,047            
   13,645,259
   Total liabilities                                                 628,791,383            685,030,161
   Medical Properties Trust, Inc. stockholders' equity
   Preferred stock, $0.001 par value. Authorized 10,000,000 shares;                                   -                     
   -
   no shares outstanding
   Common stock, $0.001 par value. Authorized 150,000,000 shares;                                     78,658                
   65,056
   issued and outstanding - 78,658,206 at September 30, 2009, and
   65,056,387 shares at December 31, 2008
   Additional paid in capital                                                                         758,354,442           
   686,238,117
   Distributions in excess of net income                                                              (79,382,621   )       
   (59,941,011   )
   Treasury shares, at cost                                                                           (262,343      )       
   (262,343      )
   Total Medical Properties Trust, Inc. stockholders' equity         678,788,136            626,099,819
   Non-controlling interests                                                                                            219,276
   243,251
   Total Equity                                                      679,007,412            626,343,070
   Total Liabilities and Equity                                                                                          $  
   1,307,798,795    $     1,311,373,231
   (A) Financials have been derived from the prior year audited
   financials; however, we have restated certain line items to
   reflect our adoption of the new accounting pronouncements
   involving (i) convertible bonds, (ii) participating securities,
   and (iii) non-controlling interests.
   

   MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
   Consolidated Statements of Income
   (Unaudited)
   For the Three Months Ended                 For the Nine Months Ended
   September 30, 2009   September 30, 2008    September 30, 2009    September 30, 2008
   (A)                                         (A)
   Revenues
   Rent billed                                                                                   $      23,636,344    $     
   24,332,020     $      70,320,709     $      60,649,047
   Straight-line rent                                                                                   3,244,258           
   767,587               5,856,049             4,707,365
   Interest and fee income                                                                              7,212,750           
   8,017,794             21,804,025            22,272,371
   Total revenues                                                                         34,093,352           33,117,401   
   97,980,783            87,628,783
   Expenses
   Real estate depreciation and amortization                                                            6,465,359           
   10,624,796            19,419,300            19,489,813
   Property-related                                                                                     2,251,585           
   338,471               4,361,475             545,392
   General and administrative                                                                           4,859,412           
   4,652,355             16,336,926            13,631,885
   Total operating expenses                                                               13,576,356           15,615,622   
   40,117,701            33,667,090
   Operating income                                             20,516,996           17,501,779            57,863,082       
   53,961,693
   Other income (expense)
   Interest and other income                                                                            (6,397     )        
   (37,177     )         48,135                80,310
   Interest expense                                                                                     (9,390,069 )        
   (10,838,235 )         (28,284,390 )         (31,172,094 )
   Net other expense                                                                      (9,396,466 )         (10,875,412 )
   (28,236,255 )         (31,091,784 )
   Income from continuing operations                                                                             11,120,530 
   6,626,367             29,626,827            22,869,909
   Income (loss) from discontinued operations                                             (736,174   )         410,097      
   (666,824    )         8,449,947
   Net income                                                   10,384,356           7,036,464             28,960,003       
   31,319,856
   Net income attributable to non-controlling interests         (10,417    )         (16,813     )         (29,597     )    
   (36,068     )
   Net income attributable to MPT common stockholders    $      10,373,939    $      7,019,651      $      28,930,406     $ 
   31,283,788
   Net Income per common share - basic:
   Income from continuing operations                                               $      0.14          $      0.09         
   $      0.37           $      0.35
   Income (loss) from discontinued operations                                             (0.01      )         0.01         
   (0.01       )         0.14
   Net income attributable to MPT common stockholders                              $      0.13          $      0.10         
   $      0.36           $      0.49
   Net Income per share - diluted:
   Income from continuing operations                                               $      0.14          $      0.09         
   $      0.37           $      0.35
   Income (loss) from discontinued operations                                             (0.01      )         0.01         
   (0.01       )         0.14
   Net income attributable to MPT common stockholders                              $      0.13          $      0.10         
   $      0.36           $      0.49
   Dividends declared per common share                                                           $      0.20          $     
   0.27           $      0.60           $      0.81
   Weighted average shares outstanding - basic                                            78,665,187           65,059,401   
   77,904,467            61,015,737
   Weighted average shares outstanding - diluted                                          78,665,187           65,065,973   
   77,904,467            61,025,656
   (A) Financials have been restated to reflect our adoption of the
   new accounting pronouncements involving (i) convertible bonds,
   (ii) participating securities, and (iii) non-controlling interests.
   

   MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
   Reconciliation of Net Income to Funds From Operations
   (Unaudited)
   For the Three Months Ended                For the Nine Months Ended
   September 30, 2009   September 30, 2008   September 30, 2009   September 30, 2008
   (A)                                       (A)
   FFO information:
   Net income attributable to MPT common stockholders                                 $      10,373,939    $      7,019,651 
   $      28,930,406    $      31,283,788
   Participating securities' share in earnings                                               (371,547   )         (454,739  
   )         (1,142,294 )         (1,415,194 )
   Net income, less participating securities' share in earnings  $      10,002,392    $      6,564,912     $      27,788,112
   $      29,868,594
   Depreciation and amortization
   Continuing operations                                                6,465,359            10,624,796           19,419,300
   19,489,813
   Discontinued operations                                              -                    -                    -         
   758,454
   Loss (gain) on sale of real estate                                                        -                    1,644     
   -                    (9,326,291 )
   Funds from operations                                                              $      16,467,751    $      17,191,352
   $      47,207,412    $      40,790,570
   Write-off/reserve of straight-line rent                                                   (32,738    )         1,530,230 
   1,078,838            11,078,789
   Write-off of deferred financing costs                                                     -                    -         
   -                    3,185,250
   Write-off of discontinued operations receivable                                           -                    -         
   -                    2,099,027
   Normalized funds from operations                                                   $      16,435,013    $      18,721,582
   $      48,286,250    $      57,153,636
   Share-based compensation                                                                  1,386,195            1,461,691 
   4,282,551            5,131,641
   Debt costs amortization                                                                   1,472,757            1,297,557 
   4,225,378            3,378,851
   Straight-line rent revenue                                                                (3,244,258 )         (2,297,817
   )         (6,934,887 )         (6,237,595 )
   Adjusted funds from operations                                                     $      16,049,707    $      19,183,013
   $      49,859,292    $      59,426,533
   Per diluted share data:
   Net income, less participating securities' share in earnings                       $      0.13          $      0.10      
   $      0.36          $      0.49
   Depreciation and amortization
   Continuing operations                                                0.08                 0.16                 0.25      
   0.32
   Discontinued operations                                              -                    -                    -         
   0.01
   Loss (gain) on sale of real estate                                                        -                    -         
   -                    (0.15      )
   Funds from operations                                                              $      0.21          $      0.26      
   $      0.61          $      0.67
   Write-off/reserve of straight-line rent                                                   -                    0.03      
   0.01                 0.18
   Write-off of deferred financing costs                                                     -                    -         
   -                    0.05
   Write-off of discontinued operations receivable                                           -                    -         
   -                    0.03
   Normalized funds from operations                                                   $      0.21          $      0.29      
   $      0.62          $      0.93
   Share-based compensation                                                                  0.02                 0.02      
   0.05                 0.08
   Debt costs amortization                                                                   0.02                 0.02      
   0.05                 0.05
   Straight-line rent revenue                                                                (0.05      )         (0.04     
   )         (0.08      )         (0.09      )
   Adjusted funds from operations                                                     $      0.20          $      0.29      
   $      0.64          $      0.97
   Funds from operations, or FFO, represents net income (computed in
   accordance with GAAP), excluding gains (or losses) from sales of
   property, plus real estate related depreciation and amortization
   (excluding amortization of loan origination costs) and after
   adjustments for unconsolidated partnerships and joint ventures.
   Management considers funds from operations a useful additional
   measure of performance for an equity REIT because it facilitates
   an understanding of the operating performance of our properties
   without giving effect to real estate depreciation and
   amortization, which assumes that the value of real estate assets
   diminishes predictably over time. Since real estate values have
   historically risen or fallen with market conditions, we believe
   that funds from operations provides a meaningful supplemental
   indication of our performance. We compute funds from operations in
   accordance with standards established by the Board of Governors of
   the National Association of Real Estate Investment Trusts, or
   NAREIT,in its March 1995 White Paper (as amended in November
   1999 and April 2002), which may differ from the methodology for
   calculatingfundsfrom operationsutilized byother equity
   REITs and, accordingly, may not be comparable to such other
   REITs. FFO does not represent amounts available for management's
   discretionary use because of needed capital replacement or
   expansion, debt service obligations, or other commitments and
   uncertainties, nor is it indicative of funds available to fund our
   cash needs, including our ability to make distributions. Funds
   from operations should not be considered as an alternative to net
   income (loss) (computed in accordance with GAAP) as indicators of
   our financial performance or to cash flow from operating
   activities (computed in accordance with GAAP) as an indicator of
   our liquidity.
   We calculate adjusted funds from operations, or AFFO, by
   subtracting from or adding to normalized FFO (i) straight-line
   rent revenue, (ii) non-cash share-based compensation expense, and
   (iii) amortization of deferred financing costs.AFFO is an
   operating measurement that we use to analyze our results of
   operations based on the receipt, rather than the accrual, of our
   rental revenue and on certain other adjustments. We believe that
   this is an important measurement because our leases generally have
   significant contractual escalations of base rents and therefore
   result in recognition of rental income that is not collected until
   future periods, and costs that are deferred or are non-cash
   charges.Our calculation of AFFO may not be comparable to AFFO or
   similarly titled measures reported by other REITs. AFFO should not
   be considered as an alternative to net income (calculated pursuant
   to GAAP) as an indicator of our results of operations or to cash
   flow from operating activities (calculated pursuant to GAAP) as an
   indicator of our liquidity.
   (A) Financials have been restated to reflect our adoption of the
   new accounting pronouncements involving (i) convertible bonds,
   (ii) participating securities and (iii) non-controlling interests.
   

SOURCE: Medical Properties Trust, Inc.

   Medical Properties Trust, Inc. 
   Charles Lambert, Finance Director, 205-397-8897 
   clambert@medicalpropertiestrust.com
   

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