Medical Properties Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Medical Properties Trust, Inc. (MPT) has filed its 2023 10-K annual report, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MEDICAL PROPERTIES TRUST INC (MPT) filed a Annual Report (10-K) with the SEC on February 29, 2024. The filing is a 10-K annual report for Medical Properties Trust, Inc. (MPT) for the fiscal year ended December 31, 2023. The report details the company's financial performance and business operations. Key entities involved include Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. The filing covers the period from January 1, 2023, to December 31, 2023. The company's SIC code is 6798 for Real Estate Investment Trusts.

Why It Matters

For investors and stakeholders tracking MEDICAL PROPERTIES TRUST INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MPT's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial data and disclosures within the report are crucial for understanding the company's current standing and future outlook in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — MEDICAL PROPERTIES TRUST INC shows moderate risk based on this filing. The company faces medium risk due to potential operator concentration and customer concentration risks, as indicated by specific member tags related to these risks in the filing.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to assess the impact of operator and customer concentration on MPT's future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)
• 001-32559 — SEC File Number (SEC file number for Medical Properties Trust, Inc.)

Key Players & Entities

• MEDICAL PROPERTIES TRUST INC (company) — Filer and company name
• MPT Operating Partnership, L.P. (company) — Filer and company name
• Steward Health Care System LLC (company) — Mentioned in context of operator concentration risk
• Birmingham, AL (location) — Business and mailing address
• 205-969-3755 (phone) — Business phone number

FAQ

Risk Factors

• Operator Concentration Risk [medium — financial]: The company faces risks related to the concentration of its business with a limited number of operators.
• Customer Concentration Risk [medium — financial]: The company is exposed to risks due to a significant portion of its assets being leased to a limited number of customers.

Industry Context

Medical Properties Trust, Inc. operates as a real estate investment trust (REIT) primarily focused on healthcare facilities. REITs are companies that own, operate, or finance income-generating real estate.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies in the United States.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Evaluate the company's debt-to-equity ratio and cash position.
3. Assess the impact of identified risk factors, particularly operator and customer concentration, on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share, of Medical Properties Trust,
• $9.26 — ed upon the last reported sale price of $9.26 on the New York Stock Exchange on that
• $459 million — tal 2023 revenues include approximately $459 million of reserves for rent billed, straight-l

Filing Documents

• mpw-20231231.htm (10-K) — 10543KB
• mpw-ex19_1.htm (EX-19.1) — 34KB
• mpw-ex19_2.htm (EX-19.2) — 66KB
• mpw-ex21_1.htm (EX-21.1) — 654KB
• mpw-ex31_1.htm (EX-31.1) — 17KB
• mpw-ex31_2.htm (EX-31.2) — 17KB
• mpw-ex31_3.htm (EX-31.3) — 17KB
• mpw-ex31_4.htm (EX-31.4) — 17KB
• mpw-ex32_1.htm (EX-32.1) — 16KB
• mpw-ex32_2.htm (EX-32.2) — 17KB
• img104504375_0.jpg (GRAPHIC) — 18KB
• img104504375_1.jpg (GRAPHIC) — 31KB
• img104504375_2.jpg (GRAPHIC) — 279KB
• 0000950170-24-023248.txt (&nbsp;) — 41591KB
• mpw-20231231.xsd (EX-101.SCH) — 4002KB
• mpw-20231231_htm.xml (XML) — 9575KB

Business

Business 8 ITEM 1A.

Risk Factors

Risk Factors 23 ITEM 1B. Unresolved Staff Comments 38 ITEM 1C. Cybersecurity 39 ITEM 2.

Properties

Properties 41 ITEM 3.

Legal Proceedings

Legal Proceedings 43 ITEM 4. Mine Safety Disclosures 43 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 43 ITEM 6. Reserved 45 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 112 ITEM 9A.

Controls and Procedures

Controls and Procedures 112 ITEM 9B. Other Information 113 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 114 ITEM 11.

Executive Compensation

Executive Compensation 114 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 114 ITEM 14. Principal Accountant Fees and Services 114 PART IV ITEM 15. Exhibits and Financial Statement Schedules 115 ITEM 16. Form 10-K Summary 120

SIGNATURES

SIGNATURES 121 3 A WARNING ABOUT F ORWARD LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "would", "could", "expect", "intend", "plan", "estimate", "target", "anticipate", "believe", "objectives", "outlook", "guidance", or other similar words. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. Statements regarding the following subjects, among others, are forward-looking by their nature: our business strategy; our projected operating results; our ability to raise funds through disposals of properties and other liquidity transactions, including our ability to dispose of properties on favorable terms or at all; our ability to raise funds through offerings of debt and equity securities and joint venture arrangements; our ability to obtain future financing arrangements (including refinancing of existing financing arrangements); our ability to close on any pending transactions or complete current development projects on the time schedule or terms described or at all; our ability to acquire, develop, and/or manage additional facilities in the United States ("U.S."), Europe, South America, or other foreign locations; availability of suitable facilities to acquire or develop; our ability to enter into, and the terms of, our prospective leases and loans; our ability to re-lease facilities at similar rates as vacancies occur; estimates relating to, and our ability to pay, future distributions; our ability to service our debt and comply with all of our debt covenants; our ability to compete in t

. Business

ITEM 1 . Business Overview We are a self-advised REIT formed in 2003 to acquire and develop net-leased healthcare facilities. At December 31, 2023, we had investments in 439 facilities and approximately 43,000 licensed beds in 31 states in the U.S., seven countries in Europe, and Colombia in South America. We have operated as a REIT since April 6, 2004, and accordingly, elected REIT status upon the filing of our calendar year 2004 federal income tax return. Medical Properties Trust, Inc. was incorporated under Maryland law on August 27, 2003, and MPT Operating Partnership, L.P. was formed under Delaware law on September 10, 2003. We conduct substantially all of our business through MPT Operating Partnership, L.P. Our primary business strategy is to acquire and develop healthcare facilities and lease the facilities to healthcare operating companies under long-term net leases, which require the tenant to bear most of the costs associated with the property. The majority of our leased assets are owned 100%; however, we do own some leased assets through joint ventures with other partners that share our view that healthcare facilities are part of the infrastructure of any community, which we refer to as investments in unconsolidated real estate joint ventures. We also make mortgage loans to healthcare operators collateralized by their real estate assets. In addition, we may make loans to certain of our operators through our taxable REIT subsidiaries ("TRS"), the proceeds of which are typically used for working capital and other purposes. From time-to-time, we may make noncontrolling investments in our tenants, which we refer to as investments in unconsolidated operating entities. These investments are typically made in conjunction with larger real estate transactions with the tenant that give us a right to a share in such tenant's profits and losses, and provide for certain minority rights and protections. Our business model facilitates acquisitions and recapitaliza

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View this 10-K filing on SEC EDGAR