📊 Financial Highlights
- Normalized FFO (NFFO): $0.14 per share (vs. $0.24 YoY) 🔴
- Funds from Operations (FFO): $16.1M (vs. –$779.9M YoY) 🟢
- Revenue: $223.8M (vs. $271.3M YoY) 🔴
- Net Loss: –$118M (–$0.20 per share) 🟢
- Impairments: $73M related to Prospect Medical and PHP Holdings 🔴
🏗️ Operational Updates
- Rent Escalation: +2.3% YoY for stabilized tenants 🟢
- Re-tenanting Progress: Commenced cash rent collection from new operators in FL, TX, and LA 🟢
- Prospect Medical: Court-approved restructuring underway; MPT cooperating on asset sales 🔄
- Debt Refinancing: $2.5B senior secured notes issued at 7.885% coupon; credit line extended to 2027 🟢
💰 Balance Sheet & Liquidity
- Total Assets: $14.85B
- Debt: $9.47B
- Cash: $673M
- Dividend: $0.08 per share (paid in April) 🟡
🌍 Portfolio Overview
- Properties: 393 facilities across 9 countries
- Beds: ~39,000 licensed beds
- Asset Mix: $8.7B general acute care, $2.4B behavioral health, $1.6B post-acute
- Geographic Performance: Strong top-line growth and stable EBITDARM coverage in U.S. and Europe 🟢
🗣️ CEO Commentary – Edward K. Aldag, Jr.
“Our first quarter transactions and results are the culmination of two years of successful efforts to reduce debt, extend maturities, capture unrealized value, and re-tenant hospital real estate at attractive and sustainable rents.”
For more detailed information, you can access the full press release here:
