Real estate investment trust Medical Properties Trust, Inc, (MPW: Quote) Friday reported an increase in first-quarter normalized funds from operations, or FFO, but below analysts' expectations. The company's net income and revenues for the period registered a growth compared to last year.
For the three month period, the company reported normalized FFO of $34.8 million or $0.25 per share, compared with $22.5 million or $0.18 per share during corresponding quarter last year. On average, ten analysts polled by Thomson Reuters expected $0.26 per share for the quarter. Analysts' estimates typically exclude one-time items.
The company recorded net income of $26.2 million or $0.18 per share, compared with $10.6 million or $0.08 per share for the same quarter last year.
The firm generated revenues of $58.4 million, a 42 percent increase from $41.3 million reported last year. The Street expected the company to record revenues of $59.4 million for the quarter.
The Company expects to realize a gain on sale of property of approximately $2.1 million in the second quarter of 2013. The Company continues to believe that acquisition volume and timing, along with current capital market conditions, will generate Normalized FFO per share of $1.10. Analyst expect the company to report $1.10 per share for the year.
by RTT Staff Writer
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