Real Estate Investment Trust Medical Properties Trust, Inc. (MPW) reported Thursday an increase in its first-quarter Funds from operations or FFO, mainly on property acquisitions in 2008. Further, the company reaffirmed its normalized FFO outlook for 2009.
For the first quarter, net income attributable to common stockholders declined to $10.7 million or $0.14 per share from $10.9 million or $0.20 per share in the previous year.
For the quarter, FFO increased to $16.6 million from $14.6 million. On a per share basis, however, FFO dipped to $0.22 from $0.27, as weighted average shares outstanding increased to 76.4 million from 53 million in the previous year.
Normalized FFO, obtained after considering accounting change for convertible debt and participating securities, increased to $17.5 million from $15.3 million and on a per share basis decreased to $0.23 from $0.29 in the same period last year.
Adjusted Funds from operation was $17.94 million or $0.23 per share, compared to $16.09 million or $0.30 per share in the past year.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share in the first quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 39% year-over-year to $32.4 million from $23.3 million, chiefly due to property acquisitions in 2008. Four analysts were expecting revenue of $31.33 million in the first quarter.
Total operating expenses rose year-over-year to $12.8 million from $7.9 million.
The company's total portfolio assets that includes 51 healthcare properties leased to 13 hospital operating companies, was around $1.3 billion as on March 31, representing a 40.5% year-over-year increase.
Medical Properties reiterated that it expects normalized FFO to range from $0.88 to $0.92 per share in 2009.
MPW is currently trading at $5.27, down $0.13 or 2.41%, on the NYSE
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