MPT of Hoboken Hospital, LLC - S-3ASR filing on 2012-02-03

Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2010

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

15. Condensed Consolidating Financial Information

The following tables present the condensed consolidating financial information for (a) Medical Properties Trust, Inc. ("Parent" and a guarantor to our 2011 unsecured senior notes), (b) MPT Operating Partnership, L.P. and MPT Finance Corporation ("Subsidiary Issuer"), (c) on a combined basis, the guarantors of our 2011 unsecured senior notes ("Subsidiary Guarantors"), and (d) on a combined basis, the non-guarantor subsidiaries ("Non-Guarantor Subsidiaries"). The condensed consolidating information is presented for the parent and presents investments in subsidiaries based upon their proportionate share of the subsidiary's net assets. Separate financial statements of the Subsidiary Guarantors are not presented because the guarantee by each 100% owned Subsidiary Guarantor is full and unconditional, joint and several, and we believe separate financial statements and other disclosures regarding the Subsidiary Guarantors are not material to investors. Furthermore, there are no significant legal restrictions on the Parent's ability to obtain funds from its subsidiaries by dividend or loan.

Condensed Consolidated Balance Sheet

December 31, 2010

(in thousands)


	Parent		Subsidiary Issuers		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Assets
Real estate assets
Land, buildings and improvements and intangible lease assets	$	—	$	297	$	903,630		$	128,442		$	—		$	1,032,369
Mortgage loans		—		—		165,000			—			—			165,000

Gross investment in real estate assets		—		297		1,068,630			128,442			—			1,197,369
Accumulated depreciation and amortization		—		—		(65,767	)		(10,327	)		—			(76,094	)

Net investment in real estate assets		—		297		1,002,863			118,115			—			1,121,275
Cash & cash equivalents		—		96,822		—			1,586			—			98,408
Interest and rent receivable		—		157		20,727			5,292			—			26,176
Straight-line rent receivable		—		—		21,180			7,732			—			28,912
Other loans		—		178		—			50,807			—			50,985
Net intercompany receivable (payable)		21,944		774,771		(767,395	)		(29,320	)		—			—
Investment in subsidiaries		899,949		390,232		42,970			—			(1,333,151	)		—
Other assets		—		10,289		1,215			11,554			—			23,058

Total Assets	$	921,893	$	1,272,746	$	321,560		$	165,766		$	(1,333,151	)	$	1,348,814

Liabilities and Equity
Liabilities Debt, net	$	—	$	361,537	$	—		$	8,433		$	—		$	369,970
Accounts payable and accrued expenses		22,317		10,824		2,430			403			—			35,974
Deferred revenue		—		436		17,826			4,875			—			23,137
Lease deposits and other obligations to tenants		—		—		18,539			1,618			—			20,157

Total liabilities		22,317		372,797		38,795			15,329			—			449,238
Total Medical Properties Trust Inc. stockholder's equity		899,462		899,835		282,765			150,437			(1,333,037	)		899,462

Non-controlling interests		114		114		—			—			(114	)		114

Total equity		899,576		899,949		282,765			150,437			(1,333,151	)		899,576

Total Liabilities and Equity	$	921,893	$	1,272,746	$	321,560		$	165,766		$	(1,333,151	)	$	1,348,814

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2010

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	79,388	$	14,427		$	(1,030	)	$	92,785
Straight-line rent		—			—			186		1,888			—			2,074
Interest and fee income		—			6,964			16,772		10,766			(7,514	)		26,988

Total revenues		—			6,964			96,346		27,081			(8,544	)		121,847
Expenses
Real estate depreciation and amortization		—			—			21,339		3,147			—			24,486
Impairment charge		—			—			—		12,000			—			12,000
Property-related		—			(4	)		4,376		1,065			(1,030	)		4,407
General and administrative		75			27,867			—		593			—			28,535

Total operating expenses		75			27,863			25,715		16,805			(1,030	)		69,428

Operating income		(75	)		(20,899	)		70,631		10,276			(7,514	)		52,419
Other income (expense)
Interest income and other		—			(13	)		1,493		38			—			1,518
Debt refinancing costs		—			(6,716	)		—		—			—			(6,716	)
Interest expense		—			(33,623	)		26		(7,910	)		7,514			(33,993	)

Net other expense		—			(40,352	)		1,519		(7,872	)		7,514			(39,191	)

Income (loss) from continuing operations		(75	)		(61,251	)		72,150		2,404			—			13,228
Income (loss) from discontinued operations		—			—			122		9,662			—			9,784

Equity in earnings of consolidated subsidiaries net of income taxes		23,087			84,338			4,273		—			(111,698	)		—

Net income		23,012			23,087			76,545		12,066			(111,698	)		23,012
Net income attributable to non-controlling interests		(99	)		(99	)		—		—			99			(99	)

Net income attributable to MPT common stockholders	$	22,913		$	22,988		$	76,545	$	12,066		$	(111,599	)	$	22,913

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2010

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(29	)	$	(54,909	)	$	95,203		$	20,372		$	—		$	60,637
Investing Activities
Real estate acquired		—			—			(137,808	)		—			—			(137,808	)
Principal received on loans receivable		—			—			—			90,486			—			90,486
Proceeds from sales of real estate		—			—			2,669			95,000			—			97,669
Investments in and advances to subsidiaries		(211,181	)		99,564			48,986			(148,579	)		211,210			—
Investments in loans receivable and other investments		—			—			(5,000	)		(6,637	)		—			(11,637	)
Construction in progress and other		—			(108	)		(8,267	)		(7,554	)		—			(15,929	)

Net cash provided by (used in) investing activities		(211,181	)		99,456			(99,420	)		22,716			211,210			22,781
Financing Activities
Revolving credit facilities, net		—			(96,000	)		—			(41,200	)		—			(137,200	)
Proceeds from term debt, net of discount		—			148,500			—			—			—			148,500
Payments of term debt		—			(216,520	)		—			(245	)		—			(216,765	)
Distributions paid		(76,856	)		(77,087	)		—			—			76,856			(77,087	)
Proceeds from sale of common shares/units, net of offering costs		288,066			288,066			—			—			(288,066	)		288,066
Lease deposits and other obligations to tenants		—			—			4,217			(550	)		—			3,667
Debt issuance costs paid and other financing activities		—			(9,498	)		—			—			—			(9,498	)

Net cash provided by (used in) financing activities		211,210			37,461			4,217			(41,995	)		(211,210	)		(317	)

Increase in cash and cash equivalents for period		—			82,008			—			1,093			—			83,101
Cash and cash equivalents at beginning of period		—			14,814			—			493			—			15,307

Cash and cash equivalents at end of period	$	—		$	96,822		$	—		$	1,586		$	—		$	98,408

Condensed Consolidated Balance Sheet

December 31, 2009

(in thousands)


	Parent		Subsidiary Issuers		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Assets
Real estate assets
Land, buildings and improvements and intangible lease assets	$	—	$	2	$	760,711		$	215,558		$	—		$	976,271
Mortgage loans		—		—		160,000			40,164			—			200,164

Gross investment in real estate assets		—		2		920,711			255,722			—			1,176,435
Accumulated depreciation and amortization		—		—		(45,918	)		(7,180	)		—			(53,098	)

Net investment in real estate assets		—		2		874,793			248,542			—			1,123,337
Cash & cash equivalents		—		14,813		—			494			—			15,307
Interest and rent receivable		—		185		15,512			4,148			—			19,845
Straight-line rent receivable		—		—		20,859			6,680			—			27,539
Other loans		—		178		1,000			109,664			—			110,842
Net intercompany receivable (payable)		15,740		872,702		(718,409	)		(170,033	)		—			—
Investment in subsidiaries		671,872		313,877		44,908			—			(1,030,657	)		—
Other assets		—		6,986		1,315			4,727			—			13,028

Total Assets	$	687,612	$	1,208,743	$	239,978		$	204,222		$	(1,030,657	)	$	1,309,898

Liabilities and Equity
Liabilities
Debt, net	$	—	$	526,800	$	—		$	49,878		$	—		$	576,678
Accounts payable and accrued expenses		16,037		9,596		3,044			570			—			29,247
Deferred revenue		—		475		9,623			5,252			—			15,350
Lease deposits and other obligations to tenants		—		—		14,880			2,168			—			17,048

Total liabilities		16,037		536,871		27,547			57,868			—			638,323
Total Medical Properties Trust Inc. stockholder's equity		671,445		671,742		212,431			146,354			(1,030,527	)		671,445

Non-controlling interests		130		130		—			—			(130	)		130

Total equity		671,575		671,872		212,431			146,354			(1,030,657	)		671,575

Total Liabilities and Equity	$	687,612	$	1,208,743	$	239,978		$	204,222		$	(1,030,657	)	$	1,309,898

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2009

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	69,327		$	12,538		$	—		$	81,865
Straight-line rent		—			—			6,244			1,977			—			8,221
Interest and fee income		—			10,010			14,400			14,732			(10,419	)		28,723

Total revenues		—			10,010			89,971			29,247			(10,419	)		118,809
Expenses
Real estate depreciation and amortization		—			—			19,571			3,057			—			22,628
Impairment charge		—			—			—			—			—			—
Property-related		—			(20	)		3,780			42			—			3,802
General and administrative		63			20,631			—			402			—			21,096

Total operating expenses		63			20,611			23,351			3,501			—			47,526

Operating income		(63	)		(10,601	)		66,620			25,746			(10,419	)		71,283
Other income (expense)
Interest income and other		—			51			—			(8	)		—			43
Debt refinancing costs		—			—			—			—			—			—
Interest expense		—			(36,761	)		(4	)		(11,310	)		10,419			(37,656	)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net other income (expense)		—			(36,710	)		(4	)		(11,318	)		10,419			(37,613	)

Income (loss) from continuing operations		(63	)		(47,311	)		66,616			14,428			—			33,670
Income (loss) from discontinued operations		—			—			(1,254	)		3,951			—			2,697

Equity in earnings of consolidated subsidiaries net of income taxes		36,430			83,741			3,918			—			(124,089	)		—

Net income		36,367			36,430			69,280			18,379			(124,089	)		36,367
Net income attributable to non-controlling interests		(37	)		(37	)		—			—			37			(37	)

Net income attributable to MPT common stockholders	$	36,330		$	36,393		$	69,280		$	18,379		$	(124,052	)	$	36,330

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2009

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	(268	)	$	(35,554	)	$	76,583		$	21,990		$	—		$	62,751

Investing Activities
Real estate acquired		—			—			(421	)		—			—			(421	)
Principal received on loans receivable		—			—			—			4,305			—			4,305
Proceeds from sales of real estate		—			—			—			15,000			—			15,000
Investments in and advances to subsidiaries		(6,699	)		89,642			(60,656	)		(28,871	)		6,584			—
Investments in loans receivable and other investments		—			—			(15,000	)		(8,243	)		—			(23,243	)
Construction in progress and other		—			—			(3,067	)		(4,710	)		—			(7,777	)

Net cash provided by (used in) investing activities		(6,699	)		89,642			(79,144	)		(22,519	)		6,584			(12,136	)

Financing Activities
Revolving credit facilities, net		—			(55,000	)		—			(800	)		—			(55,800	)
Proceeds from term debt, net of discount		—			—			—			—			—			—
Payments of term debt		—			(960	)		—			(272	)					(1,232	)
Distributions paid		(61,419	)		(61,649	)		—			—			61,419			(61,649	)
Proceeds from sale of common shares/units, net of offering costs		68,003			68,003			—			—			(68,003	)		68,003
Lease deposits and other obligations to tenants		—			—			2,561			829			—			3,390
Debt issuance costs paid and other financing activities		378			(149	)		—			3			—			232

Net cash provided by (used in) financing activities		6,962			(49,755	)		2,561			(240	)		(6,584	)		(47,056	)

Increase in cash and cash equivalents for period		(5	)		4,333			—			(769	)		—			3,559
Cash and cash equivalents at beginning of period		5			10,481			—			1,262			—			11,748

Cash and cash equivalents at end of period	$	—		$	14,814		$	—		$	493		$	—		$	15,307

Condensed Consolidated Statements of Income

For the Year Ended December 31, 2008

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	63,399		$	10,747		$	—		$	74,146
Straight-line rent		—			(543	)		2,323			1,962			—			3,742
Interest and fee income		—			8,627			15,879			12,387			(7,711	)		29,182

Total revenues		—			8,084			81,601			25,096			(7,711	)		107,070
Expenses
Real estate depreciation and amortization		—			—			19,741			2,644			—			22,385
Impairment charge		—			—			—			—			—			—
Property-related		—			69			4,183			(10	)		—			4,242
General and administrative		—			19,357			8			150			—			19,515

Total operating expenses		—			19,426			23,932			2,784			—			46,142

Operating income		—			(11,342	)		57,669			22,312			(7,711	)		60,928
Other income (expense)
Interest income and other		—			85			2			(1	)		—			86
Debt refinancing costs		—			—			—			—			—			—
Interest expense		—			(40,671	)		(167	)		(9,297	)		7,711			(42,424	)

Net other expense		—			(40,586	)		(165	)		(9,298	)		7,711			(42,338	)

Income (loss) from continuing operations		—			(51,928	)		57,504			13,014			—			18,590
Income (loss) from discontinued operations		—			—			(437	)		14,580			—			14,143

Equity in earnings of consolidated subsidiaries net of income taxes		32,733			84,661			2,861			—			(120,255	)		—

Net income		32,733			32,733			59,928			27,594			(120,255	)		32,733
Net income attributable to non-controlling interests		(33	)		(33	)		—			—			33			(33	)

Net income attributable to MPT common stockholders	$	32,700		$	32,700		$	59,928		$	27,594		$	(120,222	)	$	32,700

Condensed Consolidated Statements of Cash Flows

For the Year Ended December 31, 2008

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	363		$	(28,412	)	$	72,841		$	25,125		$	—		$	69,917

Investing Activities
Real estate acquired		—			—			(354,392	)		(76,318	)		—			(430,710	)
Principal received on loans receivable		—			—			45,000			26,941			—			71,941
Proceeds from sales of real estate		—			—			—			89,959			—			89,959
Investments in and advances to subsidiaries		(63,549	)		(251,773	)		282,544			(30,765	)		63,543			—
Investments in loans receivable and other investments		—			—			(45,000	)		(50,567	)		—			(95,567	)
Construction in progress and other		—			(605	)		(3,179	)		(502	)		—			(4,286	)

Net cash provided by (used in) investing activities		(63,549	)		(252,378	)		(75,027	)		(41,252	)		63,543			(368,663	)

Financing Activities
Revolving credit facilities, net		—			31,014			—			7,000			—			38,014
Proceeds from term debt, net of discount		—			110,093			—			8,908			—			119,001
Payments of term debt		—			(810	)		—			(50	)		—			(860	)
Distributions paid		(64,788	)		(65,098	)		—			—			64,788			(65,098	)
Proceeds from sale of common shares/units, net of offering costs		128,331			128,331			—			—			(128,331	)		128,331
Lease deposits and other obligations to tenants		—			—			2,186			777			—			2,963
Debt issuance costs paid and other financing activities		(378	)		(5,674	)		—			(20	)		—			(6,072	)

Net cash provided by financing activities		63,165			197,856			2,186			16,615			(63,543	)		216,279

Increase in cash and cash equivalents for period		(21	)		(82,934	)		—			488			—			(82,467	)
Cash and cash equivalents at beginning of period		26			93,415			—			774			—			94,215

Cash and cash equivalents at end of period	$	5		$	10,481		$	—		$	1,262		$	—		$	11,748