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

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2010

Condensed Consolidating Financial Information [Abstract]

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 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

Consolidated Statements Of Income

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 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 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

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 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 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