MPT of Hoboken Hospital, LLC - S-3ASR filing on 2013-08-09

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidated Balance Sheets

March 31, 2013

(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	$	—	$	42		$	1,227,925		$	65,946		$	—		$	1,293,913
Mortgage loans		—		—			268,650			100,000			—			368,650
Net investment in direct financing leases		—		—			110,529			205,110			—			315,639

Gross investment in real estate assets		—		42			1,607,104			371,056			—			1,978,202
Accumulated depreciation and amortization		—		—			(128,504	)		(6,876	)		—			(135,380	)

Net investment in real estate assets				42			1,478,600			364,180			—			1,842,822
Cash and cash equivalents		—		73,827			1,566			282			—			75,675
Interest and rent receivables		—		316			29,825			19,697			—			49,838
Straight-line rent receivables		—		—			31,640			6,921			—			38,561
Other loans		—		178			—			157,775			—			157,953
Net intercompany receivable		29,881		1,345,609			—			—			(1,375,490	)		—
Investment in subsidiaries		1,221,960		689,785			42,743			—			(1,954,488	)		—
Other assets		—		29,764			3,033			29,550			—			62,347

Total Assets	$	1,251,841	$	2,139,521		$	1,587,407		$	578,405		$	(3,329,978	)	$	2,227,196

Liabilities and Equity
Liabilities
Debt, net	$	—	$	886,000		$	—		$	14,134		$	—		$	900,134
Accounts payable and accrued expenses		30,270		31,578			3,400			372			—			65,620
Net intercompany payable		—		—			983,802			391,688			(1,375,490	)		—
Deferred revenue		—		(17	)		18,800			601			—			19,384
Lease deposits and other obligations to tenants		—		—			18,979			1,508			—			20,487

Total liabilities		30,270		917,561			41,179			408,303			(1,375,490	)		1,005,625

Total equity		1,221,571		1,221,960			562,426			170,102			(1,954,488	)		1,221,571

Total Liabilities and Equity	$	1,251,841	$	2,139,521		$	1,587,407		$	578,405		$	(3,329,978	)	$	2,227,196

Condensed Consolidated Balance Sheets

December 31, 2012

(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	$	—	$	28	$	1,214,740		$	65,947		$	—		$	1,280,715
Mortgage loans		—		—		268,650			100,000			—			368,650
Net investment in direct financing leases		—		—		110,155			204,257			—			314,412

Gross investment in real estate assets		—		28		1,593,545			370,204			—			1,963,777
Accumulated depreciation and amortization		—		—		(120,282	)		(6,452	)		—			(126,734	)

Net investment in real estate assets		—		28		1,473,263			363,752			—			1,837,043
Cash and cash equivalents		—		35,483		1,565			263			—			37,311
Interest and rent receivables		—		212		29,315			15,762			—			45,289
Straight-line rent receivables		—		—		29,314			6,546			—			35,860
Other loans		—		177		—			159,066			—			159,243
Net intercompany receivable		27,393		1,373,941		—			—			(1,401,334	)		—
Investment in subsidiaries		1,050,204		647,029		42,666			—			(1,739,899	)		—
Other assets		—		31,097		1,522			31,521			—			64,140

Total Assets	$	1,077,597	$	2,087,967	$	1,577,645		$	576,910		$	(3,141,233	)	$	2,178,886

Liabilities and Equity
Liabilities
Debt, net	$	—	$	1,010,962	$	—		$	14,198		$	—		$	1,025,160
Accounts payable and accrued expenses		27,783		26,658		10,492			1,028			—			65,961
Net intercompany payable		—		—		1,010,400			390,934			(1,401,334	)		—
Deferred revenue		—		143		19,643			823			—			20,609
Lease deposits and other obligations to tenants		—		—		16,607			735			—			17,342

Total liabilities		27,783		1,037,763		46,742			16,784			1,401,334			1,129,072

Total Equity		1,049,814		1,050,204		520,503			169,192			(1,739,899	)		1,049,814

Total Liabilities and Equity	$	1,077,597	$	2,087,967	$	567,245		$	576,910		$	3,141,233		$	2,178,886

Condensed Consolidated Statements of Income

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2013

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	30,436		$	4,505		$	(2,635	)	$	32,306
Straight-line rent		—			—			2,287			374			—			2,661
Income from direct financing leases		—			—			8,204			5,485			(4,933	)		8,756
Interest and fee income		—			5,057			9,218			7,531			(7,089	)		14,717

Total revenues		—			5,057			50,145			17,895			(14,657	)		58,440
Expenses
Real estate depreciation and amortization		—			—			8,222			425			—			8,647
Property-related		—			172			196			7,616			(7,569	)		415
General and administrative		—			6,744			—			1,074			—			7,818
Acquisition expenses		—			191			—			—			—			191

Total operating expenses		—			7,107			8,418			9,115			(7,569	)		17,071

Operating income		—			(2,050	)		41,727			8,780			(7,088	)		41,369
Other income (expense)
Other income (expense)		—			(22	)		1			(204	)		—			(225	)
Earning from equity and other interests		—			—			—			492			—			492
Interest income (expense)		—			(15,517	)		310			(7,305	)		7,088			(15,424	)

Net other income (expense)		—			(15,539	)		311			(7,017	)		7,088			(15,157	)

Income (loss) from continuing operations		—			(17,589	)		42,038			1,763			—			26,212
Income (loss) from discontinued operations		—			—			(4	)		2			—			(2	)
Equity in earnings of consolidated subsidiaries net of income taxes		26,210			43,799			1,121			—			(71,130	)		—

Net income		26,210			26,210			43,155			1,765			(71,130	)		26,210
Net income (loss) attributable to non-controlling interests		(54	)		(54	)		—			—			54			(54	)

Net income attributable to MPT common stockholders	$	26,156		$	26,156		$	43,155		$	1,765		$	(71,076	)	$	26,156

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2012

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Rent billed	$	—		$	—		$	28,480		$	4,132		$	(2,460	)	$	30,152
Straight-line rent		—			—			990			369			—			1,359
Income from direct financing leases		—			—			1,653			1,835			(1,653	)		1,835
Interest and fee income		—			2,944			5,194			3,406			(3,623	)		7,921

Total revenues		—			2,944			36,317			9,742			(7,736	)		41,267
Expenses
Real estate depreciation and amortization		—			—			7,868			425			—			8,293
Property-related		—			131			98			4,112			(4,114	)		227
General and administrative		—			6,962			—			630			—			7,592
Acquisition expenses		—			3,425			—			—			—			3,425

Total operating expenses		—			10,518			7,966			5,167			(4,114	)		19,537

Operating income (expense)		—			(7,574	)		28,351			4,575			(3,622	)		21,730
Other income (expense)
Other income (expense)		—			(14	)		—			(1	)		—			(15	)
Interest income (expense)		—			(12,788	)		224			(3,854	)		3,622			(12,796	)

Net other income (expense)		—			(12,802	)		224			(3,855	)		3,622			(12,811	)

Income (loss) from continuing operations		—			(20,376	)		28,575			720			—			8,919
Income (loss) from discontinued operations		—			—			(115	)		1,802			—			1,687
Equity in earnings of consolidated subsidiaries net of income taxes		10,606			30,982			1,121			—			(42,709	)		—

Net income		10,606			10,606			29,581			2,522			(42,709	)		10,606
Net income attributable to non-controlling interests		(42	)		(42	)		—			—			42			(42	)

Net income attributable to MPT common stockholders	$	10,564		$	10,564		$	29,581		$	2,522		$	(42,667	)	$	10,564

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2013

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	26,210		$	26,210		$	43,155	$	1,765	$	(71,130	)	$	26,210
Other comprehensive income:
Unrealized gain on interest rate swap		827			827			—		—		(827	)		827

Total comprehensive income		27,037			27,037			43,155		1,765		(71,957	)		27,037
Comprehensive income attributable to non-controlling interests		(54	)		(54	)		—		—		54			(54	)

Comprehensive income attributable to MPT common stockholders	$	26,983		$	26,983		$	43,155	$	1,765	$	(71,903	)	$	26,983

Condensed Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2012

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net income	$	10,606		$	10,606		$	29,581	$	2,522	$	(42,709	)	$	10,606
Other comprehensive income:
Unrealized gain on interest rate swap		499			499			—		—		(499	)		499

Total comprehensive income		11,105			11,105			29,581		2,522		(43,208	)		11,105
Comprehensive income attributable to non-controlling interests		(42	)		(42	)		—		—		42			(42	)

Comprehensive income attributable to MPT common stockholders	$	11,063		$	11,063		$	29,581	$	2,522	$	(43,166	)	$	11,063

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2013

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	213		$	(9,099	)	$	37,282		$	(1,345	)	$	—		$	27,051
Investing Activities
Principal received on loans receivable		—			—			—			2,090			—			2,090
Investments in and advances to subsidiaries		(145,408	)		27,048			(26,789	)		(46	)		145,195			—
Investments in loans receivable		—			—			—			(800	)		—			(800	)
Construction in progress and other		—			331			(13,268	)		(589	)		—			(13,526	)

Net cash provided by (used in) investing activities		(145,408	)		27,379			(40,057	)		655			145,195			(12,236	)
Financing Activities
Revolving credit facilities, net		—			(125,000	)		—			—			—			(125,000	)
Payments of term debt		—			—			—			(64	)		—			(64	)
Distributions paid		(27,719	)		(27,786	)		—			—			27,719			(27,786	)
Proceeds from sale of common shares/units, net of offering costs		172,914			172,914			—			—			(172,914	)		172,914
Lease deposits and other obligations to tenants		—			—			2,776			773			—			3,549
Debt issuance costs paid and other financing activities		—			(64	)		—			—			—			(64	)

Net cash provided by financing activities		145,195			20,064			2,776			709			(145,195	)		23,549

Increase in cash and cash equivalents for period		—			38,344			1			19			—			38,364
Cash and cash equivalents at beginning of period		—			35,483			1,565			263			—			37,311

Cash and cash equivalents at end of period	$	—		$	73,827		$	1,566		$	282		$	—		$	75,675

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2012

(in thousands)


	Parent			Subsidiary Issuers			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	395		$	(11,062	)	$	33,049		$	970		$	—		$	23,352
Investing Activities
Cash paid for acquisition and other related investments		—			—			(200,000	)		(196,500	)		—			(396,500	)
Principal received on loans receivable		—			—			—			1,184			—			1,184
Investments in and advances to subsidiaries		(198,243	)		(406,447	)		213,489			193,353			197,848			—
Construction in progress and other		—			(490	)		(6,590	)		987			—			(6,093	)

Net cash provided by (used in) investing activities		(198,243	)		(406,937	)		6,899			(976	)		197,848			(401,409	)
Financing Activities
Revolving credit facilities, net		—			(50,000	)		(39,600	)		—			—			(89,600	)
Additions to term debt		—			300,000			—			—			—			300,000
Payments of term debt		—			—			—			(58	)		—			(58	)
Distributions paid		(22,345	)		(22,412	)		—			—			22,345			(22,412	)
Proceeds from sale of common shares, net of offering costs		220,193			220,193			—			—			(220,193	)		220,193
Lease deposits and other obligations to tenants		—			—			(193	)		83			—			(110	)
Debt issuance costs paid and other financing activities		—			(6,162	)		—			(20	)		—			(6,182	)

Net cash provided by financing activities		197,848			441,619			(39,793	)		5			(197,848	)		401,831

Increase in cash and cash equivalents for period		—			23,620			155			(1	)		—			23,774
Cash and cash equivalents at beginning of period		—			101,230			1,409			87			—			102,726

Cash and cash equivalents at end of period	$	—		$	124,850		$	1,564		$	86		$	—		$	126,500