Shares of Medical Properties Trust (MPW) are soaring 5.07% in pre-market trading on Thursday after the company reported better-than-expected first-quarter results and provided an optimistic outlook. The healthcare real estate investment trust posted a normalized funds from operations (FFO) of $0.14 per share, surpassing the FactSet consensus estimate of $0.09 per share.
While the company reported a net loss of $0.20 per share for the quarter, investors appeared to focus on the stronger-than-anticipated normalized FFO and the successful completion of debt refinancing efforts. Medical Properties Trust announced that it had completed a well-oversubscribed private offering of more than $2.5 billion of senior secured notes due in 2032 at a blended coupon rate of 7.885%, simultaneously amending its revolving line of credit.
Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust, expressed confidence in the company's positioning, stating, "MPT is well positioned to grow earnings from our existing in-place real estate portfolio, access capital for accretive growth in a uniquely attractive market and deliver growing dividends and other returns to our shareholders." This positive outlook, combined with the company's efforts to reduce debt and extend maturities, seems to have bolstered investor confidence, driving the stock's pre-market rally.
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