(MPW)

Medical Properties Trust

All numbers in thousands
USD
INCOME STATEMENT
Revenues
Percent growth %
Revenues
COGS
As % revenues
COGS
Gross profit
Gross margin
SGA
As % revenues
SGA
Operating expenses
As % revenues
Operating expenses
EBITDA
EBITDA margin
Depreciation and Amort
As % prior net PPE
Depreciation and Amort

Interest income

Surplus funds
Cash
Other
Interest income
Interest expense
Rate of Change+1
Additional funds needed
ST notes
Long term debt
Interest expense
EBT
EBT Margin
Net income
Net margin

Income After Interest Expense

Shares Outstanding(Weighted Average)

Share Rate of Change+1
Dividends per commond share
Divden Growth Rate+1
Dividends
Payout ratio %
Dividends
Net to retained earnings

BALANCE SHEET
ASSETS
Cash
% of revenues
Cash
Interest rate %
Interest income

Accounts receivable
% of revenues
Accounts receivable

Inventory(Real Estate Assets)

% of revenues
Days of COGS
Inventory(Real Estate Assets)

Gross PPE
Capex
% of revenues
Capex
Accmulated depreciation
Net PPE

Other assets
% of revenues
rate if change +1
Other assets
Total assets
LIABILITIES
Accounts payable
% of revenues
Days of COGS
Accounts payable

Long term debt

Long term debt
Interest rate %
Interest expense
Other long term liabilities
% of revenues
Other long term liabilities
Total liabilities
EQUITY
Common stock
Common stock
Retained earnings
as a % of Rev
Additional Paid in Capital

Rate of Change +1
Net to retained earnings
Retained earnings
Capital Surplus
Treasury Stock
Retained Earnings
Total S-H equity
Total Liabilities + SH equity
Total Assets
Pluggable
Pluggable as a % of assets

Graphical Displays
Data;
Original;
INCOME STATEMENT
Revenues
Percent growth %
Revenues

Dynamic;
Modified Revenue
Revenues
Percent growth %

Revenues

F9 Recalculates
Randomized Multiplier

Moderate Fluctuations
Year
Modified Proj. Past 2013

X Axis = Years
2010 = Year 1

Y Axis = Revenues
USD

Acute Fluctuations
Year
Modified Proj. Past 2013

X Axis = Years
2010 = Year 1

Y Axis = Revenues
USD

Piano accompaniment

Roughly Based On: Building Financial Models by John Tjia

Model By David Stafford of portfolio-smith.com/seekingalpha.com "instablogger"/author
Graphs by same author

December 31 2010 December 31 2011

108024.00
108024.00

135484.00
0.25
135484.00

4381.00
0.04
4381.00
103643.00
0.96

738.00
0.01
738.00
134746.00
0.99

26509.00
0.25
26509.00

27219.00
0.20
27219.00

34923.00
0.32
34923.00
42211.00
0.39

35080.00
0.26
35080.00
72447.00
0.53

24000.00
na
24000.00

33000.00
0.03
33000.00

2.00

0.00

98000.00
0.00
2.00
34000.00

103000.00
0.00
0.00
44000.00
1.23

369970.00
34000.00
44720.00
0.41

689849.00
44000.00
66666.00
0.49

44720.00

66666.00

0.41

0.49

10720.00

22666.00

101000.00

111000.00
1.09
0.80

0.80
80800.00
1.81
80800.00
(70080.00)

88800.00
1.33
88800.00
(66134.00)

December 31 2010 December 31 2011

98000.00
0.91
98000.00

103000.00
0.76
103000.00

1445000.00
13.38
1445000.00

1707000.00
12.60
1707000.00

1197000.00
11.08
99727.23
1197000.00

1222000.00
9.02
604376.69
1222000.00

1197000.00

1222000.00
1000.00
0.01
1000.00
104000.00
1118000.00

76000.00
1121000.00

74000.00
0.69
74000.00
1269000.00

284000.00
2.10
1.67
284000.00
1686000.00

35974.00
0.33
2997.15
35974.00

51125.00
0.38
25285.40
51125.00

369970.00
369970.00
0.09
34000.00

689849.00
689849.00
0.06
44000.00

23000.00
0.21
23000.00
428944.00

23000.00
0.17
23000.00
763974.00

101000.00
101000.00

111000.00
111000.00

(149000.00)
(1.38)
1052.00

(214000.00)
(1.58)
1055.00

1.00
(149000.00)

(214000.00)

840056.00
(262.00)
(149000.00)
690794.00

922026.00
(262.00)
(214000.00)
707764.00

1119738.00
1269000.00
149262.00
0.12

1471738.00
1686000.00
214262.00
0.13

Conclusion; Pluggable discrepancy does not have statistically s

projected time periods(2013+),(<.05).

December 31 2010 December 31 2011

108024.00
108024.00

135484.00
0.25
135484.00

December 31 2010 December 31 2011

108024.00
135484.00
0.25

108024.00

135484.00

December 31 2010 December 31 2011

108024.00

135484.00

Dynamic Revenue
700000.00
600000.00
500000.00
400000.00
300000.00
200000.00
100000.00
0.00
0

December 31 2010 December 31 2011

108024.00

135484.00

Dynamic Reven
600000.00
500000.00
400000.00
300000.00
200000.00
100000.00
0.00
0

Sources;

Source for 2013 Data

Source for up to 2012 Data

Proj

December 31 2012

December 31 2013

December 31 2014

Proj
December 31 2015

201397.00
0.49
201397.00

242524.00
0.20
242524.00

292049.49
0.29
292049.49

376522.20
0.29
376522.20

1495.00
0.01
1495.00
199902.00
0.99

1800.29
0.02
1800.29
240723.71
0.99

5201.02
0.02
5201.02
286848.47
0.98

6705.37
0.02
6705.37
369816.83
0.98

28582.00
0.14
28582.00

30063.00
0.12
30063.00

36202.12
0.12
36202.12

46673.26
0.12
46673.26

38965.00
0.19
38965.00
132355.00
0.66

59000.00
0.24
59000.00
151660.71
0.63

71048.31
0.24
71048.31
179598.04
0.61

91598.40
0.24
91598.40
231545.17
0.61

34000.00
0.03
34000.00

33604.65
0.03
33604.65

50595.01
0.03
50595.01

71155.37
0.03
71155.37

0.00

0.00

0.00

0.00

37000.00
0.00
0.00

45000.00
0.00
0.00

45000.00
0.00
0.00

45000.00
0.00
0.00

58000.00
1.24

63000.00
1.08

74508.36
1.18

87919.86
1.18

1025160.00
58000.00
126937.00
0.63

1421680.00
63000.00
148119.06
0.61

1681381.66
74508.36
165205.15
0.57

1984030.36
87919.86
207063.06
0.55

126937.00

148119.06

165205.15

207063.06

0.63

0.61

0.57

0.55

68937.00

85119.06

90696.79

119143.20

132000.00
1.16
0.80

151000.00
1.13
0.81

105600.00
0.83
105600.00
(36663.00)

122310.00
1.32
122310.00
(37190.94)

169875.44
1.13
0.85
1.05
144479.06
1.32
144479.06
(53782.28)

191110.37
1.13
0.89
1.05
170666.34
1.32
170666.34
(51523.14)

Proj

Proj
December 31 2015

December 31 2012

December 31 2013

December 31 2014

37000.00
0.18
37000.00

45000.00
0.19
45000.00
0.03
1230.00

61666.67
0.21
61666.67
0.03
1600.00

47888.89
0.13
47888.89
0.03
1643.33

1594000.00
7.91
1594000.00

2739765.05
11.30
1594000.00

3299248.64
11.30
1594000.00

4253526.90
11.30
1594000.00

1228000.00
6.10
299812.71
1228000.00

1823683.00
8.73
334638.88
1823683.00

2550350.94
8.73
334638.88
2550350.94

3288017.21
8.73
334638.88
3288017.21

1228000.00
(27000.00)
(0.13)
(27000.00)
123000.00
1105000.00

1823683.00
561683.00
(0.06)
(15361.79)
160000.00
1663683.00

2550350.94
693063.29
(0.06)
(18498.80)
210595.01
2339755.93

3288017.21
687071.26
(0.09)
(32725.58)
281750.38
3006266.83

906000.00
4.50
1.53
906000.00
2917000.00

1148000.00
4.73
1.05
1148000.00
3959683.00

1382431.48
3.00
1.42
1382431.48
5104618.88

1130823.33
3.00
1.33
1130823.33
5267913.49

65961.00
0.33
16104.19
65961.00

94311.00
0.39
19121.07
94311.00

104171.10
0.36
7310.57
104171.10

134301.66
0.36
7310.57
134301.66

1025160.00
1025160.00
0.06
58000.00

1421680.00
1421680.00
0.07
86560.21

1681381.66
1681381.66
0.07
109774.92

1984030.36
1984030.36
0.07
129668.81

21000.00
0.10
21000.00
1112121.00

22333.33
0.09
22333.33
1538324.33

22111.11
0.08
22111.11
1807663.87

21814.81
0.06
21814.81
2140146.83

132000.00
132000.00

151000.00
151000.00

169875.44
169875.44

191110.37
191110.37

(233000.00)
(1.16)
1096.00

(122071.89)
(1.37)
1421.25

(167171.86)
(1.37)
2303.78

(217228.39)
(1.30)
4667.89

1.04

1.30

1.62

2.03

(233000.00)

(122071.89)

(167171.86)

(217228.39)

1804879.00
(262.00)
(233000.00)
1571617.00

2421358.67
(262.00)
(122071.89)
2299024.78

3296955.01
(262.00)
(167171.86)
3129521.15

3127766.66
(262.00)
(217228.39)
2910276.27

2683738.00
2917000.00
233262.00
0.08

3837349.11
3959683.00
122333.89
0.03

4937185.02
5104618.88
167433.86
0.03

5050423.11
5267913.49
217490.39
0.04

discrepancy does not have statistically significant effect on

(2013+),(<.05).

December 31 2012
201397.00
0.49
201397.00

December 31 2013
242524.00
0.20
242524.00

December 31 2014
292049.49
0.29
292049.49

December 31 2015
376522.20
0.29
376522.20

December 31 2012
December 31 2013 December 31 2014
December 31 2015
201397.00
242524.00
292049.49
376522.20
0.49
0.20
0.29
0.29

201397.00

242524.00

292049.49

376522.20

Modifier Multiplier
0.95
December 31 2012

December 31 2013

201397.00

December 31 2014

242524.00

0.91
December 31 2015

277447.01

342635.20

Dynamic Revenues(Moderate)

Modifier Multiplier
0.46
December 31 2012

December 31 2013

201397.00

December 31 2014

242524.00

134342.76

0.60
December 31 2015

225913.32

Dynamic Revenues(Acute)

General Notes
May be relatively simplified in regards to regular REIT Modeling per se
May be useful in diagnosing general trends concerning the entities capital per se.
May be helpful none-the less as a model to be "tweeked" to one's taste per se.
Income after interest expense may be more pertinent than for a normal company per se
Combination of several sources, thoroughly explained in notes/individual cell comments
A few one time annual charges may be absent
May include some items not so pertinent to an entity like MPW
Volatility may be represented as quite simply volatility, as opposed to intention based volatility per se
Dynamic Revenue Graphs at bottom of sheet
May not take into account full kurtosis/skewness of volatility per se of MPW's investment activities
*Note Slight discrepancy between 2012- and 2013 Data Sources
Proj
Proj
December 31 2016
December 31 2017
485427.89
0.29
485427.89

625833.58
0.29
625833.58

Morningstar on MPW
Source for logo

Google Finance Source

8644.84
0.02
8644.84
476783.05
0.98

11145.28
0.02
11145.28
614688.29
0.98

60173.09
0.12
60173.09

77577.62
0.12
77577.62

118092.42
0.24
118092.42
298517.54
0.61

152249.60
0.24
152249.60
384861.08
0.61

91424.93
0.03
91424.93

117566.76
0.03
117566.76

0.00

0.00

MPW Webpage for 2013 Data

45000.00
0.00
0.00

45000.00
0.00
0.00

103745.44
1.18

122419.62
1.18

2341155.82
103745.44
267265.70
0.55

2762563.87
122419.62
344871.94
0.55

267265.70

344871.94

0.55

0.55

163520.26

222452.32

214999.73
1.13
0.94
1.05
201600.14
1.32
201600.14
(38079.88)

241875.33
1.13
0.98
1.05
238140.79
1.32
238140.79
(15688.46)

Proj
Proj
December 31 2016
December 31 2017

51518.52
0.11
51518.52
0.03
1491.11

53691.36
0.09
53691.36
0.03
1578.15

5483821.63
11.30
1594000.00

7069968.15
11.30
1594000.00

4239046.87
8.73
334638.88
4239046.87

5465153.39
8.73
334638.88
5465153.39

4239046.87
879874.30
(0.07)
(34562.14)
373175.31
3865871.56

5465153.39
1134681.59
(0.07)
(46198.21)
490742.07
4974411.32

1457903.90
3.00
1.27
1457903.90
6781679.36

1879589.60 Amalgamation of several different data sources data

3.00
1.34
1879589.60
8733590.53

173147.22
0.36
7310.57
173147.22

223228.51
0.36
7310.57
223228.51

2341155.82
2341155.82
0.07
153009.19

2762563.87
2762563.87
0.07
180550.85

22086.42
0.05
22086.42
2536389.46

22004.12
0.04
22004.12
3007796.49

214999.73
214999.73

241875.33
241875.33

(292592.68)
(1.35)
11822.53

(391666.65)
(1.34)
37429.18

2.53

3.17

(292592.68)

(391666.65)

4245289.90
(262.00)
(292592.68)
3952435.22

5725794.04
(262.00)
(391666.65)
5333865.38

6488824.68
6781679.36
292854.68
0.04

8341661.88
8733590.53
391928.65
0.04

Note; some equations may

be based on equations
discussed by
Prof. Ken Yook
former Prof. of DS

December 31 2016
485427.89
0.29
485427.89

December 31 2017
625833.58
0.29
625833.58

December 31 2016
December 31 2017
485427.89
625833.58
0.29
0.29

485427.89

625833.58

0.80

0.92

December 31 2016

388342.31

December 31 2017

575766.89

Dynamic Revenues

0.75
December 31 2016

364070.91

0.88
December 31 2017

550733.55

Dynamic Revenues(Acute)

Item # Effector
1
2
3
4

95
91
80
92

Multiplier as a %

46
60
75
88

Multiplier as a %

1
2
0.95 0.91

3
4
0.8 0.92

*Multiplier Range; 65-95

Item # Effector
5
6
7
8

5
0.46

6
7
8
0.6 0.75 0.88