Stifel Nicolaus Reiterates Hold on Medical Properties Trust

Stifel Nicolaus maintains its Hold rating on Medical Properties Trust

as it introduces 2013 estimates showing 10.0% FFO, 5.6% FAD per share growth. Stifel Nicolaus says, "We are introducing 2013 FFO and FAD per share estimates of $0.99 and $0.94 respectively, indicating 10.0% FFO per share and 5.6% FAD per share growth. NOI growth is being driven by acquisition assumptions (see below) as we expect FFO growth from existing properties to be minimal in 2013 due to straight-lining of rents. Beginning in 2011, a number of MPW's leases have included operating income participation provisions that could further boost earnings growth, but we have not incorporated any of this in our earnings estimates given limited track record with these leases and considerable uncertainty about healthcare reimbursement." MPW closed at $9.93 per share on Thursday.