Shares of Medical Properties Trust, Inc. (NYSE:MPW) ended Friday session in green amid volatile trading. The shares closed up +0.10 points or 0.72% at $14.08 with 3.87 million shares getting traded. Post opening the session at $13.95, the shares hit an intraday low of $13.85 and an intraday high of $14.09 and the price vacillated in this range throughout the day. The company has a market cap of $3.30 billion and the numbers of outstanding shares have been calculated to be 243.14 million shares.
Medical Properties Trust, Inc. (MPW) on August 24, 2016 announced the election of Michael G. Stewart and C. Reynolds Thompson, III to its board of directors.
Stewart, presently a private investor and an attorney with broad healthcare experience, was Executive Vice President, General Counsel and Secretary of Medical Properties Trust from 2005 to 2010. He also is a published author with four novels to his credit.
Thompson is Chairman and Chief Investment Officer of Select Strategies Realty of Cincinnati, a privately held real estate company specializing in retail and mixed-use properties in the Southeast and Midwest.
A native of south Alabama, Stewart earned a B.S. in Business Administration from Auburn University and a J.D. from Samford University’s Cumberland School of Law. After practicing healthcare law for six years with two different Birmingham firms, he joined Complete Healthcare Services, Inc., a managed care company, serving as Vice President and General Counsel. He then guided Complete Health through its merger with United Healthcare, Inc., where he filled a similar role.
Mr. Stewart joined MPT in 2004 as General Counsel, working with the company’s three original founders to establish a strong foundation for the business. In January 2005, he was named Executive Vice President and General Counsel and played a key role in managing legal matters related to the company’s listing on the New York Stock Exchange in July of that year. Five years later, he left the company to pursue his writing interest.
Shares of Sunstone Hotel Investors Inc (NYSE:SHO) ended Friday session in green amid volatile trading. The shares closed up +0.02 points or 0.16% at $12.53 with 3.83 million shares getting traded. Post opening the session at $12.46, the shares hit an intraday low of $12.35 and an intraday high of $12.57 and the price vacillated in this range throughout the day. The company has a market cap of $2.69 billion and the numbers of outstanding shares have been calculated to be 216.58 million shares.
Sunstone Hotel Investors Inc (SHO) on Aug. 8, 2016 announced results for the second quarter ended June 30, 2016.
Second Quarter 2016 Operational Results (as compared to Second Quarter 2015):
- Net income increased 22.5% to $65.7 million.
- Income attributable to common stockholders per diluted share increased 13.0% to $0.26.
- Comparable Hotel RevPAR increased 1.3% to $179.65.
- Comparable Hotel Adjusted EBITDA Margin, excluding prior year property taxes, net decreased 70 basis points to 34.2%. Excluding the impact related to the end of the ground lease abatement at the Hilton San Diego Bayfront, Comparable Hotel Adjusted EBITDA Margin, excluding prior year property taxes, net would have decreased by 20 basis points.
- Adjusted EBITDA decreased 8.4% to $101.1 million.
- Adjusted FFO attributable to common stockholders per diluted share decreased 9.3% to $0.39.
John Arabia, President and Chief Executive Officer, stated, “In a continuation of first quarter operating trends, RevPAR growth in the second quarter was subdued. Despite achieving a record-high 87.1% comparable hotel occupancy in the quarter, room rate growth remained elusive as premium corporate transient business declined and as operators backfilled rooms through discounted channels. That said, group trends generally remain healthy. During the second quarter, actual group attendance as a percentage of negotiated group room blocks materialized within a historic range, and our group revenues increased by 5.5%. More importantly, our Net Income, Adjusted EBITDA and Adjusted FFO per share notably exceeded the top end of our guidance due to property-level cost controls and lower corporate expenses.” Mr. Arabia continued, “We have adjusted our full year outlook assuming that the recent weakness in corporate transient room rates continues and, perhaps conservatively, that group attendance as a percentage of their group blocks falls below historic norm.”