Summary by Futu AI
Medical Properties Trust Inc. (MPW) reported a net loss of $875.6 million for the first quarter of 2024, a significant decrease from the net income of $32.8 million in the same period last year. The loss per share was $1.46 compared to earnings of $0.05 per diluted share in Q1 2023. This decline was primarily due to $693 million in impairment charges related to Steward Health Care System and an unfavorable fair value adjustment of approximately $201 million to the investment in PHP Holdings. Normalized funds from operations (FFO) also decreased by 36% to $141.8 million, or $0.24 per diluted share. Total revenues for Q1 2024 decreased by 23% year over year to $271.3 million, with significant reductions in operating lease revenue and interest and other income. The company completed several strategic transactions, including the sale...Show More