On November 7, 2024, Medical Properties Trust Inc. (MPT), a self-advised real estate investment trust, reported its financial results for the third quarter ending September 30, 2024. The company experienced a net loss of $801 million, or $1.34 per share, a significant decrease from the net income of $117 million, or $0.19 per share, in the same period the previous year. The net loss included approximately $130 million in real estate gains, offset by $608 million of impairment charges, $131 million of net negative fair value adjustments, and $137 million in accelerated non-cash amortization of in-place lease intangibles, primarily related to Steward real estate. The impairment charges were largely due to a $425 million impairment of Steward working capital loans and other impairments totaling $183 million. Normalized Funds from Operations (NFFO...Show More

On November 7, 2024, Medical Properties Trust Inc. (MPT), a self-advised real estate investment trust, reported its financial results for the third quarter ending September 30, 2024. The company experienced a net loss of $801 million, or $1.34 per share, a significant decrease from the net income of $117 million, or $0.19 per share, in the same period the previous year. The net loss included approximately $130 million in real estate gains, offset by $608 million of impairment charges, $131 million of net negative fair value adjustments, and $137 million in accelerated non-cash amortization of in-place lease intangibles, primarily related to Steward real estate. The impairment charges were largely due to a $425 million impairment of Steward working capital loans and other impairments totaling $183 million. Normalized Funds from Operations (NFFO) for the quarter was $94 million, or $0.16 per share, compared to $226 million, or $0.38 per share, in the prior year. MPT also announced the transition of operations of 17 former Steward hospitals to five new operators and the completion of approximately $2.9 billion in liquidity transactions year-to-date. The company's portfolio update highlighted a total asset value of approximately $15.2 billion, including a diversified global portfolio of 402 properties and approximately 40,000 licensed beds leased or mortgaged by 55 hospital operating companies. MPT's European general acute portfolio reported growth, and the U.S. portfolio saw positive trends in admissions, surgeries, and higher reimbursement rates. The company also settled a property damage insurance claim related to a 2020 storm loss at Norwood Hospital, which will offset previously recorded receivables in full. Additionally, MPT reduced balances on its revolving credit facility and GBP term loan due in 2025 by approximately $300 million and £72 million, respectively, and paid a regular quarterly dividend of $0.08 per share in October. The company's CEO, Edward K. Aldag, Jr., expressed optimism about the positive trends in the industry and the strength of MPT's diversified portfolio. The financial results and portfolio updates were presented in a conference call and webcast on November 7, 2024.