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Termination of a Material Definitive Agreement. |
As previously disclosed in the Current Report on Form
8-K
furnished by Medical Properties Trust, Inc. (together with its affiliates, the “Company”) with the SEC on May 9, 2024, Steward Health Care System LLC (together with its affiliates, “Steward”) filed a voluntary petition for relief, under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas on May 6, 2024. At June 30, 2024, the Company had $2.8 billion of investments in affiliates of Steward, consisting of 28 healthcare facilities leased under an Amended and Restated Master Lease, dated August 27, 2021 (as subsequently amended from time to time, “Master Lease I”) and $0.4 billion of working capital and other loans.
On September 11, 2024, the Bankruptcy Court approved on an interim basis a global settlement among the Company, Steward and various of Steward’s creditor groups, pursuant to which Master Lease I was deemed terminated and management of 15 leased hospitals was transitioned by Steward to new interim managers designated by the Company, effective as of September 11, 2024. The settlement terms provide for the parties to use their commercially reasonable efforts to effect the conveyance or other transfer of the operations of the hospitals to permanent new operators (which we expect will be the same as the new interim managers) designated by the Company by October 1, 2024. The new operators have assumed responsibility for the costs of operating the relevant hospitals (including payroll and related benefits), on a
go-forward
basis, with the Company agreeing to provide aggregate loans of up to approximately $80 million, secured by accounts receivable, to the new operators of the 15 transitional hospitals. These loans are expected to be repaid upon the respective new operators’ completion of asset-backed working capital loans with third party lenders. The weighted average initial term of the new leases in place is approximately 18 years, and all leases include a minimum annual escalator. To expedite the
重新租賃
為了減少對病人護理的干擾，所有15個物業在2024年的其餘時間內不需要支付現金租金
上述所述的業務轉移不包括Steward的（i）墨爾本區域醫療中心、羅克萊奇區域醫療中心和塞巴斯蒂安河醫療中心（總稱為Space Coast設施），預計將以多數收益留給Steward的第三方公司出售；以及（ii） Norwood醫院、珊瑚蓋伯爾斯醫院北部、Northside區域醫療中心、Wadley區域醫療中心新開發、Texas Vista醫療中心、聖路加醫療中心、奧格登未開發土地和聖路加行為設施，Steward將將其在這些設施中的利益移交或放棄給MPt，根據現狀交付（除去任何危險物質、醫療記錄和醫療設備）
就現況而言
在除去任何危險物質、醫療記錄和醫療設備後，根據現狀進行
預計臨時和解協議將在2024年9月17日獲得破產法院的最終批准；然而，這些轉讓仍需經州和地方審批機構的批准。作為和解的一部分，在將業務轉讓給新經營者並滿足一定的其他條件後，公司和Steward雙方同意釋放對彼此的索賠，包括Steward根據其主租賃合同向公司支付的任何應繳租金以及應計或未來應付的本金和利息。Steward的抵押貸款人也放棄了在2024年第一季度對公司購買Steward提供的橋接貸款高達6000萬美元的權利
在完成協議中的交易並根據特定的例外情況後，和解協議代表了公司與Steward之間業務關係的終結，以及公司對Steward及其關聯公司的所有投資的終止
根據本表格項目 1.02中的上述披露，特此參照。
8-K
像公司先前在第一節財報表格中報告的那樣。
mpa
根據公司年報表格結束于2023年12月31日的報告，
10-K
年終報告
公司
於2023年12月31日起，由於Steward所面臨的持續營運和資金流動困難，公司將所有租賃和貸款移轉至現金基礎會計。這導致所有未支付的租金和利息應收款的預留，以及先前認列的等額租金應收款的取消。公司還對某些房地產資產和公司持有的Steward 9.9%股權進行減值，總計2023年減值及其他費用約714億美元。截至2024年3月31日的季度，公司還錄得約4.7億美元的額外減值費用，完全預留了公司對Steward剩餘9.9%股權投資和來自Steward聯營企業的3.62億美元貸款的價值。此外，對Steward的地產稅和其他負債的預估。