Medical Properties Trust (NYSE:MPW) stock plunged 31.3% in Friday late morning trading to the lowest level seen since 2009 as the REIT said it had taken steps to recover uncollected rents from troubled tenant Steward Health Care System.
On Thursday evening, the hospital landlord said that it’s granting a $60M bridge loan to Steward, which is about $50M behind in rent payments as it struggles with liquidity issues.
MPW noted it’s taking a Q4 noncash charge of about $225M to write off consolidated straight-line rent receivables and for other items.
“No assurances can be provided that further impairment of real estate and non-real-estate assets will not be taken with MPT’s fourth-quarter 2023 reporting,” MPW said.
Medical Properties (MPW) is slated to publish its Q4 results on Feb. 1.
SA’s Quant system, the average SA analyst and the average sell-side analyst all view MPW with a Hold rating.
Medical Properties Trust stock drops to lowest since 2009 as tenant suffers
