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Medical Properties Trust Inc | 8-K: MEDICAL PROPERTIES TRUST, INC. REPORTS FOURTH QUARTER AND FULL-YEAR RESULTS Accelerated Asset Divestiture Strategy with More Than $480 million of Liquidity Transactions

SEC announcement ·  Feb 21 09:15
Summary by Moomoo AI
On February 21, 2024, Medical Properties Trust Inc. (MPT), a self-advised real estate investment trust, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company disclosed a net loss of $1.11 per share for the fourth quarter and $0.93 per share for the full year. However, the Normalized Funds from Operations (NFFO) stood at $0.36 per share for the quarter and $1.59 for the year. The quarter's net loss included approximately $772 million in non-recurring write-offs and impairments, primarily related to Steward Health Care System. MPT also announced agreements to divest five hospitals to Prime Healthcare at a 7.4% economic cap rate for $350 million and the sale of its remaining interest in a tenant and two under-leased hospitals...Show More
On February 21, 2024, Medical Properties Trust Inc. (MPT), a self-advised real estate investment trust, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company disclosed a net loss of $1.11 per share for the fourth quarter and $0.93 per share for the full year. However, the Normalized Funds from Operations (NFFO) stood at $0.36 per share for the quarter and $1.59 for the year. The quarter's net loss included approximately $772 million in non-recurring write-offs and impairments, primarily related to Steward Health Care System. MPT also announced agreements to divest five hospitals to Prime Healthcare at a 7.4% economic cap rate for $350 million and the sale of its remaining interest in a tenant and two under-leased hospitals in South Carolina for about $17 million. Additionally, the company executed the sale of its syndicated term loan investment in MEDIAN, the parent of Priory Group, for approximately $115 million. Edward K. Aldag, Jr., MPT's Chairman, President, and CEO, emphasized the company's focus on accelerating capital allocation strategy, aiming to generate at least $2 billion of incremental liquidity in 2024. MPT's total assets were approximately $18.3 billion, including a diverse portfolio of hospital properties across multiple countries. The company's annual meeting of stockholders is scheduled for May 30, 2024. Due to uncertainties related to hospitals leased to Steward and the timing of liquidity transactions, MPT did not provide an estimate for full-year 2024 net income or NFFO.
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