Medical Properties Trust Inc. has filed a Form 12b-25 with the SEC, notifying a delay in the submission of its quarterly report for the period ended March 31, 2024. The company cites the recent Chapter 11 bankruptcy filing by Steward Health Care System LLC as the primary reason for the delay. Steward's bankruptcy significantly impacts Medical Properties Trust, as Steward's assets constituted approximately 18.5% of the company's total assets as of March 31, 2024. Due to the bankruptcy, Medical Properties Trust has recorded substantial impairment charges, including approximately $470 million in additional impairments for the first quarter of 2024. This follows a previous impairment of $700 million recorded for the year ended December 31, 2023. The company has moved to the cash basis of accounting for its dealings with...Show More

Medical Properties Trust Inc. has filed a Form 12b-25 with the SEC, notifying a delay in the submission of its quarterly report for the period ended March 31, 2024. The company cites the recent Chapter 11 bankruptcy filing by Steward Health Care System LLC as the primary reason for the delay. Steward's bankruptcy significantly impacts Medical Properties Trust, as Steward's assets constituted approximately 18.5% of the company's total assets as of March 31, 2024. Due to the bankruptcy, Medical Properties Trust has recorded substantial impairment charges, including approximately $470 million in additional impairments for the first quarter of 2024. This follows a previous impairment of $700 million recorded for the year ended December 31, 2023. The company has moved to the cash basis of accounting for its dealings with Steward since December 31, 2023. The delayed quarterly report is expected to be filed by May 15, 2024, as per the SEC's Rule 12b-25. The company's financial results for the quarter reflect a net loss of $736 million, a significant decrease from the net income of $33 million reported in the same period the previous year, and a loss per common share of ($1.23) compared to earnings of $0.05 per common share for the first quarter of 2023.