Summary by Moomoo AI
Medical Properties Trust reported a Q3 2024 net loss of $801 million ($1.34 per share), compared to net income of $117 million in Q3 2023. The quarter included $130 million in real estate gains offset by $608 million in impairment charges and $137 million in accelerated lease intangibles amortization, primarily related to Steward restructuring. Normalized FFO was $0.16 per share, down from $0.38 year-over-year.The company has successfully transitioned 17 former Steward hospitals to five new operators - Healthcare Systems of America, HonorHealth, Quorum Health, Insight Health, and College Health. MPT provided approximately $90 million in working capital loans to these operators and expects to begin receiving partial cash rental payments in Q1 2025. Additionally, MPT received $45 million from Steward's sale of three Florida hospitals to Orlando Health.MPT's portfolio optimization continues with approximately $2.9 billion in year-to-date liquidity transactions completed. Recent transactions include the sale of 18 freestanding emergency departments and one acute hospital for $246 million, and the reduction of credit facility balances by $300 million. The company maintains a diversified portfolio of 402 facilities across nine countries, with total assets of $15.2 billion.
