Medical Properties Trust (MPW) Rises 5.6%; Announces Q4 Financial Results

Medical Properties Trust, Inc. (MPT) has reported its financial and operating results for the fourth quarter and full-year ended December 31, 2023, as well as certain events occurring subsequent to the quarter end. The company announced a net loss of ($1.11) and normalized funds from operations (NFFO) of $0.36 for the 2023 fourth quarter and a net loss of ($0.93) and NFFO of $1.59 for the full-year 2023, all on a per share basis. These results included non-recurring write-offs and impairments, primarily related to Steward Health Care System.

Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer of MPT, highlighted the company's focus on accelerating its capital allocation strategy by pursuing transactions expected to generate at least $2 billion of incremental liquidity in 2024. He mentioned the recent agreement to sell hospital real estate to Prime Healthcare at pricing well above historical cost and substantially better than estimates of the implied market capitalization rate. Mr. Aldag also expressed optimism regarding the company's real estate portfolio, stating, "with regard to Steward, we are encouraged by the amount of interest received to date from other hospital operators for these mission-critical facilities, and we expect this real estate portfolio will either resume its contributions to earnings or become additional sources of liquidity as the year progresses."

The company's portfolio includes approximately $18.3 billion in total assets, including $12.0 billion of general acute facilities, $2.6 billion of behavioral health facilities, and $1.7 billion of post-acute facilities. As of December 31, 2023, MPT's portfolio comprised 439 properties and approximately 43,000 licensed beds leased to or mortgaged by 54 hospital operating companies across the United States, the United Kingdom, and several other countries.

MPT has provided detailed financial tables, including information about its assets and liabilities, operating results, and reconciliations of net income (loss) to NFFO, to assist investors in accurately assessing its portfolio. The company also announced its annual meeting of stockholders will be held on May 30, 2024, in Birmingham, Alabama.

The company's shares have moved 5.6% and are currently trading at a price of $3.8.

A full 8-K submission from the company is available here.

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