Medical Properties Trust reported growing losses related to its largest tenant, Steward Health Care System, and said it lent the struggling hospital chain another $20 million, the Wall Street Journal reported. MPT, the nation’s largest hospital landlord, reported a fourth-quarter net loss of $664 million, or $1.11 per share, driven by $772 million of write-offs and other impairment charges mainly related to Steward, a Dallas-based hospital chain trying to stay out of bankruptcy. In a Jan. 4 update, MPT had said it expected to book about $350 million of write-downs related to Steward. In that same release, MPT said it had agreed to fund a new $60 million bridge loan for Steward and that Steward was $50 million behind on its rent. MPT in its press release this morning also detailed plans to raise cash through asset sales. Its shares were up 5% in morning trading. MPT’s comments about Steward will be closely watched in Massachusetts and other states where Steward has operations. Yesterday, Mass. Gov. Maura Healey sent Steward a letter demanding that it release its financial statements by Feb. 23. The last set of Steward financial results that were disclosed publicly was for 2020.
