Medical Properties Trust Provides Update on Steward Health Care
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Medical Properties Trust (MPW) stock plunges, here's why
January 5, 2024 10:36 AM ESTShares of Medical Properties Trust (NYSE: MPW) (MPT) sank Friday after the company announced efforts to recover uncollected rents and outstanding loan obligations from Steward Health Care System.
In addition, MPW revealed plans and processes designed to significantly reduce its exposure to Steward.
Steward delayed paying a portion of its September and October rent to MPW. Furthermore, despite obtaining additional working capital financing and selling its non-core laboratory business in Q4, Steward recently told MPW that its liquidity has been negatively impacted by significant vendor payment terms changes.
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