MPT expects $350M write-off of Steward rent receivables; provides $60M bridge loan

MEDICAL PROPERTIES TRUST INC

Unpaid rent under Steward master lease totals ~$50M as of Dec 31, 2023 (excl. ~$50M Norwood deferred).
MPT expects Q4 2023 non-cash charge to write off $225M straight-line rent, $25M from unconsolidated partnership, and $100M unpaid rent receivables.
MPT provides new $60M bridge loan secured by second liens on Steward's managed care; existing ~$215M loans also get second liens.
Steward to seek asset sales and a capital partner for managed care; proceeds to repay MPT obligations.
Lease amended to allow rent deferral through June 2024; partial payments resume Feb 2024 (~$9M Q1, ~$44M Q2).

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