Bankruptcy court approves Steward settlement; MPT re-leases 15 hospitals, expects $430M impairment

MEDICAL PROPERTIES TRUST INC

Bankruptcy court approved interim global settlement terminating Steward master lease; 15 hospitals transitioned to new interim managers designated by MPT as of Sept 11, 2024.
MPT will provide up to $80M in secured loans to new operators; loans expected to be repaid via asset-backed working capital loans.
New leases have ~18-year weighted average initial term with minimum annual escalator; no cash rent for remainder of 2024.
MPT expects additional Q3 2024 impairment of ~$430M on Steward working capital loans and real estate; also ~$120M amortization expense for terminated lease intangibles.
Space Coast Facilities to be sold to third party; other 8 properties to be conveyed/abandoned to MPT; mutual release of claims upon completion.

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