MPW - Unpaid Rent Drama: Medical Properties Trust's Stock Nosedives As Tenant Steward Struggles Prompting New Loan | Benzinga
Medical Properties Trust Inc (NYSE: MPW) shares are diving today by around 15% after it disclosed plans to reduce its exposure to tenant Steward Health Care System.
Steward has delayed paying a portion of its September and October rent to MPT, as disclosed in the company's third quarter 2023 Form 10-Q.
Steward recently informed MPW that significant changes in vendor payment terms have negatively impacted its liquidity despite efforts to obtain additional working capital financing and sell its non-core laboratory business in Q4 2023.
As of December 31, 2023, Steward's total unpaid rent under its consolidated master lease ...