Medical Properties Trust ends Steward ties, expects $430 million impairment in Q3
Medical Properties Trust said a global settlement with Steward Health Care, approved on an interim basis by the bankruptcy court on September 11, 2024, terminated its master lease with Steward and ends its business relationship and investments in Steward affiliates once completed. The company expects new third-quarter 2024 charges, including about $430 million of impairments and about $120 million of amortization expense, following $470 million of impairments in the first quarter and $490 million in the second quarter. The filing also says more impairments are possible, particularly on vacant properties previously leased to Steward.
Key points
- Master Lease I was deemed terminated, and 15 leased hospitals moved to new interim managers effective September 11, 2024; permanent transfers are targeted by October 1, 2024.
- Expected third-quarter 2024 impairment of about $430 million on working capital and secured loans, plus a Space Coast Facilities real estate charge of $100 million to $200 million.
- Expected about $120 million of amortization expense in the third quarter 2024 to fully amortize the terminated lease's intangibles.
- Cash rent is not due for the rest of 2024 on the 15 properties; the company agreed to loans of up to about $80 million to the new operators.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 17, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.