Much of the charge relates to a deal by one of MPT’s biggest clients, Dallas-based Steward Health Care System, to sell five Utah hospitals.
The Utah hospitals were valued at $1.2 billion and, after the sale, declined to $900 billion. MPT shares rose when interest rates were low, which allowed the group to buy up hospital real estate.
Since the start of 2022, the company’s shares have declined by two-thirds.
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