Thomas Barwick Shares Medical Properties Trust ( NYSE: MPW ), also called MPT, dropped 7.6% in Thursday premarket trading as Q2 earnings met the average analyst estimate, but the company agreed to limit its cash dividend in a credit amendment. Q2 normalized FFO per share of $0.
23 , in line with the $0.23 consensus, slipped from $0.24 in Q1 and $0.
48 in last year's Q2. The healthcare REIT's net loss of $0.54 per share included $400M in real estate gains from asset transactions and $700M in impairments and adjustments.
In May, MPT's largest tenant, Steward Health, filed for Chapter 11 bankruptcy. Total revenue of $266.6M, topping the average analyst estimate of $264.
7M, fell from $271.3M in the previous quarter and $337.4M in the year-ago period.
"MPT took decisive action to generate more than $2.5B of liquidity year-to-date — well above our initial target for the year — as well as to expedite debt paydown, said Chairman, President and CEO Edward K. Aldag, Jr.
"The vast majority of our portfolio continues to perform well, and we remain focused on executing our strategy to demonstrate the tremendous value embedded in our platform." After the quarter ended, MPT ( MPW ) amended its credit facility, reducing its revolver commitment to $1.28B from $1.
4B, resetting its net worth covenant to $5.0B from $6.7B, and modifying certain other covenants through Sept.
30, 2025. If Steward's hospital operations are transitioned to other operators more rapidly, the company will have the rig.