On the Flying Bridge November 24, 2024
Earlier this year many sadly watched the unwinding of Steward Health Care, a large for-profit system of 31 hospitals, as the extent of its debt burden became more evident. In addition to the glutinous self-enrichment by the executive team, what was so shocking was the level of debt owed to Medical Properties Trust (MPT), the real estate investment trust (REIT) which owned the real estate underneath the hospital system. At the time of the bankruptcy in May 2024, Steward owed MPT $6.6 billion in future rent payments, which will now never be collected. The collapse has directly contributed to a nearly 80% collapse in MPT’s stock price and for it being the company with the largest short position with over...
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