Steward's Bankruptcy: How Exposed is Medical Properties Trust?
The recent bankruptcy filing by Steward Health Care System has been a major event in the healthcare industry, with significant implications for healthcare real estate investors. This situation exposes potential risks and opportunities for those invested in Medical Properties Trust (MPW), which owns a large portion (at least 28 out of the 31) of Steward's hospital properties.
Per a recent Wall Street Journal article, state regulators are taking action to ensure patient care remains a priority and the healthcare system maintains stability. These interventions have the potential to influence property ownership transfers and operational requirements within the sector. Building on the WSJ's analysis, we've undertaken an initial step to illuminate a key concern for market participants: the concentration of Steward facilities within the MPW portfolio. This initial exploration empowers healthcare CRE professionals to delve deeper into the implications of lease agreements and the financial health of each Steward facility owned by MPW. Key metrics to consider in this assessment include historical occupancy rates, the mix of commercial versus government insurance payments (payor mix), and individual facility profitability.
Steward Hospitals where MPW is the landlord
| Hospital Name | Location | Property Type |
|---|---|---|
| Wadley Regional Medical Center at Hope | Hope, AR | Healthcare |
| St. Luke's Behavioral Hospital, LP | Phoenix, AZ | Healthcare |
| Florence Hospital | Florence, AZ | General Acute Care Hospital |
| Mountain Vista Medical Center, LP | Mesa, AZ | Healthcare |
| Tempe St. Luke's Hospital | Tempe, AZ | Healthcare |
| North Shore Medical Center | Miami, FL | General Acute Care Hospital |
| Coral Gables Hospital | Coral Gables, FL | General Acute Care Hospital |
| Florida Medical Center | Lauderdale Lakes, FL | General Acute Care Hospital |
| Melbourne Regional Medical Center | Melbourne, FL | General Acute Care Hospital |
| Hialeah Hospital | Hialeah, FL | General Acute Care Hospital |
| Palmetto General Hospital | Hialeah, FL | General Acute Care Hospital |
| Rockledge Regional Medical Center | Rockledge, FL | General Acute Care Hospital |
| Sebastian River Medical Center | Sebastian, FL | Healthcare |
| Glenwood Regional Medical Center | West Monroe, LA | Healthcare |
| Good Samaritan Medical Center | Brockton, MA | Healthcare |
| Carney Hospital | Dorchester, MA | General Acute Care Hospital |
| St. Elizabeth's Medical Center | Brighton, MA | Healthcare |
| Holy Family Hospital - Haverhill | Haverhill, MA | General Acute Care Hospital |
| Holy Family Hospital | Methuen, MA | Healthcare |
| Morton Hospital | Taunton, MA | Healthcare |
| Nashoba Valley Medical Center | Ayer, MA | Healthcare |
| Saint Anne's Hospital | Fall River, MA | Healthcare |
| Hillside Rehabilitation Hospital | Warren, OH | Inpatient Rehabilitation Hospital |
| Trumbull Regional Medical Center | Warren, OH | Healthcare |
| Sharon Regional Medical Center | Sharon, PA | General Acute Care Hospital |
| St. Joseph Medical Center | Houston, TX | General Acute Care Hospital |
| Scenic Mountain Medical Center, a Steward Family H | Big Spring, TX | Healthcare |
| The Medical Center of Southeast Texas | Port Arthur, TX | Healthcare |
The analysis underscores the importance of ongoing due diligence and data-driven decisions in the healthcare real estate market. Our robust REIT property portfolio and healthcare datasets were used to tabulate Steward's exposure within the MPW portfolio.
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2024-10-09 20:15:21
