3rd Period Profit Down 18% for Medical Properties

Medical Properties of Encino, a real estate investment trust, reported net income of $423,000 in the third quarter that ended Sept. 30, an 18% decline from its $517,000 in profits a year earlier. Revenues, consisting mainly of rents on its properties, fell 5% to $1.3 million from $1.4 million.

The company said its earnings declined because part of its rents are based on a percentage of the revenues generated by the companies that lease its properties. It said income from that part of its rent formula declined in the latest quarter.

In the nine months that ended in September, Medical Properties earned $1.5 million, up 4% from $1.4 million a year earlier. Revenues rose less than 1% to $4.1 million from $4 million.