Medical Properties Posts $759,000 Quarterly Loss

Medical Properties Inc., a struggling real estate investment trust in Encino, posted a third-quarter loss of $759,000, compared with a year-earlier profit of $471,000.

The trust, whose main holdings are a hospital and adjacent medical office building in La Mirada, has been nearly without revenue in recent months because the buildings’ tenants had stopped paying rent, and the hospital was closed in May. The tenants were units of Nu-Med Inc., a hospital operator in Encino.

Medical Properties’ revenue in the quarter ended Sept. 30 was a mere $181,000, down from $1.34 million a year earlier.

The trust is trying to sell the La Mirada properties as part of a restructuring. But it warned that if the restructuring fails “the company will not be able to continue its operations and will not be able to pay its debt.”

For the first nine months of 1992, Medical Properties lost $2.43 million, compared with year-earlier earnings of $1.30 million, and its nine-month revenue plunged to $371,000 from $3.99 million.