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MEDICAL PROPERTIES REPORTS RESULTS

 ENCINO, Calif., Nov. 15 /PRNewswire/ -- Medical Properties Inc. (OTC) today reported a net loss of $5,469,000, or $2.32 a share for the third quarter ended Sept. 30, 1993, compared with a net loss of $759,000, or $.32 a share for the corresponding period last year. Revenues for the current reporting period were $318,000, primarily from rental income. Revenues for the prior year third quarter were $181,000, virtually all of which was from rental income. The increased loss was primarily due to a $5,000,000 writedown in the value of the company's properties to reflect estimated realizable value.
 For the nine months ended Sept. 30, 1993, the company incurred a net loss of $6,586,000, or $2.79 a share, principally due to the aforementioned writedown in the third quarter. Revenues totaled $905,000. The company had a net loss for the first nine months of last year of $2,433,000, or $1.03 a share, on revenues of $371,000.
 The company said its entire loan approximating $14,351,000, including interest accrued but unpaid for January 1993, will be due and payable on Dec. 31, 1993. Unless the company is able to sell or lease its La Mirada properties at a level suitable to its lender and/or also further revise the loan payments, the company will not be able to meet its debt payment on Dec. 31, 1993, and will lose all of its assets, the announcement stated.
 Medical Properties Inc. is a real estate investment trust engaged in investing in income producing health care related facilities.
 MEDICAL PROPERTIES INC.
 Statement of Earnings (Losses)
 (Unaudited)
 Three Months ended Nine Months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Rental income-
 related
 parties $233,000 180,000 $636,000 360,000
 Interest income 85,000 1,000 269,000 11,000
 Total 318,000 181,000 905,000 371,000
 Expenses:
 Depreciation and
 amortization 290,000 289,000 870,000 882,000
 Interest 300,000 423,000 941,000 1,260,000
 Property Valuation
 Allowance 5,000,000 0 5,000,000 0
 Insurance 51,000 50,000 149,000 149,000
 Other 146,000 178,000 531,000 513,000
 Total 5,787,000 940,000 7,491,000 2,804,000
 Net (Loss)
 income ($5,469,000) (759,000) ($6,586,000) (2,433,000)
 Net (Loss)
 income per
 share ($2.32) (0.32) ($2.79) (1.03)
 Weighted average
 shares
 outstanding 2,357,900 2,357,900 2,357,900 2,357,900
 -0- 11/15/93
 /CONTACT: William Hartauer, chairman and president of Medical Properties Inc., 818-902-2270; or Melvyn S. Rifkind of Melvyn S. Rifkind Inc., 818-783-8323, for Medical Properties/
 (MPP)


CO: Medical Properties Inc. ST: California IN: HEA SU: ERN

EH -- LA029 -- 4484 11/15/93 13:38 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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