Medical Properties Inc. Reports Deeper Losses

Medical Properties Inc., an Encino real estate investment trust, said its fourth-quarter loss widened to $4 million, from a loss of $743,000 in the same period a year earlier.

The company said the big loss in the quarter ended March 31 was due mainly to the write-down of $2.4 million in property values to their estimated actual values, plus an $800,000 provision for additional reassessment of a medical building in La Mirada by Los Angeles County. Revenue for the fourth quarter was up 55%, to $289,000 from $186,000 a year earlier.

For all of 1993, Medical Properties’ loss tripled to $10.6 million mainly because of a write-down of $7.4 million in property values. Revenue for 1993 totaled $1.19 million, up from $557,000 in the prior year.