Medical Properties Reports 1% Drop in Profit

Medical Properties, an Encino real estate investment trust that invests in health-care facilities, said its third-quarter profit inched down 1% from a year earlier, to $420,000 from $423,000.

The company’s revenue in the quarter that ended Sept. 30 edged up to $1.34 million from $1.33 million. For the first nine months of this year, Medical Properties’ net income fell to $1.27 million from $1.46 million, while its nine-month revenue slipped to $4.0 million from $4.1 million.

Separately, Medical Properties said it plans to buy up to 100,000, or 4%, of its stock in open-market purchases. The company has 2.37 million total shares outstanding.