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Medical Properties Trust
(NYSE:MPT)
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Rating:49Neutral
Price Target:
$4.00
â–¼(-23.52% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak financial quality (ongoing net losses and high leverage) and bearish technicals (below major moving averages with negative MACD). Offsetting factors include improving cash flow/revenue trends, a high dividend yield, and an earnings-call narrative focused on refinancing and liquidity actions that reduce near-term maturity risk, albeit with meaningful tenant/rent-collection and secured-financing risks.
Positive Factors
Near‑term maturity elimination
Completing a refinancing that removes 2026–2027 maturities meaningfully reduces immediate rollover risk and refinancing pressure. By pushing principal out to 2032 and leaving only ~ $600M in mid‑2028, management gains time to execute deleveraging and asset sales, stabilizing liquidity and strategic optionality over the medium term.
Negative Factors
Elevated leverage
Leverage at ~2.1x equity and materially reduced equity limits capital flexibility and magnifies downside from tenant stress or asset‑value declines. High leverage constrains strategic options, increases covenant sensitivity, and means future capital needs will be more reliant on successful asset sales or costly external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Near‑term maturity elimination
Completing a refinancing that removes 2026–2027 maturities meaningfully reduces immediate rollover risk and refinancing pressure. By pushing principal out to 2032 and leaving only ~ $600M in mid‑2028, management gains time to execute deleveraging and asset sales, stabilizing liquidity and strategic optionality over the medium term.
Read all positive factors
Medical Properties Trust (MPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.48B
Dividend Yield8.58%
Average Volume (3M)6.19M
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth10.56%
EPS Growth97.81%
CountryUS
Employees121
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)-0.05
Shares Outstanding597,200,000
10 Day Avg. Volume5,398,768
30 Day Avg. Volume6,185,641
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.65
Price to Sales (P/S)3.09
P/FCF Ratio13.02
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$5.15Price Target Upside-1.53% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.11
Revenue Forecast (FY)$1.02B
Medical Properties Trust Business Overview & Revenue Model
Company Description
Medical Properties Trust, Inc. functions as a self-managed real estate investment trust (REIT). The company specializes in the financing, acquisition, and construction of healthcare properties, all structured under net-lease agreements. Its extens...
How the Company Makes Money
MPT makes money primarily by owning healthcare facilities and generating rental revenue from tenants (typically hospital operators) under long-term lease agreements. Its key revenue streams generally include: (1) Lease income: Contracted rent paym...
Medical Properties Trust Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call contained several material positives: a comprehensive refinancing that removes near-term maturities, expected near-term liquidity (~$1.1B) and strong asset-sale realizations that validate portfolio values, plus robust post-acute performance and stable normalized FFO. Offsetting risks include behavioral segment weakness (particularly in the UK), operational cash-collection issues at HSA and phased rent recoveries (NOR), higher G&A/impairments, and the issuance of relatively costly secured debt (9.25%) that raises the secured-debt ratio close to covenant thresholds. On balance, management has cleared immediate maturity risk and highlighted multiple paths to further delevering, while acknowledging near-term operational and cash-collection challenges.Positive Updates
Comprehensive refinancing to eliminate near-term maturities
Announced a 2-step refinancing that addresses ~ $2.7 billion of 2026/2027 maturities: Step 1 issued $2.4 billion of secured notes (9.25% coupon, 5.5-year term, prepayable after 2 years) to redeem the €500M unsecured note and ~ $738M (~53%) of 2027 unsecured notes; Step 2 will repay remaining 2027 notes, complete a new revolver, and repay a $200M term loan. Result: no debt maturing in 2026 or 2027 and only ~ $600M due June 2028.
Negative Updates
Behavioral health segment under pressure
Behavioral portfolio coverage declined to 1.4x, with discrete headwinds in the UK and US tied to funding/referral shifts; UK behavioral revenue remains impacted by NHS funding pressures and management is implementing tighter cost controls.
Read all updates
Q2-2026 Updates
Positive
Negative
Comprehensive refinancing to eliminate near-term maturities
Announced a 2-step refinancing that addresses ~ $2.7 billion of 2026/2027 maturities: Step 1 issued $2.4 billion of secured notes (9.25% coupon, 5.5-year term, prepayable after 2 years) to redeem the €500M unsecured note and ~ $738M (~53%) of 2027 unsecured notes; Step 2 will repay remaining 2027 notes, complete a new revolver, and repay a $200M term loan. Result: no debt maturing in 2026 or 2027 and only ~ $600M due June 2028.
Read all positive updates
Company Guidance
The company provided clear near‑term refinancing guidance: a two‑step plan that begins with $2.4 billion of secured notes (9.25% coupon, 5.5‑year term, prepayable after 2 years) to address roughly $2.7 billion of 2026/2027 maturities (including redemption of a €500 million note and ~ $738 million, ~53%, of 2027 unsecured notes) and an exchange of ~ $1.2 billion of longer‑dated unsecured notes (reducing gross debt by ≈ $123 million); after step 1 the UAUD covenant headroom rises from the 150% minimum toward ~200% and completion of step 2 (in coming weeks) should eliminate 2026–2027 maturities entirely, leave only about $600 million due June 2028, and, together with an expected ~$1.1 billion of near‑term liquidity from asset sales (InfraCore proceeds ≈ $140M plus an imminent ~$172M after‑debt sale and a contemplated additional $200–$400M of sales), materially increase flexibility to delever while pursuing the goal of > $1.0 billion annualized cash rent by year‑end; operational rent ramps cited include HSA paying 75% now to 100% mid‑September and NOR 50% now to 100% mid‑December, normalized FFO was $0.15/share in Q2 (vs. $0.14 last quarter), and portfolio coverage metrics cited were general acute 2.8x, post‑acute 2.4x, behavioral 1.4x (HSA trailing 12‑month EBITDARM to cash rent ≈ 2.0x).Medical Properties Trust Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
41
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.02B | 972.02M | 995.55M | 871.80M | 1.54B | 1.54B |
| Gross Profit | 840.65M | 935.61M | 968.29M | 830.23M | 1.50B | 1.51B |
| EBITDA | 1.05B | 545.86M | -1.49B | 340.24M | 1.67B | 1.46B |
| Net Income | -30.18M | -277.05M | -2.41B | -556.48M | 902.60M | 656.02M |
Balance Sheet | ||||||
| Total Assets | 14.75B | 15.00B | 14.29B | 18.30B | 19.66B | 20.52B |
| Cash, Cash Equivalents and Short-Term Investments | 396.56M | 540.86M | 332.33M | 250.02M | 235.67M | 459.23M |
| Total Debt | 9.70B | 9.83B | 8.98B | 10.22B | 10.41B | 11.37B |
| Total Liabilities | 10.25B | 10.39B | 9.46B | 10.67B | 11.06B | 12.07B |
| Stockholders Equity | 4.50B | 4.61B | 4.83B | 7.63B | 8.59B | 8.44B |
Cash Flow | ||||||
| Free Cash Flow | 226.82M | 230.77M | 245.48M | 505.79M | -801.35M | 746.11M |
| Operating Cash Flow | 226.82M | 230.77M | 245.48M | 505.79M | 739.01M | 811.66M |
| Investing Cash Flow | -262.11M | -264.74M | 1.32B | 517.56M | 396.06M | -3.86B |
| Financing Cash Flow | -74.97M | 228.08M | -1.48B | -1.02B | -1.34B | 2.95B |
Medical Properties Trust Technical Analysis
Negative
5.23
Price Trends
4.56
Negative
4.74
Negative
4.88
Negative
Market Momentum
-0.17
Positive
36.42
Neutral
18.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPT, the sentiment is Negative. The current price of 5.23 is above the 20-day moving average (MA) of 4.43, above the 50-day MA of 4.56, and above the 200-day MA of 4.88, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 36.42 is Neutral, neither overbought nor oversold. The STOCH value of 18.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MPT.
Medical Properties Trust Risk Analysis
Medical Properties Trust disclosed 53 risk factors in its most recent earnings report. Medical Properties Trust reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Medical Properties Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.41B | 25.01 | 8.54% | 3.35% | 53.07% | 32.48% | |
71 Outperform | $3.64B | 21.30 | 10.96% | 4.57% | 23.77% | 10.04% | |
66 Neutral | $2.17B | 14.45 | 12.28% | 5.41% | 59.94% | 49.34% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.25B | 77.77 | 2.34% | 5.37% | 18.43% | -65.50% | |
54 Neutral | $1.96B | -7.28 | -16.22% | 0.43% | -1.49% | 7.49% | |
49 Neutral | $2.48B | -77.71 | -0.66% | 6.57% | 10.56% | 97.81% |
* Real Estate Sector Average
MPT
Medical Properties Trust
4.08
0.05
1.24%
LTC
LTC Properties
40.75
6.22
18.02%
NHI
National Health Investors
73.91
0.16
0.22%
SBRA
Sabra Healthcare REIT
20.53
2.06
11.15%
DHC
Diversified Healthcare Trust
8.07
4.53
128.22%
CTRE
CareTrust REIT
39.76
6.55
19.73%
Medical Properties Trust Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Medical Properties Trust Executes Major Secured Debt Refinancing
Positive
Aug 10, 2026
On August 10, 2026, Medical Properties Trust’s operating partnership and finance subsidiary closed a private placement and exchange with institutional investors, issuing $2.4 billion of new 9.25% senior secured notes due 2032 while refinanci...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Medical Properties Trust Announces Major Debt Refinancing Initiative
Positive
Aug 10, 2026
Medical Properties Trust reported a second‑quarter 2026 net loss of $3 million, or $0.01 per share, and Normalized FFO of $92 million, or $0.15 per share, while paying a regular quarterly dividend of $0.09 per share in July. The company note...
Executive/Board ChangesShareholder Meetings
Medical Properties Trust Shareholders Back Board and Compensation
Positive
Jun 1, 2026
Medical Properties Trust held its annual meeting of stockholders on May 28, 2026, where a quorum was achieved with roughly 77.7% of outstanding shares represented. Shareholders elected nine directors to serve until the 2027 annual meeting, with ea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.