MPW Stock Today (November 24, 2025): Dividend Hike, Buyback and Short Interest Drive Medical Properties Trust’s Turnaround Story

Published: November 24, 2025

Meta description: Medical Properties Trust (NYSE: MPW) stock is trading around the mid‑$5s after a surprise dividend increase, a $150 million buyback and mixed Q3 2025 results. Here’s what today’s MPW stock action means for income investors, value hunters and short sellers.

MPW stock price today: a quiet move after loud news

Medical Properties Trust (NYSE: MPW) ended Monday trading in the low‑$5 range, around $5.30–$5.32 per share, roughly flat on the day and up less than 1% versus Friday’s close. ^[1]

Despite the modest intraday move, the backdrop is anything but quiet:

52‑week range: $3.51 to $6.34, putting today’s price about 52% above the 52‑week low and roughly 16% below the high. ^[2]
Market cap: about $3.2 billion. ^[3]
Average volume: ~8.5 million shares; today’s trading of ~8.6 million is slightly above normal. ^[4]
1‑year performance: up roughly 25% over the past 12 months, and about 35% year‑to‑date, yet still down more than 50% over three years. ^[5]

In other words, MPW stock has rebounded sharply from its 2023–2024 crisis lows but remains deeply underwater versus pre‑2022 levels—exactly what you’d expect from a REIT still in the middle of a high‑risk turnaround.

What is Medical Properties Trust, and why does MPW matter?

Medical Properties Trust is a healthcare REIT focused on hospital real estate, with roughly 390 hospital facilities and around 39,000 licensed beds across nine countries and three continents. ^[6]

The business model is simple in theory: MPT owns hospitals and leases them to operators under long‑term, net‑lease contracts, collecting rent while tenants handle operations. In practice, it has been messy:

Two major tenants—Steward Health Care and Prospect Medical Holdings—ran into serious financial trouble, including bankruptcies and restructurings, hammering MPT’s rent collections and forcing asset sales and impairments. ^[7]
Rising interest rates made MPT’s heavy debt load much more painful, as refinancing got pricier and credit ratings slipped into the junk tier. ^[8]

Today’s MPW stock story is all about whether management’s turnaround actions—new leases, asset sales, and now a dividend hike plus a buyback—are enough to offset those structural risks.

MPW’s dividend is rising again – and the yield is eye‑catching

The biggest headline for MPW stock in November is a surprise dividend increase.

On November 17, 2025, Medical Properties Trust announced that its board boosted the regular quarterly dividend from $0.08 to $0.09 per share, a 12.5% increase. The payout is payable January 8, 2026, to shareholders of record as of December 11, 2025. ^[9]

At today’s share price in the low‑$5s:

The trailing 12‑month dividend is about $0.32 per share, a yield of roughly 6.0%. ^[10]
On a forward basis (using the new $0.09 quarterly rate, or $0.36 annually), the yield is closer to 6.7–6.8%.

For long‑suffering MPW shareholders—who lived through two steep dividend cuts from $0.29 all the way down to $0.08 ^[11]—this is the first real sign that management believes the cash flow picture is stabilizing.

$150 million share repurchase program

Alongside the dividend increase, MPT also authorized a $150 million share repurchase program, giving management the flexibility to buy back stock if they view MPW shares as undervalued relative to intrinsic value. ^[12]

At current prices, that authorization represents around 5% of the company’s market cap and could meaningfully reduce share count over time if fully executed.

Analysts and commentators have framed the combination of a higher dividend + buyback as a vote of confidence in the REIT’s goal of exceeding $1 billion in annualized cash rent by the end of 2026. ^[13]

Q3 2025 earnings: rent improving, but GAAP losses persist

Medical Properties Trust reported Q3 2025 results on October 30, 2025. The picture is mixed but clearly better than the crisis phase:

Revenue: $237.5 million, up about 5% year‑over‑year but below Wall Street estimates of roughly $244.9 million. ^[14]
Normalized FFO / EPS: $0.13 per share, missing the $0.16 consensus estimate by $0.03. ^[15]
GAAP net loss: about $77.7 million, or –$0.13 per share, driven primarily by impairment charges and high interest expense. ^[16]

Revenue growth was supported by:

New and restructured leases with replacement operators for previously distressed assets.
Improving rent coverage at several key tenants, according to the company’s Q3 presentation and follow‑up commentary. ^[17]

However, the income statement still reflects a turnaround work‑in‑progress:

Interest expense remains elevated at more than $130 million for the quarter, reflecting MPT’s sizable debt load and higher rates. ^[18]
Impairment charges on real estate and investments continue to drag GAAP earnings deep into the red, even as cash flow metrics improve. ^[19]

For REIT investors, funds from operations (FFO) and cash rent matter more than GAAP bottom‑line volatility—but the recurring impairments and heavy interest expense underline how narrow the margin for error still is.

Portfolio update: de‑risking Prospect and selling low‑yield assets

One of the most important news items for MPW in late 2025 is its September 29 portfolio update, centered on troubled tenant Prospect Medical Holdings. ^[20]

Key points:

Yale settlement: Yale New Haven Health agreed to pay $45 million to resolve a prior agreement to purchase three Connecticut hospitals from Prospect. MPT expects this payment to go toward reducing its debtor‑in‑possession (DIP) loan to Prospect. ^[21]
Prospect asset sales: Prospect has entered into a deal to sell two of the Connecticut facilities to a new operator and is in discussions to sell the third. MPT expects the combination of sale proceeds and the Yale payment to enable full repayment of its $105 million DIP loan, leaving only a conditional, smaller commitment. ^[22]
Arizona asset sale: MPT sold two Phoenix facilities for about $50 million under a tenant purchase option. These hospitals produced “nominal” cash rent, so recycling the capital into debt reduction or higher‑return uses should be accretive over time. ^[23]

Management has indicated that cash receipts from the Prospect DIP repayment and asset sales will be directed toward debt repayment, shareholder returns and general corporate purposes. ^[24]

This is a critical piece of the MPW stock thesis: the more MPT can exit low‑yield, high‑headache assets and redeploy capital into stronger tenants and balance sheet repair, the less binary its long‑term outcome becomes.

Tenant ramp‑up: why management thinks $1 billion in cash rent is realistic

A recurring theme across management commentary and third‑party analysis is the ramp‑up of new operators on formerly troubled assets. ^[25]

Highlights from recent analysis of MPW:

A group of five new tenants that took over 17 properties from a former major tenant are starting at a low initial rent level, with quarterly rent escalations expected to bring them to 50% of the full stabilized rate by the end of 2025, and full stabilization at about $160 million in annual rent by the end of 2026. ^[26]
Another new operator that assumed six California hospitals has an initial rent‑deferral structure—full rent deferred for six months and half deferred for the next six—but is expected to reach about $45 million in annual cash rent once fully ramped. ^[27]

Based on these and other transitions, both management and several analysts project more than $1 billion in annualized cash rent by year‑end 2026 if things go according to plan. ^[28]

For MPW stock, that ramp matters more than any single quarter:

It underpins the decision to raise the dividend and authorize the buyback now.
It is central to bullish arguments that the REIT can earn its way out of today’s discount to book value.

Balance sheet and leverage: still the loudest bear argument

Even with operational progress, MPW’s balance sheet remains the main reason many investors stay skeptical.

From the latest filings and market data: ^[29]

Total assets: about $14.9 billion.
Debt (net of premiums/discounts): roughly $9.6 billion.
Debt-to-equity ratio: around 2.0x.
Interest expense (Q3): ~$132 million, a major drag on cash flow.
TTM net income: about –$708 million, with TTM revenue near $1.0 billion.

Market data from Finviz and others show MPW trading at: ^[30]

Price-to-book (P/B): ~0.7×, implying a ~30% discount to stated book value.
Enterprise value / EBITDA: in the low‑20s, expensive for a REIT given the risk profile.

Bulls argue that the discount to book assumes overly pessimistic impairment scenarios, while bears counter that book value may still be too high if more assets need to be written down or sold at discounts.

Either way, high leverage + expensive debt + tenant concentration remains a toxic cocktail if the turnaround stalls.

Short interest, sentiment and insider activity

MPW stock remains a battleground name—and the numbers prove it.

Heavy short interest

According to recent Finviz data: ^[31]

Short float: about 31% of the free float, or roughly 154 million shares sold short.
Short ratio (days to cover): about 18 days, based on average volume.

That level of short interest indicates persistent skepticism about MPW’s turnaround and dividend sustainability. It also means MPW stock can be volatile in both directions, as positive news can force short covering while negative surprises may reinforce bearish convictions.

Analyst rating drift: from “sell” to “hold”

Recent weeks have brought some incremental sentiment improvements:

Research platform Wall Street Zen recently upgraded MPW from “sell” to “hold”, citing improved stability following Q3 results and the dividend hike. ^[32]
MarketBeat and StockAnalysis track an average analyst rating around “Hold”, with a consensus 12‑month price target near $5.30–$5.40, only slightly above today’s price. ^[33]

In other words, Wall Street is no longer in full panic mode, but it isn’t enthusiastic either.

Insider and institutional moves

Recent filings add nuance to the story:

Insider selling: Director Michael G. Stewart sold 59,000 MPW shares at about $5.02 on November 19, 2025, leaving him with roughly 157,100 shares. ^[34]
Institutional trimming: Bank of New York Mellon cut its MPW stake by about 1.7% in Q2, though it still holds over 6.2 million shares. ^[35]

A single director sale or modest institutional trim doesn’t necessarily signal doom, but given MPW’s history, investors are understandably watching insider behavior closely.

Key catalysts for MPW stock in late 2025 and 2026

For traders and long‑term investors following MPW stock, several upcoming catalysts could move the share price:

Closing of Prospect‑related transactions
Court approvals and completion of the Connecticut hospital sales, plus receipt of the Yale settlement and full repayment of the Prospect DIP loan, would further de‑risk one of MPT’s most controversial exposures. ^[36]
Rent ramp and cash rent milestones
Quarter‑by‑quarter progress toward the $1 billion+ annualized cash rent target will be crucial. Investors will be watching whether new operators hit the promised rent escalations. ^[37]
Debt refinancing and leverage trend
How MPT handles upcoming debt maturities—refinancing vs. paying down with asset sales—will influence interest costs, ratings, and ultimately the sustainability of the dividend.
Short interest dynamics
Any combination of positive earnings surprises, faster‑than‑expected de‑leveraging, or sector tailwinds could force shorts to cover, potentially driving sharp rallies. Conversely, disappointments could embolden bearish positions.
Future dividend decisions
After the latest 12.5% dividend hike, the market will look for signals on whether this is the start of a steady rebuild or a one‑off move. Management commentary around payout ratios and FFO coverage will matter. ^[38]

Major risks investors should keep in mind

Even after today’s relatively calm trading session, MPW stock remains high risk. Key risks include:

Tenant credit risk: While MPT has re‑leased many properties, several operators still carry weak balance sheets, and rent coverage remains a concern in pockets of the portfolio. ^[39]
High leverage and refinancing risk: With a debt‑to‑equity ratio above 2× and billions of debt outstanding, MPT is sensitive to credit markets and interest rates. ^[40]
Potential for further impairments: Future asset sales or tenant failures could force additional write‑downs, pressuring both GAAP results and investor sentiment. ^[41]
Regulatory and reimbursement risk: Hospitals rely heavily on Medicare/Medicaid and other government or insurer funding; changes to reimbursement structures can ripple through to rent coverage. ^[42]
Short‑seller overhang: With roughly one‑third of the float sold short, any new negative narrative can spread quickly and pressure the stock.

Anyone considering MPW stock today needs to be comfortable with volatility, headline risk and a non‑zero probability that the turnaround fails.

Is MPW stock a buy, hold or sell after today’s move?

From a purely market‑based perspective, MPW sits in an interesting spot on November 24, 2025:

The stock trades near consensus price targets of around $5.30–$5.40. ^[43]
It offers a 6–7% dividend yield after the recent hike. ^[44]
It still carries junk‑level risk via leverage, tenant concentration, and heavy short interest. ^[45]

Putting it together:

For aggressive income and turnaround investors, MPW may look like a speculative “high‑yield recovery” play—especially if you believe management will hit the $1 billion cash‑rent goal and continue de‑leveraging.
For more conservative REIT investors, the combination of high debt, tenant risk and lingering uncertainty might justify staying on the sidelines or treating MPW as a small, speculative position at most.

Either way, MPW is no longer the clearly broken story it was at the depths of 2023–2024—but it isn’t a low‑risk bond‑like REIT either. The quiet stock move today masks big underlying debates that will play out over the next several quarters.

Important disclaimer: This article is for informational and educational purposes only and does not constitute financial, investment, tax or legal advice. It is not a recommendation to buy or sell MPW stock or any other security. Always do your own research and consider speaking with a qualified financial advisor before making investment decisions.

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