New York, Feb 20, 2026, 09:20 EST — Premarket
- MPT edged up about 0.1% premarket, after jumping 12.1% the previous session.
- Hospital REIT posted fourth-quarter earnings and revealed a new California lease deal tied to the former Prospect hospitals.
- Rent ramp timing is front and center for investors, with refinancing risk in 2026 also high on their radar.
Medical Properties Trust was mostly unchanged in premarket trading Friday, ticking up about 0.1% and hovering near $6.03. Thursday saw the stock surge 12.1%, pushing it to a 52-week high of $6.47. (Investing.com)
The move stands out, coming after a year focused on securing rent, with tenants under pressure, leases reworked, assets offloaded. Still, when it comes to this stock, a sharp rally can disappear fast if questions remain about the true stability of cash flow.
This lands just ahead of the new session—REITs could swing hard if rate expectations shift. With MPT, it’s down to execution: Will management actually pull off promised rent hikes and the balance sheet repair, on the timeline they’ve set?
The company reported fourth-quarter net income of $0.03 per share Thursday and unveiled a new 15-year lease covering six California hospitals formerly operated by Prospect Medical Holdings. Annual cash rent is expected to hit $45 million by December 2026. CEO Edward Aldag said Prospect’s bankruptcy process is “largely behind us.” (SEC)
Revenue landed at about $270.3 million for the quarter, rising from $231.8 million in the same period last year. Normalized funds from operations, the $0.18 per share figure—REIT investors’ go-to gauge for stripping out certain one-time items—held steady.
MPT has overhauled its arrangement with Vibra Healthcare, securing a new 20-year master lease and pulling in a one-time rent payment of $18 million. The company also shelled out about $32 million for a U.S. post-acute facility in the quarter. In February, it picked up an additional European property for roughly €23 million. MPT also repurchased close to 4.5 million shares, spending $23.4 million.
Aldag, on the call, highlighted that total portfolio EBITDARM coverage has climbed year over year to 2.6x, signaling more headroom for tenants meeting rent. CFO R. Steven Hamner called out the €500 million notes set to mature in October, describing them as the company’s “nearest maturity.” Kevin Hanna put normalized FFO “about $0.03 to $0.04 higher,” attributing that lift to a one-off influx of cash. (Insider Monkey)
The Prospect story continued to dominate. MPT said it’s almost wrapped up its dealings tied to Prospect’s court-led restructuring, a process that started in January 2025. Back in January, MPT unloaded two Connecticut hospitals; one more property remains under a binding agreement, with closing anticipated sometime in the first quarter.
Debt remains a heavy drag. Medical Properties Trust’s latest quarterly supplement put net debt near $9.7 billion as of year-end. That figure covers roughly $638 million drawn on a secured credit facility, with another €500 million in notes set to mature in 2026. The company says it’s issued a notice to extend the credit facility’s maturity to June 30, 2027, if certain conditions are met. (SEC)
Downside risk isn’t off the table. The whole story comes down to rent checks arriving on time, asset sales getting done, and capital markets staying open for refinancing or extending those 2026 maturities. Should any of those pieces slip, tougher decisions on leverage and distributions could be in the cards for the company.
Traders are watching to see if the stock keeps its post-earnings jump as the day gets underway. There’s focus on a few things: the expected sale of the final Connecticut facility in the first quarter, partial rent scheduled to begin at the California hospitals in June, plus how MPT plans to handle the euro notes coming due in October.
