BIRMINGHAM, Ala., April 19, 2026, 11:37 CDT
- Medical Properties Trust ended Friday at $5.23, up 0.58%. Some investors remain uneasy, eyeing new distress signals coming from hospitals tied to the REIT’s updated tenant lineup.
- The company says its newer operators are current on rent. The target for annualized cash rent remains at least $1 billion by the end of 2026.
- The hospital landlord faces $1.23 billion of debt maturing in 2026, and an additional $1.6 billion comes due in 2027.
Medical Properties Trust ended Friday at $5.23, up by 0.58%. But concerns linger, as fresh signs of distress keep surfacing among hospitals tied to its post-bankruptcy tenant list—casting doubt on any near-term turnaround for the REIT. According to Bloomberg Law, hospitals in Florida, California, and other important states for MPT have begun defaulting on payments to both vendors and creditors this week.
This remains front and center for MPT, the hospital real estate REIT that’s spent two years trying to move out troubled tenants Steward Health Care and Prospect Medical Holdings, bringing in new operators to boost rent collection. Still, if these replacements can’t deliver, the anticipated investor cash recovery could falter yet again.
It’s a tough setup for MPT. According to its latest year-end supplemental, the company faces $1.225 billion in debt maturing in 2026, plus another $1.6 billion due in 2027. That’s a hefty refinancing task. Keeping rent payments steady and moving assets off the books will be critical if MPT wants to make it work.
MPT, headquartered in Birmingham, reported normalized FFO of $0.18 per share for the fourth quarter back in February—a typical REIT benchmark. Net income was $0.03 per share. CEO Edward Aldag reiterated that the company is “focused on continuing to strengthen our balance sheet,” and said MPT is holding to its target of “at least $1 billion” in annualized cash rent by end-2026. SEC
The company said its new tenants in Florida, Texas, Arizona, and Louisiana were current on cash rent as of year-end. As for the Prospect situation, management called that chapter largely closed, having secured a 15-year lease for six ex-Prospect hospitals in California. Annual rent from that deal should climb to $45 million by December 2026.
Tenant worries haven’t gone away. In March, MPT called Healthcare Systems of America, or HSA, “fully current on rent owed.” Still, the company flagged lawsuits tied to HSA’s principals and mentioned it had sent out standard legal notices to protect itself. Medical Properties Trust
MPT’s annual meeting is set for May 28 in Birmingham, according to the proxy filed April 13. Investors will have the floor to question management on rent collection progress, updates on asset sales, and the status of refinancing plans.
Healthcare property stocks are a mixed bag right now. National Healthcare Properties is looking to raise up to $616 million in a U.S. IPO, according to Reuters last week—suggesting investors haven’t completely lost their taste for the sector. Healthpeak Properties ended Friday at $17.37 a share and Welltower closed at $210.52. Medical Properties Trust? Shares settled at $5.23.
MPT doesn’t mince words about the risks: the expected rent might not materialize on time, or at all; asset sales could get bogged down; leverage and liquidity goals might be further off than planned. If these new operators start missing payments to suppliers or lenders, rent streams could get pinched again.
Shares are still above their April 8 close of $4.75. The focus now: whether hospitals stabilize quickly enough for MPT to stay on track with rent collection and its refinancing schedule.
