BIRMINGHAM, Ala., April 19, 2026, 11:37 CDT
- Medical Properties Trust finished Friday at $5.23, a gain of 0.58%. Investors are watching fresh signs of stress among hospitals connected to its revamped tenant roster.
- The company reports that its newer operators haven’t missed rent. It’s still aiming for annualized cash rent of at least $1 billion by the close of 2026.
- About $1.23 billion in debt is coming due for the hospital landlord in 2026, with another $1.6 billion maturing the following year.
Medical Properties Trust closed out Friday at $5.23, ticking up 0.58%. Still, investors are watching fresh signs of trouble among hospitals linked to its post-bankruptcy tenant roster, casting a cloud over the landlord’s comeback hopes. This week, Bloomberg Law flagged that hospitals in Florida, California, and several other key states for MPT have started missing payments to vendors and creditors.
It’s a key issue for MPT, the REIT specializing in hospital real estate, which has spent the last two years working to swap out struggling tenants Steward Health Care and Prospect Medical Holdings for fresh operators—and lift rent collection in the process. But if these replacements stumble, the cash recovery investors expect could be shaky once more.
The timing isn’t great. MPT’s own year-end supplemental shows $1.225 billion of debt maturing in 2026, with another $1.6 billion scheduled for 2027. That puts a lot of pressure on the company to keep rent coming in and close asset sales if it wants to pull off a refinancing.
The Birmingham-based company posted fourth-quarter normalized funds from operations at $0.18 a share in February, marking the standard REIT earnings gauge. Net income landed at $0.03 per share. Chief Executive Edward Aldag said MPT remains “focused on continuing to strengthen our balance sheet” and is sticking with its goal of “at least $1 billion” in annualized cash rent by the close of 2026. SEC
The company reported that by the end of the year, its new tenants in Florida, Texas, Arizona and Louisiana were all up to date on their cash rent. It also noted it has mostly put the Prospect legal process behind it and locked in a 15-year lease covering six former Prospect hospitals in California. That lease is projected to reach $45 million in yearly rent by December 2026.
Still, tenant concerns linger. Back in March, MPT described Healthcare Systems of America, or HSA, as “fully current on rent owed,” though the company also disclosed lawsuits involving HSA’s principals and noted it had issued standard legal notices to safeguard its position. Medical Properties Trust
MPT’s annual-meeting filing, posted April 13, pins the shareholder gathering for May 28 in Birmingham. Investors get a chance to press management on rent collections, asset sales, and where things stand with refinancing.
Healthcare property names are showing a patchwork of fortunes. Last week, Reuters said National Healthcare Properties is targeting as much as $616 million with a U.S. IPO—an indicator there’s still appetite among investors for the space. Shares in sector heavyweights Healthpeak Properties closed Friday at $17.37, while Welltower finished at $210.52. Medical Properties Trust, by comparison, wrapped up at $5.23.
But MPT flags the risk clearly: those rent projections could show up late or disappoint, property sales might stall, and hitting leverage or liquidity targets may drag out longer than hoped. If these replacement operators keep slipping on payments to vendors and creditors, rent could end up squeezed again.
At this point, shares remain higher than their April 8 close at $4.75. Eyes are on how fast those hospitals can get back on stable footing—if they do, MPT stands a better shot at sticking to its rent recovery and refinancing timelines.
