Medical Properties Trust
Acquires hospital properties and leases them to operators under long-term net leases.
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Profile
Owns hospital real estate and leases it to healthcare operators, often pairing property transactions with operator financing. The portfolio spans the United States, Europe, and Colombia, while rent collection depends on tenant performance and the ongoing transition of former Steward facilities.
Acquires and develops hospital real estate, then leases facilities to healthcare operators under long-term net leases. The model can release capital tied up in hospital property, while selected transactions also include mortgage loans or operator investments.
General acute-care and behavioral-health facilities anchor a portfolio spread across the United States, Europe, and Colombia. Growth has relied on assembling operator-linked portfolios and financing cross-border acquisitions; the current phase emphasizes selected sales, refinancing, and limited new purchases.
Rent collection ultimately depends on the financial health of a concentrated group of hospital operators. Former Steward facilities are under replacement tenants with rents still ramping, Prospect exposure has been reduced through restructuring, and debt refinancing remains active. These tenant transitions and capital obligations shape cash generation from the portfolio.
Company facts
Key statistics
Year to date −19.2% · Average volume (30d) 6.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Feb 3, 2026 | Maxim Group | Target | $8 | |||
| Nov 25, 2025 | Wells Fargo | Reiterate | Underweight | $7.50 | $5 | |
| Mar 12, 2025 | Exane BNP Paribas | Upgrade | Neutral | Outperform | ||
| Sep 13, 2024 | Colliers Securities | Upgrade | Neutral | Buy | $6.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.01 | −$0.01 | −241.4% | $247.3M | $259.3M | +4.9% | −11.70% |
| Apr 30, 2026Q1 FY26 | $0.03 | $0.14 | +409.1% | $241.6M | $252.1M | +4.3% | +2.23% |
| Feb 19, 2026Q4 FY25 | $0.01 | $0.18 | +1,282.5% | $240.4M | $270.3M | +12.5% | −5.98% |
| Oct 30, 2025Q3 FY25 | $0.16 | $0.13 | −18.8% | $244.0M | $237.5M | −2.7% | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $223.8M | $240.4M | $237.5M | $270.3M | $252.1M | $259.3M | |
| Gross profit | $216.8M | $229.5M | $228.5M | $260.8M | $242.1M | $109.2M | |
| Operating income | $110.3M | $136.6M | $123.8M | $169.1M | $140.2M | $143.9M | |
| Net income | −$118.3M | −$98.4M | −$77.7M | $17.3M | $32.8M | −$2.6M | |
| Diluted EPS | −$0.20 | −$0.16 | −$0.13 | $0.03 | $0.05 | −$0.01 | |
| Gross margin | 96.9% | 95.5% | 96.2% | 96.5% | 96.1% | 42.1% | |
| Operating margin | 49.3% | 56.8% | 52.1% | 62.6% | 55.6% | 55.5% |
Fiscal years (4-quarter sums)FY21 $1.57B · FY22 $1.58B · FY23 $895.4M · FY24 $999.0M · FY25 $972.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $396.6M · Total debt $9.70B · Total assets $14.75B · Shareholders' equity $4.50B
Dividends
Last raised to $0.09 from $0.08 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 18, 2026 | Jun 18 | Jul 16 | $0.09 | |
| Mar 12, 2026 | Mar 12 | Apr 9 | $0.09 | |
| Dec 11, 2025 | Dec 11 | Jan 8 | $0.09 | raised from $0.08 |
| Sep 11, 2025 | Sep 11 | Oct 9 | $0.08 | |
| Jun 18, 2025 | Jun 18 | Jul 17 | $0.08 | |
| Mar 10, 2025 | Mar 10 | Apr 10 | $0.08 | |
| Dec 12, 2024 | Dec 12 | Jan 9 | $0.08 | |
| Sep 9, 2024 | Sep 9 | Oct 10 | $0.08 | cut from $0.15 |
Ownership
Shares outstanding 598.10M · Float 490.65M · 82.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 69.02M | 11.50% | 13G | Oct 17, 2025 |
| Vanguard Portfolio Management | 43.15M | 7.21% | 13G | Apr 29, 2026 |
| He Zhengxu | 41.66M | 6.90% | 13G | Jan 6, 2026 |
| Edward K. JR Aldag · director, officer: Chairman, President & CEO | 6.69M | 1.12% | Form 4 | Jul 8, 2026 |
| R. Steven Hamner · director, officer: Executive Vice President & CFO | 3.79M | 0.63% | Form 4 | Jul 8, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | James Kevin Hanna | officer: Senior VP, Controller & CAO | +2,300 | $4.15 |
| Dec 15, 2025 | Rosa Handley Hooper | officer: SVP of Operations | −2,000 | $5.00 |
| Nov 19, 2025 | Michael G. Stewart | director | −59,000 | $5.02 |
Peers
- Universal Health Realty Income Trust
Direct overlap in acute and behavioral hospital real estate
- Chiron Real Estate
Net-lease peer across rehab, surgical hospitals, and medical offices
- Healthcare Realty
Health-system campus real estate with a limited inpatient portfolio
- Ventas
Large healthcare landlord with rehab, LTAC, and outpatient overlap
- Healthpeak Properties
Scaled outpatient and medical-campus real estate competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Medical Properties Trust | $4.09 | −0.35% | $2.45B | — | 75.7 | 2.4 | +7.9% |
| Universal Health Realty Income Trust | $41.46 | −0.22% | $575.3M | 29.6 | — | 3.9 | +0.5% |
| Chiron Real Estate | $37.19 | +0.84% | $487.3M | 9.4 | — | 3.1 | — |
| Healthcare Realty | $18.99 | 0.00% | $6.66B | — | 275.4 | 5.8 | −5.3% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| Healthpeak Properties | $20.79 | −0.79% | $14.45B | 59.9 | 101.1 | 4.9 | +8.0% |
| Median | 44.7 | 130.6 | 4.9 | +4.2% |