MPT · Medical Properties Trust, Inc.

Medical Properties Trust delivered a strong turnaround in Q1 2026, swinging to net income of $33 million ($0.05 per share) from a $118 million loss in the prior-year quarter, driven by higher revenues of $252 million (up from $224 million) reflecting increased rent billed ($198 million vs $165 million) and other income, partially offset by elevated interest expense ($133 million vs $116 million). Normalized FFO held steady at $82 million ($0.14 per share), underscoring operational consistency amid portfolio adjustments. Key drivers included stable EBITDARM coverage across U.S. and international assets, with general acute care properties providing reliability and post-acute facilities showing EBITDARM growth. Portfolio activity featured $31 million in dispositions (one LTAC hospital in Idaho, one general acute in Texas) and a €23 million acquisition of a post-acute facility in Europe. Tenant updates were positive: HSA reached 75% of stabilized rent (from 50%), new operators in Florida, Texas, Arizona, and Louisiana are fully current, and cash rent from NOR expected in Q2. CEO Edward K. Aldag expressed confidence in collecting at least $1 billion annualized cash rent by year-end while addressing debt maturities flexibly. Balance sheet showed total assets at $14.8 billion (down slightly from $15.0 billion at year-end), with net debt at $9.7 billion. The company maintained its quarterly dividend at $0.09 per share, signaling commitment to shareholders amid stabilizing operations at transitioned hospitals in key states.