Medical Properties Trust, Inc. (MPT) Stock Price & How to Invest
Last updated July 2026
Short answer
Medical Properties Trust (NYSE: MPT) is a net-lease hospital REIT that owns acute care, behavioral health, and specialty hospital real estate and leases it back to operators, so buying it is a bet on high-yield hospital rent income surviving heavy leverage and tenant stress rather than a stable blue-chip landlord.
MPT stock price
As of 2026-07-24, Medical Properties Trust, Inc. (MPT) last closed at $4.84, up 12.0% over the past year. Over the past 52 weeks it has traded between $3.98 and $6.02.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Medical Properties Trust, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Medical Properties Trust, Inc. (MPT) do?
Medical Properties Trust, Inc. trades on the New York Stock Exchange under the ticker MPT and is one of the largest owners of hospital real estate in the world. Its model is sale-leaseback: it buys hospital buildings from operators, then leases the property back under long-term net leases where the tenant covers taxes, insurance, and maintenance. The portfolio spans general acute care hospitals, behavioral health facilities, and post-acute sites across the United States and Europe, and revenue comes almost entirely from contractual rent plus interest on loans MPT has made to some of its tenants.
The investment picture is defined by a collapse from its former blue-chip status. After the 2024 bankruptcy of its largest tenant, Steward Health Care, MPT cut its dividend sharply, sold assets, and re-tenanted properties, and the stock fell from the mid-teens to around $4.85 with a roughly $2.7 billion market cap by mid-2026. Q1 2026 showed a return to net profit and normalized funds from operations of about $0.14 per share, but the results leaned on one-time items, tenant concentration remains high, and roughly $9.8 billion of debt hangs over the equity. It is a turnaround-and-deleveraging story, not a stable income staple.
What's driving Medical Properties Trust, Inc. (MPT)?
1. Tenant re-tenanting and rent recovery
MPT spent 2024 and 2025 replacing bankrupt Steward with new operators and is guiding toward more than $1 billion in annualized cash rent by year-end 2026. The thesis rests on those replacement tenants actually paying contractual rent on schedule, which would restore cash flow and support the dividend. Any slippage in cash collection directly hits funds from operations.
2. Deleveraging and refinancing runway
With roughly $9.8 billion of debt and maturities stacked through 2026 and 2027, MPT has been raising secured financing and selling assets to push out its maturity wall. Management says it has addressed near-term maturities, and each successful refinancing or asset sale reduces the risk that debt costs swamp rental income. Progress here is the single biggest lever on the equity value.
3. Deep-value and high-yield setup
The stock carries a dividend yield near 7.5 percent and trades at a mid-single-digit multiple of normalized funds from operations, well below larger healthcare REITs. For investors who believe the tenant base stabilizes, that gap is the potential re-rating. It is also one of the most heavily shorted REITs, so any confirmation of stability can move the price sharply.
4. European and behavioral health diversification
MPT holds meaningful hospital assets in the United Kingdom, Germany, and other European markets, which diversifies away from any single United States operator or reimbursement regime. A one-time United Kingdom deferred tax benefit boosted Q1 2026 results, and the behavioral health and international portfolios provide rent streams that are somewhat decoupled from the troubled United States acute care tenants.
What are the risks to Medical Properties Trust, Inc. (MPT)?
MPT carries roughly $9.8 billion of debt against a market cap near $2.7 billion, so financial leverage magnifies both gains and losses and refinancing risk is real given maturities in 2026 and 2027. Tenant concentration is a recurring problem: the 2024 Steward bankruptcy forced a dividend cut and asset sales, and in March 2026 MPT declared defaults on properties leased to Healthcare Systems of America, its third-largest tenant at about 8 percent of assets, sending the stock down about 8 percent in a day. That March 2026 disclosure triggered securities-fraud investigations by several plaintiff law firms, and MPT has faced securities litigation before tied to its 2019 to 2023 disclosures, so legal and disclosure risk is an ongoing overhang. Hospital operators face reimbursement pressure, staffing shortages, and impairments, and MPT's Q1 2026 profit relied partly on one-time tax and cash-rent items rather than durable run-rate earnings. Walnut is not an investment adviser, and these factors make MPT materially more speculative than a typical healthcare REIT.
How is Medical Properties Trust, Inc. (MPT) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Medical Properties Trust, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$1.0 billion
- Market cap: ~$2.7 billion
- Stock price: ~$4.85
- Dividend yield: ~7.5% (~$0.36/yr)
- Normalized FFO: ~$0.14/share (Q1 2026)
- Total debt: ~$9.8 billion
MPT trades at a mid-single-digit multiple of normalized funds from operations, a steep discount to larger healthcare REITs like Welltower and Ventas, which reflects its leverage and tenant risk rather than a bargain hiding in plain sight. Q1 2026 returned to net profit with about $252 million in quarterly revenue, but results were flattered by a one-time United Kingdom deferred tax benefit and cash-rent catch-ups. The valuation is a classic high-yield, high-risk setup where the discount and the danger are two sides of the same coin.
Who competes with Medical Properties Trust, Inc. (MPT)?
Large diversified healthcare REITs
Welltower (WELL), Ventas (VTAS), and Healthpeak Properties (DOC) are far larger, better capitalized healthcare landlords focused on senior housing, medical office, and outpatient assets. They carry lower leverage and investment-grade credit, so they compete with MPT for capital and set the valuation benchmark MPT trades at a discount to.
Net-lease and skilled-nursing REITs
Omega Healthcare Investors (OHI), Sabra Health Care REIT (SBRA), CareTrust REIT (CTRE), and National Health Investors (NHI) share MPT's operator-dependent, net-lease model with heavy exposure to a handful of tenants. They face the same reimbursement and tenant-solvency risks, making them the closest read-through peers for MPT's rent-collection thesis.
Hospital-focused and small-cap medical landlords
Global Medical REIT (GMRE) and Community Healthcare Trust (CHCT) own hospital and outpatient real estate on a smaller scale, while hospital operators such as HCA Healthcare (HCA) and Tenet Healthcare (THC) are both potential tenants and the ultimate source of the rent MPT depends on. Their financial health is a direct input to MPT's cash flow.
How to invest in Medical Properties Trust, Inc. (MPT)
There are three common ways to get MPT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so MPT sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where MPT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Medical Properties Trust, Inc. (MPT)
MPT is a deep-value, high-yield hospital REIT where the investment picture turns almost entirely on tenant health and refinancing roughly $9.8 billion of debt.
More on Medical Properties Trust, Inc. (MPT)
Whether MPT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MPT a buy?, and where the stock could go from here in the MPT stock forecast.
For income investors, whether MPT pays a dividend and how the payout looks is covered in does MPT pay a dividend?
Build a basket around MPT with Walnut
Use Medical Properties Trust, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Medical Properties Trust do?
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MPT is a real estate investment trust that owns hospital buildings and leases them back to healthcare operators under long-term net leases. It is one of the largest hospital landlords globally, with acute care, behavioral health, and specialty facilities across the United States and Europe. Its income is almost entirely contractual rent plus interest on tenant loans.
Why has MPT stock fallen so much?
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The stock collapsed from the mid-teens after its largest tenant, Steward Health Care, went bankrupt in 2024, forcing a sharp dividend cut, asset sales, and re-tenanting. Heavy debt, roughly $9.8 billion, and repeated tenant troubles kept pressure on the shares, which traded near $4.85 by mid-2026. It is one of the most heavily shorted REITs.
Is MPT facing a securities-fraud lawsuit?
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MPT faced securities litigation tied to its 2019 to 2023 disclosures, and after a March 2026 statement about defaults by tenant Healthcare Systems of America, several plaintiff law firms announced new securities-fraud investigations. These are ongoing legal overhangs that investors weigh, though the tenant and leverage stresses driving them are ordinary business risks for a hospital REIT under strain.
What is MPT's dividend yield?
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As of July 2026, MPT pays about $0.09 per quarter, or roughly $0.36 annually, for a yield near 7.5 percent at a stock price around $4.85. The dividend was cut sharply from prior levels during the Steward crisis, and its durability depends on replacement tenants paying rent and on the company managing its debt maturities.
How much debt does MPT carry?
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MPT reported roughly $9.8 billion of total debt as of Q1 2026, against a market cap near $2.7 billion. Maturities are stacked through 2026 and 2027, so refinancing and asset sales are central to the story. Management says it has addressed near-term maturities, but the leverage magnifies both upside and downside for the equity.
How did MPT perform in Q1 2026?
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MPT returned to profitability in Q1 2026, reporting about $252 million in revenue and net income of roughly $33 million, or $0.05 per share, reversing a prior-year loss. Normalized funds from operations were about $0.14 per share. The results were helped by one-time items, including a United Kingdom deferred tax benefit and cash-rent receipts.
Who are MPT's main competitors?
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Larger diversified healthcare REITs like Welltower, Ventas, and Healthpeak set the benchmark, while net-lease peers such as Omega Healthcare, Sabra, CareTrust, and National Health Investors share MPT's operator-dependent model. Smaller hospital landlords like Global Medical REIT and Community Healthcare Trust also compete, and hospital operators such as HCA and Tenet are both peers and potential tenants.
How can I invest in MPT through Walnut?
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You can add Medical Properties Trust to a thematic basket in Walnut alongside other healthcare REITs or high-yield income names, connect your brokerage, and place orders that bring the basket toward your target weights. Walnut tracks the position and thesis over time. Walnut is not an investment adviser, and given MPT's leverage and tenant risk, position sizing matters.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Medical Properties Trust, Inc.'s investor relations page or your broker before making investment decisions.