Medical Properties Trust (NYSE: MPT, formerly MPW) is the cautionary tale of healthcare REITs: the hospital landlord whose largest tenant, Steward Health Care, collapsed into one of the biggest healthcare bankruptcies in U.S. history, forcing two dividend cuts, asset fire sales, and a junk credit rating. What remains is a deep-value recovery bet on re-tenanted hospitals ramping rent, strictly for investors who price distress.
| Medical Properties Trust (MPT) Snapshot | |
|---|---|
| Share Price (delayed) | $4.48 -0.22% |
| Market Cap | $2.7B |
| Annualized Dividend | $0.35 (Quarterly) |
| Dividend Yield | 7.80% |
| Sector | Healthcare ยท Hospitals |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
The Wreckage and the Rebuild
MPT’s model, sale-leasebacks with hospital operators at aggressive rents, worked until its concentrated bets (Steward, Prospect) failed. The 2024-2026 rebuild: Steward hospitals transitioned to new operators on leases that escalate toward stabilized rent through 2026-2027, billions in asset sales funding debt paydown, and litigation recoveries as a wildcard. Every quarter is now a test of whether the new operators pay on schedule.
Dividend Reality Check
The dividend was cut roughly 90% from its peak, now a token payout while cash goes to the balance sheet. Under our methodology’s hard overrides, the lost investment-grade rating and cut history cap the grade regardless of recovery optionality: this is priced as a distressed equity with real estate attached.
The Honest Risk Section
Everything: junk-rated debt maturities to refinance at painful rates, new hospital operators with no track record at these properties, regulatory hostility toward leveraged hospital landlords, and binary litigation outcomes. The bull case (rent ramp arrives, leverage falls, multiple re-rates) is genuine; so is the path where another operator falters. This is the highest-risk name in healthcare REITs, graded accordingly.
Frequently Asked Questions
Did Medical Properties Trust change its ticker?
Yes, the company now trades as MPT on the NYSE (formerly MPW), a rebrand accompanying its post-Steward restructuring.
Is MPT’s dividend safe?
The current token dividend is sustainable, but it exists because the prior dividend was cut roughly 90% across two reductions. This is a recovery speculation, not an income investment.
Analysis based on public disclosures through mid-2026. Live market data updates automatically. Independent research, not investment advice.