Medical Properties Trust (MPT) Q1 2026 earnings summary

Executive summary

• Total portfolio EBITDARM coverage held steady year-over-year at 2.5x, with post-acute assets showing significant growth and general acute care remaining stable.

• Q1 2026 net income was $0.05 per share, rebounding from a loss last year, and normalized FFO was $0.14 per share, matching prior year results.

• Rent collections from transitioned tenants in Florida, Texas, Arizona, and Louisiana are fully current through April, with ramping expected to reach $1 billion annualized cash rent by year-end.

• Behavioral health faced challenges: U.S. operators struggled with staffing, while U.K. operators contended with NHS funding cuts, though demand remains strong in both markets.

• Sold two facilities for $31 million and acquired a post-acute facility in Europe for €23 million.

Financial highlights

• Normalized FFO for Q1 2026 was $0.14 per share, aided by $0.03–$0.04 per share in one-time cash rent receipts.

• Q1 2026 net income was $33 million ($0.05 per share), compared to a net loss of $118 million ($-0.20 per share) in Q1 2025.

• Revenues for Q1 2026 were $252 million, up from $245 million in Q1 2025.

• G&A expense declined year-over-year due to lower stock compensation expense.

• A one-time $44 million tax benefit was recognized from moving seven legal entities into the U.K. restructure.

Outlook and guidance

• Confident in achieving over $1 billion in annualized cash rent by year-end, with full contractual rent expected across transitioned assets by 2027.

• Expect to begin collecting cash rent from NOR in California in Q2 2026.

• Expect continued stabilization and growth in post-acute and general acute segments, with behavioral health recovery timing uncertain.

• Management remains focused on addressing upcoming debt maturities flexibly and attractively.