MPW Stock (Now MPT): Tenants, Dividend and Debt, Q2 2026 10-Q

The ticker change, and why “MPW stock” still finds this company

On January 20, 2026 the company filed an 8-K (accession 0001193125-26-016037) announcing that its NYSE symbol would change from “MPW” to “MPT”, with trading under the new symbol starting February 2, 2026; the stock stayed listed on the NYSE and the CUSIP did not change. Every filing since uses MPT. Quote pages and older articles still say MPW, which is why that is the name most people type. Nothing else about the legal entity changed: it is Medical Properties Trust, Inc., a Maryland corporation based in Birmingham, Alabama, with MPT Operating Partnership, L.P. as co-registrant on its debt.

Who pays the rent: the operator table

The supplemental package filed with the August 10 8-K lists the ten largest operators by total assets and by revenue. Revenue and assets tell different stories because MPT's Swiss and some other holdings sit in joint ventures that produce equity earnings rather than rent.

Three readings the table allows. First, Lifepoint is bigger than it looks: on June 1, 2026 its two leases were merged into one master lease ending in 2045, and the company says cash rent is about 99% of the combined prior rents. Added together the two Lifepoint lines are 10.6% of assets and 15.1% of Q2 revenue (our arithmetic), more than HSA. The 10-Q adds that aligning lease terms “is expected to decrease operating lease revenue by approximately $2 million per quarter” even though cash rent is essentially unchanged. Second, NOR and HSA are the legacy of the two big bankruptcies, and neither has reached its full contractual rent yet (below). Third, the U.K. matters as much as the U.S.: 27.6% of assets and 37.0% of Q2 revenue, against the U.S. at 50.0% of assets and 55.1% of revenue. The largest single property is under 2% of total assets, so the concentration is in operators and countries, not buildings.

The 10-Q's own concentration disclosure names only two operators above 10% of revenue: Circle at 21.1% (22.4% in Q2 2025) and Priory at 10.6% (11.0%). Over 99% of leases carry annual escalators tied to CPI or fixed minimums.

Steward: from bankruptcy to six new tenants

Steward Health Care filed for Chapter 11 on May 6, 2024. A September 18, 2024 settlement ended its master lease and released claims on 23 MPT properties. Eighteen of those 23 facilities were leased in September 2024 to six operators: HSA, HonorHealth, Insight Health, Quorum, College Health and Tenor Health. Three have since been sold; five former Steward properties, about 4% of total assets, are still being re-tenanted or sold, two of them developments.

The leases have a ramp: rent is scheduled to reach about 100% of contractual rent starting October 2026. HSA's monthly rent was at 75% of fully stabilized rent from March 2026. As of June 30, the 10-Q says all of these operators had paid the rent due except cash-basis tenants Insight and Tenor, which are under 1% of annual revenues. But MPT also lent them money: about $172 million of working-capital and other loans to these operators, generally secured by receivables and other assets. In Q2 2026 it advanced a further $50 million to HSA “due to ongoing revenue cycle management issues”, about $25 million of which had come back by the time of the 10-Q, and it recorded $27.4 million of charges in the first half impairing most of the Insight and Tenor loans. The same table in a year will show whether the ramp reaches the contractual number: the October 2026 step is the test.

Prospect: from $1.6 billion to about $67 million

MPT invested about $1.6 billion in 14 Prospect hospitals in August 2019. Prospect filed for Chapter 11 on January 11, 2025. The company recorded more than $400 million of impairments and fair value losses in Q4 2024 and about $140 million more in 2025. The Connecticut and Pennsylvania properties were sold, and the six California hospitals were re-leased in December 2025 to NOR Healthcare Systems on a 15-year lease. NOR's rent was fully deferred for six months and half-deferred for six more, so MPT recognizes it on a cash basis ($1 million in Q2 2026); the Q4 2025 release says it is scheduled to reach $45 million a year in December 2026.

What is left: a remaining investment of about $67 million at June 30, 2026, which the company says it expects to recover from remaining Connecticut accounts receivable and proceeds of Prospect's causes of action; “no assurances can be given as to the amount to be received or timing”, in the 10-Q's words. It had funded $62 million of a $65 million court-approved commitment. The credit loss reserve, $553.3 million at December 31, 2025, was $66.3 million at June 30, 2026 after $525.5 million was written off, mostly previously reserved Prospect mortgages, so the drop reflects write-offs, not recoveries. A securities class action about the 2023 Prospect transactions (S.D.N.Y., Case No. 1:23-cv-08597) was still pending a motion to dismiss; the allegations are unproven and the company says it believes the claims are without merit.

Rent billed, rent accrued and rent collected

Three different numbers describe rent, and they diverge for MPT.

Straight-line rent receivables, the accrued but uncollected balance, were $927.5 million at June 30, 2026 against $881.5 million at December 31, 2025, up $46.0 million (our arithmetic), while interest and rent receivables that were billed and unpaid were only $18.4 million. The 10-Q says “several tenants” are on the cash basis, which makes lease revenue lumpy: when a tenant is on that basis, revenue appears only as cash is received. Cash-basis tenants paid $34 million more in rent in the first half than a year earlier.

The interest bill is the reason cash flow is small. Interest paid of $279.5 million was 70% of rent billed ($400.9 million; our arithmetic). Q2 interest expense was $135.3 million at a weighted-average rate of 5.3% before the new 9.25% notes.

The dividend, three ways

On NFFO the dividend looks comfortable; that is the company's own adjusted measure. Two other lenses show why holders watch it:

• Cash from operations. Operating cash flow against dividends paid in cash: 2023, $505.8 million against $615.4 million (82%); 2024, $245.5 million against $321.1 million (76%); 2025, $230.8 million against $193.3 million (119%); first half of 2026, $48.2 million against $109.6 million (44%; all percentages are our arithmetic). For the first half of 2026 the 10-Q says dividends and other investing were funded from operating cash flow, cash on hand, revolver borrowings, loan repayments and asset sales.
• NFFO without straight-line rent. NFFO includes straight-line rent revenue ($35.2 million in Q2 and $71.7 million in the first half, shown on the reconciliation). Removing it, NFFO was $57.0 million in Q2 against $54.2 million of dividends declared (95%) and $102.7 million in the first half against $108.4 million (106%; our arithmetic). This is our own adjustment, not a company measure, and we take no view on which lens is right.

The agreements also limit the dividend: the Credit Facility caps it at 95% of “NAFFO”, a measure defined in the credit agreement and not disclosed in the 10-Q, on a rolling four-quarter basis, and the unsecured-note indentures cap it by a similar formula. The company also has a $150 million buyback authorization (October 28, 2025), under which it repurchased 1.3 million shares for $6.1 million in the first half of 2026, and a $500 million at-the-market stock program under which it had sold no shares at June 30. We found no filing after August 10, 2026 that declares a Q3 dividend; the 10-Q's distribution table, which lists declarations through May 28, is the last source. The next one will show in the Q3 filing.

Debt: what the $2.4 billion 9.25% notes did

On August 10, 2026, MPT Operating Partnership, L.P. and MPT Finance Corporation closed a private placement and exchange resulting in $2.4 billion of 9.25% senior secured notes due February 15, 2032 (Form 8-K, accession 0001193125-26-342713). About $1.0 billion of cash proceeds repays the 0.993% notes due 2026 in full ($577.8 million) and redeems about 27% of the 5.000% notes due 2027; the rest is an exchange that refinanced about $1.5 billion of 2027 to 2031 unsecured notes. The press release says affiliates of GoldenTree Asset Management were lead investor and that the company captured a discount of about $123 million. Interest is paid June 15 and December 15, starting December 15, 2026. The notes are secured by first-priority liens on equity of certain subsidiaries and mortgages on their properties, and the indenture requires unencumbered assets of at least 150% of unsecured debt.

Two caveats on the comparison: the dates differ (the revolver was paid down about $245 million between June 30 and August 10, so part of the 2026 drop is not the notes), and the 10-Q and the notes press release round the totals differently ($9,510.5 million against $9,514.9 million as adjusted on August 5; the difference is the dates). What the numbers do show:

• More secured debt. Secured debt was $4.40 billion, or 44.7% of $9.83 billion, at June 30. After the notes, secured principal (revolver, term loan, 7.000%, 8.500% and 9.25% notes and the sterling term loan) is $6.58 billion of $9.51 billion, 69.2% (our arithmetic from the August 5 as-adjusted table). The remaining unsecured notes total $2.93 billion (our arithmetic). The company says it had only $1.3 billion of unsecured note maturities through 2028 afterward.
• A higher coupon. At 9.25% the new notes cost $222.0 million a year on $2.4 billion (our arithmetic); the weighted-average rate of the whole debt stack at June 30 was 5.369%, so the refinancing raises interest cost, which the 10-Q expects rents to outpace without assurance.
• The revolver is still short-dated. It was extended to December 30, 2026, with an option for six more months subject to conditions, and about $475 million was outstanding. The company's plan for it: cash, the Utah sale proceeds, other asset sales, new debt and a new multi-year credit facility. Before the notes it had $0.3 billion of cash on hand.
• Leverage ratios at June 30 (before the notes): adjusted net debt to adjusted annualized EBITDAre of 8.9 times, financial leverage of 59.6% by the supplemental's definition, and adjusted interest coverage of 1.9 times. The Credit Facility's total debt covenant is 60% by a different definition, so the two are not comparable. The company reported compliance with all covenants at August 10.

Asset sales and Infracore

The sale of the five properties in the Utah partnership (25% owned with CommonSpirit) closed on August 10, 2026 for about $172 million, in line with the June 30 carrying amount. On July 9 Infracore, a Swiss hospital real estate company, listed on the SIX Swiss Exchange; MPT sold about 0.7 million shares, cutting its stake from 70% to about 48.5%, received about CHF 46 million on July 13 for shareholder loan repayment and a dividend, and expects about CHF 28 million more. Earlier in 2026 it sold five facilities for about $31 million, and on June 1 it traded three Scion properties for one Lifepoint property in Kentucky valued at $165.5 million, a net gain of about $6.8 million. The 10-Q adds that agreements signed after June 30 “could generate $200 million to $400 million in 2026”, with no assurance on amount or timing.

What changed in the last 12 months

The numbers show a company whose rent is rising as legacy tenants step up while its financing costs rise faster than its cash flow. In the Q1 2026 release management said it was confident in collecting “annualized cash rent of at least $1 billion by the end of the year”; we did not find that target repeated in the Q2 release or 10-Q text we read, where the CEO says “our transition tenants ramping rent payments as expected”. Treat the $1 billion as a management target, not a figure from the filings.

How this compares with non-traded vehicles

A listed REIT like MPT can be sold on any trading day at a market price, which a non-traded REIT or interval fund cannot, and its dividend is not set by a redemption queue. That is the trade-off our readers weigh: MPT offers daily liquidity but its dividend and shares move with the market's view of its tenants and debt. Compare how another listed healthcare landlord reports its dividend against its adjusted measure in American Healthcare REIT's Q2 filing, how a listed specialty REIT with tenant defaults reads against its AFFO in IIPR's tenants and dividend, and the structural differences in non-traded versus publicly traded REITs.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check yourself:

• Test the dividend on three lenses. Normalized FFO, NFFO without straight-line rent, and operating cash flow. The Q3 10-Q (the Q3 2025 one was filed November 7, 2025) will show the first full quarter of 9.25% interest on the new notes (December 15 is the first payment date).
• Watch the October 2026 rent step. The Steward-successor leases are scheduled to reach about 100% of contractual rent from October, and NOR's full rent in December. The Q3 release's cash-rent figure for these operators (Q2 was $29.7 million) is the test.
• Track the revolver. Cash on hand, the Utah proceeds and the $200 million to $400 million of signed sales should cover the roughly $475 million revolver due December 30, 2026 plus the six-month extension option; the 10-Q does not say what happens if conditions are not met.
• Read the loans, not just the leases. $172 million of working-capital loans to the new operators, $286.5 million of “other loans” on the balance sheet at June 30 (up from $186.3 million), and the Colombian hospital positions marked at fair value are where tenant stress shows first.
• Know the dated risks. Medicaid changes under the One Big Beautiful Bill Act are named in the company's risk language; the class action motion is pending; no one can say how Prospect litigation proceeds will come in.

If you hold MPT shares or other positions in hospital real estate and want to see what these filings mean for your own portfolio, a second opinion from an adviser can help. The next box is optional.

FAQ

All figures are from Medical Properties Trust, Inc. (CIK 1287865) SEC filings read on EDGAR on October 15, 2026: Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-342583, filed August 10, 2026); Form 8-K of August 10, 2026 with the Q2 earnings release, supplemental information and notes press release as Exhibits 99.1 to 99.3 (0001193125-26-341434); Form 8-K of August 10, 2026 on the 9.25% senior secured notes indenture (0001193125-26-342713); Form 10-K for 2025 (0001193125-26-073587); the earnings-release 8-Ks of February 19, 2026 (0001193125-26-058167), April 30, 2026 (0001193125-26-194165) and October 30, 2025 (0001193125-25-257549); and the January 20, 2026 8-K on the ticker change (0001193125-26-016037). Sums, percentages, payouts and ratios called “our arithmetic” are ours, including the secured share of debt and the NFFO adjustment for straight-line rent. Normalized FFO and the EBITDAre ratios are company-defined, non-GAAP measures. Litigation claims are allegations. No share price is quoted on this page. This is analysis of public documents, not investment, legal or tax advice.