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Medical Properties Trust divested a 75% interest in five Utah hospitals for $886 million, plus $190 million of secured financing. The proceeds will largely be used to pay down debt.
Shares of beleaguered hospital real estate owner Medical Properties Trust soared Monday, toward their best day in 15 years, after the company agreed to sell Utah hospital properties.
Medical Properties Trust announced a major asset sale last week, leading to significant cash inflows. Accelerated asset sales are a game-changer for MPW because they are set to improve the REIT's balance sheet and reduce negative sentiment. MPT's NFFO is more than sufficient to cover the dividend, even in the case of higher asset sales down the road.
Medical Properties Trust saw a spike in shares after announcing a significant update that will allow the company to pay down a large portion of its debt. The company sold off its interest in five hospitals in Utah, receiving $886 million and reducing its debt. The company has already achieved 80% of its $2 billion target for asset sales this year, with potential for further debt reduction.
Medical Properties Trust said on Friday it would sell majority of its stake in five Utah hospitals for $886 million, sending its shares up more than 10% in extended trading.
The latest trading day saw Medical Properties (MPW) settling at $4.09, representing a -0.49% change from its previous close.
A Truist Securities analyst is bumping up his price target on Medical Properties Trust. The analyst is maintaining his hold rating.
Medical Properties Trust: Extremely Cheap For A Reason
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Shares of Medical Properties Trust trade at a steep discount as the REIT faces some significant risks ahead. Management is working on helping one of its troubled tenants to improve its liquidity and financials.