MPT: Updating estimates post NAREIT

研报英文原文证据摘录

MPT: Updating estimates post NAREIT

RBC Capital Markets, LLC

Michael Carroll, CFA (Head of US Real Estate Research)

(440) 715-2649, michael.carroll@rbccm.com

Brad Heffern, CFA (Analyst)

(512) 708-6311, brad.heffern@rbccm.com

Henry Newell (Associate)

(216) 364-0260, henry.a.newell@rbccm.com

June 17, 2026

Medical Properties Trust, Inc. Sector Perform

Speculative RiskRESEARCH Updating estimates post NAREIT NYSE: MPT; USD 4.85

Our view: We believe MPT continues to navigate an uncertain operating Price Target USD 4.50 ↓ 5.00

environment given potential reimbursement headwinds (i.e. OBBBA), a Scenario Analysis* few tenants still recovering after emerging from bankruptcy, and the need

to address upcoming debt maturities. Therefore, we are slightly adjusting Downside Price Current Upside

our earnings estimates, and reiterating our Sector Perform rating with a Scenario Target Price Scenario

Speculative Risk qualifier. We are also reducing our price target to $4.50/ 2.00 4.50 4.85 7.00

share to in part reflect the above headwinds. 51% 0% 52%EQUITY

*Implied Total Returns

Key points: Key Statistics

Adjusting estimates: We are slightly adjusting our 2026 and 2027 Reported Shares O/S (MM): 597.7 Market Cap (MM): 2,899 Dividend: 0.36 Yield: 7.4%

(company-defined) FFO estimate to $0.59/share (unchanged) and $0.60/ NAVPS: 3.68 P/NAVPS: 1.32x

share (down $0.01/share), respectively, and introducing our 2028 estimate Debt to Cap: 77% Enterprise Val. (MM): 12,500

at $0.52/share. These estimates are based on three key assumptions: Avg. Daily Volume: 5,378,520

First, HSA and NOR pay contractual rents including the expected ramp for RBC Estimates

remainder of 2026, and stabilize at a rate that is 15% below the expected FY Dec 2025A 2026E 2027E 2028E

contractual level in 2027 and 2028.