Why Hospital Landlord Medical Properties Trust's Shares Are Surging Today

Medical Properties Trust Inc MPW shares are trading higher by around 15% after it reported Q3 FY23 earnings.

The company reported revenues of $306.6 million, missing the consensus of $341.8 million.

Normalized Funds from Operations (NFFO) per share stood at $0.38, an increase from $0.45 a year ago.

MPW reported a net income of $117 million vs. $222 million a year ago.

As of Q3-end, total assets stood at $19.0 billion, including $12.3 billion of general acute facilities, $2.5 billion of behavioral health facilities and $1.7 billion of post-acute facilities.

Medical Properties Trust noted rent coverage is strong and consistent for Circle Health's 36 facilities leased from it across the U..K.

Related: Unlocking Value Or Changing Focus? Inside Centene's Billion-Dollar Sale Of Circle Health Group To PureHealth

As of September 30, 2023, cash and equivalents stood at $340.06 million.

Outlook: MPW revised 2023 NFFO per share guidance to $1.56-$1.58 from $1.53-$1.57 earlier.

Also, the company now expects EPS of $0.36-$0.38. 

Also Read: Medical Properties Updates Strategy To Boost Shareholder Value, Pledges To Cut Costs

Price Action: MPW shares are up 14.57% at $5.11 on the last check Thursday.