Medical Properties Trust announced a comprehensive refinancing transaction that extends $2.4 billion of debt maturities to 2032, significantly reducing near-term maturities. The company reported normalized FFO of $0.15 per share for the second quarter of 2026, up from $0.14 in the prior quarter. The refinancing is a two-step process: Step 1, expected to complete later today, involves issuing $2.4 billion in secured notes to fully redeem the upcoming €500 million unsecured note maturity and about $738 million, or 53%, of the 2027 unsecured notes, while also exchanging at a discount approximately $1.2 billion of longer-dated unsecured notes to reduce gross debt by about $123 million. Step 2, which the company has commenced and expects to complete in coming weeks, will repay the remainder of the 2027 unsecured notes, complete a new multiyear bank revolver, and repay the $200 million term loan due in June 2027. After these steps, MPT will have no debt maturing in 2026 or 2027, with its sole maturity over the next three years being a modest balance of about $600 million of notes due in June 2028. The company also highlighted strong post-acute operator performance, with EBITDARM increasing more than $70 million year over year, led by a 24% increase at Median and a 13% increase at Ernest Health.
Medical Properties Trust, Inc.Ernest Health's EBITDARM increased 13% year over year, indicating strong operational performance.
