Medical Properties Trust Faces Risk Of Earnings Dilution Despite New Tenant Leases, Analyst Says
Medical Properties Trust Faces Risk Of Earnings Dilution Despite New Tenant Leases, Analyst Says
Colliers Securities upgraded Medical Properties Trust, Inc. (NYSE:MPW) stock to a Buy rating and announced a $6.5 price target.
Colliers證券將醫療物業信託公司（NYSE:MPW）的股票評級升級爲買入，並公佈了目標價6.5美元。
Also, Truist Securities analyst Michael Lewis raised its price target from $5 to $6 while maintaining the Hold rating.
此外，Truist證券分析師邁克爾·劉易斯將其目標價從5美元上調至6美元，並維持持有評級。
On Wednesday, the medical REIT disclosed a global settlement with tenant Steward Health Care System, its secured lenders, and the Unsecured Creditors Committee.
醫療REIT於週三披露了與租戶Steward Health Care System、其受保證的債權人和無擔保債權人委員會的全球和解。
The settlement covers 23 hospitals previously managed by Steward, with 15 hospitals in Arizona, Florida, Louisiana, Ohio, and Texas already leased to new tenants.
該和解涉及由Steward以前管理的23家醫院，其中15家醫院已出租給新租戶，並位於亞利桑那州、佛羅里達州、路易斯安那州、俄亥俄州和德州。
Medical Properties Trust anticipates receiving annual cash rental payments of about $160 million from the new leases, based on a $2 billion lease base, upon stabilization in the fourth quarter of 2026.
據估計，醫療物業信託公司預計從新租約中獲得每年約1.6億美元的現金租金，基於20億美元的租約基數，在2026年第四季度穩定後。
The analyst writes that they are adjusting the FFO estimates and price target and affirming a Hold rating due to anticipated earnings dilution from refinancing activities over the next few years.
分析師寫道，由於未來幾年再融資活動預計會導致收益稀釋，他們正在調整FFO預測和目標價，並確認持有評級。
Medical Properties Trust agreed to sell three Space Coast hospitals, with a significant portion of the proceeds transferred to Steward. Lewis says that these hospitals, combined with the nine in Massachusetts where Medical Properties Trust recovers nothing, suggest a 75% recovery rate of the $3.2 billion asset value reported in Medical Properties Trust's first quarter supplemental package.
醫療物業信託公司同意出售三家Space Coast醫院，並將其中的大部分收益轉給Steward。劉易斯表示，加上在麻薩諸塞州的九家醫院，醫療物業信託公司不會從中獲得任何收益，這意味着對醫療物業信託公司第一季度補充報告中報告的32億美元資產價值的恢復率爲75%。
This estimate assumes Medical Properties Trust recovers $300 million from the six closed hospitals, $100 million from the two under construction, and $2 billion from the 15 transitioned, adds the analyst.
分析師補充道，此估計假設醫療物業信託公司從六家關閉的醫院中獲得3千萬美元，從兩家在建醫院中獲得1千萬美元，從15家過渡醫院中獲得20億美元。
Lewis writes that while this aligns with their previous models, there is some risk due to uncertainties about non-operating asset values and the success rates of new operators.
Lewis表示，雖然這與他們先前的模型一致，但由於非經營性資產價值和新經營者成功率存在不確定性，存在一定風險。
The analyst revised the 2025 FFO estimate to $1.01 per share from $1.02 per share, still above the $0.92 consensus. The estimates indicate a 39.9% year-over-year decline in normalized FFO per share in 2024, followed by 6.0% growth in 2025.
分析師將2025年FFO每股估計從每股1.02美元調整爲每股1.01美元，仍高於0.92美元的共識。預測顯示2024年每股標準化FFO同比下降39.9％，2025年增長6.0％。
The analyst projects declining FFO per share in each subsequent year through 2029 due to dilutive debt refinancing.
分析師預測，由於稀釋性債務再融資，每年直至2029年的FFO每股將下降。
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此外，歐洲央行因通脹回落削減關鍵利率
Price Action: MPW shares are up 12.4% at $6.295 at the last check Friday.
股價表現：MPW股票在上週五的最後交易日收漲12.4％至6.295美元。
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譯文內容由第三人軟體翻譯。