Medical Properties Trust (NYSE:MPW) announced it has closed the sale of its four remaining Australian facilities to HMC Capital at a 5.7% cash cap for approximately A$470M (US$305M). Per the announcement, the real estate investment trust said the proceeds of the sale will go towards paying down its revolving debt and increasing cash availability, thus boosting liquidity to $950M.
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According to the company, the figure is enough to address its remaining 2023 and 2024 debt maturities. However, it’s worth noting that this figure excludes anticipated dividend savings and expected proceeds from the sale of three Connecticut facilities leased to Prospect. In addition, Medical Properties said it has repurchased about £50 million ($62 million) of its 2.550% unsecured notes that were due in December 2023.
What is the Target Price for Medical Properties Trust Stock?
Turning to Wall Street, analysts have a Hold consensus rating on MPW stock based on three Buys, four Holds, and three Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average MPW price target of $8.17 per share implies 49.22% upside potential.
