Medical Properties Trust Inc ( MPT ) shares are trading lower Thursday morning after short seller The Bear Cave published a new report raising fresh concerns about the hospital landlord's tenant health, accounting practices and liquidity outlook. Benzinga has reached out to Medical Properties Trust ( MPT ) for comment.

Here’s what investors need to know.

Medical Properties Trust ( MPT ) shares are approaching critical lows. What’s behind MPT weakness?

MPT Bear Cave Report Flags Tenant Stress, Credibility Concerns

In the report, The Bear Cave argues that MPT continues to face financial strain tied to troubled operators and alleges management has impaired credibility after years of tenant-related issues, including those previously tied to Steward Health Care. A central focus of the report is Healthcare Systems of America, or HSA, which took over several former Steward facilities in 2024.

The Bear Cave highlighted that MPT said on its recent earnings call that HSA was making progress and continuing at roughly 1x rent coverage, even as the company's Feb. 26 10-K disclosed HSA was paying just 50% of contractual rent during a ramp period.

Medical Properties Trust HSA Default Notice Draws Fresh Scrutiny

The report further points to a Feb. 27 notice of default sent by MPT to HSA over unpaid obligations, including local provider fund payments, benefit plan obligations, unpaid rent and real estate taxes.

The report also questioned MPT's reliance on non-cash straight-line rent accounting, noted $881 million in straight-line rent receivables at year-end 2025 and flagged upcoming debt maturities in 2026 and 2027.

MPT said in a March 10 press release that it did not expect the HSA situation to impact rent collections moving forward and that HSA was fully current on rent owed.

Medical Properties Trust Earnings Preview

Looking further out, the next major catalyst for the stock arrives with the April 30 earnings report.

EPS Estimate: 7 cents (Down from 14 cents YoY)

Revenue Estimate: $250.53 million (Up from $223.80 million YoY)

Valuation: P/E ratio not provided

MPT Shares Drop Thursday Morning

MPT Price Action: Medical Properties Trust ( MPT ) shares were down 3.13% at $4.65 at the time of publication on Thursday. The stock is trading at a new 52-week low, according to Benzinga Pro data.

Image: Shutterstock