MEDICAL PROPERTIES TRUST INC

Listed Company

MPTCIK 0001287865NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$972.02M

Net Income

$-277.05M

Total Assets

$15.00B

Equity

$4.61B

Shares Out

597.70M

Op. Cash Flow

$230.77M

Business

MEDICAL PROPERTIES TRUST INC is a self‑advised real estate investment trust that acquires, develops, and finances healthcare real estate and related loans. It primarily offers long‑term net leases, interest‑bearing mortgage loans, joint venture real estate investments, and noncontrolling equity or operating investments in healthcare operators. The company reports a single reportable segment encompassing its healthcare real estate, loans, and tenant investments and pursues property types including general acute care hospitals, behavioral health, post‑acute care facilities, and freestanding ER/urgent care centers. Its properties are leased and financed across the United States, multiple European countries, and Colombia, using direct leases, joint ventures, and mortgage lending channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rent billed	737	720	803	969	932
Straight-line rent	152	163	−128	204	241
Income from financing leases	40	64	127	204	203
Interest and other income	44	49	69	166	169
Total revenues	972	996	872	1,543	1,545
Interest	510	418	411	359	367
Real estate depreciation and amortization	265	448	603	333	321
Property-related	36	27	42	46	39
General and administrative	130	134	146	160	146
Total expenses	943	1,027	1,202	898	873
Gain (loss) on sale of real estate	6	479	−2	537	52
Real estate and other impairment charges, net	−194	−1,825	−377	−268	—
Earnings (loss) from equity interests	98	−367	14	41	28
Debt refinancing and unutilized financing (costs) benefit	−4	−4	285,000	−9	−28
Other (including fair value adjustments on securities)	−173	−616	8	15	46
Total other expense	−267	−2,333	−357	315	60
Loss before income tax	−237	−2,364	−687	960	731
Income tax (expense) benefit	−39	−44	131	−56	−74
Net (loss) income	−276	−2,408	−556	904	657
Net income attributable to non-controlling interests	−1	−2	−384,000	−1	−919,000
Net loss attributable to MPT common stockholders	−277	−2,410	−556	903	656
Net loss attributable to MPT common stockholders (Operating Partnership partners), basic	−0.46	−4.02	−0.93	1.5	1.11
Net loss attributable to MPT common stockholders (Operating Partnership partners), diluted	−0.46	−4.02	−0.93	1.5	1.11
Weighted average shares (units) outstanding basic	601	600	599	599	589
Weighted average shares (units) outstanding diluted	601	600	599	599	590

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,790	1,608	1,807	1,948	1,961
Buildings and improvements	9,543	8,848	10,396	10,520	10,582
Intangible lease assets	900	800	1,000	1,400	1,400
Investment in financing leases	422	1,058	1,232	1,691	2,053
Real estate held for sale	0	34	0	0	1,097
Mortgage loans	124	120	309	364	213
Gross investment in real estate assets	12,751	12,472	14,778	15,918	17,426
Accumulated depreciation	−1,439	−1,222	−1,228	—	—
Accumulated amortization	−224	−201	−180	−185	−139
Net investment in real estate assets	11,088	11,049	13,370	14,725	16,433
Cash and cash equivalents	541	332	250	236	459
Interest and rent receivables	19	36	45	167	56
Straight-line rent receivables	881	701	636	787	729
Investments in unconsolidated real estate joint ventures	1,400	1,156	1,474	1,498	1,153
Investments in unconsolidated operating entities	322	440	1,779	1,445	1,289
Other loans	186	109	293	228	67
Other assets	564	471	458	573	333
Total Assets	15,002	14,295	18,305	19,658	20,520
Debt, net	9,698	8,848	10,064	10,268	11,283
Accounts payable and accrued expenses	549	454	412	621	608
Deferred revenue	19	29	38	28	26
Obligations to tenants and other lease liabilities	128	129	157	146	158
Total Liabilities	10,395	9,461	10,671	11,064	12,074
Commitments and Contingencies	—	—	—	—	—
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding	—	—	—	—	—
Common stock, $0.001 par value. Authorized 750,000 shares; issued and outstanding - 597,008 shares at December 31, 2025 and 600,403 shares at December 31, 2024	597,000	600,000	599,000	597,000	597,000
Additional paid-in capital	8,573	8,585	8,560	8,535	8,564
Retained deficit	−4,136	−3,659	−972	116	−88
Accumulated other comprehensive income (loss)	168	−94	43	−59	−37
Total Medical Properties Trust, Inc. Stockholders' Equity (MPT Operating Partnership, L.P. capital)	4,606	4,833	7,632	8,593	8,440
Non-controlling interests	1	1	2	2	5
Total Equity / Capital	4,607	4,834	7,634	8,594	8,446
Total Liabilities and Equity / Capital	15,002	14,295	18,305	19,658	20,520

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	273	454	616	346	334
Amortization of deferred financing costs and debt discount	26	17	16	17	17
Straight-line rent revenue and other	−158	−173	−234	−283	−289
Stock / (Unit)-based compensation expense	26	33	33	49	52
Real estate and other impairment charges, net	194	1,825	377	268	—
Equity interest real estate impairment	—	411	—	—	—
Straight-line rent and other write-off	11	3	650	35	7
Debt refinancing and unutilized financing (benefit) costs	4	4	−285,000	9	—
Tax rate changes and other	−11	5	−167	11	35
Non-cash fair value adjustments	106	564	−34	−3	—
Non-cash revenue from debt and equity securities received	—	—	−82	—	—
Other adjustments	8	5	10	9	12
Interest and rent receivables	7	3	−142	−116	−24
Other assets	15	−36	14	−4	−4
Accounts payable and accrued expenses	22	23	−5	34	54
Deferred revenue	−10	−6	8	43,000	−13
Net cash provided by operating activities	231	245	506	739	812
Cash paid for acquisitions and other related investments	−142	−106	−235	−1,333	−5,350
Net proceeds from sale of real estate	121	1,854	898	2,186	246
Principal received from sale and repayment of loans receivable	116	214	502	53	—
Investment in loans receivable	−206	−420	−250	−208	−59
Construction in progress and other	−80	−80	−114	−109	−68
Proceeds from sale and return of equity investments	—	12	12	14	66
Capital additions and other investments, net	−74	−156	−294	−207	−289
Net cash (used for) provided by investing activities	−265	1,318	518	396	−3,858
Proceeds from term debt	2,513	804	—	129	3,408
Payments of term debt	−2,253	−702	−988	−870	−1,391
Revolving credit facilities, net	242	−1,131	568	204	560
Dividends / Distribution paid	−193	−321	−615	−699	−643
Lease deposits and other obligations to tenants	−3	2	10	−5	18
Offering costs	−727,000	—	—	—	—
Repurchase of common stock / unit	−23	—	—	−18	—
Stock / Unit vesting - satisfaction of tax withholdings	−2	−4	−8	−30	—
Payment of debt refinancing and deferred financing costs and other financing activities	−51	−128	13	−54	−54
Net cash provided by (used for) financing activities	228	−1,479	−1,020	−1,343	2,948
Increase in cash, cash equivalents, and restricted cash for the year	194	84	3	−207	−99
Effect of exchange rate changes	15	−5	11	−13	5
Interest paid, including capitalized interest of $12,920 in 2025, $7,642 in 2024, and $14,178 in 2023	458	420	406	354	326
Debt and equity securities received for certain obligations, real estate, and revenue	—	—	805	—	—
Certain obligations and receivable satisfied and real estate sold	50	—	723	—	—
Lease incentive provided	50	—	—	—	—

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