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Medical Properties Trust (MPW) investor relations material
Medical Properties Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net loss for Q2 2025 was $98.4 million ($0.16 per share), a significant improvement from $320.6 million loss in Q2 2024, mainly due to lower impairment charges and fair value adjustments.
Normalized FFO for Q2 2025 was $81.4 million ($0.14 per diluted share), down year-over-year due to lower revenues from asset sales and higher interest expense.
Cash rent from new operators rose from $3.4M in Q1 to $11M in Q2, with Q3 expected at $17M.
Portfolio includes 392 properties and 39,000 licensed beds across nine countries, with total assets of $15.2 billion as of June 30, 2025.
Strategic investments, refinancing, and asset sales continue to enhance balance sheet flexibility and validate asset values.
Financial highlights
Q2 2025 total revenues were $240.4 million, down from $266.6 million in Q2 2024, mainly from lost rent due to property sales and tenant bankruptcies.
Net loss attributable to common stockholders was $98.4M for Q2 2025, compared to $320.6M loss in Q2 2024.
Interest expense increased to $129.7 million in Q2 2025, driven by recent refinancing activities.
Dividends declared per common share were $0.08 for Q2 2025, down from $0.30 in Q2 2024.
Net impairments and fair value adjustments totaled $111M, mainly related to asset sales and bankruptcy transactions.
Outlook and guidance
Management expects annualized cash rent to exceed $1B by Q4 2026, driven by ramp-up from new tenants.
No material new real estate investments are anticipated in the near term; focus remains on liquidity, re-tenanting, and asset sales.
Operators are ahead of operational expectations, though rent ramp-up will follow contractual schedules.
Liquidity at August 5, 2025, was $1.2 billion, with no debt maturities due in the next twelve months.
U.S. Medicaid funding changes are expected to increase demand for flexible capital solutions over the next decade.
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