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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.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Net loss for Q2 2025 was $98.4 million ($0.16 per share), a significant improvement from a $320.6 million loss ($0.54 per share) in Q2 2024, mainly due to lower impairment charges and fair value adjustments compared to the prior year.
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 from refinancing.
Portfolio at June 30, 2025, consisted of 392 properties and 39,000 licensed beds across nine countries, with total assets of $15.2 billion.
Focuses on net-leased hospital facilities, enabling operators to unlock real estate value for operational investments.
Second quarter saw strong operational and financial performance, with new tenants ramping up rent payments and stabilized assets contributing steady cash flow.
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 the absence of Steward and Prospect rent.
Net loss attributable to common stockholders was $98.4 million for Q2 2025, compared to $320.6 million loss in Q2 2024.
Normalized FFO per diluted share was $0.14 for Q2 2025, compared to $0.23 in Q2 2024.
Net impairments and fair market value adjustments totaled approximately $111 million, mainly related to asset sales and bankruptcy transactions.
Cash rent from new operators increased from $3.4 million in Q1 to $11 million in Q2, expected to reach $17 million in Q3.
Outlook and guidance
Management expects annualized pro rata cash rent to exceed $1 billion by Q4 2026, with new operators expected to reach $160 million annualized rent by October 2026.
No material new real estate investments are anticipated in the near term; focus remains on liquidity, re-tenanting, and asset sales.
U.S. Medicaid funding changes (OBBBA) and ACA work requirements are expected to increase demand for innovative capital solutions.
Further increases in cash rents anticipated to positively impact bottom line as interest expense stabilizes.
Forward-looking statements highlight risks related to tenant restructurings, asset sales, leverage, and regulatory changes.
Assess impact of OBBBA on hospital operators.
Explain Infracore JV's acquisition funding.
Detail new operators' rent collection status.
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Next Medical Properties Trust earnings date
Q3 202530 Oct, 2025
Next Medical Properties Trust earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Medical Properties Trust, Inc. is a self‑advised real estate investment trust (REIT), formed in 2003 to acquire and develop net‑leased hospital facilities that are located in the southeastern United States. The Company is expected to replicate the operating strategy of its predecessor, Medical Properties Trust, Inc., and its affiliate Medical Properties Acquisition Corp., which were collectively known as MPT. The Company can invest in other assets such as senior housing, life science assets and outpatient medical facilities.
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