Medical Properties Trust
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Medical Properties Trust (MPT) investor relations material

Medical Properties Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Total portfolio EBITDARM coverage rose to 2.6x year-over-year, with strong gains in general acute and post-acute operators, especially at Ernest Health, Vibra, and MEDIAN.

  • Entered a new 20-year master lease with Vibra and acquired high-performing post-acute facilities in California and Europe, while selling underperforming properties.

  • Marked the 20th anniversary as a public company, reaffirming commitment to capital solutions for hospital operators and attractive returns for shareholders.

  • Updated brand identity and stock ticker; confident in reaching over $1 billion in annualized cash rent by year-end 2026.

  • Reported Q4 2025 net income of $0.03 per share and full-year net loss of ($0.46) per share; NFFO was $0.18 per share for Q4 and $0.58 for the year.

Financial highlights

  • Reported normalized FFO of $0.18 per share for Q4 and $0.58 per share for full year 2025.

  • Q4 FFO was $0.03-$0.04 higher due to one-time rent payments from Vibra and HSA.

  • Q4 2025 net income was $17 million ($0.03 per share), compared to a net loss of $413 million ($0.69 per share) in Q4 2024.

  • Full-year 2025 net loss was $277 million (($0.46) per share), improved from a $2.4 billion (($4.02) per share) loss in 2024.

  • Q4 2025 revenues totaled $270 million, with full-year revenues at $972 million.

Outlook and guidance

  • Expect 2026 to bring continued stabilization and increasing cash rents as tenants benefit from service line enhancements, reimbursement tailwinds, and EMR modernization.

  • Anticipate annualized cash rent collections exceeding $1 billion by end of 2026.

  • Noor Health Systems to begin partial rent in June 2026, ramping to full rent by December 2026.

  • Focused on strengthening the balance sheet and pursuing selective acquisitions and asset divestitures.

What are the key drivers for 2026 cash rent growth?
What is the recurring NFFO run-rate post-Q4?
How will MPT prioritize capital allocation?
How are acquisitions prioritized vs. deleveraging?
HSA: EMR system's impact on cash collections?
What asset types and regions are acquisition targets?
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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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