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Medical Properties Trust (MPW) investor relations material

Medical Properties Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Owns 388 hospital properties across 31 operators in 9 countries, with approximately 39,000 beds as of September 30, 2025.

  • Tenants across all asset types delivered strong performance, with general acute care operators seeing over $200 million EBITDARM increase year-over-year and post-acute operators up $50 million versus the same quarter last year.

  • Net loss for Q3 2025 was $77.7 million ($0.13 per share), a significant improvement from a $801.2 million loss in Q3 2024, mainly due to lower impairment charges and fair value adjustments.

  • Announced a $150 million strategic common stock repurchase program.

  • International portfolio, comprising about 50% of assets, maintained coverage ratios above 2x, with notable operational and technological advancements in the UK, Germany, Switzerland, and Spain.

Financial highlights

  • Q3 2025 revenues were $237.5 million, up from $225.8 million in Q3 2024.

  • Normalized FFO for Q3 2025 was $77.2 million ($0.13 per share), down 17.7% from Q3 2024, primarily due to higher interest expense from refinancing activities.

  • Net impairments of approximately $82 million, mainly related to Prospect Medical Group and certain Pennsylvania and Rhode Island assets.

  • Net loss for the nine months ended September 30, 2025, was $294.4 million ($0.49 per share), compared to a $2.0 billion loss ($3.33 per share) in the same period of 2024.

  • Dividends declared per common share were $0.08 for Q3 2025.

Outlook and guidance

  • Confident in generating over $1 billion in annualized cash rent by year-end 2026, excluding any rent from California Prospect properties.

  • Liquidity of $1.1 billion as of November 4, 2025, is expected to cover short-term requirements; only €500 million of unsecured notes due in the next year.

  • No material new real estate investments are expected in the near term; focus remains on retenanting, asset sales, and cost management.

  • Share repurchase program to begin immediately, funded by asset sales and available resources, not by incremental borrowing.

  • Expectation that cash proceeds from the Yale New Haven Health settlement and Connecticut facility sales will cover outstanding DIP loan balances.

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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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