Medical Properties Trust (MPT) Q4 2025 earnings summary

Executive summary

• Portfolio EBITDARM coverage rose to 2.6x year-over-year, with general acute operators showing a $130 million EBITDARM increase versus the same quarter last year.

• 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.

• Completed Vibra Healthcare restructuring, securing a new 20-year master lease and an $18 million one-time rent payment.

• Six underperforming properties were sold, and two high-performing post-acute facilities were acquired for $32 million (US) and EUR 23 million (Europe).

• Entered new lease for six California hospitals, expected to generate $45 million annual rent by December 2026.

Financial highlights

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

• 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.

• $18 million one-time rent payment collected from Vibra as part of a restructuring; $4 million received from HSA for September rent.

• $34 million in impairment charges recorded in Q4, mostly related to Prospect.

Outlook and guidance

• Targeting pro forma annualized cash rent of at least $1 billion by end of 2026.

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

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

• By end of 2026, nearly all transitioned tenants expected to be at 100% contractual rent.

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