Medical Properties Trust Inc (NYSE: MPT)

Medical Properties Trust, Inc. is a self-advised real estate investment trust that acquires and develops net-leased healthcare facilities. The company leases these properties to healthcare operating companies under long-term agreements requiring tenants to bear most property-related costs. Its portfolio includes hospitals, behavioral health centers, post-acute care facilities, and freestanding emergency rooms across the United States, Europe, and South America.

Medical Properties Trust, Inc. generates revenue primarily from rent billed under long-term leases, straight-line rent adjustments, income from financing leases, and interest and other income from mortgage loans and investments. Rent billed constituted the largest portion of revenue at $736.5 million in 2025, representing 75.8% of total revenues. Additional income streams include interest from loans to healthcare operators and returns from equity interests in tenant operations, which together support the company’s core real estate-focused business model.

The company operates through a single reportable segment as its investments in healthcare real estate, loans, and tenant interests are considered one integrated business unit.

• Healthcare Real Estate and Related Investments: This segment encompasses the acquisition, development, and leasing of healthcare facilities such as general acute care hospitals, behavioral health centers, post-acute care hospitals, and freestanding emergency rooms. It also includes mortgage loans made to healthcare operators collateralized by their real estate assets and investments in unconsolidated real estate joint ventures and operating entities. The segment generates income through long-term net leases where tenants pay most operating expenses, as well as interest income from financing arrangements. Medical Properties Trust, Inc. holds noncontrolling interests in certain tenants and may structure investments as interest-only mortgage loans to align cash returns with lease yields.

Medical Properties Trust, Inc. holds a significant position in the healthcare real estate sector as one of the largest owners of leased hospital properties in the United States and internationally. The company competes with other REITs, real estate developers, financial institutions, and healthcare operators in acquiring facilities, but differentiates itself through its focus on net-leased structures and long-term tenant relationships. Its scale, diversification across property types and geographies, and specialized underwriting approach provide competitive advantages in sourcing and managing healthcare real estate investments.

Medical Properties Trust, Inc. serves a diverse customer base of healthcare operators, including major tenants such as Circle, Priory, Healthcare Systems of America, Swiss Medical Network, and Lifepoint Behavioral. These tenants operate facilities ranging from acute care hospitals to behavioral health and post-acute care centers. The company’s lease portfolio is spread across 50 tenants as of February 2026, with no single tenant representing more than 14.1% of total assets, reflecting a broadly diversified tenant mix.