Medical Properties Trust (NYSE: MPT) cuts 2025 loss and details leverage, rent goals
Rhea-AI Filing Summary
Medical Properties Trust, Inc. reported sharply improved results for 2025, moving from a large prior-year loss to a much smaller one while stabilizing its hospital real estate portfolio. Net income for the fourth quarter was $17 million, or $0.03 per share, compared with a net loss of $413 million, or $(0.69) per share, a year earlier. For the full year, the company recorded a net loss of $277 million, or $(0.46) per share, versus a $2.4 billion loss, or $(4.02) per share, in 2024, reflecting far lower impairment charges.
Normalized funds from operations, a key REIT cash-flow metric, were $106.6 million, or $0.18 per share, for the fourth quarter, essentially flat with the prior year, and $346.3 million, or $0.58 per share, for 2025, down from $482.7 million, or $0.80 per share, in 2024. The company highlighted progress repositioning challenged tenants, including new long-term leases and asset sales, and reiterated a goal of driving pro forma annualized cash rent from its current portfolio to at least $1 billion by the end of 2026.
MPT ended 2025 with total assets of $15.0 billion and debt, net of issuance costs and discounts, of $9.7 billion, resulting in financial leverage of 59.0% and an adjusted net debt to annualized EBITDAre ratio of 8.5x. The portfolio comprised 384 properties and approximately 39,000 licensed beds across nine countries, with general acute care hospitals representing the majority of assets and revenue.
Positive
- Substantial reduction in reported losses: Full-year net loss improved to $277 million (−$0.46 per share) from $2.4 billion (−$4.02 per share), driven largely by much lower impairment charges compared with 2024.
Negative
- High leverage and pressured cash earnings: Adjusted net debt to annualized EBITDAre is 8.5x with 59.0% financial leverage, while normalized FFO fell to $0.58 per share from $0.80, indicating constrained balance sheet flexibility and weaker recurring cash generation.
Insights
MPT sharply reduced losses in 2025, but cash earnings and leverage remain key constraints.
Medical Properties Trust delivered a major swing toward profitability as impairments eased. Full-year net loss narrowed to
However, recurring cash performance is less dramatic. Normalized FFO declined to
Balance sheet metrics are still stretched. Debt, net, stood at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On February 19, 2026, Medical Properties Trust, Inc. issued a press release announcing its financial results for the three and twelve months ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference in any filing of Medical Properties Trust, Inc. with the Securities and Exchange Commission, except as expressly set forth by specific reference in any such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press release dated February 19, 2026 reporting financial results for the three and twelve months ended December 31, 2025 | |
| 99.2 | Medical Properties Trust, Inc. 4th Quarter 2025 Supplemental Information | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
| MEDICAL PROPERTIES TRUST, INC. | ||
| By: | /s/ R. Steven Hamner | |
| Name: | R. Steven Hamner | |
| Title: | Executive Vice President and Chief Financial Officer | |
Date: February 19, 2026
3
Exhibit 99.1
Contact: Charles Lambert
Senior Vice President of Finance & Treasurer
Medical Properties Trust, Inc.
(205) 397-8897
clambert@mpt.com
MPT REPORTS FOURTH QUARTER AND FULL-YEAR RESULTS
Birmingham, AL – February 19, 2026 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPT) today announced financial and operating results for the fourth quarter and full-year ended December 31, 2025, as well as certain events occurring subsequent to quarter end.
| • | Net income of $0.03 and Normalized Funds from Operations (“NFFO”) of $0.18 for the 2025 fourth quarter and net loss of ($0.46) and NFFO of $0.58 for the full-year 2025, all on a per share basis; |
| • | Entered into a new lease in the fourth quarter for six California hospitals formerly operated by Prospect Medical Holdings (“Prospect”) that is scheduled to ramp up to $45 million of annual rent in December 2026; |
| • | Completed a restructuring transaction with Vibra Healthcare (“Vibra”), resulting in a new 20-year master lease and receipt of an $18 million one-time rent payment; |
| • | Acquired one post-acute facility in the U.S. during the fourth quarter for approximately $32 million and one post-acute facility in Europe in February for approximately €23 million, each historically strong performers with attractive EBITDARM coverage; |
| • | Repurchased approximately 4.5 million shares for $23.4 million under the previously announced common stock repurchase program; |
| • | Declared a regular quarterly dividend of $0.09 per share in February 2026; and |
| • | Celebrated 20 years trading on the New York Stock Exchange and commenced trading under the ticker symbol “MPT”. |
Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer, said, “With our recently transitioned portfolio continuing to ramp cash rents as expected and Prospect’s bankruptcy process largely behind us, we are squarely focused on continuing to strengthen our balance sheet and position our platform for future growth. Recently, we capitalized on two highly attractive acquisition opportunities, while continuing to selectively divest assets at prices above our initial investment. We remain focused on driving pro forma annualized cash rent from our current portfolio to at least $1 billion by the end of 2026, and we are excited to demonstrate our progress throughout the year.”
Included in the financial tables accompanying this press release is information about the Company’s assets and liabilities, operating results, and reconciliations of net income (loss) to NFFO, including per share amounts, all on a basis comparable to 2024 results.
PORTFOLIO UPDATE
MPT has total assets of approximately $15 billion, including $8.9 billion of general acute facilities, $2.4 billion of behavioral health facilities and $1.7 billion of post-acute facilities. As of December 31, 2025, MPT’s portfolio included 384 properties and approximately 39,000 licensed beds leased to or mortgaged by 52 hospital operating companies across the United States as well as in the United Kingdom, Switzerland, Germany, Spain, Finland, Colombia, Italy and Portugal.
Across our portfolio, general acute care providers continue to report increasing trailing twelve month (“TTM”) EBITDARM coverage year-over-year driven by sustained volume growth in the majority of our operators. In post-acute care settings, operators continue to optimize their operations resulting in a year-over-year increase in TTM EBITDARM coverage, while our behavioral health portfolios maintain healthy TTM EBITDARM coverage.
MPT has now almost entirely resolved its exposure to Prospect’s in-court restructuring process, which commenced in January 2025. In the fourth quarter, MPT entered into a 15-year lease for its California hospitals previously leased to Prospect, which is expected to result in stabilized annual cash rent of $45 million in December 2026, in line with expected contractual rent from Prospect prior to its restructuring process. Two hospitals in Connecticut were sold in January 2026, leaving only one MPT-owned facility that is under binding agreement and is expected to sell in the first quarter of 2026.
The new tenants to which MPT transferred the operations of properties in Florida, Texas, Arizona, and Louisiana are fully current on cash rents. Excluding approximately $4 million of September rent received on October 1, 2025 from a cash-basis tenant, cash collections from these new tenants increased as expected to $22 million in the fourth quarter compared to $16 million in the third quarter.
Further, MPT completed a restructuring transaction with Vibra which included entering into a new 20-year master lease agreement, MPT’s acquisition of one post-acute property for $32 million, and receipt of an approximately $18 million one-time rent payment for past obligations which we recognized as revenue in the fourth quarter. Additionally in the fourth quarter, Select Medical began leasing one of the former Vibra properties.
OPERATING RESULTS
Net income (loss) for the fourth quarter and year ended December 31, 2025 was $17 million ($0.03 per share) and ($277 million) (($0.46) per share), respectively, compared to a net loss of ($413 million) (($0.69) per share) and ($2.4 billion) (($4.02) per share), respectively, in the year earlier periods.
NFFO for the fourth quarter and year ended December 31, 2025 was $107 million ($0.18 per share) and $346 million ($0.58 per share), respectively, compared to $108 million ($0.18 per share) and $483 million ($0.80 per share) in the year earlier periods. Fourth quarter 2025 results include approximately $4 million of September rent received on October 1, 2025 and an approximately $18 million one-time rent payment from Vibra, both recorded on cash-basis.
CONFERENCE CALL AND WEBCAST
The Company has scheduled a conference call and webcast for February 19, 2026 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter and year ended December 31, 2025. The dial-in numbers for the conference call are (800)-715-9871 (U.S.) and (646) 307-1963 (International) along with passcode 2801406. The conference call will also be available via webcast in the Investor Relations section of the Company’s website, www.mpt.com.
A telephone and webcast replay of the call will be available beginning shortly after the call’s completion. The telephone replay will be available through February 26, 2026, using dial-in numbers (800) 770-2030 (U.S. & Canada) along with passcode 2801406. The webcast replay will be available for one year following the call’s completion on the Investor Relations section of the Company’s website.
The Company’s supplemental information package for the current period will also be available on the Company’s website in the Investor Relations section.
The Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at www.mpt.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investor Relations page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world’s largest owners of hospital real estate with 384 facilities and approximately 39,000 licensed beds in nine countries and across three continents as of December 31, 2025. MPT’s financing model facilitates acquisitions and recapitalizations, and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company’s website at www.mpt.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “would”, “could”, “expect”, “intend”, “plan”, “estimate”, “target”, “anticipate”, “believe”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding our strategies, objectives, prospects, industry, asset sales, tenant conditions and anticipated rent. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results or future events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) the risk that projected rents may be lower than anticipated or realized later than expected; (ii) the risk that the timing, outcome and terms of the bankruptcy restructuring of Prospect will not be consistent with those anticipated by the Company; (iii) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (iv) the risk that previously announced or contemplated property sales, loan repayments, and other capital recycling transactions do not occur as anticipated or at all; (v) the risk that MPT is not able to attain its leverage, liquidity and cost of capital objectives within a reasonable time period or at all; (vi) MPT’s ability to obtain or modify the terms of debt financing on attractive terms or at all, as a result of changes in interest rates and other factors, which may adversely impact our ability to pay down, refinance, restructure or extend our indebtedness, including extending our 2026 credit facility, as it becomes due, or pursue acquisition and development opportunities; (vii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us; (viii) the ability of our tenants and operators to operate profitably and generate positive cash flow, remain solvent, comply with applicable laws, rules and regulations in the operation of our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (ix) the risk that we are unable to monetize our investments in certain tenants at full value within a reasonable time period or at all; (x) the risk that the operations of our tenants will be negatively impacted by changes to Medicaid funding introduced by the OBBBA; and (xi) the risks and uncertainties of litigation or other regulatory proceedings.
The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, and as may be updated in our other filings with the SEC. Forward-looking statements are inherently uncertain and actual performance or outcomes may vary materially from any forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements as predictions of future events. We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.
# # #
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
| (Amounts in thousands, except for per share data) | December 31, 2025 | December 31, 2024 | ||||||
| (Unaudited) | (A) | |||||||
| Assets |
||||||||
| Real estate assets |
||||||||
| Land, buildings and improvements, intangible lease assets, and other |
$ | 12,205,687 | $ | 11,259,842 | ||||
| Investment in financing leases |
421,684 | 1,057,770 | ||||||
| Real estate held for sale |
— | 34,019 | ||||||
| Mortgage loans |
123,651 | 119,912 | ||||||
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|
|
|
|
|||||
| Gross investment in real estate assets |
12,751,022 | 12,471,543 | ||||||
| Accumulated depreciation and amortization |
(1,663,056 | ) | (1,422,948 | ) | ||||
|
|
|
|
|
|||||
| Net investment in real estate assets |
11,087,966 | 11,048,595 | ||||||
| Cash and cash equivalents |
540,859 | 332,335 | ||||||
| Interest and rent receivables |
19,210 | 36,327 | ||||||
| Straight-line rent receivables |
881,452 | 700,783 | ||||||
| Investments in unconsolidated real estate joint ventures |
1,399,777 | 1,156,397 | ||||||
| Investments in unconsolidated operating entities |
322,179 | 439,578 | ||||||
| Other loans |
186,292 | 109,175 | ||||||
| Other assets |
564,040 | 471,404 | ||||||
|
|
|
|
|
|||||
| Total Assets |
$ | 15,001,775 | $ | 14,294,594 | ||||
|
|
|
|
|
|||||
| Liabilities and Equity |
||||||||
| Liabilities |
||||||||
| Debt, net |
$ | 9,697,835 | $ | 8,848,112 | ||||
| Accounts payable and accrued expenses |
549,105 | 454,209 | ||||||
| Deferred revenue |
19,289 | 29,445 | ||||||
| Obligations to tenants and other lease liabilities |
128,297 | 129,045 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
10,394,526 | 9,460,811 | ||||||
| Equity |
||||||||
| Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding |
— | — | ||||||
| Common stock, $0.001 par value. Authorized 750,000 shares; issued and outstanding - 597,008 shares at December 31, 2025 and 600,403 shares at December 31, 2024 |
597 | 600 | ||||||
| Additional paid-in capital |
8,573,396 | 8,584,917 | ||||||
| Retained deficit |
(4,136,011 | ) | (3,658,516 | ) | ||||
| Accumulated other comprehensive income (loss) |
168,213 | (94,272 | ) | |||||
|
|
|
|
|
|||||
| Total Medical Properties Trust, Inc. stockholders’ equity |
4,606,195 | 4,832,729 | ||||||
| Non-controlling interests |
1,054 | 1,054 | ||||||
|
|
|
|
|
|||||
| Total Equity |
4,607,249 | 4,833,783 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Equity |
$ | 15,001,775 | $ | 14,294,594 | ||||
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|
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| (A) | Financials have been derived from the prior year audited financial statements. |
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
| (Amounts in thousands, except for per share data) | For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
| Revenues |
||||||||||||||||
| Rent billed |
$ | 212,492 | $ | 166,965 | $ | 736,543 | $ | 719,749 | ||||||||
| Straight-line rent |
35,966 | 43,695 | 152,163 | 163,414 | ||||||||||||
| Income from financing leases |
9,963 | 9,819 | 39,735 | 63,651 | ||||||||||||
| Interest and other income |
11,921 | 11,365 | 43,581 | 48,733 | ||||||||||||
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|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
270,342 | 231,844 | 972,022 | 995,547 | ||||||||||||
| Expenses |
||||||||||||||||
| Interest |
132,457 | 101,466 | 510,362 | 417,824 | ||||||||||||
| Real estate depreciation and amortization |
67,123 | 64,956 | 265,405 | 447,657 | ||||||||||||
| Property-related (A) |
9,524 | 9,780 | 36,415 | 27,255 | ||||||||||||
| General and administrative |
24,585 | 28,489 | 130,427 | 133,789 | ||||||||||||
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|
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|
|
|
|
|||||||||
| Total expenses |
233,689 | 204,691 | 942,609 | 1,026,525 | ||||||||||||
| Other (expense) income |
||||||||||||||||
| Gain on sale of real estate |
1,389 | 3,497 | 5,545 | 478,693 | ||||||||||||
| Real estate and other impairment charges, net |
(34,663 | ) | (386,973 | ) | (193,947 | ) | (1,825,402 | ) | ||||||||
| Earnings (loss) from equity interests |
24,138 | 2,923 | 97,851 | (366,642 | ) | |||||||||||
| Debt refinancing and unutilized financing costs |
— | (615 | ) | (3,629 | ) | (4,292 | ) | |||||||||
| Other (including fair value adjustments on securities) |
(1,414 | ) | (48,744 | ) | (172,552 | ) | (615,565 | ) | ||||||||
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|
|
|
|
|
|
|||||||||
| Total other expense |
(10,550 | ) | (429,912 | ) | (266,732 | ) | (2,333,208 | ) | ||||||||
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|
|
|||||||||
| Income (loss) before income tax |
26,103 | (402,759 | ) | (237,319 | ) | (2,364,186 | ) | |||||||||
| Income tax expense |
(8,506 | ) | (9,563 | ) | (38,618 | ) | (44,101 | ) | ||||||||
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|
|||||||||
| Net income (loss) |
17,597 | (412,322 | ) | (275,937 | ) | (2,408,287 | ) | |||||||||
| Net income attributable to non-controlling interests |
(284 | ) | (526 | ) | (1,112 | ) | (1,984 | ) | ||||||||
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| Net income (loss) attributable to MPT common stockholders |
$ | 17,313 | $ | (412,848 | ) | $ | (277,049 | ) | $ | (2,410,271 | ) | |||||
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| Earnings per common share - basic and diluted: |
||||||||||||||||
| Net income (loss) attributable to MPT common stockholders |
$ | 0.03 | $ | (0.69 | ) | $ | (0.46 | ) | $ | (4.02 | ) | |||||
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| Weighted average shares outstanding - basic |
600,966 | 600,402 | 600,892 | 600,248 | ||||||||||||
| Weighted average shares outstanding - diluted |
600,966 | 600,402 | 600,892 | 600,248 | ||||||||||||
| Dividends declared per common share |
$ | 0.09 | $ | 0.08 | $ | 0.33 | $ | 0.46 | ||||||||
| (A) | Includes $3.0 million and $3.9 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended December 31, 2025 and 2024, respectively, and $12.3 million and $13.7 million for the twelve months ended December 31, 2025 and 2024, respectively. |
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Reconciliation of Net Income (Loss) to Funds From Operations
(Unaudited)
| (Amounts in thousands, except for per share data) | For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
| FFO information: |
||||||||||||||||
| Net income (loss) attributable to MPT common stockholders |
$ | 17,313 | $ | (412,848 | ) | $ | (277,049 | ) | $ | (2,410,271 | ) | |||||
| Participating securities’ share in earnings |
(292 | ) | (139 | ) | (889 | ) | (946 | ) | ||||||||
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| Net income (loss), less participating securities’ share in earnings |
$ | 17,021 | $ | (412,987 | ) | $ | (277,938 | ) | $ | (2,411,217 | ) | |||||
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|
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|
|
|||||||||
| Depreciation and amortization |
82,247 | 79,396 | 322,712 | 509,524 | ||||||||||||
| Gain on sale of real estate |
(2,044 | ) | (3,497 | ) | (6,200 | ) | (478,693 | ) | ||||||||
| Real estate impairment charges |
18,705 | 300,987 | 145,350 | 980,263 | ||||||||||||
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| Funds from operations |
$ | 115,929 | $ | (36,101 | ) | $ | 183,924 | $ | (1,400,123 | ) | ||||||
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| Other impairment charges, net |
19,164 | 85,654 | 59,651 | 1,258,443 | ||||||||||||
| Litigation, bankruptcy and other costs |
2,399 | 4,801 | 13,477 | 51,308 | ||||||||||||
| Share-based compensation (fair value adjustments) (A) |
(13,703 | ) | — | (10,259 | ) | — | ||||||||||
| Non-cash fair value adjustments |
(16,928 | ) | 52,194 | 106,442 | 563,666 | |||||||||||
| Tax rate changes and other |
(261 | ) | 523 | (11,231 | ) | 5,119 | ||||||||||
| Debt refinancing and unutilized financing costs |
— | 615 | 4,273 | 4,292 | ||||||||||||
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| Normalized funds from operations |
$ | 106,600 | $ | 107,686 | $ | 346,277 | $ | 482,705 | ||||||||
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| Certain non-cash and related recovery information: |
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| Share-based compensation (A) |
$ | 8,585 | $ | 2,321 | $ | 36,005 | $ | 32,902 | ||||||||
| Debt costs amortization |
$ | 7,484 | $ | 5,292 | $ | 27,919 | $ | 20,061 | ||||||||
| Non-cash rent and interest revenue (B) |
$ | 355 | $ | — | $ | 704 | $ | — | ||||||||
| Cash recoveries of non-cash rent and interest revenue (C) |
$ | 562 | $ | 542 | $ | 2,182 | $ | 7,382 | ||||||||
| Straight-line rent revenue from operating and finance leases |
$ | (39,065 | ) | $ | (48,627 | ) | $ | (164,010 | ) | $ | (178,022 | ) | ||||
| Per diluted share data: |
||||||||||||||||
| Net income (loss), less participating securities’ share in earnings |
$ | 0.03 | $ | (0.69 | ) | $ | (0.46 | ) | $ | (4.02 | ) | |||||
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| Depreciation and amortization |
0.13 | 0.14 | 0.54 | 0.86 | ||||||||||||
| Gain on sale of real estate |
— | (0.01 | ) | (0.01 | ) | (0.80 | ) | |||||||||
| Real estate impairment charges |
0.03 | 0.50 | 0.24 | 1.63 | ||||||||||||
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| Funds from operations |
$ | 0.19 | $ | (0.06 | ) | $ | 0.31 | $ | (2.33 | ) | ||||||
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| Other impairment charges, net |
0.04 | 0.14 | 0.10 | 2.08 | ||||||||||||
| Litigation, bankruptcy and other costs |
— | 0.01 | 0.02 | 0.09 | ||||||||||||
| Share-based compensation (fair value adjustments) (A) |
(0.02 | ) | — | (0.02 | ) | — | ||||||||||
| Non-cash fair value adjustments |
(0.03 | ) | 0.09 | 0.18 | 0.94 | |||||||||||
| Tax rate changes and other |
— | — | (0.02 | ) | 0.01 | |||||||||||
| Debt refinancing and unutilized financing costs |
— | — | 0.01 | 0.01 | ||||||||||||
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| Normalized funds from operations |
$ | 0.18 | $ | 0.18 | $ | 0.58 | $ | 0.80 | ||||||||
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| Certain non-cash and related recovery information: |
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| Share-based compensation (A) |
$ | 0.01 | $ | — | $ | 0.06 | $ | 0.05 | ||||||||
| Debt costs amortization |
$ | 0.01 | $ | 0.01 | $ | 0.05 | $ | 0.03 | ||||||||
| Non-cash rent and interest revenue (B) |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Cash recoveries of non-cash rent and interest revenue (C) |
$ | — | $ | — | $ | — | $ | 0.01 | ||||||||
| Straight-line rent revenue from operating and finance leases |
$ | (0.07 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Notes:
Investors and analysts following the real estate industry utilize funds from operations (“FFO”) as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or Nareit, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization, including amortization related to in-place lease intangibles, and after adjustments for unconsolidated partnerships and joint ventures.
In addition to presenting FFO in accordance with the Nareit definition, we disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs (if any not paid by our tenants) to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our results of operations or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.
Certain line items above (such as depreciation and amortization) include our share of such income/expense from unconsolidated joint ventures. These amounts are included with all activity of our equity interests in the “Earnings (loss) from equity interests” line on the consolidated statements of income.
| (A) | Total share-based compensation expense for GAAP purposes is $(5.1) million and $25.7 million for the three and twelve months ended December 31, 2025, respectively, (including the impact from changes in estimated payouts of certain performance awards and fair value adjustments on certain awards that are to be settled in cash). Cash-settled awards are typically recorded in accordance with GAAP at fair value and measured at each balance sheet date until settlement. The resulting fluctuations, which are primarily driven by changes in our stock price rather than operational performance, can introduce significant volatility in our earnings. To enhance comparability and provide a more stable view of performance over time, NFFO reflects $13.7 million and $10.3 million of additional expense in the three and twelve months ended December 31, 2025, respectively, to arrive at total share-based compensation expense using grant date fair value for all awards (including cash-settled awards) and removing the positive impact in the period from the change in estimate of the payout of our 2023 performance awards of $8.6 million and $36.0 million for the three and twelve months ended December 31, 2025. |
| (B) | Includes revenue accrued during the period but not received in cash, such as deferred rent, payment-in-kind (“PIK”) interest or other accruals. |
| (C) | Includes cash received to satisfy previously accrued non-cash revenue, such as the cash receipt of previously deferred rent or PIK interest. |
Exhibit 99.2
QUARTERLY SUPPLEMENTAL 4Q 2025 AT THE VERY HEART OF HEALTHCARE.®
COMPANY OVERVIEW FORWARD-LOOKING STATEMENTS Company Information 3 This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “would”, “could”, “expect”, “intend”, “plan”, “estimate”, “target”, “anticipate”, FINANCIAL INFORMATION “believe”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding our strategies, objectives, prospects, industry, asset sales, Reconciliation of Funds from Operations 6 tenant conditions, and anticipated rent. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results Debt Summary 7 or future events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) the risk that projected rents may be lower than anticipated or realized later than expected; Debt Maturities and Debt Metrics 8 (ii) the risk that the timing, outcome and terms of the bankruptcy restructuring of Prospect will not be consistent with those anticipated by the Company; (iii) our success in implementing our business strategy and our ability to identify, PORTFOLIO INFORMATION underwrite, finance, consummate and integrate acquisitions and investments; (iv) the risk that previously announced or contemplated property sales, loan Lease and Loan Maturity Schedule 9 repayments, and other capital recycling transactions do not occur as anticipated or at all; (v) the risk that MPT is not able to attain its leverage, liquidity and cost Total Assets and Revenues of capital objectives within a reasonable time period or at all; (vi) MPT’s ability to obtain or modify the terms of debt financing on attractive terms or at all, as a by Asset Type, Operator, State and Country 10 result of changes in interest rates and other factors, which may adversely impact our ability to pay down, refinance, restructure or extend our indebtedness, Rent Coverage 13 including extending our 2026 credit facility, as it becomes due, or pursue acquisition and development opportunities; (vii) the ability of our tenants, Summary of Active Developments operators and borrowers to satisfy their obligations under their respective contractual arrangements with us; (viii) the ability of our tenants and operators and Capital Addition Projects 15 to operate profitably and generate positive cash flow, remain solvent, comply with applicable laws, rules and regulations in the operation of our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (ix) the risk that we are unable to monetize our investments in FINANCIAL STATEMENTS certain tenants at full value within a reasonable time period or at all; (x) the risk that the operations of our tenants will be negatively impacted by changes to Consolidated Statements of Income 16 Medicaid funding introduced by the OBBBA; and (xi) the risks and uncertainties of litigation or other regulatory proceedings. Consolidated Balance Sheets 17 The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk Investments in Unconsolidated Real Estate factors discussed under the section captioned “Risk Factors” in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, and as Joint Ventures 18 may be updated in our other filings with the SEC. Forward-looking statements are inherently uncertain and actual performance or outcomes may vary materially Investments in Unconsolidated Operating Entities 19 from any forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on Appendix—Non-GAAP Reconciliations 20 forward-looking statements as predictions of future events. We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made. Pictured above: Idaho Falls Community Hospital—Idaho Falls, Idaho. On the cover: Oakwood Springs – Operated by Lifepoint Behavioral Health – Oklahoma City, Oklahoma. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 2
COMPANY OVERVIEW Medical Properties Trust, Inc. is a self-advised MPT’s financing model facilitates acquisitions and real estate investment trust formed in 2003 recapitalizations and allows operators of hospitals to acquire and develop net-leased hospital facilities. to unlock the value of their real estate assets to From its inception in Birmingham, Alabama, the fund facility improvements, technology upgrades Company has grown to become one of the world’s and other investments in operations. largest owners of hospital real estate. As of December 31, 2025. 384 52 ~39,000 31 9 properties operators hospital beds U.S. states countries MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 3
MPT Officers Edward K. Aldag, Jr. Chairman, President and Chief Executive Officer R. Steven Hamner Executive Vice President and Chief Financial Officer J. Kevin Hanna Senior Vice President, Controller and Chief Accounting Officer Rosa H. Williams Senior Vice President of Operations and Secretary Larry H. Portal Senior Vice President, Senior Advisor to the CEO Charles R. Lambert Senior Vice President of Finance and Treasurer R. Lucas Savage Vice President, Head of Global Acquisitions Board of Directors Corporate Headquarters Edward K. Aldag, Jr. G. Steven Dawson Medical Properties Trust, Inc. R. Steven Hamner Caterina A. Mozingo 10500 Liberty Parkway Emily W. Murphy Birmingham, AL 35242 Elizabeth N. Pitman D. Paul Sparks, Jr. (205) 969-3755 | (205) 969-3756 (fax) Michael G. Stewart C. Reynolds Thompson, III MPT.com MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 4
INVESTOR RELATIONS Contact Charles Lambert, Senior Vice President of Finance and Treasurer (205) 397-8897 or clambert@mpt.com Transfer Stock Exchange Agent Listing and Trading Symbol Equniti Trust Company, LLC New York Stock Exchange 28 Liberty Street, Floor 53 (NYSE): MPT New York, NY 10005 https://equiniti.com/us Pictured above: Idaho Falls Community Hospital—Idaho Falls, Idaho. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 5
FINANCIAL INFORMATION RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 FFO INFORMATION: Net income (loss) attributable to MPT common stockholders $ 17,313 $ (412,848) $ (277,049) $ (2,410,271) Participating securities’ share in earnings (292) (139) (889) (946) Net income (loss), less participating securities’ share in earnings $ 17,021 $ (412,987) $ (277,938) $ (2,411,217) Depreciation and amortization 82,247 79,396 322,712 509,524 Gain on sale of real estate (2,044) (3,497) (6,200) (478,693) Real estate impairment charges 18,705 300,987 145,350 980,263 Funds from operations $ 115,929 $ (36,101) $ 183,924 $ (1,400,123) Other impairment charges, net 19,164 85,654 59,651 1,258,443 Litigation, bankruptcy and other costs 2,399 4,801 13,477 51,308 Share-based compensation (fair value adjustments) (A) (13,703)—(10,259) -Non-cash fair value adjustments (16,928) 52,194 106,442 563,666 Tax rate changes and other (261) 523 (11,231) 5,119 Debt refinancing and unutilized financing costs—615 4,273 4,292 Normalized funds from operations $ 106,600 $ 107,686 $ 346,277 $ 482,705 Certain non-cash and related recovery information: Share-based compensation (A) $ 8,585 $ 2,321 $ 36,005 $ 32,902 Debt costs amortization $ 7,484 $ 5,292 $ 27,919 $ 20,061 Non-cash rent and interest revenue (B) $ 355 $—$ 704 $ -Cash recoveries of non-cash rent and interest revenue (C) $ 562 $ 542 $ 2,182 $ 7,382 Straight-line rent revenue from operating and finance leases $ (39,065) $ (48,627) $ (164,010) $ (178,022) PER DILUTED SHARE DATA: Net income (loss), less participating securities’ share in earnings $ 0.03 $ (0.69) $ (0.46) $ (4.02) Depreciation and amortization 0.13 0.14 0.54 0.86 Gain on sale of real estate—(0.01) (0.01) (0.80) Real estate impairment charges 0.03 0.50 0.24 1.63 Funds from operations $ 0.19 $ (0.06) $ 0.31 $ (2.33) Other impairment charges, net 0.04 0.14 0.10 2.08 Litigation, bankruptcy and other costs—0.01 0.02 0.09 Share-based compensation (fair value adjustments) (A) (0.02)—(0.02) -Non-cash fair value adjustments (0.03) 0.09 0.18 0.94 Tax rate changes and other — (0.02) 0.01 Debt refinancing and unutilized financing costs — 0.01 0.01 Normalized funds from operations $ 0.18 $ 0.18 $ 0.58 $ 0.80 Certain non-cash and related recovery information: Share-based compensation (A) $ 0.01 $—$ 0.06 $ 0 .05 Debt costs amortization $ 0.01 $ 0.01 $ 0.05 $ 0 .03 Non-cash rent and interest revenue (B) $—$—$—$ -Cash recoveries of non-cash rent and interest revenue (C) $—$—$—$ 0 .01 Straight-line rent revenue from operating and finance leases $ (0.07) $ (0.08) $ (0.27) $ (0.30) Notes: Investors and analysts following the real estate industry utilize funds from operations (“FFO”) as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or Nareit, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization, including amortization related to in-place lease intangibles, and after adjustments for unconsolidated partnerships and joint ventures. In addition to presenting FFO in accordance with the Nareit definition, we disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs (if any not paid by our tenants) to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our results of operations or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity. Certain line items above (such as depreciation and amortization) include our share of such income/expense from unconsolidated joint ventures. These amounts are included with all activity of our equity interests in the “Earnings (loss) from equity interests” line on the consolidated statements of income. (A) Total share-based compensation expense for GAAP purposes is $(5.1) million and $25.7 million for the three and twelve months ended December 31, 2025, respectively, (including the impact from changes in estimated payouts of certain performance awards and fair value adjustments on certain awards that are to be settled in cash). Cash-settled awards are typically recorded in accordance with GAAP at fair value and measured at each balance sheet date until settlement. The resulting fluctuations, which are primarily driven by changes in our stock price rather than operational performance, can introduce significant volatility in our earnings. To enhance comparability and provide a more stable view of performance over time, NFFO reflects $13.7 million and $10.3 million of additional expense in the three and twelve months ended December 31, 2025, respectively, to arrive at total share-based compensation expense using grant date fair value for all awards (including cash-settled awards) and removing the positive impact in the period from the change in estimate of the payout of our 2023 performance awards of $8.6 million and $36.0 million for the three and twelve months ended December 31, 2025. (B) Includes revenue accrued during the period but not received in cash, such as deferred rent, payment-in-kind (“PIK”) interest or other accruals. (C) Includes cash received to satisfy previously accrued non-cash revenue, such as the cash receipt of previously deferred rent or PIK interest. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 6
FINANCIAL INFORMATION (As of December 31, 2025) ($ amounts in thousands) DEBT SUMMARY Debt Instrument Rate Type Rate Balance 2026 Secured Credit Facility Revolver(A)(B) Variable 4.998% $ 638,063 2027 Secured Term Loan Variable 6.066% 200,000 0.993% Notes Due 2026 (€500M)(B) Fixed 0.993% 587,300 5.000% Notes Due 2027 Fixed 5.000% 1,400,000 3.692% Notes Due 2028 (£600M)(B) Fixed 3.692% 808,500 4.625% Notes Due 2029 Fixed 4.625% 900,000 3.375% Notes Due 2030 (£350M)(B) Fixed 3.375% 471,625 3.500% Notes Due 2031 Fixed 3.500% 1,300,000 7.000% Secured Notes Due 2032 (€1B)(B) Fixed 7.000% 1,174,600 8.500% Secured Notes Due 2032 Fixed 8.500% 1,500,000 2034 Secured GBP Term Loan (£631M)(B) Fixed 6.877% 850,784 $ 9,830,872 Debt issuance costs and discount (133,037) Weighted average rate 5.360% $ 9,697,835 Variable 9% Fixed 91% (A) As part of our Credit Facility amendment on February 13, 2025, we provided notice to extend the maturity to June 30, 2027, subject to the satisfaction of certain other conditions. $200 million was repaid on January 2, 2026. (B) Non-USD denominated debt converted to U.S. dollars at December 31, 2025. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 7
FINANCIAL INFORMATION (As of December 31, 2025) ($ amounts in thousands) DEBT MATURITIES Year Senior Notes Term Loans/Revolver Total Debt % of Total 2026 $ 587,300 $ 638,063 (A) $ 1,225,363 12.5% 2027 1,400,000 200,000 1,600,000 16.3% 2028 808,500—808,500 8.2% 2029 900,000—900,000 9.2% 2030 471,625—471,625 4.8% 2031 1,300,000—1,300,000 13.2% 2032 2,674,600—2,674,600 27.2% 2033 ——0.0% 2034—850,784 850,784 8.6% Totals $ 8,142,025 $ 1,688,847 $ 9,830,872 100.0% DEBT BY LOCAL CURRENCY Senior Notes Term Loans/Revolver Total Debt % of Total United States dollars $ 5,100,000 $ 655,000 $ 5,755,000 58.5% British pound sterling 1,280,125 850,784 2,130,909 21.7% Euros 1,761,900 117,460 1,879,360 19.1% Swiss francs—65,603 65,603 0.7% Totals $ 8,142,025 $ 1,688,847 $ 9,830,872 100.0% DEBT METRICS (B) For the Three Months Ended December 31, 2025 Adjusted Net Debt to Annualized EBITDAre Ratios: Adjusted Net Debt $ 8,626,404 Adjusted Annualized EBITDAre $ 1,019,580 Adjusted Net Debt to Adjusted Annualized EBITDAre Ratio(C) 8.5x Adjusted Net Debt $ 8,626,404 Transaction Adjusted Annualized EBITDAre $ 1,017,340 Adjusted Net Debt to Transaction Adjusted Annualized EBITDAre Ratio(C) 8.5x Leverage Ratio: Unsecured Debt $ 5,467,425 Secured Debt 4,363,447 Total Debt $ 9,830,872 Total Gross Assets(D) $ 16,664,831 Financial Leverage 59.0% Interest Coverage Ratio: Interest Expense $ 132,457 Capitalized Interest 3,690 Debt Costs Amortization (6,920) Total Interest $ 129,227 Adjusted EBITDAre $ 254,895 Adjusted Interest Coverage Ratio 2.0x (A) As part of our Credit Facility amendment on February 13, 2025, we provided notice to extend the maturity to June 30, 2027, subject to the satisfaction of certain other conditions. (B) Not intended to reflect covenants per debt agreements. (C) 4Q 2025 EBITDAre includes $21.7 million of cash received from tenants accounted for on a cash-basis for revenue that represents a catchup of prior period rents owed. Adjusted Net Debt to Adjusted Annualized EBITDAre and Transaction Adjusted Annualized EBITDAre ratios would be 9.3x excluding these catchup cash receipts. (D) Total Gross Assets equals total assets plus real estate accumulated depreciation and amortization. See appendix for reconciliation of Non-GAAP financial measures. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 8
PORTFOLIO INFORMATION LEASE AND LOAN MATURITY SCHEDULE (A) (As of December 31, 2025) ($ amounts in thousands) (B) (C) (D) Percentage of Total Years of Maturities Total Properties Base Rent/Interest Base Rent/Interest 2026 1 $ 228 0.0% 2027 1 3,681 0.3% 2028 7 17,746 1.5% 2029 4 16,112 1.4% 2030 10 7,128 0.6% 2031 4 3,852 0.3% 2032 21 60,495 5.2% 2033 5 6,201 0.6% 2034 8 62,889 5.5% 2035 7 25,516 2.2% Thereafter 301 950,848 82.4% 369 # $ 1,154,696 100.0% Percentage of total base rent/interest 100% 90% 82.4% 80% 70% 60% 50% 40% 30% 20% 10% 5.2% 5.5% 0.0% 0.3% 1.5% 1.4% 0.6% 0.3% 0.6% 2.2% 0% (A) Schedule includes leases and mortgage loans and related terms as of December 31, 2025. (B) Lease/Loan expiration is based on the fixed term of the lease/loan and does not factor in potential renewal or other options provided for in our agreements. (C) Reflects all properties, including those that are part of joint ventures, except vacant properties (less than 1% of total assets), facilities that are under development, and transitioning properties. (D) Represents base rent/interest income contractually owed per the lease/loan agreements on an annualized basis as of period end (including foreign currency exchange rates) but does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues), or any reserves or write-offs. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 9
PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY ASSET TYPE (December 31, 2025) ($ amounts in thousands) Total Percentage of Q4 2025 Percentage of Asset Types Properties (A) Assets Total Assets Revenues Q4 2025 Revenues General Acute Care Hospitals 168 $ 8,769,909 58.5% $ 159,221 58.9% Behavioral Health Facilities 68 2,445,418 16.3% 54,646 20.2% Post Acute Care Facilities 128 1,671,616 11.1% 54,425 20.1% Freestanding ER/Urgent Care Facilities 20 109,271 0.7% 2,050 0.8% Other—2,005,561 13.4% — Total 384 $ 15,001,775 100.0% $ 270,342 100.0% TOTAL ASSETS BY ASSET TYPE TOTAL REVENUES BY ASSET TYPE 13% 1% 1% General Acute Care Hospitals 20% 11% Behavioral Health Facilities 59% Post Acute Care Facilities 59% 16% 20% Freestanding ER/Urgent Care Facilities Other DOMESTIC ASSETS BY ASSET TYPE DOMESTIC REVENUES BY ASSET TYPE 14% 1% 2% General Acute Care Hospitals 13% Behavioral Health Facilities 30% 55% 59% Post Acute Care Facilities 12% Freestanding ER/Urgent Care Facilities 14% Other Note: Investments in operating entities are allocated pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period. (A) Reflects total assets on our consolidated balance sheets. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 10
PORTFOLIO INFORMATION TOTAL ASSETS—LARGEST INDIVIDUAL FACILITY (December 31, 2025) COMPREHENSIVE PROPERTY-LEVEL UNDERWRITING FRAMEWORK Largest Individual MPT invests in real estate, not the consolidated financial performance of its Operators Facility as a Percentage tenants. Each facility is underwritten for characteristics that make the (A) infrastructure attractive to any experienced, competent operator—not just of Total Assets the current tenant. If we have underwritten these correctly, then coupled with our absolute net master lease structure, our real estate will be Circle Health 1.4% 0.9% attractive to a replacement operator, should we find it necessary to Priory Group transition. Such underwriting characteristics include: Healthcare Systems of America 1.8% Swiss Medical Network 1.8% Lifepoint Behavioral Health 0.5% Physical Quality Financial 47 operators 1.6% Largest Individual Facility Investment is Less Than 2% of MPT Investment Portfolio Demographics Competition and Market TOTAL ASSETS AND REVENUES BY OPERATOR (December 31, 2025) ($ amounts in thousands) Total Percentage of Q4 2025 Percentage of Operators Properties (A) Assets Total Assets Revenues Q4 2025 Revenues Circle Health 36 $ 2,121,848 14.1% $ 54,055 20.0% Priory Group 37 1,301,888 8.7% 27,108 10.0% Healthcare Systems of America 8 1,200,996 8.0% 19,403 (B) 7.2% Swiss Medical Network 19 873,703 5.8% 745 0.3% Lifepoint Behavioral Health 19 809,492 5.4% 21,037 7.8% MEDIAN 81 676,424 4.5% 8,803 3.3% Ernest Health 28 616,219 4.1% 18,884 7.0% NOR Healthcare Systems 6 519,321 3.5%—0.0% Lifepoint Health 8 458,055 3.1% 15,321 5.7% Ramsay Health Care 8 405,924 2.7% 6,842 2.5% 42 operators 134 4,012,344 26.7% 98,144 36.2% Other—2,005,561 13.4% — Total 384 $ 15,001,775 100.0% $ 270,342 100.0% (A) Reflects total assets on our consolidated balance sheets. (B) Approximately $4 million (September rent) related to this cash-basis tenant was not received until October 1, 2025. The revenue from this receipt was recognized in Q4 2025 along with October-December contractual rent . MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 11
PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY U.S. STATE AND COUNTRY (December 31, 2025) ($ amounts in thousands) Total Percentage of Q4 2025 Percentage of U.S. States and Other Countries Properties (A) Assets Total Assets Revenues Q4 2025 Revenues Texas 44 $ 1,427,391 9.5% $ 27,868 10.3% California 17 977,890 6.5% 26,633 9.9% Florida 6 834,940 5.6% 12,468 4.6% Ohio 9 330,189 2.2% 6,530 2.4% Arizona 8 328,873 2.2% 9,343 3.5% 26 Other States 77 2,480,182 16.5% 71,479 26.4% Other—1,072,900 7.2% — United States 161 $ 7,452,365 49.7% $ 154,321 57.1% United Kingdom 92 $ 4,184,188 27.9% $ 94,989 35.1% Switzerland 19 873,703 5.8% 745 0.3% Germany 85 751,806 5.0% 11,026 4.1% Spain 9 302,323 2.0% 3,227 1.2% Other Countries 18 504,729 3.4% 6,034 2.2% Other—932,661 6.2% — International 223 $ 7,549,410 50.3% $ 116,021 42.9% Total 384 $ 15,001,775 100.0% $ 270,342 100.0% Note: Investments in operating entities are allocated pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period. (A) Reflects total assets on our consolidated balance sheets. TOTAL ASSETS BY COUNTRY TOTAL REVENUES BY COUNTRY 6% 1% 2% 3% 1% 2% United States 4% 5% United Kingdom 6% Switzerland 50% 35% Germany 57% Spain 28% Other Countries Other ASSETS BY U.S. STATE REVENUES BY U.S. STATE Texas 7% 10% 10% California Florida Ohio 26% 7% 10% 16% Arizona 26 Other States 5% 2% 2% 6% Other 4% 2% MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 12
PORTFOLIO INFORMATION TOTAL PORTFOLIO TTM EBITDARM(A)(B) RENT COVERAGE YoY and SEQUENTIAL QUARTER COMPARISONS BY PROPERTY TYPE EBITDARM Rent Coverage 3.1x 3.1x 3.00x 2.9x 2.6x 2.6x 2.5x 2.50x 2.1x 2.1x 2.1x 2.0x 2.00x 1.9x 1.9x 1.50x 1.00x 0.50x 0.00x General Acute Care Hospitals Post Acute Care Facilities (C) Behavioral Health Total Portfolio Facilities Q3 2024 TTM Q2 2025 TTM Q3 2025 TTM % of Total Assets(D) 58.5% 11.1% 16.3% 85.9% Notes: All data presented is on a trailing twelve month (“TTM”) basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and September 30, 2025. (A) EBITDARM is facility-level earnings before interest, taxes, depreciation, amortization, rent and management fees. EBITDARM includes normal GAAP expensed maintenance and repair costs. EBITDARM does not give effect for capitalized expenditures that extend the life or improve the facility and equipment to increase revenues at the facility. The majority of these types of capital expenditures are financed and do not have an immediate cash impact. MPT’s rent has priority and is not subordinate to capitalized expenses. In addition, EBITDARM does not represent property net income or cash flows from operations and should not be considered an alternative to those indicators. EBITDARM figures utilized in calculating coverages presented are based on financial information provided by MPT’s tenants. Where MPT owns assets through unconsolidated joint ventures, MPT’s proportionate share of EBITDARM and Rent is included. MPT has not independently verified this information, but has no reason to believe this information is inaccurate in any material respect. TTM Coverages are calculated based on actual, unadjusted EBITDARM results as presented in tenant financial reporting and cash rent paid to MPT, except as noted below.—EBITDARM figures for California hospitals include amounts expected to be received under the Hospital Quality Assurance Fee (“HQAF”) Program 8. The HQAF amounts are based on the current payment model from the California Hospital Association which was approved by CMS on December 19, 2023. (B) General Acute Care coverages, Behavioral Health coverages and Total Portfolio coverages do not include operators whose data is not required, available, or re-tenanted during 2024-2025. (C) Post Acute Care Facilities property type includes both Inpatient Rehabilitation Hospitals and Long Term Acute Care Hospitals. (D) Reflects percentage of total assets on December 31, 2025 balance sheet. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 13
PORTFOLIO INFORMATION TOTAL PORTFOLIO TTM EBITDARM RENT COVERAGE EBITDARM RENT COVERAGE: OPERATORS WITH PROPERTY-LEVEL REPORTING Net Investment (B) Tenant (A) Primary Property Type TTM EBITDARM Rent Coverage (in thousands) Priory Group $ 1,257,975 Behavioral 2.2x MEDIAN 676,424 Post Acute 2.0x Ernest Health 616,219 Post Acute 2.4x Swiss Medical Network 597,094 General Acute 2.0x Aspris Children’s Services 248,227 Behavioral 2.1x Surgery Partners 225,422 General Acute 5.8x Pipeline Health System 195,796 General Acute 2.3x Vibra Healthcare 185,379 Post Acute 2.1x Prime Healthcare 156,857 General Acute 2.5x IMED Hospitales 134,224 General Acute 2.0x Other Reporting Tenants 579,686 Various 3.5x Total $ 4,873,303 2.6x Net Investment Tenant (A) Primary Property Type TTM EBITDARM Rent Coverage (in thousands) International Operator 1 $ 2,075,033 General Acute 2.6x Domestic Operator 1 458,055 General Acute 2.5x Domestic Operator 2 261,662 General Acute 2.9x Domestic Operator 3 809,492 Behavioral 1.5x Domestic Operator 4 79,691 General Acute 8.6x Total $ 3,683,933 2.6x PROPERTY-LEVEL REPORTING NOT REQUIRED AND/OR NOT AVAILABLE Net Investment Tenant (A) Primary Property Type Comments (in thousands) U.S. hospital operator with eight community hospitals across Healthcare Systems of America $ 1,119,843 General Acute three states U.S. hospital operator with six general acute hospitals in NOR Healthcare Systems 508,176 General Acute California One of the largest healthcare operators in the world; Parent Ramsay Health Care UK 405,924 General Acute guaranty; Investment grade-rated Pihlajalinna 220,812 General Acute One of Finland’s leading providers of social and health services One of the largest nonprofit healthcare operators in the U.S.; CommonSpirit Health 162,278 General Acute Investment grade-rated U.S. hospital operator with twelve community hospitals across Quorum Health 138,260 General Acute nine states One of Arizona’s largest nonprofit healthcare systems; HonorHealth 132,232 General Acute Investment grade-rated Investment grade-rated and largest nonprofit healthcare Saint Luke’s—Kansas City 118,985 General Acute organization in Missouri NHS 87,790 General Acute Single-payor government entity in UK U.S. hospital operator with eight medical centers across four Insight Health 49,283 General Acute states Prospect Medical Holdings 41,414 General Acute In court restructuring ongoing U.S. hospital operator with nine behavioral health hospitals; NeuroPsychiatric Hospitals 25,703 Behavioral Parent guaranty Community Health Systems 24,229 General Acute Publicly-traded U.S. hospital operator Growing non-profit hospital operator focused on turnaround Tenor Health 19,327 General Acute opportunities AHRK Holdings 7,538 General Acute CMS designated Critical Care Access Hospital Total $ 3,061,794 Above data represents approximately 92% of MPT Total Real Estate Investment Notes: All data presented is on a trailing twelve month (“TTM”) basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and September 30, 2025. (A) Investment figures exclude equity investments, non-real estate loans, freestanding ER/urgent care facilities, and facilities under development. (B) General Acute Care coverages, Behavioral Health coverages and Total Portfolio coverages do not include operators whose data is not required, available, or re-tenanted during 2024-2025. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 14
PORTFOLIO INFORMATION SUMMARY OF ACTIVE DEVELOPMENTS AND CAPITAL ADDITION PROJECTS AS OF DECEMBER 31, 2025(A) (Amounts in thousands) Costs Incurred as of Estimated Construction Operator Location Commitment Cost Remaining December 31, 2025 Completion Date Lifepoint Behavioral Arizona $ 10,659 $ 8,281 $ 2,378 1Q26 IMED Spain 43,495 39,797 3,698 2Q26 IMED Spain 67,054 39,954 27,100 4Q26 Healthcare Systems of America Florida 43,500 2,064 41,436 2Q27 Other Various 554 210 344 2Q26 $ 165,262 $ 90,306 $ 74,956 (A) In addition to the above projects, the costs of which will be included in lease bases upon which the lessees will pay rent, we are constructing two hospitals for which there is no presently-identified lessee; these projects were both originally planned to be operated by a former tenant. We have completed construction to the stage where the building is “weathered in” and environmentally secure so as to physically protect our investment while we actively market the hospitals for sale or lease. As of December 31, 2025, we estimate that the cost of additional construction that we believe will be more efficient if completed in the near term (such as electing to accelerate completion of a parking structure at one hospital), approximates between $10 million and $15 million. If we agree to lease terms for any prospective tenant, we expect such terms will include construction specifications of such prospective lessee, and we may elect to fund such completion for addition to the final lease base upon which we would be paid rent. Alternatively, we may elect to sell one or both of the facilities, in which case we would not expect to incur material additional costs. We have completed our built-to-suit headquarters facility in Birmingham, Alabama. Remaining funding costs are estimated to be between $10 million and $15 million. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 15
FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 REVENUES Rent billed $ 212,492 $ 166,965 $ 736,543 $ 719,749 Straight-line rent 35,966 43,695 152,163 163,414 Income from financing leases 9,963 9,819 39,735 63,651 Interest and other income 11,921 11,365 43,581 48,733 Total revenues 270,342 231,844 972,022 995,547 EXPENSES Interest 132,457 101,466 510,362 417,824 Real estate depreciation and amortization 67,123 64,956 265,405 447,657 Property-related(A) 9,524 9,780 36,415 27,255 General and administrative 24,585 28,489 130,427 133,789 Total expenses 233,689 204,691 942,609 1,026,525 OTHER (EXPENSE) INCOME Gain on sale of real estate 1,389 3,497 5,545 478,693 Real estate and other impairment charges, net (34,663) (386,973) (193,947) (1,825,402) Earnings (loss) from equity interests 24,138 2,923 97,851 (366,642) Debt refinancing and unutilized financing costs—(615) (3,629) (4,292) Other (including fair value adjustments on securities) (1,414) (48,744) (172,552) (615,565) Total other expense (10,550) (429,912) (266,732) (2,333,208) Income (loss) before income tax 26,103 (402,759) (237,319) (2,364,186) Income tax expense (8,506) (9,563) (38,618) (44,101) Net income (loss) 17,597 (412,322) (275,937) (2,408,287) Net income attributable to non-controlling interests (284) (526) (1,112) (1,984) Net income (loss) attributable to MPT common stockholders $ 17,313 $ (412,848) $ (277,049) $ (2,410,271) EARNINGS PER COMMON SHARE—BASIC AND DILUTED Net income (loss) attributable to MPT common stockholders $ 0 .03 $ (0.69) $ (0.46) $ (4.02) WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC 600,966 600,402 600,892 600,248 WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED 600,966 600,402 600,892 600,248 $—$—DIVIDENDS DECLARED PER COMMON SHARE $ 0 .09 $ 0 .08 $ 0 .33 $ 0 .46 (A) Includes $3.0 million and $3.9 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended December 31, 2025 and 2024, respectively, and $12.3 million and $13.7 million for the twelve months ended December 31, 2025 and 2024, respectively. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 16
FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data) December 31, 2025 December 31, 2024 (Unaudited) (A) ASSETS Real estate assets Land, buildings and improvements, intangible lease assets, and other $ 12,205,687 $ 11,259,842 Investment in financing leases 421,684 1,057,770 Real estate held for sale—34,019 Mortgage loans 123,651 119,912 Gross investment in real estate assets 12,751,022 12,471,543 Accumulated depreciation and amortization (1,663,056) (1,422,948) Net investment in real estate assets 11,087,966 11,048,595 Cash and cash equivalents 540,859 332,335 Interest and rent receivables 19,210 36,327 Straight-line rent receivables 881,452 700,783 Investments in unconsolidated real estate joint ventures 1,399,777 1,156,397 Investments in unconsolidated operating entities 322,179 439,578 Other loans 186,292 109,175 Other assets 564,040 471,404 Total Assets $ 15,001,775 $ 14,294,594 LIABILITIES AND EQUITY Liabilities Debt, net $ 9,697,835 $ 8,848,112 Accounts payable and accrued expenses 549,105 454,209 Deferred revenue 19,289 29,445 Obligations to tenants and other lease liabilities 128,297 129,045 Total Liabilities 10,394,526 9,460,811 Equity Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding —Common stock, $0.001 par value. Authorized 750,000 shares; issued and outstanding—597,008 shares at December 31, 2025 and 600,403 shares at December 31, 2024 597 600 Additional paid-in capital 8,573,396 8,584,917 Retained deficit (4,136,011) (3,658,516) Accumulated other comprehensive income (loss) 168,213 (94,272) Total Medical Properties Trust, Inc. stockholders’ equity 4,606,195 4,832,729 Non-controlling interests 1,054 1,054 Total Equity 4,607,249 4,833,783 Total Liabilities and Equity $ 15,001,775 $ 14,294,594 (A) Financials have been derived from the prior year audited financial statements. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 17
FINANCIAL STATEMENTS INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES (As of and for the three months ended December 31, 2025) (Unaudited) ($ amounts in thousands) Swiss Medical Policlinico di HM MPT Pro Rata MEDIAN(B) (C) CommonSpirit(D) (E) (F) Total Network Monza Hospitales Share Gross real estate $ 2,095,182 $ 1,893,772 $ 1,452,817 $ 196,884 $ 397,683 $ 6,036,338 $ 3,017,591 Cash 24,635 2,774 3,815 15,093 2,315 48,632 23,808 Accumulated depreciation and amortization (357,473) (241,717)—(44,470) (51,994) (695,654) (393,957) Other assets 124,199 76,840 8,288 4,714 11,581 225,622 125,655 Total Assets $ 1,886,543 $ 1,731,669 $ 1,464,920 $ 172,221 $ 359,585 $ 5,614,938 $ 2,773,097 Debt (third party) $ 790,557 $ 718,224 $ 770,000 $—$ 152,478 $ 2,431,259 $ 1,160,684 Other liabilities 122,595 142,084 47,104 40 88,517 400,340 212,636 (A) Equity and shareholder loans 973,391 871,361 647,816 172,181 118,590 2,783,339 1,399,777 Total Liabilities and Equity $ 1,886,543 $ 1,731,669 $ 1,464,920 $ 172,221 $ 359,585 $ 5,614,938 $ 2,773,097 MPT share of real estate joint venture 50% 70% 25% 50% 45% Total $ 486,695 $ 611,347 $ 162,278 $ 86,091 $ 53,366 $ 1,399,777 Swiss Medical Policlinico di HM MPT Pro Rata MEDIAN(B) (C) CommonSpirit(D) (E) (F) Total Network Monza Hospitales Share Total revenues $ 36,390 $ 23,208 $ 24,865 $ 4,268 $ 4,137 $ 92,868 $ 44,702 Other expenses (income): Property-related $ 1,114 $ 1,295 $ 189 $ 1,304 $ 90 $ 3,992 $ 2,205 Interest 21,143 4,022 13,056—570 38,791 16,920 Real estate depreciation and amortization 12,228 10,462—1,113 2,193 25,996 14,998 General and administrative 1,131 353—79 16 1,579 860 Fair value adjustments — (60,765) — (60,765) (15,222) Gain on sale of real estate—(934) ——(934) (655) Income and other taxes 821 1,208 — 323 2,352 1,404 Non-controlling interest expense — 123 — 123 31 Total other expenses (income) $ 36,437 $ 16,406 $ (47,397) $ 2,496 $ 3,192 $ 11,134 $ 20,541 Net income $ (47) $ 6,802 $ 72,262 $ 1,772 $ 945 $ 81,734 $ 24,161 MPT share of real estate joint venture 50% 70% 25% 50% 45% (G) Earnings from equity interests $ (24) $ 4,772 $ 18,102 $ 886 $ 425 $ 24,161 (A) Includes a €309 million loan from both shareholders. (B) MPT managed joint venture of 71-owned German facilities that are fully leased. (C) Represents ownership in Infracore, which owns and leases 17 Switzerland facilities. We also have two Infracore facilities currently under development. (D) Represents ownership in five Utah facilities that are fully leased. The joint venture elected to apply specialized accounting and reporting for investment companies under Topic 946, which measures the underlying investments at fair value. For this quarter, our share of the joint venture’s favorable fair value adjustment was $15.2 million, primarily related to real estate. (E) Represents ownership in eight Italian facilities that are fully leased. (F) Represents ownership in two Spanish facilities that are fully leased. (G) Excludes $23,000 of amortization of equity investment costs. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 18
FINANCIAL STATEMENTS INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES (Amounts in thousands) OPERATING ENTITY INVESTMENT FRAMEWORK MPT’s hospital expertise and comprehensive underwriting process allows for opportunistic investments in hospital operations. • Passive investments typically needed in order to acquire the larger real estate • Certain of these investments entitle us to customary minority rights and transactions. protections. • Cash payments go to previous owner and not to the tenant, with limited • Typically, no additional operating loss exposure beyond our investment. exceptions. • • Proven track record of successful investments, including Ernest Health, Operators are vetted as part of our overall underwriting process. Capella Healthcare and Springstone. • Potential for outsized returns and organic growth. Investment Ownership Operator as of Structure Interest December 31, 2025 Includes our passive equity ownership interest, along with a CHF 37 million loan as part of a syndicated Swiss Medical Network $ 197,497 8.9% loan facility. Includes our passive equity ownership interest in Aevis, a public healthcare investment company. Our Aevis 64,859 4.6% original investment of CHF 47 million is marked-to-market quarterly. In order to close the 2021 acquisition of 35 facilities, we made an investment in Priory, proceeds of which Priory Group 43,913 9.2% were paid to the former owner. Includes our passive equity ownership interest in Aspris, a spin-off of Priory’s education and children’s Aspris 15,910 9.2% services line of business. Total $ 322,179 INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES AS A PERCENTAGE OF TOTAL ASSETS 7% 2% 93% Unconsolidated Operating Entities 98% All Other Assets MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 19
APPENDIX—NON-GAAP RECONCILIATIONS ADJUSTED NET DEBT/ANNUALIZED EBITDAre (Unaudited) (Amounts in thousands) For the Three Months Ended December 31, 2025 ADJUSTED EBITDAre RECONCILIATION Net income $ 17,597 Add back: Interest 132,457 Income tax 8,506 Depreciation and amortization 69,672 Gain on sale of real estate (1,389) Real estate impairment charges 18,705 Adjustment to reflect MPT’s share of unlevered EBITDAre from unconsolidated real estate joint ventures(A) 9,830 4Q 2025 EBITDAre $ 255,378 Share-based compensation (5,118) Other impairment charges, net 19,164 Litigation, bankruptcy and other costs 2,399 Non-cash fair value adjustments (16,928) Annualized 4Q 2025 Adjusted EBITDAre $ 254,895 $ 1,019,580 Adjustments for mid-quarter investment activity(B) (560) 4Q 2025 Transaction Adjusted EBITDAre $ 254,335 $ 1,017,340 ADJUSTED NET DEBT RECONCILIATION Total debt at December 31, 2025 $ 9,697,835 Less: Cash at December 31, 2025 (540,859) Less: Cash funded for development and capital addition projects at December 31, 2025(C) (530,572) Adjusted Net Debt $ 8,626,404 Investors and analysts following the real estate industry utilize net debt (debt less cash) to EBITDAre as a measurement of leverage that shows how many years it would take for us to pay back our debt, assuming net debt and EBITDAre are held constant. In our calculation, we start with EBITDAre , as defined by Nareit, which is net income before interest expense, income tax expense, depreciation and amortization, losses/gains on disposition of depreciated property, impairment losses, and adjustments to reflect our share of EBITDAre from unconsolidated real estate joint ventures. We then adjust EBITDAre for share-based compensation, non-cash fair value adjustments and other items that would make comparison of our operating results with prior periods and other companies more meaningful, to derive Adjusted EBITDAre . We adjust net debt for cash funded for building improvements in progress and construction in progress for which we are not yet receiving rent to derive Adjusted Net Debt. We adjust Adjusted EBITDAre for the effects from investments and capital transactions that were completed during the period, assuming such transactions were consummated/fully funded as of the beginning of the period to derive Transaction Adjusted EBITDAre Although non-GAAP measures, we believe Adjusted Net Debt, Adjusted EBITDAre , and Transaction Adjusted EBITDAre are useful to investors and analysts as they allow for a more current view of our credit quality and allow for the comparison of our credit strength between periods and to other real estate companies without the effect of items that by their nature are not comparable from period to period. (A) Includes only the unlevered portion of our share of EBITDAre from unconsolidated real estate joint ventures, as we have excluded any net debt from our unconsolidated real estate joint ventures in the Adjusted Net Debt line. We believe this adjustment is needed to appropriately reflect the relationship between EBITDAre and net debt. (B) Reflects a full quarter impact from our mid-quarter investments, disposals, and loan payoffs. (C) Reflects development and capital improvement projects that are in process and not yet generating a cash return. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q4 2025 20
10500 Liberty Parkway Birmingham, AL 35242 (205) 969-3755 NYSE: MPT MPT.com Charles Lambert Senior Vice President of Finance and Treasurer (205) 397-8897 or clambert@mpt.com
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