Medical Properties Trust (MPT) Q4 2025 earnings summary

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.