Medical Properties Trust, Inc.

Medical Properties Trust, Inc. is a self-advised Real Estate Investment Trust (REIT) formed in 2003 to acquire and develop net-leased healthcare facilities. The company has operated as a REIT since April 6, 2004. As of December 31, 2025, the company held investments in 384 facilities with approximately 39,000 licensed beds across 31 states in the U.S., seven countries in Europe, and Colombia in South America. The company conducts substantially all of its business through MPT Operating Partnership, L.P. Its primary business strategy involves acquiring and developing healthcare facilities and leasing them to healthcare operating companies under long-term net leases. These leases require the tenant to cover most property-related costs. While the majority of leased assets are 100% owned, some are held through joint ventures, referred to as investments in unconsolidated real estate joint ventures. The company also provides mortgage loans to healthcare operators, secured by their real estate assets. Additionally, it may issue loans to certain operators via its taxable REIT subsidiaries (TRS), typically for working capital. From time to time, the company makes noncontrolling investments in its tenants, known as investments in unconsolidated operating entities, usually alongside larger real estate transactions. This business model supports acquisitions and recapitalizations, enabling healthcare operators to access capital by leveraging their real estate assets for improvements, technology upgrades, and other operational investments.