MEDICAL PROPERTIES TRUST INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MPT$1.820.0%Stored close · as of Nov 10, 2026
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Item 15. Exhibits and Financial Statement Schedules
(a) Financial Statements and Financial Statement Schedules
Index of Financial Statements of Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. which are included in Part II, Item 8 of this Annual Report on Form 10-K:
| Report of Independent Registered Public Accounting Firm | |
|---|---|
| Medical Properties Trust, Inc. | 65 |
| MPT Operating Partnership, L.P. | 67 |
| Medical Properties Trust, Inc. | |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 69 |
| Consolidated Statements of Net Income for the Years Ended December 31, 2025, 2024, and 2023 | 70 |
| Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2025, 2024, and 2023 | 71 |
| Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024, and 2023 | 72 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 | 73 |
| MPT Operating Partnership, L.P. | |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 74 |
| Consolidated Statements of Net Income for the Years Ended December 31, 2025, 2024, and 2023 | 75 |
| Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2025, 2024, and 2023 | 76 |
| Consolidated Statements of Capital for the Years Ended December 31, 2025, 2024, and 2023 | 77 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 | 78 |
| Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. | |
| Notes to Consolidated Financial Statements | 79 |
| Financial Statement Schedules | |
| Schedule II — Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024, and 2023 | 126 |
| Schedule III — Real Estate and Accumulated Depreciation at December 31, 2025 with reconciliations for the years ended December 31, 2025, 2024, and 2023 | 127 |
| Schedule IV — Mortgage Loans on Real Estate at December 31, 2025 with reconciliations for the years ended December 31, 2025, 2024, and 2023 | 135 |
(b) Exhibits
| Exhibit Number | Description | Form | File Number | Exhibit Number | Filing Date |
|---|---|---|---|---|---|
| 3.1 | Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | S-11/A | 333-119957 | 3.1 | January 6, 2005 |
| 3.2 | Articles of Amendment of Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 10-Q | 001-32559 | 3.1 | November 10, 2005 |
| 3.3 | Articles of Amendment of Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | January 13, 2009 |
| 3.4 | Articles of Amendment to Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | January 31, 2012 |
| 3.5 | Articles of Amendment to Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | June 26, 2015 |
| 3.6 | Articles of Amendment to Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 10-Q | 001-32559 | 3.2 | August 10, 2015 |
| 3.7 | Articles of Amendment to the Second Articles of Amendment and Restatement of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | November 8, 2019 |
| 3.8 | Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | November 24, 2009 |
| 3.9 | Amendment to Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.2 | June 26, 2015 |
| 3.10 | Amendment to Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | November 16, 2016 |
| 3.11 | Amendment to Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | February 22, 2017 |
| 3.12 | Amendment to Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | May 25, 2018 |
| 3.13 | Amendment to Second Amended and Restated Bylaws of Medical Properties Trust, Inc. | 8-K | 001-32559 | 3.1 | May 22, 2020 |
| 4.1 | Form of Common Stock Certificate | S-11/A | 333-119957 | 4.1 | January 6, 2005 |
| 4.2 | Description of Securities of Medical Properties Trust, Inc. Registered under Section 12 of the Securities Exchange Act, as amended | 10-K | 001-32559 | 4.2 | February 27, 2020 |
| 4.3 | Indenture, dated as of October 10, 2013, among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., MPT Finance Corporation, the Subsidiary Guarantors and Wilmington Trust, N.A., as Trustee. | 8-K | 001-32559 | 4.1 | October 16, 2013 |
| 4.4 | Twelfth Supplemental Indenture, dated as of September 21, 2017, by and among MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, and Wilmington Trust, National Association, as trustee. | 10-Q | 001-32559 | 4.1 | November 9, 2017 |
| 4.5 | Thirteenth Supplemental Indenture, dated as of July 26, 2019, by and among MPT Operating Partnership, L.P., and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, and Wilmington Trust, National Association, as trustee. | 8-K | 001-32559 | 4.2 | July 29, 2019 |
| 4.6 | Fifteenth Supplemental Indenture, dated as of December 5, 2019, by and among MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, Wilmington Trust, National Association, as trustee, Elavon Financial Services DAC, U.K. Branch, as initial paying agent, and Elavon Financial Services DAC, as initial registrar and transfer agent. | 8-K | 001-32559 | 4.4 | December 11, 2019 |
| 4.7 | Sixteenth Supplemental Indenture, dated as of December 4, 2020, by and among MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc. as parent and guarantor, and Wilmington Trust, National Association, as trustee. | 8-K | 001-32559 | 4.2 | December 7, 2020 |
| 4.8 | Eighteenth Supplemental Indenture, dated as of March 24, 2021, by and among MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, Wilmington Trust, National Association, as trustee, and Elavon Financial Services DAC, as initial paying agent, registrar and transfer agent | 8-K | 001-32559 | 4.4 | March 29, 2021 |
| 4.9 | Nineteenth Supplemental Indenture, dated as of October 6, 2021, by and among MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, Wilmington Trust, National Association, as trustee, and Elavon Financial Services DAC, as initial paying agent, registrar and transfer agent | 8-K | 001-32559 | 4.2 | October 13, 2021 |
| 4.10 | Indenture, dated as of February 13, 2025, among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., MPT Finance Corporation, the subsidiary guarantors party thereto, Wilmington Trust, National Association, as trustee, dollar paying agent, dollar registrar, dollar transfer agent and notes collateral agent, and U.S. Bank Europe DAC, as euro paying agent, euro registrar and euro transfer agent | 8-K | 001-32559 | 4.1 | February 18, 2025 |
| 4.11 | Twentieth Supplemental Indenture, dated as of February 28, 2025, among MPT Springstone REIT, Inc., as subsidiary guarantor, and MPT Operating Partnership, L.P. and MPT Finance Corporation, as issuers, Medical Properties Trust, Inc., as parent and guarantor, and Wilmington Trust, National Association, as trustee | 10-K | 001-32559 | 4.11 | March 3, 2025 |
| 10.1 | Second Amended and Restated Agreement of Limited Partnership of MPT Operating Partnership, L.P. | 8-K | 001-32559 | 10.1 | August 6, 2007 |
| 10.2 | Medical Properties Trust, Inc. Amended and Restated 2019 Equity Incentive Plan*** | DEF 14A | 001-32559 | A | April 28, 2022 |
| 10.3 | Form of Stock Option Award*** | 8-K | 001-32559 | 10.2 | October 18, 2005 |
| 10.4 | Form of Restricted Stock Award*** | 8-K | 001-32559 | 10.4 | October 18, 2005 |
| 10.5 | Form of Deferred Stock Unit Award*** | 8-K | 001-32559 | 10.5 | October 18, 2005 |
| 10.6 | Form of Award Agreement for Restricted Stock*** | 8-K | 001-32559 | 10.1 | December 14, 2023 |
| 10.7 | Form of Award Agreement for Restricted Stock Units*** | 8-K | 001-32559 | 10.1 | March 14, 2024 |
| 10.8 | Employment Agreement between Medical Properties Trust, Inc. and Edward K. Aldag, Jr., dated September 10, 2003*** | S-11/A | 333-119957 | 10.3 | January 6, 2005 |
| 10.9 | First Amendment to Employment Agreement between Medical Properties Trust, Inc. and Edward K. Aldag, Jr., dated March 8, 2004*** | S-11/A | 333-119957 | 10.4 | January 6, 2005 |
| 10.10 | Employment Agreement between Medical Properties Trust, Inc. and R. Steven Hamner, dated September 10, 2003*** | S-11/A | 333-119957 | 10.6 | January 6, 2005 |
| 10.11 | Form of Indemnification Agreement between Medical Properties Trust, Inc. and executive officers and directors*** | S-11/A | 333-119957 | 10.55 | July 5, 2005 |
| 10.12 | Second Amendment to Employment Agreement between Medical Properties Trust, Inc. and Edward K. Aldag, Jr., dated September 29, 2006*** | 10-K | 001-32559 | 10.58 | March 14, 2008 |
| 10.13 | First Amendment to Employment Agreement between Medical Properties Trust, Inc. and R. Steven Hamner, dated September 29, 2006*** | 10-K | 001-32559 | 10.59 | March 14, 2008 |
| 10.14 | Second Amendment to Employment Agreement between Medical Properties Trust, Inc. and Richard S. Hamner, dated January 1, 2008*** | 10-K | 001-32559 | 10.76 | March 13, 2009 |
| 10.15 | Third Amendment to Employment Agreement between Medical Properties Trust, Inc. and R. Steven Hamner, dated January 1, 2009*** | 10-K | 001-32559 | 10.77 | March 13, 2009 |
| 10.16 | Third Amendment to Employment Agreement between Medical Properties Trust, Inc. and Edward K. Aldag, Jr., dated January 1, 2008*** | 10-K | 001-32559 | 10.78 | March 13, 2009 |
| 10.17 | Fourth Amendment to Employment Agreement between Medical Properties Trust, Inc. and Edward K. Aldag, Jr., dated January 1, 2009*** | 10-K | 001-32559 | 10.79 | March 13, 2009 |
| 10.18 | Amended and Restated Subscription Agreement dated as of June 7, 2018 by and among MPT Operating Partnership, L.P., Primotop Holding, S.a.r.l. and MPT RHM Holdco S.a.r.l. | 10-Q | 001-32559 | 10.1 | August 9, 2018 |
| 10.19 | Real Property Asset Purchase Agreement, dated as of July 10, 2019, by and among Prospect Medical Holdings, Inc., as “Prospect Medical Holdings”, and subsidiaries of Prospect Medical Holdings, as the “Prospect Medical Subsidiaries”, and subsidiaries of MPT Operating Partnership, L.P., as the “MPT Parties”. | 10-Q | 001-32559 | 10.2 | November 12, 2019 |
| 10.20 | Form of Lease Agreement between certain subsidiaries of MPT Operating Partnership, L.P., as Lessor, and Circle Health Ltd. and certain of its subsidiaries, as Lessee | 10-Q | 001-32559 | 10.1 | August 7, 2020 |
| 10.21 | Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of June 29, 2022, among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., the several lenders from time to time party thereto, Bank of | 8-K | 001-32559 | 1.1 | July 6, 2022 |
| America, N.A., as syndication agent, and JPMorgan Chase Bank, N.A., as administrative agent | |||||
|---|---|---|---|---|---|
| 10.22 | Amendment No. 1 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 12, 2024, by and among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., the several lenders from time to time party thereto, Bank of America, N.A., as syndication agent, and JPMorgan Chase Bank, N.A., as administrative agent | 10-Q | 001-32559 | 10.1 | August 9, 2024 |
| 10.23 | Amendment No. 2 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of August 6, 2024, by and among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., the Guarantors party hereto, the several lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent | 10-Q/A | 001-32559 | 10.1 | November 13, 2024 |
| 10.24 | Amendment No. 3 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 13, 2025, by and among Medical Properties Trust, Inc., MPT Operating Partnership, L.P., the Guarantors party hereto, the several lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent | 8-K | 001-32559 | 10.1 | February 18, 2025 |
| 19.1 | Compensation Recovery Policy | 10-K | 001-32559 | 19.1 | February 29, 2024 |
| 19.2 | Insider Trading Policy | 10-K | 001-32559 | 19.2 | February 29, 2024 |
| 21.1* | Subsidiaries of Medical Properties Trust, Inc. | ||||
| 23.1* | Consent of PricewaterhouseCoopers LLP | ||||
| 23.2* | Consent of PricewaterhouseCoopers LLP | ||||
| 31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. (Medical Properties Trust, Inc.) | ||||
| 31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. (Medical Properties Trust, Inc.) | ||||
| 31.3* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. (MPT Operating Partnership, L.P.) | ||||
| 31.4* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. (MPT Operating Partnership, L.P.) | ||||
| 32.1** | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Medical Properties Trust, Inc.) | ||||
| 32.2** | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (MPT Operating Partnership, L.P.) | ||||
| Exhibit 101.INS | Inline XBRL Instance Document | ||||
| Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents | ||||
| 104 | Cover page interactive data file (Formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) | ||||
- Filed herewith.
** Furnished herewith.
*** Management contract or compensatory plan or arrangement.
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