MEDICAL PROPERTIES TRUST INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 2. Properties
At December 31, 2025, our portfolio (including properties in our five real estate joint ventures) consisted of 384 properties (including properties under construction or in the form of a first lien mortgage loan) operated by 52 different operators. Our vacant facilities represent less than 1% of total assets at December 31, 2025.
| TotalProperties · Total 2025Revenues · TotalAssets(A) | ||||
|---|---|---|---|---|
| (Dollars in thousands) | ||||
| United States: | ||||
| Alabama | 2 | $791 | $6,162 | |
| Arizona | 8 | 37,519 | 328,873 | |
| Arkansas | 1 | 10,582 | 65,030 | |
| California | 17 | 69,157 | 977,890 | |
| Colorado | 3 | 10,746 | 102,549 | |
| Connecticut | 3 | 60 | 41,414 | |
| Florida | 6 | 21,696 | 834,940 | (B) |
| Idaho | 6 | 42,180 | 299,826 | |
| Indiana | 4 | 7,148 | 58,522 | |
| Iowa | 1 | 5,396 | 44,374 | |
| Kansas | 9 | 15,982 | 208,893 | (B) |
| Kentucky | 1 | 10,288 | 53,080 | |
| Louisiana | 5 | 6,060 | 106,713 | |
| Massachusetts | 2 | 436 | 244,824 | (D) |
| Michigan | 1 | 3,521 | 13,038 | |
| Missouri | 4 | 23,986 | 117,424 | |
| Montana | 1 | 2,049 | 19,134 | |
| New Jersey | 2 | 21,520 | 142,121 | |
| New Mexico | 2 | 5,271 | 50,519 | |
| North Carolina | 1 | 3,163 | 30,027 | |
| Ohio | 9 | 25,910 | 330,189 | (B) |
| Oklahoma | 1 | 7,082 | 6,855 | |
| Oregon | 1 | 12,588 | 80,539 | |
| Pennsylvania | 7 | 31,450 | 304,372 | |
| South Carolina | 5 | 17,174 | 123,512 | |
| Texas | 44 | 100,839 | 1,427,391 | (C) |
| Utah | 7 | 4,288 | 193,752 | (E) |
| Virginia | 2 | 2,940 | 15,728 | |
| Washington | 2 | 4,319 | 35,334 | |
| Wisconsin | 1 | 3,703 | 27,266 | |
| Wyoming | 3 | 10,034 | 89,174 | |
| Other assets | — | — | 1,072,900 | |
| Total United States | 161 | $517,878 | $7,452,365 | |
| International: | ||||
| Colombia | 4 | $6,216 | $147,620 | |
| Germany | 85 | 42,686 | 751,806 | (E) |
| Italy | 8 | — | 86,091 | (E) |
| Portugal | 2 | 3,748 | 50,205 | |
| Spain | 9 | 12,599 | 302,323 | (D)(E) |
| Switzerland | 19 | 2,877 | 873,703 | (E) |
| United Kingdom | 92 | 373,279 | 4,184,188 | |
| Finland | 4 | 12,739 | 220,813 | |
| Other assets | — | — | 932,661 | |
| Total International | 223 | $454,144 | $7,549,410 | |
| Total | 384 | $972,022 | $15,001,775 | |
(A)
Represents total assets at December 31, 2025.
(B)
Includes a facility that was vacant at December 31, 2025.
(C)
Includes a development project still under construction and facilities that were vacant at December 31, 2025.
(D)
Includes development project(s) still under construction at December 31, 2025.
(E)
For Germany, the U.S., Switzerland, Spain, and Italy, we own properties through five real estate joint venture arrangements and our share of revenues from these joint ventures is reflected in the "Earnings (loss) from equity investments" line of our consolidated statements of net income. However, the table below shows revenues earned from these joint venture arrangements:
| TotalProperties | Total 2025 Revenues | |
|---|---|---|
| (Dollars in thousands) | ||
| Germany | 71 | $70,614 |
| U.S. | 5 | 24,733 |
| Switzerland | 19 | 61,077 |
| Spain | 2 | 7,463 |
| Italy | 8 | 7,111 |
| Total | 105 | $170,998 |
A breakout of our facilities at December 31, 2025 based on property type is as follows:
| Number ofProperties | TotalSquareFootage | TotalLicensedBeds(A) | |
|---|---|---|---|
| General acute care hospitals | 168 | 27,501,398 | 17,184 |
| Behavioral health facilities | 68 | 3,067,544 | 4,238 |
| Post acute care facilities | 128 | 13,788,289 | 17,109 |
| FSERs | 20 | 170,642 | — |
| 384 | 44,527,873 | 38,531 |
(A)
Reflects all properties, including those that are part of real estate joint ventures, except for our facilities that are under development.
The following table shows lease and loan expirations, assuming that none of the tenants/borrowers exercise any of their renewal options (dollars in thousands):
| Total Lease and Loan Portfolio(1) | TotalLeases/Loans(2) | AnnualizedBaseRent/Interest(3) | % of TotalAnnualizedBaseRent/Interest | TotalSquareFootage | TotalLicensedBeds |
|---|---|---|---|---|---|
| 2026 | 1 | $228 | — | 7,040 | — |
| 2027 | 1 | 3,681 | 0.3% | 107,849 | 13 |
| 2028 | 7 | 17,746 | 1.5% | 1,946,588 | 559 |
| 2029 | 4 | 16,112 | 1.4% | 775,575 | 527 |
| 2030 | 10 | 7,128 | 0.6% | 309,615 | 84 |
| 2031 | 4 | 3,852 | 0.3% | 133,505 | 123 |
| 2032 | 21 | 60,495 | 5.2% | 1,067,663 | 743 |
| 2033 | 5 | 6,201 | 0.6% | 85,477 | 24 |
| 2034 | 8 | 62,889 | 5.5% | 1,968,674 | 1,345 |
| 2035 | 7 | 25,516 | 2.2% | 750,199 | 983 |
| Thereafter | 301 | 950,848 | 82.4% | 34,793,831 | 33,402 |
| Total | 369 | $1,154,696 | 100.0% | 41,946,016 | 37,803 |
(1)
Schedule includes leases and mortgage loans and related terms as of December 31, 2025.
(2)
Reflects all properties, including those that are part of real estate joint ventures, except vacant properties (less than 1% of total assets), facilities that are under development, and transitioning properties.
(3)
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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.