At a glance
Medical Properties Trust, Inc is worth $1.64B. Revenue fell 2.4% to $972.0M in fiscal 2025, at a loss; over 5 years it has grown 4.9% a year. It pays a 13.09% dividend yield, and returned $2.51B to shareholders in dividends and buybacks over FY2021–FY2025.
The business in plain English
Medical Properties Trust (MPT) is a real estate investment trust (REIT), a company that owns property and pays out most of its taxable income as dividends. Formed in 2003, it buys and builds hospitals and other healthcare buildings and rents them to the companies that run them. As of December 31, 2025, it had investments in 384 facilities with about 39,000 licensed beds in 31 US states, seven European countries and Colombia.
Most deals are long-term net leases, where the tenant pays rent plus most of the building's costs. Rent made up about 95% of the $972 million in revenue for 2025. That includes rent billed (75.8%) and straight-line rent (15.6%). Straight-line rent is an accounting entry that spreads scheduled rent increases evenly over a lease, so it is not cash collected that year. MPT also earns interest on loans to operators and owns stakes in some tenants' businesses.
MPT reports a single business segment. As of February 23, 2026, it had 381 properties: 165 general acute care hospitals, 128 post acute care facilities such as rehab hospitals, 68 behavioral health facilities and 20 freestanding emergency rooms or urgent care centers. A few tenants loom large. At December 31, 2025, Circle, Priory, HSA, Swiss Medical and Lifepoint Behavioral made up 14.1%, 8.7%, 8.0%, 5.8% and 5.4% of total assets.
Price history
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MPT — over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $259.3M, up 7.9% from a year earlier, and net income was $-2.6M.
- For fiscal 2025, revenue was $972.0M (-2.4% year over year; -4.9% a year from FY2020 to FY2025) with a -28.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -4.9% weak |
|---|---|
| Return on equity (FY2025) | -6% weak |
| Return on assets (FY2025) | -1.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.25B | $431.4M | — |
| FY2021 | $1.54B | $656.0M | — |
| FY2022 | $1.54B | $902.6M | — |
| FY2023 | $871.8M | $-556.5M | — |
| FY2024 | $995.5M | $-2.41B | — |
| FY2025 | $972.0M | $-277.0M | — |
Valuation snapshot
| Market value | $1.64B |
|---|---|
| P/E ratio | — |
| Dividend yield | 13.09% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MPT price data to Oct 28, 2026 | -43.1% | — | — | — | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($10K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | James Kevin Hanna Senior VP, Controller & CAO | buy | $10K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.5% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.21% | Mar 31, 2026 |
| He Zhengxu | 6.9% | Dec 31, 2025 |
| STATE STREET CORPORATION | 4.5% | Sep 30, 2025 |
What could go wrong
- Heavy reliance on a few large tenants. Circle, Priory, HSA, Swiss Medical and Lifepoint Behavioral made up 14.1%, 8.7%, 8.0%, 5.8% and 5.4% of total assets at December 31, 2025. MPT has no control over how they operate.
- Tenant problems have already led to write-downs. MPT recorded write-downs, called impairment charges, in 2024 and 2025 related to Steward and Prospect. If a tenant fails, re-leasing its hospitals can be slow and costly, possibly on worse terms.
- Heavy debt and limits set by lenders. Debt was about $9.7 billion as of June 30, 2026, against a stock market value near $1.6 billion on October 28, 2026. Covenants, or lender rules, limit flexibility. Credit downgrades could raise borrowing costs.
- Stakes in tenants and joint ventures. MPT owns pieces of some tenants' operating businesses, and those returns swing more than lease rent. It also holds 105 facilities through five joint ventures, where it shares control with partners.
- Pressure on government hospital payments. Hospitals are paid partly by government programs such as Medicare and Medicaid, and by similar systems abroad. Cuts, or shifts to new payment models, could squeeze tenants' profits and their ability to pay rent.
- All in healthcare, with hard-to-sell buildings. Every property is healthcare real estate, so trouble in that industry hits the whole portfolio. Hospitals are specialized and hard to sell or re-lease quickly, and MPT says it has less experience outside the US.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
MPT pays a dividend, but the payout has been cut sharply. Dividends per share went from $1.16 in 2022 to $0.88 in 2023, $0.46 in 2024 and $0.33 in 2025, so there is no streak of increases. MPT posted net losses in each of those three years, so earnings did not cover the payout. The yield was about 13.1% as of October 28, 2026, high partly because the share price had fallen. Buybacks were small, about $41 million from 2021 through 2025, and the share count barely changed.
This page has less than a year of price history for MPT, so it can't show how the shares held up in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. In that short span, the stock fell 43.1% from the start of 2026 to October 28, 2026, and its worst peak-to-trough drop was 53.5%. A single stock carries far more risk than a diversified fund.
Questions investors ask
How does Medical Properties Trust make money?
Mostly from rent. MPT owns hospitals and other healthcare facilities and leases them to operators on long-term net leases, where the tenant pays most of the property's costs. Rent made up about 95% of its $972 million in revenue for 2025. The rest came from interest on loans to operators and other income. MPT also owns stakes in some tenants' businesses, which give it a share of their profits or losses.
Has Medical Properties Trust cut its dividend?
Yes. Dividends per share fell in each of 2023, 2024 and 2025: from $1.16 in 2022 to $0.88, then $0.46, then $0.33. From 2020, when it paid $1.08, through 2025, the dividend shrank about 21% a year on average. MPT reported net losses in all three of those years. The yield was about 13.1% as of October 28, 2026, but a high yield after a steep price drop does not mean the payout is secure.
Who are Medical Properties Trust's biggest tenants?
Circle, Priory, HSA, Swiss Medical and Lifepoint Behavioral. As of December 31, 2025, they made up 14.1%, 8.7%, 8.0%, 5.8% and 5.4% of MPT's total assets. MPT has no control over how these operators run their businesses, so trouble at a large tenant can hit its results hard. As of February 23, 2026, MPT leased 365 facilities to 50 tenants. Its largest single property was less than 2% of total assets at December 31, 2025.
How much debt does Medical Properties Trust have?
About $9.7 billion as of June 30, 2026. On the same date, shareholders' equity (assets minus liabilities on the balance sheet) was about $4.5 billion, and cash and investments were about $397 million. The company's stock market value was about $1.6 billion on October 28, 2026. MPT warns that its debt, the covenants (rules) in its loan agreements and any credit rating downgrades could limit its flexibility and its ability to pay dividends.
Where does Medical Properties Trust own hospitals?
In the US, Europe and South America. As of December 31, 2025, MPT had investments in 384 facilities with about 39,000 licensed beds in 31 US states, seven European countries and Colombia. As of February 23, 2026, the portfolio included 165 general acute care hospitals, 128 post acute care facilities, 68 behavioral health facilities and 20 freestanding emergency rooms or urgent care centers. MPT says it has less experience with facilities outside the US.