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Medical Properties Trust, Inc. is a self-advised real estate investment trust to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 388 facilities and approximately 39,000 licensed beds in nine countries and across three continents as of September 30, 2025. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. Medical Properties Trust, Inc. was incorporated in 2003.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $972M | $813M | $-277M | $231M | -6.0% | -2.4% | -88.5% |
| 2024 | $996M | $841M | $-2.4B | $245M | -49.9% | 14.2% | 333.1% |
| 2023 | $872M | $697M | $-556M | $506M | -7.3% | -43.5% | -161.7% |
| 2022 | $1.5B | $1.3B | $903M | $739M | 10.5% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,542.85 | 871.80 | 995.55 | 972.02 |
| Cost Of Revenue | - | 45.70 | 41.57 | 27.26 | 36.42 |
| Gross Profit | - | 1,497.15 | 830.23 | 968.29 | 935.61 |
| Operating Expense | - | 493.47 | 748.95 | 581.45 | 395.83 |
| Operating Income | - | 1,003.68 | 81.28 | 386.85 | 539.78 |
| EBITDA | - | 1,349.26 | 697.41 | 840.60 | 812.59 |
| EBIT | - | 1,003.68 | 81.28 | 386.85 | 539.78 |
| Pretax Income | - | 959.72 | -686.77 | -2,364.19 | -237.32 |
| Tax Provision | - | 55.90 | -130.68 | 44.10 | 38.62 |
| Net Income | - | 902.60 | -556.48 | -2,410.27 | -277.05 |
| Net Income Common Stockholders | - | 901 | -558.12 | -2,411.22 | -277.94 |
| Total Expenses | - | 539.17 | 790.52 | 608.70 | 432.25 |
| Selling General And Administration | - | 160.49 | 145.59 | 133.79 | 130.43 |
| Normalized EBITDA | - | 1,080.88 | 1,076.13 | 2,187.30 | 1,000.99 |
| Normalized Income | - | 649.85 | -249.82 | -1,346.37 | -128.21 |
| Market Cap | 3,150.49 | 3,150.49 | 3,150.49 | 3,150.49 | 3,150.49 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Medical Properties Trust, Inc.this co. | MPT | - | -11.37 | 0.68 | -6.0% | 15.30 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Urban Edge Properties | UE | $2.7B | 32.46 | 2.36 | 7.3% | 14.89 |
| Highwoods Properties, Inc. | HIW |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.6B |
| 16.50 |
| 1.12 |
| 6.8% |
| 10.10 |
| Four Corners Property Trust, Inc. | FCPT | $2.6B | 24.84 | 1.71 | 6.9% | 17.72 |
| Uniti Group Inc. | UNIT | $2.4B | 2.23 | 7.64 | 343.1% | 5.31 |
| DiamondRock Hospitality Company | DRH | $2.4B | 20.62 | 1.44 | 7.0% | 11.69 |
| Getty Realty Corp. | GTY | $2.0B | 25.54 | 1.89 | 7.4% | 16.00 |
| Peer Median | - | 22.73 | 1.63 | 7.0% | 13.29 | |