Medical Properties Trust, Inc.

Medical Properties Trust is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

As of September 30, 2026, its portfolio comprised 365 properties with about 37,000 licensed beds. These are leased to or mortgaged by 52 hospital operating companies across 30 U.S. states and nine countries: the United States, United Kingdom, Switzerland, Germany, Spain, Finland, Colombia, Italy and Portugal.

By total assets of about $14.4 billion, the portfolio includes:
- General acute care hospitals: roughly $8.2 billion
- Behavioral health facilities: about $2.4 billion
- Post-acute care facilities: about $1.6 billion
- Freestanding ER/urgent care facilities: a small share

The financing model lets hospital operators unlock the value of their real estate to fund facility improvements, technology upgrades and other operating investments. Income comes mainly from absolute net master leases, financing leases and mortgage loans.

MPT also holds interests in unconsolidated real estate joint ventures (HM Hospitales, MEDIAN, Swiss Medical Network, Policlinico di Monza). It has passive equity stakes in operators including Swiss Medical Network, Aevis, Priory and Aspris.

The largest operators are Circle Health, Healthcare Systems of America, Priory Group, Lifepoint Behavioral Health, Lifepoint Health and Ernest Health. The UK generates about 39% of quarterly revenue. The company is recycling capital through asset sales and refinancing to reduce leverage. Updated Oct 29, 2026