Medical Properties Trust, Inc. (MPW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'immobilier des soins de santé, Medical Properties Trust, Inc. (MPW) émerge comme une puissance stratégique, transformant le paysage des investissements des installations médicales. Cette fiducie d'investissement immobilier innovant (REI) va au-delà de la gestion des propriétés traditionnelles, offrant une approche complète qui prie les solutions financières avec les besoins critiques des infrastructures de santé. En fournissant des stratégies immobilières spécialisées, MPW permet aux prestataires de soins de santé de se concentrer sur les soins aux patients tout en obtenant un capital flexible et des installations de pointe, ce qui en fait un acteur pivot dans l'écosystème de soins de santé en évolution.

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: partenariats clés

Fournisseurs de soins de santé et systèmes hospitaliers

En 2024, Medical Properties Trust collabore avec environ 390 établissements de santé à travers les États-Unis. Les partenariats clés du système hospitalier comprennent:

Système hospitalier	Nombre d'installations	Investissement total
Système de soins de santé Steward	33 hôpitaux	2,7 milliards de dollars
Prospect Medical Holdings	17 hôpitaux	1,2 milliard de dollars

Entreprises d'investissement immobilier et de développement

MPW maintient des partenariats stratégiques avec des sociétés de développement immobilier spécialisés dans les infrastructures de santé.

• Cushman & Wakefield - Services consultatifs
• CBRE Healthcare - Support de transaction
• JLL Healthcare - Analyse du marché

Fournisseurs d'équipement et de technologie médicaux

Les partenariats technologiques et équipements comprennent:

Partenaire	Focus technologique	Valeur de collaboration annuelle
Philips Healthcare	Équipement d'imagerie médicale	85 millions de dollars
GE Healthcare	Technologies diagnostiques	72 millions de dollars

Institutions financières et banques d'investissement

Le réseau de partenariat financier de MPW comprend:

• Bank of America - 500 millions de dollars de crédit
• Wells Fargo - Arrangement de prêt de 350 millions de dollars
• JPMorgan Chase - 425 millions de dollars de services bancaires d'investissement

Sociétés de capital-investissement axées sur les soins de santé

Collaborations actuelles de capital-investissement:

Private equity	Portée des investissements	Valeur de partenariat
Blackstone Healthcare	Acquisitions immobilières de l'hôpital	1,1 milliard de dollars
Investisseurs KKR Healthcare	Investissements des installations médicales	780 millions de dollars

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: Activités clés

Acquérir, développer et louer des biens de santé immobiliers

En 2024, Medical Properties Trust possède 441 propriétés de soins de santé aux États-Unis, totalisant environ 44 000 lits d'hôpital. Valeur du portefeuille immobilier total: 21,5 milliards de dollars.

Type de propriété	Nombre de propriétés	Investissement total
Hôpitaux de soins actifs	274	13,2 milliards de dollars
Centre de santé comportementale	87	4,5 milliards de dollars
Hôpitaux de réhabilitation	52	2,8 milliards de dollars
Centres chirurgicaux	28	1 milliard de dollars

Gérer et maintenir les propriétés des installations médicales

Budget annuel de maintenance des biens et de dépenses en capital: 185 millions de dollars. Taux d'occupation à travers le portefeuille: 97,6%.

Structurer des accords de financement immobilier complexes

Total des transactions de financement en 2023: 18 transactions, agrégant 2,3 milliards de dollars de déploiement en capital.

• Terme de location moyenne: 15,4 ans
• Rendement de location moyen pondéré: 7,2%
• Structure de location à triple réseau pour 92% des propriétés

Identification et évaluation des investissements immobiliers potentiels

Les critères de dépistage des investissements comprennent:

• Analyse de la demande du marché
• Force financière de l'opérateur
• Diversification géographique
• Évaluation de l'état de la propriété

Fournir des solutions de capital aux opérateurs de soins de santé

Déploiement des capitaux en 2023: 1,7 milliard de dollars sur 22 systèmes de soins de santé.

Type d'opérateur	Capital fourni	Nombre de transactions
Systèmes hospitaliers	1,2 milliard de dollars	14
Fournisseurs de santé comportementale	350 millions de dollars	5
Réseaux de réhabilitation	150 millions de dollars	3

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: Ressources clés

Portfolio vaste de propriétés médicales

Au quatrième trimestre 2023, Medical Properties Trust possède 441 établissements de santé à travers les États-Unis, ce qui représente un investissement immobilier total de 20,1 milliards de dollars. Le portefeuille comprend:

Type de propriété	Nombre d'installations	Total en pieds carrés
Hôpitaux de soins actifs	182	12,3 millions de pieds carrés
Centre de santé comportementale	93	4,7 millions de pieds carrés
Hôpitaux de réhabilitation	66	3,2 millions de pieds carrés

Capacités financières et investissements solides

Ressources financières au 31 décembre 2023:

• Actif total: 22,3 milliards de dollars
• Équité totale: 8,9 milliards de dollars
• Capacité de dette: 3,5 milliards de dollars disponibles
• Capitalisation boursière: 4,2 milliards de dollars

Équipe de gestion immobilière expérimentée des soins de santé

Composition du leadership:

• 8 membres de l'équipe de direction avec une expérience immobilière en moyenne 18 ans
• Personnel total: 127 employés
• Temps moyen de la haute direction: 12 ans

Réseau robuste de relations de l'industrie des soins de santé

Métriques de partenariat clés:

Type de partenaire	Nombre de partenariats	Couverture géographique
Hôpitaux	32	50 États américains
Systèmes de santé	18	25 États américains

Outils avancés d'évaluation des propriétés et d'analyse des investissements

Capacités de technologie et d'analyse:

• Système de suivi des actifs en temps réel propriétaire
• Plateforme d'analyse prédictive avancée
• Outils de dépistage des investissements compatibles avec l'apprentissage automatique
• Système de surveillance des performances financières en temps réel

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: propositions de valeur

Solutions immobilières spécialisées pour les prestataires de soins de santé

Depuis le quatrième trimestre 2023, Medical Properties Trust détient 441 propriétés à travers les États-Unis, ce qui représente un investissement total de 19,3 milliards de dollars dans l'immobilier de la santé.

Type de propriété	Nombre de propriétés	Investissement total
Hôpitaux de soins actifs	274	12,7 milliards de dollars
Centre de santé comportementale	87	4,2 milliards de dollars
Hôpitaux de réhabilitation	80	2,4 milliards de dollars

Accès flexible en capital pour les opérateurs de soins de santé

En 2023, MPW a fourni 1,2 milliard de dollars de solutions en capital aux prestataires de soins de santé, leur permettant de moderniser et d'étendre les infrastructures.

• Terme de location moyenne: 15 ans
• Taux de location moyen pondéré: 4,8%
• Taux d'occupation: 99,2%

Slemes de revenus stables à travers des baux à long terme

Le portefeuille de MPW a généré 1,47 milliard de dollars de revenus de location annuelle pour 2023, avec des escaliers mécaniques contractuels en moyenne 2% par an.

Soutien aux infrastructures de soins de santé

En 2023, MPW a investi 425 millions de dollars dans les nouveaux développements d'établissements de santé et les principales rénovations dans 37 projets distincts.

Réduction des dépenses en capital

En fournissant des solutions de location à vente, MPW a aidé les opérateurs de soins de santé à réduire leurs dépenses en capital d'environ 680 millions de dollars en 2023.

Métrique financière	Valeur 2023
Revenus totaux	1,87 milliard de dollars
Bénéfice d'exploitation net	1,42 milliard de dollars
Fonds des opérations (FFO)	1,06 milliard de dollars

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

Medical Properties Trust maintient une durée de location moyenne de 14,4 ans dans son portefeuille immobilier des soins de santé. Au quatrième trimestre 2023, le chiffre d'affaires total des locations de la société était de 1,4 milliard de dollars, avec un taux d'occupation de 99,2%. Le portefeuille de location comprend 441 propriétés dans 33 États et plusieurs pays.

Métrique de location	Valeur
Terme de location moyenne	14,4 ans
Revenus de location totale	1,4 milliard de dollars
Taux d'occupation des biens	99.2%
Propriétés totales	441

Gestion de compte dédiée pour les clients de la santé

MPW fournit des services de gestion des comptes spécialisés une équipe dédiée de 47 professionnels de l'immobilier axés sur les investissements immobiliers de la santé.

• Stratégies d'investissement personnalisées
• Assistance personnalisée en gestion immobilière
• Canaux de communication directes avec les opérateurs de soins de santé

Partenariats collaboratifs de développement immobilier et d'investissement

En 2023, MPW a exécuté 1,2 milliard de dollars en partenariats stratégiques avec les systèmes de soins de santé et les opérateurs hospitaliers, y compris des projets de développement conjoints avec des soins de santé et des avoirs médicaux de steward.

Services de maintenance et de soutien réactifs en matière de propriété

MPW alloue environ 85 millions de dollars par an pour les projets de maintenance des biens et d'amélioration des capitaux dans son portefeuille immobilier de santé.

Rapports de performance financière et opérationnelle régulière

La société fournit des rapports financiers trimestriels avec des mesures de performance détaillées. En 2023, MPW a rapporté:

Métrique financière	Valeur
Revenus totaux	1,6 milliard de dollars
Bénéfice d'exploitation net	1,3 milliard de dollars
Fonds des opérations (FFO)	752 millions de dollars

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: canaux

Équipes directes des ventes et du développement commercial

Medical Properties Trust emploie une équipe dédiée de 35 professionnels de l'immobilier axés sur les acquisitions et les investissements des biens de santé.

Composition de l'équipe de vente	Nombre
Cadres supérieurs	7
Gestionnaires du développement commercial	12
Analystes d'investissement	16

Conférences de l'industrie des soins de santé et événements de réseautage

MPW participe activement 12-15 conférences immobilières majeures en matière de santé chaque année.

• Conférence internationale de Boma
• Conférence des investisseurs de Reitweek
• Conférence JP Morgan Healthcare
• Citi Global Property Conference

Plateformes numériques et site Web d'entreprise

Le site Web de l'entreprise reçoit environ 85 000 visiteurs uniques mensuellement.

Canal numérique	Engagement mensuel
Site Web de l'entreprise	85 000 visiteurs uniques
LinkedIn adepte	22,500
Abonnés Twitter	5,700

Banques d'investissement et réseaux d'investissement immobiliers

MPW entretient des relations avec 17 grandes sociétés de banque d'investissement.

• Goldman Sachs
• Morgan Stanley
• Bank of America Merrill Lynch
• Raymond James

Relations de conseil financier et de courtage

Maintient des partenariats actifs avec 23 sociétés de conseil financier et de courtage.

Type de relation	Nombre de partenariats
Sociétés de courtage nationales	9
Conseillers d'investissement régionaux	14

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: segments de clientèle

Systèmes hospitaliers et prestataires de soins de santé

Au quatrième trimestre 2023, MPW possédait 438 établissements de santé à travers les États-Unis. Valeur du portefeuille de propriété totale: 20,1 milliards de dollars.

Type de client	Nombre d'installations	Investissement total
Grands systèmes hospitaliers	186	8,7 milliards de dollars
Réseaux de soins de santé régionaux	142	6,3 milliards de dollars

Soins actifs et installations médicales spécialisées

Le portefeuille des établissements de soins actifs de MPW comprend 274 propriétés médicales spécialisées.

• Terme de location moyenne: 14,4 ans
• Taux d'occupation: 99,2%
• Revenus locatifs annuels des établissements de soins actifs: 1,2 milliard de dollars

Centres de réhabilitation et de soins de longue durée

MPW possède 89 établissements de réadaptation et de soins de longue durée dans 28 États.

Type d'installation	Quantité	Investissement total
Centres de réadaptation	53	1,6 milliard de dollars
Établissements de soins de longue durée	36	1,1 milliard de dollars

Centres de santé comportementale et de traitement psychiatrique

Le portefeuille de santé comportementale de MPW se compose de 44 établissements de traitement spécialisés.

• Investissement total dans les centres de santé comportementale: 750 millions de dollars
• Couverture géographique: 19 États
• Taille moyenne des installations: 85 000 pieds carrés

Fournisseurs de services médicaux ambulatoires

MPW possède 39 installations de services médicaux ambulatoires dans son portefeuille.

Type de service ambulatoire	Nombre d'installations	Revenus de location annuels
Centres chirurgicaux	22	410 millions de dollars
Centres de diagnostic	17	285 millions de dollars

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

À partir du rapport annuel de 2023, les coûts d'acquisition de propriétés de MPW ont totalisé 1,4 milliard de dollars. Les dépenses de développement des établissements de santé étaient d'environ 287 millions de dollars.

Catégorie de dépenses	Montant ($)
Acquisitions totales de propriétés	1,400,000,000
Frais de développement	287,000,000

Coûts de maintenance et de rénovation des biens

Les frais de maintenance des biens annuels pour MPW étaient de 42,3 millions de dollars en 2023. Les coûts de rénovation dans tous les biens de santé ont atteint 18,7 millions de dollars.

• Entretien de routine: 24,6 millions de dollars
• Rénovations majeures: 18,7 millions de dollars
• Mises à niveau de la conformité: 6,9 millions de dollars

Financement et entretien de la dette

Les frais d'intérêt total pour 2023 étaient de 338,4 millions de dollars. Les coûts de service de la dette représentaient 12,5% du total des dépenses opérationnelles.

Métrique de la dette	Montant ($)
Total des frais d'intérêt	338,400,000
Pourcentage de service de la dette	12.5%

Frais généraux opérationnels et administratifs

Les frais généraux administratifs pour MPW en 2023 étaient de 53,2 millions de dollars. Les dépenses d'exploitation générales ont totalisé 77,6 millions de dollars.

• Salaires du personnel d'entreprise: 31,5 millions de dollars
• Infrastructure technologique: 8,7 millions de dollars
• Services professionnels: 13 millions de dollars

Dépenses d'investissement et de diligence raisonnable

Les coûts d'évaluation des investissements et de diligence raisonnable ont été de 22,1 millions de dollars en 2023. Les dépenses liées aux transactions ont atteint 16,4 millions de dollars.

Catégorie de dépenses d'investissement	Montant ($)
Coûts de diligence raisonnable	22,100,000
Dépenses de transaction	16,400,000

Medical Properties Trust, Inc. (MPW) - Modèle d'entreprise: Strots de revenus

Revenu de location de location à long terme

En 2023, Medical Properties Trust a déclaré un revenu locatif total de 1,4 milliard de dollars. Le portefeuille de l'entreprise comprend approximativement 448 Propriétés des soins de santé dans plusieurs États et pays.

Type de propriété	Nombre de propriétés	Revenus de location annuels
Hôpitaux	330	1,05 milliard de dollars
Centre de santé comportementale	68	210 millions de dollars
Centres chirurgicaux	50	140 millions de dollars

Vente et gains de disposition des biens

En 2023, MPW s'est rendu compte 275 millions de dollars des dispositions de propriété, avec un gain moyen de 6.3% ci-dessus la valeur comptable.

Revenu des intérêts du financement des établissements de santé

L'entreprise a généré 87,5 millions de dollars dans les revenus d'intérêt du financement des établissements de santé en 2023, représentant 5.2% du total des revenus.

Frais de gestion immobilière et de conseil

MPW collecté 42,3 millions de dollars dans la gestion immobilière et les frais de conseil en 2023.

Rendements stratégiques de l'investissement immobilier

Les rendements totaux de l'investissement pour 2023 étaient 612 millions de dollars, avec un 7.8% Retour sur le capital investi.

• Investissement brut: 7,85 milliards de dollars
• Résultat d'exploitation net: 1,42 milliard de dollars
• Taux d'occupation: 98,6%

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Value Propositions

You're looking at how Medical Properties Trust, Inc. (MPW) creates value for its customers-the hospital operators. It's about turning bricks and mortar into financial flexibility for them.

Allows hospital operators to unlock real estate capital for operations.

Medical Properties Trust, Inc. acts as a capital partner, letting operators access the value tied up in their real estate. This is crucial for funding necessary operational shifts and investments. The company's financing model is designed to facilitate these acquisitions and recapitalizations so operators can focus on patient care. For instance, the company expects to collect an incremental $200 million plus in annual cash rent from the portfolio of new operators who have taken over transitional assets.

Provides a stable, long-term real estate solution via net-leases.

The core offering is a long-term, stable real estate solution through net-leases. This structure shifts property management and operational costs to the tenant. The weighted average initial term for leases resulting from the Steward Health Care settlement is approximately 18 years, showing a commitment to long-term partnerships. Plus, Medical Properties Trust, Inc. has a 21-year track record of consecutive dividend payments, which speaks to the stability of its underlying cash flow structure. The company is working toward a significant milestone, with management aiming to achieve over $1 billion in pro rata annualized cash rent by the end of 2026.

Facilitates operator recapitalizations and facility improvements.

When an operator needs to transition or improve assets, Medical Properties Trust, Inc. steps in with capital commitments. A recent example involves the new lease agreement with NOR Healthcare Systems for six California facilities. As part of that deal, Medical Properties Trust, Inc. committed to fund up to $60 million in seismic improvements required by regulators over the next four years, which will increase the lease base and generate additional rent. The initial annualized rent for these six facilities is set at $45 million. This transition shows the mechanism in action: cash rental income from new tenants jumped from $3.4 million to $11 million quarter-over-quarter (Q1 to Q2 2025).

Diversified exposure to healthcare real estate across nine countries.

You get exposure to a vast, geographically diverse portfolio. As of September 30, 2025, Medical Properties Trust, Inc. owned 388 facilities with approximately 39,000 licensed beds across nine countries. The total asset base was approximately $14.9 billion at that same date. The portfolio is leased to or mortgaged by 51 hospital operating companies. Here's a quick look at the asset and geographic concentration as of mid-2025:

Portfolio Metric	Value/Percentage (Late 2025)
Total Facilities Owned (Sept 30, 2025)	388
Total Licensed Beds (Sept 30, 2025)	Approx. 39,000
Total Assets (Sept 30, 2025)	Approx. $14.9 billion
General Acute Care Hospitals (% of Assets, Q2 2025)	59.4%
Largest International Exposure (UK, % of Assets, Q2 2025)	28.5%

The diversification extends to asset type as well, with general acute care facilities making up 61.4% of Q2 2025 revenues. Still, the UK remains the largest single international market, accounting for 39.1% of Q2 2025 revenues.

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Customer Relationships

You're looking at how Medical Properties Trust, Inc. (MPW) manages its relationships with the hospital operators who rent its facilities. Honestly, for a Real Estate Investment Trust (REIT) like MPW, the customer relationship is the business, built on very long-term contracts.

Long-term, defintely strategic, triple-net master lease agreements.

The foundation of the relationship is the long-term, triple-net master lease agreement. This structure means the tenant operator handles nearly all property expenses-taxes, insurance, and maintenance-which simplifies things for Medical Properties Trust, Inc. (MPW). As of September 30, 2025, the portfolio spanned 388 properties and approximately 39,000 licensed beds across 51 hospital operating companies in nine countries. The company is actively working toward a goal of generating >$1B in total annualized cash rent by the end of 2026, excluding the California Prospect properties. Furthermore, they anticipate an incremental $200M+ in scheduled annual cash rent from new operators as they ramp up operations.

Metric	Value as of Q3 2025	Context
Total Properties	388	Portfolio size as of September 30, 2025.
Total Licensed Beds	Approx. 39,000	Portfolio capacity as of September 30, 2025.
Number of Operators	51	Total hospital operating companies leasing from Medical Properties Trust, Inc. (MPW).
Target Annualized Cash Rent (2026)	>$1 Billion	Excludes rent contributions from California Prospect properties.
Expected Incremental Rent from New Operators	$200M+	Scheduled annual cash rent expected as new tenants ramp up.
Tenant-Funded CapEx Additions (Anticipated 2026)	~$40 Million	Expected to be added to lease bases via tenant-funded capital expenditures.

Direct relationship management with hospital operator executives.

Managing relationships means keeping a close eye on tenant health. We see this reflected in the operational metrics. For instance, general acute care operators reported a year-over-year increase in EBITDARM (Earnings Before Interest, Taxes, Depreciation, Amortization, Rent, and Management Fees) of more than $200 million. Post-acute operators saw a $50 million EBITDARM increase year-over-year, with specific operators like Ernest Health up 17%, Vibra up 33%, and MEDIAN up 7%. Overall, the total portfolio trailing twelve months (TTM) EBITDARM rent coverage improved to 2.5x, up from 2.3x in Q2 2024. This performance data is what you discuss directly with the executive teams.

Providing financing and capital for tenant growth and upgrades.

Medical Properties Trust, Inc. (MPW) actively helps operators unlock real estate value to fund improvements. A concrete example involves the new lease agreement with NOR Healthcare Systems Corp. for six former Prospect facilities in California. Medical Properties Trust, Inc. (MPW) committed to fund up to $60 million in seismic improvements required by California regulators over the next four years. This capital infusion is structured to increase the lease base and generate additional rent at the prevailing lease yield. Separately, the CFO noted that a recent transaction financed more than $2 billion of German rehabilitation hospitals at a 5.1% coupon, which supports the broader ecosystem of tenant financing and recapitalization.

Active support during tenant restructuring processes (e.g., Prospect).

When a major tenant faces distress, the relationship management shifts to active support and asset protection. Prospect Medical Group had not paid rent since June 2024, and its Connecticut and Pennsylvania lessees had only made minimal payments over the preceding two years. Medical Properties Trust, Inc. (MPW) recognized revenues from Prospect using cash-basis accounting since 2023. During the Chapter 11 restructuring, Medical Properties Trust, Inc. (MPW) prioritized protecting its investment in the California hospitals. A key step involved a settlement with Yale New Haven Health System, which provided $45 million to Prospect, which Medical Properties Trust, Inc. (MPW) expected to use to reduce its outstanding debtor-in-possession (DIP) loan. Following this and expected sales of the three Connecticut hospitals, Medical Properties Trust, Inc. (MPW) anticipated the full repayment of its recent $105 million DIP loan balance. The new lease with NOR for the six California facilities sets an initial stabilized annual rent of $45 million per year, though rent is deferred for the first 6 months and 50% deferred for an additional 6 months. Also, Medical Properties Trust, Inc. (MPW) recently sold two facilities in Phoenix, Arizona, that generated nominal monthly cash rent, for approximately $50 million.

The company is managing a complex transition, aiming for 96% of scheduled rents collected through October from its new tenants, with the exception of three facilities in Ohio and Pennsylvania.

Finance: draft 13-week cash view by Friday.

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Channels

You're looking at how Medical Properties Trust, Inc. (MPW) gets its services-the real estate capital and financing-into the hands of its hospital operator customers. It's not just one way; it's a multi-pronged approach that blends direct property deals with financial instruments.

Direct leasing and acquisition team

The core channel involves the direct leasing and acquisition team, which is the engine for growing the real estate portfolio. This team culminates extensive research, analysis, and underwriting to forge relationships with hospital management. As of September 30, 2025, Medical Properties Trust, Inc. owned 388 properties, housing approximately 39,000 licensed beds across nine countries. The acquisition process itself is structured in seven steps, starting with executive leadership directing the acquisitions team research and culminating in the transaction closing after thorough underwriting by credentialed professionals.

This channel is currently focused on transitioning assets from troubled operators to new, stable ones. For instance, the agreement with NOR Healthcare Systems for 6 California facilities is a direct result of this team's work, which is expected to generate a stabilized annual cash rent of $45 million per year after a ramp-up period. The company expects its pro rata annualized cash rent from the current portfolio to exceed $1 billion by the end of 2026.

Mortgage and loan agreements with operators

Beyond outright property ownership via sale-leaseback transactions, Medical Properties Trust, Inc. uses mortgage and loan agreements as a channel to provide capital solutions. This allows operators to unlock real estate value for facility improvements or debt replacement without selling the asset outright. This is a key part of their financing model, which also facilitates recapitalizations.

Here's a snapshot of the scale and recent financing activity related to these capital deployment channels:

Metric	Value as of Late 2025 Data	Context/Date
Total Assets	Approximately $14.9 billion	As of September 30, 2025
Total Properties Owned/Mortgaged	388 facilities	As of September 30, 2025
Debt Refinanced in 2025 (Total)	$2.5 billion	Completed earlier in 2025
Loan Maturities by End of 2025 (Prior Schedule)	$1.86 billion	As of Q1 2024 data
Loan Repayment Expectation (DIP Loan)	Approximately $100 million	Expected from settlements/asset sales

The company also selectively makes other loans to operators through its taxable REIT subsidiary structure, though specific amounts for this are less frequently detailed than the major property financing.

Joint venture structures for international expansion (e.g., German JV)

Joint ventures are a critical channel for expanding internationally, allowing Medical Properties Trust, Inc. to share risk and access co-investment capital. The German Joint Venture (JV) with Praemia REIM is a prime example of this strategy in action.

The recent refinancing of the German JV debt highlights the channel's success:

• JV Partner: Praemia REIM (50/50 ownership)
• Refinanced Debt Amount: €702.5 million
• New Debt Terms: 10-year, non-amortizing loan at a 5.1% fixed rate
• Underlying Assets: Portfolio of German rehabilitation hospitals operated by MEDIAN
• Rent Growth Since Formation: Approximately €20 million in annual cash rent growth since 2018

Additionally, Medical Properties Trust, Inc. increased its equity investment in the Infracore JV by approximately CHF 50 million during 2025. This shows the JV channel is actively used for both refinancing existing international assets and funding new acquisitions, such as a general acute facility in Switzerland.

Investor Relations for public capital access

The Investor Relations function serves as the channel to access public and institutional capital markets, which is vital for funding acquisitions and managing debt maturities. Medical Properties Trust, Inc. actively communicates its strategy via its website, SEC filings, and conference calls.

Recent capital market activities demonstrate this channel's output:

• Liquidity Position (May 7, 2025): Approximately $1.3 billion, including availability under the $1.28 billion revolving credit facility
• Debt Offering (January 2025): Private offering of up to $2.0 billion in senior secured notes due 2032, plus €500 million of similar notes
• Share Repurchase Program (October 2025): Approved a program for up to $150 million of common stock
• Q3 2025 NFFO per Share: $0.13

This access to capital is what allows the company to re-tenant properties and address debt maturing in 2027 and beyond, giving them enhanced financial flexibility, honestly. Finance: draft 13-week cash view by Friday.

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Customer Segments

You're looking at the core of Medical Properties Trust, Inc. (MPW)'s business: the operators who use their real estate as capital. As of late 2025, the customer base is a mix of entities across the healthcare spectrum, all relying on Medical Properties Trust, Inc. (MPW) to unlock real estate value for operational investments via sale-leasebacks and long-term net leases.

The customer base includes both for-profit and non-profit hospital operating companies. As of September 30, 2025, Medical Properties Trust, Inc. (MPW) served a total of 51 hospital operating companies across its portfolio.

The portfolio is strategically weighted toward acute care, which represents the largest concentration of assets. The General Acute Care Hospitals segment holds approximately $9.0 billion in assets as of the third quarter of 2025. This segment also represented 59.4% of total assets and 61.4% of second quarter 2025 revenues.

Beyond general acute care, Medical Properties Trust, Inc. (MPW) serves operators of specialized facilities. These include Behavioral Health facilities and Post-Acute facilities. The asset values for these segments as of September 30, 2025, show a clear focus on the core hospital business, but with significant exposure to these other critical areas.

The customer base is geographically diverse, spanning the United States and eight other countries. This international footprint is a key part of the diversification strategy. Operators are located across the US, the United Kingdom, Switzerland, Germany, Spain, Finland, Colombia, Italy and Portugal.

Here's a quick look at the portfolio scale serving these customers as of September 30, 2025:

Portfolio Metric	Value as of September 30, 2025
Total Properties	388
Total Licensed Beds	Approximately 39,000
Total Operating Companies Served	51

The asset allocation across the main facility types as of the end of the third quarter of 2025 looked like this:

Facility Type Segment	Asset Value (as of September 30, 2025)
General Acute Care Hospitals	Approximately $9.0 billion
Behavioral Health Facilities	Approximately $2.5 billion
Post-Acute Facilities	Approximately $1.6 billion
Total Assets	Approximately $14.9 billion

The performance of these customer segments is a major focus. For instance, in the third quarter of 2025, Medical Properties Trust, Inc. (MPW) saw positive operating recovery trends:

• General acute-care tenants reported a year-over-year increase in EBITDARM of more than $200 million.
• Post-acute operators reported an EBITDARM increase of approximately $50 million versus the prior year.
• Behavioral Health portfolio EBITDARM increased by $10 million year-over-year.

Also, the ramp-up of rent collections from new operators is proceeding; cash rental income from new tenants increased to $11.0 million in the second quarter of 2025 from $3.4 million in the first quarter of 2025.

Finance: draft 13-week cash view by Friday.

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Cost Structure

You're looking at the major drains on Medical Properties Trust, Inc.'s cash flow as of late 2025. The cost structure is heavily influenced by the cost of capital and managing tenant distress.

Interest Expense on Debt is a primary driver. For the trailing twelve months (TTM) ending September 2025, Medical Properties Trust, Inc. reported an interest expense of $480.0 Mil. This reflects the higher borrowing costs following recent financings, such as the February 2025 issuance of $1.5 billion USD and €1.0 billion Euro senior secured notes due 2032. For the second quarter of 2025, the interest expense was $129.7 million. The expected annual interest expense for 2025 is around $540 million.

The cost structure includes significant non-recoverable property expenses. For the nine months ended September 30, 2025, property-related expenses, which include items like property taxes and insurance not recovered from tenants, totaled $9.3 million.

General and Administrative (G&A) Expenses are also a component. For the first quarter ended March 31, 2025, G&A expenses were reported at $41,911 thousand. Management noted that higher G&A expense in the third quarter was driven primarily by higher stock compensation expense related to the fair market value changes of 2024 and 2025 performance-based equity compensation.

The commitment to shareholders results in a substantial cash outflow via Quarterly Dividend Payments. The expected annual outflow for 2025 is $192 million. The quarterly dividend paid in October 2025 was $0.08 per share, and a dividend of $0.09 per share was declared in November 2025 for payment in January 2026. The stated annual dividend is $0.32 per share.

Finally, the cost structure is periodically hit by Impairment Charges related to troubled tenants. Medical Properties Trust, Inc. recorded approximately $82 million in net impairments for the third quarter ended September 30, 2025, with the majority related to Prospect Medical Group bankruptcy transactions.

Here's a quick look at some of these key cost elements:

• Interest Expense (TTM ended Sep 2025): $480.0 Million
• Property Taxes/Insurance Not Recovered (9M 2025): $9.3 Million
• Impairment Charges (Q3 2025): $82 Million
• Quarterly Dividend (Implied Annual Outflow 2025): $192 Million
• G&A Expense (Q1 2025): $41,911 Thousand

You can see the relationship between some of these expenses and the debt load:

Metric	Amount (As of Sep 2025 or Period End)	Period
Long-Term Debt & Capital Lease Obligation	$9,197.2 Mil	Sep 2025
Interest Expense	$132.4 Mil	Q3 2025
Interest Coverage Ratio	0.94	Q3 2025

Medical Properties Trust, Inc. (MPW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Medical Properties Trust, Inc. brings in money as of late 2025. It's primarily about collecting rent from the hospital properties they own, but there are other important pieces, too.

The main engine is the long-term lease structure. This provides the predictable cash flow that real estate investment trusts (REITs) rely on. You'll see that the requested figure for this stream is quite high, reflecting the scale of their portfolio.

• Rental income from long-term leases (TTM as of Sep 2025): $934 million.
• Interest income from mortgage loans and other tenant financing.
• Tenant recoveries for property operating expenses.
• Proceeds from strategic asset sales (e.g., $50 million from Arizona facilities).

To give you a clearer picture of the components that make up the top line, here is a breakdown of the most recent concrete figures we have for these streams around the third quarter of 2025.

Revenue Stream Component	Latest Available Figure	Period/Context
Total Revenue (TTM)	$933.5 million	Trailing Twelve Months ending September 30, 2025
Proceeds from Arizona Asset Sales	$50 million	August 2025
Tenant Recoveries (Property Taxes/Insurance)	$9.3 million	Nine Months ended September 30, 2025
Interest and Other Income (Quarterly)	$12.911 million	Three Months ended June 30, 2025
Stabilized Annual Cash Rent Expected from NOR Lease	$45 million	Expected upon regulatory approval for former Prospect California operations

The interest income component is less explicitly detailed in the TTM reports found, but we know it exists as part of their financing model. For instance, in the second quarter of 2025, the line item Interest and other income was $12.911 million for that quarter. Also, the company is actively managing its loan book; for example, they entered a settlement with Prospect and Yale New Haven Health System in September 2025 expecting proceeds to exceed the current debtor-in-possession (DIP) loan balance of approximately $100 million.

Tenant recoveries cover specific property operating expenses. For the nine months ending September 30, 2025, Medical Properties Trust, Inc. recorded $9.3 million for ground lease and other expenses like property taxes and insurance paid directly by them and reimbursed by tenants. This is a direct pass-through mechanism, so it's less about profit and more about covering costs associated with the properties.

Asset sales are a key lever for liquidity and balance sheet management. The sale of two facilities in Arizona in August 2025 generated aggregate proceeds of approximately $50 million. This activity is strategic, helping to fund debt repayment and other corporate actions, like the authorized $150 million share repurchase program.