Medical Properties Trust

Medical Properties Trust, Inc. (NYSE: MPW) operates as a self-advised real estate investment trust (REIT), a structure it has utilized since its inception. The company was founded on August 27, 2003, in Birmingham, Alabama, by Edward K. Aldag, Jr., along with co-founders Emmett E. McLean and R. Steven Hamner. Aldag, who serves as Chairman and CEO, brought an extensive background in real estate and finance, having previously managed private real estate firms with assets over $500 million. His vision was to create a company focused exclusively on providing capital to hospital operators.

The firm's core business revolves around acquiring and developing healthcare facilities, which it then leases to medical operators under long-term, triple-net lease agreements. This sale-leaseback model means tenants are responsible for property expenses like taxes, insurance, and maintenance, which provides MPW with a stable and predictable rental income stream. The company pioneered this model for hospital real estate, enabling healthcare providers to unlock capital from their properties to fund improvements and operations. In addition to rental income, the company generates revenue from interest on loans made to healthcare operators. Its clients are primarily for-profit and not-for-profit hospital operators in the U.S. and internationally.

MPW launched its initial public offering (IPO) on the New York Stock Exchange on July 7, 2005, at $10.50 per share, raising capital that fueled its initial expansion. A significant growth phase followed, with investments growing to over $1.3 billion by 2008. The company began its international expansion in 2012, first entering Germany and later the U.K., Italy, and other countries. Key transactions include a $1.25 billion investment in Steward Health Care System in 2016 and the acquisition of 30 U.K. hospitals in 2019. However, the company has faced challenges, including the bankruptcy of major tenants like Steward, which impacted its stock price.

As of early 2025, the company's portfolio consisted of approximately 393 facilities across multiple countries. MPW's ownership is dominated by institutional investors such as BlackRock and Vanguard, which is typical for large-cap REITs.

Keywords: healthcare REIT, hospital real estate, medical facility investment, net-lease agreements, real estate investment trust, sale-leaseback financing, hospital capital solutions, healthcare infrastructure, property investment, medical asset management, Edward K. Aldag Jr., healthcare finance, hospital acquisitions, real estate capital, triple-net lease, medical properties, hospital operator financing, global healthcare assets, institutional real estate, public REIT