Medical Properties Trust (MPT) is a REIT that owns hospital real estate and leases it back to healthcare operators under long-term net leases. MPT's core transaction is a sale-leaseback: MPT buys a hospital's real estate and returns 100% of the property value in cash to the operator, who then leases it back, freeing capital for patient care and operations. MPT's portfolio spans 381 properties and roughly 39,000 licensed beds across the U.S., seven European countries, and Colombia. The portfolio is split roughly evenly between U.S. and international assets. Facility types include general acute care hospitals (165 facilities), post-acute care facilities (128), behavioral health facilities (68), and freestanding ERs and urgent care centers (20). MPT's top tenants include Circle in the U.K., Priory in U.K. behavioral health, Healthcare Systems of America, Swiss Medical Network, and Lifepoint Behavioral. MPT earns revenue primarily through rent under absolute-net leases, where tenants bear all property costs. Leases have a weighted-average remaining term of roughly 16.7 years and include annual escalators tied to CPI or fixed minimums. MPT's underwriting focuses on whether a hospital is genuinely needed in its community, arguing that essential facilities retain real estate value even if an operator fails. After navigating tenant bankruptcies at Steward and Prospect, MPT is focused on debt management, selective acquisitions in general acute and post-acute care, and transitioning re-tenanted facilities toward full contractual rent.