Earnings Per Share/Unit

6 Months Ended

Jun. 30, 2025

8. Earnings Per Share/Unit

Medical Properties Trust, Inc.

Our earnings per share were calculated based on the following (in thousands):


	For the Three Months Ended June 30,
	2025			2024
Numerator:
Net loss	$	(98,068	)	$	(319,659	)
Non-controlling interests’ share in net income		(289	)		(976	)
Participating securities’ share in earnings		(224	)		(654	)
Net loss, less participating securities’ share in earnings	$	(98,581	)	$	(321,289	)
Denominator:
Basic weighted-average common shares		600,814			600,057
Dilutive potential common shares(1)		—			—
Diluted weighted-average common shares		600,814			600,057


	For the Six Months Ended June 30,
	2025			2024
Numerator:
Net loss	$	(216,084	)	$	(1,195,036	)
Non-controlling interests’ share in net income		(548	)		(1,224	)
Participating securities’ share in earnings		(341	)		(654	)
Net loss, less participating securities’ share in earnings	$	(216,973	)	$	(1,196,914	)
Denominator:
Basic weighted-average common shares		600,733			600,181
Dilutive potential common shares(1)		—			—
Diluted weighted-average common shares		600,733			600,181

MPT Operating Partnership, L.P.

Our earnings per unit were calculated based on the following (in thousands):


	For the Three Months Ended June 30,
	2025			2024
Numerator:
Net loss	$	(98,068	)	$	(319,659	)
Non-controlling interests’ share in net income		(289	)		(976	)
Participating securities’ share in earnings		(224	)		(654	)
Net loss, less participating securities’ share in earnings	$	(98,581	)	$	(321,289	)
Denominator:
Basic weighted-average units		600,814			600,057
Dilutive potential units(1)		—			—
Diluted weighted-average units		600,814			600,057


	For the Six Months Ended June 30,
	2025			2024
Numerator:
Net loss	$	(216,084	)	$	(1,195,036	)
Non-controlling interests’ share in net income		(548	)		(1,224	)
Participating securities’ share in earnings		(341	)		(654	)
Net loss, less participating securities’ share in earnings	$	(216,973	)	$	(1,196,914	)
Denominator:
Basic weighted-average units		600,733			600,181
Dilutive potential units(1)		—			—
Diluted weighted-average units		600,733			600,181

(1)

The above computation of diluted earnings per share/unit does not include 103,820 and 85,032 potential common shares/units for the three and six months ended June 30, 2025, respectively, and 17,299 and 8,649 shares/units for the three and six months ended June 30, 2024, respectively, as inclusion of these shares when a loss exists would be antidilutive.