Earnings Per Share/Unit (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Calculation of Earnings Per Share

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

	For the Three Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(77,450	)	$	(800,929	)
Non-controlling interests’ share in net income		(280	)		(234	)
Participating securities’ share in earnings		(256	)		(153	)
Net loss, less participating securities’ share in earnings	$	(77,986	)	$	(801,316	)
Denominator:
Basic weighted-average common shares		601,136			600,229
Dilutive potential common shares(1)		—			—
Diluted weighted-average common shares		601,136			600,229

	For the Nine Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(293,534	)	$	(1,995,965	)
Non-controlling interests’ share in net income		(828	)		(1,458	)
Participating securities’ share in earnings		(597	)		(807	)
Net loss, less participating securities’ share in earnings	$	(294,959	)	$	(1,998,230	)
Denominator:
Basic weighted-average common shares		600,867			600,197
Dilutive potential common shares(1)		—			—
Diluted weighted-average common shares		600,867			600,197

MPT Operating Partnership, L.P.

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

	For the Three Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(77,450	)	$	(800,929	)
Non-controlling interests’ share in net income		(280	)		(234	)
Participating securities’ share in earnings		(256	)		(153	)
Net loss, less participating securities’ share in earnings	$	(77,986	)	$	(801,316	)
Denominator:
Basic weighted-average units		601,136			600,229
Dilutive potential units(1)		—			—
Diluted weighted-average units		601,136			600,229

	For the Nine Months Ended September 30,
	2025			2024
Numerator:
Net loss	$	(293,534	)	$	(1,995,965	)
Non-controlling interests’ share in net income		(828	)		(1,458	)
Participating securities’ share in earnings		(597	)		(807	)
Net loss, less participating securities’ share in earnings	$	(294,959	)	$	(1,998,230	)
Denominator:
Basic weighted-average units		600,867			600,197
Dilutive potential units(1)		—			—
Diluted weighted-average units		600,867			600,197

(1)The above computation of diluted earnings per share/unit does not include 279,746 and 149,937 potential common shares/units for the three and nine months ended September 30, 2025, respectively, and 37,967 and 18,422 shares/units for the three and nine months ended September 30, 2024, respectively, as inclusion of these shares when a loss exists would be antidilutive.