MEDICAL PROPERTIES TRUST INC (MPT) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is free cash flow instead.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $0.46 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 83.7% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 217.9% | Counts property acquisitions as though they were maintenance. |
Spread between highest and lowest: 134 percentage points. Same filings, different denominators.
Coverage rating 39 / 100 — Strained. ? Peer standing · not rankedDirection 25/30Stability 10/20 Capped because the dividend exceeds what the basis that applies can fund.
Free cash flow payout, last 4 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 217.9% |
| 2024-12-31 | 229.6% |
| 2023-12-31 | 227.4% |
| 2009-12-31 | 98.9% |
The arithmetic
- GAAP earnings — dividends declared per share $0.33 ÷ diluted EPS $-0.46
- Operating cash flow — dividends paid $193.3m ÷ operating cash flow $230.8m
- Free cash flow — dividends paid $193.3m ÷ (operating cash flow $230.8m − capex $142.1m)
Where the figures came from
- 10-K filed 2026-02-26 · accession
0001193125-26-073587
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO not derivable (derived (NAREIT approximation)) — REIT page not publishable
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.