Medical Properties Trust Inc Liquidation Value

MPT is a healthcare-focused net-lease REIT with 378 properties across the U.S., Europe, and South America. Under a liquidation lens at March 31, 2026, equity recovery is deeply negative. Total assets of $14.76B carry gross real estate at cost of $12.62B with accumulated depreciation of $1.71B, yielding a net book value of $10.90B. Applying a 50-70% haircut to net real estate (the dominant asset at 73.9% of total assets) produces an asset-side recovery in the range of $5.5B-$7.6B from the real estate portfolio alone. The $1.39B in unconsolidated JV interests and $0.32B in unconsolidated operating entity investments are illiquid minority positions whose realization would depend on third-party buyers and JV governance rights; haircuts of 50% or more are appropriate. Cash of $0.43B recovers at par. The $0.56B in other assets includes straight-line rent receivables, deferred financing costs ($0.13B, zero recovery), and other items with uncertain recovery. Total face-value liabilities stand at $10.22B, dominated by $9.66B in long-term debt (gross face $9.79B before deferred costs). The MFFAIS CLV/LLV/OLV are all reported at negative $9.24B, consistent with a deeply negative liquidation posture. The weighted-average interest rate on debt rose to 5.2% in Q1 2026 from 4.9% in Q1 2025, increasing the carrying cost of the fixed liability stack. Operating cash flow was negative $14M in Q1 2026, driven by a $56M step-up in interest paid related to the February 2025 refinancing. Debt maturity wall is front-loaded: $1.11B remaining in 2026 (including ~$524M revolving credit extended to 2027 per subsequent notice), $1.60B in 2027, $0.82B in 2028, $0.90B in 2029, with $4.83B thereafter, totaling $9.74B face principal. The $43M one-time tax benefit from moving UK entities into the UK REIT structure reduced deferred tax liabilities on the balance sheet but does not affect asset liquidation values. A $529M valuation allowance against net deferred tax assets confirms management's own skepticism about realizing deferred tax benefits. Continued impairment charges ($19M in Q1 2026, down from $76M in Q1 2025) on working capital loans to Insight and Tenor, and Colombia investments, indicate ongoing erosion of the non-real-estate asset base. The filing discusses Prospect bankruptcy proceeds and remaining loan balance of $61M but does not separately XBRL-tag the Prospect loan exposure or reserve detail in TAG_CONTEXT.