Core Insights - Medical Properties Trust, Inc. (MPW) has signed a lease agreement for six California facilities with NOR Healthcare System Corp., contingent on regulatory approval, expected to close in 2025 [1][8] - The lease will start with an annualized rent of $45 million, similar to the previous rent scheduled for 2025, with CPI-based escalators beginning in 2026 [2][8] - MPW will finance up to $60 million for seismic improvements required by California regulators over the next four years, which will increase future rent levels [3][8] Financial Overview - The additional $45 million in annual cash rent from the new facilities will contribute to over $1 billion of pro rata annualized cash rent expected from the current portfolio by the end of 2026 [4] - The company has experienced a 3.7% decline in share price over the past three months, while the industry has grown by 1.4% [5] Market Position - Medical Properties Trust focuses on acquiring and developing healthcare facilities, leasing them to healthcare operating companies, and is well-positioned to benefit from favorable industry fundamentals, including an aging population and rising healthcare expenditures [4]