1. Medical Properties Trust has made significant progress in debt reduction and portfolio stabilization, repaying over $1 billion in debt in the last year; 2. The trust's strategic asset sales and dividend cuts have led to healthier dividend coverage, with a payout ratio of only 44% in 4Q24; 3. Despite a shrinking portfolio and declining funds from operations, MPW's normalized FFO remains stable, suggesting potential for re-rating to book value.