Medical Properties Trust (MPW) 10-K 2010 FY Annual report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends for the periods indicated below.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Income (Loss) From Continuing Operations Before Income Taxes	$	13,515,623		$	33,885,889		$	18,675,849		$	23,489,744		$	16,610,768
Fixed Charges		40,818,852			37,689,855			42,466,084			30,887,560			10,835,483
Amortization of Capitalized Interest		204,422			204,422			204,422			187,138			73,279
Capitalized Interest		(63,248	)		—			—			(1,335,413	)		(6,220,427	)
Earnings	$	54,475,649		$	71,780,166		$	61,346,355		$	53,229,029		$	21,299,103
Interest Expense/Debt Refinancing Costs	$	40,708,696		$	37,655,907		$	42,423,984		$	29,527,442		$	4,579,955
Portion of Rent Related to Interest		46,908			33,948			42,100			24,705			35,101
Capitalized Interest		63,248			—			—			1,335,413			6,220,427
Fixed Charges	$	40,818,852		$	37,689,855		$	42,466,084		$	30,887,560		$	10,835,483
Preferred Stock Dividends		—			—			—			—			—
Combined Fixed Charges and Preferred Stock Dividends	$	40,818,852		$	37,689,855		$	42,466,084		$	30,887,560		$	10,835,483
Ratio of Earnings to Fixed Charges		1.33	x		1.90	x		1.44	x		1.72	x		1.97	x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.33	x		1.90	x		1.44	x		1.72	x		1.97	x

Deficiency

     Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Our ratio of earnings to combined fixed charges and preferred dividends is computed by dividing earnings by combined fixed charges and preferred dividends. For these purposes, “earnings” is the amount resulting from adding together income (loss) from continuing operations, fixed charges, and amortization of capitalized interest and subtracting interest capitalized. “Fixed charges” is the amount resulting from adding together interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and the interest portion of rent. “Combined fixed charges and preferred dividends” is the amount resulting from adding together fixed changes and preferred dividends paid and accrued for each respective period.