Medical Properties Trust (MPW) 8-K Medical Properties Trust, Inc. Reports First Quarter 2011 Results

Exhibit 99.2

1st Quarter 2011 Supplemental Information

Bucks County Specialty Hospital, Bensalem, Pennsylvania

Medical Properties Trust, Inc.
1000 Urban Center Drive, Suite 501
Birmingham, AL 35242
(205) 969-3755
www.medicalpropertiestrust.com

Contact: Charles Lambert, Director of Finance
(205) 397-8897 or clambert@medicalpropertiestrust.com

Table Of Contents

Company Information	1
Reconciliation of Net Income (loss) to Funds from Operations	2
Investment by Asset Type, Operator, and by State	3
Lease Maturity Schedule	4
Debt Summary	5
Consolidated Balance Sheets	6
Acquisitions for the Three Months Ended March 31, 2011	7

The information in this supplemental information package should be read in conjunction with the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other information filed with the Securities and Exchange Commission. You can access these documents free of charge at www.sec.gov and from the Company’s website at www.medicalpropertiestrust.com. The information contained on the Company’s website is not incorporated by reference into, and should not be considered a part of, this supplemental pakcage.

For more information, please contact Charles Lambert, Finance Director at (205) 397-8897.

Company Information

Headquarters:	Medical Properties Trust, Inc.
	1000 Urban Center Drive, Suite 501
	Birmingham, AL 35242
	(205) 969-3755
	Fax: (205) 969-3756
Website:	www.medicalpropertiestrust.com
Executive Officers:	Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer R. Steven Hamner, Executive Vice President and Chief Financial Officer Emmett E. McLean, Executive Vice President, Chief Operating Officer Secretary and Treasurer
Investor Relations:	Medical Properties Trust, Inc.
	1000 Urban Center Drive, Suite 501
	Birmingham, AL 35242
	Attn: Charles Lambert
	(205) 397-8897
	clambert@medicalpropertiestrust.com

1

Reconciliation of Net Income (loss) to Funds from Operations

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Reconciliation of Net Income (Loss) to Funds From Operations
(Unaudited)

	For the Three Months Ended
	March 31, 2011			March 31, 2010
FFO information:
Net income (loss) attributable to MPT common stockholders	$	10,779,607		$	(2,821,970	)
Participating securities’ share in earnings		(315,360	)		(350,721	)
Net income (loss) , less participating securities’ share in earnings	$	10,464,247		$	(3,172,691	)
Depreciation and amortization
Continuing operations		7,893,256			6,124,892
Discontinued operations		—			755,214
Gain on sale of real estate		(5,324	)		(16,069	)
Funds from operations	$	18,352,179		$	3,691,346
Acquisition costs		2,039,971			64,640
Loan impairment charge		—			12,000,000
Normalized funds from operations	$	20,392,150		$	15,755,986
Share-based compensation		1,837,709			1,529,734
Debt costs amortization		986,955			1,477,390
Additional rent received in advance		(300,000	)		—
Straight-line rent revenue		(1,734,673	)		(1,810,770	)
Adjusted funds from operations	$	21,182,141		$	16,952,340
Per diluted share data:
Net income (loss) , less participating securities’ share in earnings	$	0.09		$	(0.04	)
Depreciation and amortization
Continuing operations		0.08			0.08
Discontinued operations		—			0.01
Gain on sale of real estate		—			—
Funds from operations	$	0.17		$	0.05
Acquisition costs		0.01			—
Loan impairment charge		—			0.15
Normalized funds from operations	$	0.18		$	0.20
Share-based compensation		0.02			0.02
Debt costs amortization		0.01			0.01
Additional rent received in advance		—			—
Straight-line rent revenue		(0.02	)		(0.02	)
Adjusted funds from operations	$	0.19		$	0.21

Funds from operations, or FFO, represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs). Management considers funds from operations a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that funds from operations provides a meaningful supplemental indication of our performance. We compute funds from operations in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating funds from operations utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. Funds from operations should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.

We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) straight-line rent revenue, (ii) non-cash share-based compensation expense, and (iii) amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity.

2

Investments and Revenue by Asset Type — As of March 31, 2011

	Real Estate		Percentage			Total		Percentage
	Assets		of Total Assets			Revenue		of Total Revenue
General Acute Care Hospitals	$	896,967,648		61.9	%	$	21,103,358		59.1	%
Long-term Acute Care Hospitals		324,015,250		22.3	%		9,024,417		25.3	%
Medical Office Buildings		15,795,436		1.1	%		432,755		1.2	%
Rehabilitation Hospitals		182,468,168		12.6	%		4,722,769		13.2	%
Wellness Centers		15,624,817		1.1	%		415,339		1.2	%
Net other assets		14,216,593		1.0	%		—		—
Total	$	1,449,087,912		100.0	%	$	35,698,638		100.00	%

Investments and Revenue by Operator — As of March 31, 2011

	Real Estate		Percentage			Total		Percentage
	Assets		of Total Assets			Revenue		of Total Revenue
Prime Healthcare	$	430,112,248		29.7	%	$	10,862,243		30.4	%
Vibra Healthcare, LLC		133,807,423		9.2	%		4,463,361		12.5	%
HealthSouth Corporation		97,757,589		6.7	%		2,472,222		6.9	%
RehabCare		83,434,567		5.8	%		1,875,053		5.3	%
Reliant Healthcare Partners		73,851,400		5.1	%		1,903,487		5.3	%
14 other operators		615,908,092		42.5	%		14,122,272		39.6	%
Net other assets		14,216,593		1.0	%		—		—
Total	$	1,449,087,912		100.0	%	$	35,698,638		100.00	%

Investment and Revenue by State — As of March 31, 2011

	Real Estate		Percentage			Total		Percentage
	Assets		of Total Assets			Revenue		of Total Revenue
California	$	455,222,748		31.4	%	$	11,703,945		32.8	%
Texas		346,917,126		23.9	%		8,457,296		23.7	%
Utah		66,355,303		4.6	%		1,650,016		4.6	%
Missouri		60,921,029		4.2	%		1,278,806		3.6	%
New Jersey		58,000,000		4.0	%		1,038,889		2.9	%
17 other states		447,455,113		30.9	%		11,569,686		32.4	%
Net other assets		14,216,593		1.0	%		—		—
Total	$	1,449,087,912		100.0	%	$	35,698,638		100.00	%

3

Lease Maturity Schedule — As of March 31, 2011
(Dollars in thousands)

					Percentage of total
Total portfolio (1)	Total leases		Base rent(2)		base rent
2011		3	$	5,656		6.0	%
2012		3		2,850		3.0	%
2013		—		—		0.0	%
2014		2		4,731		5.1	%
2015		2		3,789		4.0	%
2016		—		—		0.0	%
2017		—		—		0.0	%
2018		12		16,939		18.0	%
2019		2		8,166		8.7	%
2020		2		3,208		3.4	%
Thereafter		23		48,611		51.8	%
		49	$	93,950		100	%

(1)	Excludes our River Oaks facility, as it is currently under re-development and not subject to lease and our Florence facility that is under development.
(2)	The most recent monthly base rent annualized. Base rent does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues).

4

Debt Summary as of March 31, 2011

									Amounts Due
Instrument	Rate Type		Rate			Balance			2011		2012		2013		2014		2015		Thereafter
2010 Credit Facility Term Loan	Variable			5.00	%	$	142,375,000		$	1,125,000	$	1,500,000	$	1,500,000	$	1,500,000	$	1,500,000	$	135,250,000
BB&T Revolver	Variable			1.76	%		40,400,000			800,000		39,600,000		—		—		—		—
2010 Credit Facility Revolver	Variable			3.27	%		58,000,000			—		—		58,000,000		—		—		—
2016 Unsecured Notes	Fixed			7.71	%(1)		125,000,000			—		—		—		—		—		125,000,000
2006 Exchangeable Notes	Fixed			6.13	%		9,175,000			9,175,000		—		—		—		—		—
2008 Exchangeable Notes	Fixed			9.25	%		82,000,000			—		—		82,000,000		—		—		—
Union Bank and Trust Term Loan	Fixed			5.66	%		8,363,336			8,363,336		—		—		—		—		—
Northland — Mortgage Capital Term Loan	Fixed			6.20	%		14,592,557			163,285		231,789		249,384		265,521		282,701		13,399,877
						$	479,905,893		$	19,626,621	$	41,331,789	$	141,749,384	$	1,765,521	$	1,782,701	$	273,649,877
		Debt Discount					(3,552,431	)
						$	476,353,462

Notes: Subsequent to March 31, 2011, the Company repaid and terminated the 2010 Credit Facility Term Loan and Revolver and the Union Bank and Trust Term Loan with the proceeds of a $450 million 6.875% Unsecured Senior Note Offering. As of April 26, 2011, the Company has a $330 million unsecured revolving credit facility with spreads over LIBOR ranging from 2.60% to 3.40%.

(1) Represents weighted-average rate for four traunches of these Notes. The Company has entered into two swap agreements that begin in July and October 2011. Beginning July 31, 2011, the Company will pay 5.507% on $65 million of the Notes and beginning October 31, 2011, the Company will pay 5.675% on $60 million of Notes.

5

Consolidated Balance Sheets

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	March 31, 2011			December 31, 2010
	(Unaudited)
Assets
Real estate assets
Land, buildings and improvements, and intangible lease assets	$	1,223,512,488		$	1,032,369,288
Mortgage loans		165,000,000			165,000,000
Gross investment in real estate assets		1,388,512,488			1,197,369,288
Accumulated depreciation and amortization		(83,987,612	)		(76,094,356	)
Net investment in real estate assets		1,304,524,876			1,121,274,932
Cash and cash equivalents		7,009,911			98,408,509
Interest and rent receivable		26,977,437			26,175,635
Straight-line rent receivable		30,674,923			28,911,861
Other loans		55,867,707			50,984,904
Other assets		24,033,058			23,057,868
Total Assets	$	1,449,087,912		$	1,348,813,709
Liabilities and Equity
Liabilities
Debt, net	$	476,353,462		$	369,969,691
Accounts payable and accrued expenses		37,817,906			35,974,314
Deferred revenue		20,877,232			23,136,926
Lease deposits and other obligations to tenants		23,768,362			20,156,716
Total liabilities		558,816,962			449,237,647
Medical Properties Trust, Inc. stockholders’ equity
Preferred stock, $0.001 par value. Authorized 10,000,000 shares; no shares outstanding		—			—
Common stock, $0.001 par value. Authorized 150,000,000 shares; issued and outstanding - 110,404,517 at March 31, 2011, and 110,225,052 shares at December 31, 2010		110,405			110,225
Additional paid in capital		1,053,590,169			1,051,785,240
Distributions in excess of net income		(160,154,152	)		(148,530,467	)
Accumulated other comprehensive loss		(3,123,740	)		(3,640,751	)
Treasury shares, at cost		(262,343	)		(262,343	)
Total Medical Properties Trust, Inc. stockholders’ equity		890,160,339			899,461,904
Non-controlling interests		110,611			114,158
Total Equity		890,270,950			899,576,062
Total Liabilities and Equity	$	1,449,087,912		$	1,348,813,709

6

Acquisitions for the Three Months Ended March 31, 2011

(Dollars in thousands)

Name	Location	Property Type	Investment
Gilbert Hospital	Gilbert, AZ	General Acute Care	$	17,100
Atrium Medical Center	Corinth, TX	LTACH		30,000
Bayonne Medical Center	Bayonne, NJ	General Acute Care		58,000
Alvarado Hospital	San Diego, CA	General Acute Care		70,000
Northland LTACH Hospital	Kansas City, MO	LTACH		19,489
Total Investments			$	194,589

7