Medical Properties Trust (MPW) 8-K Medical Properties Trust, Inc. Normalized Ffo of $0.26 Per Share Represents 8% Annual Growth In Second Quarter 2014

Exhibit 99.2

	Table of Contents
	Company Information	1
	Reconciliation of Net Income to Funds from Operations	2
	Investment and Revenue by Asset Type, Operator, Country and State	3
	Lease Maturity Schedule	4
	Debt Summary	5
	Consolidated Statements of Income	6
	Consolidated Balance Sheets	7
	Acquisitions and Summary of Development Projects	8
	Detail of Other Assets	9
	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 package. For more information, please contact: Charles Lambert, Managing Director - Capital Markets at (205) 397-8897 Tim Berryman, Director - Investor Relations at (205) 397-8589

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds From Operations

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
				(A)						(A)
FFO information:
Net income (loss) attributable to MPT common stockholders	$	(203,018	)	$	27,347,826		$	7,038,276		$	53,504,318
Participating securities’ share in earnings		(195,124	)		(179,263	)		(404,494	)		(372,325	)
Net income (loss), less participating securities’ share in earnings	$	(398,142	)	$	27,168,563		$	6,633,782		$	53,131,993
Depreciation and amortization:
Continuing operations		12,441,777			8,642,893			26,131,379			17,112,093
Discontinued operations		—			74,751			—			252,701
Real estate impairment charges		5,974,400			—			5,974,400			—
Gain on sale of real estate		—			(2,054,229	)		—			(2,054,229	)
Funds from operations	$	18,018,035		$	33,831,978		$	38,739,561		$	68,442,558
Write-off straight line rent		—			—			950,338			—
Debt refinancing costs		290,635			—			290,635			—
Loan and other impairment charges		23,657,032			—			44,153,495			—
Acquisition costs		2,534,784			2,087,903			3,046,803			2,278,452
Normalized funds from operations	$	44,500,486		$	35,919,881		$	87,180,832		$	70,721,010
Share-based compensation		2,075,576			2,285,050			4,118,986			4,203,905
Debt costs amortization		1,144,560			855,417			2,193,282			1,752,149
Additional rent received in advance (B)		(300,000	)		(300,000	)		(600,000	)		(600,000	)
Straight-line rent revenue and other		(4,830,525	)		(4,012,026	)		(9,533,392	)		(7,904,654	)
Adjusted funds from operations	$	42,590,097		$	34,748,322		$	83,359,708		$	68,172,410
Per diluted share data:
Net income (loss), less participating securities’ share in earnings	$	—		$	0.18		$	0.04		$	0.36
Depreciation and amortization:
Continuing operations		0.07			0.06			0.16			0.12
Discontinued operations		—			—			—			—
Real estate impairment charges		0.03			—			0.03			—
Gain on sale of real estate		—			(0.02	)		—			(0.01	)
Funds from operations	$	0.10		$	0.22		$	0.23		$	0.47
Write-off straight line rent		—			—			0.01			—
Debt refinancing costs		—			—			—			—
Loan and other impairment charges		0.14			—			0.26			—
Acquisition costs		0.02			0.02			0.02			0.01
Normalized funds from operations	$	0.26		$	0.24		$	0.52		$	0.48
Share-based compensation		0.01			0.02			0.02			0.03
Debt costs amortization		0.01			—			0.01			0.01
Additional rent received in advance (B)		—			—			—			—
Straight-line rent revenue and other		(0.03	)		(0.03	)		(0.06	)		(0.05	)
Adjusted funds from operations	$	0.25		$	0.23		$	0.49		$	0.47

(A) Financials have been restated to reclass the operating results of certain properties sold after the 2013 second quarter to discontinued operations.

(B) Represents additional rent from one tenant in advance of when we can recognize as revenue for accounting purposes. This additional rent is being recorded to revenue on a straight-line basis over the lease life.

Investors and analysts following the real estate industry utilize funds from operations, or FFO, as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

In addition to presenting FFO in accordance with the NAREIT definition, we also disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered 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) unbilled 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

INVESTMENT AND REVENUE BY ASSET TYPE, OPERATOR, COUNTRY AND STATE

Investments and Revenue by Asset Type - As of June 30, 2014

		Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
General Acute Care Hospitals	A	$	1,850,017,764			54.9	%	$	86,986,656		58.1	%
Rehabilitation Hospitals			663,696,680			19.7	%		34,735,809		23.2	%
Long-Term Acute Care Hospitals			456,800,666			13.6	%		27,095,981		18.1	%
Wellness Centers			15,624,817			0.5	%		830,676		0.6	%
Other assets			382,166,114			11.3	%		—		—
Total gross assets			3,368,306,041			100.0	%
Accumulated depreciation and amortization			(178,261,853	)
Total		$	3,190,044,188					$	149,649,122		100.0	%

Investments and Revenue by Operator - As of June 30, 2014

	Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
Prime Healthcare	$	711,782,124			21.1	%	$	42,614,175		28.5	%
Ernest Health, Inc.		481,600,641			14.3	%		28,226,237		18.9	%
IASIS Healthcare		347,611,962			10.3	%		13,675,524		9.1	%
RHM		239,610,001			7.1	%		10,947,969		7.3	%
IJKG/HUMC		124,645,948			3.7	%		7,968,918		5.3	%
22 other operators		1,080,889,251			32.1	%		46,216,299		30.9	%
Other assets		382,166,114			11.4	%		—		—
Total gross assets		3,368,306,041			100.0	%
Accumulated depreciation and amortization		(178,261,853	)
Total	$	3,190,044,188					$	149,649,122		100.0	%

Investment and Revenue by Country and State - As of June 30, 2014

	Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
United States
Texas	$	694,646,575			20.6	%	$	35,017,299		23.4	%
California		544,927,083			16.2	%		32,679,628		21.8	%
New Jersey		239,645,948			7.1	%		7,968,918		5.3	%
Arizona		200,844,185			6.0	%		4,187,780		2.8	%
Louisiana		133,934,517			4.0	%		10,840,023		7.3	%
20 other states		932,531,618			27.7	%		48,007,505		32.1	%
Other assets		382,166,114			11.3	%		—		—
United States Total		3,128,696,040			92.9	%		138,701,153		92.7	%
International
Germany		239,610,001			7.1	%		10,947,969		7.3	%
International Total		239,610,001			7.1	%
Total gross assets		3,368,306,041			100.0	%
Accumulated depreciation and amortization		(178,261,853	)
Total	$	3,190,044,188					$	149,649,122		100.0	%

A Includes two medical office buildings.

3

LEASE MATURITY SCHEDULE - AS OF JUNE 30, 2014

Total portfolio(1)	Total leases		Base rent(2)		Percent of total base rent
2014		1	$	2,122,416		0.9	%
2015		2		4,155,412		1.8	%
2016		1		2,250,000		1.0	%
2017		—		—		0.0	%
2018		1		2,019,936		0.9	%
2019		8		6,547,245		2.8	%
2020		1		1,060,512		0.4	%
2021		4		15,522,785		6.7	%
2022		12		39,298,052		16.9	%
2023		4		12,029,276		5.2	%
2024		1		2,478,388		1.1	%
2025		3		7,499,572		3.2	%
Thereafter		62		137,448,171		59.1	%
		100	$	232,431,764		100.0	%

(1) Excludes 10 of our properties that are under development.

Also, lease expiration is based on the fixed term of the lease and does not factor in potential renewal options provided for in our leases.

(2) Represents base rent on an annualized basis but does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues).

Note: The tenant under the one lease that expires in 2014 exercised its purchase option and bought the property in the third quarter of 2014.

4

DEBT SUMMARY AS OF JUNE 30, 2014

Instrument	Rate Type	Rate			Balance		2014		2015		2016		2017		2018		Thereafter
2018 Credit Facility Revolver	Variable		—	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2019 Term Loan	Variable		2.11	%		125,000,000		—		—		—		—		—		125,000,000
2016 Unsecured Notes	Fixed		5.59	%(2)		125,000,000		—		—		125,000,000		—		—		—
5.75% Notes Due 2020 (Euro)	Fixed		5.75	%(3)		273,840,000		—		—		—		—		—		273,840,000
6.875% Notes Due 2021	Fixed		6.88	%		450,000,000		—		—		—		—		—		450,000,000
6.375% Notes Due 2022	Fixed		6.38	%		350,000,000		—		—		—		—		—		350,000,000
5.5% Notes Due 2024	Fixed		5.50	%		300,000,000		—		—		—		—		—		300,000,000
Northland - Mortgage Capital Term Loan	Fixed		6.20	%		13,816,228		133,649		282,701		298,582		320,312		12,780,984		—
					$	1,637,656,228	$	133,649	$	282,701	$	125,298,582	$	320,312	$	12,780,984	$	1,498,840,000
	Debt Premium				$	2,697,390
					$	1,640,353,618

(1) Represents a $775 million unsecured revolving credit facility with spreads over LIBOR ranging from 1.70% to 2.25%.

(2) Represents the weighted-average rate for four traunches of the Notes at June 30, 2014 factoring in interest rate swaps in effect at that time. The Company has entered into two swap agreements which began in July and October 2011. Effective July 31, 2011, the Company is paying 5.507% on $65 milllion of the Notes and effective October 31, 2011, the Company is paying 5.675% on $60 million of Notes.

(3) Represents 200,000,000 of bonds issued in EUR and converted to USD at June 30, 2014.

5

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
				(A)						(A)
Revenues
Rent billed	$	45,927,570		$	31,024,222		$	88,889,236		$	62,527,678
Straight-line rent		3,178,229			2,776,592			5,366,552			5,468,147
Income from direct financing leases		12,263,376			9,229,987			24,478,765			17,986,458
Interest and fee income		15,191,292			14,093,034			30,914,569			28,755,304
Total revenues		76,560,467			57,123,835			149,649,122			114,737,587
Expenses
Real estate depreciation and amortization		12,441,777			8,642,893			26,131,379			17,112,093
Impairment charges		29,631,432			—			50,127,895			—
Property-related		(37,906	)		649,281			700,397			1,062,003
Acquisition expenses		2,534,784			2,087,903			3,046,803			2,278,452
General and administrative		8,205,885			7,110,537			17,164,674			14,876,486
Total operating expenses		52,775,972			18,490,614			97,171,148			35,329,034
Operating income		23,784,495			38,633,221			52,477,974			79,408,553
Interest and other income (expense)		(23,947,079	)		(13,488,033	)		(45,389,616	)		(28,645,399	)
Income tax (expense) benefit		(40,434	)		(114,833	)		16,890			(167,080	)
Income (loss) from continuing operations		(203,018	)		25,030,355			7,105,248			50,596,074
Income (loss) from discontinued operations		—			2,374,053			(1,500	)		3,018,459
Net income (loss)		(203,018	)		27,404,408			7,103,748			53,614,533
Net income (loss) attributable to non-controlling interests		—			(56,582	)		(65,472	)		(110,215	)
Net income (loss) attributable to MPT common stockholders	$	(203,018	)	$	27,347,826		$	7,038,276		$	53,504,318
Earnings per common share - basic:
Income (loss) from continuing operations	$	—		$	0.16		$	0.04		$	0.35
Income (loss) from discontinued operations		—			0.02			—			0.02
Net income (loss) attributable to MPT common stockholders	$	—		$	0.18		$	0.04		$	0.37
Earnings per common share - diluted:
Income (loss) from continuing operations	$	—		$	0.16		$	0.04		$	0.34
Income (loss) from discontinued operations		—			0.02			—			0.02
Net income (loss) attributable to MPT common stockholders	$	—		$	0.18		$	0.04		$	0.36
Dividends declared per common share	$	0.21		$	0.20		$	0.42		$	0.40
Weighted average shares outstanding - basic		171,718,449			149,508,958			167,845,813			144,927,768
Weighted average shares outstanding - diluted		172,368,987			151,055,855			168,458,784			146,291,083

(A) Financials have been restated to reclass the operating results of certain properties sold after the 2013 second quarter to discontinued operations.

6

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	June 30, 2014			December 31, 2013
	(Unaudited)			(A)
Assets
Real estate assets
Land, buildings and improvements, and intangible lease assets	$	1,973,883,213		$	1,823,683,129
Construction in progress and other		52,375,733			41,771,499
Net investment in direct financing leases		434,310,776			431,024,228
Mortgage loans		385,100,144			388,756,469
Gross investment in real estate assets		2,845,669,866			2,685,235,325
Accumulated depreciation and amortization		(178,261,853	)		(159,776,091	)
Net investment in real estate assets		2,667,408,013			2,525,459,234
Cash and cash equivalents		197,022,616			45,979,648
Interest and rent receivable		46,353,272			58,565,294
Straight-line rent receivable		51,192,748			45,828,685
Other assets		228,067,539			228,862,582
Total Assets	$	3,190,044,188		$	2,904,695,443
Liabilities and Equity
Liabilities
Debt, net	$	1,640,353,618		$	1,421,680,749
Accounts payable and accrued expenses		84,230,814			94,289,615
Deferred revenue		27,424,937			24,114,374
Lease deposits and other obligations to tenants		25,080,815			20,402,058
Total liabilities		1,777,090,184			1,560,486,796
Equity
Preferred stock, $0.001 par value. Authorized 10,000,000 shares; no shares outstanding		—			—
Common stock, $0.001 par value. Authorized 250,000,000 shares; issued and outstanding - 171,550,527 shares at June 30, 2014 and 161,309,725 shares at December 31, 2013		171,551			161,310
Additional paid in capital		1,750,808,870			1,618,054,133
Distributions in excess of net income		(330,074,847	)		(264,803,804	)
Accumulated other comprehensive income (loss)		(7,689,227	)		(8,940,649	)
Treasury shares, at cost		(262,343	)		(262,343	)
Total Equity		1,412,954,004			1,344,208,647
Total Liabilities and Equity	$	3,190,044,188		$	2,904,695,443

(A) Financials have been derived from the prior year audited financials and include certain minor reclasses to be consistent with the 2014 presentation.

7

ACQUISITIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014

Name	Location	Property Type	Acquisition / Development	Investment / Commitment
Legacy Health Partners	Montclair, NJ	Acute Care Hospital	Acquisition	$	115,000,000
Total Investments / Commitments				$	115,000,000

SUMMARY OF DEVELOPMENT PROJECTS AS OF JUNE 30, 2014

Property	Location	Property Type	Operator	Commitment		Costs Incurred as of 6/30/14		Percent Leased			Estimated Completion Date
Oakleaf Surgical Hospital	Altoona, WI	Acute Care Hospital	National Surgical Hospitals	$	33,500,000	$	28,668,511		100	%	3Q 2014
First Choice ER - Allen	Allen, TX	Acute Care Hospital	Adeptus Health		6,186,769		3,365,443		100	%	3Q 2014
First Choice ER - Broomfield	Broomfield, CO	Acute Care Hospital	Adeptus Health		5,238,100		2,514,945		100	%	3Q 2014
Frist Choice ER - Spring	Spring, TX	Acute Care Hospital	Adeptus Health		5,803,500		2,676,288		100	%	3Q 2014
First Choice ER - Fountain	Fountain, CO	Acute Care Hospital	Adeptus Health		6,194,181		3,380,295		100	%	3Q 2014
First Choice ER - Missouri City (Sienna)	Houston, TX	Acute Care Hospital	Adeptus Health		5,393,656		3,564,734		100	%	3Q 2014
First Choice ER - Pearland	Pearland, TX	Acute Care Hospital	Adeptus Health		5,691,295		2,331,274		100	%	4Q 2014
First Choice ER - Thornton	Thornton, CO	Acute Care Hospital	Adeptus Health		6,029,465		2,651,724		100	%	4Q 2014
First Choice ER - Missouri City (Dulles)	Houston, TX	Acute Care Hospital	Adeptus Health		5,692,875		2,515,636		100	%	4Q 2014
First Choice ER - Commerce City	Denver, CO	Acute Care Hospital	Adeptus Health		5,371,550		706,883		100	%	4Q 2014
				$	85,101,391	$	52,375,733

8

DETAIL OF OTHER ASSETS AS OF JUNE 30, 2014

Operator	Investment		Annual Interest Rate			YTD Ridea Income (3)		Security / Credit Enhancements
Non-Operating Loans
Vibra Healthcare acquisition loan (1)	$	10,975,310		10.25	%			Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent
Vibra Healthcare working capital		5,232,500		9.50	%			Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent
Post Acute Medical working capital		7,892,327		11.10	%			Secured and cross-defaulted with real estate; certain loans are cross-defaulted with other loans and real estate
IKJG/HUMC working capital		13,294,117		10.40	%			Secured and cross-defaulted with real estate and guaranteed by Parent
Ernest Health		4,333,333		9.38	%			Secured and cross-defaulted with real estate and guaranteed by Parent
Other		2,190,643
		43,918,230
Operating Loans
Ernest Health, Inc. (2)		93,200,000		15.00	%		7,930,963	Secured and cross-defaulted with real estate and guaranteed by Parent
IKJG/HUMC convertible loan		3,351,832					373,122	Secured and cross-defaulted with real estate and guaranteed by Parent
		96,551,832					8,304,085
Equity investments		13,489,237					905,372
Deferred debt financing costs		35,928,987						Not applicable
Lease and cash collateral		4,543,801						Not applicable
Other assets (4)		33,635,452						Not applicable
Total	$	228,067,539				$	9,209,457

(1) Original amortizing acquisition loan was $41 million; loan matures in 2019

(2) Cash rate is 10% effective March 1, 2014.

(3) Income earned on operating loans is reflected in the interest income line of the income statement.

(4) Includes prepaid expenses, office property and equipment and other.

9