Medical Properties Trust (MPW) 8-K Medical Properties Trust, Inc. Grows Fourth Quarter Normalized Ffo by 17% Year-over-year to $0.28 Per Share

Exhibit 99.2

4Q
FOURTH QUARTER 2014
SUPPLEMENTAL INFORMATION
KLINK HOHENLOHE
Medical Properties Trust MPT

MPT
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

United Kingdom Germany
Company Information
Headquarters: Medical Properties Trust, Inc.
1000 Urban Center Drive, Suite 501
Birmingham, AL 35242
(205) 969-3755
Fax: (205) 969-3756
Fontana-Klinik - Bad Liebenwerda, Germany
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
Frank R. Williams, Senior Vice President, Senior Managing Director - Acquisitions
Investor Relations: Medical Properties Trust, Inc.
1000 Urban Center Drive, Suite 501
Birmingham, AL 35242
Attn: Tim Berryman
(205) 397-8589
tberryman@medicalpropertiestrust.com
MPW
LISTED
NYSE

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds From Operations

(Unaudited)

	For the Three Months Ended						For the Twelve Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
FFO information:
Net income attributable to MPT common stockholders	$	14,947,719		$	17,838,740		$	50,522,727		$	96,991,110
Participating securities’ share in earnings		(310,807	)		(190,142	)		(894,604	)		(728,533	)
Net income, less participating securities’ share in earnings	$	14,636,912		$	17,648,598		$	49,628,123		$	96,262,577
Depreciation and amortization:
Continuing operations		14,452,563			11,151,338			53,937,810			36,977,724
Discontinued operations		—			380,966			—			708,422
Gain on sale of real estate		(2,857,475	)		(5,605,087	)		(2,857,475	)		(7,659,316	)
Real estate impairment charge		—			—			5,974,400			—
Funds from operations	$	26,232,000		$	23,575,815		$	106,682,858		$	126,289,407
Write-off straight line rent		1,867,389			1,457,235			2,817,727			1,457,235
Acquisition costs		18,455,684			13,036,440			26,388,957			19,493,657
Unutilized financings fees / debt refinancing costs		1,407,385			—			1,698,020			—
Loan and other impairment charges		—			—			44,153,495			—
Normalized funds from operations	$	47,962,458		$	38,069,490		$	181,741,057		$	147,240,299
Share-based compensation		2,515,745			2,812,906			8,694,224			8,832,006
Debt costs amortization		1,373,494			934,383			4,813,880			3,558,506
Additional rent received in advance (A)		(300,000	)		(300,000	)		(1,200,000	)		(1,200,000	)
Straight-line rent revenue and other		(6,473,535	)		(4,673,544	)		(22,985,887	)		(17,039,339	)
Adjusted funds from operations	$	45,078,162		$	36,843,235		$	171,063,274		$	141,391,472
Per diluted share data:
Net income, less participating securities’ share in earnings	$	0.08		$	0.11		$	0.29		$	0.63
Depreciation and amortization:
Continuing operations		0.08			0.07			0.31			0.24
Discontinued operations		—			—			—			—
Gain on sale of real estate		(0.01	)		(0.03	)		(0.01	)		(0.04	)
Real estate impairment charge		—			—			0.04			—
Funds from operations	$	0.15		$	0.15		$	0.63		$	0.83
Write-off straight line rent		0.01			0.01			0.02			0.01
Acquisition costs		0.11			0.08			0.15			0.12
Unutilized financings fees / debt refinancing costs		0.01			—			—			—
Loan and other impairment charges		—			—			0.26			—
Normalized funds from operations	$	0.28		$	0.24		$	1.06		$	0.96
Share-based compensation		0.01			0.02			0.05			0.06
Debt costs amortization		0.01			0.01			0.03			0.02
Additional rent received in advance (A)		—			(0.01	)		—			(0.01	)
Straight-line rent revenue and other		(0.04	)		(0.03	)		(0.14	)		(0.10	)
Adjusted funds from operations	$	0.26		$	0.23		$	1.00		$	0.93

(A) 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 December 31, 2014

		Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
General Acute Care Hospitals	A	$	1,934,305,208			49.0	%	$	186,399,338		59.6	%
Rehabilitation Hospitals			1,176,357,094			29.8	%		71,563,582		22.9	%
Long-Term Acute Care Hospitals			456,764,411			11.5	%		53,908,117		17.3	%
Wellness Centers			15,624,816			0.4	%		660,606		0.2	%
Other assets			366,911,579			9.3	%		—		—
Total gross assets			3,949,963,108			100.0	%
Accumulated depreciation and amortization			(202,627,286	)
Total		$	3,747,335,822					$	312,531,643		100.0	%

Investments and Revenue by Operator - As of December 31, 2014

	Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
Prime Healthcare	$	749,553,147			18.9	%	$	84,038,074		26.9	%
Ernest Health, Inc.		486,757,666			12.3	%		57,315,045		18.3	%
Median		422,453,196			10.7	%		1,569,349		0.5	%
IASIS Healthcare		347,611,962			8.8	%		27,351,093		8.8	%
RHM		284,983,512			7.2	%		22,093,195		7.1	%
22 operators		1,291,692,046			32.8	%		120,164,887		38.4	%
Other assets		366,911,579			9.3	%		—		—
Total gross assets		3,949,963,108			100.0	%
Accumulated depreciation and amortization		(202,627,286	)
Total	$	3,747,335,822					$	312,531,643		100.0	%

Investment and Revenue by Country and State - As of December 31, 2014

	Total Assets			Percentage of Gross Assets			Total Revenue		Percentage of Total Revenue
United States
Texas	$	776,016,942			19.6	%	$	74,044,195		23.7	%
California		547,098,066			13.9	%		64,267,558		20.5	%
New Jersey		238,140,898			6.1	%		15,595,887		5.0	%
Arizona		201,738,969			5.1	%		9,344,827		3.0	%
Louisiana		132,133,693			3.3	%		21,544,969		6.9	%
22 other states		936,481,227			23.7	%		101,749,805		32.6	%
United States Total		2,831,609,795			71.7	%		286,547,241		91.7	%
International
U.K.		44,005,026			1.1	%		2,321,858		0.7	%
Germany		707,436,708			17.9	%		23,662,544		7.6	%
International Total		751,441,734			19.0	%		25,984,402		8.3	%
Other assets		366,911,579			9.3	%
Total gross assets		3,949,963,108			100.0	%
Accumulated depreciation and amortization		(202,627,286	)
Total	$	3,747,335,822					$	312,531,643		100.0	%

A Includes three medical office buildings.

3

LEASE MATURITY SCHEDULE - AS OF DECEMBER 31, 2014

Total portfolio (1)	Total leases		Base rent(2)		Percent of total base rent
2015		2		4,155,412		1.6	%
2016		1		2,250,000		0.9	%
2017		—		—		0.0	%
2018		1		2,019,936		0.8	%
2019		8		6,547,245		2.6	%
2020		1		1,060,512		0.4	%
2021		3		14,243,812		5.7	%
2022		12		37,954,640		15.1	%
2023		4		12,029,276		4.8	%
2024		1		2,478,388		1.0	%
2025		3		7,499,572		3.0	%
Thereafter		79		161,345,198		64.1	%
		115	$	251,583,991		100.0	%

(1) Excludes 9 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).

4

DEBT SUMMARY AS OF DECEMBER 31, 2014

Instrument	Rate Type	Rate			Balance		2015		2016		2017		2018		2019		Thereafter
2018 Credit Facility Revolver	Variable		1.42% - 1.57	% (1)	$	593,490,000	$	—	$	—	$	—	$	593,490,000	$	—	$	—
2019 Term Loan	Variable		1.82	%		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)		241,960,000		—		—		—		—		—		241,960,000
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	%		13,682,578		282,700		298,582		320,312		12,780,984		—		—
					$	2,199,132,578	$	282,700	$	125,298,582	$	320,312	$	606,270,984	$	125,000,000	$	1,341,960,000
	Debt Premium				$	2,521,756
					$	2,201,654,334

(1) At December 31, 2014, this represents a $1.025 billion unsecured revolving credit facility with spreads over LIBOR ranging from 0.95% to 1.75%.

(2) Represents the weighted-average rate for four traunches of the Notes at December 31, 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 million 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 December 31, 2014.

5

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

	For the Three Months Ended						For the Twelve Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
	(unaudited)			(A)			(unaudited)			(A)
Revenues
Rent billed	$	50,065,768		$	38,520,039		$	187,018,147		$	132,578,216
Straight-line rent		2,858,620			2,474,148			13,507,120			10,705,792
Income from direct financing leases		12,367,929			11,545,956			49,154,786			40,830,388
Interest and fee income		16,813,085			15,139,342			62,851,590			58,409,167
Total revenues		82,105,402			67,679,485			312,531,643			242,523,563
Expenses
Real estate depreciation and amortization		14,452,563			11,151,338			53,937,810			36,977,724
Impairment charges		—			—			50,127,895			—
Property-related		449,926			934,118			1,850,659			2,450,521
Acquisition expenses(B)		18,455,684			13,036,440			26,388,957			19,493,657
General and administrative		11,437,880			8,901,727			37,274,269			30,063,409
Total operating expenses		44,796,053			34,023,623			169,579,590			88,985,311
Operating income		37,309,349			33,655,862			142,952,053			153,538,252
Interest and other income (expense)		(22,171,124	)		(19,881,506	)		(91,813,437	)		(63,511,002	)
Income tax (expense) benefit		(108,407	)		(464,219	)		(340,368	)		(725,707	)
Income from continuing operations		15,029,818			13,310,137			50,798,248			89,301,543
Income from discontinued operations		(320	)		4,587,686			(1,820	)		7,913,867
Net income		15,029,498			17,897,823			50,796,428			97,215,410
Net income attributable to non-controlling interests		(81,779	)		(59,083	)		(273,701	)		(224,300	)
Net income attributable to MPT common stockholders	$	14,947,719		$	17,838,740		$	50,522,727		$	96,991,110
Earnings per common share — basic:
Income from continuing operations	$	0.08		$	0.08		$	0.29		$	0.59
Income from discontinued operations		—			0.03			—			0.05
Net income attributable to MPT common stockholders	$	0.08		$	0.11		$	0.29		$	0.64
Earnings per common share — diluted:
Income from continuing operations	$	0.08		$	0.08		$	0.29		$	0.58
Income from discontinued operations		—			0.03			—			0.05
Net income attributable to MPT common stockholders	$	0.08		$	0.11		$	0.29		$	0.63
Dividends declared per common share	$	0.21		$	0.21		$	0.84		$	0.81
Weighted average shares outstanding — basic		172,411,250			161,142,567			169,998,971			151,439,002
Weighted average shares outstanding — diluted		172,603,919			161,839,544			170,540,178			152,597,666

(A) Financials have been derived from the prior year audited financials.

(B) Includes $3.9 million and $5.8 million in real estate transfer taxes in the quarter and year ended December 31, 2014, respectively.

Includes $12.0 million in real estate transfer taxes in the quarter and year ended December 31, 2013.

6

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	December 31, 2014			December 31, 2013
	(Unaudited)			(A)
Assets
Real estate assets
Land, buildings and improvements, and intangible lease assets	$	2,149,611,503		$	1,823,683,129
Construction in progress and other		23,162,924			41,771,499
Net investment in direct financing leases		439,516,173			431,024,228
Mortgage loans		397,593,819			388,756,469
Gross investment in real estate assets		3,009,884,419			2,685,235,325
Accumulated depreciation and amortization		(202,627,286	)		(159,776,091	)
Net investment in real estate assets		2,807,257,133			2,525,459,234
Cash and cash equivalents		144,541,257			45,979,648
Interest and rent receivable		41,136,306			58,565,294
Straight-line rent receivable		59,127,947			45,828,685
Other assets		695,273,179			228,862,582
Total Assets	$	3,747,335,822		$	2,904,695,443
Liabilities and Equity
Liabilities
Debt, net	$	2,201,654,334		$	1,421,680,749
Accounts payable and accrued expenses		112,623,187			94,289,615
Deferred revenue		27,206,612			24,114,374
Lease deposits and other obligations to tenants		23,804,458			20,402,058
Total liabilities		2,365,288,591			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 — 172,743,348 shares at December 31, 2014 and 161,309,725 shares at December 31, 2013		172,743			161,310
Additional paid in capital		1,765,380,949			1,618,054,133
Distributions in excess of net income		(361,330,051	)		(264,803,804	)
Accumulated other comprehensive income (loss)		(21,914,067	)		(8,940,649	)
Treasury shares, at cost		(262,343	)		(262,343	)
Total Equity		1,382,047,231			1,344,208,647
Total Liabilities and Equity	$	3,747,335,822		$	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 TWELVE MONTHS ENDED DECEMBER 31, 2014

Name	Location	Property Type	Acquisition / Development	Investment / Commitment
Legacy Health Partners	Montclair, NJ	Acute Care Hospital	Acquisition	$	115,000,000
Circle Holdings	Bath, U.K.	Acute Care Hospital	Acquisition		49,900,000
Ernest Health, Inc.	Laredo, TX	Inpatient Rehabilitation Hospital	Development		5,250,000
Adeptus Health	Various	Acute Care Hospital	Development		150,000,000
UAB Medical West	Hoover, AL	Acute Care Hospital & MOB	Development		8,653,000
Fairmont Regional Medical Center	Fairmont, WV	Acute Care Hospital	Acquisition		25,000,000
Wilson N. Jones Regional Medical Center	Sherman, TX	Acute Care Hospital	Acquisition		40,000,000
Buchberg- Klinik**	Bad Tolz, Germany	Inpatient Rehabilitation Hospital	Acquisition		15,630,825
Heinrich-Mann-Klinik**	Bad Liebenstein, Germany	Inpatient Rehabilitation Hospital	Acquisition		46,929,881
Klink-Hohenlohe**	Bad Mergentheim, Germany	Inpatient Rehabilitation Hospital	Acquisition		17,073,210
Portfolio of 40 MEDIAN Kliniken properties**	Germany	Inpatient Rehabilitation Hospitals	Acquisition		881,250,000	A
Total Investments / Commitments				$	1,354,686,916

** Exchange rate as of date of acquisition used for foreign investments.

A Excludes real estate transfer taxes, capital gains, and equity investment.

SUMMARY OF DEVELOPMENT PROJECTS AS OF DECEMBER 31, 2014

Property	Location	Property Type	Operator	Commitment		Costs Incurred as of 12/31/14		Percent Leased			Estimated Completion Date
UAB Medical West	Hoover, AL	Acute Care Hospital & MOB	Medical West, an affiliate of UAB	$	8,653,000	$	1,973,303		100	%	2Q 2015
First Choice ER - Summerwood	Houston, TX	Acute Care Hospital	Adeptus Health		6,015,000		2,560,354		100	%	2Q 2015
First Choice ER - Ft. Worth Avondale - Haslet	Fort Worth, TX	Acute Care Hospital	Adeptus Health		4,779,550		871,219		100	%	2Q 2015
First Choice ER - Carrollton	Carrollton, TX	Acute Care Hospital	Adeptus Health		35,819,897		15,628,996		100	%	3Q 2015
First Choice ER - Chandler	Chandler, AZ	Acute Care Hospital	Adeptus Health		5,049,335		894,785		100	%	3Q 2015
First Choice ER - Converse	Converse, TX	Acute Care Hospital	Adeptus Health		5,753,859		1,141,167		100	%	3Q 2015
First Choice ER - Denver 48th	Denver, CO	Acute Care Hospital	Adeptus Health		5,123,464		43,516		100	%	3Q 2015
First Choice ER - McKinney	McKinney, TX	Acute Care Hospital	Adeptus Health		4,749,949		49,584		100	%	3Q 2015
First Choice Emergency Rooms	Various	Acute Care Hospital	Adeptus Health		84,422,543		—
				$	160,366,597	$	23,162,924

8

DETAIL OF OTHER ASSETS AS OF DECEMBER 31, 2014

Operator	Investment		Annual Interest Rate			YTD Ridea Income (3)		Security / Credit Enhancements
Non-Operating Loans
Vibra Healthcare acquisition loan (1)	$	10,167,122		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		5,891,502		11.10	%			Secured and cross-defaulted with real estate; certain loans are cross-defaulted with other loans and real estate
Alecto working capital		16,680,000		11.00	%			Secured and cross-defaulted with real estate and guaranteed by Parent
IKJG/HUMC working capital		11,789,067		10.40	%			Secured and cross-defaulted with real estate and guaranteed by Parent
Ernest Health		4,250,000		9.38	%			Secured and cross-defaulted with real estate and guaranteed by Parent
Other		151,891
		54,162,082
Operating Loans
Ernest Health, Inc. (2)		93,200,000		15.00	%		15,332,370	Secured and cross-defaulted with real estate and guaranteed by Parent
IKJG/HUMC convertible loan		3,351,832					480,381	Secured and cross-defaulted with real estate and guaranteed by Parent
		96,551,832					15,812,751
Median investments (4)		455,176,927
Equity investments		14,727,753					2,559,275
Deferred debt financing costs		35,323,684						Not applicable
Lease and cash collateral		3,764,409						Not applicable
Other assets (5)		35,566,492						Not applicable
Total	$	695,273,179				$	18,372,026

(1) Original amortizing acquistion 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 loans and equity investment.

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

9

Medical Properties Trust
Medical Properties Trust, Inc.
1000 Urban Center Drive, Suite 501
Birmingham, AL 35242
(205) 969-3755
www.medicalpropertiestrust.com
Contact:
Charles Lambert, Managing Director - Capital Markets
(205) 397-8897 or clambert@medicalpropertiestrust.com
or
Tim Berryman, Director - Investor Relations
(205) 397-8589 or tberryman@medicalpropertiestrust.com
Investing in the future of healthcare.