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

Exhibit 99.2

Q1 2022 SUPPLEMENTAL

FORWARD-LOOKING STATEMENTS COMPANY OVERVIEW Forward-looking statements involve known and 3 unknown risks, uncertainties and other factors that Company Information 3 may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: Normalized FFO per share; FINANCIAL INFORMATION expected payout ratio; the amount of acquisitions of healthcare real estate, if any; Net Debt to EBITDA; Reconciliation of Net Income to Funds from Operations 6 portfolio diversification; capital markets conditions;
the repayment of debt arrangements; statements Debt Summary 7 concerning the additional income to the Company as 6 a result of ownership interests in certain hospital oper- Pro Forma Net Debt /Annualized Adjusted EBITDA 8 ations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangements and additional investments; national and international economic, business, real estate and PORTFOLIO INFORMATION other market conditions; the competitive environment in which the Company operates; the execution of the Pro Forma Lease and Loan Maturity Schedule 9 Company’s business plan; financing risks; the Company’s ability to maintain its status as a REIT for federal
Total Pro Forma Gross Assets and Adjusted Revenue income tax purposes; acquisition and development
risks; potential environmental and other liabilities;
9 by Asset Type, Operator, State and Country 10 potential impact from COVID-19 on our tenants/bor-
rowers and the related impact to us; and other factors
EBITDARM to Rent Coverage 13 affecting the real estate industry generally or health-care real estate in particular. For further discussion of
Summary of Investments and Development Projects 14 the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31,
2021, and as updated by the Company’s subsequently FINANCIAL STATEMENTS filed Quarterly Reports on Form 10-Q and other SEC filings. Except as otherwise required by the federal
Consolidated Statements of Income 15 securities laws, the Company undertakes no obligation to update the information in this report.
Consolidated Balance Sheets 16
Certain information in the supplemental package
15 Investments in Unconsolidated Real Estate may be shown pro forma for transactions completed subsequent to period end and the consummation of Joint Ventures 17 pending transactions, including leasing five facilities in
Utah to a new tenant. The pro forma adjustments are
Investments in Unconsolidated Operating Entities 18 based upon available information and assumptions
that we believe are reasonable. There is no assurance
Unconsolidated Real Estate Joint Venture Details 19 that any pending transactions will occur.Copper Springs East—Gilbert, Arizona.

COMPANY OVERVIEW
M edical Properties Trust, Inc. is a self-advised MPT’s financing model facilitates acquisitions real estate investment trust formed in and recapitalizations and allows operators 2003 to acquire and develop net-leased hospital of hospitals to unlock the value of their real facilities. From its inception in Birmingham, estate assets to fund facility improvements, Alabama, the Company has grown to become one technology upgrades and other investments of the world’s largest owners of hospitals. in operations.
As of March 31, 2022.
440 53 ~46,000 32 10
properties operators beds U. S. states countries
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 3

COMPANY OVERVIEW
MPT OFFICERS:
From the Left: Charles R. Lambert, Emmett E. McLean, R. Lucas Savage, Edward K. Aldag, Jr., R. Steven Hamner, Rosa H. Hooper and J. Kevin Hanna.
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 and Secretary J. Kevin Hanna Vice President, Controller and Chief Accounting Officer
Rosa H. Hooper Vice President, Managing Director of Asset Management and Underwriting R. Lucas Savage Vice President, Head of Global Acquisitions Charles R. Lambert Vice President, Treasurer and Managing Director of Capital Markets
Board of Directors Corporate Headquarters
Edward K. Aldag, Jr. G. Steven Dawson
Medical Properties Trust, Inc.
R. Steven Hamner 1000 Urban Center Drive, Suite 501 Caterina A. Mozingo Birmingham, AL 35242
Emily W. Murphy
(205) 969-3755
Elizabeth N. Pitman
D. Paul Sparks, Jr. (205) 969-3756 (fax)
Michael G. Stewart www.medicalpropertiestrust.com
C. Reynolds Thompson, III
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 4

COMPANY OVERVIEW
INVESTOR RELATIONS
Drew Babin Tim Berryman
Senior Managing Director of Corporate Communications Managing Director of Investor Relations
(646) 884-9809 dbabin@medicalpropertiestrust.com (205) 397-8589 tberryman@medicalpropertiestrust.com
Stock Exchange Senior Transfer Listing and Unsecured Agent Trading Symbol Debt Ratings
American Stock Transfer New York Stock Exchange Moody’s – Ba1 and Trust Company (NYSE): MPW Standard & Poor’s – BBB-
6201 15th Avenue Brooklyn, NY 11219
Cheadle Royal Hospital—Manchester, United Kingdom
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 5

FINANCIAL INFORMATION
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)
For the Three Months Ended
March 31, 2022 March 31, 2021
FFO INFORMATION:
Net income attributable to MPT common stockholders $ 631,681 $ 163,783 Participating securities’ share in earnings (402) (370)
Net income, less participating securities’ share in earnings $ 631,279 $ 163,413
Depreciation and amortization 99,459 88,536 Gain on sale of real estate and other, net (451,638) (989)
Funds from operations $ 279,100 $ 250,960
Write-off (recovery) of straight-line rent and other 2,604 (5,238) Non-cash fair value adjustments (8,023) (4,065) Debt refinancing and unutilized financing costs 8,816 2,269
Normalized funds from operations $ 282,497 $ 243,926
Share-based compensation 11,804 12,264 Debt costs amortization 5,613 4,009 Rent deferral, net (3,716) 803 Straight-line rent revenue and other (77,333) (67,275)
Adjusted funds from operations $ 218,865 $ 193,727
PER DILUTED SHARE DATA:
Net income, less participating securities’ share in earnings $ 1.05 $ 0.28 Depreciation and amortization 0.17 0.15 Gain on sale of real estate and other, net (0.75) -
Funds from operations $ 0 .47 $ 0 .43
Write-off (recovery) of straight-line rent and other — (0.01) Non-cash fair value adjustments (0.01) -Debt refinancing and unutilized financing costs 0.01 -
Normalized funds from operations $ 0 .47 $ 0 .42
Share-based compensation 0.02 0.02 Debt costs amortization 0.01 0.01 Rent deferral, net (0.01) -Straight-line rent revenue and other (0.12) (0.11)
Adjusted funds from operations $ 0 .37 $ 0 .34
Notes:
(A) Certain line items above (such as depreciation and amortization) include our share of such income/expense from unconsolidated joint ventures. These amounts are included with the activity of all of our equity interests in the “Earnings from equity interests” line on the consolidated statements of income.
(B) 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 results of operations 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) non-cash 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.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 6

FINANCIAL INFORMATION
(As of March 31, 2022) ($ amounts in thousands)
DEBT MATURITIES
Senior Unsecured
Year Term Loans/Revolver Total Debt % of Total Notes
2022 $— $— $—0.0% 2023 525,520—525,520 5.2% 2024—1,429,259 1,429,259 14.0% 2025 553,350 919,660 1,473,010 14.5% 2026 1,710,250 200,000 1,910,250 18.8% 2027 1,400,000 —1,400,000 13.7% 2028 788,280—788,280 7.7% 2029 900,000—900,000 8.8% 2030 459,830—459,830 4.5% 2031 1,300,000 —1,300,000 12.8%
Totals $ 7,637,230 $ 2,548,919 $ 10,186,149 100.0%
DEBT BY LOCAL CURRENCY
Senior Unsecured
Term Loans/Revolver Total Debt % of Total Notes
United States $ 4,100,000 $ 530,000 $ 4,630,000 45.5% United Kingdom 2,430,530 919,660 3,350,190 32.9% Australia— 897,840 897,840 8.8% Europe 1,106,700 201,419 1,308,119 12.8%
Totals $ 7,637,230 $ 2,548,919 $ 10,186,149 100.0%
DEBT SUMMARY
Debt Instrument Rate Type Rate Balance
2024 Credit Facility Revolver Variable 1.200%—1.650% $ 531,419
2026 Term Loan Variable 1.900% 200,000 RATE TYPE AS PERCENTAGE OF TOTAL DEBT
2.550% Notes Due 2023 (£400M) (A) Fixed 2.550% 525,520
(A) (B) Variable

2024 AUD Term Loan (A$1.2B) Fixed 2.450% 897,840 7.2% 3.325% Notes Due 2025 (€500M) (A) Fixed 3.325% (A) Fixed (C) 1.949% 2025 GBP Term Loan (£700M) 0.993% Notes Due 2026 (€500M) (A) Fixed 0.993% 5.250% Notes Due 2026 Fixed 5.250%

(A) Fixed 2.500% Fixed 2.500% Notes Due 2026 (£500M)
92.8%
5.000% Notes Due 2027 Fixed 5.000% 3.692% Notes Due 2028 (£600M) (A) Fixed 3.692% 4.625% Notes Due 2029 Fixed 4.625% 3.375% Notes Due 2030 (£350M) (A) Fixed 3.375%
3.500% Notes Due 2031 Fixed 3.500% 1,300,000 $ 10,186,149
Debt issuance costs and discount (68,160) Weighted average rate 3.272% $ 10,117,989
(A) Non-USD denominated debt converted to U.S. dollars at March 31, 2022.
(B) We entered into an interest rate swap transaction, effective July 3, 2019, to fix the interest rate to 2.450% for the duration of the loan. (C) We entered into an interest rate swap transaction, effective March 6, 2020, to fix the interest rate to 1.949% for the duration of the loan.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 7

FINANCIAL INFORMATION
PRO FORMA NET DEBT / ANNUALIZED ADJUSTED EBITDA
(Unaudited)
(Amounts in thousands)
For the Three Months Ended March 31, 2022
Net income attributable to MPT common stockholders $ 631,681 Pro forma adjustments for investment activity (A) (22,566) Pro forma net income $ 609,115
Add back:
Interest (B) 89,428 Depreciation and amortization (B) 96,914 Share-based compensation 11,804 Gain on sale of real estate and other, net (451,638) Write-off of straight-line rent and other 2,604 Debt refinancing and unutilized financing costs 8,816 Non-cash fair value adjustments (8,023) Income tax (B) 12,156
1Q 2022 Pro forma adjusted EBITDA $ 371,176 Annualization $ 1,484,704
Total debt at March 31, 2022 $ 10,117,989 Pro forma cash at March 31, 2022 (C) (495,155)
Pro forma net debt $ 9,622,834
Pro forma net debt / annualized adjusted EBITDA 6.5x
(A) Reflects our binding commitments on leasing five facilities in Utah to a new tenant, as well as other mid-quarter investments and property sales, such as the Steward Massachusetts partnership.
(B) Includes our share of interest, real estate depreciation and income tax expense from unconsolidated joint ventures.
(C) Represents cash at March 31, 2022 adjusted for costs funded on development and other capital projects not yet generating revenue.
Investors and analysts following the real estate industry utilize net debt (debt less cash) to EBITDA (net income before interest expense, income taxes, depreciation and amortization) as a measurement of leverage that shows how many years it would take for us to pay back our debt, assuming net debt and EBITDA are held constant. The table above considers the pro forma effects on net debt and EBITDA from investments and capital transactions that were either completed during the period or disclosed as firm commitments, assuming such transactions were consummated/fully funded as of the beginning of the period. In addition, we show EBITDA adjusted to exclude share-based compensation, gains or losses on real estate and other dispositions, debt refinancing or similar charges, and impairment or other non-cash charges to derive Pro forma Annualized Adjusted EBITDA, which is a non-GAAP measure. We believe Pro forma Net Debt and Pro forma Annualized Adjusted EBITDA are useful to investors and analysts as they allow for a more current view of our credit quality and allow for the comparison of our credit strength between periods and to other real estate companies without the effect of items that by their nature are not comparable from period to period.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 8

PORTFOLIO INFORMATION
PRO FORMA LEASE AND LOAN MATURITY SCHEDULE (A)
($ amounts in thousands)
(B) (C) (D) Percentage of Total Years of Maturities Total Properties Base Rent/Interest Base Rent/Interest
2022 11 $ 47,372 3.5% 2023 5 15,341 1.1% 2024 1 2,731 0.2% 2025 6 18,226 1.4% 2026 4 2,333 0.2% 2027 1 3,346 0.2% 2028 4 5,779 0.4% 2029 6 16,219 1.2% 2030 11 6,048 0.4% 2031 4 4,211 0.3% Thereafter 380 1,228,401 91.1%
433 $ 1,350,007 100.0%
Percentage of total base rent/interest
100%
91.1% 90% 80% 70% 60% 50% 40% 30% 20% 10% 3.5%
1.1% 0.2% 1.4% 0.2% 0.2% 0.4% 1.2% 0.4% 0.3% 0%
(A) Schedule includes leases and mortgage loans.
(B) Lease/Loan expiration is based on the fixed term of the lease/loan and does not factor in potential renewal options provided for in our agreements.
(C) Reflects all properties, including those that are part of joint ventures except vacant properties representing less than 1% of total pro forma gross assets and facilities that are under development.
(D) Represents base rent/interest income on an annualized basis as of period end but does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues).
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 9

PORTFOLIO INFORMATION
TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY ASSET TYPE
(March 31, 2022)
($ amounts in thousands)
Pro Forma Adjusted
Total Percentage of Q1 2022 Percentage of Asset Types Properties (A) (B) Gross Assets Total Gross Assets Revenue Q1 2022 Revenue
General Acute Care Hospitals 208 $ 15,991,573 71.9% $ 334,858 75.3% Behavioral Health Facilities 60 2,610,577 11.8% 50,897 11.4% Inpatient Rehabilitation Hospitals 111 2,018,521 9.1% 45,043 10.1% Long-Term Acute Care Hospitals 20 337,963 1.5% 8,302 1.9% Freestanding ER/Urgent Care Facilities 41 248,272 1.1% 5,676 1.3%
Other — 1,028,068 4.6% — -
Total 440 $ 22,234,974 100.0% $ 444,776 100.0%
TOTAL PRO FORMA GROSS ASSETS BY ASSET TYPE TOTAL ADJUSTED REVENUE BY ASSET TYPE
1% 1% 5% 1% 2% 9%
General Acute Care Hospitals 10% Behavioral Health Facilities 12% 12% Inpatient Rehabilitation Hospitals
72%
Long-Term Acute Care Hospitals
75%
Freestanding ER/Urgent Care Facilities Other
DOMESTIC PRO FORMA GROSS ASSETS BY ASSET TYPE DOMESTIC ADJUSTED REVENUE BY ASSET TYPE
2% 5% 3%
3% 7% 2%
6% General Acute Care Hospitals
8%
Behavioral Health Facilities
9%
Inpatient Rehabilitation Hospitals
75% Long-Term Acute Care Hospitals 80% Freestanding ER/Urgent Care Facilities
Other
(A) Includes gross real estate assets, other loans, equity investments, and pro rata portion of gross assets in joint venture arrangements, assuming material real estate commitments on new investments are fully funded. See press release dated April 28, 2022 for reconciliation of total assets to total pro forma gross assets at March 31, 2022.
(B) Reflects actual revenues on our consolidated statement of income along with revenue from properties owned through our unconsolidated joint venture arrangements. See press release dated April 28, 2022 for a reconciliation of actual revenues to adjusted revenues.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 10

PORTFOLIO INFORMATION
TOTAL PRO FORMA GROSS ASSETS—LARGEST INDIVIDUAL FACILITY
(March 31, 2022)
Percentage of COMPREHENSIVE PROPERTY-LEVEL UNDERWRITING FRAMEWORK
Total Gross Assets—
Operators While MPT seeks to align with proven operators with successful track records and
Largest Individual
Facility demonstrated market leadership, individual facilities are discrete transactions regardless of portfolio size or related master lease and/or cross-default provisions
HCA Healthcare 2.5% Steward Health Care 2.0%
• Is this hospital truly needed in this local • Is referral network sufficiently diversified by Prospect Medical Holdings 1.1% market? both practice and specialty?
Circle Health 1.0%
Swiss Medical Network 0.9% • Would the community suffer were this • Would the facility be attractive to multiple hospital not here? identified high-quality replacement operators
48 operators 1.3% in the rare event a tenant must be replaced?
Largest Individual Facility Investment is Less Than • Are hospital relationships with admitting
3% of MPT Investment Portfolio local physicians deep, time-tested, and • Could the operator potentially be replaced at sustainable? equal or more favorable (to MPT) terms?
TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY OPERATOR
(March 31, 2022)
($ amounts in thousands)
Pro Forma Adjusted
Total Percentage of Q1 2022 Percentage of Operators Properties (A) (B) Gross Assets Total Gross Assets Revenue Q1 2022 Revenue
Steward Health Care 34
Florida market $1,337,192 6.0% $ 25,304 5.7% Massachusetts market 1,173,852 5.3% 35,818 8.0% Texas/Arkansas/Louisiana market 983,344 4.4% 18,612 4.2% Arizona market 338,873 1.5% 8,532 1.9% Ohio/Pennsylvania market 141,615 0.7% 3,565 0.8% Utah market — — 32,763 7.4% Circle Health 36 2,408,716 10.8% 51,212 11.5% Prospect Medical Holdings 14 1,639,588 7.4% 38,684 8.7% Swiss Medical Network 17 1,299,524 5.8% 11,751 2.6% HCA Healthcare 9 1,240,264 5.6% 355 0.1% 48 operators 330 10,643,938 47.9% 218,180 49.1% Other — 1,028,068 4.6% — —
Total 440 $ 22,234,974 100.0% $ 444,776 100.0%
(A) Includes gross real estate assets, other loans, equity investments, and pro rata portion of gross assets in joint venture arrangements, assuming material real estate commitments on new investments are fully funded. See press release dated April 28, 2022 for reconciliation of total assets to total pro forma gross assets at March 31, 2022.
(B) Reflects actual revenues on our consolidated statement of income along with revenue from properties owned through our unconsolidated joint venture arrangements. See press release dated April 28, 2022 for a reconciliation of actual revenues to adjusted revenues.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 11

PORTFOLIO INFORMATION
TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY U.S. STATE AND COUNTRY
(March 31, 2022)
($ amounts in thousands)
Pro Forma Adjusted
Total Percentage of Q1 2022 Percentage of U.S. States and Other Countries Properties (A) (B) Gross Assets Total Gross Assets Revenue Q1 2022 Revenue
Texas 52 $ 1,995,890 9.0% $ 34,844 7.8% California 28 1,641,873 7.4% 41,291 9.3% Florida 8 1,337,191 6.0% 25,305 5.7% Utah 7 1,255,334 5.6% 33,768 7.6% Massachusetts 10 1,179,252 5.3% 35,981 8.1%
27 Other States 124 5,141,829 23.1% 125,907 28.3% Other — 730,743 3.3% — -
United States 229 $ 13,282,112 59.7% $ 297,096 66.8%
United Kingdom 81 $ 4,362,100 19.6% $ 83,906 18.9% Switzerland 17 1,299,524 5.9% 11,751 2.6% Germany 82 1,222,002 5.5% 24,883 5.6% Australia 11 986,926 4.4% 17,031 3.8% Spain 3 258,343 1.2% 3,604 0.8% Other Countries 17 526,642 2.4% 6,505 1.5% Other — 297,325 1.3%— -
International 211 $ 8,952,862 40.3% $ 147,680 33.2% Total 440 $ 22,234,974 100.0% $ 444,776 100.0%
(A) Includes gross real estate assets, other loans, equity investments, and pro rata portion of gross assets in joint venture arrangements, assuming material real estate commitments on new investments are fully funded. See press release dated April 28, 2022 for reconciliation of total assets to total pro forma gross assets at March 31, 2022.
(B) Reflects actual revenues on our consolidated statement of income along with revenue from properties owned through our unconsolidated joint venture arrangements. See press release dated April 28, 2022 for a reconciliation of actual revenues to adjusted revenues.
TOTAL PRO FORMA GROSS ASSETS BY COUNTRY TOTAL ADJUSTED REVENUE BY COUNTRY
2% 1%
4% 1% 1%
1% 5%
United States 3% 4%
6% United Kingdom
6%
Switzerland
60% Germany 19% 20%
Australia 67% Spain Other Countries Other
PRO FORMA GROSS ASSETS BY U.S. STATE ADJUSTED REVENUE BY U.S. STATE
Texas
3% 9% 8%
California 9% Florida 28% 23% 8%
Utah
6%
6% Massachusetts
8%
5% 6% 27 Other States
8%
Other
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 12

PORTFOLIO INFORMATION
TOTAL PORTFOLIO TTM EBITDARM(A)(B) RENT COVERAGE INCLUSIVE OF CARES ACT GRANTS
YOY AND SEQUENTIAL QUARTER COMPARISONS BY PROPERTY TYPE
5
4
3.0x 3.2x 3.2x 3.2x
2.9x 2.9x 2.9x 2.7x 2.8x 2.7x 3 2.1x 2.0x 2.0x 2.1x 2.0x 2.0x 2.1x
2 1.8x 1.8x 1.6x
1
0
General Acute Inpatient Rehabilitation Behavioral Health Facilities Long-Term Acute Total Portfolio Care Hospitals Facilities Care Hospitals Q4 2020 (YoY) Q4 2021 (YoY) Q3 2021 (QoQ) Q4 2021 (QoQ)
EBITDARM RENT COVERAGE: OPERATORS WITH PROPERTY-LEVEL REPORTING NOT REQUIRED OR UNAVAILABLE PROPERTY-LEVEL REPORTING
Above data represents 88% of MPT Total Real Estate Investment
Notes: All data presented is on a trailing twelve month basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and 12/31/2021.
(A) EBITDARM is earnings before interest, taxes, depreciation, amortization, rent and management fees. EBITDARM does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDARM does not represent property net income or cash flows from operations and should not be considered an alternative to those indicators. EBITDARM figures utilized in calculating coverages presented are based on financial information provided by MPT’s tenants. MPT has not independently verified this information [but has no reason to believe this information is inaccurate in any material respect]. TTM Coverages calculated based on actual, unadjusted EBITDARM results as presented in tenant financial reporting and cash rent paid to MPT, except as noted below.
- Total CARES Act Grants received by tenants during the period between March 2020 and June 2021 have been spread evenly by quarter from Q2 2020 through Q2 2021. Any additional grants received after June 2021 are included in the quarter that they were recorded by the tenant.
- Prospect EBITDARM adjusted to exclude out-of-period California Provider Fee income in March 2020 and spread evenly to the period from July 2019 to March 2020.
- Steward EBITDARM adjusted for one-time out-of-period legal settlement in July 2020.
- LifePoint EBITDARM adjusted for one-time out-of-period legal settlement in June 2020.
(B) Total Master Lease, Cross Defaulted and/or with Parent Guaranty coverage includes Prospect’s Pennsylvania and Connecticut facilities which are classified by Prospect as held for sale as part of publicly announced agreements executed by Prospect to sell assets.
(C) Prospect coverage excludes Pennsylvania and Connecticut facilities classified by Prospect as held for sale as part of publicly announced agreements executed by Prospect to sell the assets.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 13

PORTFOLIO INFORMATION
SUMMARY OF COMPLETED INVESTMENTS
(For the three months ended March 31, 2022)
(Amounts in thousands)
Operator Location Investment (A) Commencement Date Investment/ Development
Priory Group U.K. $ 131,105 2/16/2022 Investment Ernest Health California 47,929 3/1/2022 Development Pihlajalinna Finland 194,234 3/11/2022 Investment
$ 373,268
SUMMARY OF CURRENT DEVELOPMENT PROJECTS AS OF MARCH 31, 2022
(Amounts in thousands)

Costs Incurred as of Estimated Commencement Operator Location Commitment 3/31/2022 Date

Ernest Health California $ 47,700 $ 37,104 Q3 2022 Steward Health Care Texas 169,408 56,890 Q2 2024
$ 217,108 $ 93,994
(A) Excludes transaction costs, such as real estate transfer and other taxes. Amount assumes exchange rate as of the investment date.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 14

FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)
For the Three Months Ended
March 31, 2022 March 31, 2021 REVENUES
Rent billed $ 263,402 $ 213,344 Straight-line rent 61,044 54,873 Income from financing leases 51,776 50,894 Interest and other income 33,578 43,654 Total revenues 409,800 362,765
EXPENSES
Interest 91,183 86,972 Real estate depreciation and amortization 85,316 75,642 Property-related (A) 8,598 5,453 General and administrative 41,424 36,073 Total expenses 226,521 204,140
OTHER INCOME (EXPENSE)
Gain on sale of real estate and other, net 451,638 989 Earnings from equity interests 7,338 7,101 Debt refinancing and unutilized financing costs (8,816) (2,269) Other (including fair value adjustments on securities) 9,887 7,794 Total other income 460,047 13,615
Income before income tax 643,326 172,240 Income tax expense (11,379) (8,360)
Net income 631,947 163,880
Net income attributable to non-controlling interests (266) (97)
Net income attributable to MPT common stockholders $ 631,681 $ 163,783
EARNINGS PER COMMON SHARE—BASIC AND DILUTED
Net income attributable to MPT common stockholders $ 1.05 $ 0.28

WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC 598,676 576,240 WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED 598,932 577,541 $ -DIVIDENDS DECLARED PER COMMON SHARE $ 0.29 $ 0.28

(A) Includes $6.3 million and $3.5 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2022 and 2021, respectively.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 15

FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
March 31, 2022 December 31, 2021
(Unaudited) (A) ASSETS
Real estate assets
Land, buildings and improvements, intangible lease assets, and other $ 14,029,059 $ 14,062,722 Investment in financing leases 2,063,227 2,053,327 Real estate held for sale — 1,096,505 Mortgage loans 224,281 213,211
Gross investment in real estate assets 16,316,567 17,425,765
Accumulated depreciation and amortization (1,054,361) (993,100)
Net investment in real estate assets 15,262,206 16,432,665
Cash and cash equivalents 248,846 459,227 Interest and rent receivables 65,933 56,229 Straight-line rent receivables 660,421 728,522 Investments in unconsolidated real estate joint ventures 1,534,514 1,152,927 Investments in unconsolidated operating entities 1,455,842 1,289,434 Other loans 66,963 67,317 Other assets 523,109 333,480
Total Assets $ 19,817,834 $ 20,519,801
LIABILITIES AND EQUITY Liabilities
Debt, net $ 10,117,989 $ 11,282,770 Accounts payable and accrued expenses 595,026 607,792 Deferred revenue 18,834 25,563 Obligations to tenants and other lease liabilities 166,626 158,005 Total Liabilities 10,898,475 12,074,130
Equity
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding — -Common stock, $0.001 par value. Authorized 750,000 shares; issued and outstanding —598,676 shares at March 31, 2022 and 596,748 shares at December 31, 2021 599 597 Additional paid-in capital 8,547,892 8,564,009 Retained earnings (deficit) 369,972 (87,691) Accumulated other comprehensive loss (5,010) (36,727) Total Medical Properties Trust, Inc. Stockholders’ Equity 8,913,453 8,440,188 Non-controlling interests 5,906 5,483
Total Equity 8,919,359 8,445,671
Total Liabilities and Equity $ 19,817,834 $ 20,519,801
(A) Financials have been derived from the prior year audited financial statements.
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FINANCIAL STATEMENTS
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES
(Amounts in thousands)
REAL ESTATE JOINT VENTURE FRAMEWORK
MPT seeks to partner with institutional investors that share a similar view that hospital real estate is a necessary infrastructure-type asset in communities.
• Underlying real estate and leases are structured similar to the rest of our portfolio • Partnering with local investors provide opportunities for entry into new—the risk profile is the same as our 100%-owned real estate investments. markets with new operators.
• Returns are comparable to our other triple net leased healthcare assets. • Opportunity to generate low-cost capital.
• Joint venture partnerships unlock the value of previously 100%-owned real estate. • Building relationships with new partners may lead to future acquisition opportunities.
Investment as Ownership
Operator Structure of 3/31/2022 Interest
Swiss Medical Network $ 473,235 70% Represents ownership in Infracore, which owns and leases all 17 Switzerland facilities.
Represents ownership in eight Massachusetts hospital facilities that are fully leased pursuant Steward Health Care 400,367 50% to a master lease.
MEDIAN 505,883 50% Represents ownership in 71 German facilities that are fully leased.
Policlinico di Monza 93,833 50% Represents ownership in eight Italian facilities that are fully leased.
HM Hospitales 61,196 45% Represents ownership in two Spanish facilities that are fully leased.
Total $ 1,534,514
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES AS A PERCENTAGE OF TOTAL ASSETS
8%
92%
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FINANCIAL STATEMENTS
INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES
(Amounts in thousands)
OPERATING ENTITY INVESTMENT FRAMEWORK
MPT’s hospital expertise and comprehensive underwriting process allows for opportunistic investments in hospital operations.
• Passive investments are typically made in conjunction with larger • Certain of these investments entitle us to customary minority rights and real estate transactions. protections
• Operators are vetted as part of our overall underwriting process. • No additional operating loss exposure beyond our investment.
• Potential for outsized returns and organic growth. • Proven track record of successful investments, including Ernest Health and Capella Healthcare.
Investment as Ownership
Operator Structure of 3/31/2022 Interest
Loan, for which proceeds were paid to Steward’s former private equity sponsor, is secured by the equity Steward Health Care $ 363,236 N/A of Steward and provides for an initial 4% cash return along with possible outsized return based on the increase in value of Steward.
Includes our 49% equity ownership interest and a loan made for the purpose of investing in select International Joint Venture 231,403 49.0% international hospital operations. The loan carries a 7.5% interest rate and is secured by the remaining equity of the international joint venture and guaranteed by the other equity owner.
With the 2021 acquisition of 18 behavioral facilities, we made a 49% equity investment and a loan, Springstone 192,958 49.0% proceeds of which were paid to the former owners of the Springstone operating entity. The loan carries an 8% interest rate and is secured by the remaining equity of the other equity owner.
As part of our 2021 acquisition of 35 facilities, we made a 9.9% passive equity investment and a loan, Priory 167,478 9.9% proceeds of which were paid to the former owner. The loan carries a variable interest rate.
Includes our passive equity ownership interest, along with a CHF 45 million loan as part of a syndicated Swiss Medical Network 157,431 10.0% loan facility.
Includes our passive equity ownership interest. Proceeds from our investment were paid directly to Steward Health Care 139,000 9.9% Steward’s former private equity sponsor and other shareholders.
Loan originated in connection with the overall $1.55 billion acquisition of 14 facilities, proceeds of which Prospect Medical Holdings 112,319 N/A were paid to the prior owner. The loan carries an interest rate of 8% and matures in 2026. The loan is secured and cross-defaulted with real estate and guaranteed by Parent.
Includes our passive equity ownership interest in Aevis, a public healthcare investment company. Our Aevis 76,029 4.6% original investment of CHF 47 million is marked-to-market quarterly.
Includes our passive equity ownership interest in Aspris, a recent spin-off of Priory’s education and Aspris 15,988 9.9% children’s services line of business.
Total $ 1,455,842
INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES AS A PERCENTAGE OF TOTAL ASSETS
7%
93%
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FINANCIAL STATEMENTS
UNCONSOLIDATED REAL ESTATE JOINT VENTURE DETAILS
(As of and for the three months ended March 31, 2022) (Unaudited) ($ amounts in thousands)
MPT Pro Rata Interest

Property-MPT Weighted Total Gross Third-Party Shareholder Total Operators Related Average Interest Assets Net Debt Loan Revenues (A) (A) Expenses

HM Hospitales, MEDIAN, Policlinico di Monza, Swiss
55% $ 3,211,117 $ 1,311,596 $ 328,690 $ 34,976 $ 2,397 Medical Network, Steward Health Care
PRO RATA TOTAL GROSS ASSETS BY COUNTRY PRO RATA TOTAL GROSS ASSETS BY PROPERTY TYPE
3%
5%
33% 30% 27%
70% 32%
Switzerland Germany General Acute Care Hospitals United States Spain Inpatient Rehabilitation Hospitals Italy
Income Statement Impact to MPT Amounts Financial Statement Location
Real estate joint venture income (B) $ 7,338 Earnings from equity interests
Management fee revenue $ 148 Interest and other income Shareholder loan interest revenue $ 4,232 Interest and other income
(A) The joint venture with Macquarie Asset Management, which we own a 50% interest, was formed on March 14, 2022. Includes revenue and expenses subsequent to the date of acquiring the interest.
(B) Includes $2.2 million of straight-line rent revenue, $14.0 million of depreciation and amortization expense, and $9.3 million of interest expense on third-party debt and shareholder loans.
MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2022 19

1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (205) 969-3755 NYSE: MPW www.medicalpropertiestrust.com Contact: Drew Babin, Senior Managing Director of Corporate Communications (646) 884-9809 or dbabin@medicalpropertiestrust.com or Tim Berryman, Managing Director of Investor Relations (205) 397-8589 or tberryman@medicalpropertiestrust.com