MEDICAL PROPERTIES TRUST, INC. (Exact Name of Registrant As Specified in Charter)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): February 4, 2021

MEDICAL PROPERTIES TRUST, INC. (Exact Name of Registrant as Specified in Charter)

Commission File Number 001-32559

Maryland 20-0191742 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.)

1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (205) 969-3755

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Trading Name of each exchange Title of each class Symbol on which registered Common Stock, par value $0.001 per share, of MPW The New York Stock Exchange Medical Properties Trust, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition. On February 4, 2021, Medical Properties Trust, Inc. issued a press release announcing its financial results for the three and twelve months ended December 31, 2020. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference in any filing of Medical Properties Trust, Inc. with the Securities and Exchange Commission, except as expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits. (d) Exhibits.

Exhibit Number Description 99.1 Press release dated February 4, 2021 reporting financial results for the three and twelve months ended December 31, 2020 99.2 Medical Properties Trust, Inc. 4th Quarter 2020 Supplemental Information 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

2 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

MEDICAL PROPERTIES TRUST, INC.

By: /s/ R. Steven Hamner Name: R. Steven Hamner Title: Executive Vice President and Chief Financial Officer

Date: February 4, 2021

3 Exhibit 99.1

Contact: Drew Babin, CFA Senior Managing Director – Corporate Communications Medical Properties Trust, Inc. (646) 884-9809 [email protected]

MEDICAL PROPERTIES TRUST, INC. REPORTS FOURTH QUARTER AND FULL-YEAR RESULTS

Per Share Net Income of $0.20 and Normalized FFO of $0.41 in Fourth Quarter

Full-Year Growth in NFFO per Share of Approximately 21%

Nearly $3.6 Billion of Investments Closed in 2020 and $1.1 Billion Year-to-Date 2021

Birmingham, AL – February 4, 2021 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the fourth quarter and full-year ended December 31, 2020 as well as certain events occurring subsequent to quarter end.

• Net income of $0.20 and Normalized Funds from Operations (“NFFO”) of $0.41 for the 2020 fourth quarter and net income of $0.81 and

NFFO of $1.57 for the full-year 2020, all on a per diluted share basis;

• Closed in the fourth quarter on one inpatient rehabilitation (“IRF”) development agreement and six general acute and IRF acquisitions in

the U.S., the U.K., Switzerland, and Colombia totaling nearly $670 million;

• Closed in mid-January on an £800 million real estate investment in behavioral health properties in the UK operated by Priory Group

(“Priory”);

• In the first quarter of 2021 completed the sale of Olympia Medical Center to the UCLA Health System for proceeds of $51 million,

recovering a loan balance of $25 million and other past due amounts at an overall expected gain exceeding $10 million;

• During and subsequent to the fourth quarter issued $1.3 billion in 3.5% senior unsecured notes due in 2031, redeemed $800 million of senior unsecured notes due in 2024 with a blended interest rate of 6%, raised $828 million in common equity, extended with improved pricing the existing $1.5 billion line of credit agreement, and arranged a $900 million interim credit facility.

“I am pleased that in spite of the pandemic, MPT grew NFFO per share by 21% in 2020 and is approaching $5 billion in investments closed since the end of 2019 in a manner both accretive to earnings and beneficial to operator and property diversity in an already strongly diverse portfolio,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “While not a surprise to MPT, the challenges of 2020 proved that hospitals are essential to global healthcare delivery and that our growth pipeline can sustain momentum under challenging circumstances.”

1 Mr. Aldag continued, “2021 is obviously off to a strong start on the investment front, and growth-related conversations with our operators are picking up as they emerge from 2020 with strong operations and significant liquidity.”

Included in the financial tables accompanying this press release is information about the Company’s assets and liabilities, net income, and reconciliations of net income to NFFO, all on a basis comparable to 2019 results, and reconciliations of total assets to pro forma total gross assets and total revenues to total adjusted revenues.

PORTFOLIO UPDATE During the fourth quarter and thus far in 2021, MPT and its operators continued to execute on several accretive acquisitions despite the COVID-19 pandemic.

Throughout the fourth quarter, the Company closed on various investments in IRFs across the U.S. In late-November, MPT agreed to a roughly $48 million development in Stockton, CA with Ernest Health (“Ernest”) and also acquired an Ernest facility in Elgin, SC in late December for roughly $17 million. In addition, the Company acquired in December properties in El Paso, TX and the Louisville, KY market operated by Curahealth for a combined $58 million. These transactions were closed at a weighted average GAAP cap rate approximating 10%.

In addition to these U.S. rehabilitation facilities, MPT closed on the previously announced $130 million Colombian investment and three other transactions: (i) the Company purchased the 999-year ground lease at The Royal Marsden Private Care, a flagship facility located in London’s Cavendish Square and MPT’s first lease with the National Health Service (“NHS”), for £50 million; (ii) separately, MPT acquired Circle Reading Hospital, to be joined to MPT’s master lease agreement with Circle, in December for £85 million; and (iii) MPT increased its equity ownership and related investment in Infracore, the landlord entity of Swiss hospital operator Swiss Medical Network, for a total investment of approximately 207 million Swiss Francs. Terms of these investment agreements provide for long-term absolute net lease arrangements and investment returns well in-line with recently disclosed yields in the U.K. and Switzerland.

As discussed in more detail in the Company’s January 6, 2021 press release, MPT invested £800 million on January 19, 2021 in a sale-leaseback agreement of U.K. behavioral hospitals operated by Priory at an 8.6% GAAP cap rate. In addition, the Company extended a short-term £250 million loan to the purchaser of the operator, expected to be repaid by the end of the third quarter, and acquired a 9.9% equity interest in Priory. In relation to the deal, MPT utilized approximately £500 million of interim short-term financing at terms similar to those in its revolving line of credit agreement.

The Company has pro forma total gross assets of approximately $20.4 billion, including $15.1 billion in general acute care hospitals, $2.2 billion in inpatient rehabilitation hospitals, $1.7 billion in behavioral health facilities, $0.3 billion in long-term acute care hospitals, and $0.3 billion in freestanding emergency room and urgent care properties. MPT’s portfolio, pro forma for the transactions described herein, includes 431 properties representing roughly 43,000 licensed beds across the United States and in Germany, the United Kingdom, Switzerland, Italy, Spain, Portugal, Australia, and Colombia. The properties are leased to or mortgaged by 50 hospital operating companies. MPT continues to work with existing and new operators in the U.S. and abroad on numerous opportunities.

2 OPERATING RESULTS AND OUTLOOK Net income for the fourth quarter and year ended December 31, 2020 was $110 million (or $0.20 per diluted share) and $431 million ($0.81 per diluted share), respectively, compared to $130 million (or $0.26 per diluted share) and $375 million ($0.87 per diluted share) in the year earlier periods.

NFFO for the fourth quarter and year ended December 31, 2020 was $220 million ($0.41 per diluted share) and $831 million ($1.57 per diluted share), respectively, compared to $171 million ($0.35 per diluted share) and $557 million ($1.30 per diluted share) in the year earlier periods.

Based on 2020 and 2021 year-to-date transactions, including the Priory sale-leaseback transaction, along with an assumed capital structure resulting in a net debt to EBITDA ratio between 5.0 and 6.0 times, MPT expects an annual run-rate of $1.14 to $1.18 per diluted share for net income and $1.72 to $1.76 per diluted share for NFFO.

These estimates do not include the effects, if any, of unexpected real estate operating costs, changes in accounting pronouncements, litigation costs, debt refinancing costs, acquisition costs, currency exchange rate movements, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions. Moreover, these estimates do not provide for the impact on MPT or its tenants and borrowers from the global COVID-19 pandemic. These estimates may change if the Company acquires or sells assets in amounts that are different from estimates, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, other operating expenses vary, income from equity investments vary from expectations, or existing leases or loans do not perform in accordance with their terms.

CONFERENCE CALL AND WEBCAST The Company has scheduled a conference call and webcast for Thursday, February 4, 2021 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter ended December 31, 2020. The dial-in numbers for the conference call are 844-535-3969 (U.S. and Canada) and 409-937-8903 (International); both numbers require passcode 6688297. The conference call will also be available via webcast in the Investor Relations section of the Company’s website, www.medicalpropertiestrust.com.

A telephone and webcast replay of the call will be available beginning shortly after the call’s completion through February 18, 2021. Dial-in numbers for the replay are 855-859-2056 and 404-537-3406 for U.S./Canada and International callers, respectively. The replay passcode for all callers is 6688297.

The Company’s supplemental information package for the current period will also be available on the Company’s website in the Investor Relations section.

The Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at www.medicalpropertiestrust.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investor Relations page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Medical Properties Trust, Inc. Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to

3 become one of the world’s largest owners of hospitals with 431 facilities and roughly 43,000 licensed beds in nine countries and across four continents on a pro forma basis. MPT’s financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “would”, “could”, “expect”, “intend”, “plan”, “estimate”, “target”, “anticipate”, “believe”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding our strategies, objectives, future expansion and development activities, and expected financial performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results or future events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including governmental assistance to hospitals and healthcare providers, including certain of our tenants; (ii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us, especially as a result of the adverse economic impact of the COVID-19 pandemic, and government regulation of hospitals and healthcare providers in connection with same (as further detailed in our Current Report on Form 8-K filed with the SEC on April 8, 2020); (iii) our expectations regarding annual run-rate net income and NFFO per share; (iv) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (v) the nature and extent of our current and future competition; (vi) macroeconomic conditions, such as a disruption of or lack of access to the capital markets or movements in currency exchange rates; (vii) our ability to obtain debt financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and pay down, refinance, restructure or extend our indebtedness as it becomes due; (viii) increases in our borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (ix) international, national and local economic, real estate and other market conditions, which may negatively impact, among other things, the financial condition of our tenants, lenders and institutions that hold our cash balances, and may expose us to increased risks of default by these parties; (x) factors affecting the real estate industry generally or the healthcare real estate industry in particular; (xi) our ability to maintain our status as a REIT for federal and state income tax purposes; (xii) federal and state healthcare and other regulatory requirements, as well as those in the foreign jurisdictions where we own properties; (xiii) the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain equity or debt financing secured by our properties or on an unsecured basis; (xiv) the ability of our tenants and operators to comply with applicable laws, rules and regulations in the operation of the our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (xv) potential environmental contingencies and other liabilities; and (xvi) the closing of the Priory sale-leaseback transaction.

The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and as updated in our quarterly reports on Form 10-Q. Forward-looking statements are inherently uncertain and actual performance or outcomes may vary materially from any forward-looking statements and the assumptions on which those statements are based. Readers are cautioned to not place undue reliance on forward-looking statements as predictions of future events. We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.

# # #

4 MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands, except for per share data) December 31, 2020 December 31, 2019 (Unaudited) (A) Assets Real estate assets Land, buildings and improvements, intangible lease assets, and other $ 12,078,927 $ 8,102,754 Investment in financing leases 2,010,922 2,060,302 Mortgage loans 248,080 1,275,022

Gross investment in real estate assets 14,337,929 11,438,078 Accumulated depreciation and amortization (833,529) (570,042)

Net investment in real estate assets 13,504,400 10,868,036 Cash and cash equivalents 549,884 1,462,286 Interest and rent receivables 46,208 31,357 Straight-line rent receivables 490,462 334,231 Equity investments 1,123,623 926,990 Other loans 858,368 544,832 Other assets 256,069 299,599

Total Assets $ 16,829,014 $ 14,467,331

Liabilities and Equity Liabilities Debt, net $ 8,865,458 $ 7,023,679 Accounts payable and accrued expenses 438,750 291,489 Deferred revenue 36,177 16,098 Obligations to tenants and other lease liabilities 144,772 107,911

Total Liabilities 9,485,157 7,439,177 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 - 541,419 shares at December 31, 2020 and 517,522 shares at December 31, 2019 541 518 Additional paid-in capital 7,461,503 7,008,199 Retained (deficit) earnings (71,411) 83,012 Accumulated other comprehensive loss (51,324) (62,905) Treasury shares, at cost (777) (777)

Total Medical Properties Trust, Inc. Stockholders’ Equity 7,338,532 7,028,047 Non-controlling interests 5,325 107

Total Equity 7,343,857 7,028,154

Total Liabilities and Equity $ 16,829,014 $ 14,467,331

(A) Financials have been derived from the prior year audited financial statements. MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

(Amounts in thousands, except for per share data) For the Three Months Ended For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Revenues Rent billed $ 203,034 $ 130,310 $ 741,311 $ 474,151 Straight-line rent 55,184 33,643 158,881 110,456 Income from financing leases 49,081 52,364 206,550 119,617 Interest and other income 26,507 40,121 142,496 149,973

Total revenues 333,806 256,438 1,249,238 854,197 Expenses Interest 85,190 70,434 328,728 237,830 Real estate depreciation and amortization 72,196 44,152 264,245 152,313 Property-related 5,712 8,598 24,890 23,992 General and administrative 34,542 27,402 131,663 96,411

Total expenses 197,640 150,586 749,526 510,546 Other income (expense) (Loss) gain on sale of real estate (130) 41,498 (2,833) 41,560 Real estate impairment charges — (21,031) (19,006) (21,031) Earnings from equity interests 5,154 4,416 20,417 16,051 Debt refinancing and unutilized financing costs (27,569) (1,233) (28,180) (6,106) Other (including mark-to-market adjustments on equity securities) 2,717 1,152 (6,782) (345)

Total other income (expense) (19,828) 24,802 (36,384) 30,129

Income before income tax 116,338 130,654 463,328 373,780 Income tax (expense) benefit (6,232) (731) (31,056) 2,621

Net income 110,106 129,923 432,272 376,401 Net income attributable to non-controlling interests (222) (285) (822) (1,717)

Net income attributable to MPT common stockholders $ 109,884 $ 129,638 $ 431,450 $ 374,684

Earnings per common share - basic and diluted: Net income attributable to MPT common stockholders $ 0.20 $ 0.26 $ 0.81 $ 0.87

Weighted average shares outstanding - basic 537,003 493,593 529,239 427,075 Weighted average shares outstanding - diluted 538,351 494,893 530,461 428,299 Dividends declared per common share $ 0.27 $ 0.26 $ 1.08 $ 1.02 MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Reconciliation of Net Income to Funds From Operations (Unaudited)

(Amounts in thousands, except for per share data) For the Three Months Ended For the Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 FFO information: Net income attributable to MPT common stockholders $ 109,884 $ 129,638 $ 431,450 $ 374,684 Participating securities’ share in earnings (719) (954) (2,105) (2,308)

Net income, less participating securities’ share in earnings $ 109,165 $ 128,684 $ 429,345 $ 372,376 Depreciation and amortization 83,327 53,497 306,493 183,921 Loss (gain) on sale of real estate 130 (41,498) 2,833 (41,560) Real estate impairment charges — 21,031 19,006 21,031

Funds from operations $ 192,622 $ 161,714 $ 757,677 $ 535,768 Write-off of straight-line rent and other (683) 12,943 26,415 22,447 Non-cash fair value adjustments 612 (4,636) 9,642 (6,908) Tax rate change (366) — 9,295 — Debt refinancing and unutilized financing costs 27,569 1,233 28,180 6,106

Normalized funds from operations $ 219,754 $ 171,254 $ 831,209 $ 557,413 Share-based compensation 12,554 10,069 47,154 32,188 Debt costs amortization 3,548 2,761 13,937 9,675 Rent deferral, net 1,267 — (11,393) — Straight-line rent revenue and other (71,659) (48,836) (238,687) (145,598)

Adjusted funds from operations $ 165,464 $ 135,248 $ 642,220 $ 453,678

Per diluted share data: Net income, less participating securities’ share in earnings $ 0.20 $ 0.26 $ 0.81 $ 0.87 Depreciation and amortization 0.16 0.11 0.57 0.43 Loss (gain) on sale of real estate — (0.08) 0.01 (0.10) Real estate impairment charges — 0.04 0.04 0.05

Funds from operations $ 0.36 $ 0.33 $ 1.43 $ 1.25 Write-off of straight-line rent and other — 0.03 0.05 0.05 Non-cash fair value adjustments — (0.01) 0.02 (0.01) Tax rate change — — 0.02 — Debt refinancing and unutilized financing costs 0.05 — 0.05 0.01

Normalized funds from operations $ 0.41 $ 0.35 $ 1.57 $ 1.30 Share-based compensation 0.02 0.02 0.09 0.08 Debt costs amortization 0.01 0.01 0.02 0.02 Rent deferral, net — — (0.02) — Straight-line rent revenue and other (0.13) (0.11) (0.45) (0.34)

Adjusted funds from operations $ 0.31 $ 0.27 $ 1.21 $ 1.06

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, INC. AND SUBSIDIARIES Annual Run-Rate Guidance Reconciliation (Unaudited)

Annual Run-Rate Guidance - Per Share(1) Low High Net income attributable to MPT common stockholders $ 1.14 $ 1.18 Participating securities’ share in earnings — —

Net income, less participating securities’ share in earnings $ 1.14 $ 1.18 Depreciation and amortization 0.58 0.58

Funds from operations $ 1.72 $ 1.76 Other adjustments — —

Normalized funds from operations $ 1.72 $ 1.76

(1) The guidance is based on current expectations and actual results or future events may differ materially from those expressed in this table, which is a forward-looking statement within the meaning of the federal securities laws. Please refer to the forward-looking statement included in this press release and our filings with the Securities and Exchange Commission for a discussion of risk factors that affect our performance.

Pro Forma Total Gross Assets (Unaudited)

(Amounts in thousands) December 31, 2020 December 31, 2019 Total Assets $ 16,829,014 $ 14,467,331 Add: Real estate commitments on new investments(1) 1,901,087 1,988,550 Unfunded amounts on development deals and commenced capital improvement projects(2) 166,258 163,370 Accumulated depreciation and amortization 833,529 570,042 Incremental gross assets of our joint ventures(3) 1,287,077 563,911 Proceeds from new debt and equity subsequent to period-end 1,479,961 927,990 Less: Cash used for funding the transactions above(4) (2,067,345) (2,151,920)

Pro Forma Total Gross Assets(5) $ 20,429,581 $ 16,529,274

(1) The 2020 column reflects investments made in 2021, including the acquisition of 40 facilities in the United Kingdom on January 19, 2021. The 2019 column reflects the acquisition of 30 facilities in the United Kingdom on January 8, 2020. (2) Includes $65.5 million and $41.7 million of unfunded amounts on ongoing development projects and $100.8 million and $121.7 million of unfunded amounts on capital improvement projects and development projects that have commenced rent, as of December 31, 2020 and December 31, 2019, respectively. (3) Adjustment to reflect our share of our joint ventures’ gross assets. (4) Includes cash available on-hand plus cash generated from activities subsequent to period-end including proceeds from new debt, equity or loan repayments. (5) Pro forma total gross assets is total assets before accumulated depreciation/amortization and assumes all real estate commitments on new investments and unfunded amounts on development deals and commenced capital improvement projects are fully funded using cash on hand (if available). We believe pro forma total gross assets is useful to investors as it provides a more current view of our portfolio and allows for a better understanding of our concentration levels as our commitments close and our other commitments are fully funded.

Adjusted Revenues (Unaudited)

For the Year Ended (Amounts in thousands) December 31, 2020 Total revenues $ 1,249,238 Revenue from real estate properties owned through joint venture arrangements 105,758

Total adjusted revenues(1) $ 1,354,996

(1) Adjusted revenues are total revenues adjusted for our pro rata portion of similar revenues in our real estate joint venture arrangements. We believe adjusted revenue is useful to investors as it provides a more complete view of revenue across all of our investments and allows for better understanding of our revenue concentration. Exhibit 99.2

4 Q Supplemental 2020

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For further and in the or underlyingrelated impact such to forward- us; and other sectionlooking ofstatements, the Company’ includings Annual without Report discussion on Form of 10-K the factorsfor the thatyear could of acquisitions affect outcomes, of healthcare please realrefer estate, to the if“Risk any; limitation:estimated debt Normalized metrics; FFOended per December share; expected 31, 2019, payout and asratio; updated the amount by the Factors”Company’s concerningsubsequently the portfolio additional diversification; income to the capital required markets by the conditions; federal securities the repayment laws, the of Company filed Quarterly undertakes Reports no onobligation Form 10-Q Company and other as a SEC result filings. of ownership Except asinterests otherwise in certain debt arrangements; hospital operations statements to update supplementalthe information package in this isreport. shown and pro the forma timing for of the such national income; and the international payment of economic, future dividends, business, if realany; estate completion and other of additional transactions debt completed arrangement subsequent and additional to year investments;end and the consummation Certain information of market in the financingconditions; risks; the competitive information environment and assumptions in which that wethe believeCompany are pending reasonable. transactions. There is noThe assur pro-the forma Company’ adjustmentss ability are basedto maintain upon availableits status asoperates; a REIT the for executionfederal income of the ance Company’ that thes businesspending plan;transactions INFORMAwill occur. taxTION purposes; | Q4 2020 acquisition 2 and development risks; potential environ- Clinica Ars Medica, an acute care facility in Switzerland. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL 2003COMP toANY acquire OVER andVIEW develop Medical net-leased Properties hospital T rust,of hospitals Inc. is a to self-advised unlock the MPT’value sof financing their real model facilities. facilitates From itsacquisitions inception realin Birmingham, estate investment estate trust assets formed to fund in facilityand recapitalizations improvements, and Alabama, allows operatorsthe countriesCompany MEDICALhas grown toPROPER becomeTIES one technologyTRUST | SUPPLEMENT upgrades and otherAL INFORMA investmentsTION of the | Q4 world’ 2020s 3largest owners of hospitals. in operations. 431 50 ~43,000 33 9 properties operators beds U. S. states COMPANY OVERVIEW MPT OFFICERS: From the Left: Charles R. Lambert, Rosa H. Hooper, R. Lucas Savage, Edward K. Aldag, Jr., R. Steven Hamner, Emmett E. McLean and J. Kevin Hanna. President,Officers Edward Chief OperatingK. Aldag, OfJr. ficer Chairman, and Secretary President J. Kevin and Chief Hanna Executive Vice President, Officer R. Controller Steven Hamner and Chief Executive Accounting Vice Of Presidentficer Rosa and H. ChiefHooper Financial Vice President, Officer Emmett Managing E. McLean Director ofExecutive Asset Management Vice Headquartersand Underwriting Edward R. Lucas K. Aldag, Savage Jr. G. V Stevenice President, Dawson Head Medical of Global Properties Acquisitions Trust, Inc. Charles R. Steven R. Lambert Hamner 1000Vice President,Urban Center Treasurer Drive, and Suite Managing 501 Caterina Director A. Mozingo of Capital Birmingham, Markets Board AL of35242 Directors Elizabeth Corporate N. INFORMAPitman (205)TION 969-3755 | Q4 2020 D. Paul 4 Sparks, Jr. Michael G. Stewart (205) 969-3756 (fax) C. Reynolds Thompson, III www.medicalpropertiestrust.com MEDICAL PROPERTIES TRUST | SUPPLEMENTAL 884-9809COMPANY [email protected] OVERVIEW INVESTOR RELATIONS (205) Drew 397-8589 Babin [email protected] Berryman Senior Managing Director Stock of Corporate Exchange Communications Senior Transfer Managing Listing and Director Unsecured of Investor Agent TRelationsrading Symbol (646) Debt Ratings CommunityAmerican Stock Hospital Transfer operated New byYork Saint Stock Luke’ Exchanges Health Moody’ Systems in– Ba1Shawnee, and T rustKansas. Company MEDICAL (NYSE): PROPER MPWTIES Standard TRUST & Poor | SUPPLEMENT’s – BBB- 6201AL 15th INFORMA AvenueTION Brooklyn, | Q4 2020NY 1 12195 Above: Saint Luke’s theFINANCIAL Twelve Months INFORMA EndedTION December RECONCILIA 31, 2020 TIONDecember OF NET 31, 2019 INCOME December TO FUNDS 31, 2020 FROM December OPERA 31,TIONS 2019 FFO (Unaudited) INFORMA (AmountsTION: Net in thousands,income attributable except per to share MPT data) common For thestockholders Three Months Ended For less$ participating 109,884 securities’ $ share 129,638 in earnings $ $ 431,450 109,165 $ $ 374,684 128,684 Participating $ securities’ 429,345 share $ in earnings 372,376 Depreciation (719) and amortization (954) (2,105) 83,327 (2,308) 53,497 Net income, —306,493 21,031 183,921 Loss 19,006 (gain) on sale of21,031 real estate Funds from operations 130 $ (41,498) 192,622 $ 2,833 161,714 $(41,560) Real 757,677 estate $ impairment 535,768 charges W rite-of f of straight-line rent and changeother (683) (366) 12,943 — 9,295 26,415 -Debt 22,447 refinancing Non-cash and fair unutilized value adjustments financing costs 612 27,569 (4,636) 1,233 9,642 28,180 (6,908) 6,106Tax rate Normalized funds from amortizationoperations $ 219,7543,548 $ 2,761 171,254 $ 13,937 831,209 $9,675 Rent 557,413 deferral, Share-based net compensation 1,267 — 12,554 (1 1,393) 10,069 -Straight-line 47,154 rent revenue 32,188 and Debt costs DILUTEDother SHARE (71,659) DAT A: Net income, (48,836) less participating (238,687) securities’ share (145,598) in earnings Adjusted $ funds 0.20 from $ operations 0.26 $ $ 165,464 0.81 $ 0.87135,248 Depreciation $ and 642,220 $ 453,678 PER charamortizationges — 0.16 0.04 0.1 1 0.04 0.57 0.05 Funds 0.43 Lossfrom (gain) operations on sale $ of real estate 0.36 $ — 0.33 $ (0.08) 1.43 $ 0.01 1.25 W rite-of (0.10)f of Real straight-line estate impairment rent and other — -Debt 0.03refinancing and 0.05 unutilized financing 0.05 Non-cash costs fair value 0.05 adjustments — — 0.05 (0.01) 0.01 0.02 (0.01) Tax rate change — — 0.02 amortizationNormalized funds from 0.01 operations $ 0.01 0.41 $ 0.02 0.35 0.02 $ Rent deferral, 1.57 $ net 1.30 — Share-based — compensation (0.02) 0.02 -Straight-line 0.02 rent revenue 0.09 and 0.08 Debt costs (suchother as depreciation (0.13) and amortization) (0.11) include (0.45)our share of such (0.34) income/expense Adjusted funds from from unconsolidated operations $ joint ventures. 0.31 These$ amounts 0.27 are $ included 1.21 with $ the activity 1.06 of all Notes: of our (A) equity Certain interests line items in the above performance“Earnings from measure. equity FFO,interests” reflecting line on the the assumption consolidated that statements real estate of asset income. values (B) rise Investors or fall with and analystsmarket conditions, following theprincipally real estate adjusts industry for theutilize effects funds of fromGAAP operations, depreciation or FFO, and amortization as a supplemental of real Investmentestate assets, T rusts,which or assumes NAREIT that, which the value represents of real net estate income diminishes (loss) (computedpredictably in over accordance time. W ewith compute GAAP), FFO excluding in accordance gains with(losses) the ondefinition sales of providedreal estate by and the impairment National Association charges on of real Real estate Estate assets, plus disclosereal estate normalized depreciation FFO, and which amortization adjusts FFOand afterfor items adjustments that relate for to unconsolidated unanticipated partnershipsor non-core eventsand joint or activitiesventures. orIn accountingaddition to presentingchanges that, FFO if notin accordance noted, would with make the comparisonNAREIT definition, to prior periodwe also results amongand market investors expectations and the lessuse ofmeaningful normalized to FFOinvestors makes and comparisons analysts. W ofe believe our operating that the results use of withFFO, prior combined periods with and the other required companies GAAP more presentations, meaningful. improves While FFO the understandingand normalized of FFO our areoperating relevant results and eitherwidely depreciation used supplemental and amortization measures ofcosts operating or the leveland financial of capital performance expenditures of and REIT leasings, they costs should necessary not be viewedto maintain as a thesubstitute operating measure performance of our operating of our properties, performance which since can thebe significantmeasures do economic not reflect costs resultsthat could of operations materially orimpact to cash our flow results from of operatingoperations. activities FFO and (computed normalized in accordanceFFO should with not beGAAP) considered as an anindicator alternative of our to liquiditynet income. W e(loss) calculate (computed adjusted in fundsaccordance from operations,with GAAP) or asAFFO, indicators by subtracting of our usefrom to or analyze adding our to normalizedresults of operations FFO (i) non-cash based on revenue, the receipt, (ii) non-cashrather than share-based the accrual, compensation of our rental revenueexpense, and and on (iii) certain amortization other adjustments. of deferred Wfinancinge believe costs. that this AFFO is an is importantan operating measurement measurement because that we our non-cashleases generally charges. have Our significant calculation contractual of AFFO mayescalations not be comparableof base rents to and AFFO therefore or similarly result intitled recognition measures of reported rental income by other that REIT is nots. AFFOcollected should until not future be considered periods, and as costsan alternative that are deferred to net income or are PROPER(calculatedTIES pursuant TRUST to GAAP)| SUPPLEMENT as an indicatorAL INFORMA of our resultsTION of | operationsQ4 2020 6 or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity. MEDICAL FINANCIAL INFORMATION DEBT SUMMARY (As of December 31, 2020) ($ amounts in thousands) Debt Instrument Rate Type Rate Balance 2024 Credit Facility Revolver (A) Variable 1.280% 2.550%$ 165,407 546,800 2026 T (B)erm (C) Loan 2024 (A) AUD Variable Term 1.650% Loan (AUD$1.2B) 200,000 Fixed 4.000% 2.450% Notes Due 923,280 2022 (€500M) 3.325% (B) Notes Fixed Due 4.000% 2025 (€500M) (B)610,800 Fixed 2.550% 3.325% Notes Due 610,800 2023 (£400M) (B) Fixed (B) (D) Fixed (£600M)1.949% (B) Fixed 956,900 3.692% 2025 GBP 820,200Term Loan 4.625% (£700M) Notes 5.250% Due 2029 Notes Fixed Due 4.625%2026 Fixed 5.250% 900,000 3.500% 500,000 Notes 5.000% Due 2031 Notes Fixed Due 3.500%2027 Fixed 5.000% 1,300,000 $ 1,400,000 8,934,187 3.692% Notes Debt Dueissuance 2028 amendedcosts and anddiscount restated our $1.3 (68,729) billion W revolvingeighted average credit agreement rate 3.571% and $ $200 million 8,865,458 term loan RA agreement,TE TYPE AS extending PERCENT maturitiesAGE OF to T2024OTAL and DEBT 2026, V respectivelyariable 4.1%. (B) Fixed Non-USD 95.9% (A)denominated On January debt 15, converted 2021, we interestto U.S. dollarsrate swap at Decembertransaction, 31, ef 2020.fective (C) March We entered6, 2020, into to fixan theinterest interest rate rate swap to transaction,1.949% for theeffective duration July of 3, the 2019, loan. to MEDICAL fix the interest PROPER rate toTIES 2.450% TRUST for the | SUPPLEMENT duration of theAL loan. INFORMA (D) We enteredTION | intoQ4 2020an 7 $FINANCIAL —$ INFORMA —$TION DEBT MA—$TURITY 165,407 SCHEDULE $ —$ ($ amounts in —$ thousands) Debt —$ Instrument —$ 2021 2022 2023 —$ 2024 2025 —$ 2026 2027 2028 -2026 2029 Term 2030 Loan 2031 2024 Credit— Facility — Revolver 4.000% — Notes Due — 2022 (€500M) — (A) 200,000 — 610,800 — — — — — — — - — — — — — - Loan2.550% (AUD$1.2B) Notes Due (A)2023 (£400M) — (A) — — — — 923,280 546,800 — — — — — — — — — — — — - — -2024 AUD Term Loan3.325% (£700M) Notes Due(A) 2025 (€500M) — (A) — — — — — — 956,900 — — 610,800 — — — — — — — — - — -2025 GBP Term 5.000%5.250% Notes Due 20272026 — — — — — —500,000 1,400,000 — — — — — — — - - 4.625%3.692% Notes Due 20292028 (£600M) —(A) — — —— — — —— — — — — —— 900,000 820,200 —— - — - $3.500% Notes 546,800 Due 2031$ 1,088,687 $— 1,567,700 — $ 700,000— $ 1,400,000— $ — 820,200 — $ — 900,000 $ — —$ — 1,300,000 — $1,800,000 1,300,000 $1,567,700$ —$$1,600,000 $1,400,000 610,800 2029$1,300,000 2030 2031 $1,400,000 2024 Credit $1,088,687 Facility $1,200,000 Revolver 2026$1,000,000 Term Loan$900,000 4.000% $820,200 Notes $800,000Due 2022 $700,0002.550% Notes $610,800 Due $546,8002023 2024 $600,000 AUD Term $400,000 Loan 3.325% $200,000 Notes $- $- Due $- 20212025 20222025 2023GBP 2024Term 2025Loan 2026 5.250% 2027 Notes 2028 MEDICALDue 2026 5.000% PROPER NotesTIES Due TRUST 2027 3.692%| SUPPLEMENT Notes DueAL 2028 INFORMA 4.625%TION Notes | DueQ4 2020 2029 8 3.500% Notes Due 2031 (A) Non-USD denominated debt converted to U.S. dollars at December 31, 2020. FINANCIAL INFORMATION PRO FORMA NET DEBT / ANNUALIZED ADJUSTED EBITDA activity(Unaudited) (A) 34,961(Amounts Pro informa thousands) net income For the$ Three Months 144,845 Ended Add Decemberback: Interest 31, (B)2020 84,148 Net income Depreciation attributable and amortization to MPT common (B) 82,084 stockholders Share-based $ compensation 109,884 Pro12,554 forma Loss adjustments on sale of forreal investment 4Qestate 2020 Pro forma 130 adjustedDebt refinancing EBITDA and $ 358,148 unutilized Annualization financing costs $ 1,432,592 27,569 W Trite-ofotal debtf of $ straight-line 8,865,458 rent and Proother forma changes (683) to Non-cashnet debt after fair Decembervalue adjustments 31, 2020 (A) 204,903 612 IncomePro forma tax net(B) debt 6,889 $ 2021,9,070,361 and aPro full forma quarter net impact debt / annualizedof our mid-Q4 adjusted 2020 EBITDAinvestments, 6.3x building (A) Reflects improvements, our investments loan paydowns in 2021, including and disposals. our investment (B) Includes in approximatelyour share of interest, 40 facilities real estate in the depreciation United Kingdom and income on January tax expense 19, andfrom amortization) unconsolidated as ajoint measurement ventures. Investorsof leverage and that analysts shows following how many the years real itestate would industry take for utilize us to netpay debt back (debt our debt, less cash)assuming to EBITDA net debt (net and incomeEBITDA before are held interest constant. expense, The income table above taxes, considers depreciation the pro consummated/fullyforma effects on net funded debt and as EBITDAof the beginning from investments of the period. and In capital addition, transactions we show that EBITDA were either adjusted completed to exclude during share-based the period compensation, or disclosed as gains firm or commitments, losses on real assuming estate and such other transactions dispositions, were debt formarefinancing Annualized or similar Adjusted charges, EBITDA and impairment are useful or to other investors non-cash and analystscharges asto derivethey allow Pro formafor a more Annualized current Adjustedview of our EBITDA, credit quality which andis a allownon-GAAP for the measure. comparison We ofbelieve our credit Pro forma strength Net between Debt and periods Pro 2020and to 9 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 | Q4 Rent/InterestPORTFOLIO 2021 INFORMA 1 $ 2,250TION 0.2% LEASE 2022 AND LOAN 16 55,622 MATURITY 4.6% 2023 SCHEDULE (A) 4 13,748 ($ amounts 1.1% in2024 thousands) (B) 1 2,731(C) (D) 0.2% Percentage 2025 of T otal 7 Y 17,225ears of 1.4%Maturities 2026 T otal Properties 2 8,850 Base 0.7% Rent/Interest 2027 Base base1 3,183 rent/interest 0.3% 2028 100% 86.9% 4 90%5,591 80% 0.5% 70% 2029 60% 50% 40% 12 44,854 30% 20% 3.7% 10% 2030 4.6% 3.7% 0.2% 5 4,509 1.1% 0.4% 0.2% Thereafter 1.4% 0.7% 0.3% 0.5%356 0.4% 0% 1,046,041 (A) Schedule 86.9% includes 409 $ 1,204,604leases and 100.0% mortgage Percentage loans. (B) of total ofLease/Loan joint ventures expiration and the is propertiesbased on the acquired fixed termin the of Priory the lease/loan Group transaction and does not announced factor in January potential 6, renewal 2021; excludes options vacantprovided properties for in our representing agreements. approximately (C) Reflects all 1% properties, of total pro including forma gross those assets that are and part two (i.e.,facilities straight-line that are underrents anddevelopment. deferred revenues). (D) Represents MEDICAL base rent/interest PROPERTIES income TRUST on an | SUPPLEMENT annualized basisAL but INFORMA does not includeTION | tenantQ4 2020 recoveries, 10 additional rents and other lease-related adjustments to revenue PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY ASSET TYPE (December 31, 2020) ($ amounts in thousands) Pro Forma Adjusted Total $Percentage 1,128,073of 83.3% 2020 InpatientPercentage Rehabilitation of Asset Types Hospitals (A) (B) Gross Assets 2,179,370 Total 10.7%Gross Assets Revenue 167,236 2020 12.3% Revenue Behavioral General Health Acute Facilities Care Hospitals $ 1,710,205 15,18.4%12,727 74.0% 11,894 0.9% Long- 3.9%Term Acute Care — Hospitals - T otal $ 335,870 1.6%20,429,581 100.0% 33,842 $ 2.5% Freestanding 1,354,996 ER/Ur 100.0%gent DOMESTIC Care Facilities PRO FORMA 298,670 GROSS 1.4% ASSETS BY ASSET13,951 1.0% TYPE Other DOMESTIC ADJUSTED792,739 REVENUE FreestandingBY ASSET TYPE ER/Ur 3%gent 1% Care 1% Faciliti 1% 3% Other 4% General TOTAL Acute PRO CareFORMA Hospitals GROSS 6% ASSETS 7% 8% Inpatient BY ASSET Rehabilitation TYPE TOT HospitalsAL ADJUSTED Behavioral REVENUE Health Facilities BY ASSET Long-T TYPEerm 2% Acute 1% 4%Care 1% Hospitals 3% 1% 86%8% General 80% Acute estateCare Hospitals assets, other 12% loans, 11% equityInpatient investments, Rehabilitation and proHospitals rata portion 74% Behavioral of gross assets Health in jointFacilities venture Long-T arrangements,erm Acute assuming Care Hospitals all real 83% estate Freestanding commitments ER/Ur on newgent investmentsCare Faciliti (including Other (A) theIncludes Priory gross Group real reconciliationtransaction announced of total assets on January to pro 6,forma 2021) total and gross unfunded assets amounts at December on development 31, 2020. (B) deals Reflects and commenced actual revenues capital on improvement our consolidated projects statement are fully of incomefunded. along See press with releaserevenue dated from February properties 4, owned2021 for through SUPPLEMENTour unconsolidatedAL jointINFORMA ventureTION arrangements. | Q4 2020 See11 press release dated February 4, 2021 for a reconciliation of actual revenues to adjusted revenues. MEDICAL PROPERTIES TRUST | PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY OPERATOR (December 31, 2020) ($ amounts in thousands) Pro Forma Adjusted Total $Percentage 138,686of 10.2% 2020 Utah Percentage market of Operators 1,260,147 (A) (B) 6.2% Gross Assets 106,939Total Gross 7.9% Assets Texas/Arkansas/Louisiana Revenue 2020 Revenue market Steward Health 1,045,982 Care Massachusetts 5.1% market 69,662 $ 5.1% Arizona 1,500,915 7.3% Healthmarket 2,520,019332,239 1.6% 12.3% 32,910 165,136 2.4% 12.2% Florida Prospect market Medical Holdings 215,105 1.1% 1,597,950 16,258 7.8% 1.2% Ohio/Pennsylvania 153,187 11.3% market Priory Group 151,785 1,566,0870.7% 7.7% 1 1,684 0.9% — Circle - $MEDIAN 20,429,581 1,261,035 100.0% 6.2%$ 1,354,996 90,609 100.0%6.7% 45 (A) operators Includes gross real 8,185,578 estate assets, 40.1% other loans, 569,925 equity investments,42.1% Other and pro rata 792,739 portion 3.9% of gross assets — in joint venture - Total arrangements, improvementassuming all real projects estate are commitments fully funded. on See new press investments release dated (including February the 4,Priory 2021 Group for reconciliation transaction announcedof total assets on toJanuary pro forma 6, 2021) total and gross unfunded assets at amounts December on 31,development 2020. (B) dealsReflects and actual commenced revenues capital on our revenuesconsolidated to adjusted statement revenues. of income Note: along Our with largest revenue facility from is lessproperties than 3% owned of total through pro forma our unconsolidated gross assets. T OTjointAL venture PRO FORMA arrangements. GROSS See ASSETS press release BY OPERA dated FebruaryTOR TOT 4,AL 2021 ADJUSTED for a reconciliation REVENUE of actualBY TRUSTOPERA T| ORSUPPLEMENT 4% StewardAL Health INFORMA Care 22%TION Circle | Q4 Health 2020 1228% 40% Prospect Medical Holdings 42% 12% Priory Group MEDIAN 12% 8% 11% 45 operators 7% 6% 8% Other MEDICAL PROPERTIES PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY U.S. STATE AND COUNTRY (December 31, 2020) ($ amounts in thousands) Pro Forma $Adjusted T otal110,261 Percentage 8.1% Massachusetts of 2020 Percentage 1,506,315 of U.S. 7.4% States and Other 139,326 Countries 10.3% (A)California (B) Gross Assets 1,382,663 Total Gross 6.8% Assets Revenue 146,705 2020 10.8% Revenue Utah Texas $ 1,295,329 1,923,440 6.4% 9.4% 110,781 288.2% Other Pennsylvania States 3,984,1 864,27313 19.5% 4.2% 377,154 78,682 5.8%27.9% Other 680,678 3.3% — - United States $ 11,636,811 57.0% $ 962,909 71.1% United AustraliaKingdom $ 997,878 4,636,634 4.9% 22.7% $ 55,874 4.1%191,519 Spain 14.1% Germany 221,134 1.1% 1,361,019 9,3796.6% 0.7% Other 98,612 Countries 7.3% Switzerland 286,524 1.4% 1,177,520 5.7%11,524 0.8% Other 25,179 1.9% 112,061 0.6% equity— investments, - International and pro $ rata portion 8,792,770 of gross assets 43.0% in $ joint venture 392,087 arrangements, 28.9% Total assuming $ all real 20,429,581 estate commitments 100.0% $ on new investments 1,354,996 100.0% (including (A) theIncludes Priory gross Group real transaction estate assets, announced other loans, on proJanuary forma 6, total2021) gross and assetsunfunded at December amounts on31, development 2020. (B) Reflects deals and actual commenced revenues capitalon our consolidatedimprovement statement projects are of incomefully funded. along Seewith press revenue release from dated properties February owned 4, 2021 through for reconciliation our unconsolidated of total joint assets to ADJUSTEDventure arrangements. REVENUE See BY press COUNTR release Ydated 1% <1%February 4% 1%4, 2021 1% 1% for 2%a reconciliation 5% United States of actual 6% revenuesUnited Kingdom to adjusted 7% revenues.6% Germany TOT 57%AL PRO Switzerland FORMA 14% GROSS 23% ASSETSAustralia BY71% COUNTR Spain OtherY T OTCountriesAL Other 6%PRO 8% FORMA 4% 7% GROSS Other MEDICAL ASSETS BY PROPER U.S. STTIESATE TRUST ADJUSTED | SUPPLEMENT REVENUEAL BY INFORMA U.S. STATETION Texas | Q4 3% 2020 9% 13Massachusetts 8% California 28% 10% 7% 20% Utah 7% Pennsylvania 11% 28 Other States PORTFOLIO INFORMATION SAME STORE EBITDARM(A) RENT COVERAGE INCLUSIVE OF CARES ACT GRANTS YOY AND SEQUENTIAL QUARTER COMPARISONS BY AcutePROPER CareTY T TYPEotal Portfolio 5.00x 4.00x Facilities 2.9x Hospitals 3.5x 2.8x Q33.5x 2019 3.1x (Y 3.1xoY) 3.00xQ3 2020 2.2x (Y 2.2xoY) 2.4xQ2 2020 2.2x (QoQ)2.4x 2.6x Q3 2.6x 2020 2.1x (QoQ) 2.1x STRA 1.6x TIFICA2.00x 1.00xTION 0.00x OF POR GeneralTFOLIO Acute EBITDARM Care Hospitals RENT Inpatient COVERAGE Rehabilitation Investment Long-Term $Percentage 99,284of EBITDARM 6 1.4% Less Rent than Coverage 1.50x $ TTM No. of13,924 Facilities 3 0.2% (in Tthousands)otal Master Investment Leased, Cross-Defaulted Greater than or and/or equal towith 4.50x Parent $ $ 148,266 6,916,543 3 2.1% 173 3.00x—4.49x 96.3% Guaranty: $ 3.0x General —0 0.0% Acute 1.50x—2.99x Care DefaultedHospitals Masterand/or withLeased, Parent Cross$ Guaranty: 2.2x 5,018,086 Long-Term 62 69.8%Acute DefaultedCare Hospitals and/or Master with ParentLeased, Guaranty: Cross$ 3.4x Inpatient 233,818 Rehabilitation 13 3.3% Defaulted Facilities and/or Master with Leased, Parent Cross$Guaranty: 2.4x 3% 1,664,639 2% 1% 98<1% 23.2% Greater LthanTACH or equal Master to Lease,4.50x 23% Cross-Default 3.00x—4.49x or Parent 1.50x—2.99x Guaranty 70% Notes: Less Same than Store 1.50x represents General Acute properties Master with Lease, at least Cross-Default 24 months ofor financialParent Guaranty reporting Rehab data. MasterProperties Lease, that Cross-Defaultdo not provide or financial Parent Guaranty reporting and INFORMAdisposed assetsTION are | Q4not 2020 included. 14 All data presented is on a trailing twelve month basis. (A) EBITDARM adjusted for non-recurring items. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL PORTFOLIO INFORMATION SAME STORE EBITDARM(A) RENT COVERAGE EXCLUDING ALL CARES ACT GRANTS YOY AND SEQUENTIAL QUARTER COMPARISONS BY AcutePROPER CareTY T TYPEotal Portfolio 5.00x 4.00x Facilities 2.9x Hospitals 3.00x 2.6x Q3 2.0x 2019 2.0x (Y oY)2.0x Q3 2.1x 2020 2.1x (Y 2.1xoY) 2.1xQ2 2020 1.6x (QoQ)2.1x 2.0x Q3 2.1x 2020 2.0x (QoQ) 2.0x STRA 2.0x TIFICA2.00x 1.00xTION 0.00x OF POR GeneralTFOLIO Acute EBITDARM Care Hospitals RENT Inpatient COVERAGE Rehabilitation Investment Long-Term 2.99xPercentage $ of EBITDARM 93,416 5 1.3% Rent LessCoverage than 1.50x TTM $No. of Facilities 19,792 (in 4 thousands)0.3% Total InvestmentMaster Leased, Greater Cross-Defaulted than or equal and/orto 4.50x with $ Parent $ 33,266 2 0.5%6,916,543 3.00x—4.49x 173 96.3% $ Guaranty: 1 15,0001.9x General 1 1.6% Acute 1.50x— Care DefaultedHospitals Masterand/or withLeased, Parent Cross$ Guaranty: 2.1x 5,018,086 Long-Term 62 69.8%Acute DefaultedCare Hospitals and/or Master with ParentLeased, Guaranty: Cross$ 1.9x Inpatient 233,818 Rehabilitation 13 3.3% Defaulted Facilities and/or Master with Leased, Parent Cross$Guaranty: 2.1x <1% 1,664,639 1% 3% 98 1% 23.2% <1% GuarantyGreater than LT ACHor equal Master to 4.50x Lease, 23% Cross-Default 3.00x—4.49x or 1.50x—2.99xParent Guaranty 70% Notes: Less Samethan 1.50x Store Generalrepresents Acute properties Master with Lease, at leastCross-Default 24 months or of Parent financial Guaranty reporting Rehab data. Master Properties Lease, that Cross-Default do not provide or Parentfinancial SUPPLEMENTreporting and disposedAL INFORMA assets areTION not included.| Q4 2020 All 15 data presented is on a trailing twelve month basis. (A) EBITDARM adjusted for non-recurring items. MEDICAL PROPERTIES TRUST | LocationPORTFOLIO Investment INFORMA (A) RentTION Commencement SUMMARY OF Date COMPLETED Acquisition/ ACQUISITIONS Development Circle / DEVELOPMENT Health United Kingdom PROJECTS $ 1,973,272 (For the 1/8/2020twelve months Acquisition ended SurDecembergery Partners 31, 2020) Idaho (Amounts 108,856 in1/21/2020 thousands) Development Operator StewardInternational Health JV Care N/A Utah205,000 200,000 5/13/2020 (B) 7/8/2020 Acquisition Acquisition Circle Health MEDIAN United Germany Kingdom 14,754 43,759 8/5/2020 6/29/2020 Acquisition Development Circle CircleHealth Health United Rehabilitation Kingdom 38,640 United 8/7/2020 Kingdom Acquisition 18,428 6/29/2020 Prime Healthcare Development California Indiana300,000 57,658 8/13/2020 12/17/2020 Acquisition Acquisition International Circle JV Health Colombia United 135,000 Kingdom 11/17/2020 114,946 Acquisition12/18/2020 RoyalAcquisition Marsden NeuroPsychiatric NHS Foundation Hospitals United T Kingdomexas 25,937 70,792 12/18/2020 11/25/2020 Development Acquisition SwissCurahealth Medical Texas Network and thousands)Switzerland Operator 233,592 Location(C) 12/29/2020 Commitment Acquisition Acquisition/ Ernest HealthDevelopment South Carolina Priory Group 17,036 United 12/31/2020 Kingdom Acquisition $ 1,090,400 $ 3,557,670 Acquisition SUMMAR SUMMARY OFY OFCURRENT CURRENT INVESTMENT DEVELOPMENT COMMITMENTS PROJECTS AS (Amounts OF in $DECEMBER 19,034 31, 2020 Q4 2021 (Amounts Ernest in Health thousands) California Costs 47,700 Incurred as of Estimated 11,105 Q1 Rent 2022 Operator $ 95,629 Location $ Commitment 30,139 (A) 12/31/2020 Excludes Commencement transaction costs, Date including Ernest real Health estate California transfer $and 47,929 other taxes and (C)accounts Reflects for incrementalthe exchange investment rate as of thein Infracore acquisition SA. date. MEDICAL (B) Incremental PROPER investmentTIES TRUST to acquire | SUPPLEMENT the fee simpleAL INFORMAinterest of twoTION facilities | Q4 2020 previously 16 subject to a mortgage loan investment from MPT. FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended rentDecember 31, 55,184 2020 December 33,64331, 2019 December 158,881 31, 2020 December 110,456 31, 2019 Income REVENUES from financing Rent leasesbilled $ 49,081 203,034 $ 52,364 130,310 $ 206,550 741,31 1 $ 1 19,617 Interest 474,151 and Straight-line other Interestincome 26,50785,190 40,12170,434 142,496328,728 149,973237,830 TRealotal estaterevenues depreciation and333,806 amortization 256,438 72,196 1,249,238 44,152 854,197 264,245 EXPENSES 152,313 Property- 197,640related 5,712 150,586 8,598 749,526 24,890 510,546 OTHER23,992 General INCOME and (EXPENSE) administrative (Loss) gain on34,542 sale of real estate 27,402 (130) 131,663 41,498 96,41 1 T otal (2,833) expenses 41,560 Real refinancingestate impairment and unutilized charges financing — costs (21,031) (27,569) (19,006) (1,233) (21,031) (28,180) Earnings from (6,106) equity Other interests (including mark-to-market 5,154 adjustments 4,416 on equity 20,417 16,051 Debt taxsecurities) 1 16,338 2,717 130,654 1,152 463,328 (6,782) 373,780 (345) T Incomeotal other tax income (expense) (expense) benefit (19,828) (6,232) (731)24,802 (31,056) (36,384) 2,621 30,129 Net Income before income income attributable 110,106 to MPT common 129,923 stockholders $ 432,272 109,884 $ 376,401 Net 129,638 income $ attributable 431,450 to non-controlling $ 374,684 interests EARNINGS (222) PER COMMON (285) SHARE—BASIC (822) AND DILUTED (1,717) NetNet BASICincome attributable 537,003 to MPT common 493,593 stockholders $ 529,239 0.20 $ 427,075 0.26 WEIGHTED $ 0.81AVERAGE $ SHARES 0.87 WEIGHTED OUTSTANDING—DILUTED AVERAGE SHARES OUTST 538,351ANDING— 494,893 PROPER 530,461TIES TRUST | SUPPLEMENT 428,299 $ AL INFORMA —$ TION - DIVIDENDS | Q4 2020 17 DECLARED PER COMMON SHARE $ 0.27 $ 0.26 $ 1.08 $ 1.02 MEDICAL Land,FINANCIAL buildings ST andATEMENTS improvements, CONSOLIDA intangibleTED lease BALANCE assets, and SHEETS other $ 12,078,927 (Amounts in$ 8,102,754thousands, Investment except per inshare financing data) December leases 2,010,922 31, 2020 2,060,302 December Mortgage 31, 2019 loans (Unaudited) 248,080 (A)1,275,022 ASSETS Gross Real investment estate assets in 1,462,286real estate Interestassets 14,337,929 and rent receivables 11,438,078 46,208 Accumulated 31,357 Straight-linedepreciation rentand amortizationreceivables 490,462 (833,529) 334,231 (570,042) Equity Net investments investment 1,123,623 in real estate 926,990 assets Other 13,504,400 loans 858,368 10,868,036 544,832 Cash Other and cash assets equivalents 256,069 299,599549,884 16,098Total Assets Obligations $ 16,829,014 to tenants $ 14,467,331 and other leaseLIABILITIES liabilities AND144,772 EQUITY 107,91 1Liabilities Total Liabilities Debt, net $ 8,865,458 9,485,157 $ 7,023,679 Accounts 7,439,177 payable Equity and Preferred accrued expenses stock, $0.001 438,750 par 291,489value. Authorized Deferred revenue10,000 shares; 36,177 no Additionalshares outstanding paid-in capital- -Common 7,461,503 stock, 7,008,199 $0.001 par Retained value. Authorized (deficit) earnings 750,000 (71,41 shares;1) 83,012issued andAccumulated outstanding other - 541,419 comprehensive shares at lossDecember (51,324) 31, (62,905) 2020 and T reasury517,522 shares, shares atat costDecember (777) (777) 31, 2019 Total 541 Medical 518 FinancialsProperties Thaverust, been Inc. derivedStockholders’ from the Equity prior 7,338,532 year audited 7,028,047 financial Non-controlling statements. MEDICAL interests 5,325PROPER 107TIES Total TRUST Equity 7,343,857| SUPPLEMENT 7,028,154AL INFORMATotal LiabilitiesTION and | Q4 Equity 2020 $18 16,829,014 $ 14,467,331 (A) FINANCIAL STATEMENTS UNCONSOLIDATED JOINT VENTURE INVESTMENTS (As of and for the three months ended December 31, 2020) (Unaudited) ($ amounts in thousands) REAL ExpensesESTATE JOINTHM Hospitales, VENTURE IMED DET Hospitales,AILS MPT MEDIAN,Pro Rata Interest 57% $ MPT W eighted 2,550,942 Total $ Gross Third-Party 824,494 Net$ Shareholder 368,328 Property-Related $ 27,769 Operators $ T otal 1,209Revenues Policlinico Average di Interest Monza, Assets Swiss DebtMedical Loans AcuteNetwork Care PRO Hospitals RATA TInpatientOTAL GROSS Rehabilitation ASSETS Hospitals BY COUNTR JOINTY VENTURE PRO RATA IMP TOTACTAL IncomeGROSS Statement ASSETS BYImpact PROPER to MPTTY Amounts TYPE 4% Financial 9% 43% Statement 44% 57% Location 43% Switzerland Real estate Germany joint venture Spain income Italy General (1) Sheet$ Impact 5,154 to MPT Earnings Amounts from Financialequity interests Statement Management Location Realfee revenue estate joint $ venture 151 investments Interest and $ other income 897,882 Shareholder Equity Investments loan interest Other revenue joint $ venture investments 4,611 Interest 225,741 and otherEquity income Investments Balance expense,Total joint and venture $8.4 millioninvestments of interest $ expense 1,123,623 on third-party Shareholder debt and loans shareholder $ loans. 368,328 MEDICAL Other Loans PROPER (1) IncludesTIES TRUST $5.7 million | SUPPLEMENT of straight-lineAL INFORMA revenue, $1TION1.0 million | Q4 2020 of depreciation 19 and amortization

Communications1000 Urban Center (646) Drive, 884-9809 Suite 501 or [email protected], AL 35242 (205) 969-3755 or T imNYSE: Berryman, MPW wwwManaging.medicalpropertiestrust.com Director of Investor Relations Contact: (205) Drew 397-8589 Babin, Senior or [email protected] Managing Director of Corporate