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): April 29, 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 April 29, 2021, Medical Properties Trust, Inc. issued a press release announcing its financial results for the three months ended March 31, 2021. 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 April 29, 2021 reporting financial results for the three months ended March 31, 2021 99.2 Medical Properties Trust, Inc. 1st Quarter 2021 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: April 29, 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 FIRST QUARTER RESULTS

Per Share Net Income of $0.28 and Normalized FFO of $0.42 in First Quarter

Per Share NFFO Growth Exceeding 13% Compared to Prior-Year Quarter

Year-to-Date Investments of Approximately $1.6 Billion

Birmingham, AL – April 29, 2021 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the first quarter ended March 31, 2021 as well as certain events occurring subsequent to quarter end.

• Net income of $0.28 and Normalized Funds from Operations (“NFFO”) of $0.42 for the 2021 first quarter on a per diluted share basis, well

in line with portfolio run-rate guidance;

• Closed in January on the previously disclosed £800 million real estate investment in behavioral health properties in the UK operated by

Priory Group (“Priory”);

• Issued £850 million in senior notes due 2026 and 2030 at a blended rate of 2.9% with proceeds used to permanently fund the Priory

acquisitions;

• Completed a follow-on equity offering generating net proceeds of $711 million and sold approximately 8.0 million common shares from

early March through the Company’s “at-the-market” program for additional net proceeds of approximately $173 million;

• Hospital tenants uniformly reporting continued strong operating and financial performance.

“The rapid pace of accretive growth we have created in recent years is showing no signs of slowing,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “The positive attention brought to the need for hospitals during the COVID pandemic worldwide, and the essential role of MPT’s tenants has never been so clear. Demand for our capital is strong, and our proven ability to execute large, complex transactions continues to give us a strong competitive advantage in this rapidly expanding market.”

Mr. Aldag continued, “Our operators are well-capitalized, and their fundamentals returned to very close to normalized levels more than nine months ago and remain there today. We have observed that these levels of operations are consistent with recently reported quarterly results of the top publicly held operators in the nation.”

1 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 2020 results, and reconciliations of total assets to pro forma total gross assets and total revenues to total adjusted revenues.

PORTFOLIO UPDATE During and subsequent to the first quarter, MPT continued to execute on accretive acquisitions.

MPT expects to replace the £800 million Priory real estate loan with sale-leaseback transactions involving 35 properties by the end of the second quarter, at which time the Company will begin to recognize a GAAP investment yield of 8.6%.

Through today, MPT made additional investments of approximately $158 million and $335 million, respectively, in its tenants Swiss Medical Network and Steward Health Care System (“Steward”). Swiss Medical, the Company’s tenant through its Infracore investment, is the second largest private operator of hospitals in Switzerland, a nation known for world-class healthcare delivery and an affluent, aging population. At an attractive investment entry point, MPT stands to benefit from greater alignment with Infracore and Swiss Medical, additional insight into the Swiss hospital system, and desirable real estate opportunities as Swiss Medical continues to consolidate a fragmented hospital landscape.

Proceeds of the $335 million loan to Steward were used to redeem a similarly sized convertible loan from Steward’s former private equity sponsor. Terms include opportunities for attractive participation in the value of Steward’s growth as it demonstrates fundamental success consistent with recent reports from public hospital operators. Pursuant to its existing 9.9% equity interest in Steward and a direct realization of the operational strength noted above, MPT received cash distributions during the quarter of $11.0 million.

The Company has pro forma total gross assets of approximately $20.9 billion, including $15.2 billion in general acute care hospitals, $2.1 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 425 properties representing roughly 44,000 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 51 hospital operating companies. MPT continues to work with existing and new operators in the U.S. and abroad on numerous opportunities.

OPERATING RESULTS AND OUTLOOK Net income for the first quarter ended March 31, 2021 was $164 million (or $0.28 per diluted share) compared to $81 million (or $0.15 per diluted share) in the year earlier period.

NFFO for the first quarter ended March 31, 2021 was $244 million ($0.42 per diluted share) compared to $191 million ($0.37 per diluted share) in the year earlier period.

Based on 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. Included in the annual run-rate estimate but not included in annualized actual results for the first quarter are timing adjustments related to investment and capital markets transactions closed during the quarter, the annualized difference between the 8.6% Priory GAAP lease rate and the current loan interest rate, and the

2 aggregate earnings contribution from two hospitals under development and various expansion projects where rent has not yet commenced. While interest income from the £250 million non-real estate acquisition loan related to the Priory transaction was included in first quarter actual results, it is not included in annual run-rate guidance due to its temporary nature.

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, April 29, 2021 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter ended March 31, 2021. 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 9845178. 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 May 13, 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 9845178.

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 become one of the world’s largest owners of hospitals with 425 facilities and roughly 44,000 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”,

3 “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, 2020 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) March 31, 2021 December 31, 2020 (Unaudited) (A) Assets Real estate assets Land, buildings and improvements, intangible lease assets, and other $12,107,170 $ 12,078,927 Investment in financing leases 2,021,480 2,010,922 Mortgage loans 1,324,865 248,080

Gross investment in real estate assets 15,453,515 14,337,929 Accumulated depreciation and amortization (903,798) (833,529)

Net investment in real estate assets 14,549,717 13,504,400 Cash and cash equivalents 746,753 549,884 Interest and rent receivables 44,558 46,208 Straight-line rent receivables 545,385 490,462 Equity investments 1,080,214 1,123,623 Other loans 1,522,666 858,368 Other assets 256,382 256,069

Total Assets $18,745,675 $ 16,829,014

Liabilities and Equity Liabilities Debt, net $ 9,999,538 $ 8,865,458 Accounts payable and accrued expenses 445,595 438,750 Deferred revenue 21,533 36,177 Obligations to tenants and other lease liabilities 158,799 144,772

Total Liabilities 10,625,465 9,485,157 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 - 583,109 shares at March 31, 2021 and 541,419 shares at December 31, 2020 583 541 Additional paid-in capital 8,252,966 7,461,503 Distributions in excess of net income (71,071) (71,411) Accumulated other comprehensive loss (66,720) (51,324) Treasury shares, at cost (777) (777)

Total Medical Properties Trust, Inc. Stockholders’ Equity 8,114,981 7,338,532 Non-controlling interests 5,229 5,325

Total Equity 8,120,210 7,343,857

Total Liabilities and Equity $18,745,675 $ 16,829,014

(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 March 31, 2021 March 31, 2020 Revenues Rent billed $ 213,344 $ 171,767 Straight-line rent 54,873 31,421 Income from financing leases 50,894 52,436 Interest and other income 43,654 38,508

Total revenues 362,765 294,132 Expenses Interest 86,972 80,899 Real estate depreciation and amortization 75,642 60,921 Property-related 5,453 5,412 General and administrative 36,073 33,385

Total expenses 204,140 180,617 Other income (expense) Gain on sale of real estate 989 1,325 Real estate impairment charges — (19,006) Earnings from equity interests 7,101 4,079 Debt refinancing and unutilized financing costs (2,269) (611) Other (including mark-to-market adjustments on equity securities) 7,794 (14,135)

Total other income (expense) 13,615 (28,348)

Income before income tax 172,240 85,167 Income tax expense (8,360) (4,010)

Net income 163,880 81,157 Net income attributable to non-controlling interests (97) (165)

Net income attributable to MPT common stockholders $ 163,783 $ 80,992

Earnings per common share - basic and diluted: Net income attributable to MPT common stockholders $ 0.28 $ 0.15

Weighted average shares outstanding - basic 576,240 521,076 Weighted average shares outstanding - diluted 577,541 522,179 Dividends declared per common share $ 0.28 $ 0.27 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 March 31, 2021 March 31, 2020 FFO information: Net income attributable to MPT common stockholders $ 163,783 $ 80,992 Participating securities’ share in earnings (370) (464)

Net income, less participating securities’ share in earnings $ 163,413 $ 80,528 Depreciation and amortization 88,536 70,502 Gain on sale of real estate (989) (1,325) Real estate impairment charges — 19,006

Funds from operations $ 250,960 $ 168,711 Write-off (recovery) of straight-line rent and other (5,238) 6,740 Non-cash fair value adjustments (4,065) 14,195 Tax rate change — 977 Debt refinancing and unutilized financing costs 2,269 611

Normalized funds from operations $ 243,926 $ 191,234 Share-based compensation 12,264 10,036 Debt costs amortization 4,009 3,409 Rent deferral, net 803 — Straight-line rent revenue and other (67,275) (49,614)

Adjusted funds from operations $ 193,727 $ 155,065

Per diluted share data: Net income, less participating securities’ share in earnings $ 0.28 $ 0.15 Depreciation and amortization 0.15 0.13 Gain on sale of real estate — — Real estate impairment charges — 0.04

Funds from operations $ 0.43 $ 0.32 Write-off (recovery) of straight-line rent and other (0.01) 0.02 Non-cash fair value adjustments — 0.03 Tax rate change — — Debt refinancing and unutilized financing costs — —

Normalized funds from operations $ 0.42 $ 0.37 Share-based compensation 0.02 0.02 Debt costs amortization 0.01 — Rent deferral, net — — Straight-line rent revenue and other (0.11) (0.09)

Adjusted funds from operations $ 0.34 $ 0.30

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) March 31, 2021 December 31, 2020 Total Assets $18,745,675 $ 16,829,014 Add: Real estate commitments on new investments(1) 157,630 1,901,087 Unfunded amounts on development deals and commenced capital improvement projects(2) 114,129 166,258 Accumulated depreciation and amortization 903,798 833,529 Incremental gross assets of our joint ventures(3) 1,211,206 1,287,077 Proceeds from new debt and equity subsequent to period-end — 1,479,961 Less: Cash used for funding the transactions above(4) (271,759) (2,067,345)

Pro Forma Total Gross Assets(5) $20,860,679 $ 20,429,581

(1) The 2021 column reflects our investment in Swiss Medical Network on April 16, 2021. The 2020 column reflects investments made in 2021, including the acquisition of 35 facilities in the United Kingdom on January 19, 2021. (2) Includes $53.6 million and $65.5 million of unfunded amounts on ongoing development projects and $60.5 million and $100.8 million of unfunded amounts on capital improvement projects and development projects that have commenced rent, as of March 31, 2021 and December 31, 2020, 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, if any. (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 Three Months Ended (Amounts in thousands) March 31, 2021 Total revenues $ 362,765 Revenue from real estate properties owned through joint venture arrangements 31,652

Total adjusted revenues(1) $ 394,417

(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

Q SUPPLEMENTAL 1 2021 3 COMPANY OVERVIEW Company Information 3 FINANCIAL INFORMATION Reconciliation of Net Income to Funds from Operations 6 6 Debt Summary 7 Debt Maturity Schedule 8 Pro Forma andNet CountryDebt /Annualized 11 EBITDARM Adjusted to EBITDARent Coverage 9 POR 14TFOLIO Summary INFORMA of InvestmentsTION Lease and Development and Loan Maturity Projects Schedule 16 FINANCIAL 10 10 Total ST ProATEMENTS Forma Gross 17 Consolidated Assets and Adjusted Statements Revenue of Income by Asset 17 Consolidated Type, Operator Balance, State causeSheets the 18 actualUnconsolidated results of theJoint Company Venture orInvestments future events 19 FORto difWferARD-LOOKING materially from STthoseATEMENTS expressed Forward-lookingin or underlying suchstatements forward-looking involve known statements, and unknown including risks, without uncertainties limitation: and Normalized other factors FFO that per may statementsshare; expected concerning payout theratio; additional the amount income of acquisitions to the Company of healthcare as a result real of estate, ownership if any; interests estimated in certain debt metrics; hospital portfolio operations diversification; and the timing capital of such markets income; conditions; the payment the repaymentof future dividends, of debt arrangements; if any; Companycompletion operates; of additional the execution debt arrangements of the Company’ and additionals business investments; plan; financing national risks; and the international Company’s economic,ability to maintain business, its real status estate as anda REIT other for market federal conditions; income tax the purposes; competitive acquisition environment and development in which the healthcarerisks; potential real estateenviron- in particularmental and. For other further liabilities; discussion potential of the impact factors from that COVID-19 could affect on outcomes, our tenants/ please borrowers refer to and the the“Risk related Factors” impact section to us; of and the other Company’ factorss Annualaffecting Report the real on estate Form industry10-K for generally the year or Companyended December undertakes 31, 2020,no obligation and as updated to update by thethe informationCompany’s insubsequently this report. filedCertain Quarterly information Reports in theon supplementalForm 10-Q and package other SEC is shown filings. pro Except forma asfor otherwise the transactions required completed by the federal subsequent securities to period laws, theend transactionsand the consummation will occur. ofClinica pending Centenario, transactions. an acute The procare forma facility adjustments in Bogota, are Colombia. based upon MEDICAL available PROPER informationTIES and TRUST assumptions | SUPPLEMENT that we believeAL INFORMA are reasonable.TION There| Q1 2021 is no 2 assurance that the pending 2003COMP toANY acquire OVER andVIEW develop M net-leasededical Properties hospital T ofrust, hospitals Inc. is ato self-advised unlock the valueMPT’ ofs financing their real modelfacilities. facilitates From its acquisitions inception inreal Birmingham, estate investment estate trustassets formed to fund in facility and recapitalizations improvements, and Alabama, allows theoperators countriesCompany MEDICALhas grown toPROPER becomeTIES one technologyTRUST | SUPPLEMENT upgrades and otherAL INFORMA investmentsTION of the | Q1 world’ 2021s 3largest owners of hospitals. in operations. 425 51 ~44,000 33 9 properties operators bedsU. 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. ChiefOfficers Operating Edward OfK.ficer Aldag, and Jr Secretary. Chairman, J. KevinPresident Hanna and V Chiefice President, Executive Controller Officer R. and Steven Chief Hamner Accounting Executive Officer V iceRosa President H. Hooper and VChiefice President, Financial Managing Officer Emmett Director E. ofMcLean Asset ManagementExecutive Vice and President, HeadquartersUnderwriting EdwardR. Lucas K. Savage Aldag, V Jrice. G. President, Steven Dawson Head of Medical Global AcquisitionsProperties T rust,Charles Inc. R. R. Lambert Steven Hamner Vice President, 1000 Urban Treasurer Center and Drive, Managing Suite 501 Director Caterina of Capital A. Mozingo Markets Birmingham, Board of Directors AL 35242 Corporate Elizabeth N. INFORMAPitman (205)TION 969-3755 | Q1 2021 D. Paul 4 Sparks, Jr. (205) 969-3756 (fax) Michael G. Stewart C. Reynolds Thompson, III www.medicalpropertiestrust.com MEDICAL PROPERTIES TRUST | SUPPLEMENTAL [email protected] OVERVIEW INVESTOR (205) RELA 397-8589TIONS [email protected] BabinTim Berryman Senior Managing Stock Director Exchange of SeniorCorporate Transfer Communications Listing and UnsecuredManaging AgentDirector Trading of Investor Symbol Relations Debt Ratings (646) 884-9809 American Stock HospitalesTransfer New in Madrid,York Stock Spain. Exchange MEDICAL Moody’ PROPERs – Ba1TIES and TRUSTTrust Company | SUPPLEMENT (NYSE): ALMPW INFORMA StandardTION & Poor | Q1’s –2021 BBB- 5 6201 15th Avenue Brooklyn, NY 11219 Above: HM Torrelodones operated by HM MarchFINANCIAL 31, 2021March INFORMA 31,TION 2020 RECONCILIAFFO INFORMATIONTION: OF Net NET income INCOME attributable TO FUNDS to MPT FROM common OPERA stockholdersTIONS (Unaudited) $ 163,783 $(Amounts 80,992 Participating in thousands, securities’ except per share share in data)earnings(370)(464) For the Three Months Net income, Ended less operationsparticipating $ 250,960securities’ $ 168,71share in1 Wearningsrite-off $(recovery) 163,413 $ of 80,528 straight-line Depreciation rent and and other(5,238)6,740 amortization88,53670,502 Non-cash fairGain value on sale adjustments(4,065)14,195 of real estate(989)(1,325) Tax Real rate estate change-977 impairment Debt charrefinancingges-19,006 and Fundsunutilized from revenuefinancing and costs2,26961 other(67,275)(49,614)1 Normalized Adjusted funds from funds operations from operations $ 243,926 $ 193,727 $ 191,234 $ 155,065 Share-based PER compensation12,26410,036DILUTED SHARE DATA: DebtNet income, costs amortization4,0093,409 less participating securities’ Rent deferral,share in earningsnet803- Straight-line $ 0.28 $ 0.15 rent Non-cashDepreciation fair and value amortization0.150.13 adjustments-0.03 T axGain rate on change— sale of real Debt estate— refinancing Real estateand unutilized impairment financing charges-0.04 costs— Funds Normalized from operations funds from $ 0.43 operations $ 0.32 $W 0.42rite-of $ f0.37 (recovery) Share-based of straight-line compensation0.020.02 rent and other(0.01)0.02 Debt costs amortization)amortization0.01- include Rent our deferral, share of net-- such Straight-line income/expense rent revenue from unconsolidated and other(0.1 1)(0.09)joint ventures. Adjusted These funds amounts from operations are included $ 0.34 with $ the 0.30 activity Notes: of (A) all Certainof our equity line items interests above in (suchthe “Earnings as depreciation from equity and reflectinginterests” linethe assumptionon the consolidated that real statementsestate asset of values income. rise (B) or fallInvestors with market and analysts conditions, following principally the real adjusts estate for industry the ef fectsutilize of funds GAAP from depreciation operations, and or amortizationFFO, as a supplemental of real estate performance assets, which measure. assumes FFO, that representsthe value of net real income estate (loss) diminishes (computed predictably in accordance over time. with W eGAAP), compute excluding FFO in accordance gains (losses) with on the sales definition of real estateprovided and byimpairment the National char Associationges on real ofestate Real assets, Estate plus Investment real estate Trusts, depreciation or Nareit, and which adjustsamortization FFO forand items after thatadjustments relate to forunanticipated unconsolidated or non-core partnerships events and or activitiesjoint ventures. or accounting In addition changes to presenting that, if notFFO noted, in accordance would make with comparison the Nareit definition,to prior period we also results disclose and market normalized expectations FFO, which less normalizedmeaningful FFOto investors makes comparisonsand analysts. ofW eour believe operating that theresults use withof FFO, prior combined periods and with other the requiredcompanies GAAP more presentations, meaningful. While improves FFO the and understanding normalized FFO of our are operating relevant andresults widely among used investors supplemental and the use of amortizationmeasures of operatingcosts or the and level financial of capital performance expenditures of REIT ands, leasing they should costs necessarynot be viewed to maintain as a substitute the operating measure performance of our operating of our performanceproperties, which since canthe bemeasures significant do not economic reflect eithercosts thatdepreciation could materially and toimpact cash ourflow results from operatingof operations. activities FFO (computedand normalized in accordance FFO should with not GAAP) be considered as an indicator an alternative of our liquidityto net income. We calculate (loss) (computed adjusted infunds accordance from operations, with GAAP) or AFFO, as indicators by subtracting of our results from or of adding operations to or resultsnormalized of operations FFO (i) non-cash based on revenue, the receipt, (ii) rathernon-cash than share-based the accrual, compensation of our rental revenueexpense, and and on (iii) certain amortization other adjustments. of deferred W financinge believe costs.that this AFFO is an is important an operating measurement measurement because that weour use leases to analyze generally our calculationhave significant of AFFO contractual may not escalations be comparable of base to rentsAFFO and or thereforesimilarly resulttitled measuresin recognition reported of rental by other income REIT thats. AFFO is not collectedshould not until be considered future periods, as an and alternative costs that to are net deferred income (calculatedor are non-cash pursuant char ges.to GAAP) Our INFORMAas an indicatorTION of |our Q1 results 2021 6 of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL $179,179FINANCIAL 2026 INFORMA Term LoanTION Variable1.570% DEBT SUMMAR 200,000Y (As4.000% of March Notes 31, Due 2021) 2022 ($ (€500M) amounts (A) in thousands)Fixed4.000% Debt 586,500 Instrument 2.550% Rate Notes Type Due Rate 2023 Balance (£400M) 2024 (A) Credit Fixed2.550% Facility Revolver 551,320 (A) (B) V 2024ariable1.260% AUD Term Loan 500,000(A$1.2B) 2.500% (A) Fixed2.450% Notes Due 9120261,760 (£500M) 3.325% (A) Notes Fixed2.500% Due 2025 689,150(€500M) 5.000% (A) Fixed3.325% Notes Due 586,5002027 Fixed5.000% (C) 2025 GBP 1,400,000 Term Loan 3.692% (£700M) Notes (A)Due Fixed1.949% 2028 (£600M) 964,810 (A) Fixed3.692% 5.250% Notes 826,980 Due 20264.625% Fixed5.250% Notes Due W2029eighted Fixed4.625% average rate3.482% 900,000 3.375% $9,999,538 Notes RA DueTE 2030 TYPE (£350M) AS PERCENT (A) Fixed3.375%AGE OF T 482,405OTAL DEBT 3.500% V ariableNotes Due3.8% 2031 Fixed Fixed3.500% 96.2% (A) Non-USD 1,300,000 denominated$10,078,604 debtDebt converted issuance costs to U.S. and dollars discount(79,066) at March 31, 2021. March(B) We 6, entered 2020, intoto fix an the interest interest rate rate swap to 1.949% transaction, for the ef fectiveduration July of the3, 2019, loan. toMEDICAL fix the interest PROPER rate TIESto 2.450% TRUST for |the SUPPLEMENT duration of theAL loan. INFORMA (C) We TIONentered | Q1 into 20217 an interest rate swap transaction, effective —$—$FINANCIAL 179,179 INFORMA $—$—$—$—$—$—$—2026TION DEBT MATURITY Term SCHEDULE Loan ———200,000-—— ($ amounts in thousands) 4.000% Notes Debt DueInstrument202120222023 2022 (€500M) (A) -586,500- 2024202520262027 ———— 2.550% 2028202920302031 Notes Due 2023 2024 (£400M) Credit (A) Facility --551,320 Revolver ———— (A) $- $ ———500,000-——2024 AUD Term Loan 2.500% (A$1.2B) Notes (A) Due —- 9120261,760 (£500M) ——-— (A) 3.325% ———689,150-—— Notes Due 2025 5.000% (€500M) Notes (A) Due—- -586,500-—-— 2027 —— — 1,400,000--— 2025 GBP Term 3.692% Loan Notes (£700M) Due (A) 2028 —- (£600M) -964,810-—-— (A) —— 5.250% —-826,980-— Notes Due 4.625% 2026 $1,389,150Notes Due 2029 $1,400,000 —— —--900,000-—3.375% $ 826,980 $ 900,000 $ Notes482,405 Due $1,300,000 2030 (£350M) $1,800,000$ (A) —— 1,551,310 ——-482,405—3.500% $1,600,000$1,389,150 Notes Due$1,400,000 2031 —— $1,400,000 ——--1,300,000 $ 1,300,000 $- $ $1,090,939 586,500 $ 551,320$1,200,000 $1,090,939 $1,000,000 $1,551,310 $ 900,000 $ Notes826,980 Due $800,000 20222.550% $ 586,500 Notes $600,000 Due 2023 $551,320 2024 AUD $ 482,405 Term Loan3.325% $400,000 $200,000 Notes Due $-$— 20252025 202120222023 GBP Term 2024202520262027 Loan5.250% Notes 2028202920302031 Due 2026 2.500% 2024 Notes Credit Due 2026Facility 5.000% Revolver Notes 2026 Due T 20273.692%erm Loan 4.000% Notes SUPPLEMENTDue 20284.625%AL Notes INFORMA Due 2029TION 3.375% | Q1 20218 Notes Due 2030 3.500% Notes Due 2031 (A) Non-USD denominated debt converted to U.S. dollars at March 31, 2021. MEDICAL PROPERTIES TRUST | attributableFINANCIAL to INFORMAMPT commonTION stockholders PRO FORMA $ 163,783 NET DEBT Pro forma / ANNUALIZED adjustments for ADJUSTED investment EBITDA activity (A)16,822 (Unaudited) Pro (Amounts forma net in income thousands) $ 180,605 For the Add Three back: Months Interest Ended (B)85,522 March Depreciation 31, 2021 Net and income Non-cashamortization fair (B)86,685 value adjustments(4,065) Share-based compensation12,264 Income tax (B)8,576 Gain 1Q on 2021 sale Proof real forma estate(989) adjusted DebtEBITDA refinancing $ 365,629 and Annualization unutilized financing $ 1,462,516 costs2,269 Total Wdebtrite-of $ 9,999,538f (recovery) Cash, of straight-lineadjusted for prorent forma and other(5,238) changes after impactMarch 31,from 2021(802,005) the leasing of Pro our formainvestment net debt in approximately$ 9,197,533 Pro 35 forma facilities net debtin the / annualizedUnited Kingdom adjusted on EBITDA6.3xJanuary 19, 2021, (A) Reflectsand our otherour April mid-quarter 2021 investment investments. in Swiss (B) Includes Medical our Network share ofand interest, a full quarter real estate expense,depreciation income and incometaxes, depreciation tax expense and from amortization) unconsolidated as a jointmeasurement ventures. ofInvestors leverage and that analysts shows howfollowing many the years real it estatewould industry take for utilize us to pay net backdebt (debtour debt, less assumingcash) to EBITDA net debt and(net EBITDAincome before are held interest commitments,constant. The table assuming above such considers transactions the pro were forma consummated/fully effects on net debt funded and EBITDA as of the from beginning investments of the andperiod. capital In addition, transactions we showthat were EBITDA either adjusted completed to excludeduring the share-based period or compensation,disclosed as firm gains or losses believeon real estatePro forma and otherNet Debt dispositions, and Pro formadebt refinancing Annualized or Adjusted similar char EBITDAges, and are impairment useful to investors or other andnon-cash analysts char asges they to allowderive for Pro a formamore current Annualized view Adjustedof our credit EBITDA, quality which and allow is a non-GAAPfor the comparison measure. of We SUPPLEMENTour credit strengthAL between INFORMA periodsTION and | Q1 to 20219other real estate companies without the effect of items that by their nature are not comparable from period to period. MEDICAL PROPERTIES TRUST | PORTFOLIO INFORMATION LEASE AND LOAN MATURITY SCHEDULE (A) ($ amounts in thousands) (B)Percentage of Total Years of MaturitiesTotal Properties (C) Base Rent/Interest (D) Base 0.4%Rent/Interest Thereafter351 20211 1,071,834$2,250 0.2% 86.9% 20221656,674 405 $1,233,680 4.6% 100.0% 2023413,944 Percentage 1.1% of202412,731 total base 0.2%rent/interest 2025717,470 100% 90%1.4% 86.9% 202629,027 80% 70% 0.7% 60% 202713,540 50% 40% 0.3% 30% 202845,59120% 10% 4.6% 0.5% 3.7% 20291245,712 0.2% 1.1% 3.7% 0.2% 203064,907 1.4% 0.7% in0.3% our 0.5% agreements. 0.4% 0% (C) (A) Reflects Schedule all properties,includes leases including and mortgage those that loans. are part (B) of Lease/Loan joint ventures expiration except isvacant based properties on the fixed representing term of the approximately lease/loan and 1% does of totalnot factor pro forma in potential gross assets renewal and options two facilities provided that for straight-lineare under development. rents and deferred (D) Represents revenues). base MEDICAL rent/interest PROPER incomeTIES on an TRUST annualized | SUPPLEMENT basis but doesAL not INFORMA include tenantTION recoveries, | Q1 2021 10additional rents and other lease-related adjustments to revenue (i.e., PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ADJUSTED REVENUE BY ASSET TYPE (March 31, 2021) ($ amounts in thousands) Pro Forma Adjusted Total RehabilitationPercentage of2021 Hospitals1 Percentage12 2,128,93910.2% of Asset Types 45,303 PropertiesGross 11.5% Behavioral Assets (A) Health Total Facilities40 Gross AssetsRevenue 1,729,7038.3% (B) 2021 19,754 Revenue 5.0% Long-T Generalerm Acute Acute Care Care Hospitals201 Hospitals20 $ 336,4391.6%15,164,22072.7% 8,186 $315,434 2.1% Freestanding 80.0% Inpatient ADJUSTEDER/Urgent Care REVENUE Facilities52 BY 300,1031.4%ASSET TYPE 5,740 2% 1%1.4% 6% Other—1,201,2755.8% 2% 1% 5% 8% General — Acute Total Care425 $ Hospitals 20,860,679100.0% Inpatient Rehabilitation $394,417 100.0% Hospitals TOTAL 12% PRO 10%Behavioral FORMA GROSS Health ASSETS Facilities BY 73% ASSET Long-T TYPETerm AcuteOTAL 2%Care 3% Hospitals 1% 9%General 80% Freestanding Acute Care ER/Ur Hospitalsgent Care7% Inpatient Facilities Rehabilitation Other DOMESTIC Hospitals PRO 8% FORMA Behavioral GROSS Health ASSETS Facilities BY 78% ASSET Long-T TYPEDOMESTICerm Acute Care ADJUSTEDHospitals85% REVENUE Freestanding BY ER/Ur ASSETgent TYPE Care 2%Facilities 2% 3% unfundedOther (A) amountsIncludes ongross development real estate dealsassets, and other commenced loans, equity capital investments, improvement and projectspro rata portionare fully of funded. gross assets See press in joint release venture dated arrangements, April 29, 2021 assuming for reconciliation all real estate of total commitments assets to pro on newforma investments total gross and pressassets release at March dated 31, April2021. 29, (B) 2021 Reflects for a actual reconciliation revenues of on actual our consolidated revenues to statementadjusted revenues. of income MEDICAL along with PROPER revenue fromTIES propertiesTRUST | SUPPLEMENTowned through ALour INFORMAunconsolidatedTION joint | Q1 venture 20211 1arrangements. See PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS—LARGEST INDIVIDUAL FACILITY (March 31, 2021) Percentage of COMPREHENSIVE PROPERTY-LEVEL leadership,UNDERWRITING individual FRAMEWORK facilities are discrete Total Gross transactions Assets—Operators regardless of Lar portfoliogest IndividualWhile size or related MPTmaster seeks lease to and/or align cross-defaultwith proven operators provisions with Steward successful Health track Care2.8% records Circle and Facility Health1.2% demonstrated • Is this hospitalmarket communitytruly needed suf in ferthis were local this • Is • referralWould thenetwork facility suf beficiently attractive diversified to multiple by Prospecthospital notMedical here? Holdings1.2%market?identified high-quality bothreplacement practice operatorsand specialty? 46 operators1.4% Priory Group0.6% in the Swissrare event Medical a tenant Network0.8% must be replaced? • Would •the PortfolioAre hospital sustainable? relationships equal with or moreadmitting favorable Largest (to Individual MPT) terms? Facility TOT ALInvestment PRO FORMA is Less GROSSthanlocal ASSETS physicians AND deep, ADJUSTED time-tested, REVENUE and • Could BY the OPERA operatorTOR potentially (March 31,be replaced2021) ($ atamounts 3% of MPTin thousands) Investment Pro 7.1%Forma $ Adjusted34,543 8.8% Total Utah Percentage market1,261,507 of2021 Percentage 6.1%31,705 of Operators 8.0% Texas/Arkansas/Louisiana PropertiesGross Assets market1,043,913 (A) Total Gross AssetsRevenue5.0%22,671 5.7% (B) Arizona 2021 Revenue market330,734 Steward 1.6%8,187Health Care36 2.1% Massachusetts Florida market218,123 market $ 1,487,064 1.0%4,985 4.0%1.3% SwissOhio/Pennsylvania Medical Network171,252,642 market149,122 0.7%3,300 6.0%9,726 0.8% 2.4% Circle 46 operators2858,185,843 Health362,541,334 12.2%53,192 39.2%172,171 13.5% 43.7% Prospect Other -1,201,275Medical Holdings161,606,433 5.8%— Total425 $ 20,860,6797.7%38,066 100.0% 9.7% Priory $ 394,417 Group351,582,689 100.0% (A) Includes 7.6%15,871 gross developmentreal estate assets, deals other and loans,commenced equity capital investments, improvement and pro projects rata portion are fully of gross funded. assets See in press joint releaseventure dated arrangements, April 29, assuming2021 for reconciliation all real estate ofcommitments total assets toon pro new forma investments total gross and assets unfunded at March amounts 31, 2021.on 2021(B) Reflects for a reconciliation actual revenues of actual on our revenues consolidated to adjusted statement revenues. of income MEDICAL along with PROPER revenueTIES from TRUST properties | SUPPLEMENT owned throughAL our INFORMA unconsolidatedTION | jointQ1 2021 venture 12 arrangements. See press release dated April 29, FormaAdjustedPORTFOLIO INFORMA Total PercentageTION T ofOT 2021AL PRO Percentage FORMA of GROSSU.S. States ASSETS and Other AND Countries ADJUSTED Properties REVENUE Gross BYAssets U.S. (A) ST TAotalTE ANDGross COUNTR Assets RevenueY (March (B) 31, 2021 2021) Revenue ($ amounts Texas59 in $thousands) 1,926,283 Pro 9.2% $39,128 19.1%9.9% Massachusetts101,492,464 96,549 24.5% Other-1,065,687 7.2% 5.1%34,702 — 8.8% United California221,397,169 States220 $ 12,017,593 6.7% 57.6% 34,004 $ 257,160 8.6% Utah71,296,754 65.2% United Kingdom806.2% 32,677 $ 8.3% 4,679,097 Pennsylvania10864,709 22.4% $76,560 19.4% 4.1% Germany821,306,250 20,100 5.1% 28 Other 6.3% States1 26,162123,974,527 6.6% 8,843,086Switzerland171,252,642 42.4% $ 137,257 6.0% 34.8% 9,725 T otal4252.5% Australia1 $ 20,860,6791985,427 100.0% 4.7% $ 394,41716,162 4.1% 100.0% Spain321 (A) Includes1,036 1.0% gross 3,040 real estate0.8% assets,Other Countries12273,046 other loans, equity investments, 1.3% 5,608 and1.4% pro Other rata-135,588 portion of 0.7% gross — assets International205 in joint $ 2021venture for arrangements, reconciliation assuming of total assets all real to proestate forma commitments total gross and assets unfunded at March amounts 31, 2021. on development(B) Reflects actualdeals andrevenues commenced on our capitalconsolidated improvement statement projects of income are fully along funded. with revenue See press from release properties dated ownedApril 29, COUNTRthrough ourYT unconsolidatedOTAL ADJUSTED joint ventureREVENUE arrangements. BY COUNTR See Ypress 1% release1% 1%4% dated 1% April 1% 29,3% 20215% United for a reconciliation States 6% United of actual Kingdom revenues 7% 6%to adjusted Germany revenues. 58%Switzerland TOTAL PRO19% FORMA22% Australia65% GROSS ASSETS Spain Other BY 6%Countries 28 Other Other States PRO 5% FORMA 8% Other GROSS MEDICAL ASSETS PROPER BY U.S.TIES ST TRUSTATEADJUSTED | SUPPLEMENT REVENUEAL INFORMA BY U.S. STTIONATE |T Q1exas 2021 6% 139% Massachusetts10% 24% 7% California9% 19%Utah 7% Pennsylvania 9% 4% PROPERPORTFOLIOTY TYPE INFORMA 5.00xTION 4.00x SAME3.4x 3.4x ST ORE3.00x TTM 2.8x 3.0xEBITDARM(A) 2.2x 2.2x 2.2x RENT 2.2x COVERAGE2.6x 2.3x 2.6x INCLUSIVE 2.6x 3.1x 2.8x OF 3.1x CARES 2.00x1.8x ACT GRANTS1.00x 0.00x YOY General AND Acute SEQUENTIAL Care Hospitals QUAR InpatientTER COMP RehabilitationARISONS Long-T BY erm InvestmentPercentageAcute Care Total Portfolio of EBITDARM FacilitiesHospitals Rent Coverage Q4 2019 TTM (YoY)Q4 No. of 2020 Facilities (YoY) (in Q3 thousands)Investment 2020 (QoQ) Q4 2020 Greater (QoQ) STRAthan orTIFICA equal TIONto 4.50x OF $ POR144,0622TFOLIO 2.0% EBITDARM 3.00x—4.49x$ RENT 18,2683 COVERAGE 0.3% 1.50x—2.99x$ Defaulted32,5884 0.5% and/or Less with than Parent 1.50x Guaranty: $ 65,8373 3.4x$ 0.9% 5,036,66662 Total Master 70.3% Leased, Inpatient Cross-Defaulted Rehabilitation and/or Facilities with Parent Master Guaranty: Leased, 3.0x Cross- $ 6,896,871 Defaulted173 and/or 96.3% with General Parent Acute Guaranty: Care 2.2x$Hospitals 1,625,82498 Master Leased, 22.7% Long-TCross- erm thanAcute 1.50x Care 70% Hospitals General Master Acute Leased, Master Cross- Lease, Defaulted Cross-Default and/or or with Parent Parent Guaranty Guaranty: Rehab 2.6x$ Master 234,381 Lease,13 Cross-Default3.3% 2% <1% or <1% Parent 3% Guaranty <1% Greater LTACH than Masteror equal Lease, to 4.50x Cross-Default 3.00x—4.49x or Parent23% 1.50x—2.99x Guaranty Notes: Less trailingSame Store twelve represents month basis. properties (A) EBITDARM with at least 24adjusted months for of non-recurring financial reporting items. data.MEDICAL Properties PROPER that doTIES not provideTRUST financial| SUPPLEMENT reportingAL and INFORMA disposed assetsTION are| Q1 not 2021 included. 14 All data presented is on a PROPERPORTFOLIOTY TYPE INFORMA 5.00xTION 4.00x SAME3.00x 2.8x STORE 1.9x TTM 2.0x 1.9xEBITDARM(A) 2.2x 2.1x 2.1x RENT 2.1x COVERAGE1.8x 2.2x 2.1x EXCLUDING 2.2x 2.6x 2.0x ALL 2.0x CARES2.0x 2.00x ACT 1.00x GRANTS 0.00x GeneralYOY AND Acute SEQUENTIAL Care Hospitals QUAR InpatientTER Rehabilitation COMPARISONS Long-T BYerm InvestmentPercentageAcute Care Total Portfolio of EBITDARM FacilitiesHospitals Rent Coverage Q4 2019 TTMNo. (YoY)Q4 of 2020 Facilities (YoY) (in Q3 thousands)Investment 2020 (QoQ) Q4 2020 Greater (QoQ) thanSTRA orTIFICA equal toTION 4.50x$ OF 29,0621 PORTFOLIO 0.4% 3.00x—4.49x$EBITDARM RENT 127,4003 COVERAGE 1.9% 1.50x—2.99x$ Defaulted38,4555 0.5% and/or Less with than Parent 1.50x Guaranty: $ 65,8373 1.8x$ 0.9% 5,036,66662 Total Master 70.3% Leased, Inpatient Cross-Defaulted Rehabilitation and/or Facilities with Parent Master Guaranty: Leased, 1.9x Cross- $ 6,896,871 Defaulted173 and/or 96.3% with General Parent Acute Guaranty: Care 2.1x$Hospitals 1,625,82498 Master Leased, 22.7% Long-TCross- erm LessAcute than Care 1.50x Hospitals General Master Acute Leased, Master Cross- Lease, Defaulted Cross-Default and/or or with Parent Parent Guaranty Guaranty: Rehab 2.2x$ Master 234,381 Lease,13 Cross-Default3.3% 3% <1% or 2% Parent <1%Greater Guaranty than LT ACHor equal Master to 4.50x Lease, <1% Cross-Default 3.00x—4.49x or 23%Parent 1.50x—2.99x Guaranty Notes: 70% trailingSame Store twelve represents month basis. properties (A) EBITDARM with at least 24adjusted months for of non-recurring financial reporting items. data.MEDICAL Properties PROPER that doTIES not provideTRUST financial| SUPPLEMENT reportingAL and INFORMA disposed assetsTION are| Q1 not 2021 included. 15 All data presented is on a PORTFOLIO INFORMATION SUMMARY OF COMPLETED INVESTMENTS (For the three months ended March 31, 2021) (Amounts in thousands) Operator LocationInvestment OF(A) CURRENTCommencement INVESTMENT Date Investment/ COMMITMENTS Development (Amounts Steward Health in thousands) Care Various Operator $ 335,000 LocationCommitment 1/8/2021Investment Investment/ Priory GroupDevelopment United Kingdom1,090,400Swiss Medical Network 1/19/2021Investment Switzerland $ 157,630(B) $ 1,425,400 Investment SUMMARY 3/31/2021DateSUMMARY OF Ernest CURRENT Health DEVELOPMENTCalifornia $ 47,929 PROJECTS $ 28,502 Q4 AS 2021 OF ErnestMARCH Health 31, 2021California47,70013,539 (Amounts in thousands) Q1 2022 Operator $ 95,629 LocationCommitment $ 42,041 (A) Excludes Costs transaction Incurred as costs, of Estimated including Commencement real estate transfer and Q1other 2021 taxes.16 Amount assumes exchange rate as of the investment date. (B) Reflects our investment in Swiss Medical Network. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended March 31, 2021March 31, 2020 EXPENSESREVENUES Interest Rent billed 86,97280,899 $ 213,344 Real$ 171,767 estate Straight-linedepreciation rentand amortization54,87331,421 75,64260,921 Income from Property-relatedfinancing leases 5,4535,41250,89452,436 General Interest and and administrative other income 36,07333,385 43,65438,508 T Totalotal expenses revenues 204,140180,617 362,765294,132 OTHER (61INCOME1) Other (EXPENSE) (including mark-to-marketGain on sale of adjustmentsreal estate 9891,325 on equity Real securities) estate impairment 7,794(14,135) char Tgesotal -(19,006) other income Earnings (expense) from equity13,615(28,348) interests 7,1014,079Income before Debt income refinancing tax 172,24085,167 and unutilized Income financing tax costsexpense (2,269) (8,360) SHARE—BASIC(4,010) Net income AND 163,88081,157 DILUTED Net income attributable to non-controllingMPT common stockholders interests (97)(165) $ 0.28 Net$ 0.15 income WEIGHTED attributable AVERAGE to MPT commonSHARES stockholders OUTSTANDING—BASIC $ 163,783 $ 80,992 576,240521,076 EARNINGS WEIGHTEDPER COMMON INFORMAAVERAGETION SHARES | Q1 OUTST2021 17ANDING—DILUTED 577,541522,179 $—DIVIDENDS DECLARED PER COMMON SHARE $ 0.28 $ 0.27 MEDICAL PROPERTIES TRUST | SUPPLEMENTAL Land,FINANCIAL buildings ST andATEMENTS improvements, CONSOLIDA intangibleTED lease BALANCE assets, and SHEETS other $ 12,107,170 (Amounts in$ 12,078,927thousands, exceptInvestment per share in financing data) March leases2,021,4802,010,922 31, 2021December 31, Mortgage 2020 (Unaudited)(A) loans1,324,865248,080 ASSETS Real Gross estate investment assets in equivalents746,753549,884real estate assets15,453,51514,337,929 Interest and Accumulated rent receivables44,55846,208 depreciation and Straight-lineamortization(903,798)(833,529) rent receivables545,385490,462 Net investment Equity in real investments1,080,2141,123,623 estate assets14,549,71713,504,400 Other Cash loans1,522,666858,368 and cash Other Deferredassets256,382256,069 revenue21,53336,177 Total Assets Obligations $ 18,745,675 to tenants $ 16,829,014 and other LIABILITIES lease liabilities158,799144,772 AND EQUITY Liabilities Total Liabilities10,625,4659,485,157 Debt, net $ 9,999,538 $ 8,865,458 Equity Accounts Preferred payable stock, $0.001and accrued par value. expenses445,595438,750 Authorized 10,000 shares; Additionalno shares outstanding— paid-in capital8,252,9667,461,503 Common stock, $0.001 Distributions par value. Authorized in excess of 750,000 net income(71,071)(71,41 shares; issued and 1)outstanding—583,109 Accumulated other comprehensive shares at March loss(66,720)(51,324) 31, 2021 and 541,419 Treasury shares atshares, December at cost(777)(777) 31, 2020583541 Total FinancialsMedical Properties have been T rust,derived Inc. from Stockholders’ the prior yearEquity8,1 audited14,9817,338,532 financial statements. Non-controlling MEDICAL interests5,2295,325 PROPERTIES TRUST Total | Equity8,120,2107,343,857SUPPLEMENTAL INFORMA TotalTION Liabilities | Q1 2021 and Equity 18 $ 18,745,675 $ 16,829,014 (A) FINANCIAL STATEMENTS UNCONSOLIDATED JOINT VENTURE INVESTMENTS (As of and for the three months ended March 31, 2021) (Unaudited) ($ amounts in thousands) REAL ESTATE HMJOINT Hospitales, VENTURE IMED DET Hospitales,AILS MPT MEDIAN, Pro Rata Interest 56% $ 2,424,228MPT Weighted $ 805,605 Total $ Gross 361,885 Third-Party $ 31,652 ShareholderT$ 2,149 Policlinicootal Property- di Monza, OperatorsRelated Swiss Medical ANetworkverage InterestAssets PRO RATA T OTNetAL DebtLoans GROSS ASSETSRevenues BY Expenses JOINTCOUNTR VENTUREYPRO RA IMPTA ACTTOTAL Income GROSS Statement ASSETS Impact BY PROPERto MPT AmountsTY TYPE Financial 4% 9% 44%Statement 44%56% Location 43% GeneralReal estate Acute joint Care venture Hospitals income Germany (1)$ 7,101 Switzerland Earnings Inpatient from equity Rehabilitation interests Management Hospitals Spain fee Italy investments$revenue$ 155 853,438Interest andEquity other Investments income Shareholder Other joint loan venture interest investments revenue$ 226,776 4,619 Interest Equity and Investments other income Total Balance joint venture Sheet investments$Impact to MPT 1,080,214 Amounts Shareholder Financial Statement loans$ 361,885 Location Other Real Loans estate (1) joint Includes venture TRUST$1.8 million | SUPPLEMENT of straight-lineAL revenue, INFORMA $12.8TION million | Q1 of 2021 depreciation 19 and amortization expense, and $8.4 million of interest expense on third-party debt and shareholder loans. MEDICAL PROPERTIES

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