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): October 29, 2020

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 October 29, 2020, Medical Properties Trust, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 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 October 29, 2020 reporting financial results for the three and nine months ended September 30, 2020 99.2 Medical Properties Trust, Inc. 3rd 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: October 29, 2020

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 THIRD QUARTER RESULTS

Per Share Net Income of $0.25 and Normalized FFO of $0.41

Approximately 25% Year-over-Year Growth in Net Income and NFFO per Share

Nearly $2.9 Billion of Investments Closed Year-to-Date

Birmingham, AL – October 29, 2020 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the third quarter ended September 30, 2020 as well as certain events occurring subsequent to quarter end.

• Net income of $0.25 and Normalized Funds from Operations (“NFFO”) of $0.41 in the third quarter, both on a per diluted share basis;

• Collection of materially all current rent and interest due from operators expected in fourth quarter with definitive agreements in place to

collect, with interest, the 2% of 2020 rents previously deferred due to the COVID-19 pandemic;

• Closed in early August on the acquisition of a MEDIAN inpatient rehab facility in Dahlen, for €12.5 million;

• Acquired BMI Woodlands Hospital in Darlington, in early August for £29.4 million;

• Completed in mid-August an investment in Prime St. Francis Medical Center in Lynwood, CA for $300 million;

• Sold approximately 7.0 million common shares since June 30, 2020 through the Company’s “at-the-market” program for net proceeds of

approximately $129 million.

“We are pleased to report outstanding 24% normalized FFO per share growth relative to last year’s third quarter as well as to confirm our previous disclosures that we are once again collecting substantially 100% of current rent and interest due from our tenants, as operating conditions continue to approach and, in some instances, exceed pre-COVID levels,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “Regardless of political and legislative outcomes hitting the news in coming months, it remains a fact that U.S. total healthcare spending at hospitals, having reached $1.2 trillion as officially measured in 2018, has increased at an 8.8% compound annual growth rate and without a single annual decrease since CMS began recording this data in 1960. Irrespective of the outcome of the election and the direction the U.S. may take with regard to healthcare, we fully expect to maintain our sector-leading lease coverage multiples.”

1 Mr. Aldag continued, “Early indications suggest that our 2021 investment pipeline is similar in both size and composition to several years in our recent history. We continue to move forward with several attractive smaller investments, and, as is typical, we are in various stages of progress on significant opportunities with timing that is difficult to estimate.”

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.

PORTFOLIO UPDATE During the third quarter MPT and its operators continued to execute on several accretive acquisitions despite the COVID-19 pandemic.

In early August, as expected, MPT closed on the acquisition of MEDIAN Dahlener Heide, a 210-bed inpatient rehab facility in Germany, for €12.5 million. The Company’s continued investment in post-acute facilities in Germany reflects a deep understanding of the cultural importance of inpatient rehab facilities to German healthcare, the steady performance of the segment throughout the COVID-19 pandemic, and investment yields significantly in excess of local borrowing costs.

Also, in early August, MPT closed on the acquisition of BMI Woodlands Hospital in Darlington, U.K. for £29.4 million. Operated by Circle Health, this facility is home to highly rated providers of both orthopedic and opthalmic surgical care for the population of County Durham in the northeast of England.

As expected, MPT closed its investment in Prime St. Francis Medical Center in Los Angeles County, CA on August 13 for a total investment of $300 million. The transaction followed Prime Healthcare’s recent acquisition of the operations from Verity Health, and the lease will be joined to an existing $200 million master lease that Prime has agreed to extend by an additional five years.

Also, MPT has been advised that Prime has elected to prepay roughly $280 million in 2022 mortgage loan maturities following a successful secured bond raise. This transaction is indicative of Prime’s strong financial position, and MPT expects to continue to invest alongside Prime in future transactions. This cash, expected to be received in the fourth quarter, will positively impact MPT’s leverage ratios and funds available for reinvestment.

The Company continues to expect its initial property investment in Colombia to close in the fourth quarter. The investment will consist of direct investments in three hospitals for approximately $135 million, upsized from our initial estimate of $100 million to incorporate facility improvements. The hospitals are located in densely populated and underserved markets with significant potential for our international joint venture to drive operating improvements. This transaction, as well as the expectation that two additional U.S. post-acute developments and various small expansion and renovations projects become active in the fourth quarter, will bring our 2020 investment total to over $3 billion.

The Company has pro forma total gross assets of approximately $17.6 billion, including $14.3 billion in general acute care hospitals, $2.0 billion in inpatient rehabilitation hospitals, and $0.3 billion in long-term acute care hospitals. Our portfolio, pro forma for the transactions described herein, includes approximately 385 properties representing roughly 42,000 licensed beds across the United States and in Germany, the United Kingdom, , , , , Australia, and Colombia. The properties are leased to or mortgaged by 46 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 third quarter of 2020 was $131.1 million (or $0.25 per diluted share), compared to $89.8 million ($0.20 per diluted share) in the third quarter of 2019.

NFFO for the third quarter of 2020 was $220.7 million (or $0.41 per diluted share), compared to $147.5 million ($0.33 per diluted share) in the third quarter of 2019.

Based on year-to-date transactions, along with an assumed capital structure that results in a net debt to EBITDA ratio of approximately 5.5 times, MPT expects an annual run-rate of $1.09 to $1.12 per diluted share for net income and $1.68 to $1.71 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 our 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, October 29, 2020 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter ended September 30, 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 7673146. 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 November 12, 2020. 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 7673146.

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 approximately 385 facilities and roughly 42,000 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.

3 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; (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; and (xv) potential environmental contingencies and other liabilities.

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) September 30, 2020 December 31, 2019 (Unaudited) (A) Assets Real estate assets Land, buildings and improvements, intangible lease assets, and other $ 11,335,005 $ 8,102,754 Investment in financing leases 2,089,219 2,060,302 Mortgage loans 602,479 1,275,022

Gross investment in real estate assets 14,026,703 11,438,078 Accumulated depreciation and amortization (754,560) (570,042)

Net investment in real estate assets 13,272,143 10,868,036 Cash and cash equivalents 183,794 1,462,286 Interest and rent receivables 48,476 31,357 Straight-line rent receivables 430,811 334,231 Equity investments 864,944 926,990 Other loans 910,467 544,832 Other assets 267,780 299,599

Total Assets $ 15,978,415 $ 14,467,331

Liabilities and Equity Liabilities Debt, net $ 8,190,669 $ 7,023,679 Accounts payable and accrued expenses 431,180 291,489 Deferred revenue 17,296 16,098 Obligations to tenants and other lease liabilities 126,393 107,911

Total Liabilities 8,765,538 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 - 535,574 shares at September 30, 2020 and 517,522 shares at December 31, 2019 536 518 Additional paid-in capital 7,337,155 7,008,199 Retained (deficit) earnings (33,619) 83,012 Accumulated other comprehensive loss (95,654) (62,905) Treasury shares, at cost (777) (777)

Total Medical Properties Trust, Inc. Stockholders’ Equity 7,207,641 7,028,047 Non-controlling interests 5,236 107

Total Equity 7,212,877 7,028,154

Total Liabilities and Equity $ 15,978,415 $ 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 Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Revenues Rent billed $ 192,953 $ 124,361 $ 538,277 $ 343,841 Straight-line rent 51,125 31,026 103,697 76,813 Income from financing leases 52,544 17,502 157,469 52,168 Interest and other income 32,836 51,867 115,989 124,937

Total revenues 329,458 224,756 915,432 597,759 Expenses Interest 82,263 64,519 243,538 167,396 Real estate depreciation and amortization 69,665 40,833 192,049 108,161 Property-related 5,897 4,038 19,178 15,394 General and administrative 31,718 23,286 97,121 69,009

Total expenses 189,543 132,676 551,886 359,960 Other income (expense) (Loss) gain on sale of real estate (927) 209 (2,703) 62 Real estate impairment charges — — (19,006) — Earnings from equity interests 5,893 3,474 15,263 11,635 Unutilized financing fees — (3,959) (611) (4,873) Other (including mark-to-market adjustments on equity securities) 2,461 (2,282) (9,499) (1,497)

Total other income (expense) 7,427 (2,558) (16,556) 5,327

Income before income tax 147,342 89,522 346,990 243,126 Income tax (expense) benefit (15,985) 745 (24,824) 3,352

Net income 131,357 90,267 322,166 246,478 Net income attributable to non-controlling interests (251) (481) (600) (1,432)

Net income attributable to MPT common stockholders $ 131,106 $ 89,786 $ 321,566 $ 245,046

Earnings per common share - basic and diluted: Net income attributable to MPT common stockholders $ 0.25 $ 0.20 $ 0.61 $ 0.60

Weighted average shares outstanding - basic 531,095 439,581 526,651 404,902 Weighted average shares outstanding - diluted 532,436 440,933 527,832 406,100 Dividends declared per common share $ 0.27 $ 0.26 $ 0.81 $ 0.76 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 Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 FFO information: Net income attributable to MPT common stockholders $ 131,106 $ 89,786 $ 321,566 $ 245,046 Participating securities’ share in earnings (435) (432) (1,386) (1,354)

Net income, less participating securities’ share in earnings $ 130,671 $ 89,354 $ 320,180 $ 243,692 Depreciation and amortization 80,841 50,163 223,166 130,424 Loss (gain) on sale of real estate 927 (209) 2,703 (62) Real estate impairment charges — — 19,006 —

Funds from operations $ 212,439 $ 139,308 $ 565,055 $ 374,054 Write-off of straight-line rent and other 1,266 6,503 27,098 9,505 Non-cash fair value adjustments (1,575) (2,273) 9,030 (2,273) Tax rate change 8,535 — 9,661 — Unutilized financing fees — 3,959 611 4,873

Normalized funds from operations $ 220,665 $ 147,497 $ 611,455 $ 386,159 Share-based compensation 12,372 9,087 34,600 22,119 Debt costs amortization 3,552 2,659 10,389 6,914 Rent deferral (5,420) — (12,660) — Straight-line rent revenue and other (66,554) (39,204) (167,028) (96,762)

Adjusted funds from operations $ 164,615 $ 120,039 $ 476,756 $ 318,430

Per diluted share data: Net income, less participating securities’ share in earnings $ 0.25 $ 0.20 $ 0.61 $ 0.60 Depreciation and amortization 0.15 0.12 0.42 0.32 Loss (gain) on sale of real estate — — 0.01 — Real estate impairment charges — — 0.03 —

Funds from operations $ 0.40 $ 0.32 $ 1.07 $ 0.92 Write-off of straight-line rent and other — 0.01 0.05 0.02 Non-cash fair value adjustments — — 0.02 — Tax rate change 0.01 — 0.02 — Unutilized financing fees — — — 0.01

Normalized funds from operations $ 0.41 $ 0.33 $ 1.16 $ 0.95 Share-based compensation 0.02 0.02 0.06 0.05 Debt costs amortization 0.01 0.01 0.02 0.02 Rent deferral (0.01) — (0.02) — Straight-line rent revenue and other (0.12) (0.09) (0.32) (0.24)

Adjusted funds from operations $ 0.31 $ 0.27 $ 0.90 $ 0.78

Notes:

(A) Certain line items above (such as real estate depreciation) 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 $ 1.09 $ 1.12 Participating securities’ share in earnings — —

Net income, less participating securities’ share in earnings $ 1.09 $ 1.12 Depreciation and amortization 0.59 0.59

Funds from operations $ 1.68 $ 1.71 Other adjustments — —

Normalized funds from operations $ 1.68 $ 1.71

(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) September 30, 2020 December 31, 2019 Total Assets $ 15,978,415 $ 14,467,331 Add: Real estate commitments on new investments(1) 135,000 1,988,550 Unfunded amounts on development deals and commenced capital improvement projects(2) 172,850 163,370 Accumulated depreciation and amortization 754,560 570,042 Incremental gross assets of our joint ventures(3) 912,200 563,911 Proceeds from new debt subsequent to period-end — 927,990 Less: Cash used for funding the transactions above(4) (307,850) (2,151,920)

Pro Forma Total Gross Assets(5) $ 17,645,175 $ 16,529,274

(1) The 2020 column reflects our commitment to acquire three facilities in Colombia. The 2019 column reflects the acquisition of 30 facilities in the United Kingdom on January 8, 2020. (2) Includes $39.2 million and $41.7 million of unfunded amounts on ongoing development projects and $133.7 million and $121.7 million of unfunded amounts on capital improvement projects and development projects that have commenced rent, as of September 30, 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, asset sales 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. Exhibit 99.2

Medical Properties Trust 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 AcquisitionsTION Lease and Development and Loan Maturity Projects Schedule 16 FINANCIAL 10 10 Total ST ProATEMENTS Forma Gross Consolidated Assets and Statements Actual Revenue of Income by Asset 17 17 T ype,Consolidated Operator, BalanceState causeSheets the 18 actualUnconsolidated results of theJoint Company Venture orInvestments future events 19 FORto difWferARD-LOOKING materially from STthoseATEMENT expressed Forward-looking in or underlying statements such forward-looking involve known statements, and unknown including risks, without uncertainties limitation: and Normalizedother factors FFO that permay statementsshare; expected concerning payout theratio, additional the amount income of acquisitions to the Company of phealthcare as a result real of ownershipestate, if any; interests estimated in certain debt metrics,hospital portfoliooperations diversification, and the timing capital of such markets income; conditions, the payment the ofrepayment future dividends, of debt arrangements; if any; Companycompletion operates; of additional the execution debt arrangement, of the Company’ and additionals business investments; plan; financing national risks; and the international Company’s economic, ability to maintainbusiness, 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, 2019,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 consummation required by of the pending federal transactions. securities laws, The prothe facilityforma adjustments in Portugal. are MEDICAL based upon PROPER availableTIES information TRUST | andSUPPLEMENT assumptionsAL that INFORMA we believeTION are reasonable. | Q3 2020 2There is no assurance that the pending transactions will occur. CUF Viseu Hospital, an acute care

Birmingham,COMPANY OVER Alabama,VIEW the Medical Company Properties has grown Trust, to become Inc. is a one self-advised of the world’ reals estate largest investment owners of trust hospitals. formed MPT’ in 2003s financing to acquire model and facilitates develop net-leased acquisitions hospital and recapitalizations facilities. From andits inception allows operators in of countrieshospitals toMEDICAL unlock the PROPER value ofTIES their TRUSTreal estate | SUPPLEMENT assets to fund facilityAL INFORMA improvements,TION | technologyQ3 2020 3 upgrades and other investments in operations. 385 46 ~42,000 33 9 properties operators beds U. S. states COMP ANY 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, G.Underwriting Steven Dawson R. Lucas R. Steven Savage Hamner Vice President, Caterina InternationalA. Mozingo ElizabethAcquisitions N. PitmanCharles D. R. Paul Lambert Sparks, Vice Jr .President, Michael G. T reasurerStewart andC. Reynolds Managing Thompson, Director of III Capital Corporate Markets Headquarters Board of DirectorsMedical Properties Edward K. T rust,Aldag, Inc. Jr. INFORMA1000 UrbanTION Center | Q3 Drive, 2020 Suite 4 501 Birmingham, AL 35242 (205) 969-3755 (205) 969-3756 (fax) www.medicalpropertiestrust.com MEDICAL PROPERTIES TRUST | SUPPLEMENTAL

DirectorCOMPANY of Investor OVERVIEW Relations INVEST (205)OR 397-8589 RELATIONS [email protected] Drew Babin Senior Managing Director Transfer of CorporateAgent American Communications Stock Transfer (646) and 884-9809 Trust Company [email protected] 6201 15th Avenue Brooklyn, T NYim Berryman 11219 Stock Managing HealthscopeExchange Listing in Australia. and Trading MEDICAL Symbol PROPER New YorkTIES Stock TRUST Exchange | SUPPLEMENT (NYSE): MPWAL INFORMASenior UnsecuredTION | DebtQ3 2020 Ratings 5 Moody’s – Ba1 Standard & Poor’s – BBB- Above: Campbelltown Hospital operated by theFINANCIAL Nine Months INFORMA Ended SeptemberTION RECONCILIA 30, 2020 SeptemberTION OF 30, NET 2019 INCOME September TO FUNDS30, 2020 FROM September OPERA 30, TIONS2019 FFO (Unaudited) INFORMA (AmountsTION: Net in incomethousands, attributable except per to shareMPT data)common For stockholdersthe Three Months $ 131,106 Ended $ For Depreciation89,786 $ 321,566 and amortization$ 245,046 Participating 80,841 50,163 securities’ 223,166 share 130,424 in earnings Loss (gain) (435) on (432) sale (1,386)of real estate(1,354) 927 Net (209) income, 2,703 less (62) participating Real estate securities’impairment share char inges earnings —— 19,006 $ 130,671 —Funds $ 89,354 from $operations 320,180 $ $ 243,692 212,439 $ Unutilized139,308 $ 565,055financing $ fees374,054 — 3,959 Write-of 611f 4,873of straight-line Normalized rent funds and otherfrom 1,266operations 6,503 $ 27,098220,665 9,505 $ 147,497 Non-cash $ 61 fair1,455 value $ 386,159 adjustments Share-based (1,575) compensation (2,273) 9,030 12,372(2,273) 9,087 Tax rate 34,600 change 22,1 8,53519 Debt — 9,661costs amortization— 318,4303,552 2,659 PER 10,389 DILUTED 6,914 SHARE Rent deferral DATA: (5,420) Net income, — (12,660) less participating —Straight-line securities’ rent revenue share andin earnings other (66,554) $ 0.25 $(39,204) 0.20 $ 0.61(167,028) $ 0.60 (96,762) Depreciation Adjusted and amortizationfunds from operations 0.15 0.12 $0.42 164,615 0.32 Loss$ 120,039 (gain) $ on 476,756 sale of $ adjustmentsreal estate —— —— 0.01 0.02 —Real —Tax estate rate change impairment 0.01 —char 0.02ges —Unutilized—— 0.03 —Funds financing from fees operations ——— 0.01$ 0.40 Normalized $ 0.32 $ 1.07 funds $ 0.92 from W operationsrite-off of $straight-line 0.41 $ 0.33 rent $ 1.16 and $ other 0.95 Share-based— 0.01 0.05 compensation0.02 Non-cash 0.02 fair 0.02value 0.06 0.780.05 Notes:Debt costs (A) amortizationCertain line items 0.01 0.01above 0.02 (such 0.02 as Rentreal estatedeferral depreciation) (0.01) — (0.02) include —Straight-line our share of suchrent revenueincome/expense and other from (0.12) unconsolidated (0.09) (0.32) joint(0.24) ventures. Adjusted These funds amounts from operations are included $ 0.31 with $ 0.27 the activity$ 0.90 $ of all FFO,of our as equity a supplemental interests in performance the “Earnings measure. from equity FFO, interests” reflecting line the onassumption the consolidated that real statements estate asset of values income. rise (B) or Investorsfall with marketand analysts conditions, following principally the real adjusts estate industryfor the ef utilizefects of funds GAAP from depreciation operations, and or Realamortization Estate Investment of real estate Trusts, assets, or whichNAREIT assumes, which that represents the value net of income real estate (loss) diminishes (computed predictably in accordance over withtime. GAAP), We compute excluding FFO ingains accordance (losses) onwith sales the ofdefinition real estate provided and impairment by the National charges Association on real estate of alsoassets, disclose plus real normalized estate depreciation FFO, which and adjusts amortization FFO for and items after that adjustments relate to unanticipated for unconsolidated or non-core partnerships events orand activities joint ventures. or accounting In addition changes to presenting that, if not FFO noted, in accordancewould make with comparison the NAREIT to prior definition, period we 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 eitherand widely depreciation used supplemental and amortization measures costs of or operating the level and of capital financial expenditures performance and of leasing REITs, costs they necessaryshould not to be maintain viewed theas a operating substitute performance measure of our of ouroperating properties, performance which can since be significant the measures economic do not reflectcosts 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 | operationsQ3 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 September 30, 2020) ($ amounts in thousands) Debt Instrument Rate Type Rate Balance 2021 Credit Facility Revolver (A) Variable 1.410% $ (AUD$1.2B)225,000 2022 (B) Term Fixed Loan (C) V ariable2.450% 1.650% 859,440 200,000 6.375% 4.000% Notes DueNotes 2024 Due Fixed 2022 6.375% (500M) 500,000(B) Fixed 5.500% 4.000% Notes 586,050 Due 2.550%2024 Fixed Notes 5.500% Due 2023 300,000 (400M) 3.325% (B) FixedNotes 2.550%Due 2025 516,800 (500M) 2024 (B) AUDFixed T 3.325%erm Loan 586,050 Fixed2025 GBP 3.692% Term 775,200 Loan (700M) 4.625% (B) Notes Fixed Due (D) 2029 1.949% Fixed 904,400 4.625% 5.250% 900,000 Notes $ 8,252,940 Due 2026 Debt Fixed issuance 5.250% costs 500,000 and discount 5.000% (62,271) Notes Due Weighted 2027 Fixed average 5.000% rate 3.830% 1,400,000 $ 8,190,669 3.692% Notes RATE Due TYPE 2028 AS (600M) (B) USDPERCENT denominatedAGE OF debt TOT convertedAL DEBT to (A) U.S. W dollarse have aat $1.3 September billion 30,unsecured 2020. (C) revolving We entered credit into facility an interest which ratematures swap in transaction, February 2021 effective and canJuly be 3, extended 2019, to fixfor thean additionalinterest rate 12 to months 2.450% at forour the option. duration (B) Non-of SUPPLEMENTthe loan. (D) WeAL entered INFORMA into anTION interest | Q3 rate 2020 swap 7 transaction, effective March 6, 2020, to fix the interest rate to 1.949% for the duration of the loan. MEDICAL PROPERTIES TRUST | FINANCIAL INFORMATION DEBT MATURITY SCHEDULE ($ amounts in thousands) Debt Instrument 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2021 Credit Facility Revolver $ — $ -2024225,000 AUD $- $ T —$erm —$ Loan —$ (AUD$1.2B) — $—$ —$ (A) -2022 — — Term 859,440 Loan — — ——6.375% 200,000 — — Notes ——4.000% Due 2024 Notes — — Due 500,000 2022 — (500M) ——5.500% (A) — 586,050Notes Due — 2024— ——2.550% — — 300,000 Notes — Due——3.325% 2023 (400M) Notes (A) Due —- 2025 516,800 (500M) —— (A) — — (600M)—— 586,050— (A) — — — — -2025 — 775,200—4.625% GBP Term Loan (700M)Notes Due (A) 2029 ——— — —904,400— —— — ——5.250%900,000 $ —$225,000 Notes Due $ 2026 786,050 — — $ 516,800— 500,000 $ 1,659,440 ——5.000% $ 1,490,450 Notes Due $500,000 2027 — $ 1,400,000— ——1,400,000 $ 775,200 — $900,000 3.692% Notes $1,800,000 Due 2028 2022$1,659,440 2023 2024 $1,490,450 2025 2026 $1,600,000 2027 2028 $1,400,000 2029 2021 $1,400,000 Credit Facility $1,200,000 Revolver $1,000,000 2022 T erm$900,000 Loan 4.000%$786,050 Notes $775,200 Due 2022 $800,000 2.550% $600,000 Notes Due$516,800 2023 $500,0002024 AUD $400,000 Term Loan $200,000 6.375% $225,000 Notes Due $- $-2024 2020 5.500% 2021 convertedNotes Due to 2024 U.S. 3.325% dollars Notesat September Due 2025 30, 2025 2020. GBP MEDICAL Term Loan PROPER 5.250%TIES Notes TRUST Due 2026 | SUPPLEMENT 5.000% NotesAL Due INFORMA 2027 3.692%TION Notes| Q3 2020 Due 82028 4.625% Notes Due 2029 (A) Non-USD denominated debt FINANCIAL INFORMATION PRO FORMA NET DEBT / ANNUALIZED ADJUSTED EBITDA (Unaudited) (Amounts in thousands) For the Three Months Ended September 30, 2020 Net income amortizationattributable to (B) MPT 79,533 common Share-based stockholders compensation $ 131,106 12,372 Pro forma Loss adjustmentson sale of real for estate investment 927 W activityrite-off (A)of straight-line (407) Pro forma rent and net otherincome 1,266 $ 130,699 Non-cash Add fair back: value Interest adjustments (B) 80,929 (1,575) Depreciation Income tax and (B) 16,242 3Q forma2020 Pro net formadebt / adjustedannualized EBITDA adjusted $ EBITDA320,393 Annualization 6.1x (A) Reflects $ 1,281,572 a commitment Total debt to invest $ 8,190,669 in three Pro facilities forma inchanges Colombia, to net along debt withafter loan September repayments 30, 2020 and other(A) (414,354) transactions Pro completedforma net debtearly $ in 7,776,315 Q4 and a Pro full ventures.quarter impact Investors of our and mid-Q3 analysts 2020 following investments,building the real estate industryimprovements utilize andnet debtdisposals. (debt (B)less Includes cash) to ourEBITDA share (netof interest, income real before estate interest depreciation expense, and income income taxes, tax expensedepreciation from and unconsolidated amortization) joint as a debtmeasurement and EBITDA of leverage from investments that shows howand capital many yearstransactions it would that take were for eitherus to paycompleted back our during debt, theassuming period netor disclosed debt and EBITDAas firm commitments, are held constant. assuming The tablesuch transactionsabove considers were the consummated/fully pro forma effects fundedon net andas of impairment the beginning or other of the non-cash period. In char addition,ges to derivewe show Pro EBITDA forma Annualized adjusted to Adjusted exclude EBITDA,share-based which compensation, is a non-GAAP gains measure. or losses Wone realbelieve estate Pro and forma other Net dispositions, Debt and Pro debt forma refinancing Annualized or similar Adjusted charges, companiesEBITDA are without useful theto investorseffect of itemsand analysts that by astheir they nature allow are for not a more comparable current fromview periodof our creditto period. quality MEDICAL and allow PROPER for the comparisonTIES TRUST of |our SUPPLEMENT credit strengthAL between INFORMA periodsTION and | Q3 to other2020 real9 estate

PORTFOLIO INFORMATION LEASE AND LOAN MATURITY SCHEDULE (A) ($ amounts in thousands) (B) Percentage of Total Years of Maturities Total Properties (C) Base Rent/Interest (D) Base 4.0%Rent/Interest 2030 3 4,0102020— 0.4% $ — Thereafter 2021 1 2,250 309 0.2%944,854 2022 85.1% 16 55,622 361 # 5.0%$ 1,1 10,0842023 4 100.0%13,748 1.2%Percentage 2024 2of 5,516 total 0.5%base rent/interest 2025 7 21,943 90% 2.0% 85.1% 2026 80% 2 8,850 70% 0.8%60% 50%2027 40% 1 3,183 30% 0.3% 20% 2028 10% 45.0% 5,591 4.0% 0.5% 0.0% 2029 0.2% 12 44,517 1.2% options0.5% 2.0% provided 0.8% 0.3%for in 0.5%our agreements. 0.4% 0% (A) (C) Schedule Reflects includesall properties, leases including and mortgage those loans. that are (B) part Lease/Loan of joint ventures, expiration except is based vacant on propertiesthe fixed term representing of the lease/loan approximately and does 1% not of factortotal pro in potentialforma gross renewal assets, revenueand 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 | tenantQ3 2020 recoveries, 10 additional rents and other lease-related adjustments to

PORTFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ACTUAL REVENUE BY ASSET TYPE (September 30, 2020) ($ amounts in thousands) Pro Forma Actual Total RehabilitationPercentage of 2020Hospitals Percentage 2,006,876 of Asset 11.4% Types 123,758 Gross 12.5% Assets Long-T (A) Termotal AcuteGross AssetsCare Hospitals Revenue 338,841 (B) 2020 1.9% Revenue 25,733 General 2.5% OtherAcute 950,51 Care Hospitals1 5.4% — $ T14,348,947otal $ 17,645,175 81.3% 100.0%$ 843,930 $ 993,42185.0% Inpatient 100.0% DOMESTIC AcutePRO FORMA Care Hospit GROSS 88% ASSETS 83% Other BY T ASSETOTAL PRO TYPE FORMA DOMESTIC GROSS ACTUAL ASSETS REVENUE BY ASSET BY TYPE ASSET TOT TYPEAL ACTUAL 3% 8% 4%REVENUE 6% General BY ASSETAcute Care TYPE Hospitals 2% 5% 8% 2% Inpatient General RehabilitationAcute Care Hospitals Hospit 13%Long-T 12%erm ventureInpatient arrangements, Rehabilitation assuming Hospitals all 81% real Long-T estate commitmentserm Acute Care on Hospitalsnew investments 85% Other and (A)unfunded Includes amounts gross real on developmentestate assets, dealsother andloans, commenced equity investments, capital improvement and pro rata projects portion are of grossfully funded.assets in See joint press MEDICALrelease dated PROPER OctoberTIES 29, 2020 TRUST for reconciliation| SUPPLEMENT of totalAL INFORMAassets to proTION forma | Q3 total 2020 gross 11 assets at September 30, 2020. (B) Includes revenue from properties owned through joint venture arrangements.

PercentagePORTFOLIO of INFORMA2020 PercentageTION ofTOT OperatorsAL PRO Gross FORMA Assets(A) GROSS Total ASSETS Gross AssetsAND ACTUAL Revenue(B) REVENUE 2020 Revenue BY OPERA StewardTOR Health (September Care Massachusetts 30, 2020) ($ marketamounts $ 1,491,782in thousands) 8.5% Pro $ Forma104,152 Actual 10.5% T otalUtah market market1,260,576 151,782 7.1% 0.9%75,100 8,385 7.6% 0.8% Texas/Arkansas/Louisiana Circle Health 2,265,174 market 12.8% 71 11,9116,1751 4.0% 11.7% 52,821 Prospect 5.3% Medical Arizona Holdings market 332,239 1,588,936 1.9% 9.0% 24,722 115,176 2.5% 1 1.6%Florida MEDIAN market 221,1921,206,498 1.3% 6.8% 11,239 66,827 1.1% 6.7% Ohio/Pennsylvania LifePoint Health investments,1,202,434 6.8% and 79,794 pro rata 8.0% portion 41 operators of gross assets 6,262,140 in joint 35.5% venture 339,030 arrangements, 34.2% Other assuming 950,51 all1 5.4% real estate— Total commitments $ 17,645,175 on 100.0% new investments $ 993,421 and 100.0% unfunded (A) Includes amounts gross on development real estate assets, deals andother commenced loans, equity propertiescapital improvement owned through projects joint are venture fully funded. arrangements. See press Note: release Our datedlargest October facility 29, accounts 2020 for for reconciliation approximately of 3% total of assetstotal pro to proforma forma gross total assets. gross T OTassetsAL atPRO September FORMA 30, GROSS 2020. (B)ASSETS Includes BY revenue OPERA fromTOR 1T1%OT AL7% ACTUALOther MEDICAL REVENUE PROPER BY OPERATIES TRUSTTOR 5% | SUPPLEMENT Steward HealthAL Care INFORMA 24% CircleTION Health | Q3 28% 2020 34% 12 35% Prospect Medical Holdings 13% MEDIAN LifePoint Health 12% 9% 7% 7% 41 operators 8% POR TFOLIO INFORMATION TOTAL PRO FORMA GROSS ASSETS AND ACTUAL REVENUE BY U.S. STATE AND COUNTRY (September 30, 2020) ($ amounts in thousands) Pro Forma 1,497,182Actual Total 8.5% Percentage 104,626 of10.5% 2020 California Percentage 1,377,996 of U.S. States 7.8% and110,107 Other 1 1.1%Countries Utah Gross 1,295,685 Assets 7.3% (A) 77,988Total Gross 7.9% Assets Pennsylvania Revenue 861,596 (B) 2020 4.9% Revenue 58,707 T exas5.9% $ 28 1,577,739 Other States 8.9% 4,001,949 $ 78,622 22.7%7.9% Massachusetts 281,780 28.4% 4.1%Other Switzerland855,781 4.9% 653,237 — United 3.7% States 18,635 $ 11.9%1,467,928 Spain 65.0% 209,614 $ 71 1.2%1,830 6,677 71.7% 0.7% United Other Kingdom Countries $ 2,717,588272,200 1.5% 15.4% 7,298 $ 135,636 0.6% Other 13.7% 94,730 Germany 0.5% 1,302,430 — International 7.4% 72,739 $ 6,177,247 7.3% Australia35.0% $ 281,591927,448 28.3%5.3% 40,606 Total $ commitments17,645,175 100.0% on new $ 993,421investments 100.0% and unfunded(A) Includes amounts gross onreal development estate assets, deals other and loans, commenced equity investments, capital improvement and pro rata projects portion are of fullygross funded. assets inSee joint press venture release arrangements, dated October assuming 29, 2020 all for real reconciliation estate COUNTRof total assetsY T OTto proAL formaACTUAL total REVENUE gross assets BY at September COUNTR Y30, 1% 2020. 2% (B)<1% Includes 4% 2% revenue<1% 4% from United properties States <1% owned 5% through United jointKingdom venture 7% arrangements. Germany 7% AustraliaTOTAL PRO 14% FORMA 15% 65% GROSS Switzerland ASSETS 72% BY Spain 1Other1% 28 Countries Other States Other 5% PRO 7% FORMAOther 6% GROSS 8% MEDICAL ASSETS PROPER BY U.S.TIES STATE TRUST ACTUAL | SUPPLEMENT REVENUE ALBY INFORMAU.S. STATETION Texas | Q3 4% 2020 9% Massachusetts13 8% California 11% 9% 28% Utah 23% Pennsylvania 8%

PROPERPORTFOLIOTY TYPE INFORMA 5.00xTION 4.00x SAME3.6x 3.6x ST ORE3.0x 2.8xEBITDARM(A) 2.7x 3.2x 2.6x RENT 3.2x COVERAGE2.00x 3.00x 2.0x INCLUSIVE 2.1x 2.2x 2.1xOF CARES 1.6x 2.3x ACT 1.8x GRANTS 2.3x 1.00x YOY 0.00x AND General SEQUENTIAL Acute Care QUARHospitalsTER Inpatient COMPARISONS Rehabilitation BY Long-Term PercentageAcute Care ofTotal EBITDARM Portfolio Facilities Rent Coverage Hospitals TTM Q2 No. 2019 of (YFacilitiesoY) Q2 (in 2020 thousands) (YoY) Q1 Investment 2020 (QoQ) Greater Q2 2020 than (QoQ) or equal STRA to 4.50xTIFICA $ 148,045TION OF 3 1.9% POR TFOLIO3.00x—4.49x EBITDARM $— 0 0.0% RENT 1.50x—2.99x COVERAGE $ 88,548 Investment 5 1.2% Cross-DefaultedLess than 1.50x $and/or 19,058 with 4 0.3% Parent Total Guaranty: Master 3.5xLeased, Inpatient Cross-Defaulted Rehabilitation and/or Facilities with Parent Master Guaranty: Leased, $3.1x 1,593,582 $ 7,343,350 95 21.0% 173 96.6% Cross-Defaulted General Acute and/or Care with Hospitals Parent Guaranty: Master Leased, 2.1x Long-T $ 5,512,976erm Acute 65 72.5% Care GeneralHospitals Acute Master Master Leased, Lease, $ 236,792 Cross-Default 13 3.1% or Cross-Defaulted Parent Guaranty and/or Rehab with Master Parent Lease, Guaranty: Cross-Default 2.3x 3% or 2% Parent 1% <1% Guaranty Greater LT thanACH or Master equal Lease,to 4.50x Cross-Default 3.00x—4.49x or 21% Parent 1.50x—2.99x Guaranty Notes: 73% LessSame than Store 1.50x monthrepresents basis. properties (A) EBITDARM with at least adjusted 24 months for non-recurring of financial reporting items. MEDICAL data. Properties PROPER thatTIES do not TRUST provide | SUPPLEMENT financial reportingAL INFORMA and disposedTION assets | Q3 are 2020 not included.14 All data presented is on a trailing twelve

PROPERPORTFOLIOTY TYPE INFORMA 5.00xTION 4.00x SAME3.0x 3.00x STORE 2.2x EBITDARM(A) 2.7x 2.2x 2.0x 2.0x RENT 2.2x COVERAGE 2.0x 2.0x 1.8x EXCLUDING 2.0x 2.7x 2.1x ALL 2.5x CARES 2.1x 2.00x ACT 1.6x GRANTS 1.00x 0.00x YOY General AND SEQUENTIAL Acute Care Hospitals QUARTER Inpatient COMP RehabilitationARISONS BY Long-Term PercentageAcute Care ofTotal EBITDARM Portfolio Facilities Rent Coverage Hospitals TTM Q2 No. 2019 of (YFacilitiesoY) Q2 (in 2020 thousands) (YoY) Q1 Investment 2020 (QoQ) Greater Q2 2020 than (QoQ) or equal STRA to 4.50xTIFICA $ 33,045TION 2OF 0.4% POR 3.00x—4.49xTFOLIO EBITDARM $ 115,000 RENT 1 1.5% COVERAGE 1.50x—2.99x Investment $ 88,548 5 1.2% 72.5%Less than Defaulted 1.50x $ and/or 19,058 with 4 0.3% Parent Total Guaranty: Master Leased,2.1x Inpatient Cross-Defaulted Rehabilitation and/or Facilities with Parent Master Guaranty: Leased, 2.1x$ 1,593,582 $ 7,343,350 95 21.0% 173 96.6% Cross-Defaulted General Acute and/or Care with Hospitals Parent Guaranty:Master Leased, 2.0x Long-TCross- erm$ 5,512,976 Acute Care 65 1.50xHospitals General Master Acute Leased, Master $ 236,792 Lease, Cross-Default13 3.1% Cross-Defaulted or Parent Guaranty and/or with Rehab Parent Master Guaranty: Lease, Cross-Default2.0x 3% <1% 1%or Parent 1% Greater Guaranty than L orTACH equal Master to 4.50x Lease, <1% Cross-Default 3.00x—4.49x or 21% Parent 1.50x—2.99x Guaranty Notes: 73% Less Same than Store monthrepresents basis. properties (A) EBITDARM with at least adjusted 24 months for non-recurring of financial reporting items. MEDICAL data. Properties PROPER thatTIES do not TRUST provide | SUPPLEMENT financial reportingAL INFORMA and disposedTION assets | Q3 are 2020 not included.15 All data presented is on a trailing twelve

PORTFOLIO INFORMATION SUMMARY OF COMPLETED ACQUISITIONS / DEVELOPMENT PROJECTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (Amounts in thousands) DevelopmentRent Commencement International Acquisition/ JV N/A Operator205,000 5/13/2020Location Investment Acquisition (A) Circle Date Health Development United KingdomCircle Health 43,759 United 6/29/2020 Kingdom Development $ 1,973,272 Circle 1/8/2020 Health Acquisition Rehabilitation Surgery United Partners Kingdom Idaho 18,428 108,856 6/29/2020 1/21/2020 CaliforniaDevelopment 300,000 Steward 8/13/2020 Health CareAcquisition Utah 200,000 $ 2,902,709 (B) 7/8/2020 SUMMAR AcquisitionY OF CURRENT MEDIAN INVESTMENT Germany 14,754 COMMITMENTS 8/5/2020 Acquisition (Amounts Circle in Health thousands) United Operator Kingdom Location 38,640 Commitment8/7/2020 Acquisition Acquisition/ Prime Healthcare CommitmentDevelopment CostsInternational Incurred JV as Colombia of Estimated $ 135,000 Rent 9/30/2020 Acquisition Commencement SUMMARY OFDate CURRENT NeuroPsychiatric DEVELOPMENT Hospitals T PROJECTSexas $ 27,500 AS $ OF20,241 SEPTEMBER Q2 2021 Ernest 30, 2020 California (Amounts 47,929 in thousands) 16,010 Q4 Operator2021 $ 75,429 Location $ interest36,251 (A)of two Excludes facilities transaction previously costs, subject including to a mortgage real estate loan transfer investment and other from taxes MPT and. MEDICAL accounts forPROPER the exchangeTIES TRUST rate as |of SUPPLEMENT the acquisitionAL date. INFORMA (B) IncrementalTION | Q3investment 2020 16 to acquire the fee simple FINANCIAL STATEMENTS MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) (Amounts in thousands, except per share data) For the Straight-lineThree Months rent Ended 51,125 For 31,026 the Nine 103,697 Months 76,813 Ended Income September from 30, financing 2020 September leases 52,544 30, 201917,502 September 157,469 52,16830, 2020 Interest September and other 30, 2019 income REVENUES 32,836 51,867 Rent 1billed15,989 $ 124,937192,953 T$ otal124,361 revenues $ 538,277 329,458 $ 343,841 224,756 administrative915,432 597,759 31,718 EXPENSES 23,286 97,121Interest 69,009 82,263 T 64,519otal expenses 243,538 189,543 167,396 132,676 Real estate 551,886 depreciation 359,960 OTHERand amortization INCOME 69,665 (EXPENSE) 40,833 (Loss)192,049 gain 108,161 on sale Property-related of real estate (927) 5,897 209 4,038 (2,703) 19,178 62 Real15,394 estate General and securities)impairment 2,461 charges (2,282) —— (9,499) (19,006) (1,497) —Earnings Total otherfrom incomeequity interests (expense) 5,893 7,427 3,474 (2,558) 15,263 (16,556) 11,635 5,327 Unutilized Income financing before income fees — tax (3,959) 147,342 (61 89,5221) (4,873) 346,990 Other 243,126 (including Income mark-to-market tax (expense) adjustments benefit (15,985) on equity 745 131,106(24,824) $3,352 89,786 Net $ income321,566 131,357 $ 245,046 90,267 EARNINGS 322,166 246,478PER COMMON Net income SHARE—BASIC attributable to non-controllingAND DILUTED interests Net income (251) attributable (481) (600) to (1,432) MPT commonNet income stockholders attributable $ 0.25to MPT $ 0.20 common $ 0.61 stockholders $ 0.60 WEIGHTED $ DIVIDENDSAVERAGE SHARES DECLARED OUTST PERANDING—BASIC COMMON SHARE 531,095 $ 0.27 439,581 $ 0.26 $526,651 0.81 $ 0.76404,902 MEDICAL WEIGHTED PROPER AVERAGETIES TRUST SHARES | SUPPLEMENT OUTSTANDING—DILUTEDAL INFORMATION 532,436 | Q3 2020 440,933 17 527,832 406,100 $ - $ -

31,FINANCIAL 2019 (Unaudited) STATEMENTS (A) ASSETS MEDICAL Real estate PROPER assetsTIES Land, TRUST buildings, INC. and AND improvements, SUBSIDIARIES intangible Consolidated lease assets, Balance and other Sheets $ 1(Amounts1,335,005 in $ thousands,8,102,754 Investmentexcept per sharein financing data) September leases 2,089,219 30, 2020 2,060,302 December 13,272,143Mortgage loans 10,868,036 602,479 Cash 1,275,022 and cash Gross equivalents investment 183,794 in real 1,462,286 estate assets Interest 14,026,703 and rent 1 1,438,078receivables Accumulated 48,476 31,357 depreciation Straight-line and rent amortization receivables (754,560) 430,811 (570,042)334,231 Equity Net investment investments in 864,944real estate 926,990 assets Other expensesloans 910,467 431,180 544,832 291,489 Other Deferred assets 267,780revenue 299,59917,296 16,098 Total Assets Obligations $ 15,978,415 to tenants $ 14,467,331and other lease LIABILITIES liabilities 126,393 AND EQUITY 107,911 Liabilities Total Liabilities Debt, net8,765,538 $ 8,190,669 7,439,177 $ 7,023,679 Equity AccountsPreferred payablestock, $0.001 and accrued par sharesvalue. Authorizedat December 10,000 31, 2019 shares; 536 no518 shares Additional outstanding paid-in - capital—Common 7,337,155 stock, 7,008,199 $0.001 par Retained value. Authorized (deficit) earnings 750,000 (33,619) shares; 83,012issued andAccumulated outstanding—535,574 other comprehensive shares at lossSeptember (95,654) 30, (62,905) 2020 and Treasury 517,522 $shares, 15,978,415 at cost $ (777) 14,467,331 (777) T (A)otal Financials Medical Properties have been T derivedrust, Inc. from Stockholders’ the prior year Equity audited 7,207,641 financial 7,028,047 statements. Non-controlling MEDICAL PROPERinterests TIES5,236 TRUST107 Total | SUPPLEMENT Equity 7,212,877AL 7,028,154 INFORMA TotalTION Liabilities | Q3 2020 and 18 Equity

ESTFINANCIALATE JOINT ST AVENTURETEMENTS DET UNCONSOLIDAAILS Income TEDStatement JOINT Total VENTURE revenues INVESTMENTS$ 58,704 Expenses: (As Interest of and 16,471for the Realthree estatemonths depreciation ended September and amortization 30, 2020) (Unaudited)23,916 General ($ amounts and administrative in thousands) 1,41 REAL1 Other 400,2982,813 Income Total taxesLiabilities 473 T $otal 2,497,870 expenses Leverage 45,084 NetMetrics income (Third-party $ 13,620 debtBalance only) Sheet Debt Information to EBITDA T (annualized)otal Assets $ 6.2x4,141,472 Debt toDebt, Total (third Assets party) 32.4% $ 1,341,905 JOINT VENTURE Shareholder IMP loansACT 755,667 Income Other Statement liabilities Impact to revenueMPT Amounts $ 4,523 Financial Interest and Statement other income Location Balance Real estateSheet jointImpact venture to MPT income(1) Amounts $ 5,893Financial Earnings Statement from Location equity interests Real estate Management joint venture fee revenueinvestments $ 149 $ Interest641,225 and Equity other investments income Shareholder Other joint loan venture interest depreciationinvestments 223,719and amortization Equity investments expense. MEDICAL Total joint PROPERventure investmentsTIES TRUST $ 864,944 | SUPPLEMENT ShareholderAL loansINFORMA $ 351,222TION Other | Q3 loans2020 19(1) Includes $1.9 million of straight-line rent revenue and $ 11.0 million of

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