MEDICAL PROPERTIES TRUST INC 0001287865 0001287865 2024-05-09 2024-05-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K/A

(Amendment No. 1)

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 9, 2024

 

 

MEDICAL PROPERTIES TRUST, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   001-32559   20-0191742

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

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:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange

on which registered

Common Stock, par value $0.001 per share   MPW   The New York Stock Exchange

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. ☐

 

 

 


Explanatory Note

On May 9, 2024, Medical Properties Trust, Inc., a Maryland corporation (the “Company”), filed a Current Report on Form 8-K (the “Original Report”) furnishing under Items 2.02 and 9.01 the press release announcing the Company’s financial results for the three months ended March 31, 2024 and certain supplemental information regarding the Company’s financial results for the quarter ended March 31, 2024. The press release and the supplemental information were included as Exhibits 99.1 and 99.2 to the Original Report.

As previously reported, due to the voluntary bankruptcy petition filed by Steward Health Care System LLC (“Steward”), one of the Company’s tenants, four days prior to the due date for filing of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Quarterly Report”), the Company was delayed in filing the Quarterly Report until May 29, 2024. During the delay period, developments occurred that gave rise to a subsequent event unrelated to Steward, which but for the delayed filing would have been properly reflected in the Company’s financial statements for the second quarter of 2024. In accordance with FASB ASC 855, Subsequent Events, the Company has determined that this event provided additional evidence about conditions that existed as of March 31, 2024 and this Current Report on Form 8-K/A (the “Amended Report”) is being filed by the Company to update certain related financial information appearing in the Original Report. Except as set forth below, this Amended Report does not otherwise update or change any disclosure or numbers contained in the Original Report.

 

Item 2.02.

Results of Operations and Financial Condition.

As described in Note 3 (Real Estate and Other Activities) to the audited consolidated financial statements included in the Company’s combined Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”), the Company restructured its investment in Prospect Medical Holdings, Inc. (“Prospect”) in May 2023 to obtain a non-controlling ownership interest in PHP Holdings, Prospect’s managed care business, of approximately $654 million. The Company’s investment in PHP Holdings is measured at fair value on a recurring basis as the Company elected to account for this investment using the fair value option method at the point of initial investment. As reported in the 2023 10-K, the estimated fair value of the Company’s PHP Holdings investment as of December 31, 2023 was $700 million. In the Original Report, the Company disclosed that the estimated fair value of the PHP Holdings investment declined by approximately $60 million as of March 31, 2024.

On May 23, 2024, Prospect’s investment bankers advised us of updated indications of interests received from prospective bidders for PHP Holdings. Based on our consideration of this new information, along with consultations with our third-party appraiser, we believe an additional $140 million unfavorable fair value adjustment is needed, bringing our total investment in PHP Holdings to approximately $500 million at March 31, 2024. The Company has determined that this new information provides additional evidence of conditions that existed as of March 31, 2024 and meets the definition of a recognized subsequent event in accordance with FASB ASC 855. As a result, the Company has updated its financial results for the quarter ended March 31, 2024 to reflect the subsequent event. Updated financial information and presentations of the Company’s “Consolidated Balance Sheets”, “Consolidated Statements of Income” and “Reconciliation of Net (Loss) Income to Funds From Operations” are reflected in the Quarterly Report filed on May 29, 2024 with the Securities and Exchange Commission. The filed Quarterly Report does not reflect any other changes to the Company’s consolidated financial statements and results of operations as reported in the Original Report.

A revised supplemental for the quarter ending March 31, 2024 is provided as Exhibit 99.1 to this Amended Report.

Management has discussed the matters disclosed in this Amended Report with PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, and with the Company’s Board of Directors and Audit Committee.

The information contained in this Item 2.02, including the information set forth in Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). In addition, this information shall not be deemed incorporated by reference in any filing of Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. with the Securities and Exchange Commission, except as expressly set forth by specific reference in any such filing.

Safe Harbor Disclosure

This Amended Report includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. 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, asset sales and other liquidity transactions, expected returns on investments 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 the risk that the Company is not able to monetize its investment in PHP Holdings at full value within a reasonable time period or at all, and such other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.


Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Medical Properties Trust, Inc. Updated 1st Quarter 2024 Supplemental Information
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Exchange Act, 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: May 29, 2024

Exhibit 99.1

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QUARTERLY SUPPLEMENTAL 1Q 2024 (UPDATED)


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No Spacing;MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 2 COMPANY OVERVIEW Company Information 3 FINANCIAL INFORMATION Reconciliation of Funds from Operations 6 Debt Summary 7 Debt Maturities and Debt Metrics 8 PORTFOLIO INFORMATION Lease and Loan Maturity Schedule 9 Total Assets and Revenues by Asset Type, Operator, State and Country 10 Rent Coverage 13 Summary of Investments and Development Projects 15 FINANCIAL STATEMENTS Consolidated Statements of Income 16 Consolidated Balance Sheets 17 Investments in Unconsolidated Real Estate Joint Ventures 18 Investments in Unconsolidated Operating Entities 19 Appendix - Non-GAAP Reconciliations 20 3 9 6 16 FORWARD-LOOKING STATEMENTS 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, asset sales and other liquidity transactions, expected returns on investments 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 risk that Steward’s bankruptcy restructuring does not result in MPT recovering deferred rent or its other investments in Steward at full value, within a reasonable time period or at all; (ii) macroeconomic conditions, including due to geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries, rising inflation and movements in currency exchange rates; (iii) the risk that previously announced or contemplated property sales, loan repayments, and other capital recycling transactions do not occur as anticipated or at all; (iv) the risk that MPT is not able to attain its leverage, liquidity and cost of capital objectives within a reasonable time period or at all; (v) MPT’s ability to obtain debt financing on attractive terms or at all, as a result of changes in interest rates and other factors, which may adversely impact its ability to pay down, refinance, restructure or extend its indebtedness as it becomes due, or pursue acquisition and development opportunities; (vi) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us; (vii) the economic, political and social impact of, and uncertainty relating to, the potential impact from health crises (like COVID-19), which may adversely affect MPT’s and its tenants’ business, financial condition, results of operations and liquidity; (viii) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (ix) the nature and extent of our current and future competition; (x) 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; (xi) factors affecting the real estate industry generally or the healthcare real estate industry in particular; (xii) our ability to maintain our status as a REIT for income tax purposes in the U.S. and U.K.; (xiii) federal and state healthcare and other regulatory requirements, as well as those in the foreign jurisdictions where we own properties; (xiv) 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; (xv) the ability of our tenants and operators to operate profitably and generate positive cash flow, remain solvent, comply with applicable laws, rules and regulations in the operation of our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (xvi) potential environmental contingencies and other liabilities; (xvii) the risk that the expected sale of three Connecticut hospitals currently leased to Prospect does not occur at the agreed upon terms or at all; (xviii) the risk that MPT is unable to monetize its investment in Prospect at full value within a reasonable time period or at all; (xix) the cooperation of our joint venture partners, including adverse developments affecting the financial health of such joint venture partners or the joint venture itself; (xx) the risks and uncertainties of litigation or other regulatory proceedings; (xxi) the risk that the completion and filing of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Quarterly Report”) will take longer than expected, including the risk that additional information may arise during its preparation; and (xxii) the timing of the Company regaining compliance with the NYSE’s continued listing standards. 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 most recent Annual Report on Form 10-K, as may be updated in our other filings with the SEC. 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. On the cover: CUF Viseu - Operated by José de Mello Saúde - Viseu, Portugal. Pictured above: IMED Colón - Valencia, Spain.


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COMPANY OVERVIEW edical Properties Trust, Inc. is a self-advised MPT’s financing model facilitates acquisitions M real estate investment trust formed in 2003 and recapitalizations and allows operators to acquire and develop net-leased hospital facilities. of hospitals to unlock the value of their real From its inception in Birmingham, Alabama, the estate assets to fund facility improvements, Company has grown to become one of the world’s technology upgrades and other investments largest owners of hospital real estate. in operations. As of March 31, 2024. 436 53 ~43,000 31 9 properties operators beds U.S. states countries 3


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MPT Officers Edward K. Aldag, Jr. Chairman, President and Chief Executive Officer R. Steven Hamner Executive Vice President and Chief Financial Officer J. Kevin Hanna Senior Vice President, Controller and Chief Accounting Officer Rosa H. Hooper Senior Vice President of Operations & Secretary Larry H. Portal Senior Vice President, Senior Advisor to the CEO Charles R. Lambert Vice President, Treasurer and Managing Director of Capital Markets R. Lucas Savage Vice President, Head of Global Acquisitions Board of Directors Corporate Headquarters Edward K. Aldag, Jr. G. Steven Dawson Medical Properties Trust, Inc. R. Steven Hamner 1000 Urban Center Drive, Suite 501 Caterina A. Mozingo Birmingham, AL 35242 Emily W. Murphy Elizabeth N. Pitman (205) 969-3755 D. Paul Sparks, Jr. (205) 969-3756 (fax) Michael G. Stewart www.medicalpropertiestrust.com C. Reynolds Thompson, III 4


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INVESTOR RELATIONS Drew Babin Tim Berryman Senior Managing Director of Corporate Communications Managing Director of Investor Relations (646) 884-9809 dbabin@medicalpropertiestrust.com (205) 397-8589 tberryman@medicalpropertiestrust.com Transfer Stock Exchange Senior Agent Listing and Unsecured Trading Symbol Debt Ratings Equiniti Trust Company, LLC New York Stock Exchange Moody’s: Ba2 6201 15th Avenue (NYSE): MPW Standard & Poor’s: BB-Brooklyn, NY 11219 https://equiniti.com/us Clinique de Genolier -Switzerland—Operated by Swiss Medical Network. Clinique de Genolier -Switzerland—Operated by Swiss Medical Network. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 5


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FINANCIAL INFORMATION RECONCILIATION OF NET (LOSS) INCOME TO FUNDS FROM OPERATIONS (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended March 31, 2024 March 31, 2023 FFO INFORMATION: Net (loss) income attributable to MPT common stockholders $    (875,625) $    32,794 Participating securities’ share in earnings    —    (515) Net (loss) income, less participating securities’ share in earnings $    (875,625) $    32,279 Depreciation and amortization     94,243    101,960 Loss (gain) on sale of real estate    1,423    (62) Real estate impairment charges    —     52,104 Funds from operations $    (779,959) $    186,281 Write-off of billed and unbilled rent and other    1,817    2,192 Other impairment charges, net    693,088     37,434 Litigation and other    5,870    7,726 Non-cash fair value adjustments    221,276    (4,121) Tax rate changes and other    (307)    (7,305) Normalized funds from operations $    141,785 $    222,207 Certain non-cash and related recovery information: Share-based compensation $     7,633 $    11,829 Debt costs amortization $     4,839 $     5,121 Non-cash rent and interest revenue (A) $    —$    (20,863) Cash recoveries of non-cash rent and interest revenue (B) $     5,748 $    31,356 Straight-line rent revenue from operating and finance leases $    (47,246) $    (62,589) PER DILUTED SHARE DATA: Net (loss) income, less participating securities’ share in earnings $     (1.46) $    0.05 Depreciation and amortization    0.16    0.17 Loss (gain) on sale of real estate    —    -Real estate impairment charges    —    0.09 Funds from operations $     (1.30) $    0.31 Write-off of billed and unbilled rent and other    —    0.01 Other impairment charges, net    1.16    0.06 Litigation and other    0.01    0.01 Non-cash fair value adjustments    0.37    (0.01) Tax rate changes and other    —    (0.01) Normalized funds from operations $    0.24 $    0.37 Certain non-cash and related recovery information: Share-based compensation $    0.01 $    0.02 Debt costs amortization $    0.01 $    0.01 Non-cash rent and interest revenue (A) $    —$     (0 .03) Cash recoveries of non-cash rent and interest revenue (B) $    0.01 $    0.05 Straight-line rent revenue from operating and finance leases $     (0 .08) $     (0 .10) Notes: Investors and analysts following the real estate industry utilize funds from operations (“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, including amortization related to in-place lease intangibles, and after adjustments for unconsolidated partnerships and joint ventures. In addition to presenting FFO in accordance with the Nareit definition, we 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 (if any not paid by our tenants) 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. 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 all activity of our equity interests in the “Earnings from equity interests” line on the consolidated statements of income. (A) Includes revenue accrued during the period but not received in cash, such as deferred rent, payment-in-kind (“PIK”) interest or other accruals. (B) Includes cash received to satisfy previously accrued non-cash revenue, such as the cash receipt of previously deferred rent or PIK interest. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 6


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FINANCIAL INFORMATION (As of March 31, 2024) ($ amounts in thousands) DEBT SUMMARY Debt Instrument Rate Type Rate Balance 2026 Credit Facility Revolver(A)(B) Variable 5.330%—6.930% $    1,614,791 2027 Term Loan Variable 7.130%    200,000 2024 AUD Term Loan (A$470M)(A)(C) Fixed(D) 2.850%    306,487 2024 GBP Term Loan (£105M)(A) Fixed 5.250%    132,352 3.325% Notes Due 2025 (€500M)(A) Fixed 3.325%    539,500 2025 GBP Term Loan (£700M)(A) Fixed(E) 2.349%    883,610 0.993% Notes Due 2026 (€500M)(A) Fixed 0.993%    539,500 5.250% Notes Due 2026 Fixed 5.250%    500,000 2.500% Notes Due 2026 (£500M)(A) Fixed 2.500%    631,150 5.000% Notes Due 2027 Fixed 5.000%    1,400,000 3.692% Notes Due 2028 (£600M)(A) Fixed 3.692%    757,380 4.625% Notes Due 2029 Fixed 4.625%    900,000 3.375% Notes Due 2030 (£350M)(A) Fixed 3.375%    441,805 3.500% Notes Due 2031 Fixed 3.500%    1,300,000 $     10,146,575 Debt issuance costs and discount    (47,852) Weighted average rate 4.159% $     10,098,723 Variable 18% Fixed 82% (A) Non-USD denominated debt converted to U.S. dollars at March 31, 2024. (B) Amended Credit Facility agreement on April 12, 2024 which, among other things, reduced total revolving commitments to $1.4 billion. (C) This term loan was paid off on April 18, 2024. (D) We entered into an interest rate swap transaction, effective July 3, 2019, to fix the benchmark variable interest rate of the loan. On March 10, 2023, the rate increased to 2.850%. (E) We entered into an interest rate swap transaction, effective March 6, 2020, to fix the benchmark variable interest rate of the loan. On March 10, 2023, the rate increased to 2.349%. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 7


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FINANCIAL INFORMATION (As of March 31, 2024) ($ amounts in thousands) DEBT MATURITIES Senior Unsecured Year Term Loans/Revolver Total Debt % of Total Notes 2024 $    —$    438,839 (A) $    438,839 4.3% 2025    539,500    883,610    1,423,110 14.0% 2026    1,670,650    1,614,791    3,285,441 32.4% 2027    1,400,000    200,000    1,600,000 15.8% 2028    757,380    —    757,380 7.5% 2029    900,000    —    900,000 8.9% 2030    441,805    —    441,805 4.3% 2031    1,300,000    —    1,300,000 12.8% Totals $    7,009,335 $    3,137,240 $     10,146,575 100.0% DEBT BY LOCAL CURRENCY Senior Unsecured Term Loans/Revolver Total Debt % of Total Notes United States $    4,100,000 $    1,195,000 $    5,295,000 52.2% United Kingdom    1,830,335    1,308,816    3,139,151 30.9% Australia    —    306,487 (A)    306,487 3.0% Europe    1,079,000    326,937    1,405,937 13.9% Totals $    7,009,335 $    3,137,240 $     10,146,575 100.0% DEBT METRICS For the Three Months Ended March 31, 2024 Adjusted Net Debt to Annualized EBITDAre Ratios: Adjusted Net Debt $    9,380,741 Adjusted Annualized EBITDAre    1,066,804 Adjusted Net Debt to Adjusted Annualized EBITDAre Ratio 8.8x Adjusted Net Debt $    9,380,741 Transaction Adjusted Annualized EBITDAre    1,067,828 Adjusted Net Debt to Transaction Adjusted Annualized EBITDAre Ratio 8.8x Leverage Ratio: Unsecured Debt $    10,014,223 Secured Debt     132,352 Total Debt $    10,146,575 Total Gross Assets(B)    18,723,684 Financial Leverage 54.2% Interest Coverage Ratio: Interest Expense $    108,685 Capitalized Interest    1,968 Debt Costs Amortization    (3,698) Total Interest $    106,955 Adjusted EBITDAre $    266,701 Adjusted Interest Coverage Ratio 2.5x (A) $306 million was paid off on April 18, 2024. (B) Total Gross Assets equals total assets plus accumulated depreciation and amortization. See appendix for reconciliation of Non-GAAP financial measures. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 8


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PORTFOLIO INFORMATION LEASE AND LOAN MATURITY SCHEDULE (A) ($ amounts in thousands) (B) (C) (D) Percentage of Total Years of Maturities Total Properties Base Rent/Interest Base Rent/Interest 2024    —$    —0.0% 2025    5    19,618 1.4% 2026    2    1,152 0.1% 2027    1    3,588 0.3% 2028    8    20,068 1.5% 2029    6    15,452 1.1% 2030    11    6,656 0.5% 2031    4    4,893 0.4% 2032    41    70,985 5.2% 2033    6    7,415 0.5% Thereafter    340    1,207,865 89.0%    424 # $    1,357,692 100.0% Percentage of total base rent/interest 100% 89.0% 90% 80% 70% 60% 50% 40% 30% 20% 10% 5.2% 0.0% 1.4% 0.1% 0.3% 1.5% 1.1% 0.5% 0.4% 0.5% 0% (A) Schedule includes leases and mortgage loans and related terms as of March 31, 2024. (B) Lease/Loan expiration is based on the fixed term of the lease/loan and does not factor in potential renewal or other options provided for in our agreements. (C) Reflects all properties, including those that are part of joint ventures, except vacant properties (approximately 0.2% of total assets), and facilities that are under development. (D) Represents base rent/interest income contractually owed per the lease/loan agreements on an annualized basis as of period end (including foreign currency exchange rates) but does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues), or any reserves or write-offs. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 9


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PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY ASSET TYPE (March 31, 2024) ($ amounts in thousands) Total Percentage of Q1 2024 Percentage of Asset Types Properties (A) Assets Total Assets Revenues Q1 2024 Revenues General Acute Care Hospitals 190 $    11,115,957 64.3% $    178,710 65.9% Behavioral Health Facilities 70    2,432,850 14.1%     52,327 19.3% Inpatient Rehabilitation Facilities 114    1,436,694 8.3%     28,161 10.4% Long-Term Acute Care Hospitals 19    269,235 1.5%    6,384 2.3% Freestanding ER/Urgent Care Facilities 43    228,587 1.3%    5,734 2.1% Other    —    1,817,633 (B) 10.5%    —    — Total 436 $    17,300,956 100.0% $    271,316 100.0% TOTAL ASSETS BY ASSET TYPE TOTAL REVENUES BY ASSET TYPE 2% 1% 2% 2% 11% General Acute Care Hospitals 11% 8% Behavioral Health Facilities Inpatient Rehabilitation Facilities 19% 66% 64% 14% Long-Term Acute Care Hospitals Freestanding ER/Urgent Care Facilities Other DOMESTIC ASSETS BY ASSET TYPE DOMESTIC REVENUES BY ASSET TYPE 4% 4% 3% 2% General Acute Care Hospitals 12% 7% Behavioral Health Facilities 12% Inpatient Rehabilitation Facilities 67% 67% 9% 13% Long-Term Acute Care Hospitals Freestanding ER/Urgent Care Facilities Other Note: Investments in operating entities are allocated pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period. (A) Reflects total assets on our consolidated balance sheets. (B) Includes our PHP Holdings investment of approximately $500 million. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 10


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PORTFOLIO INFORMATION TOTAL ASSETS—LARGEST INDIVIDUAL FACILITY (March 31, 2024) COMPREHENSIVE PROPERTY-LEVEL UNDERWRITING FRAMEWORK Largest Individual    MPT invests in real estate, not the consolidated financial performance of its Operators Facility as a Percentage tenants. Each facility is underwritten for characteristics that make the of Total Assets(A) infrastructure attractive to any experienced, competent operator—not just the current tenant. If we have underwritten these correctly, then coupled 1.8% with our absolute net master lease structure, our real estate will be Steward Health Care attractive to a replacement operator, should we find it necesssary to Circle Health 1.1% 0.7% transition. Such underwriting characteristics include: Priory Group Prospect Medical Holdings 1.1% Lifepoint Behavioral Health 0.4% Physical Quality Competition 48 operators 2.1% Largest Individual Facility Investment is Approximately 2% of MPT Investment Portfolio Demographics Financial and Market TOTAL ASSETS AND REVENUES BY OPERATOR (March 31, 2024) ($ amounts in thousands) Total Percentage of Q1 2024 Percentage of Operators Properties (A) Assets Total Assets Revenues Q1 2024 Revenues Steward Health Care 36 Florida market $    1,271,192 7.4% $     4,215 1.5% Texas/Arkansas/Louisiana market    785,037 4.5%    4,116 1.5% Massachusetts market    754,588 4.4%    496 0.2% Arizona market    282,690 1.6%    1,287 0.5% Ohio/Pennsylvania market    119,484 0.7%    519 0.2% Utah market    5,978 0.0%    —0.0% Total Steward Health Care $    3,218,969 18.6% $    10,633 3.9% Circle Health 36    2,088,232 12.1%     51,012 18.8% Priory Group 37    1,250,626 7.2%     25,882 9.5% Prospect Medical Holdings 13    1,093,094 6.3%    6,781 2.5% Lifepoint Behavioral Health(B) 19    813,498 4.7%     18,805 6.9% CommonSpirit Health 5    780,891 4.5%     29,353 10.8% Swiss Medical Network 19    680,403 4.0%    280 0.1% MEDIAN 81    654,458 3.8%    8,078 3.0% Ernest Health 29    619,301 3.6%     18,847 6.9% Lifepoint Health 8    492,584 2.8%     15,217 5.6% 43 operators 153    3,791,267 21.9%     86,428 32.0% Other    —    1,817,633 10.5%    —     — Total 436 $    17,300,956 100.0% $    271,316 100.0% Note: Investments in operating entities are allocated pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period. (A) Reflects total assets on our consolidated balance sheets. (B) Formerly Springstone. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 11


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PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY U.S. STATE AND COUNTRY (March 31, 2024) ($ amounts in thousands) Total Percentage of    Q1 2024 Percentage of U.S. States and Other Countries Properties (A) Assets Total Assets Revenues Q1 2024 Revenues Texas 51 $    1,434,667 8.3% $     21,671 8.0% Florida 9    1,271,192 7.3%    4,216 1.6% California 19    1,248,995 7.2%    25,498 9.4% Utah 7     818,704 4.7%    30,437 11.2% Massachusetts 10     759,268 4.4%    387 0.1% 26 Other States 117    3,695,029 21.4%    81,247 29.9% Other    —    1,229,695 7.1%    —    —United States 213 $    10,457,550 60.4% $    163,456 60.2% United Kingdom 92 $    4,079,869 23.6% $     89,907 33.1% Germany 85     726,940 4.2%    10,136 3.7% Switzerland 19     680,403 3.9%    280 0.1% Spain 9     250,043 1.5%    2,642 1.0% Other Countries 18     518,213 3.0%    4,895 1.9% Other     —    587,938 3.4%    —    —International 223 $    6,843,406 39.6% $    107,860 39.8% Total 436 $    17,300,956 100.0% $    271,316 100.0% Note: Investments in operating entities are allocated pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period. (A) Reflects total assets on our consolidated balance sheets. TOTAL ASSETS BY COUNTRY TOTAL REVENUES BY COUNTRY 3% 3% 1%2% 2% 4% United States 4% 4% United Kingdom Germany 60% 33% 60% 24% Switzerland Spain Other Countries Other ASSETS BY U.S. STATE REVENUES BY U.S. STATE Texas 7% 8% 8% Florida 2% 7% California Utah 30% 9% 21% 7% Massachusetts 26 Other States 5% 11% 5% Other MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 12


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PORTFOLIO INFORMATION as TOTAL PORTFOLIO TTM EBITDARM(A)(B) RENT COVERAGE YOY AND SEQUENTIAL QUARTER COMPARISONS BY PROPERTY TYPE EBITDARM Rent Coverage 3.00x 2.5x 2.50x 2.4x 2.3x 2.1x 2.1x 2.1x 2.00x 2.0x 1.9x 1.9x 1.8x 1.8x 1.8x 1.7x 1.50x 1.2x 1.00x 0.9x 0.50x 0.00x General Acute Care Hospitals Inpatient Rehabilitation Behavioral Health Long-Term Acute Care Total Portfolio Facilities Facilities Hospitals Q4 2022 TTM Q3 2023 TTM Q4 2023 TTM % of Total Assets(C) 64.3% 8.3% 14.1% 1.5% Notes: All data presented is on a trailing twelve month basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and December 31, 2023. (A) EBITDARM is facility-level earnings before interest, taxes, depreciation, amortization, rent and management fees. EBITDARM includes normal GAAP expensed maintenance and repair costs. EBITDARM does not give effect for capitalized expenditures that extend the life or improve the facility and equipment in a way to drive more future revenues. The majority of these types of capital expenditures are financed and do not have an immediate cash impact. MPT’s rent is not subordinate to capitalized expenses. In addition, EBITDARM does not represent property net income or cash flows from operations and should not be considered an alternative to those indicators. EBITDARM figures utilized in calculating coverages presented are based on financial information provided by MPT’s tenants. MPT has not independently verified this information, but has no reason to believe this information is inaccurate in any material respect. TTM Coverages are calculated based on actual, unadjusted EBITDARM results as presented in tenant financial reporting and cash rent paid to MPT, except as noted below. —All CARES Act Grants received by tenants have been removed from the tenant’s reported financial results in the above time periods.—EBITDARM figures for California hospitals include amounts expected to be received under the Hospital Quality Assurance Fee (“HQAF”) Program 8. The HQAF amounts are based on the current payment model from the California Hospital Association which was approved by CMS on December 19, 2023. (B) General Acute Care coverages and Total Portfolio coverages do not include Pipeline Health facilities as Pipeline Health filed Chapter 11 bankruptcy in October 2022 and emerged in February 2023, one Prime Healthcare facility due to sale, Prospect Medical Holdings Connecticut facilities due to pending sale, $150M mortgage investment in Prospect Medical Holdings Pennsylvania facilities, and Steward Health Care due to restructuring. (C) Reflects percentage of total assets on March 31, 2024 balance sheet. Percentages by property type exclude equity investments, non-real estate loans, freestanding ER/urgent care facilities, and facilities under development. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 13


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PORTFOLIO INFORMATION TOTAL PORTFOLIO TTM EBITDARM RENT COVERAGE EBITDARM RENT COVERAGE: OPERATORS WITH PROPERTY-LEVEL REPORTING Net Investment Tenant Primary Property Type TTM EBITDARM Rent Coverage (in thousands)(A) Steward Health Care(B) $    2,279,992 General Acute N/A Priory Group    1,210,231 Behavioral 2.2x MEDIAN     654,458 IRF 1.6x Ernest Health     619,301 IRF/LTACH 2.1x Prospect Medical Holdings(C)     510,919 General Acute 1.0x Prime Healthcare     274,855 General Acute 2.0x Aspris Children’s Services     240,846 Behavioral 2.1x Vibra Healthcare     217,523 IRF/LTACH 1.0x Surgery Partners     188,861 General Acute 7.3x Cordiant Healthcare Services     125,245 General Acute 1.3x Ardent Health Services    84,921 General Acute 7.9x Other Reporting Tenants     528,107 Various 2.9x Total $    6,935,259 2.3x Net Investment Tenant Primary Property Type TTM EBITDARM Rent Coverage (in thousands)(A) International Operator 1 $    2,037,599 General Acute 2.4x Domestic Operator 1     492,584 General Acute 0.6x Domestic Operator 2     376,885 General Acute/LTACH 1.7x Domestic Operator 3     778,102 Behavioral 1.5x Total $    3,685,170 1.8x PROPERTY-LEVEL REPORTING NOT REQUIRED AND/OR NOT AVAILABLE Net Investment Tenant Primary Property Type Comments (in thousands)(A) One of the largest nonprofit health care operators in the U.S.; CommonSpirit Health $    780,891 General Acute Investment grade-rated Swiss Medical Network     441,636 General Acute Second largest group of private hospitals in Switzerland One of largest health care operators in the world; Parent Ramsay Health Care UK     397,322 General Acute guaranty; Investment grade-rated Pihlajalinna     211,953 General Acute One of Finland’s leading providers of social and health services Saint Luke’s—Kansas City     126,073 General Acute Investment grade-rated NHS    86,867 General Acute Single-payor government entity in UK Dignity Health    43,155 General Acute Part of CommonSpirit; Parent guaranty; Investment grade-rated One of the largest private hospital systems in Portugal with 24 CUF    29,048 General Acute facilities and 75+ year operating history NeuroPsychiatric Hospitals    26,685 Behavioral Parent guaranty Community Health Systems    25,925 General Acute U.S. hospital operator with substantial operating history Other Tenants    11,096 General Acute N/A Total $    2,180,651 Above data represents approximately 85% of MPT Total Real Estate Investment Notes: All data presented is on a trailing twelve month basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and December 31, 2023. (A) Investment figures exclude equity investments, non-real estate loans, freestanding ER/urgent care facilities, and facilities under development. (B) Coverage not available due to restructuring. (C) Prospect Medical Holdings coverage includes California facilities only. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 14


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PORTFOLIO INFORMATION SUMMARY OF INVESTMENTS (For the three months ended March 31, 2024) (Amounts in thousands) Operator Location Investment(A) Commencement Date Capital Additions, Development and (B) Various    82,495 Various Other Funding for Existing Tenants $     82,495 SUMMARY OF CURRENT DEVELOPMENT PROJECTS AS OF MARCH 31, 2024 (Amounts in thousands) Costs Incurred as of    Estimated Construction Operator Location Commitment March 31, 2024 Completion Date IMED Hospitales Spain $    37,790 $    21,586 Q4 2024 IMED Hospitales Spain    51,802    19,299 Q1 2025 $     89,592 $    40,885 (A) Excludes transaction costs, such as real estate transfer and other taxes. Amount assumes exchange rate as of the investment date. (B) Reflects normal capital additions that extend the life or improve existing facilities on which we receive a return equal to the lease rate for the respective facility. This includes over 10 facilities and six different operators. Note: We completed construction and commenced rent on two properties in the 2024 first quarter. Due to Steward restructuring, the Texas development is omitted from this schedule. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 15


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FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended March 31, 2024 March 31, 2023 REVENUES Rent billed $    199,299 $    248,157 Straight-line rent     44,736    56,693 Income from financing leases     16,393    13,195 Interest and other income     10,888    32,166 Total revenues    271,316    350,211 EXPENSES Interest     108,685     97,654 Real estate depreciation and amortization     75,586     83,860 Property-related(A)    4,818    7,110 General and administrative    33,348     41,724 Total expenses    222,437    230,348 OTHER EXPENSE (Loss) gain on sale of real estate    (1,423)    62 Real estate and other impairment charges, net    (693,088)    (89,538) Earnings from equity interests     10,549     11,352 Other (including fair value adjustments on securities)    (229,345)    (5,166) Total other expense    (913,307)    (83,290) (Loss) income before income tax    (864,428)     36,573 Income tax expense    (10,949)    (3,543) Net (loss) income    (875,377)     33,030 Net income attributable to non-controlling interests    (248)    (236) Net (loss) income attributable to MPT common stockholders $    (875,625) $    32,794 EARNINGS PER COMMON SHARE—BASIC AND DILUTED Net (loss) income attributable to MPT common stockholders $     (1.46) $    0 .05 WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC    600,304    598,302 WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED    600,304    598,310 $    -DIVIDENDS DECLARED PER COMMON SHARE (B) $    —$    0 .29 (A) Includes $2.3 million and $4.2 million of ground lease and other expenses (such as property taxes and insurance) paid directly by us and reimbursed by our tenants for the three months ended March 31, 2024 and 2023, respectively. (B) Regular quarterly dividend was declared subsequent to March 31, 2024. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 16


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FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data) March 31, 2024 December 31, 2023 (Unaudited) (A) ASSETS Real estate assets Land, buildings and improvements, intangible lease assets, and other $     12,823,748 $     13,237,187 Investment in financing leases    1,233,178    1,231,630 Real estate held for sale    295,130    -Mortgage loans    309,926    309,315 Gross investment in real estate assets    14,661,982    14,778,132 Accumulated depreciation and amortization    (1,422,728)    (1,407,971) Net investment in real estate assets    13,239,254    13,370,161 Cash and cash equivalents    224,340    250,016 Interest and rent receivables    34,492    45,059 Straight-line rent receivables    677,570    635,987 Investments in unconsolidated real estate joint ventures    1,450,482    1,474,455 Investments in unconsolidated operating entities    794,138    1,778,640 Other loans    426,971    292,615 Other assets    453,709    457,911 Total Assets $    17,300,956 $    18,304,844 LIABILITIES AND EQUITY Liabilities Debt, net $     10,098,723 $     10,064,236 Accounts payable and accrued expenses    302,526    412,178 Deferred revenue    32,076    37,962 Obligations to tenants and other lease liabilities    163,264    156,603 Total Liabilities    10,596,589    10,670,979 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 —600,304 shares at March 31, 2024 and 598,991 shares at December 31, 2023    600    599 Additional paid-in capital    8,567,199    8,560,309 Retained deficit    (1,846,862)    (971,809) Accumulated other comprehensive (loss) income    (18,838)    42,501 Total Medical Properties Trust, Inc. Stockholders’ Equity    6,702,099    7,631,600 Non-controlling interests    2,268    2,265 Total Equity    6,704,367    7,633,865 Total Liabilities and Equity $    17,300,956 $    18,304,844 (A) Financials have been derived from the prior year audited financial statements. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 17


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FINANCIAL STATEMENTS INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES (As of and for the three months ended March 31, 2024) (Unaudited) ($ amounts in thousands) Swiss Medical Steward Policlinico di HM MPT Pro Rata MEDIAN(B) (C) (D) (E) (F) Total Network Health Care Monza Hospitales Share Gross real estate $ 1,913,976 $ 1,550,872 $ 1,677,587 $    180,860 $    365,315 $ 5,688,610 $ 3,136,214 Cash    43,550    6,058     11,929    9,568    1,485     72,590    37,432 Accumulated depreciation and amortization    (249,151)    (153,731)    (84,383)    (33,580)    (33,433)    (554,278)    (306,214) Other assets    69,713     74,522     42,890    520    8,272    195,917    112,450 Total Assets $ 1,778,088 $ 1,477,721 $ 1,648,023 $    157,368 $    341,639 $ 5,402,839 $ 2,979,882 Debt (third party) $    704,612 $    740,722 $    833,027 $    — $    139,420 $ 2,417,781 $ 1,350,064 Other liabilities    130,870    106,091    3,435    (136)    84,418    324,678    179,336 Equity and shareholder loans    942,606 (A)    630,908    811,561    157,504    117,801    2,660,380    1,450,482 Total Liabilities and Equity $ 1,778,088 $ 1,477,721 $ 1,648,023 $    157,368 $    341,639 $ 5,402,839 $ 2,979,882 MPT share of real estate joint venture 50% 70% 50% 50% 45% Total $    471,303 $    441,636 $    405,781 $    78,752 $    53,010 $ 1,450,482 Swiss Medical Steward Policlinico di HM MPT Pro Rata MEDIAN(B) (C) (D) (E) (F) Total Network Health Care Monza Hospitales Share Total revenues $    33,517 $    17,820 $    37,825 $    1,981 $    4,329 $    95,472 $    51,107 Expenses: Property-related $    623 $    322 $     (446) $    1,028 $    625 $    2,152 $    1,133 Interest    13,082     5,661    16,112    —    532    35,387    18,799 Real estate depreciation and amortization    11,308     8,974    10,307     1,038     2,047    33,674    18,529 General and administrative    893    233    119    (81)    14     1,178    636 Income taxes     1,113     1,401    —    —    284     2,798     1,664 Total expenses $    27,019 $    16,591 $    26,092 $    1,985 $    3,502 $    75,189 $    40,761 Net Income $    6,498 $    1,229 $    11,733 $    (4) $     827 $    20,283 $    10,346 MPT share of real estate joint venture 50% 70% 50% 50% 45% Earnings from equity interests (G) $    3,249 $     860 $    5,867 $    (2) $     372 $    10,346 (A) Includes a €309 million loan from both shareholders. (B) MPT managed joint venture of 71-owned German facilities that are fully leased. (C) Represents ownership in Infracore, which owns and leases 17 Switzerland facilities. We also have two Infracore facilities currently under development. (D) MPT managed joint venture of eight-owned Massachusetts hospital facilities that are fully leased pursuant to a master lease. Accounting for revenue on this investment on the cash basis. (E) Represents ownership in eight Italian facilities that are fully leased. (F) Represents ownership in two Spanish facilities that are fully leased. (G) Excludes $0.2 million from returns on our Lifepoint Behavioral Health equity investment (sold in the 2024 first quarter), less amortization of equity investment costs. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 18


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FINANCIAL STATEMENTS INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES (Amounts in thousands) OPERATING ENTITY INVESTMENT FRAMEWORK MPT’s hospital expertise and comprehensive underwriting process allows for opportunistic investments in hospital operations. • Passive investments typically needed in order to acquire the larger real estate • Certain of these investments entitle us to customary minority rights and transactions. protections. • Cash payments go to previous owner and not to the tenant, with limited • No additional operating loss exposure beyond our investment. exceptions. • Proven track record of successful investments, including Ernest Health, Capella • Operators are vetted as part of our overall underwriting process. Healthcare and Springstone. • Potential for outsized returns and organic growth. Investment Ownership Operator as of    Structure Interest March 31, 2024 Includes a 49% equity ownership interest in, along with a loan convertible into PHP Holdings, the PHP Holdings $    498,632 49.0% managed care business of Prospect. Both instruments are accounted for under the fair value option method. Includes our passive equity ownership interest, along with a CHF 37 million loan as part of a syndicated Swiss Medical Network     173,647 8.9% loan facility. Includes our passive equity ownership interest in Aevis, a public healthcare investment company. Our Aevis    65,120 4.6% original investment of CHF 47 million is marked-to-market quarterly. In order to close the 2021 acquisition of 35 facilities, we made a passive equity investment and a loan to Priory Group    40,394 9.2% Priory (a subsidiary of MEDIAN) proceeds of which were paid to the former owner. The loan was sold in the first quarter of 2024. Includes our passive equity ownership interest in Aspris, a spin-off of Priory’s education and children’s Aspris    15,977 9.2% services line of business. Includes our passive equity ownership interest in Caremax, a public care delivery system. Our original Caremax    368 9.9% investment is marked-to-market quarterly. Loan, for which proceeds were paid to Steward’s former private equity sponsor, is secured by the equity Steward Health Care    —(A) N/A of Steward and provides for an initial 4% return plus 37% of the increase in the value of Steward over seven years from January 2021. Includes our 49% equity ownership interest and a loan made for the purpose of investing in select International Joint Venture    —(A) 49.0% international hospital operations. The loan carries a 7.5% interest rate and is secured by the remaining equity of the international joint venture and guaranteed by the other equity owner. (A) Includes our passive equity ownership interest. Proceeds from our original investment of $150 million Steward Health Care    —9.9% were paid directly to Steward’s former private equity sponsor and other shareholders. Total $    794,138 INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES AS A PERCENTAGE OF TOTAL ASSETS 7% 5% 95% (A) As of March 31, 2024, these investments are fully reserved. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 19


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APPENDIX—NON-GAAP RECONCILIATIONS ADJUSTED NET DEBT/ANNUALIZED EBITDAre (Unaudited) (Amounts in thousands) For the Three Months Ended March 31, 2024 ADJUSTED EBITDAre RECONCILIATION Net loss $    (875,377) Add back: Interest    108,685 Income tax     10,949 Depreciation and amortization     77,214 Loss on sale of real estate     1,423 Adjustment to reflect MPT’s share of unlevered EBITDAre from unconsolidated real estate joint ventures(A)    14,123 1Q 2024 EBITDAre $    (662,983) Share-based compensation     7,633 Write-off of billed and unbilled rent and other     1,817 Other impairment charges, net    693,088 Litigation and other     5,870 Non-cash fair value adjustments    221,276 Annualized 1Q 2024 Adjusted EBITDAre $    266,701 $    1,066,804 Adjustments for mid-quarter investment activity(B)    256 1Q 2024 Transaction Adjusted EBITDAre $    266,957 $    1,067,828 ADJUSTED NET DEBT RECONCILIATION Total debt at March 31, 2024 $    10,098,723 Less: Cash at March 31, 2024    (224,340) Less: Cash funded for building improvements in progress and construction in progress at March 31, 2024(C)    (493,642) Adjusted Net Debt $     9,380,741 Investors and analysts following the real estate industry utilize net debt (debt less cash) to EBITDAre as a measurement of leverage that shows how many years it would take for us to pay back our debt, assuming net debt and EBITDAre are held constant. In our calculation, we start with EBITDAre , as defined by Nareit, which is net income before interest expense, income tax expense, depreciation and amortization, losses/gains on disposition of depreciated property, impairment losses, and adjustments to reflect our share of EBITDAre from unconsolidated real estate joint ventures. We then adjust EBITDAre for non-cash share-based compensation, non-cash fair value adjustments and other items that would make comparison of our operating results with prior periods and other companies more meaningful, to derive Adjusted EBITDAre . We adjust net debt for cash funded for building improvements in progress and construction in progress for which we are not yet receiving rent to derive Adjusted Net Debt. We adjust Adjusted EBITDAre for the effects from investments and capital transactions that were completed during the period, assuming such transactions were consummated/fully funded as of the beginning of the period to derive Transaction Adjusted EBITDAre . Although non-GAAP measures, we believe Adjusted Net Debt, Adjusted EBITDAre , and Transaction Adjusted EBITDAre are useful to investors and analysts as they allow for a more current view of our credit quality and allow for the comparison of our credit strength between periods and to other real estate companies without the effect of items that by their nature are not comparable from period to period. (A) Includes only the unlevered portion of our share of EBITDAre from unconsolidated real estate joint ventures, as we have excluded any net debt from our unconsolidated real estate joint ventures in the Adjusted Net Debt line. We believe this adjustment is needed to appropriately reflect the relationship between EBITDAre and net debt. (B) Reflects a full quarter impact from our mid-quarter investments, disposals, and loan payoffs. (C) Excluded development and capital improvement projects that are in process and not yet generating a cash return but will generate a return once completed. MEDICAL PROPERTIES TRUST | SUPPLEMENTAL INFORMATION | Q1 2024 20


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

v3.24.1.1.u2
Document and Entity Information
May 09, 2024
Cover [Abstract]  
Document Type 8-K/A
Amendment Flag true
Document Period End Date May 09, 2024
Entity Registrant Name MEDICAL PROPERTIES TRUST INC
Entity Incorporation State Country Code MD
Entity File Number 001-32559
Entity Tax Identification Number 20-0191742
Entity Address Address Line 1 1000 Urban Center Drive
Entity Address Address Line 2 Suite 501
Entity Address City Or Town Birmingham
Entity Address State Or Province AL
Entity Address Postal Zip Code 35242
City Area Code 205
Local Phone Number 969-3755
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.001 per share
Trading Symbol MPW
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Description On May 9, 2024, Medical Properties Trust, Inc., a Maryland corporation (the “Company”), filed a Current Report on Form 8-K (the “Original Report”) furnishing under Items 2.02 and 9.01 the press release announcing the Company’s financial results for the three months ended March 31, 2024 and certain supplemental information regarding the Company’s financial results for the quarter ended March 31, 2024. The press release and the supplemental information were included as Exhibits 99.1 and 99.2 to the Original Report.As previously reported, due to the voluntary bankruptcy petition filed by Steward Health Care System LLC (“Steward”), one of the Company’s tenants, four days prior to the due date for filing of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Quarterly Report”), the Company was delayed in filing the Quarterly Report until May 29, 2024. During the delay period, developments occurred that gave rise to a subsequent event unrelated to Steward, which but for the delayed filing would have been properly reflected in the Company’s financial statements for the second quarter of 2024. In accordance with FASB ASC 855, Subsequent Events, the Company has determined that this event provided additional evidence about conditions that existed as of March 31, 2024 and this Current Report on Form 8-K/A (the “Amended Report”) is being filed by the Company to update certain related financial information appearing in the Original Report. Except as set forth below, this Amended Report does not otherwise update or change any disclosure or numbers contained in the Original Report. 
Entity Central Index Key 0001287865

Medical Properties (NYSE:MPW)
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