Medical Properties Trust : April Investor Update

INVESTOR UPDATE

APRIL 2022

AT THE VERY HEART OF HEALTHCARE.

®

FORWARD-LOOKING STATEMENTS

This presentation 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 guidance for 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, rising inflation or movements in currency exchange rates; (vii) our ability to obtain debt financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and pay down, refinance, restructure or extend our indebtedness as it becomes due; (viii) increases in our borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR; (ix) international, national and local economic, real estate and other market conditions, which may negatively impact, among other things, the financial condition of our tenants, lenders and institutions that hold our cash balances, and may expose us to increased risks of default by these parties; (x) factors affecting the real estate industry generally or the healthcare real estate industry in particular; (xi) our ability to maintain our status as a REIT for federal and state income tax purposes; (xii) federal and state healthcare and other regulatory requirements, as well as those in the foreign jurisdictions where we own properties; (xiii) the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain equity or debt financing secured by our properties or on an unsecured basis; (xiv) the ability of our tenants and operators to comply with applicable laws, rules and regulations in the operation of the our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract patients; (xv) potential environmental contingencies and other liabilities; (xvi) the risk that property sales, loan repayments, and other capital recycling transactions do not occur; (xvii) the accuracy of our methodologies and estimates regarding environmental, social and governance ("ESG") metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts; and (xviii) the risk that the sale by Steward of its Utah operations to HCA does not occur.

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, 2021 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.

WHO IS MPT?

MPT IS THE ONLY VEHICLE FOR INVESTMENT IN HOSPITAL REAL ESTATE IN THE MOST ADVANCED GLOBAL MARKETS

From our inception, we have executed a single, unchanging strategy to deliver to our shareholders:

• • Premium real estate returns

• • Backed by long-term net leases of the most critical facilities in the healthcare delivery continuum

• • Giving us the highest-priority position among all creditors

• • Inflation protection

LONG-TERM OUTPERFORMANCE:

WELL-COVERED DIVIDEND AND SUSTAINED AFFO PER SHARE GROWTH

CASH CANNOT BE ENGINEERED OR MANIPULATED

Since 2012:

$8.3 BILLION IN SHAREHOLDER VALUE CREATION1

• ▪ $3.2 billion in cash dividends paid

• ▪ $5.1 billion equity capital appreciation

AFFO and Dividends Paid ($ thousands; 2012 - 2021)

$1,000,000

$800,000 $600,000 $400,000 $200,000

$-

2012

2013

2014

2015

2016

2017

AFFODividends Paid

2018

2019

2020

2021

356% TOTAL SHAREHOLDER RETURN (TSR), OUTPACING:

• ▪ 102% Dow Jones U.S. Real Estate Health Care Index

• ▪ 192% MSCI U.S. REIT Index

• ▪ 277% S&P 400

$1.55

$1.35

$1.15 $0.95 $0.75 $0.55 $0.35 $0.15

2012

AFFO per Share

Annual AFFO and Dividends Paid per Share (2012 to 2021)

2013

1. Calculated as dividends paid plus increase in equity market capitalization, less equity issued Source: Factset, S&P Global, Company Disclosure

Reconciliation of net income to normalized and adjusted funds from operations, on a total and per share basis, is provided in the Appendix.

2014

100% 95% 90% 85% 80% 75% 70%

2015

2016

2017

Dividends Paid per Share

2018

2019

2020

AFFO Payout (right axis)

2021