EX-99.2

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EX-99.2 3 d220197dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

SECOND QUARTER 2016

Supplemental Information

MEDICALPROPERTIESTRUST.COM

TABLE OF CONTENTS


COMPANY OVERVIEW

Company Information			3



FINANCIAL INFORMATION

Reconciliation of Net Income to Funds from Operations			5

Debt Summary			6

Debt Maturity Schedule			7

Pro Forma Net Debt /Annualized EBITDA			8



PORTFOLIO INFORMATION

Lease and Mortgage Loan Maturity Schedule			9

Investments and Revenue by Asset Type, Operator, State and Country			10

EBITDAR to Rent Coverage			13

Summary of Acquisitions and Development Projects			14



FINANCIAL STATEMENTS

Consolidated Statements of Income			15

Consolidated Balance Sheets			16

Detail of Other Assets			17

LOGO

FORWARD-LOOKING STATEMENT Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: Normalized FFO per share; expected payout ratio, the amount of acquisitions of healthcare real estate, if any; estimated debt metrics, portfolio diversification, capital markets conditions, the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangement, and additional investments; national and international economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company’s business plan; financing risks; the Company’s ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and as updated by the Company’s subsequently filed Quarterly Reports on Form 10-Q and other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this report.

On the Cover and Above: ATOS Klinik Heidelberg (MEDIAN) - Heidelberg, Germany. Acquired in 2016.

Q2 2016 | SUPPLEMENTAL INFORMATION 2

MEDICALPROPERTIESTRUST.COM

COMPANY OVERVIEW


		Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. MPT’s financing model allows hospitals and other healthcare facilities to unlock the value of their underlying real estate in order to fund facility improvements, technology upgrades, staff additions and new construction. Facilities include acute care hospitals, inpatient rehabilitation hospitals, long-term acute care hospitals, and other medical and surgical facilities.

OFFICERS


Edward K. Aldag, Jr.		Chairman, President and Chief Executive Officer

R. Steven Hamner		Executive Vice President and Chief Financial Officer

Emmett E. McLean		Executive Vice President, Chief Operating Officer, Treasurer and Secretary

J. Kevin Hanna		Vice President, Controller and Chief Accounting Officer

BOARD OF DIRECTORS


Edward K. Aldag, Jr.				MPT Officers, from left: J. Kevin Hanna, Emmett E. McLean, Edward K. Aldag, Jr., and R. Steven Hamner.
G. Steven Dawson
R. Steven Hamner
Robert. E. Holmes, Ph.D.
Sherry A. Kellett
William G. McKenzie
D. Paul Sparks, Jr.
CORPORATE HEADQUARTERS
Medical Properties Trust, Inc.
1000 Urban Center Drive, Suite 501
Birmingham, AL 35242
(205) 969-3755
(205) 969-3756 (fax)
www.medicalpropertiestrust.com

Q2 2016 | SUPPLEMENTAL INFORMATION 3

MEDICALPROPERTIESTRUST.COM

COMPANY OVERVIEW (continued)



TRANSFER AGENT	STOCK EXCHANGE	SENIOR UNSECURED
American Stock Transfer	LISTING AND	DEBT RATINGS
and Trust Company	TRADING SYMBOL	Moody’s – Ba1
6201 15th Avenue	New York Stock Exchange	Standard & Poor’s – BBB-
Brooklyn, NY 11219	(NYSE): MPW

LOGO

Q2 2016 | SUPPLEMENTAL INFORMATION 4

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS

(Unaudited)

(Amounts in thousands except per share data)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
FFO INFORMATION:
Net income attributable to MPT common stockholders	$	53,724		$	22,407		$	111,651		$	58,304
Participating securities’ share in earnings		(132	)		(250	)		(276	)		(516	)

Net income, less participating securities’ share in earnings	$	53,592		$	22,157		$	111,375		$	57,788
Depreciation and amortization^(A)		23,335			14,956			44,807			29,712
Gain on sale of real estate		(22,613	)		—			(22,653	)		—

Funds from operations	$	54,314		$	37,113		$	133,529		$	87,500
Write-off straight line rent and other		3,063			—			3,063			—
Transaction costs from non-real estate dispositions		5,975			—			5,975			—
Acquisition expenses^(A)		4,801			25,809			9,034			32,048
Impairment charges		7,375			—			7,375			—
Unutilized financing fees / debt refinancing costs		—			—			4			238

Normalized funds from operations	$	75,528		$	62,922		$	158,980		$	119,786

Share-based compensation		1,814			2,598			3,509			5,200
Debt costs amortization		2,062			1,394			3,897			2,771
Additional rent received in advance^(B)		(300	)		(300	)		(600	)		(600	)
Straight-line rent revenue and other		(11,204	)		(6,928	)		(22,033	)		(13,260	)

Adjusted funds from operations	$	67,900		$	59,686		$	143,753		$	113,897

PER DILUTED SHARE DATA:
Net income, less participating securities’ share in earnings	$	0.22		$	0.11		$	0.47		$	0.28
Depreciation and amortization^(A)		0.10			0.07			0.18			0.14
Gain on sale of real estate		(0.09	)		—			(0.09	)		—

Funds from operations	$	0.23		$	0.18		$	0.56		$	0.42
Write-off straight line rent and other		0.01			—			0.01			—
Transaction costs from non-real estate dispositions		0.03			—			0.03			—
Acquisition expenses^(A)		0.02			0.12			0.04			0.16
Impairment charges		0.03			—			0.03			—
Unutilized financing fees / debt refinancing costs		—			—			—			—

Normalized funds from operations	$	0.32		$	0.30		$	0.67		$	0.58

Share-based compensation		0.01			0.01			0.01			0.03
Debt costs amortization		0.01			0.01			0.01			0.01
Additional rent received in advance^(B)		—			—			—			—
Straight-line rent revenue and other		(0.06	)		(0.03	)		(0.09	)		(0.07	)

Adjusted funds from operations	$	0.28		$	0.29		$	0.60		$	0.55

(A)	Includes our share of real estate depreciation and acquisition expenses from unconsolidated joint ventures (if any). Any such amounts are included with the activity of all of our equity interests in the “Other income (expense)” line on the consolidated statements of income.

(B)	Represents additional rent received from one tenant in advance of when we can recognize as revenue for accounting purposes. This additional rent is being recorded to revenue on a straight-line basis over the lease life.

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 financial performance 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) unbilled rent 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.

Q2 2016 | SUPPLEMENTAL INFORMATION 5

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

DEBT SUMMARY

(as of June 30, 2016)

($ amounts in thousands)


Debt Instrument	Rate Type	Rate			Balance
2016 Unsecured Notes	Fixed		5.59	%^(A)	$	125,000
Northland – Mortgage Capital Term Loan	Fixed		6.20	%		13,253
2018 Credit Facility Revolver	Variable		1.87	%^(B)		25,000
2019 Term Loan	Variable		2.11	%		250,000
5.750% Notes Due 2020 (Euro)^(C)	Fixed		5.75	%		222,120
6.875% Notes Due 2021^(D)	Fixed		6.88	%		450,000
4.000% Notes Due 2022 (Euro)^(C)	Fixed		4.00	%		555,300
6.375% Notes Due 2022	Fixed		6.38	%		350,000
6.375% Notes Due 2024	Fixed		6.38	%		500,000
5.500% Notes Due 2024	Fixed		5.50	%		300,000

					$	2,790,673
Debt premium						1,991
Debt issuance costs						(34,029	)

Weighted average rate			5.38	%	$	2,758,635

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(A)

Represents the weighted-average rate for four tranches of the Notes at June 30, 2016, factoring in interest rate swaps in effect at that time. $65 million of the 2016 Unsecured Notes were repaid on July 29, 2016.

(B)

At June 30, 2016, this represents a $1.3 billion unsecured revolving credit facility with spreads over LIBOR ranging from 0.95% to 1.75%.

(C)

Represents 700 million of bonds issued in Euros and converted to U.S. dollars at June 30, 2016.

(D)

The 6.875% Notes Due 2021 were redeemed post June 30, 2016, with proceeds from our $500 million Notes Due 2026 that were issued at 5.250%.

Q2 2016 | SUPPLEMENTAL INFORMATION 6

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

DEBT MATURITY SCHEDULE

(as of June 30, 2016)

($ amounts in thousands)


Debt Instrument	2016		2017		2018		2019		2020		Thereafter
2016 Unsecured Notes ^(A)	$	125,000	$	—	$	—	$	—	$	—	$	—
Northland – Mortgage Capital Term Loan		152		320		12,781		—		—		—
2018 Credit Facility Revolver		—		—		25,000		—		—		—
2019 Term Loan		—		—		—		250,000		—		—
5.750% Notes Due 2020 (Euro)		—		—		—		—		222,120		—
6.875% Notes Due 2021 ^(A)		—		—		—		—		—		450,000
4.000% Notes Due 2022 (Euro)		—		—		—		—		—		555,300
6.375% Notes Due 2022		—		—		—		—		—		350,000
6.375% Notes Due 2024		—		—		—		—		—		500,000
5.500% Notes Due 2024		—		—		—		—		—		300,000

	$	125,152	$	320	$	37,781	$	250,000	$	222,120	$	2,155,300

LOGO

(A)

$65 million of the 2016 Unsecured Notes were repaid on July 29, 2016. The 6.875% Notes Due 2021 were redeemed post June 30, 2016, with proceeds from our $500 million Notes Due 2026 that were issued at 5.250%.

Q2 2016 | SUPPLEMENTAL INFORMATION 7

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

PRO FORMA NET DEBT / ANNUALIZED EBITDA

(Unaudited)

(Amounts in thousands)


	For the Three Months Ended
	June 30, 2016
Net income attributable to MPT common stockholders	$	53,724
Pro forma adjustments for capital transactions, acquisitions / dispositions that occurred after the period ^(A)		(855	)

Pro forma net income	$	52,869
Add back:
Interest expense		41,501
Debt refinancing costs		—
Depreciation and amortization		23,978
Stock-based compensation		1,814
Mid-quarter acquisitions / divestitures		(5,293	)
Mid-quarter development openings and investments		152
Estimated earnings from CIP funding		1,579
Gain on sale of real estate and other asset dispositions, net		(16,638	)
Impairment and other charges		10,438
Acquisition expenses		4,801
Income tax expense		364

2Q 2016 Pro forma EBITDA	$	115,565

Annualization	$	462,260


Total debt	$	2,758,635
Pro forma changes to debt balance after June 30, 2016 ^(A)		(40,000	)
Cash		(234,561	)

Net debt	$	2,484,074


Net debt / pro forma annualized EBITDA		5.4x

(A)

Reflects impact from previously disclosed divestitures and investments that occurred after June 30, 2016.

Q2 2016 | SUPPLEMENTAL INFORMATION 8

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

LEASE AND MORTGAGE LOAN MATURITY SCHEDULE

(as of June 30, 2016)

($ amounts in thousands)


Years of Maturities ^(A) (B)	Total Leases/Loans		Base Rent/Interest ^(C)		Percent of Total Base Rent/Interest
2016		—	$	—		—
2017		—		—		—
2018		1		2,007		0.5	%
2019		2		5,017		1.2	%
2020		5		10,640		2.5	%
2021		3		13,591		3.2	%
2022		15		73,550		17.4	%
2023		4		12,599		3.0	%
2024		1		2,237		0.5	%
2025		7		22,064		5.2	%
Thereafter		145		281,109		66.5	%

		183	$	422,814		100.0	%

LOGO

(A)

Excludes 14 of our facilities that are under development, our Twelve Oaks facility that is not fully occupied, and the 9 properties that we own through joint venture arrangements. In addition, the schedule reflects post June 30, 2016 transactions, including the sale of three HealthSouth facilities on July 22, 2016 and one RCCH facility acquired on July 20, 2016.

(B)

Lease/Loan expiration is based on the fixed term of the lease/loan and does not factor in potential renewal options provided for in our agreements.

(C)

Represents base rent/interest income on an annualized basis but does not include tenant recoveries, additional rents and other lease-related adjustments to revenue (i.e., straight-line rents and deferred revenues).

Q2 2016 | SUPPLEMENTAL INFORMATION 9

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY ASSET TYPE

(June 30, 2016)

($ amounts in thousands)


Asset Types	Total Gross Assets ^(B)		Percentage of Gross Assets			YTD Revenue		Percentage of Total Revenue
General Acute Care Hospitals^(A)	$	3,377,992		62.3	%	$	159,978		61.2	%
Inpatient Rehabilitation Hospitals		1,447,467		26.7	%		76,388		29.3	%
Long-Term Acute Care Hospitals		383,595		7.1	%		24,933		9.5	%
Other assets		213,341		3.9	%		—		—

Total	$	5,422,395		100.0	%	$	261,299		100.0	%

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(A)

Includes three medical office buildings.

(B)

Represents investment concentration as a percentage of gross real estate assets, other loans, and equity investments assuming all real estate commitments are fully funded. Also, reflects the sale of three HealthSouth facilities on July 22, 2016.

Q2 2016 | SUPPLEMENTAL INFORMATION 10

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY OPERATOR

(June 30, 2016)

($ amounts in thousands)


Operators	Total Gross Assets ^(A)		Percentage of Gross Assets			YTD Revenue		Percentage of Total Revenue
Prime Healthcare	$	1,126,654		20.8	%	$	58,859		22.5	%
MEDIAN		1,054,368		19.4	%		47,745		18.3	%
Ernest Health		584,411		10.8	%		33,322		12.8	%
Adeptus Healthcare		500,000		9.2	%		16,205		6.2	%
RCCH ^(B)		458,659		8.5	%		32,909		12.6	%
22 operators		1,484,962		27.4	%		72,259		27.6	%
Other assets		213,341		3.9	%		—		—

Total	$	5,422,395		100.0	%	$	261,299		100.0	%

(A)

(B)

RCCH represents RCCH Healthcare Partners, which is the Capella and RegionalCare merged entity.

LOGO

Q2 2016 | SUPPLEMENTAL INFORMATION 11

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY U.S. STATE AND COUNTRY

(June 30, 2016)

($ amounts in thousands)


U.S. States and Other Countries	Total Gross Assets			Percentage of Gross Assets			YTD Revenue		Percentage of Total Revenue
Texas	$	920,959			17.0	%	$	48,256		18.5	%
California		547,079			10.1	%		33,187		12.7	%
New Jersey		432,740			8.0	%		18,243		7.0	%
Arizona		306,449			5.7	%		11,722		4.5	%
Missouri		210,921			3.9	%		9,811		3.8	%
24 Other States		1,579,908			29.0	%		90,120		34.4	%
Other assets^(A)		189,358			3.5	%		—		—

United States	$	4,187,414			77.2	%	$	211,339		80.9	%
Germany	$	1,054,368			19.4	%	$	47,745		18.3	%
Italy^(A)		95,222			1.8	%		—		—
Spain^(A)		23,805			0.5	%		168		0.1	%
United Kingdom		37,603			0.7	%		2,047		0.7	%
Other assets^(A)		23,983			0.4	%		—		—

International	$	1,234,981			22.8	%	$	49,960		19.1	%

Total	$	5,422,395	^(B)		100.0	%	$	261,299		100.0	%

(A)

Includes our equity investments, of which related income is reflected in other income in our income statement.

(B)

LOGO

Q2 2016 | SUPPLEMENTAL INFORMATION 12

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

Same Store EBITDAR⁽¹⁾ Rent Coverage

YOY and Sequential Quarter Comparisons by Property Type

LOGO

Stratification of Portfolio EBITDAR Rent Coverage


EBITDAR Rent Coverage TTM	Investment (in thousands)		No. of Facilities		Percentage of Investment
Greater than or equal to 4.50x	$	280,279		5		11.1	%
3.00x - 4.49x	$	318,449		5		12.6	%
1.50x - 2.99x	$	141,514		2		5.6	%
Less than 1.50x	$	—		0		0.0	%
Total Master Leased and/or with Parent Guaranty: 3.0x	$	1,787,672		64		70.7	%
General Acute Master Leased and/or with Parent Guaranty: 3.9x	$	850,992		20		33.7	%
Inpatient Rehabilitation Facilities Master Leased and/or with Parent Guaranty: 1.9x	$	574,415		27		22.7	%
Long-Term Acute Care Hospitals Master Leased and/or with Parent Guaranty: 1.8x	$	362,265		17		14.3	%

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Notes:

Same Store represents properties with at least 24 months of financial reporting data. Properties that do not provide financial reporting and disposed assets are not included.

Freestanding ERs will be reported as a distinct property type when 24 months of financial reporting data is available for a property or all properties associated with an initial funding commitment as applicable.

All data presented is on a trailing twelve month basis.

(1)

EBITDAR adjusted for non-recurring items.

Q2 2016 | SUPPLEMENTAL INFORMATION 13

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

SUMMARY OF COMPLETED ACQUISITIONS / DEVELOPMENT PROJECTS IN 2016

($ amounts in thousands)

Operator

Location

Costs
Incurred
as of
6/30/2016

Rent
Commencement
Date

Acquisition /
Development

MEDIAN^(A)

Heidelberg, Germany

46,991

6/23/2016

Acquisition

Adeptus Health

Dallas, TX

5,319

5/23/2016

Development

Prime Healthcare

Newark, NJ

63,000

5/2/2016

Acquisition

Adeptus Health

Phoenix, AZ

6,392

4/4/2016

Development

Ernest Health

Toledo, OH

19,212

4/1/2016

Development

Adeptus Health

Houston, TX

4,116

3/28/2016

Development

Adeptus Health

Helotes, TX

7,197

3/10/2016

Development

Adeptus Health

Frisco, TX

4,721

3/4/2016

Development

Adeptus Health

Longmont, CO

4,770

2/10/2016

Development

Adeptus Health

Rosenberg, TX

4,731

1/15/2016

Development

166,449

(A)

We acquired Heidelberg in June 2016 for €41.6 million, which was the final MEDIAN property to be acquired from our initial MEDIAN transaction. Exchange rate used is as of date of acquisition.

SUMMARY OF CURRENT DEVELOPMENT PROJECTS AS OF JUNE 30, 2016

($ amounts in thousands)


Operator	Commitment		Costs Incurred as of 6/30/2016		Estimated Completion Date
Adeptus Health	$	62,154	$	43,763		3Q 2016
Adeptus Health		53,836		15,343		4Q 2016
Adeptus Health		5,730		206		1Q 2017
Adeptus Health		61,997		16,311		2Q 2017
Adeptus Health		71,331		—		Various

	$	255,048	$	75,623

Q2 2016 | SUPPLEMENTAL INFORMATION 14

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Amounts in thousands except per share data)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
	*(Unaudited)*			*(Unaudited)*			*(Unaudited)*			*(Unaudited)*
Revenues
Rent billed	$	77,960		$	53,893		$	152,021		$	106,994
Straight-line rent		8,551			5,252			16,768			9,980
Income from direct financing leases		13,552			12,808			32,503			25,363
Interest and fee income		26,237			27,848			60,007			53,425

Total revenues		126,300			99,801			261,299			195,762
Expenses
Real estate depreciation and amortization		22,832			14,956			43,974			29,712
Impairment charges		7,375			—			7,375			—
Property-related		784			530			1,685			881
Acquisition expenses		4,767			25,809			3,702			32,048
General and administrative		12,045			10,642			23,516			21,547

Total operating expenses		47,803			51,937			80,252			84,188

Operating income		78,497			47,864			181,047			111,574
Interest expense		(41,501	)		(26,890	)		(80,874	)		(53,556	)
Gain on sale of real estate and other asset dispositions, net		16,638			—			16,678			—
Other income (expense)		654			2,078			(4,018	)		1,385
Income tax expense		(364	)		(563	)		(683	)		(938	)

Income from continuing operations		53,924			22,489			112,150			58,465
Loss from discontinued operations		—			—			(1	)		—

Net income		53,924			22,489			112,149			58,465
Net income attributable to non-controlling interests		(200	)		(82	)		(498	)		(161	)

Net income attributable to MPT common stockholders	$	53,724		$	22,407		$	111,651		$	58,304

Earnings per common share – basic:
Income from continuing operations	$	0.23		$	0.11		$	0.47		$	0.28
Loss from discontinued operations		—			—			—			—

Net income attributable to MPT common stockholders	$	0.23		$	0.11		$	0.47		$	0.28

Earnings per common share – diluted:
Income from continuing operations	$	0.22		$	0.11		$	0.47		$	0.28
Loss from discontinued operations		—			—			—			—

Net income attributable to MPT common stockholders	$	0.22		$	0.11		$	0.47		$	0.28

Dividends declared per common share	$	0.23		$	0.22		$	0.45		$	0.44
Weighted average shares outstanding – basic		238,082			208,071			237,796			205,515
Weighted average shares outstanding – diluted		239,008			208,640			238,413			206,127

Q2 2016 | SUPPLEMENTAL INFORMATION 15

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands except per share data)


	June 30, 2016			December 31, 2015
	(Unaudited)			(A)
ASSETS
Real estate assets
Land, buildings and improvements, intangible lease assets, and other	$	3,482,199		$	3,297,705
Real estate held for sale		63,074			—
Net investment in direct financing leases		528,747			626,996
Mortgage loans		549,337			757,581

Gross investment in real estate assets		4,623,357			4,682,282
Accumulated depreciation and amortization		(278,590	)		(257,928	)

Net investment in real estate assets		4,344,767			4,424,354
Cash and cash equivalents		181,561			195,541
Interest and rent receivables		47,699			46,939
Straight-line rent receivables		95,988			82,155
Other assets		447,918			860,362

Total Assets	$	5,117,933		$	5,609,351

LIABILITIES AND EQUITY
Liabilities
Debt, net	$	2,758,635		$	3,322,541
Accounts payable and accrued expenses		148,218			137,356
Deferred revenue		20,997			29,358
Lease deposits and other obligations to tenants		22,845			12,831

Total liabilities		2,950,695			3,502,086
Equity
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding		—			—
Common stock, $0.001 par value. Authorized 500,000 shares; issued and outstanding - 240,341 shares at June 30, 2016 and 236,744 shares at December 31, 2015		240			237
Additional paid in capital		2,642,281			2,593,827
Distributions in excess of net income		(414,657	)		(418,650	)
Accumulated other comprehensive loss		(65,340	)		(72,884	)
Treasury shares, at cost		(262	)		(262	)

Total Medical Properties Trust, Inc. Stockholders’ Equity		2,162,262			2,102,268

Non-controlling interests		4,976			4,997

Total equity		2,167,238			2,107,265

Total Liabilities and Equity	$	5,117,933		$	5,609,351

(A)

Financials have been derived from the prior year audited financial statements.

Q2 2016 | SUPPLEMENTAL INFORMATION 16

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

DETAIL OF OTHER ASSETS AS OF JUNE 30, 2016

($ amounts in thousands)


Operator	Investment		Annual Interest Rate			YTD RIDEA Income ^(C)			Security / Credit Enhancements
Non-Operating Loans
Vibra Healthcare acquisition loan^(A)	$	7,472		10.25	%				Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent
Alecto working capital		16,680		11.20	%				Secured and cross-defaulted with real estate and guaranteed by Parent
IKJG/HUMC working capital		10,353		10.73	%				Secured and cross-defaulted with real estate and guaranteed by Parent
Ernest Health		23,667		9.10	%				Secured and cross-defaulted with real estate and guaranteed by Parent
Other		11,343

		69,515
Operating Loans
Ernest Health ^(B)		93,200		15.00	%	$	7,634		Secured and cross-defaulted with real estate and guaranteed by Parent
RCCH ^(F)		93,262		8.00	%		1,264
IKJG/HUMC convertible loan		3,352					107		Secured and cross-defaulted with real estate and guaranteed by Parent

		189,814					9,005
Equity investments^(G)
Domestic		8,856					215
International^(E)		110,078					2,065	^(H)
Lease and cash collateral		3,751							Not applicable
Other assets^(D)		65,904							Not applicable

Total	$	447,918				$	11,285

(A)

Original amortizing acquisition loan was $41 million; loan matures in 2019.

(B)

Due to compounding, effective interest rate is 16.3%.

(C)

Income earned on operating loans is reflected in the interest income line of the income statement.

(D)

Includes prepaid expenses, office property and equipment and other.

(E)

Includes equity investments in Spain, Italy, and Germany.

(F)

This acquisition loan originated from the April transaction with RCCH and was converted to a sale and leaseback arrangement for a hospital property in Olympia, Washington on July 22, 2016.

(G)

All earnings in income from equity investments are reported on a one quarter lag basis.

(H)

Excludes our share of real estate depreciation and acquisition expenses of certain unconsolidated joint ventures.

Q2 2016 | SUPPLEMENTAL INFORMATION 17

LOGO

INVESTOR RELATIONS

Tim Berryman | Director - Investor Relations

(205) 397-8589

tberryman@medicalpropertiestrust.com

CAPITAL MARKETS

Charles Lambert | Managing Director - Capital Markets

(205) 397-8897

clambert@medicalpropertiestrust.com