# EDGAR Filing Document

**Accession Number:** 0001287865
**File Stem:** 0001193125-25-257549
**Filing Date:** 2025-10
**Character Count:** 84126
**Document Hash:** ee3546c79a8e9596df1fad72e074c18f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-257549.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-257549

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEDICAL PROPERTIES TRUST INC
- **CENTRAL INDEX KEY:** 0001287865
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32559
- **FILM NUMBER:** 251432393

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 URBAN CENTER DRIVE
- **STREET 2:** SUITE 501
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35242
- **BUSINESS PHONE:** 205-969-3755

**MAIL ADDRESS:**
- **STREET 1:** 1000 URBAN CENTER DRIVE
- **STREET 2:** SUITE 501
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35242

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of report (Date of earliest event reported): October 30, 2025

## MEDICAL PROPERTIES TRUST, INC.

#### (Exact Name of Registrant as Specified in Charter)

#### Commission File Number 001-32559

---

| | |
|:---|:---|
| **Maryland** | **20-0191742** |
| **(State or other jurisdiction**<br> **of incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **1000 Urban Center Drive, Suite 501**<br> **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**<br> **Symbol** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.001 per share, of Medical Properties Trust, Inc. | 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. ☐

------

#### Item 2.02. Results of Operations and Financial Condition.
On October 30, 2025, Medical Properties Trust, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference in any filing of Medical Properties Trust, Inc. with the Securities and Exchange Commission, except as expressly set forth by specific reference in any such filing.

#### Item 8.01. Other Events.
On October 28, 2025, the board of directors of Medical Properties Trust, Inc. (the "Company") approved a stock repurchase program (the "Stock Repurchase Program") for up to $150 million of common stock, par value $0.001 per share, of the Company (the "Shares"). Repurchases may be effected from time to time through open market purchases (including trading plans that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended), privately negotiated transactions, structured or derivative transactions, other equity contracts or other methods of acquiring shares.

The Company is under no obligation to repurchase any Shares and will evaluate any opportunities to do so in the context of the Company's future liquidity profile, prevailing market conditions and regulatory considerations, as well as the potential marginal benefit of new investments and/or debt reduction. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the expiration of the Stock Repurchase Program, without any prior notice.

#### Item 9.01. Financial Statements and Exhibits.
(d) *Exhibits*.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press release dated October 30, 2025 reporting financial results for the three and nine months ended September 30, 2025](d84530dex991.htm) |
| 99.2 | [Medical Properties Trust, Inc. 3<sup>rd</sup> Quarter 2025 Supplemental Information](d84530dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

---

| | |
|:---|:---|
|  **MEDICAL PROPERTIES TRUST, INC.** | **MEDICAL PROPERTIES TRUST, INC.** |
| By: | /s/ R. Steven Hamner |
| Name: | R. Steven Hamner |
| Title: | Executive Vice President and Chief Financial Officer |

---

Date: October 30, 2025

## Exhibit 99.1

---

| | |
|:---|:---|
| ![LOGO](g84530g1030102852452.jpg) | **Exhibit 99.1** |

---

Contact: Drew Babin, CFA, CMA Head of Financial Strategy and Investor Relations Medical Properties Trust, Inc. (646) 884-9809 <u>dbabin@medicalpropertiestrust.com</u>

**MEDICAL PROPERTIES TRUST, INC. REPORTS THIRD QUARTER RESULTS AND OTHER UPDATES** 

***Continues Scheduled Increase in Cash Rents from New Operators***

***Announces $150 Million Strategic Common Stock Repurchase Program***

**Birmingham, AL – October 30, 2025 –** Medical Properties Trust, Inc. (the "Company" or "MPT") (NYSE: MPW) today announced financial and operating results for the third quarter ended September 30, 2025, as well as certain events occurring subsequent to quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of ($0.13) and Normalized Funds from Operations ("NFFO") of $0.13 for the 2025 third quarter
on a per share basis. Third quarter net loss includes approximately $82 million ($0.14 per share) in impairment charges primarily related to certain Prospect Medical Group ("Prospect") bankruptcy transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash rents from MPT's new tenants are fully current through October with the exception of three facilities
in Ohio and Pennsylvania (96% of scheduled rents collected). Including approximately $4 million of September rent received on October 1 from a cash-basis tenant, cash collections increased as expected to $16 million in the third
quarter versus $11 million in the second quarter; cash collections for the fourth quarter of 2025 (not including the September rent collected on October 1) approximate $22 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to Prospect's August agreement to sell its California operations to NOR Healthcare Systems Corp.
("NOR"), MPT agreed in principle to a lease with NOR which is expected to result in stabilized annual cash rent of $45 million, provided that regulatory approvals are received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a settlement with Prospect and Yale New Haven Health System ("Yale") in September under
which $45 million in cash from Yale, proceeds from the sale of three Connecticut hospitals and other consideration are expected to exceed MPT's current debtor-in-possession ("DIP") loan balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold two facilities in Arizona in August with nominal annual cash rent for approximately $50 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid a regular quarterly dividend of $0.08 per share in October.

Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer, said, "Our recently transitioned portfolio continues to ramp cash rents as expected. Following the successful re-tenanting of our California hospitals, we have increased confidence that pro rata annualized cash rent from our current portfolio will exceed $1 billion by the end of 2026."

------

The Company also today announced that its board of directors has authorized a program to strategically repurchase up to $150 million of its common stock. Aldag commented, "With cash rents ramping and increased opportunities to turn low-yielding assets into cash, we have growing flexibility to address our near-term debt maturities. With the added expectation for near-term recoveries from Prospect, we feel comfortable with our liquidity and believe strongly that MPT stock is one of the best investments we can make."

Included in the financial tables accompanying this press release is information about the Company's assets and liabilities, operating results, and reconciliations of net loss to NFFO, including per share amounts, all on a basis comparable to 2024 results.

**PORTFOLIO UPDATE** 

Medical Properties Trust has total assets of approximately $14.9 billion, including $9.0 billion of general acute facilities, $2.5 billion of behavioral health facilities and $1.6 billion of post-acute facilities. As of September 30, 2025, MPT's portfolio included 388 properties and approximately 39,000 licensed beds leased to or mortgaged by 51 hospital operating companies across the United States as well as in the United Kingdom, Switzerland, Germany, Spain, Finland, Colombia, Italy and Portugal.

In Europe, admissions, reimbursement and acuity trends remain strong. Despite an adverse impact on referrals to private behavioral care providers due to recent NHS restructuring in the United Kingdom, Priory's and MPT's overall behavioral health portfolios maintained healthy TTM EBITDARM coverage.

In the United States, general acute care providers continue to report increasing admissions and TTM EBITDARM coverage year-over-year. In post-acute care settings, operators are driving strong revenue growth while effectively managing contract labor expenses, resulting in a slight year-over-year increase in TTM EBITDARM coverage.

The new tenants to which MPT has transferred the operations of properties in Florida, Texas, Arizona and Louisiana continue to report improving performance trends as they ramp up operations. MPT has collected materially all cash rent owed by these tenants through October with the exception of the previously disclosed Ohio facilities, one of which has re-opened with rent expected to resume in 2026, and one open Pennsylvania hospital that owes a nominal amount of rent.

Prospect's in-court restructuring process which commenced in January 2025 remains underway. In March 2025, the Bankruptcy Court approved a settlement agreement between MPT, Prospect and certain other parties that will enable Prospect to sell its hospital operations and the related real estate with MPT's cooperation. MPT expects NOR's successful bid for Prospect's California operations, which remains subject to regulatory approval, to close by the end of 2025 and result in 50% payments of stabilized annual cash rent of approximately $45 million after a six-month period and full payment of rents at this level after twelve months.

Further, the Company's settlement with Prospect and Yale related to three Connecticut hospitals, as well as the expected sale of the hospitals (two of which are subject to binding purchase agreements), are expected to result in proceeds exceeding MPT's current DIP loan balance of approximately $100 million. The only remaining potential DIP commitment is a conditional loan of up to $30 million secured by assets including proceeds of causes of action.

------

**OPERATING RESULTS** 

Net loss for the third quarter ended September 30, 2025 was ($78 million) (($0.13) per share), compared to a net loss of ($801 million) (($1.34) per share) in the year earlier period.

NFFO for the third quarter ended September 30, 2025 was $77 million ($0.13 per share), compared to $94 million ($0.16 per share) in the year-earlier period.

**CONFERENCE CALL AND WEBCAST** 

The Company has scheduled a conference call and webcast for October 30, 2025 at 11:00 a.m. Eastern Time to present the Company's financial and operating results for the quarter ended September 30, 2025. The dial-in numbers for the conference call are 800-715-9871 (North America) and 646-307-1963 (International) along with passcode 6695005. The conference call will also be available via webcast in the Investor Relations section of the Company's website, **<u>www.medicalpropertiestrust.com</u>**.

A telephone and webcast replay of the call will be available beginning shortly after the call's completion. The telephone replay will be available through November 6, 2025, using dial-in numbers 800-770-2030 (North America) and 609-800-9909 (International) along with passcode 6695005. The webcast replay will be available for one year following the call's completion on the Investor Relations section of the Company's website.

The Company's supplemental information package for the current period will also be available on the Company's website in the Investor Relations section.

*The Company uses, and intends to continue to use, the Investor Relations page of its website, which can be found at* **<u>www.medicalpropertiestrust.com</u>**, *as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investor Relations page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.*

**About Medical Properties Trust, Inc.** 

Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 388 facilities and approximately 39,000 licensed beds in nine countries and across three continents as of September 30, 2025. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at **<u>www.medicalpropertiestrust.com</u>**.

**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, asset sales and other liquidity transactions (including the use of proceeds thereof), expected re-tenanting of facilities and receipt of related rents, expected outcomes from Prospect's Chapter 11 restructuring process and any related transactions, including the application of the Yale settlement payment, the closing of the NOR transaction and

------

receipt of regulatory approvals, and the use of proceeds thereof, MPT's remaining DIP obligations and expected repayments, and potential repurchases under the common stock repurchase program. 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 that projected rents may be lower than anticipated or realized later than expected; (ii) the risk that the NOR transaction will not receive required regulatory approvals for close; (iii) the risk that the timing, outcome and terms of the bankruptcy restructuring of Prospect will not be consistent with those anticipated by the Company; (iv) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (v) the risk that previously announced or contemplated property sales, loan repayments, and other capital recycling transactions do not occur as anticipated or at all; (vi) 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; (vii) MPT's ability to obtain or modify the terms of debt financing on attractive terms or at all, as a result of changes in interest rates and other factors, which may adversely impact our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due, or pursue acquisition and development opportunities; (viii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us; (ix) 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; (x) the risk that we are unable to monetize our investments in certain tenants at full value within a reasonable time period or at all; (xi) the risk that the operations of our tenants will be negatively impacted by changes to Medicaid funding introduced by the OBBBA; and (xii) the risks and uncertainties of litigation or other regulatory proceedings.

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 Reports on Form 10-K and our Quarterly Reports on Form 10-Q, and 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.

*# # #* 

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**MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES** 

Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
| ***(Amounts in thousands, except for per share data)*** | | |
|  | September 30, 2025 | December 31, 2024 |
| **Assets** | **(Unaudited)** | **(A)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land, buildings and improvements, intangible lease assets, and other | $11748943 | $11259842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financing leases | 943750 | 1057770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate held for sale |  | 34019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 127926 | 119912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross investment in real estate assets | 12820619 | 12471543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation and amortization | (1633531) | (1422948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment in real estate assets | 11187088 | 11048595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 396577 | 332335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and rent receivables | 25142 | 36327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rent receivables | 851749 | 700783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unconsolidated real estate joint ventures | 1379600 | 1156397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unconsolidated operating entities | 319192 | 439578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans | 245535 | 109175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 519312 | 471404 |
|  **Total Assets** | $**14924195** | $**14294594** |
|  **Liabilities and Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt, net | $9616176 | $8848112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 475938 | 454209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 22113 | 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations to tenants and other lease liabilities | 148605 | 129045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 10262832 | 9460811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.001 par value. Authorized 750,000 shares; issued and outstanding - 601,136 shares at September 30, 2025 and 600,403 shares at December 31, 2024 | 601 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 8602994 | 8584917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained deficit | (4097973) | (3658516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 154687 | (94272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Medical Properties Trust, Inc. stockholders' equity | 4660309 | 4832729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 1054 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 4661363 | 4833783 |
|  **Total Liabilities and Equity** | $**14924195** | $**14294594** |

---

**(A)** Financials have been derived from the prior year audited financial statements.

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**MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES** 

Consolidated Statements of Income

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(Amounts in thousands, except for per share data)*** | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rent billed | $181001 | $169721 | $524051 | $552784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rent | 36405 | 36602 | 116197 | 119719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from financing leases | 9944 | 9798 | 29772 | 53832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other income | 10172 | 9706 | 31660 | 37368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 237522 | 225827 | 701680 | 763703 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 132395 | 106243 | 377905 | 316358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate depreciation and amortization | 66993 | 204875 | 198282 | 382701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property-related (A) | 8993 | 4994 | 26891 | 17475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 37734 | 36625 | 105842 | 105300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 246115 | 352737 | 708920 | 821834 |
|  **Other (expense) income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on sale of real estate | (9115) | 91795 | 4156 | 475196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate and other impairment charges, net | (81761) | (607922) | (159284) | (1438429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) from equity interests | 34403 | 21643 | 73713 | (369565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt refinancing and unutilized financing costs | (14) | (713) | (3629) | (3677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (including fair value adjustments on securities) | (1498) | (169790) | (171138) | (566821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (57985) | (664987) | (256182) | (1903296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss before income tax | (66578) | (791897) | (263422) | (1961427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (10872) | (9032) | (30112) | (34538) |
|  **Net loss** | **(77450)** | **(800929)** | **(293534)** | **(1995965)** |
|  Net income attributable to non-controlling interests | (280) | (234) | (828) | (1458) |
|  **Net loss attributable to MPT common stockholders** | $**(77730)** | $**(801163)** | $**(294362)** | $**(1997423)** |
|  **Earnings per common share - basic and diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss attributable to MPT common stockholders** | $**(0.13)** | $**(1.34)** | $**(0.49)** | $**(3.33)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - basic** | **601136** | **600229** | **600867** | **600197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - diluted** | **601136** | **600229** | **600867** | **600197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends declared per common share** | $**0.08** | $**0.08** | $**0.24** | $**0.38** |

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(A) Includes $2.3 million and $2.6 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 September 30, 2025 and 2024, respectively, and $9.3 million and $9.8 million for the nine months ended September 30, 2025 and 2024, respectively.

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**MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES** 

Reconciliation of Net Loss to Funds From Operations

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(Amounts in thousands, except for per share data)*** | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
|  **FFO information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss attributable to MPT common stockholders** | $**(77730)** | $**(801163)** | $**(294362)** | $**(1997423)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participating securities' share in earnings | (256) | (153) | (597) | (807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss, less participating securities' share in earnings | $(77986) | $(801316) | $(294959) | $(1998230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 82242 | 218646 | 240465 | 430128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on sale of real estate | 9115 | (91795) | (4156) | (475196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate impairment charges | 78677 | 179952 | 126645 | 679276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Funds from operations** | $**92048** | $**(494513)** | $**67995** | $**(1364022)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other impairment charges, net | 6976 | 427811 | 40487 | 1172789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation, bankruptcy and other (recoveries) costs | (1125) | 28899 | 11078 | 46507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation (fair value adjustments) (A) | 3457 |  | 3444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash fair value adjustments | (12066) | 130949 | 123370 | 511472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax rate changes and other | (12091) | 8 | (10970) | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt refinancing and unutilized financing costs | 14 | 713 | 4273 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Normalized funds from operations** | $**77213** | $**93867** | $**239677** | $**375019** |
|  **Certain non-cash and related recovery information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation (A) | $8885 | $14427 | $27420 | $30581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt costs amortization | $7445 | $4994 | $20435 | $14769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash rent and interest revenue (B) | $349 | $— | $349 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash recoveries of non-cash rent and interest revenue (C) | $556 | $552 | $1620 | $6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rent revenue from operating and finance leases | $(39688) | $(41363) | $(124945) | $(129395) |
|  **Per diluted share data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss, less participating securities' share in earnings** | $**(0.13)** | $**(1.34)** | $**(0.49)** | $**(3.33)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 0.14 | 0.37 | 0.40 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on sale of real estate | 0.01 | (0.15) | (0.01) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate impairment charges | 0.13 | 0.30 | 0.21 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Funds from operations** | $**0.15** | $**(0.82)** | $**0.11** | $**(2.27)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other impairment charges, net | 0.01 | 0.71 | 0.06 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation, bankruptcy and other (recoveries) costs |  | 0.05 | 0.02 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation (fair value adjustments) (A) | 0.01 |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash fair value adjustments | (0.02) | 0.22 | 0.21 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax rate changes and other | (0.02) |  | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt refinancing and unutilized financing costs |  |  | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Normalized funds from operations** | $**0.13** | $**0.16** | $**0.40** | $**0.62** |
|  **Certain non-cash and related recovery information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation (A) | $0.01 | $0.02 | $0.05 | $0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt costs amortization | $0.01 | $0.01 | $0.03 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash rent and interest revenue (B) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash recoveries of non-cash rent and interest revenue (C) | $— | $— | $— | $0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rent revenue from operating and finance leases | $(0.07) | $(0.07) | $(0.21) | $(0.22) |

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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 (loss) from equity interests" line on the consolidated statements of income.

(A) Total share-based compensation expense is $12.3 million and $30.9 million for the three and nine months ended September 30, 2025, respectively, (including certain awards that are to be settled in cash). Cash-settled awards are typically recorded in accordance with GAAP at fair value and measured at each balance sheet date until settlement. The resulting fluctuations, which are primarily driven by changes in our stock price rather than operational performance, can introduce significant volatility in our earnings. To enhance comparability and provide a more stable view of performance over time, NFFO reflects a $3.5 million and $3.4 million adjustment in the three and nine months ended September 30, 2025, respectively, to arrive at total share-based compensation expense using grant date fair value for all awards (including cash-settled awards) of $8.9 million and $27.4 million for the three and nine months ended September 30, 2025.

(B) Includes revenue accrued during the period but not received in cash, such as deferred rent, payment-in-kind ("PIK") interest or other accruals.

(C) Includes cash received to satisfy previously accrued non-cash revenue, such as the receipt of previously deferred rent or PIK interest.

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g84530dsp011.jpg)

QUARTERLY SUPPLEMENTAL 3Q 2025 AT T H E V E R Y H E A R T O F H E A LT H C A R E .

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COMPANY OVERVIEW FORWARD-LOOKING STATEMENTS 3 This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Company Information 3 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", "objec-FINANCIAL INFORMATION tives", "outlook", "guidance" or other similar words, and include statements regarding our strategies, objectives, asset sales and other liquidity transactions (including the use of proceeds thereof), expected re-tenanting of facilities and receipt of related Reconciliation of Funds from Operations 6 rents, expected outcomes from Prospect's Chapter 11 restructuring process and any related transactions, including the application of the Yale settlement payment, the 6 Debt Summary 7 closing of the NOR transaction and receipt of regulatory approvals, and the use of proceeds thereof, MPT's remaining DIP obligations and expected repayments, and Debt Maturities and Debt Metrics 8 potential repurchases under the common stock repurchase program. 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 PORTFOLIO INFORMATION risk that that projected rents may be lower than anticipated or realized later than expected; (ii) the risk that the NOR transaction will not receive required regula- Lease and Loan Maturity Schedule 9 tory approvals for close; (iii) the risk that the timing, outcome and terms of the bankruptcy restructuring of Prospect will not be consistent with those anticipated by the Company; (iv) our success in implementing our business strategy and our Total Assets and Revenues ability to identify, underwrite, finance, consummate and integrate acquisitions and 9 investments; (v) the risk that previously announced or contemplated property sales, by Asset Type, Operator, State and Country 10 loan repayments, and other capital recycling transactions do not occur as anticipated or at all; (vi) the risk that MPT is not able to attain its leverage, liquidity and cost Rent Coverage 13 of capital objectives within a reasonable time period or at all; (vii) MPT's ability to obtain or modify the terms of debt financing on attractive terms or at all, as a result Summary of Active Developments of changes in interest rates and other factors, which may adversely impact our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due, or and Capital Addition Projects 15 pursue acquisition and development opportunities; (viii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us; (ix) the ability of our tenants and operators to operate profitably and generate positive cash flow, remain solvent, comply with applicable FINANCIAL STATEMENTS 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; (x) the risk 16 that we are unable to monetize our investments in certain tenants at full value within Consolidated Statements of Income a reasonable time period or at all; (xi) the risk that the operations of our tenants will be negatively impacted by changes to Medicaid funding introduced by the OBBBA; Consolidated Balance Sheets 17 and (xii) the risks and uncertainties of litigation or other regulatory proceedings.16 The risks described above are not exhaustive and additional factors could adversely Investments in Unconsolidated Real Estate affect our business and financial performance, including the risk factors discussed Joint Ventures 18 under the section captioned "Risk Factors" in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q, and as may be updated in our other filings with the SEC. Forward-looking statements are inherently uncertain and actual perfor- Investments in Unconsolidated Operating Entities 19 mance 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. Appendix—Non-GAAP Reconciliations 20 We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.Pictured above: Hayes Grove—Bromley, U.K.—Operated by Priory. On the cover: Pihlajalinna Kuopio Leväsentie – Operated by Pihlajalinna – Helsinki, Finland. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 2

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COMPANY OVERVIEWM edical Properties Trust, Inc. is a self-advised MPT's financing model facilitates acquisitions 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. of September 30, 2025. 388 51 ~39,000 31 9properties operators beds U.S. states countriesMEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 3

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MPT OfficersEdward 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. Williams Senior Vice President of Operations and Secretary Larry H. Portal Senior Vice President, Senior Advisor to the CEOCharles R. Lambert Senior Vice President of Finance and Treasurer R. Lucas Savage Vice President, Head of Global Acquisitions Board of Directors Corporate HeadquartersEdward K. Aldag, Jr.G. Steven Dawson Medical Properties Trust, Inc.R. Steven Hamner000 Urban Center Drive, Suite 501 Caterina A. Mozingo Birmingham, AL 35242Emily W. MurphyElizabeth N. Pitman (205) 969-3755D. Paul Sparks, Jr. (205) 969-3756 (fax)Michael G. Stewart www.medicalpropertiestrust.comC. Reynolds Thompson, III MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 4

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INVESTOR RELATIONSContactDrew Babin, Head of Financial Strategy and Investor Relations (646) 884-9809 or dbabin@medicalpropertiestrust.comTransfer Stock Exchange Agent Listing and Trading SymbolEquniti Trust Company, LLC New York Stock Exchange 28 Liberty Street, Floor 53 (NYSE): MPWNew York, NY 10005https://equiniti.com/usPihlajalinna Kuopio Leväsentie – Operated by Pihlajalinna – Helsinki, Finland.MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 5

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FINANCIAL INFORMATION RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 FFO INFORMATION: Net loss attributable to MPT common stockholders $(77,730) $(801,163) $(294,362) $(1,997,423) Participating securities' share in earnings (256) (153) (597) (807) Net loss, less participating securities' share in earnings $(77,986) $(801,316) $(294,959) $(1,998,230) Depreciation and amortization 82,242 218,646 240,465 430,128 Loss (gain) on sale of real estate 9,115 (91,795) (4,156) (475,196) Real estate impairment charges 78,677 179,952 126,645 679,276 Funds from operations $92,048 $(494,513) $67,995 $(1,364,022) Other impairment charges, net 6,976 427,811 40,487 1,172,789 Litigation, bankruptcy and other (recoveries) costs (1,125) 28,899 11,078 46,507 Share-based compensation (fair value adjustments) (A) 3,457—3,444 -Non-cash fair value adjustments (12,066) 130,949 123,370 511,472 Tax rate changes and other (12,091) 8 (10,970) 4,596 Debt refinancing and unutilized financing costs 14 713 4,273 3,677 Normalized funds from operations $77,213 $93,867 $239,677 $375,019 Certain non-cash and related recovery information: Share-based compensation (A) $8,885 $14,427 $27,420 $30,581 Debt costs amortization $7,445 $4,994 $20,435 $14,769 Non-cash rent and interest revenue (B) $349 $—$349 $-Cash recoveries of non-cash rent and interest revenue (C) $556 $552 $1,620 $6,840 Straight-line rent revenue from operating and finance leases $(39,688) $(41,363) $(124,945) $(129,395) PER DILUTED SHARE DATA: Net loss, less participating securities' share in earnings $(0.13) $(1.34) $(0.49) $(3.33) Depreciation and amortization 0.14 0.37 0.40 0.72 Loss (gain) on sale of real estate 0.01 (0.15) (0.01) (0.79) Real estate impairment charges 0.13 0.30 0.21 1.13 Funds from operations $0.15 $(0.82) $0.11 $(2.27) Other impairment charges, net 0.01 0.71 0.06 1.94 Litigation, bankruptcy and other (recoveries) costs—0.05 0.02 0.08 Share-based compensation (fair value adjustments) (A) 0.01—0.01 -Non-cash fair value adjustments (0.02) 0.22 0.21 0.85 Tax rate changes and other (0.02)—(0.02) 0.01 Debt refinancing and unutilized financing costs — 0.01 0.01 Normalized funds from operations $0.13 $0.16 $0.40 $0.62 Certain non-cash and related recovery information: Share-based compensation (A) $0.01 $0.02 $0.05 $0.05 Debt costs amortization (B) $0.01 $0.01 $0.03 $0.02 Non-cash rent and interest revenue $—$—$—$-Cash recoveries of non-cash rent and interest revenue (C) $—$—$—$0.01 Straight-line rent revenue from operating and finance leases $(0.07) $(0.07) $(0.21) $(0.22)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 (loss) from equity interests" line on the consolidated statements of income.(A) Total share-based compensation expense is $12.3 million and $30.9 million for the three and nine months ended September 30, 2025, respectively, (including certain awards that are to be settled in cash). Cash-settled awards are typically recorded in accordance with GAAP at fair value and measured at each balance sheet date until settlement. The resulting fluctuations, which are primarily driven by changes in our stock price rather than operational performance, can introduce significant volatility in our earnings. To enhance comparability and provide a more stable view of performance over time, NFFO reflects a $3.5 million and$3.4 million adjustment in the three and nine months ended September 30, 2025, respectively, to arrive at total share-based compensation expense using grant date fair value for all awards (including cash-settled awards) of $8.9 million and $27.4 million for the three and nine months ended September 30, 2025.(B) Includes revenue accrued during the period but not received in cash, such as deferred rent, payment-in-kind ("PIK") interest or other accruals.(C) 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 \| Q3 2025 6

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FINANCIAL INFORMATION (As of September 30, 2025) ($ amounts in thousands) DEBT SUMMARY Debt Instrument Rate Type Rate Balance 2026 Secured Credit Facility Revolver(A)(B) Variable 5.951% $567,631 2027 Secured Term Loan Variable 6.513% 200,000 0.993% Notes Due 2026 (€500M)(B) Fixed 0.993% 586,700 5.000% Notes Due 2027 Fixed 5.000% 1,400,000 3.692% Notes Due 2028 (£600M)(B) Fixed 3.692% 806,760 4.625% Notes Due 2029 Fixed 4.625% 900,000 3.375% Notes Due 2030 (£350M)(B) Fixed 3.375% 470,610 3.500% Notes Due 2031 Fixed 3.500% 1,300,000 7.000% Secured Notes Due 2032 (€1B)(B) Fixed 7.000% 1,173,400 8.500% Secured Notes Due 2032 Fixed 8.500% 1,500,000 2034 Secured GBP Term Loan (£631M)(B) Fixed 6.877% 848,953 $9,754,054 Debt issuance costs and discount (137,878) Weighted average rate 5.383% $9,616,176 Variable 8% Fixed 92% (A) As part of our Credit Facility amendment on February 13, 2025, we provided notice to extend the maturity to June 30, 2027, subject to the satisfaction of certain other conditions. (B) Non-USD denominated debt converted to U.S. dollars at September 30, 2025. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 7

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FINANCIAL INFORMATION (As of September 30, 2025) ($ amounts in thousands) DEBT MATURITIES Year Senior Notes Term Loans/Revolver Total Debt % of Total 2025 $—$—$—0.0% 2026 586,700 567,631 (A) 1,154,331 11.9% 2027 1,400,000 200,000 1,600,000 16.4% 2028 806,760—806,760 8.3% 2029 900,000—900,000 9.2% 2030 470,610—470,610 4.8% 2031 1,300,000—1,300,000 13.3% 2032 2,673,400—2,673,400 27.4% 2033 ——0.0% 2034—848,953 848,953 8.7% Totals $8,137,470 $1,616,584 $9,754,054 100.0% DEBT BY LOCAL CURRENCY Senior Notes Term Loans/Revolver Total Debt % of Total United States dollars $5,100,000 $585,000 $5,685,000 58.3% British pound sterling 1,277,370 848,953 2,126,323 21.8% Euros 1,760,100 117,340 1,877,440 19.2% Swiss francs—65,291 65,291 0.7% Totals $8,137,470 $1,616,584 $9,754,054 100.0% DEBT METRICS (B) For the Three Months Ended September 30, 2025 Adjusted Net Debt to Annualized EBITDAre Ratios: Adjusted Net Debt $8,719,309 Adjusted Annualized EBITDAre $906,284 Adjusted Net Debt to Adjusted Annualized EBITDAre Ratio 9.6x Adjusted Net Debt $8,719,309 Transaction Adjusted Annualized EBITDAre $907,364 Adjusted Net Debt to Transaction Adjusted Annualized EBITDAre Ratio 9.6x Leverage Ratio: Unsecured Debt $5,464,070 Secured Debt 4,289,984 Total Debt $9,754,054 Total Gross Assets(C) $16,557,726 Financial Leverage 58.9% Interest Coverage Ratio: Interest Expense $132,395 Capitalized Interest 3,361 Debt Costs Amortization (6,862) Total Interest $128,894 Adjusted EBITDAre $226,571 Adjusted Interest Coverage Ratio 1.8x (A) As part of our Credit Facility amendment on February 13, 2025, we provided notice to extend the maturity to June 30, 2027, subject to the satisfaction of certain other conditions. (B) Not intended to reflect covenants per debt agreements. (C) Total Gross Assets equals total assets plus real estate accumulated depreciation and amortization. See appendix for reconciliation of Non-GAAP financial measures. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 8

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PORTFOLIO INFORMATION LEASE AND LOAN MATURITY SCHEDULE (A) (As of September 30, 2025) ($ amounts in thousands) (B) (C) (D) Percentage of Total Years of Maturities Total Properties Base Rent/Interest Base Rent/Interest 2025 1 $—0.0% 2026 1 228 0.0% 2027 1 3,681 0.3% 2028 7 17,662 1.6% 2029 6 16,683 1.5% 2030 9 6,369 0.6% 2031 5 6,456 0.6% 2032 21 60,279 5.3% 2033 5 6,201 0.5% 2034 14 107,883 9.6% Thereafter 297 903,888 80.0% 367 # $1,129,330 100.0% Percentage of total base rent/interest 100% 90% 80.0% 80% 70% 60% 50% 40% 30% 20% 9.6% 10% 5.3% 0.0% 0.0% 0.3% 1.6% 1.5% 0.6% 0.6% 0.5% 0% (A) Schedule includes leases and mortgage loans and related terms as of September 30, 2025. (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 (less than 1% of total assets), facilities that are under development, and transitioning properties. (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 \| Q3 2025 9

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PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY ASSET TYPE (September 30, 2025) ($ amounts in thousands) Total Percentage of Q3 2025 Percentage of Asset Types Properties (A) Assets Total Assets Revenues Q3 2025 Revenues General Acute Care Hospitals 171 $8,912,538 59.7% $144,760 60.9% Behavioral Health Facilities 68 2,456,058 16.5% 54,726 23.1% Post Acute Care Facilities 128 1,647,940 11.0% 36,097 15.2% Freestanding ER/Urgent Care Facilities 21 114,879 0.8% 1,939 0.8% Other—1,792,780 12.0% — Total 388 $14,924,195 100.0% $237,522 100.0% TOTAL ASSETS BY ASSET TYPE TOTAL REVENUES BY ASSET TYPE 12% 1% 1% General Acute Care Hospitals 15% 11% Behavioral Health Facilities 60% Post Acute Care Facilities 23% 16% 61% Freestanding ER/Urgent Care Facilities Other DOMESTIC ASSETS BY ASSET TYPE DOMESTIC REVENUES BY ASSET TYPE 13% 1% 1% General Acute Care Hospitals 23% 13% Behavioral Health Facilities 61% 58% Post Acute Care Facilities 12% 18% 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. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 10

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PORTFOLIO INFORMATION TOTAL ASSETS—LARGEST INDIVIDUAL FACILITY (September 30, 2025) 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 (A) infrastructure attractive to any experienced, competent operator—not just of Total Assets the current tenant. If we have underwritten these correctly, then coupled with our absolute net master lease structure, our real estate will be Circle Health 1.4% 0.9% attractive to a replacement operator, should we find it necesssary to Priory Group transition. Such underwriting characteristics include: Healthcare Systems of America 1.8% Swiss Medical Network 1.8% Lifepoint Behavioral Health 0.5% Physical Quality Competition 46 operators 1.6% Largest Individual Facility Investment is Less Than 2% of MPT Investment Portfolio Demographics Financial and Market TOTAL ASSETS AND REVENUES BY OPERATOR (September 30, 2025) ($ amounts in thousands) Total Percentage of Q3 2025 Percentage of Operators Properties (A) Assets Total Assets Revenues Q3 2025 Revenues Circle Health 36 $2,135,280 14.3% $54,228 22.8% Priory Group 37 1,306,202 8.8% 27,481 11.6% Healthcare Systems of America 8 1,202,187 8.1% 4,965 (B) 2.1% Swiss Medical Network 20 863,329 5.8% 1,043 0.4% Lifepoint Behavioral Health 19 814,878 5.5% 20,909 8.8% MEDIAN 81 681,439 4.6% 8,840 3.7% Prospect Medical Holdings 11 672,711 4.5%—0.0% Ernest Health 28 616,397 4.1% 18,881 8.0% Lifepoint Health 8 462,970 3.1% 15,319 6.5% Ramsay Health Care 8 407,647 2.7% 6,937 2.9% 41 operators 132 3,968,375 26.5% 78,919 33.2% Other—1,792,780 12.0% — Total 388 $14,924,195 100.0% $237,522 100.0% (A) Reflects total assets on our consolidated balance sheets. (B) Approximately $4 million (September rent) related to this cash-basis tenant was not received until October 1, 2025; therefore, it is excluded here. The revenue from this receipt will be recognized in Q4 2025 along with the October rent that has been paid of approximately $5 million. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 11

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PORTFOLIO INFORMATION TOTAL ASSETS AND REVENUES BY U.S. STATE AND COUNTRY (September 30, 2025) ($ amounts in thousands) Total Percentage of Q3 2025 Percentage of U.S. States and Other Countries Properties (A) Assets Total Assets Revenues Q3 2025 Revenues Texas 45 $1,429,105 9.6% $23,651 10.0% California 17 1,032,272 6.9% 13,967 5.9% Florida 6 838,271 5.6% 3,251 1.4% Ohio 9 332,436 2.2% 6,455 2.7% Arizona 8 330,494 2.2% 9,160 3.8% 26 Other States 79 2,548,691 17.1% 64,166 27.0% Other—949,691 6.4% — United States 164 $7,460,960 50.0% $120,650 50.8% United Kingdom 92 $4,204,908 28.2% $95,713 40.3% Switzerland 20 863,328 5.8% 1,043 0.4% Germany 85 757,239 5.1% 11,072 4.7% Spain 9 289,878 1.9% 3,255 1.4% Other Countries 18 504,793 3.4% 5,789 2.4% Other—843,089 5.6% — International 224 $7,463,235 50.0% $116,872 49.2% Total 388 $14,924,195 100.0% $237,522 100.0% 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% 6% 1%2% 2% 1% United States 5% 5% United Kingdom 6% Switzerland 50% Germany 51% 40% Spain 28% Other Countries Other ASSETS BY U.S. STATE REVENUES BY U.S. STATE 6% Texas 10% California 10% Florida Ohio 27% 6% 17% 7% Arizona 26 Other States 3% 1% 2% 2% 6% Other 4% MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 12

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PORTFOLIO INFORMATION TOTAL PORTFOLIO TTM EBITDARM(A)(B) RENT COVERAGE YoY and SEQUENTIAL QUARTER COMPARISONS BY PROPERTY TYPE EBITDARM Rent Coverage 3.00x 3.0x 3.0x 2.7x 2.5x 2.5x 2.50x 2.3x 2.0x 2.1x 2.0x 2.00x 1.9x 1.9x 1.8x 1.50x 1.00x 0.50x 0.00x General Acute Care Hospitals Post Acute Care Facilities (C) Behavioral Health Total Portfolio Facilities Q2 2024 TTM Q1 2025 TTM Q2 2025 TTM % of Total Assets(D) 59.7% 11.0% 16.5% 87.2% Notes: All data presented is on a trailing twelve month ("TTM") basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and June 30, 2025. (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 to increase revenues at the facility. The majority of these types of capital expenditures are financed and do not have an immediate cash impact. MPT's rent has priority and 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. Where MPT owns assets through unconsolidated joint ventures, MPT's proportionate share of EBITDARM and Rent is included. 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.—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, Behavioral Health coverages and Total Portfolio coverages do not include Prospect Medical Holdings (PMH) facilities due to restructuring, and former Steward Health Care facilities due to re-tenanting. (C) Post Acute Care Facilities property type includes both Inpatient Rehabilitation Hospitals and Long Term Acute Care Hospitals. (D) Reflects percentage of total assets on September 30, 2025 balance sheet. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 13

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PORTFOLIO INFORMATION TOTAL PORTFOLIO TTM EBITDARM RENT COVERAGE EBITDARM RENT COVERAGE: OPERATORS WITH PROPERTY-LEVEL REPORTING Net Investment (B) Tenant (A) Primary Property Type TTM EBITDARM Rent Coverage (in thousands) Priory Group $1,262,325 Behavioral 2.2x MEDIAN 681,439 Post Acute 1.7x Ernest Health 616,397 Post Acute 2.4x Swiss Medical Network 580,186 General Acute 2.0x Aspris Children's Services 248,958 Behavioral 2.1x Surgery Partners 220,952 General Acute 6.2x Pipeline Health System 205,432 General Acute 2.1x Vibra Healthcare 186,769 Post Acute 2.0x Prime Healthcare 157,907 General Acute 2.2x IMED Hospitales 134,839 General Acute 1.9x Other Reporting Tenants 538,606 Various 3.4x Total $4,833,810 2.4x Net Investment Tenant (A) Primary Property Type TTM EBITDARM Rent Coverage (in thousands) International Operator 1 $2,088,238 General Acute 2.7x Domestic Operator 1 462,970 General Acute 2.7x Domestic Operator 2 325,960 General Acute 2.5x Domestic Operator 3 814,878 Behavioral 1.7x Domestic Operator 4 80,438 General Acute 8.3x Total $3,772,484 2.7x PROPERTY-LEVEL REPORTING NOT REQUIRED AND/OR NOT AVAILABLE Net Investment Tenant (A) Primary Property Type Comments (in thousands) U.S. hospital operator with eight community hospitals across Healthcare Systems of America $1,125,301 General Acute three states Prospect Medical Holdings 567,567 General Acute In court restructuring ongoing One of the largest healthcare operators in the world; Parent Ramsay Health Care UK 407,647 General Acute guaranty; Investment grade-rated One of Finland's leading providers of social and health Pihlajalinna 222,164 General Acute services One of the largest nonprofit healthcare operators in the U.S.; CommonSpirit Health 147,165 General Acute Investment grade-rated U.S. hospital operator with twelve community hospitals Quorum Health 139,299 General Acute across nine states One of Arizona's largest nonprofit healthcare systems; HonorHealth 133,335 General Acute Investment grade-rated Saint Luke's—Kansas City 119,998 General Acute Investment grade-rated NHS 88,306 General Acute Single-payor government entity in UK U.S. hospital operator with nine medical centers across four Insight Health 65,380 General Acute states U.S. hospital operator with nine behavioral health hospitals; NeuroPsychiatric Hospitals 25,843 Behavioral Parent guaranty Publicly-traded U.S. hospital operator focused on identifying Community Health Systems 24,471 General Acute and turning around financially challenged hospitals Growing non-profit hospital operator focused on identifying Tenor Health 19,439 General Acute and turning around financially challenged hospitals Total $3,085,915 Above data represents approximately 92% of MPT Total Real Estate Investment Notes: All data presented is on a trailing twelve month ("TTM") basis. For properties acquired in the preceding twelve months, data is for the period between MPT acquisition and June 30, 2025. (A) Investment figures exclude equity investments, non-real estate loans, freestanding ER/urgent care facilities, and facilities under development. (B) General Acute Care coverages, Behavioral Health coverages and Total Portfolio coverages do not include Prospect Medical Holdings (PMH) facilities due to restructuring, and former Steward Health Care facilities due to re-tenanting. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 14

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PORTFOLIO INFORMATION SUMMARY OF ACTIVE DEVELOPMENT AND CAPITAL ADDITION PROJECTS AS OF SEPTEMBER 30, 2025(A) (Amounts in thousands) Costs Incurred as of Estimated Construction Operator Location Commitment Cost Remaining September 30, 2025 Completion Date Lifepoint Behavioral Arizona $10,659 $6,623 $4,036 1Q26 IMED Spain 42,246 37,608 4,638 1Q26 IMED Spain 57,196 33,884 23,312 2Q26 Healthcare Systems of America Florida 37,000 551 36,449 2Q27 Other Various 554 210 344 2Q26 $147,655 $78,876 $68,779 (A) In addition to the above projects, the costs of which will be included in lease bases upon which the lessees will pay rent, we are constructing two hospitals for which there is no presently-identified lessee; these projects were both originally planned to be operated by a former tenant. We are presently completing construction to the stage where the building is "weathered in" and environmentally secure so as to physically protect our investment while we actively market the hospitals for sale or lease. As of September 30, 2025, we estimate that the cost to complete construction to this stage, plus costs of additional construction that we believe will be more efficient if completed in the near term (such as electing to accelerate completion of a parking structure at one hospital), approximates between $35 million and $40 million. If we agree to lease terms for any prospective tenant, we expect such terms will include construction specifications of such prospective lessee, and we may elect to fund such completion for addition to the final lease base upon which we would be paid rent. Alternatively, we may elect to sell one or both of the facilities, in which case we would not expect to incur material additional costs. Since approximately 2022, we have planned and commenced construction of a built-to-suit headquarters facility and estimate its completion and occupancy by 2025's fourth quarter. Total costs to complete, including furnishings, interior buildout, relocation and other costs are estimated to be between $35 million and $45 million. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 15

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FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 REVENUES Rent billed $181,001 $169,721 $524,051 $552,784 Straight-line rent 36,405 36,602 116,197 119,719 Income from financing leases 9,944 9,798 29,772 53,832 Interest and other income 10,172 9,706 31,660 37,368 Total revenues 237,522 225,827 701,680 763,703 EXPENSES Interest 132,395 106,243 377,905 316,358 Real estate depreciation and amortization 66,993 204,875 198,282 382,701 Property-related(A) 8,993 4,994 26,891 17,475 General and administrative 37,734 36,625 105,842 105,300 Total expenses 246,115 352,737 708,920 821,834 OTHER (EXPENSE) INCOME (Loss) gain on sale of real estate (9,115) 91,795 4,156 475,196 Real estate and other impairment charges, net (81,761) (607,922) (159,284) (1,438,429) Earnings (loss) from equity interests 34,403 21,643 73,713 (369,565) Debt refinancing and unutilized financing costs (14) (713) (3,629) (3,677) Other (including fair value adjustments on securities) (1,498) (169,790) (171,138) (566,821) Total other expense (57,985) (664,987) (256,182) (1,903,296) Loss before income tax (66,578) (791,897) (263,422) (1,961,427) Income tax expense (10,872) (9,032) (30,112) (34,538) Net loss (77,450) (800,929) (293,534) (1,995,965) Net income attributable to non-controlling interests (280) (234) (828) (1,458) Net loss attributable to MPT common stockholders $(77,730) $(801,163) $(294,362) $(1,997,423) EARNINGS PER COMMON SHARE—BASIC AND DILUTED Net loss attributable to MPT common stockholders $(0.13) $(1.34) $(0.49) $(3.33) WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC 601,136 600,229 600,867 600,197 WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED 601,136 600,229 600,867 600,197 $—$—DIVIDENDS DECLARED PER COMMON SHARE $0 .08 $0 .08 $0 .24 $0 .38 (A) Includes $2.3 million and $2.6 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 September 30, 2025 and 2024, respectively, and $9.3 million and $9.8 million for the nine months ended September 30, 2025 and 2024, respectively. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 16

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FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data) September 30, 2025 December 31, 2024 (Unaudited) (A) ASSETS Real estate assets Land, buildings and improvements, intangible lease assets, and other $11,748,943 $11,259,842 Investment in financing leases 943,750 1,057,770 Real estate held for sale—34,019 Mortgage loans 127,926 119,912 Gross investment in real estate assets 12,820,619 12,471,543 Accumulated depreciation and amortization (1,633,531) (1,422,948) Net investment in real estate assets 11,187,088 11,048,595 Cash and cash equivalents 396,577 332,335 Interest and rent receivables 25,142 36,327 Straight-line rent receivables 851,749 700,783 Investments in unconsolidated real estate joint ventures 1,379,600 1,156,397 Investments in unconsolidated operating entities 319,192 439,578 Other loans 245,535 109,175 Other assets 519,312 471,404 Total Assets $14,924,195 $14,294,594 LIABILITIES AND EQUITY Liabilities Debt, net $9,616,176 $8,848,112 Accounts payable and accrued expenses 475,938 454,209 Deferred revenue 22,113 29,445 Obligations to tenants and other lease liabilities 148,605 129,045 Total Liabilities 10,262,832 9,460,811 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—601,136 shares at September 30, 2025 and 600,403 shares at December 31, 2024 601 600 Additional paid-in capital 8,602,994 8,584,917 Retained deficit (4,097,973) (3,658,516) Accumulated other comprehensive income (loss) 154,687 (94,272) Total Medical Properties Trust, Inc. stockholders' equity 4,660,309 4,832,729 Non-controlling interests 1,054 1,054 Total Equity 4,661,363 4,833,783 Total Liabilities and Equity $14,924,195 $14,294,594 (A) Financials have been derived from the prior year audited financial statements. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 17

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FINANCIAL STATEMENTS INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES (As of and for the three months ended September 30, 2025) (Unaudited) ($ amounts in thousands) Swiss Medical HM MEDIAN(B) (C) CommonSpirit(D) Policlinico di Monza(E) (F) Total MPT Pro Rata Share Network Hospitales Gross real estate $2,093,051 $1,906,667 $1,392,431 $196,682 $397,276 $5,986,107 $3,007,112 Cash 21,416 1,150 3,941 11,319 2,838 40,664 19,437 Accumulated depreciation and amortization (344,778) (234,888)—(43,295) (49,714) (672,675) (380,830) Other assets 122,105 97,513—5,360 11,295 236,273 137,074 Total Assets $1,891,794 $1,770,442 $1,396,372 $170,066 $361,695 $5,590,369 $2,782,793 Debt (third party) $788,397 $730,429 $770,000 $—$152,219 $2,441,045 $1,166,882 Other liabilities 122,374 177,252 38,885 (154) 91,965 430,322 236,311 (A) Equity and shareholder loans 981,023 862,761 587,487 170,220 117,511 2,719,002 1,379,600 Total Liabilities and Equity $1,891,794 $1,770,442 $1,396,372 $170,066 $361,695 $5,590,369 $2,782,793 MPT share of real estate joint venture 50% 70% 25% 50% 45% Total $490,512 $603,933 $147,165 $85,110 $52,880 $1,379,600 Swiss Medical HM MEDIAN(B) (C) CommonSpirit(D) Policlinico di Monza(E) (F) Total MPT Pro Rata Share Network Hospitales Total revenues $36,507 $23,088 $24,865 $4,904 $4,182 $93,546 $44,978 Other expenses (income): Property-related $924 $1,286 $90 $1,014 $24 $3,338 $1,903 Interest 21,170 4,106 13,194—574 39,044 17,022 Real estate depreciation and amortization 12,278 10,609—1,121 2,210 26,218 15,120 General and administrative 1,239 302—(37) 16 1,520 820 Fair value adjustments — (51,155) — (51,155) (12,814) Non-controlling interest expense—(G)—107 — 107 27 Income and other taxes (28,849) 1,023 — 346 (27,480) (11,526) Total other expenses (income) $6,762 $17,326 $(37,764) $2,098 $3,170 $(8,408) $10,552 Net income $29,745 $5,762 $62,629 $2,806 $1,012 $101,954 $34,426 MPT share of real estate joint venture 50% 70% 25% 50% 45% Earnings from equity interests $12,846 $4,033 $15,689 $1,403 $455 $34,426 (H) (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 18 Switzerland facilities. We also have two Infracore facilities currently under development. (D) Represents ownership in five Utah facilities that are fully leased. The joint venture elected to apply specialized accounting and reporting for investment companies under Topic 946, which measures the underlying investments at fair value. For this quarter, our share of the joint venture's favorable fair value adjustment was $12.8 million, primarily related to real estate. (E) Represents ownership in eight Italian facilities that are fully leased. (F) Represents ownership in two Spanish facilities that are fully leased. (G) Includes an approximately $34 million tax benefit for German tax rate changes, offset by approximately $4 million of non-shared tax expenses. (H) Excludes $23,000 of amortization of equity investment costs. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 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 • Typically, no additional operating loss exposure beyond our investment. exceptions. • • Proven track record of successful investments, including Ernest Health, Operators are vetted as part of our overall underwriting process. Capella Healthcare and Springstone. • Potential for outsized returns and organic growth. Investment Ownership Operator as of Structure Interest September 30, 2025 Includes our passive equity ownership interest, along with a CHF 37 million loan as part of a syndicated Swiss Medical Network $196,537 8.9% loan facility. Includes our passive equity ownership interest in Aevis, a public healthcare investment company. Our Aevis 62,858 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 an investment in Priory, proceeds of which Priory Group 43,877 9.2% were paid to the former owner. Includes our passive equity ownership interest in Aspris, a spin-off of Priory's education and children's Aspris 15,920 9.2% services line of business. Total $319,192 INVESTMENTS IN UNCONSOLIDATED OPERATING ENTITIES AS A PERCENTAGE OF TOTAL ASSETS 7% 2% 93% 98% MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 19

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APPENDIX—NON-GAAP RECONCILIATIONS ADJUSTED NET DEBT/ANNUALIZED EBITDAre (Unaudited) (Amounts in thousands) For the Three Months Ended September 30, 2025 ADJUSTED EBITDAre RECONCILIATION Net loss $(77,450) Add back: Interest 132,395 Income tax 10,872 Depreciation and amortization 69,476 Loss on sale of real estate 9,115 Real estate impairment charges 78,677 Adjustment to reflect MPT's share of unlevered EBITDAre from unconsolidated real estate joint ventures(A) (2,655) 3Q 2025 EBITDAre $220,430 Share-based compensation 12,342 Other impairment charges, net 6,976 Litigation, bankruptcy and other recoveries (1,125) Debt refinancing and unutilized financing costs 14 Non-cash fair value adjustments (12,066) Annualized 3Q 2025 Adjusted EBITDAre $226,571 $906,284 Adjustments for mid-quarter investment activity(B) 270 3Q 2025 Transaction Adjusted EBITDAre $226,841 $907,364 ADJUSTED NET DEBT RECONCILIATION Total debt at September 30, 2025 $9,616,176 Less: Cash at September 30, 2025 (396,577) Less: Cash funded for development and capital addition projects at September 30, 2025(C) (500,290) Adjusted Net Debt $8,719,309 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 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) Reflects development and capital improvement projects that are in process and not yet generating a cash return. MEDICAL PROPERTIES TRUST \| SUPPLEMENTAL INFORMATION \| Q3 2025 20

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1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (205) 969-3755 NYSE: MPW www.medicalpropertiestrust.com Contact: Drew Babin, Head of Financial Strategy and Investor Relations (646) 884-9809 or dbabin@medicalpropertiestrust.com