#1MPT Medical Properties Trust INVESTOR UPDATE JUNE 2023#2MPT AT THE VERY HEART OF HEALTHCARE.Ⓡ#3FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of forward- looking words such as “may”, “will”, “would”, “could”, “expect”, “intend”, “plan”, “estimate”, "target", "anticipate", "believe", "objectives", "outlook", "guidance" or other similar words, and include statements regarding our strategies, objectives, future expansion and development activities, and expected financial performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results or future events to differ materially from those expressed in or underlying such forward-looking statements, including, but not limited to: (i) the economic, political and social impact of, and uncertainty relating to, potential impact from health crises (like COVID- 19); (ii) the ability of our tenants, operators and borrowers to satisfy their obligations under their respective contractual arrangements with us, especially as a result of the adverse economic impact of the COVID-19 pandemic, and government regulation of hospitals and healthcare providers in connection with same (as further detailed in our Current Report on Form 8-K filed with the SEC on April 8, 2020); (iii) our expectations regarding annual guidance for net income and NFFO per share; (iv) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate acquisitions and investments; (v) the nature and extent of our current and future competition; (vi) macroeconomic conditions, such as a disruption of or lack of access to the capital markets or movements in currency exchange rates; (vii) our ability to obtain debt financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and pay down, refinance, restructure or extend our indebtedness as it becomes due; (viii) increases in our borrowing costs as a result of changes in interest rates and other factors; (ix) international, national and local economic, real estate and other market conditions, which may negatively impact, among other things, the financial condition of our tenants, lenders and institutions that hold our cash balances, and may expose us to increased risks of default by these parties; (x) factors affecting the real estate industry generally or the healthcare real estate industry in particular; (xi) our ability to maintain our status as a REIT for federal and state income tax purposes; (xii) federal and state healthcare and other regulatory requirements, as well as those in the foreign jurisdictions where we own properties; (xiii) the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain equity or debt financing secured by our properties or on an unsecured basis; (xiv) the ability of our tenants and operators to operate profitably and generate positive cash flow, 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; (xv) potential environmental contingencies and other liabilities; (xvi) the risk that the expected sale of three Connecticut hospitals currently leased to Prospect does not occur; (xvii) the risk that MPT's expected sale of its remaining Australian portfolio does not occur; (xviii) the risk that other property sales, loan repayments, and other capital recycling transactions do not occur; and (xix) the risks and uncertainties of litigation. The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk factors discussed under the section captioned "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and as updated in our quarterly reports on Form 10-Q. Forward-looking statements are inherently uncertain and actual performance or outcomes may vary materially from any forward-looking statements and the assumptions on which those statements are based. Readers are cautioned to not place undue reliance on forward-looking statements as predictions of future events. We disclaim any responsibility to update such forward-looking statements, which speak only as of the date on which they were made.#4TABLE OF CONTENTS Current Valuation Disconnect 6 The Unchanged Business Model 7 Economic Perceptions 8 Myth/Fact: Distorted Narrative 9 MPT Investments Hold Their Value IO Flexibility to Address Debt Maturities II-12 Business Model Designed for Inflation 4#5THERE IS AN UNWARRANTED VALUATION DISCONNECT IN MPT DISCONNECT IS NOT CAUSED BY CHANGES IN THE BUSINESS MODEL OR EXECUTION Metric Peer Current Valuation¹ MPT Current¹ MPT Historical Average (2012-2022)² 2023E NFFO Multiple 13.9x 5.3x 11.6x 2023E AFFO Multiple 16.5x 6.6x 13.5x Dividend Yield 5.8% 14.1% 6.3% NAV Premium/Discount -3% -41% 17% NFFO Multiple NAV Premium/Discount 20.0x 50% 18.0x 40% 16.0x 30% 15.1x 14.0x 20% 13.9x 10% 12.0x 11.6x 0% 10.0x -10% 8.0x -20% 6.0x 5.3x -30% 4.0x -40% 2.0x -50% 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2013 2014 2015 2016 2017 2018 2019 MPT NFFO Multiple ...... MPT Average NFFO Multiple MPT NAV Premium/Discount Peer NFFO Multiple ...... Peer Average NFFO Multiple Peer NAV Premium/Discount -3% -41% 2020 2021 2022 2023E 17% 12% MPT Average NAV Premium/Discount ...... Peer Average NAV Premium/Discount 1 Current valuation for MPT and peer group (simple average of WELL, VTR, PEAK, HR and OHI) is based on consensus estimates, most recent declared dividends and pricing as of 5/31/2023 2 Historical multiples and yields calculated based on A) average share price for each individual year and B) actual reported full-year NFFO/Core FFO, AFFO or dividends declared; consensus NAV for historical periods represents average of monthly consensus estimates during each year MPT 5#6WHAT HAS NOT CHANGED... MPT INVESTS IN REAL HOSPITAL ASSETS ➤ Essential to meet demand for highest acuity healthcare needs ➤ Agnostic as to operator ➤ As with any other landlord, if tenant cannot pay rent, a new tenant is found ➤ Day to day tenant operations do not impact collection of rent ➤ Rent expense is a small portion of tenant's net revenue ✰✰✰ Physical Quality Demographics and Market Well-maintained ➤ Modern technology ➤ High replacement cost ➤ Patient demand growth ➤ Sustainable reimbursement sources ➤ Desirable location ➤ Growth constraints on existing competitors Competition ➤ Scarcity of developable real estate ➤ High start-up costs for and/or regulatory limits on new entrants ➤ Facility-level operations generate strong rent coverage Financial ➤ High-quality and diverse reimbursement sources ➤ Diverse referral sources Infrastructure Characteristics, Specialized Underwriting and Master Lease and Collateral Agreements •Lease termination extremely rare • Facilitates efficient tenant replacement • Real assets continue to demand tenancy and achieve growing cash rent MPT 00 6#7THE BUSINESS MODEL IS PERFORMING 7.0% 5.0% MPT DESIGNED ITS STRATEGY TO ACCOMMODATE EXPECTED PERIODS OF HIGH INFLATION Inflation and Interest Rates¹ 3.0% 1.0% -1.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YoY Growth in December U.S. CPI -Year-End U.S. 10-Year Treasury Yield GLOBAL PANDEMIC AND RELATED DISRUPTION TO LABOR MARKETS WAS NOT ANTICIPATED, YET: TTM EBITDARM Coverages Stable Since 2Q21 and Highest Among Health Care REIT NNN Portfolios² 250 3.5x 2.9x 3.0x 2.5x 2.0x 1.5x 1.0x 1Q18 2Q18 3Q18 4Q18 4Q19 1Q20 2Q20 3Q20 2.7x 200 1.4x Preliminary TTM Q1 2023 result for domestic general acute hospitals 2Q22 3Q22 4Q22 1Q23E TTM EBITDARM Coverage (domestic general acute, excluding CARES Act grants) 1 Federal Reserve Bank of St. Louis 2 Excludes Prospect and sold Prime hospitals for all periods 100 150 Similarly, Hospital Reimbursement is Designed to Adjust to Inflation Trends 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 8T07 TOZ +3.0% CAGR +2.5% CAGR Inpatient Hospital Market Basket - Final Rule (Centers for Medicare and Medicaid Services; indexed) U.S. CPI (Bureau of Labor Statistics; indexed) 2019 2020 2021 2022 2023 MPT 7#8WHAT IS THE NARRATIVE SURROUNDING THE STOCK, AND WHAT HAS MPT BEEN DOING? MPT REMAINS FOCUSED ON EXECUTING ITS PROVEN STRATEGY DESPITE REPEATED FALSE AND MISLEADING CLAIMS PERPETUATED PRIMARILY BY SHORT-SELLERS ➤ Myopic attention from critics on tenant matters that do not affect rent collections • Esoteric accounting principles • Hiring of financial advisors • Timing of refinancings • Point-in-time coverage calculations • Staffing levels • Industry operating margins False Claims X MPT consciously overpays for real estate X MPT engages in "round-tripping" of rents X Tenants are in a weak financial position and unable to continue paying rents Facts Valuations repeatedly validated by transactions with sophisticated investors ✓ Achieved unprecedented valuation (47% gain on sale of real estate) on sale of eight hospitals to partnership with Macquarie ✓ Completed sale of Australia portfolio at 5.7% cap rate during a period of global capital markets disruption Executed and/or announced nearly $500 mm in profitable asset sales to Prime It is simply not possible to "round-trip" funds sent directly to third parties ✓ Virtually all of $27.5 mm investment in new hospital near Houston, TX paid directly to the former owner/developer of the real estate along with contractors, architects, suppliers and other third parties When MPT acquired 11 hospitals as part of the IASIS/Steward merger, it paid $1.4 bn directly to an IASIS bank account ✓ Read more in MPT's full defamation lawsuit Recent actions demonstrate MPT's careful lease structuring and effective portfolio management Outstanding financial outcome and validation of underwriting and master lease structuring for Pipeline Los Angeles hospitals Expect resolution of Prospect exposure, with reasonable likelihood all 1Q23 assets are recovered Long-standing diversification goals achieved, including Steward concentration With improving macroeconomic trends for hospitals, seeing strong and improving tenant rent coverage as well as rapid tenant balance sheet improvement, especially for Steward MPT 8#9MPT'S HOSPITAL INVESTMENTS HOLD THEIR VALUE EVEN IN THE POST-COVID INFLATIONARY PERIOD OF 2022/2023, MARKET TRANSACTIONS PROVE THAT MPT'S ASSETS ARE WORTH MORE THAN THE AMOUNT ORIGINALLY INVESTED Transaction Type Original Cost Basis Confirmed Value Eight Steward Massachusetts Hospitals $1.2 bn $1.7 bn Prime Master Leases I-III $460 mm $460 mm Prospect Connecticut Sale $457 mm $457 mm Australia Sale Individual properties Leasing A$1.2 bn+ A$1.2 bn $140 mm $150 mm $1.2 bn $1.5 bn¹ ! OpCo Sale $190 mm $250 mm² $4.4 bn $5.3 bn Detail Partnership agreement with Macquarie Asset Management Above-market rents generate double-digit unlevered IRRS Yale New Haven's demand for real estate facilitates MPT's sale at value 5.7% cash cap rate on sale achieved during global capital markets disruption Former Adeptus hospitals in TX, as well as Dodge City, KS CommonSpirit Utah lease Springstone loan repayment SPRINGSTONE INVESTMENT DEMONSTRATES STRATEGIC BENEFITS OF INVESTING IN OPERATIONS ➤ $950 mm Q4 2021 platform acquisition from private seller ➤ In August 2022, less than one year after closing of initial transaction, Lifepoint agreed to transactions that re-valued the business from $190 mm to $250 mm 1 Confirmed value of leasing transaction applies assumed 6.5% cap rate to 2024E cash rent from CommonSpirit 2 Includes Springstone management's share MPT 9#10DEBT MATURITIES ADDRESSED THROUGH 2024 AMPLE FLEXIBILITY TO ADDRESS SUBSEQUENT MATURITIES As of 3/31/2023 (thousands) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2023 GBP Notes $493,480 2024 AUD Bank Term Loan $802,200 Full repayment expected from sale of Australian portfolio in 2023 2024 GBP Term Loan $129,353 2025 GBP Bank Term Loan $863,590 Repayment from 2025 EUR Notes anticipated property $541,950 sales and cash reserves 2026 GBP Notes $616,850 2026 Credit Facility Revolver $1,031,037 2026 USD Notes $500,000 2026 EUR Notes $541,950 2027 USD Notes 2027 Credit Facility Term Loan 2028 GBP Notes $1,400,000 $200,000 $740,220 2029 USD Notes 2030 GBP Notes 2031 USD Notes Total $900,000 $431,795 $1,300,000 $493,480 $931,553 $1,405,540 $2,689,837 $1,600,000 $740,220 $900,000 $431,795 $1,300,000 Financing Strategies from 2025: Extend GBP Term Loan Refinance Credit Facility JV and Asset Sales at Profitable Pricing ⚫Refinance Maturing Bonds ➤ $1.4 bn closed and binding dispositions and loan repayments to fund the repayment of $1.4 bn in 2023/2024 debt maturities ➤ Roughly $1 bn immediate liquidity at 3/31/2023 ➤ Near-term investment spending highly selective ➤ ~$19.1 bn unencumbered asset base Consider the impact of compounding CPI-linked rent escalators when debt maturities do approach... MPT 10#11BUSINESS MODEL DESIGNED FOR INFLATION CPI-BASED ESCALATORS & STAGGERED DEBT MATURITIES Scenario-Based Exercise: Projected Annual Cash Income in Excess of Interest Expense and Dividends 2024-2033E (thousands) 1,2,3,4 $350,000 $300,000 $250,000 $200,000 PRIMARY ASSUMPTIONS Zero recovery of Prospect-related collateral outside of expected $355 mm cash CT sale proceeds ➤ All consolidated refinancing (including lines of credit and term loans) executed with long-term, fixed rate debt No incremental acquisitions, and no incremental spending nor future revenue contribution related to ongoing capital projects with scheduled rent commencement post-Q2 2023 $150,000 $100,000 $50,000 $- 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E Low Inflation ■Moderate Inflation High Inflation Scenario 1: Low Inflation 2: Moderate Inflation 3: High Inflation 10-Year Cash Rent CAGR Fixed, Long-Term Refinancing Rate 2.0% 6.0% 3.5% 7.5% 5.0% 9.0% Cumulative Cash Flow in Excess of Interest and Dividends ~$570,000 ~$755,000 ~$1,050,000 1 Includes MPT proportionate interest in unconsolidated revenue and interest expense; assumes +2% annual increase in interest income to account for escalators on mortgage investments, current quarterly dividend of $0.29 per share, current share count, static cash expense run-rate approximating $160 mm annually to account for cash G&A and normalized income tax expenses 2 Assumes proceeds from expected Australia sale, Steward loan repayment, sale of Prospect hospitals in CT (cash only), Prime repurchase option and incremental revolver draws, net of amounts reinvested in acquisitions and developments with rent commencements in Q2 2023, are used to repay all 2023 and 2024 debt maturities 3 Includes assumption that cash rents related to Prospect California properties resume at 50% beginning in September 2023 and re-stabilize at full cash yield by the end of 1Q24; further assumes that MPT collects cash interest on $150 mm PA mortgage for duration of analysis 4 Assumes (secured) unconsolidated debt is refinanced at 4.5%, 6% and 7.5% in low, moderate and high-inflation scenarios, respectively MPT 11#12BUSINESS MODEL DESIGNED FOR INFLATION CASE STUDY: 2017 REAL ESTATE INVESTMENTS CPI-BASED RENT ESCALATORS PROTECT INVESTMENT SPREADS, BY DESIGN 2017 Real Estate Investment Summary ➤ $2.1 bn invested at 7.6% blended initial cash yield (U.S. hospitals in 9 states with 3 operators, German IRFs)¹ ➤ Investments coincided with issuance of €500 mm 3.325% Notes Due 2025 and $1.4 bn 5.0% Notes Due 2027 (~4.5% blended rate)² ➤ Initial cash cap rate, less cost of debt, represents a~310bps spread ➤ Cash yield-on-cost has since escalated to ~8.75% for 2023 Scenario Assumed 2023-2027 Assumed '25 € Assumed '27 $ Refinancing Refinancing 2027 Cash Yield-on-Cost Refinanced Cost of Debt Rent CAGR³ Rate Rate Spread to Refinanced Cost of Debt Low Inflation 2.3% 5.0% 6.0% 9.6% 5.7% 390bps Moderate Inflation 3.5% 6.5% 7.5% 10.0% 7.2% 280bps High Inflation 5.0% 8.0% 9.0% 10.6% 8.7% 190bps ~$40 to 65 mm increase in annual cash rents from 2017 to 2027 ➤ Major implications for portfolio value (~$600 mm to $1 bn at 6.5% cap rate) Achieves intended offset to inflation-driven increases in debt cost 1 Excludes $100 mm investment in Steward equity and development deliveries 2 Investments presented as entirely debt-funded for illustration purposes; MPT also completed ~$1 bn in follow-on offering and private placement of common stock in September of 2016 and raised ~$570 mm in a subsequent follow-on offering in April of 2017 3 Reflects 3% fixed escalator on Utah properties now operated by CommonSpirit, includes additional amounts paid related to Utah via Steward master lease and escalates German rents at 70% of CPI MPT 12 12