MEDICAL PROPERTIES TRUST INC Q3 FY2024 earnings call

• Steward settlement: Global settlement enabled taking back control of real estate, re-tenanting 17 properties with ~$2.1B lease base, expecting cash rent resumption in Q1 2025, ramping to ~$90M annualized by end 2025 and ~$160M by end 2026, with total annualized cash rent over $1B when fully stabilized. • Asset sales: Sold 18 free-standing EDs and a hospital for ~$246M in Q3, plus Watsonville and others for additional proceeds. • Portfolio performance: U.S. general acute care revenue up, behavioral volumes steady; UK Circle, Priory, Median, Swiss Medical Network had various positive trends.

General Acute Care in the U.S. saw revenue trends benefit from increasing admissions, surgeries, and higher reimbursement rates. Behavioral portfolio had steadily increasing volumes and reduced reliance on contract labor. In the UK, Circle Health saw growth in private medical insurance and self-pay volume. Priory continued to produce positive cash flow, though there are uncertainties in UK referrals. Median's assets in Germany had strong year-to-date performance. Swiss Medical Network had solid top-line growth and opened a Genolier Innovation Hub. U.S. Steward properties not yet transitioned weren't operationally impacting MPT. Absolute terms: Sold 18 free-standing EDs and a hospital for ~$246M, Watsonville sale ~$40M, etc. Revenue contributions: Steward-related portfolio had lease base changes, but other segments like General Acute and Behavioral had varying contributions.

• Expect gradual resumption of cash rent on 17 re-tenant Steward properties starting Q1 2025, ramping to ~$90M annualized by end 2025 and ~$160M by end 2026. • Anticipate MPT's total annualized cash rent to exceed $1B when 17 properties pay full rent. • Actively engaged in discussions for other properties and development projects, with Norwood in talks with state on licensing.

• Uncertainties in UK referrals into behavioral health market for Priory. • Prospect's liquidity impacted by ongoing sales processes, unable to pay rent timely. • Non-binding LOIs and offer sheets for sales have buyer diligence rights and conditions, no certainty of completion.

Q: Talk about why working capital loans to former Steward operators increased to $90 million and timing of expected repayments A: $90 million was additional primary professional fee cost not related to MPT or new operators for transitions. Some operators have replacement ABLs and expect to repay in 2025 Q: Update on PHP sale and write down A: Write down based on most recent reliable info; can't comment on status of PHP sale negotiations Q: Earnings impact of Steward assets not yet transitioned A: These aren't operational facilities like Youngstown, San Antonio, Sharon, Miami; shouldn't have negative impact on MPT Q: New secured and unsecured debt issuance A: Not contemplating now, but hopeful yields on outstanding notes are coming in due to improving macro and Steward resolution Q: Thoughts on '25 term loan maturity A: Have options, liquidity allows for extension, partial extension, or payment with anticipated transactions