Profile: Medical Properties Trust, Inc. (MPW)

Medical Properties Trust, Inc. (Medical Properties), incorporated on August 27, 2003, is a self-advised real estate investment trust (REIT) that acquires, develops, leases and makes other investments in healthcare facilities providing healthcare services. The Company leases its facilities to healthcare operators pursuant to long-term, net leases. Medical Properties also makes long-term, interest-only mortgage loans to healthcare operators, and from time to time, it also makes working capital and acquisition loans to its tenants. The Company conducts all of its business through its wholly owned subsidiaries, MPT Operating Partnership, L.P. and MPT Development Services, Inc. As of December 31, 2008, the Company’s portfolio consisted of 51 properties, including 48 facilities, which it owns are leased to 14 operators and the remaining in the form of mortgage loans to two operators, totaling an aggregate of approximately 5.3 million square feet and 5,115 licensed beds.

In May 2008, the Company acquired a long-term acute care hospital in Detroit, Michigan. In May 2008, it completed the sale of three rehabilitation facilities to Vibrato Healthcare, LLC (Vibra). As of March 1, 2009, its owned facilities consisted of 21 general acute care hospitals, 13 long-term acute care hospitals, six inpatient rehabilitation hospitals, two medical office buildings and six wellness centers. The non-owned facilities on which the Company has made mortgage loans consist of general acute care facilities.

The leases for the Company’s facilities are net leases with terms requiring the tenant to pay all ongoing operating and maintenance expenses of the facility, including property, casualty, general liability and other insurance coverages, utilities and other charges incurred in the operation of the facilities, as well as real estate taxes, ground lease rent and the costs of capital expenditures, repairs and maintenance. Its leases and loans also provide that its tenants indemnify the Company for environmental liabilities. The Company leases and loans have terms of 3 to 15 years and provide for annual rent or interest escalation and, in some cases, percentage rent. In November 2008, Medical Properties entered into a new lease agreement for Shasta Regional Medical Center in Redding, California.

As of March 1, 2009, Medical Properties had leases with 13 hospital operating companies covering 47 facilities and it had mortgage loans with two hospital operating companies. Affiliates of Prime Healthcare Services, Inc. (Prime) leased 11 of its facilities and the Company had mortgage loans on two facilities owned by affiliates of Prime. During the year ended December 31, 2008, total revenue from Prime affiliates was approximately 33.3% of the total revenue. As of March 1, 2009, Vibra leased six of its facilities. During the year ended December 31, 2008, total revenue from Vibra was approximately 15.8% of the total revenue.