MEDICAL PROPERTIES TRUST INC

12. Subs equent Events

Refinancing

On August 10, 2026, we agreed to a privately negotiated issuance of $2.4 billion in new secured notes. These new notes carry a 9.25% fixed coupon rate and mature in 2032. Approximately $1.0 billion of proceeds from these new notes, in the form of cash, will be used to pay off our 0.993% Senior Unsecured Notes due 2026 in full and redeem approximately 27% of our 5.000% Senior Unsecured Notes due 2027. The remaining proceeds will be in the form of a note exchange to retire a portion of our existing 2027, 2028, 2029, 2030, and 2031 senior unsecured notes. We expect the transaction to close imminently and that we will capture a discount of approximately $123 million, net of certain lender fees and incur customary third-party fees and expenses. With that said, given the senior unsecured notes being paid down with cash have set redemption notice periods, we may not be able to settle these notes for 10 to 30 days.

Infracore Investment Monetization

On July 9, 2026, Infracore SA ("Infracore"), a Swiss hospital real estate company in which we held a non-controlling ownership interest, completed an initial public offering and listing of its shares on the SIX Swiss Exchange under the ticker symbol "INFRAC." The initial listing price was CHF 54.00 per share.

In connection with the offering, Infracore issued approximately 3.7 million new shares and received approximately CHF 200 million in gross proceeds. We sold approximately 0.7 million of our Infracore shares in the offering, resulting in total gross proceeds of approximately CHF 38 million. The offering reduced our ownership interest in Infracore from 70% to approximately 48.5%.

On July 13, 2026, we received approximately CHF 46 million from Infracore related to the repayment of outstanding shareholder loans and payment of the 2023 dividend. We expect to receive approximately CHF 28 million for payment of the 2025 dividends in the third quarter of 2026. Proceeds from the monetization activities above have been or will be used to reduce outstanding debt and for other general corporate purposes.

Property Disposals

On August 10, 2026, we closed on the sale of thefive properties in the Utah partnership, which generated approximately $172 million and is reflective of our investment in this partnership at June 30, 2026. We plan to use proceeds from this sale to reduce outstanding debt and for other general corporate purposes.

Subsequent to June 30, 2026, we have entered into agreements for the sale of certain other assets that could generate $200 million to $400 million in 2026, although no assurances can be given on the amount or timing of such proceeds. These property sales are subject to due diligence, regulatory approvals, and other customary closing conditions.