EFTA Document EFTA01388621

18 October 2016 REITs US REIT 3O16 Earnings Preview [Figure 96: MPW 3O16 results preview sew Snip 081.16•0 Mast* • I t -,,4N A.,,.. to. itt/t.4 itO Morel-Ler, TOM, t.".-Oot ,tatat.I.:Or,kt I ttttoolt tio . w ior.... ..n it If t.-/O P. C fl out , - oc., •.. tv...... col 8016 201O a r. a I t. 31. 3O" 30I amr ow car a Ode Itte90 0ide Porn loss. DIM r. 1' 74 - 1.30 Odds Pee )00tele Cde Updated sector outlooks for acute care hospitals, freestanding emergency rooms, long-term acute care hospitals, and inpatient rehab facilities Additional details on the Steward acquisition and future growth potential stemming from the new relationship with Steward and Cerberus Comments on the pace of $300MM in Median acquisitions and expected timing (2016 closings vs. 2017) Updated investment outlook and which assets/regions are most attractive for capital deployment. With our pro-forma net debt-to-EBITDA of roughly 5.0x we believe MPW has plenty of dry powder to make accretive investments Disposition update and plans to sell additional LTACHs (7% exposure as of last O's call) a Development pipeline update as $62MM of freestanding ER completions are scheduled for 3O16 Operator/tenant update, most notably comments on Prime Healthcare (on-going DOJ lawsuit) and Adeptus Health (views on recent freestanding ER scrutiny) Update on EBITDAR rent coverage (reported on a 1-Q lag) and the impact of 2O16 LTACH and IRF sales on coverage ratios After updating our model to reflect the Steward deal and related financing activity, our 2016 norm FFO/sh estimate remains unchanged at $1.29 (vs. $1.29.51.33 guidance). Our 2017 norm FFO/sh moves to $1.39 from $1.32. Our norm FAD/sh estimates move to $1.17 (from $1.16) in 2016 and to $1.29 (from $1.20) in 2017. Please see Figure 98 for a summary of our full year estimate revisions SOL/Ct DetAICIV &felt ecoroarydast Thomsen Deutsche Bank Securities Inc. Page 53 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092273 CONFIDENTIAL PROT1 PROT0