Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

Medical Properties Trust, Inc.

The following table sets forth Medical Properties, Inc.’s ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends for the periods indicated below.

	Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2013			Year Ended December 31, 2014			Year Ended December 31, 2015			Six Months Ended June 30, 2016
Income From Continuing Operations Before Income Taxes	$	12,070		$	72,712		$	89,803		$	50,864		$	141,101		$	112,335
Fixed Charges		58,964			60,011			68,654			101,914			126,887			82,213
Amortization of Capitalized Interest		204			227			271			318			355			163
Capitalized Interest		(896	)		(1,596	)		(1,729	)		(1,860	)		(1,425	)		(1,224	)
Earnings	$	70,342		$	131,354		$	156,999		$	151,236		$	266,918		$	193,487
Interest Expense/Debt Refinancing Costs	$	58,026		$	58,243		$	66,746		$	99,854		$	125,252		$	80,874
Portion of Rent Related to Interest		42			172			179			200			210			115
Capitalized Interest		896			1,596			1,729			1,860			1,425			1,224
Fixed Charges	$	58,964		$	60,011		$	68,654		$	101,914		$	126,887		$	82,213
Preferred Stock Dividends		—			—			—			—			—			—
Combined Fixed Charges and Preferred Stock Dividends	$	58,964		$	60,011		$	68,654		$	101,914		$	126,887		$	82,213
Ratio of Earnings to Fixed Charges		1.19x			2.19x			2.29x			1.48x			2.10x			2.35x

Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For these purposes, “earnings” is the amount resulting from adding together income (loss) from continuing operations, fixed charges, and amortization of capitalized interest and subtracting interest capitalized. “Fixed charges” is the amount resulting from adding together interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and the interest portion of rent.

Computation of Ratio of Earnings to Fixed Charges

MPT Operating Partnership, L.P.

The following table sets forth MPT Operating Partnership, L.P.’s ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends for the periods indicated below.

	Year Ended December 31, 2011		Year Ended December 31, 2012		Year Ended December 31, 2013		Year Ended December 31, 2014		Year Ended December 31, 2015		Six Months Ended June 30, 2016
Income From Continuing Operations Before Income Taxes	$	12,087	$	72,712	$	89,803	$	50,864	$	141,101	$	112,335

Fixed Charges		58,964			60,011			68,654			101,914			126,887			82,213
Amortization of Capitalized Interest		204			227			271			318			355			163
Capitalized Interest		(896	)		(1,596	)		(1,729	)		(1,860	)		(1,425	)		(1,224	)
Earnings	$	70,359		$	131,354		$	156,999		$	151,236		$	266,918		$	193,487
Interest Expense/Debt Refinancing Costs	$	58,026		$	58,243		$	66,746		$	99,854		$	125,252		$	80,874
Portion of Rent Related to Interest		42			172			179			200			210			115
Capitalized Interest		896			1,596			1,729			1,860			1,425			1,224
Fixed Charges	$	58,964		$	60,011		$	68,654		$	101,914		$	126,887		$	82,213
Preferred Stock Dividends		—			—			—			—			—			—
Combined Fixed Charges and Preferred Stock Dividends	$	58,964		$	60,011		$	68,654		$	101,914		$	126,887		$	82,213
Ratio of Earnings to Fixed Charges		1.19x			2.19x			2.29x			1.48x			2.10x			2.35x

Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For these purposes, “earnings” is the amount resulting from adding together income (loss) from continuing operations, fixed charges, and amortization of capitalized interest and subtracting interest capitalized. “Fixed charges” is the amount resulting from adding together interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and the interest portion of rent.