Medical Properties Trust, Inc. Completes Three Transactions in Texas and Louisiana Totaling $81.5 Million.BIRMINGHAM, Ala. -- Medical Properties Trust, Inc. announced today that it has completed acquisition and development transactions for two healthcare facilities with an aggregate investment value of approximately $75.5 million and funded a $6.0 million loan relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a third facility. The largest transaction involves the development of North Cypress Medical Center ("NCMC NCMC National Communications and Media Commission (Iraq) NCMC North Central Missouri College NCMC National Capital Medical Center (Washington, DC) NCMC North Central Michigan College ") in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , with a total estimated development cost of approximately $64 million. In addition to the Texas transaction, the Company acquired Gulf States Long-Term Acute Care Hospital of Covington, Louisiana The city of Covington is the parish seat of St. Tammany Parish, in the US state of Louisiana. [1] [2] It is located at a fork of the Bogue Falaya and the Tchefuncte River. The population was 8,483 at the 2000 census, and was estimated to be 9,347 in July 2005. , for approximately $11.5 million, and made a $6.0 million mortgage loan secured by a facility occupied by Gulf States Long-Term Acute Care Hospital of Denham Springs, Louisiana Denham Springs is a city in Livingston Parish, Louisiana, United States. The population was 10,206 at a 2005 population estimate. Geography Denham Springs is located at (30.479739, -90.954105)GR1. . Medical Properties Trust expects to acquire the Denham Springs facility for the loan amount if certain requirements are satisfied. North Cypress Medical Center is a planned 88-bed general acute care hospital under development in northwest Houston. The operator will be a partnership comprised of approximately 80 local physicians, including its chairman, Robert A. Behar, M.D., and Surgical Development Partners, LLP LLP - Lower Layer Protocol , a hospital management company based in Brentwood, Tennessee Brentwood is a city in Williamson County, Tennessee, United States. The population was 23,445 as of the U.S. Census Bureau's 2000 census, and as of 2007, Brentwood's population has increased to over 30,000. Brentwood is an affluent Nashville suburb. . Upon completion of the development, which is projected for the fourth quarter of 2006, NCMC will lease the facility for an initial term of 15 years, with three renewal options of five years each. The Covington long-term acute care facility, which is located approximately 40 miles north of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , contains 58 beds. The Denham Springs facility, which is situated approximately 16 miles west of Baton Rouge, includes 59 beds. Both are operated by affiliates of Gulf States Health Services health services Managed care The benefits covered under a health contract , Inc., a hospital management company based in Baton Rouge. The Covington lease and the Denham Springs loan are cross-defaulted. In the event that the Company acquires the Denham Springs facility, that lease also will be cross-defaulted. The current lease and loan agreements are for initial terms of 15 years and the lease agreement includes three renewal options of five years each. If the Company acquires the Denham Springs facility, the loan will be cancelled and the lease will have an initial term of 15 years and will include three five-year renewal options. Edward K. Aldag, Jr., the Company's Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Medical Properties Trust continues to implement its strategy of providing lease financing on a triple-net-lease basis to healthcare providers from coast to coast." "The new North Cypress Medical Center development in one of Houston's fastest-growing areas is yet another example of the Company's commitment to investing in the future of healthcare," Mr. Aldag added. "We are also delighted to be working with another group of local physicians in Houston." ABOUT MEDICAL PROPERTIES TRUST, INC. Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers ambulatory surgery center A free-standing center that performs various types of surgery and other single-discipline healthcare facilities, such as heart hospitals, orthopedic hospitals and cancer centers. The statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially. Such statements include, but are not limited to, the Company's acquisition and leasing of the Denham Springs facility and the development and leasing of the NCMC facility. Words such as "expects," "believes," "anticipates," "intends," "will," "should" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties that could cause actual results or future events to differ materially. |
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