BIRMINGHAM, Ala.--(BUSINESS WIRE)--Sep. 4, 2012--
Medical Properties Trust, Inc. (NYSE: MPW) announced today that Monroe
Hospital, a Medical Properties Trust acute care hospital facility, has
entered into a four year agreement with St. Vincent Health, Inc. (a
member of Ascension Health). Under the terms of the agreement St.
Vincent Health will manage and operate Monroe Hospital in Bloomington,
IN. In addition, Medical Properties Trust and St. Vincent Health have
also signed a letter of intent providing St. Vincent Health with the
option to purchase or lease the hospital facilities and purchase the
Monroe Hospital operations.
“We believe this commitment and significant investment of resources by
St. Vincent Health underscore the long-term viability, stability and
need for Monroe Hospital in the Bloomington market,” said Edward K.
Aldag, Jr., Chairman, President and CEO of Medical Property Trust. “St.
Vincent Health has long been considered a top healthcare provider in
Indiana, and we believe its major presence in the local market will
attract many Bloomington-area physicians and surgeons to the
state-of-the-art facilities at Monroe Hospital. We look forward to a
successful relationship with the community and the St. Vincent Health
management team.”
The management agreement, which is between Monroe Hospital LLC and St.
Vincent Health, provides that St. Vincent Health will manage operations
for Monroe Hospital with the intent of enhancing local healthcare for
the community. During the term of the management agreement, St. Vincent
Health will oversee quality efforts, physician relations, patient
experience, finance, and other functions with the goal of increasing
efficiency, enhancing quality-of-care and reducing costs. Monroe
Hospital was previously managed by Vibra Acute Care, LLC, an affiliate
of national hospital operator Vibra Healthcare.
“Brad Hollinger and his management team at Vibra have operated
exceptionally and positioned Monroe Hospital as an attractive hospital
in the Bloomington market,” continued Mr. Aldag. “We are grateful for
their dedication to the community and appreciate their continued
assistance as operations of Monroe Hospital are successfully
transitioned to the management team at St. Vincent Health.”
The letter of intent between Medical Properties Trust and St. Vincent
Health establishes a timeline for the negotiation of terms under which
St. Vincent Health could purchase the Monroe Hospital operating assets
from the existing owner and purchase or enter into a long-term lease for
the real estate from Medical Properties Trust.
About St.Vincent Health
St. Vincent Health is a nonprofit, spiritually-centered health system,
sponsored by Ascension Health of St. Louis, MO., the nation’s largest
Catholic health system. St. Vincent Health is one of Indiana’s largest
employers with 22 health ministries serving central and southern
Indiana. The 131-year-old health system delivers high quality,
compassionate care in service areas such as cardiovascular, womens,
childrens, neurosciences, cancer care, orthopedics, bariatrics, primary
care, emergency medicine, imaging, general surgery and long-term acute
care. For more information, visit www.stvincent.org.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment
trust that invests in healthcare assets 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 and other single-discipline
healthcare facilities, such as heart hospitals and orthopedic hospitals.
Medical Properties Trust, Inc. is one of the country’s largest investors
in hospital real estate with more than $2.1 billion in assets comprised
of more than 80 hospital facilities and other assets.
The statements in this press release that are forward looking are
based on current expectations, and actual results or future events may
differ materially. 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,
which include, but are not limited to, the operations of Monroe Hospital
and the outcome of any potential purchase or lease of hospital
facilities by St. Vincent. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the
actual results of the Company or future events to differ materially from
those expressed in or underlying such forward-looking statements,
including without limitation: national and economic, business, real
estate and other market conditions; the competitive environment in which
the Company operates; the execution of the Company’s business plan;
financing risks; the Company’s ability to maintain its status as a REIT
for federal income tax purposes; acquisition and development risks;
potential environmental and other liabilities; and other factors
affecting the real estate industry generally or the healthcare real
estate in particular. For further discussion of the factors that could
affect outcomes, please refer to the “Risk Factors” section of the
Company’s Form 10-K, as amended, for the year ended December 31, 2011,
as amended, and our other SEC filings. Except as otherwise required by
the federal securities laws, the Company undertakes no obligation to
update the information in this press release.
Source: Medical Properties Trust, Inc.
Medical Properties Trust, Inc.
Charles Lambert, 205-397-8897
Managing
Director
clambert@medicalpropertiestrust.com