September 21, 2005 Acquisition of Land for Bucks County Hospital Medical Properties Trust, Inc. (NYSE: MPW) announced today that it has closed on the acquisition of land and has executed development and lease agreements for the Bucks County Oncoplastic Institute, a previously announced women’s hospital and medical office building to be constructed in Bucks County, Pennsylvania, a part of the metropolitan Philadelphia area. Site development and construction are expected to commence next month. The hospital facilities will be leased to affiliates of Diversified Specialty Institutes, Inc. (“DSI”) pursuant to a long-term absolute net lease that provides for percentage rents to be paid to Medical Properties Trust. DSI is a Nashville based operator of specialty care facilities whose principals have a successful history of building healthcare companies. The estimated total development costs of the hospital and medical office building are approximately $38 million. Subject to weather’s effect on construction, DSI expects to commence operations in the fourth quarter of 2006. Edward K. Aldag, Jr., MPT’s chairman, president and CEO, described the transaction, “The development of Bucks County Oncoplastic Institute is further evidence of the demand in this country for healthcare facilities that focus on specific patients and conditions. The doctors who will practice at the hospital will offer Philadelphia-area women cutting edge care, particularly in the area of breast cancer and reconstruction, including the latest technology in digital mammography.” ABOUT MEDICAL PROPERTIES TRUST, INC. |
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______________________________________________________ Diversified Specialty Institutes, Inc. / DSI |
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