05:40 PM EDT, 08/28/2025 (MT Newswires) -- Medical Properties Trust ( MPW ) said late Thursday it signed a new lease agreement with NOR Healthcare Systems for six California facilities.

The deal, part of NOR Healthcare's acquisition of Prospect Medical Group's California operations, is expected to close in 2025.

The master lease carries an initial annual rent of $45 million, in line with Prospect's previously scheduled 2025 rent, and includes consumer price index-based escalators beginning in 2026.

The agreement allows a six-month full rent deferral, followed by six months at half rent, with all deferred amounts to be repaid over the lease term.

Medical Properties Trust ( MPW ) also committed to fund up to $60 million in seismic upgrades over four years, which will be added to the lease base and generate additional rent at the prevailing yield.