Hoag Hospital Announces Agreement to Open Irv...( Hoag to leas...),Health

Hoag to lease hospital facility on Sand Canyon Avenue

Newport Beach, CA (Vocus) July 24, 2008 -- Hoag Memorial Hospital Presbyterian has reached an agreement with HCP, Inc. (NYSE: HCP), a Real Estate Investment Trust headquartered in Long Beach, CA, to lease its 175-bed hospital facility on Sand Canyon Avenue near the 405 freeway in Irvine, CA.

The facility is currently operated by Tenet Healthcare Corporation (NYSE: THC) as Irvine Regional Hospital and Medical Center. Tenet has announced it will not renew its lease of the facility beyond February 2009. Hoag Hospital will occupy the facility after that date. Plans for operation of the facility as an acute care general hospital are in progress and will be developed in concert with the community and local and state officials.

"The availability of this facility provides a wonderful opportunity to improve and expand access to Hoag services for the residents of Irvine and south Orange County," stated Richard Afable, M.D., president and CEO of Hoag Hospital. "Our goal is to bring excellence in medical and patient care services closer to home for the residents of our local communities," said Dr.Afable.

About Hoag Memorial Hospital Presbyterian
Hoag Memorial Hospital Presbyterian (www.hoaghospital.org) is a 498-bed, not-for-profit, acute care hospital located in Newport Beach, CA. Fully accredited by The Joint Commission and designated as a Magnet hospital by the American Nurses Credentialing Center (ANCC), Hoag offers a comprehensive mix of health care services, including Centers of Excellence in cancer, heart and vascular, neurosciences, orthopedics and women's health. Recent studies released by Health Grades place Hoag among the top 5 percent of hospitals in the nation for both Clinical Exce
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