Medical Properties to Extend Nu-Med Pact

Medical Properties Inc., an Encino-based real estate investment trust, said it has agreed to extend its standstill agreement with Nu-Med Inc., an affiliated Encino company that rents Medical Properties’ health-care facilities.

Under the agreement, Medical Properties has promised not to declare Nu-Med in default if the hospital operator fails to pay its rent. During the extended period, which runs from June 30 to Aug. 31, Medical Properties said, it will receive $60,000 per month from Nu-Med.

Medical Properties, which posted a $945,000 loss in the quarter ended March 31, previously said it will not be able to continue operating if it can’t restructure its lease agreements and sell its hospital and adjacent medical office building in La Mirada. The company did not receive its $1.3 million rent payment due from Nu-Med during the March 31 quarter.