Expands certificate of need requirement to certain sale or lease agreements involving hospitals.

This bill expands New Jersey's certificate of need requirements to cover specific sale or lease agreements between hospital owners and real estate investment trusts. It mandates that the Department of Health review and approve these deals before they proceed, ensuring the transaction does not jeopardize public health or the hospital's financial stability. Additionally, the legislation requires these agreements to use a standardized contract form that includes protections like performance-based refund clauses, priority rights for lessees to buy the hospital, and flexible rent terms during financial hardships. Finally, the law requires hospital owners entering into such leases to submit annual financial reports detailing the costs associated with the agreement.