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

This New Jersey bill requires hospitals to obtain a state certificate of need before selling or leasing their property to real estate investment trusts, ensuring such deals do not jeopardize public health or the hospital's financial stability. The legislation mandates that these transactions use a standardized contract form developed by the Department of Health, which includes clauses allowing buyers to reclaim funds if performance targets are missed, giving priority to lessees in future sales, and permitting reduced rent during financial hardships. Additionally, the bill requires hospital owners to submit annual financial statements to the Department of Health regarding costs associated with these agreements.