Windrose Medical Properties Trust Executes Agreements to Acquire Three Properties for $81.3 Million
March 07 2006 - 5:49PM
PR Newswire (US)
INDIANAPOLIS, March 7 /PRNewswire-FirstCall/ -- Windrose Medical
Properties Trust (NYSE:WRS), a self-managed specialty medical
properties REIT, announced today that it has executed contracts to
acquire a portfolio of 3 properties for a total purchase
consideration of approximately $81.3 million, subject to customary
closing conditions, adjustments and other allocations, including
Windrose's due diligence. The sellers have agreed to receive
approximately $5.6 million of the purchase price in units of
limited partnership ("Units") in Windrose Medical Properties, L.P.,
Windrose's operating partnership, with each Unit valued at $15.00
per Unit. The portfolio consists of approximately 231,530 rentable
square feet, all located in major markets in Texas. The first
property is a long term acute care hospital consisting of
approximately 92,420 rentable square feet located in the Houston,
Texas market. The second property is an integrated medical plaza
that includes an ambulatory surgery center specializing in
bariatrics with associated imaging and physician office space
consisting of approximately 79,040 rentable square feet located in
the Houston, Texas market. The third property is an integrated
medical plaza that includes an ambulatory surgery center consisting
of approximately 60,070 rentable square footage located in the San
Antonio, Texas market. The transaction is expected to close in the
second quarter of 2006. All three properties are debt free, and
Windrose intends to pursue various debt sources, including placing
property level debt of approximately $48-50 million on the
properties at the time of the acquisitions. Windrose currently has
available lines of credit, including the recently announced amended
and restated senior secured revolving credit facility, which
provides Windrose with up to $30 million in available credit. Fred
S. Klipsch, Chairman and Chief Executive Officer, stated, "This
portfolio is a significant acquisition for Windrose and will
appreciably increase our operating portfolio of high quality
revenue generating properties. These properties include a long term
acute care hospital as part of an expanding hospital campus, an
integrated medical plaza that includes an ambulatory surgery center
specializing in bariatrics and an integrated medical plaza that
includes an ambulatory surgery center." Fred Farrar, President,
added, "These assets represent properties from another established
medical developer and a relationship that we believe has the
potential for additional acquisitions. We believe that our strategy
of partnering with established developers is proving successful."
About Windrose Windrose is a self-managed real estate investment
trust (REIT) based in Indianapolis, Indiana with offices in
Nashville, Tennessee. Windrose was formed to acquire, selectively
develop and manage specialty medical properties, such as medical
office buildings, outpatient treatment diagnostic facilities,
physician group practice clinics, ambulatory surgery centers,
specialty hospitals, outpatient treatment centers and other
healthcare related specialty properties. Safe Harbor Some of the
statements in this news release constitute forward-looking
statements. Such statements include, in particular, statements
about our beliefs, expectations, plans and strategies that are not
historical facts and statements relating to the acquisitions of the
three properties discussed in this news release and our
relationships with developers. You should not rely on our
forward-looking statements because the matters they describe are
subject to known and unknown risks, uncertainties, assumptions and
changes in circumstances, many of which are beyond our control,
which may cause our actual results to differ significantly from
those expressed in any forward- looking statement. The factors that
could cause actual results to differ materially from current
expectations include financial performance and condition of our
tenants, our ability to complete the acquisitions of these three
properties, adverse changes in healthcare laws, changes in economic
and general business conditions, competition for specialty medical
properties, our ability to finance our operations, the availability
of additional acquisitions, regulatory conditions and other factors
described from time to time in filings we make with the Securities
and Exchange Commission. The forward-looking statements contained
herein represent our judgment as of the date hereof and we caution
readers not to place undue reliance on such statements. We do not
undertake to publicly update or revise any forward- looking
statement whether as a result of new information, future events or
otherwise. Contact: Windrose Medical Properties Trust
Investors/Media: Fred Farrar The Ruth Group President and COO
Stephanie Carrington/Jason Rando 317 860-8213 646 536-7017/7025
DATASOURCE: Windrose Medical Properties Trust CONTACT: Fred Farrar,
President and COO of Windrose Medical Properties Trust,
+1-317-860-8213, or Investors: Stephanie Carrington,
+1-646-536-7017, , or Media: Jason Rando, +1-646-536-7025, , both
of The Ruth Group for Windrose Medical Properties Trust
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