Windrose Medical Properties Trust Acquires Five Medical Office Buildings for $29.4 Million
02 Junho 2006 - 3:32PM
PR Newswire (US)
INDIANAPOLIS, June 2 /PRNewswire-FirstCall/ -- Windrose Medical
Properties Trust (NYSE:WRS), a self-managed specialty medical
properties real estate investment trust (REIT), announced today
that it has acquired five medical office buildings for an aggregate
consideration of $29.4 million. Windrose acquired the properties
through an $18 million loan from Charter Bank, with the balance
paid in cash or drawn from Windrose's Line of Credit with
Huntington National Bank. The properties represent more than
334,400 rentable square feet, and all were affiliated with the
Baptist Health System of Birmingham, AL. Baptist Health System was
represented by Shattuck Hammond Partners throughout the
transaction. A description of each of the properties is provided
below: * Baptist Princeton Professional Office Building 1 -- The
eight-story medical office building is located on the campus of the
Baptist Princeton Medical Center and contains 66,108 rentable
square feet. The property contains an additional 7,280 square feet
of condominium space that is owned by Baptist physicians. * Baptist
Princeton Professional Office Building 2 -- The five-story medical
office building is located on the campus of the Baptist Princeton
Medical Center and contains 57,629 rentable square feet. The
property contains an additional 15,618 square feet of condominium
space that is owned by Baptist physicians. * Baptist Princeton
Professional Office Building 3 -- The five-story medical office
building is located on the campus of the Baptist Princeton Medical
Center and contains 127,149 rentable square feet. * Baptist Health
Center Cahaba Valley -- The two-story medical office building is
located along the Cahaba Valley Parkway within the Cahaba Valley
Business Park. The facility contains 25,984 rentable square feet. *
Baptist Health Center Trussville Clinic -- The two-story medical
office building is located along the east margin of Valley Road,
near Interstate 59 and Chalkville Mountain Road. The facility
contains 23,270 rentable square feet. In addition to acquiring the
five medical office buildings, Windrose will be self-developing an
estimated 60,000 square foot medical office building on the
Citizens Baptist Medical Center campus in Talladega, AL.
Development activities will be handled through Windrose's
subsidiary, Hospital Affiliates Development Corporation (HADC).
"With the acquisition of these five properties and the development
of a sixth, these transactions demonstrate our unique capabilities
in developing, acquiring, owning, and managing medical properties,"
said Fred S. Klipsch, Chairman and Chief Executive Officer. "We
have also begun a significant relationship with the Baptist Health
System, the largest health system in Alabama, which further
strengthens our presence in the Southeast." "We are very pleased to
have reached this agreement with Windrose. Our goal was to identify
a company that shares our commitment of providing outstanding
physician office space on our hospitals' campuses, as well as
quality space for our Baptist Health Center physicians," said Doug
Davenport, Baptist Health System Senior Vice President and CFO. "We
see this transaction as a continuation of that commitment and one
that is consistent with the goals of Windrose." 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 related to the development of a medical office
building. 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
difficulties incurred in connection with developing the medical
office building, financial performance and condition of our
tenants, adverse changes in healthcare laws, changes in economic
and general business conditions, competition for specialty medical
properties, our ability to finance our operations, 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: Investors /
Media: Windrose Medical Properties Trust The Ruth Group Fred Farrar
Stephanie Carrington / Jason Rando President and COO 646 536-7017 /
7025 317 860-8213 DATASOURCE: Windrose Medical Properties Trust
CONTACT: Fred Farrar, President and COO of Windrose Medical
Properties Trust, +1-317-860-8213; or Investors / Media: Stephanie
Carrington, +1-646-536-7017, , or Jason Rando, +1-646-536-7025, ,
both of The Ruth Group Web site: http://www.windrosempt.com/
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