INDIANAPOLIS, Nov. 18 /PRNewswire-FirstCall/ -- Windrose Medical Properties Trust , a self-managed specialty medical properties REIT, announced today that it has acquired a medical office park in Durham, NC for $14.6 million. Windrose assumed $8.3 million in debt on this property with the balance of the purchase price in cash.
Central Medical Park is located in close proximity to the Durham Regional Hospital, part of the Duke University Health System. The office park consists consists of eight medical office buildings that are 93.8% occupied. The property features 122,250 rentable square feet inclusive of a 2,000 square foot planned building expansion underway for an existing tenant. This acquisition has sufficient land for future medical office development.
Fred Klipsch, Chairman and Chief Executive Officer, stated, “With this acquisition, we have effectively deployed the proceeds from our September equity offering within 45 days of receiving them. At this time, we have $23.4 million outstanding on our $70 million credit facility.”
Fred Farrar, President and Chief Operating Officer, remarked, “This medical office park is attractively situated in close proximity to Durham Regional Hospital and has diverse group of medical tenants. With this acquisition, we have acquired over $129 million of specialty medical properties to date in 2004, further surpassing our acquisition goal of $100 million.”
The Company has posted updated occupancy information to its web site, which can be accessed at http://www.windrosempt.com/ under the heading called “Investor Center” in the “Financial Reports” section. This information provides the occupancy for the Company’s portfolio based on September 30, 2004 information updated for the West Pearland II purchase and the Central Medical Park purchase.
As previously disclosed in the press release dated November 2, 2004, the Company modified its determination of Funds Available for Distribution (FAD), or also known as Adjusted Funds From Operations (AFFO) to add back the amortization of deferred loan fees to Funds From Operations (FFO). Since this is an accepted method of presentation and these amounts have grown in their significance, management believes this is more consistent with the treatment of other “non-cash” items in the financial presentation. The information on the web site is presented for the last seven (7) quarters, in order to provide the investor with a method to track this piece of information for past and future periods. This presentation is listed as “Adjusted Funds From Operations” in the “Financial Reports” section of the “Investor Center” listed on the Company’s website.
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. 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 lessees, 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: 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 scarrington@theruthgroup.comjrando@theruthgroup.com
Windrose Medical Properties Trust
CONTACT: Fred Farrar, President and COO of Windrose Medical PropertiesTrust, +1-317-860-8213; or Investors, Media, Stephanie Carrington,+1-646-536-7017, scarrington@theruthgroup.com, or Jason Rando,+1-646-536-7025, jrando@theruthgroup.com, both of The Ruth Group, for WindroseMedical Properties Trust
Web Site: http://www.windrosempt.com/