INDIANAPOLIS, June 28 /PRNewswire-FirstCall/ -- Windrose Medical Properties Trust , a self-managed specialty medical properties REIT, announced today that it has closed the acquisitions of two out of three previously announced specialty medical properties under contract in the Atlanta, GA metropolitan area.
Windrose completed the acquisition of East West Medical Center on June 22 for $6.6 million and assumed $4.7 million of debt with the balance of the purchase price in cash. Gwinnett Center for Specialty Medicine I was acquired for $7.4 million on June 25 with the purchase price funded by $5.1 million in assumed debt and the remainder in cash. The third property, Gwinnett Center for Specialty Medicine II, for approximately $3.4 million is expected to close shortly, with the only hurdle being final lender approval on the assumed debt.
“These specialty medical properties provide high-quality healthcare services to the Atlanta metropolitan community and are 100% leased with lease expirations ranging from 2014 to 2016 with the exception of two leases that expire in 2008. These acquisitions were in line with our first-year cash cap rate target range and are expected to provide a stable and growing revenue stream. We are positioned to continue to acquire medical related real estate in attractive growth markets,” stated Fred L. Farrar, President and Chief Operating Officer.
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; 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 Windrose
Web site: http://www.windrosempt.com/
