Windrose Medical Properties Trust Acquires Three Hospitals in $26.2 Million Transaction
August 03 2006 - 5:48PM
PR Newswire (US)
INDIANAPOLIS, Aug. 3 /PRNewswire-FirstCall/ -- Windrose Medical
Properties Trust (NYSE:WRS), a self-managed specialty medical
properties real estate investment trust (REIT), has acquired three
specialty hospitals for an aggregate consideration of $26.2
million. Windrose acquired the properties for cash provided from
available funds drawn from its line of credit with Huntington
National Bank. The three properties are located in Louisiana,
Oklahoma and Texas and represent more than 169,000 rentable square
feet. Each hospital is subject to a separate long term master lease
to affiliates of RehabCare Group, Inc. of St. Louis, MO., a leading
provider of rehabilitation program management services for
hospitals, nursing homes and other long-term care facilities. Fred
S. Klipsch, Chairman and Chief Executive Officer, stated, "The
transaction expands our geographic footprint and diversifies our
specialty hospital portfolio. It further positions Windrose as a
real estate solutions provider for health systems, physician groups
and other specialty healthcare providers. Windrose now owns 92
medical properties in 13 states, aggregating approximately $724
million in acquisition value." The transaction included the
acquisition of the following properties: * Clearlake Rehabilitation
Hospital - This physical rehabilitation hospital is located in
Webster, TX, and contains 60 licensed acute care beds. Built in
1991, the one-story building contains 58,023 rentable square feet
on six acres of land. * Lafayette Specialty Hospital - This
long-term acute care hospital ("LTACH") is located in Lafayette,
LA, and contains 42 licensed acute care beds. Built in 1993, the
one-story building contains 53,184 rentable square feet and is
located on 7.375 acres of land. * Northeast Oklahoma Rehabilitation
Hospital - This physical rehabilitation hospital is located in
Tulsa, OK, and contains 60 licensed acute care beds. Built in 1992,
the one-story building contains 58,274 rentable square feet and is
located on seven acres of land. About Windrose Windrose Medical
Properties Trust is a self-managed Real Estate Investment Trust
(REIT) based in Indianapolis, Indiana, with an office in Nashville,
Tennessee. Providing comprehensive real estate solutions, Windrose
acquires, selectively develops and manages specialty medical
properties, including 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,
Windrose Medical Properties Trust, +1-317-860-8213; Investors -
Stephanie Carrington, +1-646-536-7017, , or Media - Jason Rando,
+1-646-536-7025, , both of The Ruth Group
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