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Windrose Medical Properties Trust Reports First Quarter 2005 Results.

Article Excerpt
First Quarter Highlights:

- Reported quarterly rental revenues of $9.4 million up 48.5% from 2004

- Generated first quarter funds from operations (FFO) of $0.26 per share on a fully diluted basis

- Recorded a $1.2 million gain on sale of Morningside Plaza for $6.65 million

- Acquired two specialty medical properties for $9.8 million

- Completed secondary common offering of 1,953,500 shares at $13.91 per share in March 2005 for total net proceeds of $25.6 million

- Closed the non-hedged interest rate swap with a gain of $68,000

- Declared quarterly dividend of $0.225 per share for the first quarter

INDIANAPOLIS, May 2 /PRNewswire-FirstCall/ -- Windrose Medical Properties Trust , a self-managed specialty medical properties REIT, announced today financial results for the first quarter ended March 31, 2005.

Windrose reported first quarter 2005 rental revenues of $9.4 million, compared to $6.3 million for the first quarter 2004, a 48.5% increase. First quarter 2005 general and administrative expenses were $989,000, compared to $701,000 for the same quarter in 2004.

Net income for the first quarter of 2005 was $2.3 million, or $0.19 per diluted share based on 12.3 million weighted average shares outstanding, compared to $781,000, or $0.08 per diluted share based on 10.3 million weighted average shares outstanding, for the first quarter 2004. First quarter 2005 funds from operations (FFO), comprised of net income plus depreciation and amortization from real estate, was $3.06 million, or $0.26 per diluted share on an increased share base, compared to $2.2 million, or $0.22 per diluted share, for the first quarter 2004. First quarter 2005 funds available for distribution (FAD), which consists of FFO adjusted primarily for straight-line rent and amortization of deferred financing fees, was $3.12 million.

In February, Windrose completed the sale of its Morningside Plaza property in Port St. Lucie, FL for $6.65 million and recorded a $1.2 million gain. The property had been classified as "held for sale" as changes in the property made the asset inconsistent with Windrose's medical property portfolio.

In early March 2005, Windrose acquired two medical office buildings in the Atlanta, GA metropolitan area for $9.8 million. The third property, John...

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