Windrose Medical Properties Trust Prices $52.5 Million Series A Cumulative Convertible Preferred Shares Offering

INDIANAPOLIS, June 28 /PRNewswire-FirstCall/ -- Windrose Medical Properties Trust (NYSE: WRS), a self-managed specialty medical properties REIT, announced that it has agreed to issue and sell 2,100,000 shares of 7.5% Series A Cumulative Preferred Shares at $25.00 per share for an aggregate principal amount of $52.5 million. The net proceeds from the offering of approximately $51.1 million, after placement fees and expenses, will be used to repay indebtedness and for general corporate purposes, including funding future acquisitions.

Each Series A preferred share will be convertible by the holder into the Company's common shares of beneficial interest at a conversion price of $15.75, equivalent to a conversion rate of 1.5873 common shares per Series A preferred share. The Series A preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption, but may be redeemed by the Company at a price of $25.00 per share, plus any accrued but unpaid dividends, beginning on the fifth anniversary of the issue date.

Cohen & Steers Capital Advisors, LLC acted as placement agent for the Series A preferred shares. The closing of the offering is expected to occur on June 30, 2005 and is subject to customary closing conditions. The Company has applied to list the Series A preferred shares on the New York Stock Exchange under the symbol "WRS PrA."

Copies of the prospectus supplement relating to the offering may be obtained by contacting Cohen & Steers Capital Advisors, LLC, 757 Third Avenue, 21st Floor, New York, New York 10017.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or an offer to buy these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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:
Windrose Medical Properties Trust
Fred Farrar
President and COO
317 860-8213

Investors/Media:
The Ruth Group
Stephanie Carrington/Jason Rando
646 536-7017/7025
scarrington@theruthgroup.com
jrando@theruthgroup.com