<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>wm2606ex991.txt
<TEXT>
                                                                    Exhibit 99.1

      WINDROSE MEDICAL PROPERTIES TRUST REPORTS FIRST QUARTER 2005 RESULTS

     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 (NYSE: WRS), 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 Creek
Phase I, was acquired on May 2, 2005, after we received final lender approval on
the assumed debt.

    In March 2005, Windrose completed a secondary common stock offering of
1,953,500 shares at $13.91 per share for total net proceeds of $25.6 million.
The proceeds were utilized to pay down the Company's line of credit and
generated additional capacity to apply to 2005 acquisitions.

<PAGE>

    In March 2005, Windrose closed its unattached, non-hedged interest rate swap
by paying a breakage fee of $162,000 and recorded a gain in the first quarter
2005 of $68,000. Eliminating the swap reduces ongoing interest expense by
$14,000 to $15,000 per month.

    As previously announced, Windrose declared a first quarter 2005 dividend of
$0.225 per share. The dividend is payable on May 20, 2005 to shareholders of
record on May 10, 2005.

    Hospital Affiliates Development Corp. (HADC), Windrose's taxable development
subsidiary, generated a pre-tax profit of $118,000 for the first quarter 2005,
or $68,000 after taxes. In addition, the specialty hospital and the attached
medical office building being developed by HADC in Houston are on schedule and
on budget for expected occupancy before the end of this calendar year.

    Fred Klipsch, Chairman and Chief Executive Officer, remarked, "We are
pleased with our first quarter results and our acquisition execution. We
continue to add attractive revenue producing assets that match our criteria for
quality and cap rates. On April 27, 2005, our board of directors declared our
first quarter dividend of $0.225 per share. Our funds available for distribution
covered our quarterly dividend for the second sequential quarter and represented
a payout of 87% of FFO."

    Fred Farrar, President and Chief Operating Officer, stated, "Our March 2005
equity offering of $25.6 million places us in an advantageous position to
execute on our acquisition pipeline and to continue to add to our portfolio of
specialty medical properties. HADC continues its solid performance, reporting
its third sequential profitable quarter."

    Conference Call and Webcast

    Windrose will host a conference call to discuss first quarter results
Tuesday, May 3, 2005 at 10:00 a.m. Eastern Daylight Time / 9:00 a.m. Central
Daylight Time. The conference call will be accessible by telephone and through
the Internet. Telephone access is available by dialing (800) 289-0508 for
domestic callers, and (913) 981-5550 for international callers. The reservation
number for both is 4384439. Those interested in listening to the conference call
should dial into the call approximately 10 minutes before the start time. A live
webcast of the conference call will be available online at
http://www.windrosempt.com. Web participants are encouraged to go to the Web
site at least 15 minutes prior to the start of the call to register, download,
and install any necessary audio software. Listening to the webcast requires
speakers and RealPlayer(TM) software, downloadable free at http://www.real.com.

    In addition, a telephonic replay of the call will be available until May 17,
2005. The replay dial-in numbers are (888) 203-1112 for domestic callers and
(719) 457-0820 for international callers. Please use reservation code 4384439.
After the live webcast, the call will remain available on Windrose Medical
Properties Trust's Web site, http://www.windrosempt.com, for a month.

<PAGE>

    About Windrose Medical Properties Trust

    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:
     Windrose Medical Properties Trust
     Fred Farrar
     President and COO
     317 860-8213

     Investors/Media:
     The Ruth Group
     Nick Laudico/Jason Rando
     646 536-7030/7025
     nlaudico@theruthgroup.com
     jrando@theruthgroup.com

<PAGE>

                     Windrose Medical Properties Trust, Inc.
                  Condensed Consolidated Financial Information
          For the Three months Ended March 31, 2005, and March 31, 2004
                (Dollars in Thousands, except per share amounts)

                                                Three months   Three months
                                                   ended          ended
                                                  3/31/2005     3/31/2004
                                                ------------   ------------
RENTAL OPERATIONS

Revenues
   Rent                                         $      9,398   $      6,330

Operating expenses
   Property taxes                                        834            451
   Property operating                                  1,852          1,284
   Depreciation and amortization                       2,117          1,475
      Total operating expenses                         4,803          3,210

          Operating income from rental
           operations                                  4,595          3,120

SERVICE OPERATIONS (HADC)

Revenues
   Development and project management fees               637            520

Expenses
   Cost of sales and project costs                       262            464
   General and administrative expenses                   257             89
         Gain (Loss) from service
          operations                                     118            (33)

GENERAL AND ADMINISTRATIVE EXPENSES
   Corporate operations                                  989            701

   Operating income                                    3,724          2,386

OTHER INCOME (EXPENSE)
   Interest Income (expense)                          (2,647)        (1,584)
   Gain (loss) on interest rate swap                      68            (54)
   Other income (expense)                                (37)           (27)
      Total other income (expense)                    (2,616)        (1,665)

Income tax benefit (expense)                             (50)            13

   Net income before minority interest
    and discontinued operations                        1,058            734

   Minority interest in income of
    common unit holders and other
    subsidiaries                                         (38)           (33)

  Discontinued Operations
    Net Income from discontinued
     operations, net of minority interest                 26             80
    Net gain on sale of discontinued
     operations, net of minority interest              1,215              -
         Net income from discontinued
          operations                                   1,241             80

      Net income available for common
       shareholders                                    2,261            781

   Weighted average shares of common
    stock outstanding
       - Basic                                        11,885          9,948
       - Diluted                                      12,288         10,307

   Net income per common share
       - Basic and diluted                      $       0.19   $       0.08

<PAGE>

                  Condensed Consolidated Financial Information
          For the Three months Ended March 31, 2005, and March 31, 2004
                (Dollars in Thousands, except per share amounts)

                                                Three months   Three months
                                                    ended         ended
                                                  3/31/2005     3/31/2004
                                                ------------   ------------
Funds from operations(1)(FFO):
   Net income                                   $      2,261   $        781
   Add back (deduct):
      Gain on sale of building                        (1,250)             -
      Lease intangible amortization
       and depreciation expense on
       continuing operations                           2,117          1,475
      Lease intangible amortization
        and depreciation expense on
        discontinued operations                            -             44
      Minority interest share
       of depreciation and amortization                  (65)           (91)

   Funds from operations (FFO)                  $      3,063   $      2,209

   FFO per common share
      - Basic and diluted                       $       0.26   $       0.22

                     Windrose Medical Properties Trust, Inc.
                  Condensed Consolidated Financial Information
                    For the Three months Ended March 31, 2005
                             (Dollars in Thousands)

                                                               Three months
                                                                  ended
                                                                 3/31/2005
                                                               ------------
Funds available for distribution(2) (FAD)
   Funds from operations (FFO) $3,063 Add back (deduct):

      Gain on sale of building net of gain being spent
       on capital expenditures                                          257
      Straight-line rent adjustment from
       continuing operations                                           (456)
      Rental income associated with above/below market
       leases                                                            76
      Amortization of deferred financing fees                           151
      Depreciation of property, plant and equipment                      37
      Loss (gain) on interest rate swap                                 (68)
      Deferred tax expense                                               46
      Minority interest share of FAD adjustments                         18

   Funds available for distribution (FAD)                      $      3,124

     Cash Spent on Tenant Improvements, Capital
      Expenditures and Leasing Commissions

    Improvements capital expenditures                                    49
    Tenant improvements and leasing commissions                         111
  Total                                                        $        160

<PAGE>

        Reconciliation of Net Income to Cash Flows Provided by Operating
                                   Activities

                                                               Three months
                                                                 ended
                                                                3/31/2005
                                                               ------------
Net income                                                     $      2,261

Adjustments to reconcile net income to net cash provided
 by operating activities
   Depreciation and amortization                                      2,117
   Rental Income associated with above/below market lease                76
   Deferred Income Taxes                                                 46
   Deferred Compensation Expense                                         47
   Loss (gain) on interest rate swap                                    (68)
   Amortization of deferred financing fees                              151
   Amortization of fair value of debt                                  (212)
   Minority interest in earnings                                         75
   Gain on sale of building                                          (1,250)
   Increase (decrease) in cash due to changes in:
      Construction payables, net                                       (109)
      Straight line rent receivable                                    (456)
      Interest rate swap liability                                     (162)
      Revenue earned in excess of billings                              (73)
      Billings in excess of revenues earned                              39
      Receivables from tenants                                         (150)
      Accounts payable and other accrued expenses                    (1,283)
        Cash flows provided by operating activities            $      1,049

                 Reconciliation of Cash Flows Used in Operating
              Activities to Funds Available for Distribution (FAD)

                                                               Three months
                                                                  ended
                                                                 3/31/2005
                                                               ------------
Cash flows provided by operating activities                    $      1,049
   Add (Deduct):
      Non-income Operating
       Cash Flows:
         Gain on sale of building net of gain being
          spent on capital expenditures                                 257
         Breakage fee on interest rate swap                             162
         Billings in excess of revenues earned                          (39)
         Revenue earned in excess of billings                            73
         Non cash tax deduction                                          46
         Deferred Income Taxes                                          (46)
         Receivables from tenants                                       150
         Amortization of fair value of debt                             212
         Depreciation of PP&E                                            37
         Other accrued revenues and expenses                          1,283
         Construction payables, net                                     109
         Deferred Compensation Expense                                  (47)
         Minority interest in earnings                                  (75)
         Minority interest share of depreciation
          and amortization and FAD Adjustments                          (47)
   Funds available for distribution (FAD)                      $      3,124

<PAGE>

                     Windrose Medical Properties Trust, Inc.
                      Condensed Consolidated Balance Sheets
                             (Dollars in Thousands)

                                                  3/31/2005     12/31/2004
                                                ------------   ------------
Cash and cash equivalents                              8,475          9,013
Net real estate assets                               313,843        297,693
Property held for sale                                     -          4,892
Other assets                                          14,166         12,732
  Total assets                                       336,484        324,330

Secured debt                                         173,346        187,134
Payables and other liabilities                        12,181         12,175
Minority interest                                      5,679          5,615
Shareholders' equity                                 145,278        119,406
  Total liabilities and
   shareholders' equity                              336,484        324,330

    (1) The Company believes that FFO is helpful in understanding the Company's
        operating performance in that FFO excludes depreciation and amortization
        expense on real estate assets. The Company believes that GAAP historical
        cost depreciation of real estate assets is generally not correlated with
        changes in the value of those assets, whose value does not diminish
        predictably over time, as historical cost depreciation implies. FFO
        should not be considered as an alternative to cash flows from operating,
        investing and financing activities as a measure of liquidity. The White
        Paper on FFO approved by the Board of Governors of the National
        Association of Real Estate Investment Trusts

         ("NAREIT") in April 2002 defines FFO as net income (loss) (computed in
        accordance with GAAP), excluding gains (or losses) from sales of
        properties, plus real estate related depreciation and amortization and
        after comparable adjustments for the Company's portion of these items
        related to unconsolidated entities and joint ventures

    (2) The Company's management considers funds available for distribution
        ("FAD") to be a useful liquidity measure because FAD provides investors
        with an additional basis to evaluate the ability of the Company to incur
        and service debt and to fund capital expenditures and distributions to
        shareholders and unit holders. The Company derives FAD by adjusting FFO
        for certain non-cash items such as the straight line rent adjustment,
        the interest rate swap gain/loss, amortization of loan fees,
        depreciation of property, plant and equipment and deferred tax expense.
        The gain on sale of an asset, net of capital expenditures, is also
        added.

        The Company's calculations of FFO and FAD may not be comparable to FFO
        and FAD reported by other real estate investment trusts ("REITs") due to
        the fact that not all REITs use the same definitions. FFO and FAD should
        not be considered as alternatives to net income as indicators of the
        Company's operating performance or alternatives to cash flows as
        measures of liquidity. FFO and FAD do not measure whether cash flow is
        sufficient to fund all of the Company's cash needs, including principal
        amortization, capital expenditures, and distributions to shareholders
        and unit holders. Additionally, FFO and FAD do not represent cash flows
        from operating, investing or financing activities as defined by GAAP.

        Reclassifications:  Certain prior quarter balances have been
        reclassified to conform to the current presentation.

SOURCE  Windrose Medical Properties Trust
    -0-                             05/02/2005

    /CONTACT:  Fred Farrar, President and COO of Windrose Medical Properties
Trust, +1-317-860-8213; or Investors/Media, Nick Laudico,
+1-646 536-7030, nlaudico@theruthgroup.com, Jason Rando, +1-646-536-7025,
jrando@theruthgroup.com, both of The Ruth Group/
    /Web Site: http://www.windrosempt.com
               http://www.real.com /
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