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<TITLE>WINDROSE MEDICAL PROPERTIES TRUST   S-8</TITLE>
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<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on April&nbsp;1, 2005



<DIV align="right" style="font-size: 10pt">Registration Statement No.&nbsp;333-</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>


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<DIV align="center" style="font-size: 18pt"><B>Form&nbsp;S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


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<P align="center" style="font-size: 24pt"><B>Windrose Medical Properties Trust</B>


<DIV align="center" style="font-size: 10pt"><I>(Exact name of Registrant as specified in its Charter)</I></DIV>


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    <TD align="center" valign="top"><B>Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>35-216691</B></TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or Other Jurisdiction of Incorporation or Organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer Identification No.)</I></TD>
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<P align="center" style="font-size: 10pt"><B>3502 Woodview Trace, Suite&nbsp;210<BR>
Indianapolis, Indiana 46268<BR>
(317)&nbsp;860-8180</B><BR>
<I>(Address of principal executive office, including zip code)</I>



<P align="center" style="font-size: 10pt"><B>Windrose Medical Properties Trust<BR>
2002 Stock Incentive Plan</B><BR>
<I>(Full title of the Plan)</I>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>Frederick L. Farrar, President<BR>
Windrose Medical Properties Trust<BR>
3502 Woodview Trace, Suite&nbsp;210<BR>
Indianapolis, Indiana 46268<BR>
(317)&nbsp;860-8180<BR>
(317)&nbsp;860-9190 (facsimile)</B><BR>
<I>(Name, address, including zip code, and telephone number including area code, of agent for service)</I>



<P align="center" style="font-size: 10pt">With copies to:



<P align="center" style="font-size: 10pt"><B>David C. Wright, Esq.<BR>
Hunton &#038; Williams LLP<BR>
Riverfront Plaza, East Tower<BR>
951 E. Byrd Street<BR>
Richmond, Virginia 23219-4074<BR>
(804)&nbsp;788-8200</B>



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<P align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE


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    <TD width="11%">&nbsp;</TD>
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    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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<TR style="font-size: 1px">
    <TD colspan="15" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Title of each class of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed maximum</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed maximum</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">securities to be registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center">registered<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">offering price per share<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">aggregate offering price</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">registration fee</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common Shares, $0.01
par value per share
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>800,000 shares
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="bottom">$13.63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="bottom">$10,904,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="bottom">$1,283.40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this
registration statement shall also cover any additional shares of the Company&#146;s common shares
that become issuable under the plan by reason of any stock splits, stock dividends or similar
transactions.</TD>
</TR>

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<P>
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    <TD width="1%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>Calculated pursuant to Rule 457(c) of the Securities Act on
the basis of $13.63 per share,
which was the average of the high and low prices of the Company&#146;s common shares as quoted on
the New York Stock Exchange on March&nbsp;24, 2005.</TD>
</TR>

</TABLE>

<P>
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<DIV style="width:100%;border-bottom:2pt solid #000000;font-size:1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windrose Medical Properties Trust has prepared this registration statement in accordance with
the requirements of Form S-8 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
to register up to an aggregate of 800,000 common shares of beneficial interest, $0.01 par value per
share under its 2002 Stock Incentive Plan. This registration statement also includes a reoffer
prospectus. The reoffer prospectus may be utilized for reofferings and resales on a continuous or
delayed basis in the future of common shares that constitute &#147;control securities&#148;
which are
issuable pursuant to the 2002 Stock Incentive Plan after the filing of this registration statement and common shares
that constitute &#147;restricted securities&#148; which have been
issued pursuant to the 2002 Stock Incentive Plan prior to the
filing of this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reoffer prospectus does not contain all of the information included in the registration
statement, certain items of which are contained in schedules and exhibits to the registration
statement, as permitted by the rules and regulations of the Securities and Exchange Commission (the
&#147;SEC&#148;). Statements contained in this reoffer prospectus as to the contents of any agreement,
instrument or other document referred to are not necessarily complete. With respect to each such
agreement, instrument or other document filed as an exhibit to the registration statement, we refer
you to the exhibit for a more complete description of the matter involved, and each such statement
shall be deemed qualified in its entirety by this reference.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">REOFFER PROSPECTUS



<P align="center" style="font-size: 10pt"><B>289,200 Shares</B>



<P align="center" style="font-size: 10pt"><IMG src="g94114g9411400.gif" alt="(WINDROSE LOGO)">



<P align="center" style="font-size: 10pt"><B>Common Shares of Beneficial Interest</B>



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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling shareholders, all of whom are named in this
reoffer prospectus, may offer and sell from time to time, for their own accounts, up to 289,200
common shares of beneficial interest, $0.01 par value per share, they acquire or may acquire under
the Windrose Medical Properties Trust 2002 Stock Incentive Plan. These selling shareholders are
our current or former trustees, officers and employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares covered by this reoffer prospectus are &#147;control securities&#148; and &#147;restricted
securities&#148; under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling shareholders, on a continuous or delayed basis, to the public
without restriction. Each shareholder that sells common shares pursuant to this reoffer prospectus
may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act. Any commissions
received by a broker or dealer in connection with resales of our common shares may be deemed to be
underwriting commissions or discounts under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may sell their common shares from time to time in one or more
transactions on the New York Stock Exchange (the &#147;NYSE&#148;) or on any stock exchange on which our
common shares may be listed at the time of sale, in privately negotiated transactions, or through a
combination of such methods, at market prices prevailing at the time of sale, at prices related to
such prevailing market prices, at fixed prices (which may be changed) or at negotiated prices. We
are paying the expenses incurred in registering the common shares and the preparation of this
reoffer prospectus, but all selling and other expenses incurred by each of the selling shareholders
will be borne by that shareholder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares of beneficial interest are listed on the NYSE under the symbol &#147;WRS.&#148; On
March&nbsp;31, 2005, the last reported price of our common shares, as reported by the
NYSE, was $13.71 per share.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our common shares involves risks. See &#147;Risk Factors&#148; in our Annual Report
on </B><B>Form 10-K,</B><B> as amended, for the year ended December&nbsp;31, 2004 for certain factors that you should consider
before purchasing our common shares.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B>


<P align="center" style="font-size: 10pt">The date of this reoffer
prospectus is April&nbsp;1, 2005.



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


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    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Where You Can Find More Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Incorporation of Certain Information By Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Forward Looking Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Our Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Selling Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
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<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g94114exv5w1.txt">EX-5.1 OPINION OF HUNTON & WILLIAMS LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g94114exv23w1.txt">EX-23.1  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD></TR>
</TABLE>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should rely only on the information contained in this document or to which we have
referred you. Neither we nor the selling shareholders have authorized anyone to provide you with
different or additional information. This document may only be used where it is legal to sell
these securities. The information in this document may only be accurate as of the date of this
document. You should not assume that the information in the reoffer prospectus, or incorporated
herein by reference, or in any prospectus supplement is accurate as of any date other than the date
on the front of those documents.</B>


<P align="center" style="font-size: 10pt">i
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the
Securities Exchange Act of 1934, as
amended, (the &#147;Exchange Act&#148;) and accordingly we file reports, proxy statements and other
information with the SEC. You may read these reports, proxy statements and other information at the
public reference room of the SEC, 450 Fifth Street, N.W. Room&nbsp;1024, Washington, D.C. 20549. You
also may obtain copies of these reports, proxy statements and information at prescribed rates from
the Public Reference Section of the SEC at 450 Fifth Street, N.W. Room&nbsp;1024, Washington, D.C.
20549. Please call 1-800-SEC-0330 for further information on the operations of the public reference
facilities. Copies of all or a portion of these reports, proxy statements and information can be
obtained from the public reference room of the SEC upon payment of prescribed fees. In addition,
the SEC maintains a website that contains reports, proxy statements and other information regarding
registrants, such as our company, that file electronically with the SEC. The address of this
website is http://www.sec.gov. Our Internet website address is: http://www.windrosempt.com. We also
make available free of charge through our website our annual report on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished
pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as the definitive proxy statement
and Section&nbsp;16 reports on Form&nbsp;3, 4 and 5. These reports are accessible under the &#147;Investor Center&#148;
caption of our website, and are available as soon as reasonably practicable after such documents
are electronically filed with, or furnished to, the SEC. The information on our website is not, and
shall not be deemed to be, a part of this prospectus or incorporated into any other filings that we
make with the SEC.

<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>RISK FACTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing
in our common shares involves risks that could affect us and our
business, as well as the health care industry. Please see the risk
factors in our Annual Report on Form 10-K, as amended, for the year ended
December&nbsp;31, 2004, which is incorporated by reference into this reoffer
prospectus as well as additional periodic reports we file with the
SEC. Much of the business information, as well as
the financial and operational data contained in our risk factors, is
updated in our periodic reports, which are also incorporated by
reference into this reoffer prospectus. Although we have tried
to discuss key factors, please be aware that other risks may prove to
be important in the future. New risks may emerge at any time and we
cannot predict such risks or estimate the extent to which they may
affect our financial performance. Before purchasing our common
shares, you should carefully consider the risks discussed in the
documents incorporated by reference herein and the other information
in this reoffer prospectus, the registration statement accompanying
this reoffer prospectus and any applicable prospectus supplement. Each
of the risks discussed could result in a decrease in the value of our
common shares and your investment in our common shares.





<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file in documents with the
SEC, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this prospectus,
and later information filed with the SEC will update and supersede this information. We incorporate
by reference the documents listed below and any future filings made with the SEC under Section
13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the completion of this offering.


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the year ended December&nbsp;31, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Amendment No.&nbsp;1 to Annual Report on Form 10-K/A for the year ended December&nbsp;31, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form 8-K filed on February&nbsp;22, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form 8-K filed on March&nbsp;17, 2005 (the information furnished under Item
8.01 as Exhibit&nbsp;99.1 shall not be deemed to be incorporated by reference herein or into any
other document we file with the SEC).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form&nbsp;8-K filed on March&nbsp;31, 2005.</TD>
</TR>



<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>The description of our common shares and preferred shares contained in our registration
statement on Form 8-A filed on June&nbsp;28, 2002 registering our common shares under Section
12(b) of the Exchange Act.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings (other than exhibits and schedules to such filings,
unless such exhibits or schedules are specifically incorporated by reference into this prospectus),
at no cost, by writing or calling us at the following address:


<P align="center" style="font-size: 10pt">Windrose Medical Properties Trust<BR>
3502 Woodview Trace, Suite&nbsp;210<BR>
Indianapolis, Indiana 46268<BR>
Phone: (317)&nbsp;860-8180



<P align="center" style="font-size: 10pt">1
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>FORWARD LOOKING INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus and the information incorporated by reference herein contain
&#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act, and Section&nbsp;21E of
the Exchange Act, including, without limitation, statements containing the words &#147;believes,&#148; &#147;anticipates,&#148;
&#147;expects,&#148; &#147;estimates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;will continue&#148; and words of similar
import. We have based these forward-looking statements on our expectations and projections about
future events and trends affecting the financial condition of our business at the time of the
forward-looking statement, which may prove to be incorrect. These forward-looking statements relate
to future events or our future financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance, achievements or
industry results to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should specifically consider the risk factors identified in the periodic reports that we
file with the SEC and incorporate by reference herein that could cause actual results to differ
materially from our forward-looking statements, including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>reduced reimbursements from third party payers and adverse trends in healthcare provider
operations could affect our tenants&#146; ability to make rent payments to us and our ability to
make distributions to our shareholders;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>healthcare laws or regulations, our tenants&#146; violation of these laws or regulations,
loss of licensure or failure to obtain licensure could result in the inability of our
tenants to make lease payments to us;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our concentration of real estate investments in specialty medical properties;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our inability to acquire or delay in acquiring specialty medical properties;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our inability to renew existing leases or lease properties to new tenants;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>use of debt financing could adversely affect our ability to operate our business or
reduce our funds from operations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>development and construction risks could adversely affect our profitability;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>provisions in our Declaration of Trust and Maryland law may limit the ability of
shareholders to receive a premium over the market price of our common shares through a
change of control of our company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>risks of uninsured and underinsured losses;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our inability to adequately finance or fully realize the anticipated benefits of our renovations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>risks that may adversely affect real estate ownership in general;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the costs of complying with environmental laws;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the costs of complying with governmental regulations, including the Americans with Disabilities Act;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the complexity of federal income tax laws governing real estate investment trusts, or REITs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>being subject to tax as a result of a failure to make required distributions; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>being subject to federal income tax for failure to qualify as a REIT.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are a number of risk factors associated with the conduct of our business, and the risks
listed above or discussed in the periodic reports that we file with the SEC and incorporate by
reference herein may not be exhaustive. New risks and uncertainties arise from time to time, and it
is impossible for us to predict these events or how they may affect us. All forward-looking
statements should be reviewed with caution. Except to the extent required by applicable law, we
undertake no obligation to, and do not intend to, update any forward-looking statements, the
factors listed above or the risk factors that we discuss in the periodic reports we file with the
SEC and incorporate by reference herein, or to publicly announce the results of any revisions to
any of the forward-looking statements contained herein to reflect future events or developments.

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>OUR COMPANY</B>





<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a self-managed real estate company operating as a real estate
investment trust, or REIT, for federal income tax purposes. We invest in specialty medical
properties and selectively own, acquire, develop and manage medical facilities. The types of
specialty medical properties in which we seek to invest include, but are not limited to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>Medical Office Buildings. </I>Medical office buildings are office and clinic facilities,
often located near hospitals or on hospital campuses, specifically constructed and designed
for the use of physicians and other health personnel to provide services to their patients.
Medical office buildings typically contain sole and group physician practices, and may
contain laboratory and other patient facilities.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>Outpatient Treatment and Diagnostic Facilities. </I>Outpatient treatment and diagnostic
facilities provide treatments and care not typically provided in physician offices or
clinics, such as gastrointestinal endoscopy care, oncology treatment, kidney dialysis and
other similar services.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>Physician Group Practice Clinics. </I>Physician group practice clinics are facilities, often
located near hospitals or on hospital campuses, that are typically single-tenant buildings
leased to either a single or multi-specialty medical practice group, including physician
offices and clinics where routine patient office visits are conducted.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>Ambulatory Surgery Centers. </I>Ambulatory surgery centers operate exclusively for the
purpose of furnishing general or specialty surgical procedures not requiring an overnight
stay in a hospital. In addition to surgery facilities, ambulatory surgery centers typically
include physician office and clinic space.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD><I>Specialty Hospitals and Treatment Centers. </I>Specialty hospitals and treatment centers are
hospitals that focus on and specialize in providing care for certain conditions and
performing certain procedures, such as cardiovascular and orthopedic surgery. Specialty
hospitals also include long-term acute care hospitals that provide care for patients
requiring extended hospital stays and specialized care and observation more efficiently and
economically than traditional acute care hospitals.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own our properties and conduct our business through Windrose Medical Properties, L.P. our
operating partnership. We serve as the sole general partner of, and owned as of December&nbsp;31, 2004 a
97.1% interest in, our operating partnership.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our taxable REIT subsidiary, Hospital Affiliates Development Corporation, which we refer to as
HADC, was incorporated in 1989 and its predecessor was incorporated in 1976. HADC conducts business
throughout the United States and, to a lesser extent, internationally. HADC&#146;s primary objective is
the development of specialty medical properties for our ownership, but HADC also provides these
services for third-parties. HADC develops and constructs new &#147;build-to-suit&#148; or multi-tenant
facilities. HADC expects to earn fees from third parties by providing services such as property
development, facility planning, medical equipment planning and implementation services, real estate
brokerage, leasing services and property management. Neither we nor our operating partnership can


<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">undertake material amounts of third-party development and construction activities directly
under applicable REIT tax rules. HADC pays income taxes at regular corporate rates on its taxable
income.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 3502 Woodview Trace, Suit 210, Indianapolis,
Indiana 46268, and our telephone number is (317)&nbsp;860-8180.


<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>USE OF PROCEEDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of the common shares offered pursuant to this
reoffer prospectus.

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SELLING SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the selling shareholders are current or former trustees, officers or employees of our
company who have acquired or may acquire common shares covered by this reoffer prospectus pursuant
to our 2002 Stock Incentive Plan. Each selling shareholder will receive all of the net proceeds
from the sale of his or her common shares covered by this reoffer prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus covers up to 289,200 common shares that the selling shareholders
acquired or may acquire under the 2002 Stock Incentive Plan consisting of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>68,000 restricted common shares granted to the selling shareholders; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>221,200 common shares that may be acquired by the selling shareholders upon the exercise
of outstanding stock options currently exercisable within 60&nbsp;days of the date of this
reoffer prospectus.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may resell all, a portion, or none of the common shares. Information
regarding the selling shareholders, including the number of shares offered for sale by this reoffer
prospectus, may change from time to time. Any changed information will be set forth in a
prospectus supplement.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Common</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Being</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Following</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Following this</B></TD>
    <TD>&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Owned</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>this Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(4)</B></sup></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fred S. Klipsch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">282,215</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frederick L. Farrar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97,980</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)(9)(10)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">O.B. McCoin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78,404</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)(11)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel R. Loftus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13,401</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C. Douglas Hanson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12,768</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven L. Horn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,900</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. Walker Batts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14,568</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Sweet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Norman Dietrich</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,100</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steve Buckeridge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,800</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Betty Elrod</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,300</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Common</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Being</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Following</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Following this</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Owned</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>this Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(4)</B></sup></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barry Hardwick</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bruce M. Jacobson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,900</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David L. Maraman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Norman Zahler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stephen Goldsmith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,300</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jean L. Wojtowicz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(6)(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darell E. Zink, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,300</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles Lanham</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52,387</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.38</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Less than 1%</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">For purposes of this reoffer prospectus, the term &#147;beneficial owner&#148; means any person who,
directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise has or shares: (i)&nbsp;voting power, which includes the power to vote, or to direct the
voting of, our common shares; and/or (ii)&nbsp;investment power, which includes the power to
dispose, or to direct the disposition of, our common shares. A person is also deemed to be
the beneficial owner of our common shares if that person has the right to acquire beneficial
ownership of our common shares within 60&nbsp;days from the date of this reoffer prospectus.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes options to acquire common shares granted to the selling shareholders under our 2002
Stock Incentive Plan, whether or not exercisable as of, or within 60&nbsp;days of, the date of this
reoffer prospectus.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes performance grants of restricted common shares granted to the selling shareholders under our 2002 Stock
Incentive Plan, whether or not restricted as of, or within 60&nbsp;days of, the date of this
reoffer prospectus.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based on 11,642,413 common shares of beneficial interest outstanding as of March&nbsp;18, 2005.
The total number of common shares outstanding used in calculating each selling shareholder&#146;s
percentage of common shares beneficially owned after the offering assumes that (i)&nbsp;the selling
shareholder will not acquire the beneficial ownership of any additional common shares, (ii)
the selling shareholder will dispose of only shares offered pursuant to this reoffer
prospectus prior to completion of this offering, (iii)&nbsp;all options to acquire common shares
that the selling shareholder beneficially owns have become fully vested and have been
exercised and (iv)&nbsp;all common shares offered by the selling shareholder under this reoffer
prospectus are sold by the selling shareholder.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes common shares issuable upon redemption of units of our operating partnership,
Windrose Medical Properties, L.P., as follows: Mr.&nbsp;Klipsch, 143,414 common shares; Mr.
Farrar, 7,079 common shares; Mr.&nbsp;McCoin, 64,903 common shares; Mr.&nbsp;Hanson, 4,667 common
shares; Mr.&nbsp;Batts, 7,917 common shares; Mr.&nbsp;Loftus, 2,500 common shares; and Mr.&nbsp;Lanham,
36,083 common shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes common shares that that may be purchased upon exercise of currently exercisable
options, as follows: Mr.&nbsp;Klipsch, 98,200 common shares; Mr.&nbsp;Farrar, 61,200 common shares; Mr.
McCoin, 9,300 common shares; Mr.&nbsp;Loftus, 8,100 common shares; Mr.&nbsp;Sweet, 6,600 common shares;
Mr.&nbsp;Hanson, 6,600; Mr.&nbsp;Batts, 6,200 common shares; Mr.&nbsp;Horn, 1,000 common shares; Mr.
Dietrich, 4,200 common shares; Mr.&nbsp;Buckeridge, 2,900 common shares; Ms.&nbsp;Elrod, 2,700 common
shares; Mr.&nbsp;Hardwick, 1,200 common shares; Mr.&nbsp;Jacobson, 3,000 common shares; Mr.&nbsp;Maraman,
3,000 common shares; Mr.&nbsp;Zahler, 3,000 common shares; Mr.&nbsp;Goldsmith, 1,000 common shares; and
Mr.&nbsp;Lanham, 3,000 common shares.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes performance grants of restricted common shares, as follows: Mr.&nbsp;Klipsch, 3,600
shares; Mr.&nbsp;Farrar, 3,000 shares; Mr.&nbsp;McCoin, 1,500 shares; Mr.&nbsp;Loftus, 1,500 shares; Mr.
Hanson, 1,500 shares; Mr.&nbsp;Horn, 900 shares; Mr.&nbsp;Sweet, 900 shares; Mr.&nbsp;Batts, 450 shares; Mr.
Dietrich, 900 shares; Mr.&nbsp;Buckeridge, 900 shares; Ms.&nbsp;Elrod, 600 shares; Mr.&nbsp;Hardwick, 450
shares; Mr.&nbsp;Jacobson, 300 shares; Mr.&nbsp;Maraman, 300 shares; Mr.&nbsp;Goldsmith, 300 shares; Ms.
Wojtowicz, 300 shares; Mr.&nbsp;Zink, 300 shares; and Mr.&nbsp;Lanham, 300 shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 30,000 common shares granted to Mr.&nbsp;Klipsch on February&nbsp;15, 2005, of which 2,000
common shares are vested as of March&nbsp;15, 2005. The remainder of the common shares granted
vest at the rate of 875 shares per quarter. All common shares granted to Mr.&nbsp;Klipsch
participate in dividends and carry full voting rights.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 20,000 common shares granted to Mr.&nbsp;Farrar on February&nbsp;15, 2005, of which 1,600
common shares are vested as of March&nbsp;15, 2005. The remainder of the common shares granted
vest at the rate of 575 shares per quarter. All common shares granted to Mr.&nbsp;Farrar
participate in dividends and carry full voting rights.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(10)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 1,100 common shares indirectly owned through a qualified plan and 250 common shares
owned by Mr.&nbsp;Farrar&#146;s wife (of which Mr.&nbsp;Farrar disclaims beneficial ownership).</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(11)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 1,700 common shares owned by Mr.&nbsp;McCoin&#146;s children.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PLAN OF DISTRIBUTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares covered by this reoffer prospectus and any
supplement thereto on any stock exchange, market or trading facility on which the shares are traded
or in private transactions. These sales may be at market prices prevailing at the time of sale or
at prices otherwise negotiated. The selling shareholders may use any one or more of the following
methods when selling shares:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>ordinary brokerage transactions and transactions in which the broker dealer solicits
purchasers;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>block trades in which the broker dealer will attempt to sell the shares as agent but may
position and resell a portion of the block as principal to facilitate the transaction;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>purchases by a broker dealer as principal and resale by the broker dealer for its account;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>an exchange distribution in accordance with the rules of the applicable exchange;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>privately negotiated transactions;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>broker dealers may agree with the selling stockholders to sell a specified number of
such shares at a stipulated price per share;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>a combination of any such methods of sale; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>any other method permitted pursuant to applicable law.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may also sell shares under Rule&nbsp;144 of the Securities Act, if
available, rather than under this prospectus. Broker dealers engaged by the selling shareholders
may arrange for other broker dealers to participate in sales. Broker dealers may receive
commissions or discounts from the selling shareholders (or, if any broker dealer acts as agent for
the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling shareholders
do not expect these commissions and discounts to exceed what is customary in the types of
transactions involved. Broker dealers may agree to sell a specified number of such shares at a
stipulated price per share, and, to the extent such broker dealer is unable to do so acting as
agent for a selling shareholder, to purchase as principal any unsold shares at the price required
to fulfill the broker-dealer commitment. Broker dealers who acquire shares as principal may
thereafter resell such shares from time to time in transactions, which may involve block
transactions and sales to and through other broker dealers, including transactions of the nature
described above, in the over the


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">counter markets or otherwise at prices and on terms then prevailing at the time of sale, at
prices other than related to the then-current market price or in negotiated transactions. In
connection with such resales, broker-dealers may pay to or receive from the purchasers such shares
commissions as described above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may from time to time pledge or grant a security interest in some or
all of the common shares owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell, from time to time, the common
shares covered by this reoffer prospectus, or under an amendment to this reoffer prospectus under
Rule&nbsp;424(b)(3) or other applicable provision of the Securities Act amending the list of selling
shareholders to include the pledgee, transferee or other successors in interest as selling
shareholders under this reoffer prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders also may transfer the common shares in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this reoffer prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders and any broker dealers or agents that are involved in selling the
shares may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act in connection
with such sales. In such event, any commissions received by such broker dealers or agents and any
profit on the resale of the shares purchased by them may be deemed to be underwriting commissions
or discounts under the Securities Act.

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>LEGAL MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain matters with respect to the validity of the common shares of beneficial interest
offered by this reoffer prospectus will be passed upon for us by our counsel, Hunton &#038; Williams
LLP.

<DIV align="left">
<A name="110"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>EXPERTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and related financial statement schedule of Windrose Medical
Properties Trust as of December&nbsp;31, 2004 and 2003 and for each of the years in the three-year
period ended December&nbsp;31, 2004, and management&#146;s assessment of the effectiveness of internal
control over financial reporting as of December&nbsp;31, 2004, have been incorporated by reference
herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein and upon the authority of said firm as experts in accounting and
auditing.


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Reoffer Prospectus</B>



<P align="center" style="font-size: 10pt"><B>289,200 Shares</B>



<P align="center" style="font-size: 10pt"><IMG src="g94114g9411400.gif" alt="(WINDROSE LOGO)">



<P align="center" style="font-size: 10pt"><B>Common Shares of Beneficial Interest</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I of Form S-8 will be sent or given
to employees as specified by Rule&nbsp;428(b)(1) of the Securities Act. Such documents need not be
filed with the SEC either as part of this registration statement or as prospectuses or prospectus
supplements, pursuant to Rule&nbsp;424 of the Securities Act. These documents and the documents
incorporated by reference in this registration statement, pursuant to Item&nbsp;3 of Part&nbsp;II of this
registration statement, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act. Requests for such documents should be directed to:


<P align="center" style="font-size: 10pt">Windrose Medical Properties Trust<BR>
3502 Woodview Trace, Suite&nbsp;210<BR>
Indianapolis, Indiana 46268<BR>
Attention: Chief Financial Officer<BR>
telephone: (317)&nbsp;860-8180



<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Company with the Commission are incorporated herein by
reference and made a part hereof:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the year ended December&nbsp;31, 2004;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Amendment No.&nbsp;1 to Annual Report on Form 10-K/A for the year ended December&nbsp;31, 2004;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form 8-K filed on February&nbsp;22, 2005;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form 8-K filed on March&nbsp;17, 2005 (the information furnished under Item
8.01 as Exhibit&nbsp;99.1 shall not be incorporated by reference into this registration
statement or any other document we file with the SEC);</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Current Report on Form 8-K filed on March&nbsp;31, 2005; and</TD>
</TR>
</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>The description of the Company&#146;s common shares of beneficial interest, $0.01 par value
per share, contained in the Company&#146;s registration statement on Form 8-A filed on June&nbsp;28,
2002 under the Securities Exchange Act of 1934, as amended.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)
of the Exchange Act after the date of this registration statement and prior to the filing of a
post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
in this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this registration statement to the extent that a statement
contained herein or in any other subsequently filed document that is incorporated by reference
herein modifies or supersedes such earlier statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this registration
statement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland REIT Law permits a Maryland real estate investment trust to include in its
Declaration of Trust a provision limiting the liability of its trustees and officers to the trust
and its shareholders for money damages except for liability resulting from (a)&nbsp;actual receipt of an
improper benefit or profit in money, property or services or (b)&nbsp;active and deliberate dishonesty
that is material to the cause of action as established by a final judgment. The Declaration of
Trust of the Company contains such a provision which eliminates such liability to the maximum
extent permitted by Maryland law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust of the Company authorizes it, to the maximum extent permitted by
Maryland law, to obligate itself to indemnify and to pay or reimburse reasonable expenses in
advance of final disposition of a proceeding to (a)&nbsp;any present or former trustee or officer or (b)
any individual who, while a trustee of the Company and at the request of the Company, serves or has
served another real estate investment trust, corporation, partnership, joint venture, trust,
employee benefit plan or any other enterprise as a trustee, director, officer, partner, employee or
agent of such real estate investment trust, corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise from and against any claim or liability to which such
person may become subject or which such person may incur by reason of his status as a present or
former Trustee or officer of the Company. The Bylaws of the Company obligate it, to the maximum
extent permitted by Maryland law, to indemnify and to pay or reimburse reasonable expenses in
advance of final disposition of a proceeding to (a)&nbsp;any present or former trustee or officer who is
made a party to the proceeding by reason of his service in that capacity or (b)&nbsp;any individual who,
while a Trustee of the Company and at the request of the Company, serves or has served another real
estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or
any other enterprise as a trustee, director, officer or partner of such real estate investment
trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
and who is made a party to the proceeding by reason of his service in that capacity, against any
claim or liability to which he may become subject by reason of such status. The Declaration of
Trust and Bylaws also permit the Company to indemnify and advance expenses to any person who served
a predecessor of the Company in any of the capacities described above and to any employee or agent
of the Company or a predecessor of the Company. The Bylaws require the Company to indemnify a
trustee or officer who has been successful, on the merits or otherwise, in the defense of any
proceeding to which he is made a party by reason of his service in that capacity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland REIT Law permits a Maryland real estate investment trust to indemnify and advance
expenses to its trustees, officers, employees and agents to the same extent as permitted by the
Maryland General Corporation Law (the &#147;MGCL&#148;) for directors, officers, employees and agents of
Maryland corporations. The MGCL permits a corporation to indemnify its present and former directors
and officers, among others, against judgments, penalties, fines, settlements and reasonable
expenses actually incurred by them in connection with any proceeding to which they may be made a
party by reason of their service in those or other capacities unless it is established that (a)&nbsp;the
act or omission of the director or officer was material to the matter giving rise to the proceeding
and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was the result of active and deliberate dishonesty, (b)
the director or officer actually received an improper benefit in money, property or services or (c)
in the case of any criminal proceeding, the director or officer had reasonable cause to believe
that the act or omission was unlawful. However, a Maryland corporation may not indemnify for an
adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on
the basis that personal benefit was improperly received, unless in either case a court orders
indemnification and then only for expenses. In accordance with the MGCL, the Bylaws of the Company
require it, as a condition to advancing expenses, to obtain (a)&nbsp;a written affirmation by the
director or officer of officer&#146;s or director&#146;s good faith belief that he has met the standard of
conduct necessary for indemnification by the Company as authorized by the Bylaws and (b)&nbsp;a written
statement by or on his behalf to repay the amount paid or reimbursed by the Company if it shall
ultimately be determined that the standard of conduct was not met.


<P align="center" style="font-size: 10pt">II-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities that are to be reoffered or resold pursuant to this registration statement are
restricted because they were issued by the Company to the selling shareholders prior to the
effectiveness of this registration statement pursuant to the Company&#146;s 2002 Stock Incentive Plan.
Exemption from the registration requirements under the Securities Act for the issuance of such
shares is claimed under Section&nbsp;4(2) of the Securities Act because, among other things, it involved
an issuance to individuals who, as our current or former trustees, officers and employees, had
access to all relevant material information regarding the Company.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Share Certificate*</TD>
</TR>

<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Windrose Medical Properties Trust 2002 Stock Incentive Plan*</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Hunton &#038; Williams LLP as to the legality of the securities being registered**</TD>
</TR>

<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP**</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Hunton &#038; Williams
LLP (contained within Exhibit&nbsp;5.1)</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (contained within signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><B>*</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Previously filed as an exhibit to the Company&#146;s Registration Statement on Form
S-11, as amended, Registration No.&nbsp;333-89186, and incorporated by reference herein.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Filed herewith and incorporated by reference herein.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Company hereby undertakes:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the law or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><I>provided,
however</I>, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act that
are incorporated by reference in the registration statement.


<P align="center" style="font-size: 10pt">II-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act, each
such post- effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Company hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Company&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to be
the initial <I>bona fide </I>offering thereof.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered,
the Company will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.



<P align="center" style="font-size: 10pt">II-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Indianapolis, State of
Indiana on March 31, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">WINDROSE MEDICAL PROPERTIES TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ C. Douglas Hanson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;C. Douglas Hanson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated. Each of the
trustees and/or officers of Windrose Medical Properties Trust whose signature appears below hereby
appoints Frederick L. Farrar and C. Douglas Hanson as his attorney-in-fact to sign in the name and
behalf, in any and all capacities stated below and to file with the Securities and Exchange
Commission, any and all amendments, including post-effective amendments to this registration
statement, making such changes in the registration statement as appropriate, and generally to do
all such things in their behalf in their capacities as officers and trustees to enable Windrose
Medical Properties Trust to comply with the provisions of the Securities Act of 1933, and all
requirements of the Securities and Exchange Commission.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
     <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Fred S. Klipsch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Fred S. Klipsch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Trustee (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Frederick L. Farrar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Operating Officer and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Frederick L. Farrar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. Douglas Hanson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;C. Douglas Hanson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer (Principal Financial and
Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Stephen Goldsmith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Stephen Goldsmith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce M. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Bruce M. Jacobson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David L. Maraman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;David L. Maraman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bryan Mills
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Bryan Mills</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jean L. Wojtowicz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Jean L. Wojtowicz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Darell E. Zink, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 31, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;Darell E. Zink, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit<br>No.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>





<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Share Certificate*</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Windrose Medical Properties Trust 2002 Stock Incentive Plan*</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Hunton &#038; Williams LLP as to the legality of the securities being registered**</TD>
</TR>
<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP**</TD>
</TR>

<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Hunton &#038; Williams
LLP (contained within Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
       <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (contained within signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Previously filed as an exhibit to the Company&#146;s Registration Statement on Form S-11, as amended,
Registration No.&nbsp;333-89186, and incorporated by reference herein.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Filed herewith and incorporated by reference herein.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">II-6
</DIV>

</BODY>
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WINDROSE MEDICAL PROPERTIES TRUST   S-8
Table of Contents
As filed with the
Securities and Exchange Commission on April 1, 2005
Registration Statement No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Windrose Medical Properties Trust
(Exact name of Registrant as specified in its Charter)
Maryland
35-216691
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
3502 Woodview Trace, Suite 210
Indianapolis, Indiana 46268
(317) 860-8180
(Address of principal executive office, including zip code)
Windrose Medical Properties Trust
2002 Stock Incentive Plan
(Full title of the Plan)
Frederick L. Farrar, President
Windrose Medical Properties Trust
3502 Woodview Trace, Suite 210
Indianapolis, Indiana 46268
(317) 860-8180
(317) 860-9190 (facsimile)
(Name, address, including zip code, and telephone number including area code, of agent for service)
With copies to:
David C. Wright, Esq.
Hunton & Williams LLP
Riverfront Plaza, East Tower
951 E. Byrd Street
Richmond, Virginia 23219-4074
(804) 788-8200
CALCULATION OF REGISTRATION FEE
Title of each class of
Amount to be
Proposed maximum
Proposed maximum
Amount of
securities to be registered
registered
(1)
offering price per share
(2)
aggregate offering price
registration fee
Common Shares, $0.01
par value per share
800,000 shares
$13.63
$10,904,000
$1,283.40
(1)
Pursuant to Rule 416 of the Securities Act of 1933, as amended (the "Securities Act"), this
registration statement shall also cover any additional shares of the Company's common shares
that become issuable under the plan by reason of any stock splits, stock dividends or similar
transactions.
(2)
Calculated pursuant to Rule 457(c) of the Securities Act on
the basis of $13.63 per share,
which was the average of the high and low prices of the Company's common shares as quoted on
the New York Stock Exchange on March 24, 2005.
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EXPLANATORY NOTE
Windrose Medical Properties Trust has prepared this registration statement in accordance with
the requirements of Form S-8 under the Securities Act of 1933, as amended (the "Securities Act"),
to register up to an aggregate of 800,000 common shares of beneficial interest, $0.01 par value per
share under its 2002 Stock Incentive Plan. This registration statement also includes a reoffer
prospectus. The reoffer prospectus may be utilized for reofferings and resales on a continuous or
delayed basis in the future of common shares that constitute "control securities"
which are
issuable pursuant to the 2002 Stock Incentive Plan after the filing of this registration statement and common shares
that constitute "restricted securities" which have been
issued pursuant to the 2002 Stock Incentive Plan prior to the
filing of this registration statement.
The reoffer prospectus does not contain all of the information included in the registration
statement, certain items of which are contained in schedules and exhibits to the registration
statement, as permitted by the rules and regulations of the Securities and Exchange Commission (the
"SEC"). Statements contained in this reoffer prospectus as to the contents of any agreement,
instrument or other document referred to are not necessarily complete. With respect to each such
agreement, instrument or other document filed as an exhibit to the registration statement, we refer
you to the exhibit for a more complete description of the matter involved, and each such statement
shall be deemed qualified in its entirety by this reference.
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REOFFER PROSPECTUS
289,200 Shares
Common Shares of Beneficial Interest
The
selling shareholders, all of whom are named in this
reoffer prospectus, may offer and sell from time to time, for their own accounts, up to 289,200
common shares of beneficial interest, $0.01 par value per share, they acquire or may acquire under
the Windrose Medical Properties Trust 2002 Stock Incentive Plan. These selling shareholders are
our current or former trustees, officers and employees.
The common shares covered by this reoffer prospectus are "control securities" and "restricted
securities" under the Securities Act of 1933, as amended (the "Securities Act"). This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling shareholders, on a continuous or delayed basis, to the public
without restriction. Each shareholder that sells common shares pursuant to this reoffer prospectus
may be deemed to be an "underwriter" within the meaning of the Securities Act. Any commissions
received by a broker or dealer in connection with resales of our common shares may be deemed to be
underwriting commissions or discounts under the Securities Act.
The selling shareholders may sell their common shares from time to time in one or more
transactions on the New York Stock Exchange (the "NYSE") or on any stock exchange on which our
common shares may be listed at the time of sale, in privately negotiated transactions, or through a
combination of such methods, at market prices prevailing at the time of sale, at prices related to
such prevailing market prices, at fixed prices (which may be changed) or at negotiated prices. We
are paying the expenses incurred in registering the common shares and the preparation of this
reoffer prospectus, but all selling and other expenses incurred by each of the selling shareholders
will be borne by that shareholder.
Our common shares of beneficial interest are listed on the NYSE under the symbol "WRS." On
March 31, 2005, the last reported price of our common shares, as reported by the
NYSE, was $13.71 per share.
Investing in our common shares involves risks. See "Risk Factors" in our Annual Report
on
Form 10-K,
as amended, for the year ended December 31, 2004 for certain factors that you should consider
before purchasing our common shares.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
The date of this reoffer
prospectus is April 1, 2005.
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Where You Can Find More Information
1
Risk Factors
1
Incorporation of Certain Information By Reference
1
Forward Looking Information
2
Our Company
3
Use of Proceeds
4
Selling Shareholders
4
Plan of Distribution
6
Legal Matters
7
Experts
7
EX-5.1 OPINION OF HUNTON & WILLIAMS LLP
EX-23.1  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
You should rely only on the information contained in this document or to which we have
referred you. Neither we nor the selling shareholders have authorized anyone to provide you with
different or additional information. This document may only be used where it is legal to sell
these securities. The information in this document may only be accurate as of the date of this
document. You should not assume that the information in the reoffer prospectus, or incorporated
herein by reference, or in any prospectus supplement is accurate as of any date other than the date
on the front of those documents.
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WHERE YOU CAN FIND MORE INFORMATION
We are subject to the informational requirements of the
Securities Exchange Act of 1934, as
amended, (the "Exchange Act") and accordingly we file reports, proxy statements and other
information with the SEC. You may read these reports, proxy statements and other information at the
public reference room of the SEC, 450 Fifth Street, N.W. Room 1024, Washington, D.C. 20549. You
also may obtain copies of these reports, proxy statements and information at prescribed rates from
the Public Reference Section of the SEC at 450 Fifth Street, N.W. Room 1024, Washington, D.C.
20549. Please call 1-800-SEC-0330 for further information on the operations of the public reference
facilities. Copies of all or a portion of these reports, proxy statements and information can be
obtained from the public reference room of the SEC upon payment of prescribed fees. In addition,
the SEC maintains a website that contains reports, proxy statements and other information regarding
registrants, such as our company, that file electronically with the SEC. The address of this
website is http://www.sec.gov. Our Internet website address is: http://www.windrosempt.com. We also
make available free of charge through our website our annual report on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished
pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as the definitive proxy statement
and Section 16 reports on Form 3, 4 and 5. These reports are accessible under the "Investor Center"
caption of our website, and are available as soon as reasonably practicable after such documents
are electronically filed with, or furnished to, the SEC. The information on our website is not, and
shall not be deemed to be, a part of this prospectus or incorporated into any other filings that we
make with the SEC.
RISK FACTORS
Investing
in our common shares involves risks that could affect us and our
business, as well as the health care industry. Please see the risk
factors in our Annual Report on Form 10-K, as amended, for the year ended
December 31, 2004, which is incorporated by reference into this reoffer
prospectus as well as additional periodic reports we file with the
SEC. Much of the business information, as well as
the financial and operational data contained in our risk factors, is
updated in our periodic reports, which are also incorporated by
reference into this reoffer prospectus. Although we have tried
to discuss key factors, please be aware that other risks may prove to
be important in the future. New risks may emerge at any time and we
cannot predict such risks or estimate the extent to which they may
affect our financial performance. Before purchasing our common
shares, you should carefully consider the risks discussed in the
documents incorporated by reference herein and the other information
in this reoffer prospectus, the registration statement accompanying
this reoffer prospectus and any applicable prospectus supplement. Each
of the risks discussed could result in a decrease in the value of our
common shares and your investment in our common shares.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The SEC allows us to "incorporate by reference" the information we file in documents with the
SEC, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this prospectus,
and later information filed with the SEC will update and supersede this information. We incorporate
by reference the documents listed below and any future filings made with the SEC under Section
13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the completion of this offering.
•
Annual Report on Form 10-K for the year ended December 31, 2004.
•
Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2004.
•
Current Report on Form 8-K filed on February 22, 2005.
•
Current Report on Form 8-K filed on March 17, 2005 (the information furnished under Item
8.01 as Exhibit 99.1 shall not be deemed to be incorporated by reference herein or into any
other document we file with the SEC).
•
Current Report on Form 8-K filed on March 31, 2005.
•
The description of our common shares and preferred shares contained in our registration
statement on Form 8-A filed on June 28, 2002 registering our common shares under Section
12(b) of the Exchange Act.
You may request a copy of these filings (other than exhibits and schedules to such filings,
unless such exhibits or schedules are specifically incorporated by reference into this prospectus),
at no cost, by writing or calling us at the following address:
Windrose Medical Properties Trust
3502 Woodview Trace, Suite 210
Indianapolis, Indiana 46268
Phone: (317) 860-8180
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FORWARD LOOKING INFORMATION
This reoffer prospectus and the information incorporated by reference herein contain
"forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of
the Exchange Act, including, without limitation, statements containing the words "believes," "anticipates,"
"expects," "estimates," "intends," "plans," "projects," "will continue" and words of similar
import. We have based these forward-looking statements on our expectations and projections about
future events and trends affecting the financial condition of our business at the time of the
forward-looking statement, which may prove to be incorrect. These forward-looking statements relate
to future events or our future financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance, achievements or
industry results to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
You should specifically consider the risk factors identified in the periodic reports that we
file with the SEC and incorporate by reference herein that could cause actual results to differ
materially from our forward-looking statements, including:
•
reduced reimbursements from third party payers and adverse trends in healthcare provider
operations could affect our tenants' ability to make rent payments to us and our ability to
make distributions to our shareholders;
•
healthcare laws or regulations, our tenants' violation of these laws or regulations,
loss of licensure or failure to obtain licensure could result in the inability of our
tenants to make lease payments to us;
•
our concentration of real estate investments in specialty medical properties;
•
our inability to acquire or delay in acquiring specialty medical properties;
•
our inability to renew existing leases or lease properties to new tenants;
•
use of debt financing could adversely affect our ability to operate our business or
reduce our funds from operations;
•
development and construction risks could adversely affect our profitability;
•
provisions in our Declaration of Trust and Maryland law may limit the ability of
shareholders to receive a premium over the market price of our common shares through a
change of control of our company;
•
risks of uninsured and underinsured losses;
•
our inability to adequately finance or fully realize the anticipated benefits of our renovations;
•
risks that may adversely affect real estate ownership in general;
•
the costs of complying with environmental laws;
•
the costs of complying with governmental regulations, including the Americans with Disabilities Act;
•
the complexity of federal income tax laws governing real estate investment trusts, or REITs;
•
being subject to tax as a result of a failure to make required distributions; and
•
being subject to federal income tax for failure to qualify as a REIT.
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There are a number of risk factors associated with the conduct of our business, and the risks
listed above or discussed in the periodic reports that we file with the SEC and incorporate by
reference herein may not be exhaustive. New risks and uncertainties arise from time to time, and it
is impossible for us to predict these events or how they may affect us. All forward-looking
statements should be reviewed with caution. Except to the extent required by applicable law, we
undertake no obligation to, and do not intend to, update any forward-looking statements, the
factors listed above or the risk factors that we discuss in the periodic reports we file with the
SEC and incorporate by reference herein, or to publicly announce the results of any revisions to
any of the forward-looking statements contained herein to reflect future events or developments.
OUR COMPANY
We are a self-managed real estate company operating as a real estate
investment trust, or REIT, for federal income tax purposes. We invest in specialty medical
properties and selectively own, acquire, develop and manage medical facilities. The types of
specialty medical properties in which we seek to invest include, but are not limited to:
•
Medical Office Buildings.
Medical office buildings are office and clinic facilities,
often located near hospitals or on hospital campuses, specifically constructed and designed
for the use of physicians and other health personnel to provide services to their patients.
Medical office buildings typically contain sole and group physician practices, and may
contain laboratory and other patient facilities.
•
Outpatient Treatment and Diagnostic Facilities.
Outpatient treatment and diagnostic
facilities provide treatments and care not typically provided in physician offices or
clinics, such as gastrointestinal endoscopy care, oncology treatment, kidney dialysis and
other similar services.
•
Physician Group Practice Clinics.
Physician group practice clinics are facilities, often
located near hospitals or on hospital campuses, that are typically single-tenant buildings
leased to either a single or multi-specialty medical practice group, including physician
offices and clinics where routine patient office visits are conducted.
•
Ambulatory Surgery Centers.
Ambulatory surgery centers operate exclusively for the
purpose of furnishing general or specialty surgical procedures not requiring an overnight
stay in a hospital. In addition to surgery facilities, ambulatory surgery centers typically
include physician office and clinic space.
•
Specialty Hospitals and Treatment Centers.
Specialty hospitals and treatment centers are
hospitals that focus on and specialize in providing care for certain conditions and
performing certain procedures, such as cardiovascular and orthopedic surgery. Specialty
hospitals also include long-term acute care hospitals that provide care for patients
requiring extended hospital stays and specialized care and observation more efficiently and
economically than traditional acute care hospitals.
We own our properties and conduct our business through Windrose Medical Properties, L.P. our
operating partnership. We serve as the sole general partner of, and owned as of December 31, 2004 a
97.1% interest in, our operating partnership.
Our taxable REIT subsidiary, Hospital Affiliates Development Corporation, which we refer to as
HADC, was incorporated in 1989 and its predecessor was incorporated in 1976. HADC conducts business
throughout the United States and, to a lesser extent, internationally. HADC's primary objective is
the development of specialty medical properties for our ownership, but HADC also provides these
services for third-parties. HADC develops and constructs new "build-to-suit" or multi-tenant
facilities. HADC expects to earn fees from third parties by providing services such as property
development, facility planning, medical equipment planning and implementation services, real estate
brokerage, leasing services and property management. Neither we nor our operating partnership can
3
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undertake material amounts of third-party development and construction activities directly
under applicable REIT tax rules. HADC pays income taxes at regular corporate rates on its taxable
income.
Our principal executive offices are located at 3502 Woodview Trace, Suit 210, Indianapolis,
Indiana 46268, and our telephone number is (317) 860-8180.
USE OF PROCEEDS
We will not receive any proceeds from the sale of the common shares offered pursuant to this
reoffer prospectus.
SELLING SHAREHOLDERS
All of the selling shareholders are current or former trustees, officers or employees of our
company who have acquired or may acquire common shares covered by this reoffer prospectus pursuant
to our 2002 Stock Incentive Plan. Each selling shareholder will receive all of the net proceeds
from the sale of his or her common shares covered by this reoffer prospectus.
This reoffer prospectus covers up to 289,200 common shares that the selling shareholders
acquired or may acquire under the 2002 Stock Incentive Plan consisting of:
•
68,000 restricted common shares granted to the selling shareholders; and
•
221,200 common shares that may be acquired by the selling shareholders upon the exercise
of outstanding stock options currently exercisable within 60 days of the date of this
reoffer prospectus.
The selling shareholders may resell all, a portion, or none of the common shares. Information
regarding the selling shareholders, including the number of shares offered for sale by this reoffer
prospectus, may change from time to time. Any changed information will be set forth in a
prospectus supplement.
Percentage
Number of
of Common
Number of
Common Shares
Shares
Number of
Common
Beneficially
Beneficially
Common Shares
Shares
Owned
Owned
Name of Selling
Beneficially
Being
Following
Following this
Shareholder
Owned
(1)
Registered
(2)(3)
this Offering
Offering
(4)
Fred S. Klipsch
282,215
(5)(6)(7)(8)
131,800
150,415
1.1
%
Frederick L. Farrar
97,980
(5)(6)(7)(9)(10)
84,200
13,780
*
O.B. McCoin
78,404
(5)(6)(7)(11)
10,800
67,604
*
Daniel R. Loftus
13,401
(5)(6)(7)
9,600
3,801
*
C. Douglas Hanson
12,768
(5)(6)(7)
8,100
4,668
*
Steven L. Horn
1,900
(6)(7)
1,900
0
*
R. Walker Batts
14,568
(5)(6)(7)
6,650
7,918
*
John Sweet
7,500
(6)(7)
7,500
0
*
Norman Dietrich
5,100
(6)(7)
5,100
0
*
Steve Buckeridge
3,800
(6)(7)
3,800
0
*
Betty Elrod
3,300
(6)(7)
3,300
0
*
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Percentage
Number of
of Common
Number of
Common Shares
Shares
Number of
Common
Beneficially
Beneficially
Common Shares
Shares
Owned
Owned
Name of Selling
Beneficially
Being
Following
Following this
Shareholder
Owned
(1)
Registered
(2)(3)
this Offering
Offering
(4)
Barry Hardwick
1,650
(6)(7)
1,650
0
*
Bruce M. Jacobson
4,900
(6)(7)
3,300
1,600
*
David L. Maraman
4,300
(6)(7)
3,300
1,000
*
Norman Zahler
3,000
(6)(7)
3,000
0
*
Stephen Goldsmith
1,300
(6)(7)
1,300
0
*
Jean L. Wojtowicz
300
(6)(7)
300
0
*
Darell E. Zink, Jr.
1,300
(7)
300
1,000
*
Charles Lanham
52,387
(5)(6)
3,300
49,087
*
Total
617,573
289,200
325,373
2.38
%
*
Less than 1%
(1)
For purposes of this reoffer prospectus, the term "beneficial owner" means any person who,
directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the
voting of, our common shares; and/or (ii) investment power, which includes the power to
dispose, or to direct the disposition of, our common shares. A person is also deemed to be
the beneficial owner of our common shares if that person has the right to acquire beneficial
ownership of our common shares within 60 days from the date of this reoffer prospectus.
(2)
Includes options to acquire common shares granted to the selling shareholders under our 2002
Stock Incentive Plan, whether or not exercisable as of, or within 60 days of, the date of this
reoffer prospectus.
(3)
Includes performance grants of restricted common shares granted to the selling shareholders under our 2002 Stock
Incentive Plan, whether or not restricted as of, or within 60 days of, the date of this
reoffer prospectus.
(4)
Based on 11,642,413 common shares of beneficial interest outstanding as of March 18, 2005.
The total number of common shares outstanding used in calculating each selling shareholder's
percentage of common shares beneficially owned after the offering assumes that (i) the selling
shareholder will not acquire the beneficial ownership of any additional common shares, (ii)
the selling shareholder will dispose of only shares offered pursuant to this reoffer
prospectus prior to completion of this offering, (iii) all options to acquire common shares
that the selling shareholder beneficially owns have become fully vested and have been
exercised and (iv) all common shares offered by the selling shareholder under this reoffer
prospectus are sold by the selling shareholder.
(5)
Includes common shares issuable upon redemption of units of our operating partnership,
Windrose Medical Properties, L.P., as follows: Mr. Klipsch, 143,414 common shares; Mr.
Farrar, 7,079 common shares; Mr. McCoin, 64,903 common shares; Mr. Hanson, 4,667 common
shares; Mr. Batts, 7,917 common shares; Mr. Loftus, 2,500 common shares; and Mr. Lanham,
36,083 common shares.
(6)
Includes common shares that that may be purchased upon exercise of currently exercisable
options, as follows: Mr. Klipsch, 98,200 common shares; Mr. Farrar, 61,200 common shares; Mr.
McCoin, 9,300 common shares; Mr. Loftus, 8,100 common shares; Mr. Sweet, 6,600 common shares;
Mr. Hanson, 6,600; Mr. Batts, 6,200 common shares; Mr. Horn, 1,000 common shares; Mr.
Dietrich, 4,200 common shares; Mr. Buckeridge, 2,900 common shares; Ms. Elrod, 2,700 common
shares; Mr. Hardwick, 1,200 common shares; Mr. Jacobson, 3,000 common shares; Mr. Maraman,
3,000 common shares; Mr. Zahler, 3,000 common shares; Mr. Goldsmith, 1,000 common shares; and
Mr. Lanham, 3,000 common shares.
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(7)
Includes performance grants of restricted common shares, as follows: Mr. Klipsch, 3,600
shares; Mr. Farrar, 3,000 shares; Mr. McCoin, 1,500 shares; Mr. Loftus, 1,500 shares; Mr.
Hanson, 1,500 shares; Mr. Horn, 900 shares; Mr. Sweet, 900 shares; Mr. Batts, 450 shares; Mr.
Dietrich, 900 shares; Mr. Buckeridge, 900 shares; Ms. Elrod, 600 shares; Mr. Hardwick, 450
shares; Mr. Jacobson, 300 shares; Mr. Maraman, 300 shares; Mr. Goldsmith, 300 shares; Ms.
Wojtowicz, 300 shares; Mr. Zink, 300 shares; and Mr. Lanham, 300 shares.
(8)
Includes 30,000 common shares granted to Mr. Klipsch on February 15, 2005, of which 2,000
common shares are vested as of March 15, 2005. The remainder of the common shares granted
vest at the rate of 875 shares per quarter. All common shares granted to Mr. Klipsch
participate in dividends and carry full voting rights.
(9)
Includes 20,000 common shares granted to Mr. Farrar on February 15, 2005, of which 1,600
common shares are vested as of March 15, 2005. The remainder of the common shares granted
vest at the rate of 575 shares per quarter. All common shares granted to Mr. Farrar
participate in dividends and carry full voting rights.
(10)
Includes 1,100 common shares indirectly owned through a qualified plan and 250 common shares
owned by Mr. Farrar's wife (of which Mr. Farrar disclaims beneficial ownership).
(11)
Includes 1,700 common shares owned by Mr. McCoin's children.
PLAN OF DISTRIBUTION
The selling shareholders and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares covered by this reoffer prospectus and any
supplement thereto on any stock exchange, market or trading facility on which the shares are traded
or in private transactions. These sales may be at market prices prevailing at the time of sale or
at prices otherwise negotiated. The selling shareholders may use any one or more of the following
methods when selling shares:
•
ordinary brokerage transactions and transactions in which the broker dealer solicits
purchasers;
•
block trades in which the broker dealer will attempt to sell the shares as agent but may
position and resell a portion of the block as principal to facilitate the transaction;
•
purchases by a broker dealer as principal and resale by the broker dealer for its account;
•
an exchange distribution in accordance with the rules of the applicable exchange;
•
privately negotiated transactions;
•
broker dealers may agree with the selling stockholders to sell a specified number of
such shares at a stipulated price per share;
•
a combination of any such methods of sale; and
•
any other method permitted pursuant to applicable law.
The selling shareholders may also sell shares under Rule 144 of the Securities Act, if
available, rather than under this prospectus. Broker dealers engaged by the selling shareholders
may arrange for other broker dealers to participate in sales. Broker dealers may receive
commissions or discounts from the selling shareholders (or, if any broker dealer acts as agent for
the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling shareholders
do not expect these commissions and discounts to exceed what is customary in the types of
transactions involved. Broker dealers may agree to sell a specified number of such shares at a
stipulated price per share, and, to the extent such broker dealer is unable to do so acting as
agent for a selling shareholder, to purchase as principal any unsold shares at the price required
to fulfill the broker-dealer commitment. Broker dealers who acquire shares as principal may
thereafter resell such shares from time to time in transactions, which may involve block
transactions and sales to and through other broker dealers, including transactions of the nature
described above, in the over the
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counter markets or otherwise at prices and on terms then prevailing at the time of sale, at
prices other than related to the then-current market price or in negotiated transactions. In
connection with such resales, broker-dealers may pay to or receive from the purchasers such shares
commissions as described above.
The selling shareholders may from time to time pledge or grant a security interest in some or
all of the common shares owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell, from time to time, the common
shares covered by this reoffer prospectus, or under an amendment to this reoffer prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling
shareholders to include the pledgee, transferee or other successors in interest as selling
shareholders under this reoffer prospectus.
The selling shareholders also may transfer the common shares in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this reoffer prospectus.
The selling shareholders and any broker dealers or agents that are involved in selling the
shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection
with such sales. In such event, any commissions received by such broker dealers or agents and any
profit on the resale of the shares purchased by them may be deemed to be underwriting commissions
or discounts under the Securities Act.
LEGAL MATTERS
Certain matters with respect to the validity of the common shares of beneficial interest
offered by this reoffer prospectus will be passed upon for us by our counsel, Hunton & Williams
LLP.
EXPERTS
The consolidated financial statements and related financial statement schedule of Windrose Medical
Properties Trust as of December 31, 2004 and 2003 and for each of the years in the three-year
period ended December 31, 2004, and management's assessment of the effectiveness of internal
control over financial reporting as of December 31, 2004, have been incorporated by reference
herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein and upon the authority of said firm as experts in accounting and
auditing.
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Reoffer Prospectus
289,200 Shares
Common Shares of Beneficial Interest
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 will be sent or given
to employees as specified by Rule 428(b)(1) of the Securities Act. Such documents need not be
filed with the SEC either as part of this registration statement or as prospectuses or prospectus
supplements, pursuant to Rule 424 of the Securities Act. These documents and the documents
incorporated by reference in this registration statement, pursuant to Item 3 of Part II of this
registration statement, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act. Requests for such documents should be directed to:
Windrose Medical Properties Trust
3502 Woodview Trace, Suite 210
Indianapolis, Indiana 46268
Attention: Chief Financial Officer
telephone: (317) 860-8180
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Company with the Commission are incorporated herein by
reference and made a part hereof:
•
Annual Report on Form 10-K for the year ended December 31, 2004;
•
Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2004;
•
Current Report on Form 8-K filed on February 22, 2005;
•
Current Report on Form 8-K filed on March 17, 2005 (the information furnished under Item
8.01 as Exhibit 99.1 shall not be incorporated by reference into this registration
statement or any other document we file with the SEC);
•
Current Report on Form 8-K filed on March 31, 2005; and
•
The description of the Company's common shares of beneficial interest, $0.01 par value
per share, contained in the Company's registration statement on Form 8-A filed on June 28,
2002 under the Securities Exchange Act of 1934, as amended.
All documents subsequently filed by the Company pursuant to Section 13(a), 13(c), 14 or 15(d)
of the Exchange Act after the date of this registration statement and prior to the filing of a
post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
in this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this registration statement to the extent that a statement
contained herein or in any other subsequently filed document that is incorporated by reference
herein modifies or supersedes such earlier statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this registration
statement.
Item 4. Description of Securities.
Not applicable.
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Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
The Maryland REIT Law permits a Maryland real estate investment trust to include in its
Declaration of Trust a provision limiting the liability of its trustees and officers to the trust
and its shareholders for money damages except for liability resulting from (a) actual receipt of an
improper benefit or profit in money, property or services or (b) active and deliberate dishonesty
that is material to the cause of action as established by a final judgment. The Declaration of
Trust of the Company contains such a provision which eliminates such liability to the maximum
extent permitted by Maryland law.
The Declaration of Trust of the Company authorizes it, to the maximum extent permitted by
Maryland law, to obligate itself to indemnify and to pay or reimburse reasonable expenses in
advance of final disposition of a proceeding to (a) any present or former trustee or officer or (b)
any individual who, while a trustee of the Company and at the request of the Company, serves or has
served another real estate investment trust, corporation, partnership, joint venture, trust,
employee benefit plan or any other enterprise as a trustee, director, officer, partner, employee or
agent of such real estate investment trust, corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise from and against any claim or liability to which such
person may become subject or which such person may incur by reason of his status as a present or
former Trustee or officer of the Company. The Bylaws of the Company obligate it, to the maximum
extent permitted by Maryland law, to indemnify and to pay or reimburse reasonable expenses in
advance of final disposition of a proceeding to (a) any present or former trustee or officer who is
made a party to the proceeding by reason of his service in that capacity or (b) any individual who,
while a Trustee of the Company and at the request of the Company, serves or has served another real
estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or
any other enterprise as a trustee, director, officer or partner of such real estate investment
trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
and who is made a party to the proceeding by reason of his service in that capacity, against any
claim or liability to which he may become subject by reason of such status. The Declaration of
Trust and Bylaws also permit the Company to indemnify and advance expenses to any person who served
a predecessor of the Company in any of the capacities described above and to any employee or agent
of the Company or a predecessor of the Company. The Bylaws require the Company to indemnify a
trustee or officer who has been successful, on the merits or otherwise, in the defense of any
proceeding to which he is made a party by reason of his service in that capacity.
The Maryland REIT Law permits a Maryland real estate investment trust to indemnify and advance
expenses to its trustees, officers, employees and agents to the same extent as permitted by the
Maryland General Corporation Law (the "MGCL") for directors, officers, employees and agents of
Maryland corporations. The MGCL permits a corporation to indemnify its present and former directors
and officers, among others, against judgments, penalties, fines, settlements and reasonable
expenses actually incurred by them in connection with any proceeding to which they may be made a
party by reason of their service in those or other capacities unless it is established that (a) the
act or omission of the director or officer was material to the matter giving rise to the proceeding
and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b)
the director or officer actually received an improper benefit in money, property or services or (c)
in the case of any criminal proceeding, the director or officer had reasonable cause to believe
that the act or omission was unlawful. However, a Maryland corporation may not indemnify for an
adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on
the basis that personal benefit was improperly received, unless in either case a court orders
indemnification and then only for expenses. In accordance with the MGCL, the Bylaws of the Company
require it, as a condition to advancing expenses, to obtain (a) a written affirmation by the
director or officer of officer's or director's good faith belief that he has met the standard of
conduct necessary for indemnification by the Company as authorized by the Bylaws and (b) a written
statement by or on his behalf to repay the amount paid or reimbursed by the Company if it shall
ultimately be determined that the standard of conduct was not met.
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Item 7. Exemption From Registration Claimed.
The securities that are to be reoffered or resold pursuant to this registration statement are
restricted because they were issued by the Company to the selling shareholders prior to the
effectiveness of this registration statement pursuant to the Company's 2002 Stock Incentive Plan.
Exemption from the registration requirements under the Securities Act for the issuance of such
shares is claimed under Section 4(2) of the Securities Act because, among other things, it involved
an issuance to individuals who, as our current or former trustees, officers and employees, had
access to all relevant material information regarding the Company.
Item 8. Exhibits.
4.1
-
Form of Common Share Certificate*
4.2
-
Windrose Medical Properties Trust 2002 Stock Incentive Plan*
5.1
-
Opinion of Hunton & Williams LLP as to the legality of the securities being registered**
23.1
-
Consent of KPMG LLP**
23.2
-
Consent of Hunton & Williams
LLP (contained within Exhibit 5.1)
24.1
-
Power of Attorney (contained within signature page)
*
Previously filed as an exhibit to the Company's Registration Statement on Form
S-11, as amended, Registration No. 333-89186, and incorporated by reference herein.
**
Filed herewith and incorporated by reference herein.
Item 9. Undertakings.
(a) The undersigned Company hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act.
(ii)
To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the law or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the
effective registration statement.
(iii)
To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.
provided,
however
, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act that
are incorporated by reference in the registration statement.
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(2)
That, for the purpose of determining any liability under the Securities Act, each
such post- effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Company hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to be
the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered,
the Company will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Indianapolis, State of
Indiana on March 31, 2005.
WINDROSE MEDICAL PROPERTIES TRUST
By:
/s/ C. Douglas Hanson
C. Douglas Hanson
Chief Financial Officer
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated. Each of the
trustees and/or officers of Windrose Medical Properties Trust whose signature appears below hereby
appoints Frederick L. Farrar and C. Douglas Hanson as his attorney-in-fact to sign in the name and
behalf, in any and all capacities stated below and to file with the Securities and Exchange
Commission, any and all amendments, including post-effective amendments to this registration
statement, making such changes in the registration statement as appropriate, and generally to do
all such things in their behalf in their capacities as officers and trustees to enable Windrose
Medical Properties Trust to comply with the provisions of the Securities Act of 1933, and all
requirements of the Securities and Exchange Commission.
Signature
Title
Date
/s/
Fred S. Klipsch
Chairman, Chief Executive Officer
March 31, 2005
Fred S. Klipsch
and Trustee (Principal Executive Officer)
/s/ Frederick L. Farrar
President, Chief Operating Officer and
March 31, 2005
Frederick L. Farrar
Treasurer
/s/ C. Douglas Hanson
Vice President and Chief Financial
March 31, 2005
C. Douglas Hanson
Officer (Principal Financial and
Accounting Officer)
/s/
Stephen Goldsmith
Trustee
March 31, 2005
Stephen Goldsmith
/s/ Bruce M. Jacobson
Trustee
March 31, 2005
Bruce M. Jacobson
/s/ David L. Maraman
Trustee
March 31, 2005
David L. Maraman
/s/ Bryan Mills
Trustee
March 31, 2005
Bryan Mills
/s/ Jean L. Wojtowicz
Trustee
March 31, 2005
Jean L. Wojtowicz
/s/ Darell E. Zink, Jr.
Trustee
March 31, 2005
Darell E. Zink, Jr.
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EXHIBIT INDEX
Exhibit
No.
Description
4.1
-
Form of Common Share Certificate*
4.2
-
Windrose Medical Properties Trust 2002 Stock Incentive Plan*
5.1
-
Opinion of Hunton & Williams LLP as to the legality of the securities being registered**
23.1
-
Consent of KPMG LLP**
23.2
-
Consent of Hunton & Williams
LLP (contained within Exhibit 5.1)
24.1
-
Power of Attorney (contained within signature page)
*
Previously filed as an exhibit to the Company's Registration Statement on Form S-11, as amended,
Registration No. 333-89186, and incorporated by reference herein.
**
Filed herewith and incorporated by reference herein.
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