GT CANADA MEDICAL PROPERTIES INC (TSX-V: MOB) ANNOUNCES THIRD QUARTER 2010
FINANCIAL RESULTS

TORONTO, Nov. 29 /CNW/ - GT Canada Medical Properties Inc. (the "Company") is pleased to announce its financial results for the quarter ended September 30, 2010.

Highlights

• On October 19, 2010, the Board of Directors approved the proposed acquisition (the "Acquisition") by the REIT, subject to completion of the Offering (as described below), of a portfolio of five medical office buildings, including one substantially pre-leased property currently under construction (the "Acquired Properties"). The aggregate purchase price for the Acquired Properties is approximately $39,950,000 (subject to adjustments), comprised of: (i) the assumption by the REIT of approximately $16,800,000 in mortgage debt; (ii) the issuance of up to $650,000 in securities of a subsidiary of the REIT (which are convertible into REIT units on a one-for-one basis); and (iii) approximately $22,500,000 in cash. Completion of the Acquisition is subject to the prior satisfaction or waiver of a number of conditions, including TSXV acceptance, shareholder approval and successful completion of financing arrangements for minimum aggregate gross proceeds of $25,000,000.
  
  
• Simultaneously, the Board of Directors approved the proposed conversion (the "Conversion") of GT Canada into a real estate investment trust (the "REIT"). Completion of the Conversion is subject to the approval of the TSX Venture Exchange (the "TSXV"), the Ontario Superior Court of Justice, and GT Canada's shareholders. The Conversion and the Acquisition were subject to "majority of the minority" shareholder approval in accordance with applicable securities laws and stock exchange requirements. On November 16, 2010, at a special shareholder meeting, the shareholders of the Company overwhelmingly approved both the Conversion and Acquisition. On November 19, 2010, the Ontario Superior Court of Justice approved the Conversion. The Conversion and Acquisition (which is conditional on the completion of the proposed public offering described below) are anticipated to close concurrently prior to the end of Q4 2010.
  
  
• On October 22, 2010, the REIT filed a preliminary prospectus in Canada in connection with a marketed public offering (the "Offering") of trust units (the "Units") for minimum aggregate gross proceeds of $25,000,000. The Offering is being led by Raymond James Ltd. (the "Agent"). In connection with the Offering, the REIT has agreed to grant the Agent an over-allotment option to purchase that number of additional Units equal to up to 15% of the Units sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering. In consideration for its services in connection with the Offering, the REIT has agreed to pay the Agent a fee equal to 6% of the aggregate gross proceeds of the Offering and from the additional sale of Units upon exercise of the over-allotment option, if any. The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing. The REIT will use (i) approximately $22,500,000 of the net proceeds of the Offering to fund the cash portion of the purchase price of the Acquisition, and (ii) any remaining proceeds for working capital purposes. The proceeds received by the REIT on the exercise of the over-allotment option, if exercised, will be used by the REIT to fund growth opportunities and/or for working capital purposes. Closing of the Offering is conditional upon (a) the REIT applying for, and satisfying, the listing requirements of the TSXV for the listing of the Units on the TSXV, (b) the completion of the Conversion, and (c) the concurrent completion of the Acquisition.

Financial Results

• For the three month period ended September 30, 2010, the Company had property rental revenues of $142,050 and property operating costs of $60,952.  There were no such comparable revenues in Q3 of 2009.
  
  
• For the three month period ended September 30, 2010, the Company had a net loss of $225,977 or $0.01 per share basic. The net loss in Q3 2010 was largely a result of a charge of $84,730 for professional fees and $130,286 for general and administrative costs ("G&A").  The professional fees and G&A costs were primarily incurred to enable the Company to raise capital, build its acquisition pipeline and be in a position to execute its business plan.  For the same period of 2009, the Company had a net loss of $56,333, or $0.02 per share basic, which was primarily due to G&A costs totalling $25,174 and professional fees of $26,045.

Outlook

The Company is focusing on achieving its goal of becoming a significant owner of medical office properties throughout Canada through acquisition, aimed at creating a geographically diversified portfolio of high quality income producing properties. The Conversion and Acquisition are anticipated to close concurrently prior to the end of Q4 2010.

2010 Q3 Financial Results

For the complete third quarter 2010 Management's Discussion and Analysis and Financial Statements, please visit www.sedar.com

GT Canada Medical Properties Inc.

As Canada's first publicly-traded company focused exclusively on medical office properties, the Company's goal will be to increase shareholder value by becoming the leading owner of these assets in Canada through an aggressive acquisition and development program aimed at creating a geographically diversified portfolio of high quality properties that will generate stable and growing rental income and capital appreciation opportunities.

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements.

For further information:

Andrew I. Shapack, Chief Executive Officer [phone]