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DASCO Provides Services to Medical Office Properties Portfolio
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CNL Retirement Properties, Inc. Acquires Interests in 26 Medical Office
Buildings from DASCO Companies, LLC
Orlando, FL - August 25, 2004 - CNL Retirement Properties, Inc. ("CNL"), an
Orlando-based real estate investment trust, today announced it has finalized its
purchase of interests in 26 medical office buildings for approximately $206.5 million
from affiliates of DASCO Companies, LLC ("DASCO"). CNL also announced it has acquired a
55 percent interest in DASCO, offering CNL the ability to participate in an ongoing pipeline
of new development and acquisition opportunities.
The properties are located in Arizona, California, Colorado, Florida, Georgia, Illinois,
Kentucky, Mississippi and Texas with a combined total of 280 tenants and approximately 1.3
million square feet. DASCO will continue to provide development, leasing and management services
for the 26 properties. CNL has agreed to purchase interests in six additional medical office
buildings from DASCO. The acquisition of these facilities is subject to customary closing
conditions, and there are no assurances that all of the closing conditions will be satisfied or
that these facilities will be acquired by CNL.
"The DASCO portfolio perfectly aligns with our business strategy of investing in quality health care
facilities," said Stuart J. Beebe, executive vice president and chief financial officer of CNL
Retirement Properties, Inc. "We are especially excited with our new relationship with DASCO. This
proves to be another tremendous opportunity, allowing CNL to capitalize on the relationships and
reputation that DASCO has built over its 15-year history in medical real estate."
Malcolm Sina, CEO of DASCO Companies said, "this partnership with CNL Retirement Properties is
the perfect business relationship for our company and clients." Sina also stated, "we share the
same core values and appreciation for the "long-term," whether it is in building relationships or
owning properties. CNL's prominent position in the industry affords DASCO the opportunity to focus
on our centers of excellence — developing, acquiring, leasing and property management — as we continue
to meet our client's goals and objectives."
About CNL Retirement Properties, Inc.
CNL Retirement Properties, Inc. is an affiliate of CNL Financial Group, Inc., and owns a portfolio of
168 properties in 30 states in the seniors’ housing and medical office building sectors. Headquartered
in Orlando, FL, CNL Financial Group, Inc. and the entities it has formed or acquired have more than
$13 billion in assets, manage an additional $4 billion for third-party investors and have interests in
more than 4,900 properties across North America. For more information, visit www.cnlonline.com.
About DASCO Companies, LLC
DASCO Companies, founded in 1989, is a full service medical real estate development and acquisition firm
with a team of professionals who have developed facilities in multiple states. As one of the top firms specializing
in the healthcare industry, they have developed over 2.5 million square feet and acquired almost 850,000 square
feet of medical office buildings and outpatient facilities. DASCO Companies employs 56 professionals across the US.
Their corporate headquarters are in Palm Beach Gardens, FL; regional offices are in Orlando, FL; Chicago, IL; Dallas,
Texas; Los Angeles, CA; Scottsdale, AZ and Jackson, MS. For additional information, please visit www.dascomed.com.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995
Certain statements and information included in this release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations,
estimates and projections about future events. Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Company to be materially different
from any future results, performance, or achievements expressed or implied in such forward-looking statements. The Company
disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained
herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on
which any such statement is based. Although the Company believes its current expectations are based upon reasonable assumptions,
the Company can give no assurance that expectations will be attained or that actual results will not differ materially. |
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