GT Canada Medical Properties Inc. (TSX-V: MOB) announces first quarter 2010
financial results

TORONTO, May 21 /CNW/ - GT Canada Medical Properties Inc. (the "Company") is pleased to announce its financial results for the quarter ended March 31, 2010.

    
    Highlights

           -  On March 12, 2010, the Company completed its previously
              announced acquisition (the "Acquisition") of a medical office
              building known as "Queenston Medical-Dental Centre", a 15,584
              square foot facility located on approximately 1.05 acres of
              land in Hamilton, Ontario from 941703 Ontario Limited. The
              acquisition and the previously announced private placement
              collectively constitutes the Company's Qualifying Transaction'
              under TSX Venture Exchange Policy 2.4 - Capital Pool Companies.

           -  Pursuant to the Acquisition, the Company acquired the Property
              for an aggregate purchase price of $3,569,000, excluding
              acquisition costs, (the "Purchase Price"), comprised of: (i)
              the assumption by the Company of approximately $2,100,000 in
              mortgage debt on the Property, (ii) 120,000 common shares of
              the Company (with a value of $30,000), and (iii) the balance in
              cash. The cash portion of the Purchase Price, being $1,439,000,
              was funded by the Company using a portion of the proceeds from
              the Private Placement.

           -  In connection with the Acquisition, the Company completed a
              Private Placement of 10,877,837 subscription receipts (which
              were automatically converted into common shares on a one-for-
              one basis upon completion of the Acquisition) at a price of
              $0.25 per common share for gross proceeds of $2,719,459.25. The
              common shares issued pursuant to the Private Placement will be
              subject to a hold period that expires June 5, 2010.

           -  On March 25, 2010, the TSX Venture Exchange (the "Exchange")
              issued a bulletin announcing final acceptance of the Company's
              qualifying transaction. Trading in the common shares of the
              Company on the Exchange commenced on Monday, March 29, 2010,
              under the symbol "MOB".

    Financial Highlights

           -  For the three month period ended March 31, 2010, the Company
              had property rental revenues of $30,548. This represented
              rental revenue between March 12 to March 31, 2010. There were
              no such comparable revenues in Q1 of 2009.

           -  For the three month period ended March 31, 2010, the Company
              had a net loss of $305,570 or $0.0416 per share basic. For the
              same period of 2009, the Company had a net loss of $58,472, or
              $0.0234 per share basic. The net loss was largely a result of a
              charge of $167,320 for stock based compensation on stock
              options issued to directors and officers and general and
              administrative and travel costs of $136,305.

    Outlook

        With its qualifying transaction complete, the Company intends to
        focus 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.

    2010 Q1 Financial Results

        For the complete first 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 and developer 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.

SOURCE GT CANADA MEDICAL PROPERTIES INC.

For further information: For further information: Andrew I. Shapack, Chief Executive Officer, (416) 572-2170

Organization Profile

GT CANADA MEDICAL PROPERTIES INC.

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