According to Kent Griffin , President of BioMed Realty, "The redevelopment of The Campus at Lincoln Centre provides the opportunity to expand our footprint and presence on the peninsula in the San Francisco Bay area to deliver an optimal environment for life science organizations and long-term value for our stockholders."
As a result solely of the early lease termination income and the related charge-off of accrued straight-line rents and lease intangibles from the Elan lease, the company's 2013 net income and funds from operations (FFO) available to common shares are expected to increase approximately $22 million and $35 million, respectively. Approximately 60% of these amounts are expected to be recognized in the first quarter of 2013, with the balance expected to be recognized in the second quarter of 2013.
FFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income available to common stockholders to FFO for 2012 and definitions of terms are included in BioMed Realty's earnings release issued on February 5, 2013 and available in the Investor Relations section of the company's website at www.biomedrealty.com.
About BioMed Realty Trust
BioMed Realty delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government
|SOURCE BioMed Realty Trust, Inc.|
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