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BioMed Realty Trust Reports Third Quarter 2010 Financial Results
Date:11/3/2010

775 and 4785 Executive Drive in San Diego for approximately $27.3 million.
  • Acquired a 100% leased life science property comprising approximately 61,600 square feet located at Paramount Parkway in North Carolina's Research Triangle submarket for approximately $17.5 million.
  • Completed a follow-on public offering of common stock, raising approximately $289.5 million in net proceeds.
  • Generated funds from operations (FFO) for the quarter of $35.2 million, or $0.28 per diluted share.
  • Increased the quarterly dividend 13.3% quarter-over-quarter and 54.5% year-over-year to an annualized rate of $0.68 per share.
  • Promoted John Bonanno to Senior Vice President, Development.

  • Subsequent to quarter end, the company completed the closings of its previously announced acquisitions of 489,000 square feet of laboratory and office properties in South San Francisco and 195,000 square feet of laboratory and office properties in the Sorrento Valley submarket of San Diego.  With these acquisitions, the company's total portfolio now comprises 82 properties and 12.1 million square feet and an additional 2.6 million square feet of development potential.

    In addition, subsequent to quarter end, the company executed two leases for a total of 65,000 square feet at the Pacific Research Center in Newark, California.

    "Team BioMed delivered another outstanding quarter which produced record rental and total revenues built on the strength of our sustained leasing success and our recent acquisitions," said Alan D. Gold, Chairman and Chief Executive Officer of BioMed. "We continued to execute on our proven business strategy of investing in high-quality research facilities, well-located within the core life science markets.  Our investment successes in the third quarter and into the fourth quarter have enabled us to expand our footprint in the South San Francisco and San Diego markets by almost one million square feet with preemi
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    SOURCE BioMed Realty Trust, Inc.
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