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

li>A nine-building business park comprising approximately 163,600 square feet in the Sorrento Valley life science submarket of San Diego, California for an aggregate purchase price of approximately $29.4 million, including the assumption of a mortgage with a balance of approximately $13.3 million.
  • 11404 and 11408 Sorrento Valley Road comprised of two fully-leased buildings aggregating approximately 31,200 square feet in the Sorrento Valley submarket of San Diego for a purchase price of approximately $9.9 million.

  • Financing ActivityAt September 30, 2010, the company's debt to total assets ratio was 31.4%, the lowest since March 31, 2005. During the third quarter, the company completed the following financing transactions:

  • Completed a follow-on public offering of common stock, raising approximately $289.5 million in net proceeds.
  • Repurchased approximately $2.1 million principal amount of exchangeable senior notes due 2026 at 100.3% of par, resulting in a loss on extinguishment of debt of $22,000.
  • Extended the maturity date of the $245.0 million secured construction loan facility for the company's joint venture project at 650 East Kendall Street in Cambridge, Massachusetts with Prudential Real Estate Investors (PREI®) from August 13, 2010 to February 13, 2011.

  • According to Kent Griffin, BioMed's President, "Throughout our history, and particularly over the last two years, we have taken a series of steady, measured steps to effectively manage our capital structure.  This discipline has proven particularly beneficial in 2010 as we have been able to leverage our competitive advantages to execute on attractive investment opportunities that we believe will be very beneficial to our shareholders. Equally important, our investment activity, which has included more than 1.5 million square feet year-to-date, has been focused on high quality, well located laboratory and office space that further enhances our l
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    SOURCE BioMed Realty Trust, Inc.
    Copyright©2010 PR Newswire.
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