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BioMed Realty Trust Reports First Quarter 2008 Financial Results
Date:4/30/2008

good progress in our development and redevelopment pipeline, and steady progress in our leasing program. We remain cautiously optimistic that the limited correlation between the currently volatile credit markets and the long-term demand for research in the life science industry will allow us to continue our stable growth through 2008 and beyond," commented Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.

First Quarter 2008 Financial Results

Rental revenues for the quarter were $50.3 million, representing a 6.0% increase versus the first quarter of 2007. Same property net operating income increased 4.9% on a cash basis for the first quarter of 2008 compared to the first quarter of 2007.

Total revenues for the quarter were $67.4 million, compared to $68.8 million in the first quarter of 2007. Total revenues, net income and FFO for the first quarter of 2007 included the effect of a $4.8 million lease termination fee (or approximately $0.07 per diluted share) related to the company's Elliott Avenue property. Net income available to common stockholders for the quarter was $12.6 million, or $0.19 per diluted share, compared to $16.0 million, or $0.25 per diluted share, in the first quarter of 2007.

FFO during the quarter was to $31.3 million, compared to $34.2 million in the comparable period in 2007. FFO per diluted share was $0.46 for the first quarter of 2008 versus $0.50 in the first quarter of 2007.

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 and a definition of FFO are included at the end of this release.

Financing Activity

On February 13, 2008, the company's joint venture with Prudential Real Estate Investors entered into a secured construction loan facility with Wachovia
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SOURCE BioMed Realty Trust, Inc.
Copyright©2008 PR Newswire.
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